Business
Court Orders Seizure Of Emefiele’s Multi-Million Dollar Assets
A Federal High Court, sitting in Ikoyi, Lagos, has ordered the interim forfeiture of substantial assets linked to a former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The assets include $4.7 million, N830 million, and multiple properties.
Justice Yellim Bogoro issued the order on Friday in response to an ex-parte motion filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari and C.C. Chineye.
The seized funds, held in various banks, are connected to entities such as Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.
Among the properties forfeited are a 94-unit, 11-story building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos; AM Plaza, an 11-story office space at 1E Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; and Imore Industrial Park 1, Esa Street, Imoore Land, purchased with Deep Blue Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos.
Other properties include the Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro, Lagos; Owolomi Village, Ibeju-Lekki LGA, Lagos; and two properties purchased from Chevron Nigeria, Closed PFA Fund, Block B, Twin Completed Property, Lakes Estate, Lekki, Lagos. Additional properties include a plot measuring 1,038.069 sqm at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa, LGA; an estate located at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services; land at 1 Bunmi Owulude Street (Maruwa), Lekki Phase 1, Lagos; and a property at 8 Bayo Kuku Road, Ikoyi, Lagos.
The EFCC sought the interim forfeiture of these monies and properties under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, Section 44(2)(b) of the Constitution, and the court’s inherent jurisdiction.
Specifically, the anti-graft agency requested “an interim order forfeiting to the Federal Government of Nigeria the funds held in the accounts listed in Schedule ‘A,’ which are reasonably suspected to be proceeds of unlawful activities.”
“An Interim order forfeiting to the Federal Government of Nigeria Properties provided in 2nd Schedule ‘B’ which are proceeds of unlawful activities.
“An Order directing the publication In any National Newspaper, the interim order under reliefs 1-2 above, for anyone who Is interested in the properties and funds sought to be forfeited to appear before this Honourable Court to show cause within 14 days why the final order of forfeiture of the said properties and funds should not be made in favour of the Federal Government of Nigeria.”
In granting the ex-parte motion, Justice Bogoro stated, “I have listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support.”
The case was adjourned to July 2, 2024, for the motion for final forfeiture.
The Nigerian naira appreciated further against the U.S. dollar in both the official and black markets, closing the week with significant gains.
Data from FMDQ shows the naira strengthened to N1631.21 per dollar on Friday, improving from Thursday’s exchange rate of N1659.26, marking a gain of N28.05.
In the parallel market, the naira also performed well, rising by N10 to N1670 per dollar on Friday from N1680 exchanged the previous day.
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Despite a drop in foreign exchange transaction turnover, which fell from $450.39 million on Thursday to $238.36 million on Friday, the local currency’s appreciation underscores positive market sentiment.
These gains follow recent policy measures introduced by the Central Bank of Nigeria (CBN) aimed at stabilizing the naira.
Recall that on Thursday, the CBN introduced new FX code guidelines and electronic FX matching to reduce speculation and enhance market transparency.
As the week closes, traders and investors are hopeful that these interventions will continue to stabilize the naira amid persistent currency fluctuations in the forex market.
The Federal Government of Nigeria has announced that 63 items have been exempted from Value-Added Tax (VAT) as part of ongoing efforts to stimulate economic growth and support key industries.
This was disclosed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on X on Friday.
The exempted items are outlined in the “Value Added Tax (Modification) Order, 2024,” which was officially gazetted on September 3, 2024.
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The exemptions primarily target goods and equipment related to clean energy and the oil and gas sectors, signaling the government’s commitment to transitioning to more sustainable energy sources and revitalizing the oil and gas industry.
This announcement came just two days after Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the introduction of key fiscal incentives aimed at boosting Nigeria’s oil and gas sectors, both upstream and downstream.
The incentives include the VAT modification order and a notice of tax incentives for deep offshore oil and gas production, under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order, 2024.
Here are all 63 items exempted from Value-Added Tax (VAT)
1. CNG/LPG Dual Fuel Vehicles
2. Dedicated LPG Vehicles
3. CNG/LPG Dual Fuel Vehicles Parts
4. Semi-knocked down units (for assembly) of CNG and LPG Buses
5. Parts and semi-knocked down units (for assembly) of Electric Vehicles
6. Electric Vehicles
7. Electric Vehicle Batteries
8. Electric Vehicle Charging Systems
9. Electric Vehicle Solar Charging Systems
10. LPG/CNG Conversion Kits
11. CNG Cylinders
12. CNG Cascades
13. CNG Dispensers
14. Gas Generators
15. CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers)
16. Steel Pipes
17. Steel Valves & Fittings
18. SS Tubes & Fittings
19. Storage Tanks (all sizes)
20. Regulators
21. CNG Pumps and Compressors (all types)
22. Steel
23. Pressure Relief Valves
24. Hydraulic Press/Rolling Machines
25. Heat Treatment Equipment
26. Liquid Level Gauges
27. Pumping Housing and Motors
28. Regulator Bodies
29. Pressure Gauges
30. Truck Chassis
31. Metering and Measuring Equipment (including weighbridges, filling scales)
32. Dispensing Equipment (dispensing scales, nozzles, gas filling systems)
33. Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
34. Gas Water Heaters
35. Gas Burners for Industry
36. Gas Boilers
37. Gas Washing Machines and Dryers (launderettes)
38. Household or Laundry-type Washing Machines, including machines that both wash and dry
39. CNG, LPG, and Cryogenic Hoses
40. Tubes, Pipes, and Hoses, and Fittings (e.g., joints, elbows, flanges) of Plastics
41. CNG Truck Heads
42. Gas Leak Detectors
43. Gas Air Conditioners
44. Cylinder Refurbishment Equipment
45. Blending Skid/Unit
46. Odourizing Units
47. Chromatography Unit (GC)
48. LNG Liquefying Equipment
49. Heat Exchangers
50. LNG Vaporizers
51. Regassification Plant
52. Liquefied CNG Compression Terminals
53. LNG Plant, Machinery, Pumps, Compressors, Filters (including Gas Filters), Weighing Machines, Valves Equipment
54. Cryogenic Storage Tanks
55. Liquefied CNG Conversion Tanks
56. Pipes, Piping Fittings, and Flanges for LNG Processing
57. Electrical Equipment, including Cables for LNG Processing
58. Steel Plates, Angles, and Bars for LNG Processing
59. LNG-Related Chemicals
60. Biogas Digesters
61. Biogas Compressors
62. De-sulphurization Units
63. Distillation Columns for Processing Biofuels
The Central Bank of Nigeria (CBN) has unveiled a new Electronic Foreign Exchange Matching System (EFEMS) to streamline foreign exchange transactions within the Nigerian Foreign Exchange Market (NFEM).
The system, set to be implemented by December 1, aims to promote transparency, market-driven exchange rates, and curb speculative practices in the foreign exchange market.
In an official statement by Omolara Duke, Director of the Financial Markets Department at the CBN, the EFEMS will be a major tool for improving market governance and allowing the CBN to maintain greater oversight of foreign exchange activities.
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“This development is expected to reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market,” Duke said.
EFEMS will require all authorized dealers to conduct foreign exchange transactions through a centralized platform approved by the CBN.
These transactions will be reflected immediately, providing real-time transparency to market participants.
A two-week trial period is scheduled for November before the full implementation in December.
Real-time prices will be published during the live phase of the system, allowing the public to access up-to-date market information.
Additionally, the CBN will collaborate with the Financial Markets Dealers Association (FMDA) to provide detailed rules and guidelines for EFEMS.
The Nigerian FX Code and revised Market Operating Guidelines will offer guidance to participants, and authorized dealers will be expected to meet compliance standards before the system goes live.
Market participants have been urged to ensure that all necessary documentation, training, and system integrations are completed prior to the launch.
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