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Naira redesign: EFCC goes after governors *Hoarders can run, they can’t hide – Bawa
Three serving state governors are being monitored over their moves to launder stashed billions of naira through table payment of salaries to workers, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has been quoted as saying.
Daily Trust, quotes him as saying in an exclusive interview on Thursday that said raid on Bureau De Change operators would be sustained, urging Nigerians to support the system, for the benefit of all.
The Central Bank of Nigeria (CBN) had on October 26 announced that the country’s currency would be redesigned to address many issues that have negative effects on the economy, adding that the re-designed notes would be released on December 15, while Nigerians would have up to January 31, 2023, to deposit the old notes in banks.
However, the mad rush by top politicians, traders, investors and other members of the public to cut corners and convert stashed funds into dollars, property and others, has created tension in the economy, after CBN Governor, Godwin Emefiele, had explained that the move was to counter-terrorism financing and hoarding of banknotes by members of the public. The apex bank is to redesign the N200, N500 and N1, 000 notes.
Against the backdrop of a dollar selling at N882 in Abuja on the black market on Wednesday, despite several raids by the operatives of the EFCC in Lagos, Kano and Abuja, the paper quoted sources as saying that that BDC operators were mopping up dollars from states as the scarcity of the currency bites harder.
Bawa, who disclosed that some governors now all out devising means to launder money they stashed in houses, were closely monitored, refused to disclose their identities, but said two of them were from the North, while the third one was from the southern part of the country, adding that intelligence at the disposal of the commission, showed that the three governors had concluded plans to inject the money into the system through table payment of their state workers’ salaries.
“Let me tell you something, the Intel that I have yesterday and I would want you to take this thing very seriously. Already, some state governors that have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state.
“I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing. The move is against section 2 of the Money Laundering Prohibition Act. The law is very clear regarding cash transactions. Anybody that is to consummate any cash transaction as an individual, if it is not through a financial institution must not be above N5million and if it is above that it is criminal for you to engage in such transaction. And for corporate entities it is N10million.
“Yes, I agree the salaries are not up to that but why are you all of a sudden, and all along you have been paying people salaries through their bank accounts and now you want to pay them in cash, what are you trying to do? They will come under a lot of guises, they are trying to do verification of officers, that is what we have gotten.”
The EFCC boss also confirmed the mad rush by some people to dispose of their stashed funds by buying property, saying: “We are aware of that. Even if you dispose of your property and you receive cash, for that cash to be of value to you after January 31, 2023, you have to take it to the bank; so what happened, are you coming to the bank with those millions? That is why we are working with the bankers and if you have this information let us know about it.”
He maintained that raids of BDC operators would continue, as it was very important to protect the system against the laundering of stashed funds, stressing: “They (BDCs) are very important in the sense that a lot of people that have this naira cash, will want to convert them to USD or other foreign currencies, that is why they are very important.
“And based on the known gullibility of these people (BDCs), they are willing to accept this cash from the owners of these monies and they are willing to depart with the foreign currencies that they have and so that is why they are very important and very critical to us in this project that we said to ourselves that we are going to do,” he said. When Bawa’s attention was drawn to the fact that the dollar was rising despite the EFCC raids, he said it is a function of demand and supply.
“The truth of the matter here is just a simple function of demand and supply, people are rushing this commodity not that they are going to use it for any meaningful business engagement but they are just rushing for it, just a store of value, that is what is happening. And what they say in economics is the higher the demand, the higher the price; so people are just seeing USD or other hard currencies just the way that they are seeing gold, to get it exchanged and store their value.”
On why he met chief compliance officers of banks in Lagos recently, he said the parley was part of efforts to properly monitor the system and to seek their collaboration in respect of the likelihood of people bringing in their illegitimate funds back to the system.
“We knew a lot of people are hoarding these funds, it is with them and they will always find a way of trying to bring it back to the system. So, irrespective of what they use their cash for, whether they exchange it for dollars, whether they use it to purchase houses for those that are willing to accept cash, it has to eventually come back to the financial institution. So, irrespective of what you do, the banks are very important and critical in the sense that they are the end recipients of this cash.
“The owner of BDC must deposit the money he exchanged for the currency he did, the owner of real estate must also do the same and all of that. So, we sat down, we deliberated and we agreed on what to do. Everybody is happy about it.
“Nigerians should be calm. This (naira redesign) is just a routine thing that ordinarily CBN ought to have done after every eight years, the monies are going to be taken. All that the government is saying is come and deposit the money at no cost to you; that is just what is happening, nothing more than that. How can you have an economy where you have 85 per cent of your currency out there when you are calling for a cashless society when we have a lot of means by which people can consummate their transactions? What are you hiding? These days, people hardly go to the banks, you can transfer your money here using your app, and you can transfer your money through ATM, POS, and all of that, so why keep the money? Why are you scared of going to the bank to say that you want to deposit your money?”
