EFCC Arrests 21 Alleged Yahoo Boys In Abuja

 The Economic and Financial Crimes Commission, EFCC, today, March 14, 2023 arrested 21 suspected internet fraudsters.

The suspects include Joseph Boniface, Emmaneul Okwara, Elijah Iwebie, Moses Hassan, Abdulrahman Lawal, Azu Chidubem Eugene, Abdullahi Adebola and Elijah Simon.

Others are Terfa Lincoln, David Kome, Chukwudah Martinez, Adie Matthew, Canice Agabi, Abbas Aminu, Damilare James and Christopher Simon. Also arrested include Mohammed Abdulhamid, Ifeanyi Bosah, Ayuba Aminu, Godwin Terkura and Victor Ademola.

They were nabbed in the Lugbe and Kubwa suburbs of Abuja, following actionable intelligence on their alleged internet-related fraud activities

More than 25 high-end mobile phones, 3 laptops and Mercedes CLA250 and C300 cars were recovered from the suspects.

They will be charged to court as soon as the investigations are concluded.

CBN Yet To Release Old Notes To Banks

 The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation despite asking commercial banks to commence their recirculation, findings by Daily Trust have revealed.

This is amid the struggle by commercial banks to meet the increasing demands of customers who besiege their branches across the states and the Federal Capital Territory (FCT).

Traders, artisans, PoS operators, and students, among others, who visited bank branches, said they were disappointed as they could not withdraw the amounts they wanted.

Those who spoke to our correspondents said they were only given between N5,000 and N10,000 while a few others managed to get N20,000.

The CBN said Monday in a statement by its spokesman, Isa AbdulMumin, that deposit money banks operating in the country have been directed to comply with the Supreme Court ruling of March 3 which said the old N1,000, N500 and N200 remain legal tender until December 31.

The CBN’s statement came a few hours after a statement from Aso Villa quoting President Muhammadu Buhari as saying he did not direct the CBN and the Attorney-General of the Federation not to comply with the Supreme Court judgement.


Same old problem 

Checks by our reporters yesterday indicated that the CBN was not releasing the old notes it has already mopped out of circulation.

A senior management staff of Guarantee Trust Bank said: “We are not receiving any old cash from the CBN. I have a substantial stock of the old notes and that is what we are recirculating as of today.”

The source explained that most commercial banks had retained the old notes in the days leading up to the February 10 deadline, before the Supreme Court order truncated the initial timeline by the CBN.

“We had that cash with us, and when the CBN became overwhelmed with those rushing to beat the deadline, they also directed them to the commercial banks, so we have that stock too. That is the reserve that we have built up.”

Also, a management staff of Polaris Bank who spoke to our reporter on condition of anonymity said, “We have not received the old notes largely because we have not finished dispensing our old naira stock.

“The instruction we have is to dispense every note at our disposal. We will get a clear understanding of things when we exhaust what we have.”


Banks comply with directive to disburse old N1000, N500 

In Kaduna, Abuja, and Kano, our correspondents report that some banks, including Sterling, GTB, First Bank, United Bank of Africa (UBA) and Access Bank were yesterday dispensing the old N500 notes to their customers following the directive by the CBN.

A customer at Sterling Bank who simply identified herself as Mrs Gabriel, said, “I collected N20,000 old N500 notes from my bank today. I am so happy because I have not seen this kind of money for weeks.”

The automated teller machines of most banks in Lagos were seen dispensing cash.

Although most of the banks were still rationing the available cash in order to meet the needs of their customers, there was a clear improvement from the chaos of previous weeks.

At Polaris Bank, Iju, customers were given N10, 000 each instead of the stipulated N20,000.

Our correspondents, who visited two branches of Unity Bank in Bwari and the Central Business District in Abuja, confirmed that they withdrew N5,000 and N10,000, respectively.

The Head of Corporate Communication at Unity Bank, Matthew Obiazikwor, confirmed that the bank had fully complied with the directive of the CBN.

