E-Financial
Court Acquits, Discharges Suspended Gwarzo, SEC DG
An FCT High Court sitting in Abuja has discharged and acquitted Munir Gwarzo, suspended director-general of the Security and Exchange Commission (SEC) and his co-defendant, Zakwanu Garuba, former executive commissioner Corporate Services, who were charged to court by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Justice Hussein Baba-Yusuf ruled that the five charges against Mr. Gwarzo and his co-accused have not been proven by the ICPC.
The court held that while the ICPC did not implicate Mr. Gwarzo in their testimony, the remaining witnesses who are operatives of the ICPC contradicted themselves and that no reasonable tribunal could find the defendant guilty.
Munir Gwarzo
In his ruling on a no-case submission filed by both defendants, justice Hussein Baba-Yusuf held that the burden of proof was on the prosecution to prove the essential elements in the charges as required by law but through its own witnesses and exhibit which include a board resolution which approved the benefits for an Executive Director who had spent more than two years in office, the charge against Mr. Gwarzo has not been established.
The trial judge said that the 4th prosecution witness agreed under cross-examination that the board resolution was lawful.
He also held that the testimony of the prosecution witness number two clearly shows that the first defendant had no role in deciding what was entitled to him and as such could not have used his office to enrich himself.
Justice Baba-Yusuf concluded that the evidence cannot be used by any court or tribunal to convict Gwarzo, he therefore discharged and acquitted him.
In the case of the second defendant, Mr. Zakwanu Garuba, Justice Yusuf held that no prima facie case had been established against Mr. Garuba who acted based on a decision of the governing board of SEC which is the highest decision-making body of the commission as such, no case had been proven against him.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering