N168m Fraud: Court Jails Ex-Adamawa Governor Bala Ngilari

Image

By Modupe Gbadeyanka

A former Governor of Adamawa State, Mr James Bala Ngilari, has been sentenced to five years imprisonment after he was found guilty of corruption charges against him.

Mr Ngilari was prosecuted by the Economic and Financial Crimes Commission (EFCC) in September 2016 on a 17 count criminal charge bordering on award of contract without due process to the tune of N167.8 million.

In his ruling on Monday, March 6, 2017, Justice Nathan Musa of the Adamawa State High Court sitting in Adamawa found the former Governor guilty of the charges brought against him and sentenced him to five years behind bars.

However, Justice Musa discharged and acquitted former Secretary to the State Government, and the Commissioner of Finance, who were second and third defendants in the case.

Share
Related Stories
Image
17-February-2024

Hardship: PDP Governors Ask Tinubu to Resign

By Modupe Gbadeyanka President Bola Tinubu has been asked to resign if he is unable to bring succour to the citizens, who are suffering economic hardship over the policies of the government. On his assumption of office on May 28, 2023, Mr Tinubu announced an end to subsidies on petrol and a few weeks later, the Central Bank of Nigeria (CBN) unified the exchange rate and devalued the Naira. Since these duo policies, the prices of goods and services have continued to rise, with the Naira weakening from N461/$1 in the official market in June 2023 to N1,537/$1 at the

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.

Image
18-February-2024

Rising Inflation Could Trigger Social Unrest in Nigeria—AfDB

By Adedapo Adesanya  The African Development Bank (AfDB) has raised an alarm that rising prices of fuel, food, and other commodities could lead to social unrest in Nigeria. The multilateral lender warned that Nigeria was not the sole country at the mercy of such upheaval, adding that Ethiopia, Angola, and Kenya were also placed on high alert. The bank made this disclosure in its macroeconomic performance and outlook for 2024 in which it projected Africa’s economy to grow higher to 3.8 per cent in 2024, an increase compared to the 3.2 per cent recorded in 2023. The AfDB also said economic

More Stories
Image
19-May-2022

Again, Capital Bancorp Weakens NASD OTC Bourse by 0.02%

By Adedapo Adesanya For the third consecutive trading session, the NASD Over-the-Counter (OTC) Securities Exchange finished in the bearish zone as it lost 0.02 per cent on Wednesday, May 18. The woes of the NASD OTC bourse were further compounded by the decline in the price of Capital Bancorp Plc by 34 kobo or 9.86 per cent to N3.11 per unit compared with the N3.45 per unit it traded in the previous day. In the absence of securities to upturn the weak sentiment, the market capitalisation of the exchange closed relatively flat at N1.06 trillion, while NASD Unlisted Securities Index (NSI)

Image
13-July-2020

COVID-19: Lagos Seals 33 Bars, Restaurants, Others

By Modupe Gbadeyanka Not less than 33 social facilities in Lagos have been shut down by officials of the state government for failing to adhere strictly to directives of the government. Director-General of the Lagos State Safety Commission, Mr Lanre Mojola, stressed that erring or non-compliant facilities who contravene the established protocols of reopening of business during the ongoing COVID-19 period will face the full wrath of the Law. He said facilities sealed by officials of the agency included bars, lounges, restaurants, gyms and spas. He said they engaged in activities and operations contrary to the government’s COVID-19 reopening guidelines.

Image
21-May-2018

CBN Sells N75b Treasury Bills in One Week

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) last week auctioned treasury bills worth N74.79 billion to investors at the market. The exercise comprised the sale of N40.95 billion via the Open Market Operations (OMO) and N33.84 billion via the Primary Market Auction (PMA). According to analysts at Cowry Asset, the stop rates of the 91-day, 182-day and 364-day auctioned T-bills moderated to 10 percent from 10.25 percent, 10.50 percent from 10.95 percent and 10.70 percent from 11.15 percent respectively. They noted that the outflows were offset by N330.30 billion in matured T-bills. Consequently, NIBOR fell for most tenor

Image
26-October-2016

Currency Futures Open Interest Spikes As Investors Rush To Beat Possible Price Hike

By Quantative Financial Analytics Volumes in the Naira Settled Currency Futures contracts surged and open interest hit a record high at the end of trading on October 25 as investors try to stock up before a possible price increase. The next futures in line to mature is the NGUS OCT 26 2016 with one day remaining. It will be recalled that the CBN is in the habit of resetting the prices of currency futures at each maturity. In anticipation of a possible price increase, investors traded 34.58 contracts which translate into $34.58 million in notional terms. Following the increased activity,

Image
19-February-2021

Kogi Okays N450m for Rural Roads, Agric

By Ahmed Rahma Kogi state government has approved N450 million counterpart funds for the Rural Access and Agricultural Marketing Project (RAAMP). The Commissioner for Rural Development, Mr Daniel Oniel, made this disclosure at a press briefing shortly after the executive council meeting in Lokoja Mr Oniel noted that the project would see feeder roads, 503 KM asphalt roads and other projects to connect rural dwellers to the cities and beep upkeep state economy through agriculture. Earlier in his address, the Commissioner for Information and Communications, Mr Kingsley Fanwo, disclosed that the council had approved the construction of two Special General

Image
16-August-2021

Ecobank Forum: Basketmouth, Others Urge Youths to Pursue Passion, Not Money

By Modupe Gbadeyanka Nigerian youths have been advised to pursue their passion rather than money or immediate gains as the former will keep them standing to the end when the chips are down. “I will advise them (youths) to follow their passion. Do not choose a career to impress anyone, rather let the people validate you,” a celebrated comedian, Mr Bright Okpocha, fondly known as Basketmouth, said at a special advocacy programme organised by Ecobank Nigeria to mark International Youth Day (IYD). Basketmouth was at the event held in Lagos as one of the panellists to speak on the theme

Image
24-January-2022

CWG, Transcorp, FBN Holdings Dominate NGX Weekly Equity Turnover

By Dipo Olowookere The trio of Computer Warehouse Group (CWG), Transcorp and FBN Holdings dominated the total equity turnover last week, accounting for 810.8 million shares worth N2.1 billion in 1,499 deals, contributing 43.65 per cent and 4.38 per cent to the total trading volume and value respectively. Business Post reports that in the week, investors traded 1.9 billion shares worth N47.5 billion in 20,861 deals compared with the 1.6 billion shares worth N32.7 billion traded in 22,607 deals a week earlier. A further breakdown indicated that financial stocks led the activity chart with 815.4 million units worth N7.1 billion

Image
04-January-2018

Nigeria’s Manufacturing Sector Expands for 9th Month in December

By Dipo Olowookere The manufacturing sector in Nigeria recorded a further growth in the month of December 2017, the Central Bank of Nigeria (CBN) has revealed. According to the apex bank’s Purchasing Managers’ Index (PMI) for December 2017, the sector’s index expanded to 59.3 index points in the period under review from 55.9 index points recorded in the month of November 2017. This, the central bank said, indicated expansion in the manufacturing sector for the ninth consecutive months. The report said 15 of the 16 subsectors reported growth in the review month in the following order petroleum & coal products;

Ad
Ad
Recent Stories
Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

Image
22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.