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$9.6bn Judgment Debt is Fraudulent Attack on Foreign Reserve – FG

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The Federal Government has alleged that the awarded 9.6 billion dollar judgment debt against Nigeria over a botched gas contract is a calculated attempt by international and local scammers to deplete the country’s rising foreign reserves.

The Minister of Information and Culture, Alhaji Lai Mohammed, made the allegation on Friday when he featured on a TV Continental programme, “This Morning’’, monitored by the News Agency of Nigeria.

“Anytime the foreign reserves of the country is rising, there is always this attempt by vultures that will come with one scam targeting the reserves.

“It is also important to state here that, these international scammers will not have succeeded without the collaboration of the people within.

“That is why the federal government is focusing its searchlight on this particular contract to unravel those behind the move to inflict economic injury on Nigeria and its people,’’ he said.

Mohammed said that 9.6 billion dollar (about N3.5 trillion) translates to 20 per cent of the nation’s foreign reserves.

The minister reiterated that the contract as conceived was designed to fail and there were deliberate efforts to circumvent all the checks and balances to prevent a breach.

Specifically, he said the Federal Ministry of Petroleum Resources which signed the contract had no technical knowledge and the capacity and competence to execute a gas contract of such magnitude.

The minister also disclosed that the contract was not approved by the then Federal Executive Council as required by law.

He said when the contract was signed in 2010, there were about seven other gas development projects that were signed about the time that followed due process.

Mohammed reassured that government would leave no stone unturned to ensure that the judgment is set aside, the case is resolved and Nigerian assets not attacked.

A UK court had in a ruling authorised an Irish engineering and project management company, Process and Industrial Developments Ltd. (P&ID), to seize 9.6 billion dollars in Nigerian assets over the failed contract.

The judgment was a fallout of the contract purportedly entered into in 2010 between the Federal Ministry of Petroleum Resources and P&ID.

(NAN)

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Tinubu Reshuffles Cabinet, Sacks Five Ministers, Merges Ministries

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President Bola Tinubu has dismissed five ministers from his cabinet and appointed seven new ones as part of a cabinet reshuffle.

The President re-assigned 10 ministers to new portfolios and nominated seven new ministers for Senate confirmation.  

He dismissed Uju-Ken Ohanenye as Minister of Women Affairs, Lola Ade-John as Minister of Tourism, Tahir Mamman as Minister of Education, Abdullahi Gwarzo as Minister of State for Housing and Urban Development, and Jamila Ibrahim as Minister of Youth Development. 

Among the nominees, Tinubu selected Bianca Odumegwu-Ojukwu as Minister of State for Foreign Affairs and Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, marking the official end of suspended Betta Edu’s tenure. 

Other nominees include Maigari Dingyadi for Minister of Labour and Employment, Jumoke Oduwole for Minister of Industry, Idi Maiha for the newly established Ministry of Livestock Development, Yusuf Ata for Minister of State for Housing and Urban Development, and Suwaiba Ahmad for Minister of State for Education. 

“The appointment of Shehu Dikko as Chairman of the National Sports Commission.

“The appointment of Sunday Akin Dare as Special Adviser to the President on Public Communication and Orientation working from the Ministry of Information and National Orientation,” the President said.

The President appreciated the outgoing members of the Federal Executive Council for their service to the nation while wishing them the best in their future endeavours. 

He then charged the newly appointed ministers and their reassigned colleagues to see their appointment as a call to serve the nation. 

Source: Nairametrics

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FG Drops Money Laundering Charges Against Binance Chief, Gambaryan

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The Federal Government on Wednesday withdrew the money laundering charges preferred against Binance Holdings Limited executive, Tigran Gambaryan.

Binance, its U.S. head of financial crime compliance, Gambaryan, and the exchange British-Kenyan regional manager for Africa, Nadeem Anjarwalla, were facing money laundering charges to the tune of $35 million brought against them by the Economic and Financial Crimes Commission.

Gambaryan and Anjarwalla were initially both detained in the custody of the office of the National Security Adviser.

Anjarwalla, however, fled lawful custody on March 22, 2024, while his counterpart, Gambaryan, was arraigned in April.

Following his arraignment, the court ordered his remand to Kuje Correctional Facility.

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Our Commitment to Culture, Reason for Ofala Sponsorship – Glo

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Technology company, Globacom, has explained that its commitment to  culture and tradition is the reason for sponsoring Onitsha Ofala and other leading festivals across the land.

This year’s event, the 23rd since the incumbent Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, ascended the throne, kicked off with Iru Ofala on Friday and ended with Azu Ofala on Saturday.

Globacom’s Divisional Head, South, Mr. Tochukwu Okechukwu, who represented the company at the  Ime Obi venue of the event in Onitsha, Anambra State, said Globacom is mindful of the critical role that culture plays in national development and its ability to foster national identity and bring people together around shared values, traditions, and history adding.

According to him,  cultural industries, such as festivals, tourism, arts, and crafts, could contribute significantly to the economy, create jobs, generate revenue, and promote local products. “Culture influences education systems and can inspire creativity and innovation. Cultural knowledge can enhance critical thinking and problem-solving skills. Moreover, a vibrant culture enhances a nation’s soft power, improving its international standing and influence through diplomacy, trade, and cultural exchange”, he added.

He further noted that communication is  the livewire of human coexistence especially in  an increasingly interconnected world. “It is through dialogue and connection that we foster understanding and collaboration. Our mission is to empower every voice within our community to be heard through affordable telecom services and digital solutions”, he said.

He also disclosed  that technology was evolving at an unprecedented pace, and affirmed that Globacom was dedicated to harnessing its power to benefit society. “We envision a future where innovation does not stand apart from tradition, but instead enhances it. We believe that connectivity can strengthen the bonds within our community, bridging generations and fostering collaboration among all our citizens. Together, we can create an environment where our cultural heritage and technological advancements coexist harmoniously, enriching the lives of all. These are the reasons why we will continue to support our cultural festivals such as Ofala and Ojude Oba.”

The Obi of Onitsha had, in his remarks, thanked   Globacom for its support for the festival over the years saying the company’s collaboration had enhanced the profile of the festival. According to him,  a request had been made to the Ministry of Art, Culture and Creative Economy to support ongoing efforts to enlist  Ofala on the UNESCO Representative List of Intangible Cultural Heritage of Humanity.

The festival peaked with the regal  emergence of the Obi from his annual seclusion and his traditional majestic dance round the Ime Obi in his full regalia on the two days of the ceremony. His palace chiefs also danced to the “Egwu Ota” in turns after which they paid homage to the traditional ruler. Several age groups also ranging from the newest such as Ifedioranma, Ugoamaka, Oganiru Onicha to the much older groups, also danced round in flamboyant uniforms and paid homage to Igwe Achebe.

A Royal Banquet organised by Globacom  in honour of the monarch will mark the end of this year’s edition of the festival at the Ime Obi on Wednesday, October 23.

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