SAD !! Ogun prophet cut off lover’s head

A 42-year-old self-professed prophet, Olusola Akindele of Lion of Judah Church of Christ, Robiyan community in Ifo Local Government Area of Ogun State, has been arrested for allegedly beheading his mistress for money rituals.

The Commissioner of Police, Ahmed Iliyasu, who led his men to the house of the cleric located in the community, said the suspect was arrested following a report by the community head.

Iliyasu said a headless decomposing body of a woman was found in an uncompleted building within the community.

The commissioner said the suspect confessed that the victim was his mistress, whom he simply identified as Iya Anu. They had been in an amorous relationship for over two years.

“On that fateful day, the deceased came to visit him and as usual after they made love, the woman was relaxing. He surreptitiously brought out a pestle-like wood with which he smashed the woman’s head and later cut off her head and two hands before he threw the remains into the uncompleted building behind his residence.

“The severed body parts were buried at the back of the church situated at number 13, Robiyan Avenue,” the commissioner told journalists.

He added that two other accomplices were arrested in connection with the killing.

Mr Iliyasu assured that the suspects will be arraigned after investigations were concluded.

Meanwhile, the police boss had ordered the DPO to liaise with the Chairman of the Local Government in order to demolish the property of the suspect.- Daily Post

MEGA DEBT ! SMALL DEVELOPMENT !! Lagos reduces debt by $20m but retains highest foreign debt portfolio

Lagos has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at $1.45 billion as at June 30.

This is according to a report by the Debt Management Office (DMO), on Wednesday in Abuja, titled: States, Federal Capital Territory (FCT) and Federal Governments’ External Debt Stock as at June 30, 2018.

According to the document, the external debt stock of the entire nation stood at $22 billion with the federal government incurring 17.8 billion dollars, while the states and the FCT owed $4.28 billion.

This means that the federal government accounts for 81 percent of the country’s external debt, while the states and the FCT account for 19 percent.

NAN reports that Lagos had the highest foreign debt portfolio $1.47 billion as at December 30, 2017, but the figure reduced to $1.45 billion by June 30.

S/N	State	External debt profile
1	Lagos	$1.47 billion
2	Edo	$279 million
3	Kaduna	$232.9 million
4	Cross River	$193.7 million
5	Bauchi	$134.9 million
6	Enugu	$127.9 million
7	Anambra	$107.4 million
8	Oyo	$106.34 million
9	Ogun	$105.3 million
10	Osun	$101.5 million
11	Abia	$100.2 million
12	Ekiti	$97.9 million
13	Ondo	$81.4 million
14	Rivers	$79.5 million
15	Ebonyi	$67.9 million
16	Kano	$65 million
17	Katsina	$64.7 million
18	Delta	$63.8 million
19	Imo	$61.2 million
20	Nassarawa	$61.4 million
21	Adamawa	$57.8 million
22	Niger	$55.7 million
23	Bayelsa	$57.2 million
24	Akwa Ibom	$48.3 million
25	Kebbi	$46.7 million
26	Kwara	$49.8 million
27	Sokoto	$40.2 million
28	Taraba	$22.1 million
29	Borno	$22.2 million
30	Yobe	$28.4 million
31	Plateau	$29.6 million
32	Kogi	$32.37 million
33	Jigawa	$32.80 million
34	FCT	32.83 million
35	Zamfara	$34.2 million
36	Benue	$34.7 million
37	Gombe	$38.5 million

Patience Oniha, DMO director general, had said the nation’s public debt strategy is to have a domestic and external debt ratio of 60:40 percent.

She said this is to ensure that the nation was not 100 percent indebted externally and that it was also easier to raise money domestically.

According to the figures for June 30 released by the DMO, the ratio between domestic and external debt stood at 70 to 30 compared to 73 to 27 in Dec. 2017.- TheCable

PL news :Man City fear United bid in Ruben Neves chase

Man City are reportedly fearing a Man United bid in their pursuit of Wolves highly rated midfielder Ruben Neves, according to Goal.

