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Reps Set to Review Chinese, Other Loans Signed By FG

Published

4 years ago

August 3, 2020

Eric

The House of Representatives on Sunday said it would review all loan agreements and conditions signed by the Federal Government.

The Vice-Chairman of the House Committee on Aid, Loans and Debt Management, Mr Chris Azubogu, stated this in an interview with one of our correspondents in Abuja, just as the Lagos Chamber of Commerce and Industry as well as the Manufacturers Association of Nigeria supported the investigation by the lawmakers into Chinese loans.

The House Committee on Treaties, Protocols and Agreements had on Tuesday last week begun an investigation into the loans taken by the country.

The committee raised the alarm over loan agreements Nigeria signed with China. The lawmakers said the agreement might force Nigeria to concede its sovereignty to the Asian country if the loans were not paid back.

But the Minister of Transportation, Rotimi Amaechi, who appeared before the committee, asked the lawmakers to stop the investigation into the Chinese loans.

He said the probe would send a wrong signal to China, which could stop the loans, thereby thwarting the nation’s rail projects.

The Vice-Chairman of the Committee on Aid, Loans and Debt Management, Mr Chris Azubogu, in the interview with The PUNCH, said, “The House generally is concerned. We are reviewing all the terms and conditions to know what they are like. The House is reviewing all loans and agreements.”

Also, a member of the Treaties, Protocols and Agreements, who spoke on condition of anonymity, stated that the lawmakers would not back down on the probe.

The lawmaker asked, “Do you agree that more money (loans) should be taken when the former (previous) ones that had been taken have not been accounted for? You want transparency and you are taking loans, and we are saying ‘give us transparency.’

“If you are taking a loan for a particular project, can the project pay back the loan? We are in a capitalist economy and in that economy, we should be able to know that if we invest the money, the project should be able to pay back the loan invested. That is what informed the loans we are looking at.

“Then, what are the stringent conditions attached to the loans? If we are not able to pay back the loans, what will be the consequences? These are key legal issues. We are looking at the entire template holistically. If you are taking loans, did you abide by the Nigerian content laws which say that our instruments should be considered first before considering importation?”

The Punch

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PDP Retains Demagum As Acting National Chairman

Published

4 hours ago

April 18, 2024

Eric

The acting National Chairman of the Peoples Democratic Party, Umar Damagum, has survived attempts to remove him from office.

In the lead-up to today’s National Executive Committee meeting, the issue of whether Damagum should maintain his position or be substituted has been the focal point of discussions among party officials.

Formerly serving as the PDP National Deputy Chairman (North), Damagum assumed the position of acting National Chairman after the court suspended the party’s National Chairman, Iyorchia Ayu.

The court’s decision followed a request by a PDP member, Terhide Utaan, triggered by a prior vote of no confidence passed on Ayu by his ward executives in Igyorov ward, Gboko Local Government Area of Benue State.

Recently, 60 members of the House of Representatives called for Damagum’s ouster and called for the appointment of a substantive chairman from the North Central region.

However, shortly after this announcement, members of the House minority caucus, led by Kingsley Chinda, distanced themselves from the group, dismissing it as an unrecognised entity within the parliament.

The PDP Caucus meeting in the House of Representatives on Tuesday ended in discord, with lawmakers divided between those supporting Damagum’s continuation and those opposing it.

However, the primary goal of the pre-NEC meeting, which aimed to endorse Damagum with a vote of confidence by lawmakers aligned with FCT Minister, Nyesom Wike, faced hurdles and did not proceed as intended.

Recall that, on Wednesday, the PDP’s National Working Committee expressed full support for Damagum.

Nevertheless, after its caucus meeting on Wednesday, the North Central Zone of the party unanimously decided that the zone should nominate the next national chairman of the party following Ayu’s removal.

Speaking to reporters after the National Caucus meeting in the early hours of Thursday, the PDP National Publicity Secretary, Debo Ologunagba, disclosed that Damagum will continue to serve as the acting national chairman of the party until another NEC meeting after today’s session.

The PDP National Caucus is a crucial assembly of party stakeholders that convenes before the NEC meeting and sets the tone for every major decision to be made at the NEC meeting.

In many instances, when the National Caucus reach a consensus on matters, the NEC simply approves it, but when there is disagreement, other members of the NEC will vote either for or against the issue in question.

Ologunagba disclosed that the PDP National Caucus endorsed Damagum’s continued acting role to allow for broader consultations.

The Punch

Featured

Cubana Chief Priest Arraigned, Granted N10m Bail

Published

21 hours ago

April 17, 2024

Eric

Instagram celebrity, Pascal Okechukwu aka Cubana Chief Priest, on Wednesday, pleaded not guilty for alleged Naira abuse.

He pleaded not guilty to the three-count charge filed against him by the Economic and Financial Crimes Commission (EFCC).

The socialite was arraigned at the Federal High Court, Lagos before Justice Kehinde Ogundare on Wednesday.

The anti-graft commission filed a three-count charge against Cubana Chief Priest accused of abusing the naira at a social event, an act said to be contrary to the provisions of the Central Bank Act of 2007.

After pleading not guilty, the court granted him bail in the sum of N10million with two responsible sureties in like sum, who must be gainfully employed with the federal or state government and not less than grade level 16.

The sureties, the court emphasized, should have landed property and the document must be verified by the court.

Cubana Chief Priest is also to submit his travel passport to the custody of the court.

The bail conditions must be perfected within seven days but in the meantime he was released to his lawyer who must give an undertaken to produce him later. Failure to do so, he will be remanded in correctional facility.

The charge filed on April 4 by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission, are as follows:

Count 1: “That you, Okechukwu Pascal on 13th February, 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

Count 2: “That you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

Count 3: “That you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

Meanwhile, the defendant also informed the court of his pending application to challenge the jurisdiction of the court to hear the charge.

Justice Ogundare has adjourned till May 2nd to hear the application

This is coming days after the EFCC arraigned controversial cross-dresser Idris Okuneye better known as Bobrisky on similar charges for which he was sentenced to a six-month jail term.

Featured

EFCC Charges Cubana Chief Priest to Court over Naira Abuse

Published

2 days ago

April 16, 2024

Eric

The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against Instagram celebrity, Pascal Okechukwu aka Cubana Chief Priest, for allegedly spraying and tampering with the Naira at a social event, in violation of the provisions of Central Bank Act of 2007.

Cubana Chief Priest will be arraigned on Wednesday, April 17, 2024, before Justice Kehinde Ogundare of the Federal High Court, Lagos.

Reports say the charge against Okechukwu was filed on April 4, 2024 by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission.

In Count 1, it was alleged, “that you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

In count 2, it was alleged, “that you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

In Count 3, it was alleged, “that you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

This is coming days after the EFCC secured the conviction controversial cross-dresser, Idris Okuneye aka Bobrisky, on similar charges. He was subsequently sentenced to six months imprisonment without an option of fine.