Economy
DSS Fumes as Court Blocks Emefiele’s Arrest
By Aduragbemi Omiyale
An attempt by the Department of State Services (DSS) to arrest and detain the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been prevented by a federal high court sitting in Abuja.
The secret police had filed a motion ex parte before Justice JT Tsoho, but according to TheCable, this prayer was not granted because of a lack of evidence.
On Monday, a group known as the Coalition of National Interest Defenders led by Mr Tochukwu Ohazuruike claimed that the DSS was plotting Mr Emefiele’s arrest and keep him for at least 60 days because of his attempt to limit cash withdrawals and frustrate attempts by politicians to prevent a free and fair election next year.
At a protest in Abuja yesterday, he said, “Fellow Nigerians, we have firmly in our custody genuine hard-core evidence of a plot by the State Security Service (SSS) to frame the Governor of the CBN, Mr Godwin Emefiele, for terrorism financing.
“They plot to keep him up and keep him away for at least 60 days in solitary conferment, which will pave the way for the forceful removal of the CBN Governor from office and destabilise the President Muhammadu Buhari/CBN economic stability and reform efforts, especially the new currency design and cashless withdrawal limits policy, which in the immediate will help President Buhari achieve his promise for credible election in 2023.”
In a report by TheCable, it was stated that Justice Tsoho threw out the motion filed by the DSS because the agency could not provide any concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing and economic crimes.
It was further said that the application should have been accompanied by presidential approval because of the grave implications for the Nigerian economy if the CBN governor is arrested and detained.
“The honourable judge also wondered why the name of the respondent was given simply as ‘Godwin Emefiele’ without a material disclosure that he is the same person as the CBN governor, a high-ranking public official who occupies an extremely sensitive position,” the platform quoted a source as saying.
But reacting to the protest by the coalition yesterday, the DSS, through its spokesman, Mr Peter Afunaya, expressed anger over the situation, emphasising that it would not succumb to propaganda, intimidation and the desperation of hirelings to undermine its operations.
The DSS, in a statement, said it would continue to remain focused and disseminate actionable intelligence to the relevant authorities devoid of any sentiment.
“The Department of State Services (DSS) wishes to clarify that one of its roles is the investigation of matters of national security dimension. It has always discharged this responsibility in the overall interest of Nigerian citizens. As such, the Service will continue to disseminate actionable intelligence to the relevant authorities devoid of any sentiment.
“While professionally discharging its mandate, the DSS pledges to remain focused and unbiased. It will not, by any means, succumb to propaganda, intimidation and the desperation of hirelings to undermine it.
“It will also not give room to the use of falsehood and deceit to misdirect public understanding and perceptions of issues of national importance.
“Given not to joining issues, the Service warns those on a wild goose chase to be mindful of their actions.
“Similarly, it urges members of the public to disregard the vituperations and rantings of misguided elements and not allow themselves to be used as instruments of destabilisation.
“Notably, these elements should remember the famous axiom that you will only deceive some people, some of the time, but not all people, all the time.
“To put it succinctly, the Service will not be distracted by persons and/or groups from carrying out its duties to the nation, citizens, President and Commander-in-Chief.
“Citizens are, therefore, urged to avoid being used to thwart or undermine the Service and its lawful investigations as those who wish to act in the breach will be dealt with in accordance with the law,” the agency said in the statement.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
By Aduragbemi Omiyale
The federal government has been advised to consider exploring other funding sources to finance its budget deficits.
Speaking with Punch recently, the chief executive of CSA Advisory, Mr Aliyu Ilias, said the current appetite for borrowing by the government cannot be sustained because it elevates debt-servicing costs.
The economist suggested the sale of some public assets and the involvement of the private sector in infrastructure financing for economic growth.
According to him, running to the debt markets to raise funds for the government is not the best route to take, as the reliance on borrowing always leads to higher debt-servicing obligations.
“The more you borrow, the more you are also incurring more debt services,” he said, tasking the government to also capitalise on increased oil revenues stemming from ongoing geopolitical tensions in the Middle East.
“The government can actually sell off some of their assets to raise more money. The government can also, if you look at the revenue we are getting from oil, it’s getting more, especially with this war. It’s another opportunity for us to actually not borrow again,” Mr Ilias submitted.
He also pointed to ongoing tax reforms as another avenue to improve government finances and narrow the fiscal gap.
“The government can also look at tax reform. The fact is that the government does not have money. The only chance for getting more money is to address the financial deficit,” he added.
By Adedapo Adesanya
Crude oil was up by $1 on Monday as Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump.
Brent crude futures gained $1.16 or 1.3 per cent to trade at $94.25 a barrel, while the US West Texas Intermediate (WTI) crude futures were up 76 cents or 0.8 per cent to $91.30 per barrel.
Iran’s military said Monday it halted attacks on Israel after the two countries exchanged their most intense strikes in months, further straining an already shaky ceasefire as well as the US-Israeli relationship. Iran, however, said it would resume strikes if Israel continued to hit Hezbollah in Lebanon.
Israel also halted attacks on Iran, Israeli Prime Minister Benjamin Netanyahu said, stopping short of acknowledging a ceasefire that US President Donald Trump said the countries were aiming for.
President Trump said earlier that the US blockade, which was introduced in April, would remain in place “in full force” until a final peace agreement between the two warring nations is reached.
Prices gained more than 5 per cent earlier on Monday after renewed Israeli strikes on Iran and attacks on Lebanon had reduced hopes of an imminent end to the wider war.
Market analysts noted that because of the strikes, investors were concerned that flows through the Strait of Hormuz might remain restricted for longer. Roughly a fifth of the world’s daily supply of oil and liquefied natural gas passed through the waterway before US-Israeli airstrikes at the end of February unleashed the latest escalation of the Middle Eastern conflict.
Yemen’s Iran-aligned Houthis said on Monday they would ban ships linked to Israel from the Red Sea after Israel renewed its military attacks on Iran, adding to concerns about global shipping and energy flows.
In the face of the supply crisis, a sub-group under the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday agreed on its fourth oil output target increase in four months. The seven members decided to increase targets by 188,000 barrels per day from July, the same as the June hike, which was adjusted down from monthly increases of 206,000 barrels per day in May and April to take into account the exit of the United Arab Emirates (UAE).
On paper, the sub-group has increased its output quotas from April to June by almost 600,000 barrels per day, but in reality, the group’s production has collapsed due to export cuts by Gulf members, averaging 33.19 million barrels per day in April compared with 42.77 million barrels per day in February.
Saudi Arabia has cut its official selling prices for crude oil to Asia in July for a second month.
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