The Champions are closely following Neves, who had a standout season for Wolves last time out, helping the Black Country side secure promotion from the Championship.

Wolves have been supported by agent Jorge Mendes, and the Portuguese agent promised Wolves owners that the player would not be sold in the last transfer window despite interest from Man City.

City met with Neves during the opening weekend, but could not strike a deal.

However, word of City’s interest has reportedly reached Jose Mourinho, who is also interested in a move.

Mendes also represents Mourinho, and the United boss is reportedly annoyed that Mendes has an interest in striking a deal with City rather than United.

United don’t want to miss out on another signing, so will want to try and sign Neves before any deal with City is agreed.

Neves fits Pep Guardiola’s system, and he has identified him as a big target. However, whether Mendes and Wolves will accept an offer is yet to be seen. - Read Sport

FG withdraws pipeline security contract granted private firm over oil theft

The federal government has withdrawn the contract for securing petroleum pipelines awarded to Topline Security, a private firm.

The contract, which was awarded by the Nigerian National Petroleum Corporation (NNPC), involved securing pipelines from Atlas Cove in Lagos to Mosimi in Ogun.

Sylvanus Abbah, outgoing flag officer commanding Western Naval Command, told journalists on Tuesday that the contract was terminated over allegations of petroleum theft against the staff of the company by the Nigerian Navy.

Abbah said the federal government has directed the Nigerian Navy as well as officials of the Nigerian Security and Civil Defence Corp (NSCDC) to take over patrol of the pipeline.

“The dislodging of the company contracted by Topline Security and characterised by hoodlums from Atlas Cove was one of the achievements recorded. Over 90% of their staff were foreigners and you were witnesses to what transpired at Ilashe in June,” he said while handing over to Obedm Ngalabak, his successor.

“So, when the information got to the highest level of government, the contract awarded Topline Security was suspended and the Navy, NSCDC was mandated to protect those infrastructures. Since then, NNPC will tell you they have not recorded any colossal loss.”

He also disclosed that the command arrested 26 vessels and many suspects during his tenure as FOC which commanded July 4.

On the Apapa gridlock, Abbah lamented that officials of the federal ministry of works were not on site despite the assurances they gave, urging motorists to continue to corporate with security agencies for orderliness.

In his remarks, Ngalabak said he would leverage on the successes of his predecessor, adding that the navy would continue to chase criminals off the maritime space.- TheCable

CBN fines four banks N5.8bn over MTN’s transaction

The Central Bank of Nigeria ( CBN ) on Wednesday fined four banks N5.87b for violation of its capital importation policy.

The apex bank said the affected lenders were asked to refund $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the country, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’.

A certificate of capital importation (“CCI”) is a certificate issued by a Nigerian bank confirming an inflow of foreign capital either in the form of cash (loan or equity) or goods. A CCI is usually issued in the name of the investor within 24- 48 hours of the inflow of the capital into Nigeria in line with CBN’s guidlines.

The four banks that have come under the sledge hammer of the CBN for the violations are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank.

Announcing the decision in Abuja , CBN’s Director, Corporate Communications, Isaac Okorafor, said the actions of the bank became necessary following allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the apex bank in March 2018.

The CBN has therefore asked the managements of the banks and MTN Nigeria Communications Limited to immediately refund the sum of $8,134,312,397.63, illegally repatriated by the company to the coffers of the Central Bank of Nigeria.

Figures obtained from the CBN indicated that the highest fine of N2,470,604,767.13 was slammed on Standard Chartered Bank, while Stanbic IBTC Nigeria was fined the sum of N1,885,852,847.45. For its punishment, Citibank Nigeria was penalized in the sum of N1,265,541,562.31, just as Diamond Bank was directed to pay the sum of N250 million for violating extant rules.

Okorafor further disclosed that the decision of the bank followed thorough investigations by it into the allegations of remittances by the four banks of forex with irregular certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited.

