News
Saraki speaks on engaging in media war with EFCC, Magu begging him
Bukola Saraki, immediate past Senate President, on Monday declared that he was not into any media war with the Economic and Financial Crimes Commission, EFCC.
Reports had it that the acting Chairman of EFCC, Ibrahim Magu had begged Saraki while in office to confirm him as the head of the anti-graft.
In a swift reaction, the anti-graft agency rubbished the claims by the former Senate President.
Responding, Saraki claimed that he was being subjected to media trial and that he was not engaging in “media war with EFCC.”
A statement by Saraki’s Special Adviser on Media and Publicity, Yusuph Olaniyonu reads: “The attention of the Media Office of Dr. Abubakar Bukola Saraki, has been drawn to the claims contained in the Press Statement issued yesterday (June 30, 2019) by the Economic and Financial Crimes Commission (EFCC) and we believe we should make some clarifications for members of the public to have a better understanding of the issues raised therein.
“Dr. Saraki has not engaged in any media war. Rather, Dr. Saraki has been the one at the receiving end of the media onslaught sponsored from the office of the EFCC. Various documents and court processes from the agency have been given to a particular newspaper for publication. In fact, while the EFCC distributed copies of its letter to the Chief Judge of the Federal High Court immediately it was submitted, we are still surprised how Dr. Saraki’s response written early May found its way into a newspaper last Sunday. It should be known that if we were interested in leaking the letter, we would not wait for seven weeks to do that. Dr. Saraki believes he is on firm ground on the points of law and has nothing to be afraid of. He is innocent of the charges.
“We need to reiterate that Dr. Saraki is not interested in obstructing any investigation by the EFCC or any security agency. While the EFCC claims that it is investigating the Office of the Senate President between 2015 and 2019, we make bold to say that it is just on a wild goose chase. That Office has nothing to do with contract awards and handling of the finances of the National Assembly. These are functions of the bureaucracy of the National Assembly, otherwise known as the National Assembly Management.
“On its persistent probe of the tenure of Dr. Saraki as Governor of Kwara State between 2003 and 2011, we maintain that all the issues the EFCC are presently raising were the same issues that are contained in four of the charges filed before the Code of Conduct Tribunal (CCT) and taken before the Court of Appeal and the Supreme Court.
“The CCT case went beyond the subject matter of asset declaration. They raised issues about the assets, how and when they were acquired, the sources of their funding and the banking transactions of Dr. Saraki. That is why we maintain that since the issues have been determined by the courts up to the Supreme Court, the EFCC is just on a persecution and smear campaigns with its current investigations.
“At the time the CCT charges were filed, it was generally believed some of the charges should not have been lumped up with the asset declaration issues. However, in their desperation to nail Dr. Saraki, some of the charges that contained insinuations that Kwara State funds were paid into accounts owned by him and companies in which he has interests were filed. And twice, the charges went before the highest court in the land and he was discharged and acquitted.
“It is also the reason that Dr. Saraki believes that the current investigation constitutes an infringement on his fundamental human rights. And in the exercise of his belief in the judiciary, he filed a case seeking the court’s intervention for the protection and enforcement of the rights.”
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.
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.
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.”
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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