I will always refer to the encounter I once had with Kenneth Idiodi. He was then the leader of the Rosicrucian Society in Nigeria, otherwise known as Amok. It was a sit-down at Zodiac Hotel Enugu. Then, I was the reporter of The Guardian in the Coal City.
You know the Amok faith bases its philosophy or belief on the law of Retributive Justice – the law of Karma. That is to say, everything you do in life has its rewards or punishment in equal measure – much like the measure you give, the measure you receive.
I don’t know how much this society draws or links this belief from or with the Bible, but I do recall Jesus Christ warning Simon Peter – return your sword to the scabbard – for he who kills by the sword, dies by the sword.
As a child growing up I listened to one of the epics of Oriental Brothers with the lyrics – ogbu mma ga-esi n’mma na, ogba egbe ga-esi n’egbe na ooo! Translated – he who kills by the sword will die by the sword, he who kills by the gun will die by the nozzle of the gun.
Now, here is where this is relevant in present Nigerian reality – the reason I’m putting details of that encounter out publicly once again, having done so previously.
During that encounter, Idiodi used one event in Nigeria to illustrate his point. He told me of a Nigerian leader who commanded the troop that carried out the Asaba massacre in the heat of the Nigerian civil war – an episode, said to have claimed over 2,000 able-bodied men who had come out to welcome the Nigerian soldiers with songs and dances only to fall in the hail of bullets that descended on them like rainstorms – was not spared by fate.
That commander was to meet his own death in a hail of bullets even as a Head of State. He never mentioned the name of the military top brass. But I used my tongue to count my teeth to come to the answer. You could also do same – use your tongue.
Now, how does this relate? You may have followed the outing of General Yakubu Gowon at the Bola Ahmed Tinubu International Conference Centre, Abuja, where he presented his autobiography titled: My Life of Duty and Allegiance, that contained what seemed his memoir on the Nigerian civil war, which he prosecuted as Head of State.
I’m sure you must have been observing the debate therefrom that event. Now, I’m not so much enamoured of the debate as I’m of the nuances surrounding that unfortunate episode and the role of Gowon in it, given my takeaway from that Idiodi encounter some two decades ago.
Does Gowon, now a nonagenarian really believe that presenting a pious, if not saintly account of himself to the world as snippets of his book, which I picked up here and there suggests, truly suffices for the atrocities of that period?
Take the Asaba massacre for example. Was that the handiwork of Odumegwu Ojukwu, the Biafran leader, whom the former Head of State seems to blame for everything that went wrong. Was he also the one that commanded that mass slaughtering of innocent men?
Under your nose as Head of State, you watched citizens slaughtered mercilessly like infested herds in the streets – you watched young girls corralled into leprosy colonies and wantonly raped before being wasted – you watched as train coaches bearing people fleeing the scene were stopped and their human cargoes thrown alive into River Benue like rotten goods for fishes to feast on – you watched all these and didn’t lift a finger.
Then as Head of State, you not only supervised but watched millions of children with distended stomachs, tiny feet, glazy eyes, heavy heads on ropelike necks, practically begging for death to come quickly and save them from further punishment.
You supervised and watched the cataclysmic eruptions from the blitzkrieg on churches, markets and hospitals – all to keep Nigeria together. In your mind the brutal and merciless butchery of innocent people who were not soldiers and had nothing to do with the war could be explained away just like that?
O! It was Ojukwu that caused it. Ojukwu was the one who released the bombs, caused the blockades that led to the kwashiorkor that killed millions or other atrocities thereof? What a pity!
Now, I return to Idiodi. How else could anyone interpret today’s Nigeria without introducing the law of retributive justice that the Amok leader spoke of? How do you fault the link of the commander who massacred over 2,000 souls dying by the barrel of the same gun, even as Head of State?
How could anyone fail to relate what is happening to our Gowon today with the past? This is a Geneal that wakes up to see hundreds of his brothers and sisters being buried in mass graves as was done during the onslaught he supervised against another people and he still thinks it has nothing to do with him?
Now, the story you told at that event in Abuja on Tuesday, is not new. You simply repeated yourself. My interpretation of that event is that you’re a man undergoing daily torture. You wouldn’t be a human being otherwise, given what is before you, which didn’t start today.
You’re probably trying to escape your fate by appealing to public sympathy. How helpful could that be in the face of the clear evidence of your culpability in the deliberate wasting of more than three million souls? Nobody would believe you.
Yes! They could humour you. But that’s the best anyone could do for you. I hear money rained like a fountain and that you left the scene with billions of naira in your kitty. At 90? Haba General!
Now, here is the thing General. None of these would help.
None would work. You have tried prayers. But you forget that the prayer of sinner is an abomination and a reproach before God, unless he repents. You have also written the book. Surely, this too would end up in the trashcan of history – meaningless piece of conjectures, propaganda, half-truths and outright lies – perhaps!