“We are giving out cash to our customers. We have fully complied with the directive. Our ATMs are also loaded. However, there is still the limitation of daily withdrawal,” he said.


Nigerians decry rejection of old notes by traders, transporters 

Some transporters and traders yesterday rejected the old N500 and N1,000 bank notes despite the directive from the CBN that the old notes remain legal tender till December 31 in accordance with the judgment of the Supreme Court.

In Kaduna, many traders were still sceptical of collecting the old notes. Most of them said they were studying the situation to see if the policy will be reversed.  

“I cannot collect it until Buhari (President) tells us to start collecting it,” a yam seller, Muhammad Isah, said.

However, Daily Trust learned that market leaders in Lagos have started sensitizing their members to collect the old notes in line with the directives of the CBN. Leaders from major markets were at Alausa yesterday.

“I have informed my people, and I will repeat the same tomorrow. We have told them to accept the old notes from customers,” the Iyaloja of Asejere Market, Makoko, Alhaja Kasarat Adebayo, said.


State gov’t urges residents to accept old notes 

The Delta State government yesterday called on residents of the state to comply with the CBN’s directive that the old N1,000, N500, and N200 notes remain legal tender until December 31. 

The Commissioner for Information, Charles Aniagwu, made the call in a statement in Asaba, urging people in the state to accept the notes as legal tender in view of the Supreme Court ruling of March 3 and the central bank’s direction to continue recognition of the old bills as legal tender. 

Similar calls have been made by Ogun, Kogi, Lagos, Kano and Jigawa, among others.


Inject old notes to ease cash scarcity, Experts tell CBN 

Experts have urged the CBN to make available the old notes, particularly the N500 and N1000, to ease the current cash crunch.

Daily Trust reports that before the enforcement of the cashless policy, the CBN said N3.2 trillion was in circulation, but during the last briefing by Emefiele, he said N2.3 trillion had been mopped up.

Speaking to Daily Trust, a financial analyst, Prof. Uche Uwaleke, said the directive by the Supreme Court will be futile if the old notes are not injected into the system. 

“My concern is that except a substantial quantity of already withdrawn notes is re-injected and the cash withdrawal limit eased, the cash scarcity is most likely to persist,” he said. 

He added that, “It is one thing for the CBN to obey the Supreme Court order by recognizing the old notes as legal order and another for it to make the cash available for transactions.”

Also speaking, a development expert, Joseph Momoh, said: “Although some banks have complied with the directive by the CBN following the Supreme Court judgment, the amount they are dispensing is quite small.

“The CBN should make available the old notes that it earlier mopped up so that the hardship that micro, small and medium enterprises are currently undergoing can gradually ease off.”

On his part, a chartered accountant, Umar Mohammed, who consults for some banks said it will require political will to solve the problem of the cash crunch.

“Nobody is saying the whole N2.3 trillion mopped up must be brought back. What is clear is that Nigeria is not fully ready for the cashless policy.

“We have learnt many lessons that the banks do not have the requisite infrastructure. There are millions of Nigerians that are unbanked. And the citizens also need more sensitization.

“Therefore, I want to appeal that the president and the CBN swallow their pride and appreciate these facts. Of course, some people have already keyed into the cashless policy which is to their credit.

Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors

 Vice President Yemi Osinbajo yesterday launched a $618 million programme for young Nigerians in the technology and creative sectors.

He urged governments across Africa and the private sector to render more support for the growth of innovation in the continent.

Osinbajo spoke at the presidential launch of the Investment in Digital and Creative Enterprises (i-DICE) programme held at the State House Banquet Hall in Abuja.

i-DICE, which is an initiative of the Federal Government of Nigeria to promote entrepreneurship and innovation in the digital technology and creative industries to create jobs, especially for young people, is supported by the African Development Bank (AfDB), the Agence Francaise de Developpement (AFD) and the Islamic Development Bank (IsDB) with the Bank of Industry (BoI) designated as executing agency.