He said the investigations revealed that the sum of $3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs. Similarly, he said the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively during the period 2007 and 2015. Accordingly, he said the CBN had directed the affected banks to immediately refund the respective sums to the CBN.

The CBN investigation further revealed that on account of illegal conversion of MTN shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company.

While disclosing that the investigations by the CBN took a while in order to carry out thorough inquiry and give fair hearing to all parties involved, Okorafor advised all banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions. He warned that failure by the management of banks and companies to abide by the existing guidelines would be appropriately sanctioned, which sanctions may include denial of access to the Nigerian foreign exchange market.

In a letter by the CBN to MTN, the financial sector regulator told the telecom giant that its investigation also revealed that shareholders of the company invested t $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank (SCB), Citi Bank (CB) and Diamond Bank (DB) and that the CCIs issued at the time of the investment by the above banks to your organization in respect of the $402,590,261.03 showed that $59,436,923.44 was invested as shareholders’ loan and $343,153,339.56 as equity.

“However, a review of your organization’s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded/invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by the banks,” it said.

“Following a request by your organization through Standard Chartered Bank for CBN’s approval to convert the shareholder’s loan to preference shares, an approval-in-principle was granted vide our letter dated November 13, 2007; with the grant of final approval made subject to the fulfillment of the following conditions by your organization.”

It said MTN’s implementation of the decision in item 5B of its board resolution dated November 08, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.

In spite of the non-fulfillment of the above conditions, and consequently, the non-issuance of a final approval by the CBN, the apex bank claimed that MTN converted the shareholders’ loan to preference shares with Standard Charted Bank issuing new CCIs in respect of the illegal conversion.

Also, the action of its banker in aiding your organisation in the illegal conversion of the shareholders’ loan was later described by SCB in a letter to the CBN dated December 10, 2009 as an “unintended omission”; and        On account of the illegal conversion of your shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated on behalf of your company by the aforementioned banks between 2007 and 2015.

CBN’s Letter to Standard Chartered bank claimed that the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006; and that the investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB) at the initial stage of the investment.

“The CCIs issued at the time of investment by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded/invested as shareholders’ loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which revealed that $399,594,146.00 was invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria”.

CBN’s letter to Stanbic-IBTC said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank, Diamond Bank and Citibank, out of which eight of the CCIs totaling $377,216,508.30 were transferred to your bank by Standard Chartered Bank.  Consequently, your bank repatriated the sum of $929,051,331.83 as proceeds of divestment from the CCIs valued at $42,704,408.61.

“On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015. Your bank falsely reported thirty five CCIs valued $313,683,925.84 inappropriately as “other purchases” in your MTR 203 returns for February 2008 instead of “capital importation,” it said.

CBN’s letter to CitiBank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation evidenced by the CCIs issued by your bank, Standard Chartered Bank and Diamond Bank.

CBN’s letter to Diamond Bank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2011 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank and Standard Chartered Bank.

Other findings from our investigation included that Diamond Bank issued three CCIs in favour of Dantata Investment for the sum of $5 million without converting the foreign exchange received into Naira as required by our regulations.  On the basis of these illegally issued CCIs, your bank repatriated the sum of $102,545,336.77 in respect of these CCIs. A further review of the CCIs also showed that no Form “M” was opened as evidence of the utilization of the FX for the importation of goods (as “Not valid for FX”) into the country.

Diamond Bank was also accused of remitting the sum of $348,914,501.38 as dividend to MTN Nigeria Communications Limited offshore corporate shareholders without any documentary evidence of the audited account of the company to justify the basis of the payment of the dividend declared and paid by MTNN. This action was a violation of the provision of Memorandum 24(4)(b) of the Foreign Exchange Manual.

The bank also failed to indemnify SCB for losses and/or liabilities that may arise from the use of the CCIs you transferred to SCB in violation of the provisions of the Foreign Exchange Manual 2006 among other violations.

“Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited.        Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter,” it said. - The Nation