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World Bank To Review $1.5bn Borrowing Plan By Nigerian States Next Week

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The World Bank will next week Monday review an application for a total sum of $1.5 billion by Nigerian states, Shubham Chaudhuri, World Bank’s country director for Nigeria said on Thursday.

He made the disclosure at the virtual presentation of the latest Nigeria Development Update (NDU), noting that Nigeria government’s request for a $1.5 billion budget support facility “is still in the works.”

“The $1.5 billion request is slated for presentation to our board next week actually, for approval. That is two separate $750 million request.

“One of them is to support the states’ fiscal resources, but on a performance-based mechanism. Also, it is for financing states’ fiscal transparency, accountability and sustainability programme.

“And the other is meant to support the respond of the states towards protecting livelihoods, food security and local economic activities. So, those are the two requests that are going to be considered by our board by Monday,” Chaudhuri said.

The World Bank forecasted in the NDU that the population of poor people in Nigeria would soar by 15 to 20 million by 2022.

The World Bank official observed that Nigeria was at a crucial point in history with a chance break away from “business as usual” and advance to its huge potential by sustaining bold reforms that have been deployed, while promoting quicker and more inclusive economic expansion.

Marco Hernandez, World Bank’s lead economist for Nigeria, said “Nigeria can build on its reform momentum to contain the spread of COVID-19, stimulate the economy and enable the private sector to be the engine of growth and job creation.”

“It can also redirect public spending from subsidies that benefit the rich towards investments in Nigeria’s people and youth in particular and lay foundations for a strong recovery to help make progress towards lifting 100 million people out of poverty.”

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BREAKING: EFCC Declares Former Kogi State’s Governor, Yahaya Bello Wanted

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The Economic and Financial Crimes Commission has declared a former governor of Kogi State, Yahaya Bello, wanted for offences relating to economic and financial crimes.

This was contained in a notice posted on the commission’s official Facebook page on Thursday.

The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88

“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State.

“His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.”

The notice asked anybody with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.

The anti-graft commission had earlier stated that it would, on Thursday (today), arraign the former governor before a Federal High Court sitting in Abuja.

This was after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend the former governor.

Punch reported that The agency’s team of lawyers, led by Kemi Pinheiro, SAN, during the proceedings on Thursday, said that EFCC operatives were prepared to carry out the arrest warrant for the former governor, even if it requires the use of force.

Bello and three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, will be arraigned before Justice Emeka Nwite.

They face 19 counts related to money laundering to the tune of N80,246,470,088.88.

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Naira Abuse: Court Grants Cubana Chief Priest ₦10M Bail

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The Federal High Court in Lagos State, on Wednesday, granted businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest, N10m bail with two sureties in like sum.

On Tuesday, EFCC slammed him with 3 count charge over the abuse of naira and asked him to report to court.

In court, The celebrity bar man pleaded not guilty to tampering and abusing the naira during his trial.

Earlier on Sunday, the EFCC revealed that it was probing several celebrities over alleged abuse of Naira notes.

In a statement, its spokesperson, Dele Oyewale, said;

“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.

“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”

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Cubana Chief Priest Faces Three Count Charges By The EFCC Over Naira Abuse

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Popular celebrity bar man, Pascal Okechukwu well known as Cubana Chief Priest will be arraigned by the Economic and Financial Crimes Commission (EFCC) over abuse of the naira on Wednesday, according to court documents.

He is facing three count charges for allegedly spraying and tampering with the naira at a social event contrary to the provisions of the Central Bank Act of 2007.

Not too long away was crossdresser Bobrisky Sentenced to 6 months in prison over thesame money mutilation. Now it is Cubana Chief Priest.
It seems like the government is taking the naira abuse situation much more seriously now.

Cubana Chief Priest would be arraigned before Justice Kehinde Ogundare of the Federal High Court, Lagos.

Cubana Chief Priest seen spraying bundles of money in a wedding

A copy of the document filed on April 4th by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission read:

1- “that you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

2 – “that you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

3 – “that you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

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