A statement yesterday in Abuja by the Senior Special Assistant to the President on Media and Publicity in the Office of the Vice President, Mr. Laolu Akande, said the programme would support young Nigerians, ranging from ages 15 to 35 who are entrepreneurs and involved in early stages in creative, innovative and technology-enabled ventures.

“I think it is now imperative to begin a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent,” Osinbajo said in his keynote address at the event.

Under i-DICE, constraints, such as access to capital, and capacity limitation of start-ups would be effectively addressed.

But the Vice President said more still needs to be done to scale up such programmes.

He said: “The government must provide more support for startups and small businesses, and investors must provide more funding. This is why the Investment in Digital and Creative Enterprises Programme is important.”

i-DICE is supported by funding from the AfDB -$170 million; the Islamic Development Bank (IsDB) – N70 million and the Agence Française de Développement – $116 million.

There is also Federal Government of Nigeria’s counterpart contribution of $45 million through the BoI loans for qualifying start-ups.

On behalf of the Nigerian government, Osinbajo thanked the development partners for their collaboration.

Lauding the efforts of the development partners, the Vice President noted that the programme’s design “supports innovation across very critical pillars, including policy, infrastructure, access to finance and talent. These pillars have been identified as very critical to the growth and sustenance of innovation on the continent”.

He explained that “the total fund is $618 million, out of which the AfDB provides $170 million, the Agence Francaise de Development $116 million, and the Islamic Development Bank will provide $70 million in co-financing”.

Another $271 million is expected from the private sector and institutional investors, he said.

Also, President of Africa Development Bank (AfDB) Group, Dr. Akinwumi Adesina, has said it is time to create youth-based wealth that will support a more inclusive Nigerian economy.

Adesina spoke at the presidential inauguration of the Investment in Digital and Creative Enterprises (i-DICE) programme yesterday in Abuja.

The AfDB president said the initiative was timely, strategic, and transformative and would build the ecosystems to support more competitive entrepreneurs powered by digital technologies.

“Yes, we gather to inaugurate the initiative, but what we are really inaugurating is more than it. We are inaugurating hope for the youth.

“We are inaugurating platforms that will enhance the ability and capacity of Nigeria’s youth to thrive. We are inaugurating the creation of millions of jobs.

“We are retooling Nigeria to compete more in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth,” he said.

The AfDB president noted that what Nigeria does with its youthful population would determine its future.

“It is time to create youth-based wealth for Nigeria. Youth-based wealth will rapidly expand the creation of jobs, expand the fiscal space with new sources of taxes, and support a more inclusive Nigerian economy, now and well into the future.

“That is why, shortly after I was elected AfDB president, we inaugurated the Jobs for Youth in Africa strategy.

“We expect that the programme will create 25 million new jobs by 2026, focusing on practical and high-impact solutions,” he said.

Adesina said the future is here, and every aspect of life is digitally transformed.

When you think digital, think global, he said.

The AfDB president said based on estimates, the digital global health size of Africa would expand from $217 billion in 2022 to more than $1 trillion by 2031, an incredible growth.

“The size of Africa’s digital economy will rise from $115 billion today to $712 billion by 2050.

“And most of this growth is already driven by four countries: Nigeria, South Africa, Kenya, and Egypt,” he said.

Adesina said several factors, including the rapid growth in the youth population, drove the expansion of the digital economy.

The AfDB president said these digital trends hold great promise to help create massive jobs.

“For example, estimates by Endeavor (2022) show that expanding digital infrastructure by 10 per cent will lead to a 2.5 per cent annual growth in Gross Domestic Product (GDP) in Africa.

“Furthermore, expanding access to the internet in Africa, from the current 33 per cent to 75 per cent, can help create 44 million jobs, including 3 million jobs in online services by 2025,” he said.

The continental bank’s boss said Nigeria was already witnessing the power of digital technologies, tools, and platforms.

