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MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

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MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

By: Michael Mike

Centre for Social Justices (CSJ) notes with regret the recent amendment to the Central Bank of Nigeria Act, increasing advances the CBN can grant to the Federal Government of Nigeria from 5 percent to 15 percent. The amendment contradicts best practices in fiscal responsibility and is an authorization of the Executive to create macroeconomic distortions through arbitrary and increased ways and means funding.

We recall that the extant S.38 of the CBN Act grants FGN access to ways and means financing in respect of temporary deficiency of budget revenue at such rate of interest as may be determined by CBN. The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of FGN. All Advances made pursuant to this authority shall be repaid – (a) as soon as possible and shall in any event be repayable by the end of the Federal Government financial year in which they are granted and if such advances remain unpaid at the end of the year, the power of CBN to grant such further advances in any subsequent years shall not be exercisable, unless the outstanding advances have been repaid.

According to Senator Gobir said: “The very essence of this bill is to enable the federal government to meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the federal government by the Central Bank of Nigeria. This amendment is very consequential and it needs the support of us all. This is to enable the federal government to embark on very important projects that will inflate and rejig the economy.” However, the amendment is a misconceived route to meeting the needs and obligations of FGN and definitely cannot be the road to rejigging the economy. It will rather create new macroeconomic challenges.

Specifically, the following issues are noteworthy:

v If FGN has not been able to refund previous advances from the CBN at 5 percent of previous year’s revenue, what machinery did the amendment put in place to ensure that FGN will be in a position to repay 15 percent of previous years revenue by the end of its financial year?

v There is evidence that previous advances from the CBN were in excess of the 5 percent rule and instead of reforms to ensure conformity with fit and good practices, a leeway is provided for deepening fiscal mischief.

v Previous high levels of advances led the Executive to incur over N23trillion in ways and means which could not be repaid and had to be converted by the National Assembly to long term indebtedness contrary to the provisions of the CBN Act.

v S. 38 (1) of the CBN Act categorically states that such advance should be in respect to temporary deficiency of budget revenue and not as a means of funding the deficit budget as the Federal Government has resorted to in recent years. Over the years and in accordance with fit and good practices, ways and means has never been listed in the Appropriation Act as a source of funding the deficit.

v The option of resorting to ways and means to fund budgetary deficits further increases the already high inflation rate especially when done by printing money not backed by value. Thus, it erodes the value of the Naira, and real income; it reduces purchasing power of citizens.

v The amendment of the CBN Act did not follow due process; it was arbitrary and lacking in popular particpation. There was no opportunity of a public hearing and publicity, to give room for Nigerians to make inputs on this very crucial matter with potentials to negatively affect overall economic growth and general welfare of the people.

In the light of the foregoing, CSJ strongly appeals to President Bola Ahmed Tinubu to withhold assent to the bill. CSJ acknowledges the revenue challenges facing the nation but the implementation of this particular bill (if it becomes law) will create monumental macroeconomic challenges now and in the future.

Eze Onyekpere Sundayson Chidi
Lead Director Program Manager, Public Finance Management.

MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

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EFCC Receives Petition Alleging $2.98m Fraud Against Senator Cyril Fasuyi, Wife

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EFCC Receives Petition Alleging $2.98m Fraud Against Senator Cyril Fasuyi, Wife

By: Michael Mike

The Economic and Financial Crimes Commission (EFCC) has received a formal petition accusing Senator Cyril Fasuyi, who represents Ekiti North Senatorial District, and his wife, Mrs. Elizabeth Adun Fasuyi, of allegedly being involved in a $2,980,535 fraud linked to foreign business transactions.

The petition was filed by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited. It alleges conspiracy, fraudulent conversion, obtaining by false pretence, and diversion of funds arising from a long-standing commercial relationship.

According to the complaint, the business dealings began in 2015 after the Fasuyis, operating through Legacy Foods Limited, were introduced to the Dubai-based company by a third party. The foreign firm claims the couple presented themselves as credible and capable business partners, leading to multiple supply agreements for raw materials such as corn starch, maltodextrin, maltose syrup, and shortening.

The company stated that goods valued at over $9 million were supplied over the course of the relationship. However, it alleged that after the products were delivered and reportedly sold in Nigeria, an outstanding balance of $2,980,535 was never remitted despite repeated demands.

The petition further claims that investigations by the complainant indicated that proceeds from the sales were diverted for personal use rather than being returned to the supplier as agreed. It described the situation as a deliberate attempt to frustrate foreign investment and exploit trade relationships.

The EFCC, an agency mandated to investigate financial crimes and economic sabotage, reportedly acknowledged receipt of the petition on December 10, 2020, and is expected to review the allegations as part of its investigative process.

Mrs. Fasuyi was also named in the complaint as a co-accused, with the petition alleging her involvement in the transactions. At some point during related proceedings, she was reportedly present but allegedly evaded arrest by anti-graft operatives.

As of now, neither Senator Fasuyi nor his wife has issued a public response to the allegations.

EFCC Receives Petition Alleging $2.98m Fraud Against Senator Cyril Fasuyi, Wife

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NHRC Demands Answers as Civilian Deaths from Military Airstrikes Trigger Fresh Outrage

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NHRC Demands Answers as Civilian Deaths from Military Airstrikes Trigger Fresh Outrage

By: Michael Mike

The National Human Rights Commission (NHRC) has demanded a full explanation from the Nigerian Air Force over the recurring wave of civilian casualties linked to military airstrikes across parts of the country, warning that the continued loss of innocent lives is unacceptable and raises grave human rights concerns.

