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John Yusuf To Refund N22.9b, Jailed 6 Years

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John Yusuf, the pension thief who five years ago, was given a slap on the wrist by Justice Abubakar Talba of the Federal Capital Territory High Court, for stealing N32.8billion police pension money, has finally gotten his deserved sanctions.

John Yusuf, the pension thief who five years ago, was given a slap on the wrist by Justice Abubakar Talba of the Federal Capital Territory High Court, for stealing N32.8billion police pension money, has finally gotten his deserved sanctions.

John Yusuf The Court of Appeal Abuja Division on Wednesday jailed him six years and also asked him to refund N22.9billion. Justice Talba had sentenced him to two years in jail, with the option of paying a fine of N750,000. The judgment triggered national outrage.

The ruling by the appellate court was the climax of the appeal by the Economic and Financial Crimes Commission which on April 26, 2013, approached the appellate court to set aside the judgment of the lower court. The five grounds of the appeal, bordered on the exercise of discretion of the Judge in imposing sentence on the respondent who pleaded guilty to the three count charge, in which he admitted converting an aggregate sum of over N24 billion of Police Pension fund into his personal use.

The EFCC asked the Appeal Court to decide “whether the trial judge exercised his discretion judicially and judiciously when having convicted the respondent of a three count charge of conversion of over N3billion contrary to section 309 of the Penal Code, His Lordship imposed two years imprisonment with an option of fine of N250, 000 on each of the three counts”.

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Yusuf’s lawyers on 10 June 2015 raised a preliminary objection on the competence of the appeal for which they argued that the notice of appeal was filed outside the mandatory 90 days and therefore in contravention of s. 24(2)(b) of the Court of Appeal Act, 2010 (as Amended) and therefore urged the Court to dismiss the appeal.

The Justices of the Court of Appeal, dismissed the preliminary objection on the grounds that; “Having considered the computation of time volunteered by both parties, the question to be answered was whether the day the Judgment of the trial court was delivered was to be inclusive in the computation of the mandatory 90 days for which a notice of appeal was to be filed?

“That the day the Judgment of the trial court was delivered is the 28 January 2013, was not to be included in the computation of the 90 days.

“That since the day of the Judgment is not included, the 90 days starts running from the 29 January 2013 and the 90 days will fall on a Sunday.”

“That by virtue of s. 15(2) of the Interpretation Act CAP 123, where the last day is a holiday, the counting shall continue until the end of the next following day which is not a holiday.”

“That since the 90th day was a Sunday and by virtue of s. 15 (5) of Interpretation Act, a Sunday is a holiday, the next day which the notice of appeal was filed is within time, hence the appeal is competent and is therefore allowed.”

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Ruling on the substantive matter, the Justices of the Court of Appeal held unanimously that the three counts involving the respondent (Counts 17, 18 and 19) clearly stated the amounts for which the appellant alleged that the respondent converted for his personal use. That the respondent pleaded guilty to the three counts and thereby admitted to the conversion of an aggregate sum of about N24billion to his personal use. The judges ruled that the sentence of the trial court does not serve as deterrence to both the convict and others.

Consequently, they ruled that the sentence is “hereby quashed and deserves to be reviewed as follows:

*on Counts 17, the Respondent is hereby sentenced to two years imprisonment with an addition of fine of N20billion Naira;

*on Counts 18, the Respondent is hereby sentenced to two years imprisonment with an addition of fine of 1.4billion Naira;

*on Counts 19, the Respondent is hereby sentenced to two years imprisonment with an addition of fine of 1.5billion Naira”.

The prison sentence will run consecutively and the fine is to be cumulative. In a related development, the Supreme Court on March 9 dismissed the appeal by Onyia Ifeanyi, seeking to upturn his conviction and sentence to 7 years imprisonment on November 28, 2013 by the Federal High Court Enugu presided over by Justice M.L. Shuaibu ( as he then was) for the offence of obtaining by false pretence and being in possession of documents containing false pretence.

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Dissatisfied with his conviction, the appellant had lodged an appeal against it at the Enugu Division of the Court of Appeal, which affirmed the decision of the trial court. Still not satisfied with the decision of the appellate court, the convict proceeded to the Supreme Court. The apex court in a unanimous judment on March 9, affirmed the decision of the Court of Appeal

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.

The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.

Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.

He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.

“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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CBN governor

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.

Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.

While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.

Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.

He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”

Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.

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He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.

The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.

This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.

In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.

“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.

As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.

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