According to him, Nigeria currently has five out of the 11 digital companies that have reached the status of unicorn with market valuation of one billion dollars.

He listed the companies to include Jumia, Interswitch, Opay, Flutterwave and Andela, mainly in fintech.

Adesina said Nigeria’s poor and fragmented cargo transport system was gradually transforming, thanks to Kobo 360, a digital logistics platform.

He noted that despite its growth, the country had not fully tapped into and unleashed the power of its creative industry.

“The i-DICE programme will help to fill some of these critical gaps. By supporting enterprise and skills development, access to demand-driven digital and creative skills, entrepreneurship skills, ICT enabled infrastructure and expanding access to finance,” Adesina said.

The AfDB boss said the bank was pleased to partner the Federal Government of Nigeria on the $618 million i-DICE programme.

According to him, AfDB is providing $170 million in financing to the programme.

“I am delighted that we have been able to mobilise additional co-financing of $217 million towards the programme.

“I wish to thank our partners, the Agence Francaise de Developpement (AFD), which is providing $100 million, and the Islamic Development Bank, which is providing $70 million.

“I also thank the Bank of Industry and the Federal Government of Nigeria for providing $45 million in counterpart funding.

“Through the independent fund managers for i-DICE, the programme will raise an additional capital of between 131 million dollars and 262 million dollars,” he said.

Reiterating some of the bank’s initiatives, Adesina said it would soon roll out Youth Entrepreneurship Investment Banks.

Manchester City 'Make Enquiry Over Victor Osimhen Move'

 Manchester City have reportedly made contact with Napoli to discuss a possible summer move for striker Victor Osimhen.

The Nigeria international is spearheading the Partenopei's charge to the Scudetto with a stellar 19 goals and five assists in 22 games throughout the 2022-23 season so far.

Osimhen's efforts have allowed Napoli to open up an 18-point lead at the top of the Serie A table with 12 games left to play, and he sits comfortably at the top of the Capocannoniere charts.

The former Lille man's 19 strikes puts him five clear of closest challenger Lautaro Martinez, while he also has two Champions League goals to his name as Napoli boast a 2-0 lead from the first leg of their last-16 tie with Eintracht Frankfurt.

Osimhen's contract with Napoli is due to run until the 2024-25 season, but the Serie A champions-elect are seemingly facing an uphill battle to retain his services beyond the end of the campaign.

Napoli president Aurelio de Laurentiis has affirmed that Napoli have no need to sell the 24-year-old, but that is unlikely to deter potential suitors from making an offer.

Despite the presence of Erling Braut Haaland and Julian Alvarez at the Etihad, Sky Deutschland - via football.london - claims that Man City are among the clubs aiming to bring Osimhen to the Premier League this summer.

The report adds that the Premier League champions have made first contact with Napoli to discuss a potential transfer, but the Partenopei would be after €100m (£88.2m) to sanction a sale.

Both Haaland and Alvarez have made their mark during their debut campaigns with Man City this year, and the latter is now said to be on the verge of signing a lucrative new contract.

However, Pep Guardiola seemingly wants to add more firepower to his ranks after losing Gabriel Jesus to Arsenal, who are five points clear of the Premier League champions at the top of the table.


Chelsea will seemingly be Man City's main rivals in the race for Osimhen, with Pierre-Emerick Aubameyang expected to depart Stamford Bridge as the Blues seek to solve their number nine conundrum.

Manchester United and Paris Saint-Germain are also said to be interested in the Napoli man, but the Red Devils are supposedly not willing to meet the Serie A leaders' nine-figure asking price.

Meanwhile, PSG will likely have to offload one of Neymar, Kylian Mbappe and Lionel Messi before moving for Osimhen, but the latter could depart as a free agent this summer as talks over a new deal fail to yield a positive solution.

Osimhen joined Napoli from Lille in the summer of 2020 for €75m (£66.1m), and the Nigerian has since posted 49 goals and 14 assists in 89 appearances for the Partenopei in all tournaments.