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World Bank Okays Nigeria’s $1.5B Loan Request

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After several weeks of dialogue, the World Bank has finally approved Nigeria’s request for a $1.5 billion loan.

Grassroots.ng confirmed this development in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.

“This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.

World Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).

The CPF will focus on four areas of engagement which include investing in human capital by increasing access to basic education, quality water, and sanitation services; improving primary healthcare; and increasing the coverage and effectiveness of social assistance programs.

Promoting jobs and economic transformation and diversification by supporting measures to unlock private investment and job creation and increasing access to reliable and sustainable power for households and firms.

The CPF will also focus on boosting digital infrastructure, and developing economic corridors and smart cities, to provide Nigerians with improved livelihoods.

Strengthening the foundations of the public sector by improving public financial management and strengthening the social contract between citizens and government through improved fiscal and debt management.

World Bank in the statement added that Nigeria is at a critical juncture, hence the approval of the loan.

“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5million Nigerians into poverty in 2020,” the statement read in part.

The World Bank noted that the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

This CPF proposes a collaborative approach of how resources across the entire Bank Group can best support the Government’s effort to achieve its goal to lift 100 million citizens out of poverty.

“The Country Partnership Framework leverages the World Bank Group to enable business growth that is inclusive and sustainable,” IFC Director for Southern Africa and Nigeria, Kevin Njiraini also said.

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Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

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The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

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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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