But, why don’t you try the one thing you have been running away from, for more than five decades – go on your knees in total supplication and surrender, repentance and penance – then rise, call all Nigerians and empty yourself with the truth.
Thereafter openly apologise to the millions of souls whose tormenting wailing you probably hear every day during your disturbed sleep and in your quiet moments, but choose to suppress with these baby tales. Ask them for forgiveness, genuinely and see. There may lie the answer you seek.
Try that and see if it wouldn’t be a more efficacious cure for this decades-old wound than this Ojukwu-bashing and those wasted prayer sessions. You might not only have atoned for the past, but saved the future. May God guide you.
My name is Sunny Igboanugo, I’m The Tiny Voice
“Now that the court has ruled against it, we are sure that, in the coming days, we will witness a mass exodus from the ruling party,” were the words with which the African Democratic Congress (ADC) welcomed Wednesday’s ruling of the Federal High Court, Abuja reversing the deadline for party primaries, among others.
Bolaji Abdullahi, spokesman, who conveyed the party’s excitement over the development, said it viewed the ruling as vindication of its objections to key aspects of the electoral body’s guidelines at the time they were issued.
Recalling its specific objections to the strict timelines on membership registration as well as the conduct of party primaries, the statement, said: “The decision of the court on these issues, including those that directly contradict the constitution, is therefore a welcome vindication of our position.”
Stressing that the ruling, which removed the impediment placed by the guidelines on politicians who wished to seek alternative platforms to contest elections, was a positive development that would promote freedom of association, the statement, added: “We believed at the time that that particular restriction was designed to prevent people from leaving the ruling party, APC.”
Secretary of State Marco Rubio warned Cuba on Thursday that the United States was laser-focused on changing the communist system, after the island was stunned by a US indictment of its former president Raul Castro.
The US military announced that the USS Nimitz aircraft carrier and its escort warships had entered the Caribbean, although President Donald Trump, asked if the deployment was meant to intimidate Cuba, said, “No, not at all.”
Rubio, a Cuban American and vociferous opponent of Havana’s government, described the island 90 miles (145 kilometres) from the US shore as a “failed state” as it suffers a major economic crisis.
“Their economic system doesn’t work. It’s broken, and you can’t fix it with the current political system that’s in place. What they’ve gotten used to all these years is just buying time and waiting us out.
“They’re not going to be able to wait us out or buy time. We’re very serious. We’re very focused. The US preference is always a diplomatic solution, but President Donald Trump has other options at his disposal.”
Stating that Cuba had tentatively accepted an offer by the United States of $100 million in aid in return for reforms, he said it was unclear if the United States would accept Cuba’s terms, as Washington insists on circumventing the military-backed conglomerate GAESA, which dominates the island’s economy.
Rubio said Thursday that the GAESA chief’s Florida-based sister, Adys Lastres Morera, had been arrested and was being held by US immigration authorities, adding in an X post: “Managing real estate assets…while also aiding Havana’s communist regime, until I terminated her permanent resident status.”
The charges against Raul Castro — younger brother of Fidel Castro, the late iconic US nemesis who led Cuba’s communist revolution that culminated in 1959 — stem from the deadly downing of two civilian planes manned by anti-Castro pilots in 1996.
Cuban authorities called on citizens to protest the “despicable” indictment, with the official newspaper Granma urging Cubans to gather outside the US embassy in Havana on Friday at 7:30 am (1230 GMT).
“This isn’t really an accusation, something from more than 30 years ago, but rather a public attack on a public figure,” Fabian Fernandez, a 30-year-old accountant, told AFP in Havana.
Trump in January seized on a US domestic indictment of Venezuela’s leftist leader Nicolas Maduro to send in US forces to depose him and take him into custody.
“The idea is to say, we can do to you what we did to Nicolas Maduro,” said Christopher Sabatini, senior fellow for Latin America at Chatham House.
The Maduro operation led to the end of free oil from Venezuela to Cuba, which relied on its ally for nearly half its needs.
Cubans have suffered power outages of up to 20 hours a day and taps running dry.
Runaway inflation has caused the price of basic goods to soar and mountains of trash have piled up on the streets of Havana.
In addition to murder, Castro has been charged with conspiracy to kill Americans and destruction of aircraft.
The Cuban government called the 1996 shootdown was “legitimate self-defense” against an airspace violation.
China and Russia both criticized Trump’s steps on Cuba, which come as he tries to end an unpopular war he started with Israel against Iran.
Chinese foreign ministry spokesman Guo Jiakun told a press briefing that Washington “should stop brandishing the sanctions stick and the judicial stick against Cuba and stop threatening force at every turn.”
In Moscow, Kremlin spokesman Dmitry Peskov said: “We believe that under no circumstances should such methods — which border on violence — be used against either former or current heads of state.
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