Executive Secretary of the Commission, Tony Ojukwu, said the repeated bombings of civilian communities, markets and vulnerable populations under the guise of counter-insurgency operations have become deeply disturbing and cannot continue without accountability.

While acknowledging the responsibility of the Nigerian State to combat insurgency, banditry and terrorism, Ojukwu stressed that military operations must comply strictly with constitutional provisions, international humanitarian law and Nigeria’s human rights obligations.

“The repeated reports of civilian deaths and injuries, including women, children and other vulnerable persons, arising from aerial bombardments raise serious concerns regarding the protection of the right to life and human dignity,” he stated.

The Commission specifically questioned why civilian casualties linked to airstrikes have continued to recur despite previous public outrage and repeated promises of operational reforms.

“Nigerians deserve to know why this has become a recurring decimal,” Ojukwu said.

He cited recent incidents recorded within April and May alone, including reported airstrike casualties at Jilli Market in Yobe State, Shiroro Market in Niger State and Tumfa Market in Zamfara State.

“For how long will this continue?” he asked.

The Chief Human Rights Officer warned that the principles of distinction, necessity, proportionality and accountability remain binding obligations under international humanitarian law and must guide every military engagement, especially in conflict-affected communities where civilians are at greatest risk.

According to him, civilian populations must never be reduced to “collateral damage” in the conduct of security operations.

The Commission called on the Nigerian Air Force to provide a comprehensive account of the circumstances surrounding the incidents and disclose the safeguards being implemented to prevent future civilian deaths.

Ojukwu further demanded prompt, transparent and independent investigations into all reported cases of civilian casualties resulting from military airstrikes, insisting that victims and affected communities deserve justice, compensation and psychosocial support.

He also urged security agencies to improve intelligence gathering, operational precision and internal accountability mechanisms to reduce the risk of targeting innocent civilians during aerial operations.

The NHRC maintained that national security objectives cannot be pursued outside the framework of legality and respect for human dignity.

“National security and human rights protection are not mutually exclusive,” the Commission stated, warning that public trust in security operations would continue to erode if civilian deaths persist without accountability.

The Commission reaffirmed its commitment to closely monitor developments and engage relevant authorities to ensure the protection of citizens’ rights amid ongoing security operations across the country.

NHRC Demands Answers as Civilian Deaths from Military Airstrikes Trigger Fresh Outrage

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Power Is Temporary, Humanity Must Endure — Ambassador Alege Declares at Abuja Book Launch

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Power Is Temporary, Humanity Must Endure — Ambassador Alege Declares at Abuja Book Launch

By: Michael Mike

Nigeria’s political elite, diplomats, jurists and scholars gathered in Abuja on Tuesday as veteran diplomat, Ambassador Shina Alege, delivered a piercing message on leadership, power, insecurity and the declining state of human compassion during the launch of five books drawn from his decades in public service.

The atmosphere at the event was more reflective than ceremonial as speakers confronted difficult national and global realities — from abuse of power and collapsing communal values to insecurity and the moral burden of leadership.

Former Chief Justice of Nigeria, Olukayode Ariwoola, who chaired the occasion, described the books as a rare fusion of diplomacy, personal experience and social conscience, warning that the issues raised by the author could no longer be ignored.

“This is far beyond a literary celebration,” Ariwoola said. “It is a serious intellectual intervention into the crises confronting leadership, humanity and governance today.”

The retired jurist said Ambassador Alege’s writings carried unusual weight because they emerged from lived experience across turbulent moments in Nigeria’s diplomatic history.

“These are not theoretical arguments crafted from a distance. They are reflections forged in service, crisis and responsibility,” he stated.

At the centre of the gathering was Ambassador Alege himself, whose remarks moved between philosophy, diplomacy and sharp social criticism.

Standing before a packed audience of ambassadors, senior lawyers, professors and government officials, the former envoy warned that many societies had lost the values that once held communities together.

“The essence of life is to build a community,” Alege declared. “What we have today is no longer community — it is a crowd. People watch suffering, record tragedies on their phones, and move on. That loss of humanity is dangerous.”

His comments drew prolonged applause from participants at the event.

The diplomat used the unveiling of his books to issue a broader warning about leadership and the temporary nature of political authority.p

Speaking on one of the books, The Expiry Date of Power, Alege said many leaders behave as though power is permanent, forgetting that history eventually humbles every office holder.

“The only person that powers permanently is God Almighty,” he said. “Absolute power corrupts absolutely. Leadership must be exercised with restraint, accountability and conscience.”

Other books presented at the launch tackled conflict management, insecurity and governance failures across Africa.

According to the author, The Sirens and The Flags explores leadership under pressure and moments of crisis, while Insecurity and Regional Leadership in Africa interrogates the inability of African states to effectively confront rising instability and governance breakdown.

Former Ogun State Governor, Ibikunle Amosun, represented by Barrister Raji Ahmed, praised the diplomat for documenting lessons from years of international service, including sensitive operations involving Nigerians trapped in conflict zones.

“Books like these are earned through sacrifice, experience and reflection,” he said. “They preserve institutional memory and challenge future leaders to think differently about service and responsibility.”

Beyond the intellectual conversations, the event became a deeper reflection on the state of society itself — one in which speakers repeatedly returned to the themes of empathy, moral leadership and national decline.

For many attendees, the strongest message of the day was not merely about diplomacy or governance, but about the urgent need to restore compassion in public life before ambition, power and indifference completely overshadow humanity.

Power Is Temporary, Humanity Must Endure — Ambassador Alege Declares at Abuja Book Launch

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