Economy
Diezani Forfeits $153m to FG
By Dipo Olowookere
Former Minister of Petroleum Resources in the immediate past administration, Mrs Diezani Alison-Madueke, has forfeited $153 million she was accused of stealing from the treasury of Nigerian National Petroleum Corporation (NNPC) during her time in office.
The alleged embezzled funds were stockpiled in Access Bank, First Bank and Sterling Bank. It was gathered that the sum of $5 million was kept with Access Bank, N9 billion with First Bank and N23 billion with Sterling Bank.
But on Friday, a Federal High Court sitting in Ikoyi, Lagos, ordered the temporary forfeiture of these monies.
In his ruling, Justice Muslim Hassan gave a 14-day ultimatum to Sterling Bank Plc and any other interested parties to prove the legitimacy of the monies before his court or else the funds would be permanently forfeited to the Federal Government of Nigeria.
The order was given in favour of an ex parte application filed by the Economic and Financial Crimes Commission (EFCC), seeking the temporary forfeiture of the funds.
Counsel to EFCC, Mr Rotimi Oyedepo, had urged Justice Hassan to order the temporary forfeiture of the funds to the Federal Government and to order Sterling Bank and others who are joined as defendants in the application, to appear in court within two weeks to explain why the funds should not be permanently forfeited to the government.
Mr Oyedepo said the application was brought in under Section 17 of the Advance Fee Fraud and Other Related Offences Act No. 14, 2006 and Section 44(2)(‘) of the 1999 Constitution, thus granting same is in the best interest of justice.
In a nine paragraph affidavit filed in support of the ex parte application, an EFCC investigator, Mr Moses Awolusi, claimed that the anti-graft agency discovered through its investigations how sometime in December 2014 Mrs Alison-Madueke invited a former Managing Director of Fidelity Bank Plc, Mr Nnamdi Okonkwo, to her office where they hatched the plan on how a cash sum of $153m would be moved from NNPC account.
According to Mr Awolusi, the former Petroleum Minister instructed Mr Okonkwo to ensure that the money was “neither credited into any known account nor captured in any transaction platforms” of Fidelity Bank. The EFCC investigator added that Mr Okonkwo accepted and implemented the instructions given by Mrs Alison-Madueke.
He went further to say that two former Group Executive Directors of Finance and Account of NNPC, B.O.N. connived with Mrs Alison-Madueke to move the cash from NNPC, Abuja to the headquarters of Fidelity Bank in Lagos.
Mr Awolusi said that in a desperate bid by Mr Okonkwo to conceal the source of the money, he (Okonkwo) upon receiving it, instructed the Country Head of Fidelity Bank, Mr Martin Izuogbe, to take $113,310,000 cash out of the money to the Executive Director, Commercial and Institutional Bank, Sterling Bank Plc, Mr Lanre Adesanya for keeps.
He added that another $40 million was taken in cash to the Executive Director, Public Sector Accountant, First Bank, Mr Dauda Lawal, to keep, that money was then taken to Stanley Lawson, a former group executive director of Finance and accounts at the Nigerian National Petroleum Corporation to purchase the Le Meridien in Port Harcourt.
The investigator said out of the $113,310,000 handed over to Mr Adesanya, a sum of $108,310,000 was invested in an off-balance sheet investment using Sterling Asset Management Trustees Limited, adding that a sum $108,310,000 was subsequently changed to N23b and saved in Sterling Bank.
Mr Awolusi said that EFCC had recovered the N23.4 billion in draft and had registered it as an exhibit marked, EFCC 01. The investigator said the EFCC had also recovered another $5 million out of the money kept with the MD of Access Bank Plc, Mr Herbert Wigwe.
According to him, the $5 million was recovered in a draft and had been registered as an exhibit marked, EFCC 02. Also, he alleged that First Bank’s ED had converted the $40 million kept with him to N9 billion which has also been recovered by the anti-graft agency and registered it as Exhibit EFCC 03.
Justice Hassan adjourned till January 24, 2017, for the respondents to appear in court to state why the funds should not be permanently forfeited to the Federal Government.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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