ONE WORD

The brain behind the hacking of a leading global crypto firm, Afriq Arbitrage System, Abayomi Segun Oluwasesan, has been arrested. The arrest of the Nigerian was effected by the International Police in Nigeria after he had stolen billions and fled. Though Oluwasesan initially claimed that some Arabian hackers were the brain behind it, it has been established that he indeed carried out the operation. Checks revealed that the AAS system was built on top-notch security architecture by the founder, Jesam Michael, as it has the capacity to defend itself against any aggressive attacks from external sources or forces. However, just like the biblical story of how Judas betrayed Jesus Christ, Oluwasesan, who was employed by his boss on June 15, 2022 to work as a web developer, literally hacked the platform at a time when his boss went for a liver transplant and entrusted the codes to him. Overwhelmed by greed, Oluwasesan, who was entrusted with the sensitive data for the smooth operations of th

The Central Bank of Nigeria has revised the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies. According to the approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four (24) years. It was 20 years in the previous regulation. This is contained in section 3 of the new Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks in Nigeria. The current guidelines which were issued as a circular take effect August 1, 2023. Executive Directors: According to Section 3 of the guidelines the tenure of the MD/CEO of a bank shall be in accordance with the terms of engagement with the bank but subject to a maximum period of twelve (12) years. The guidelines also provide for the tenure of the Deputy Managing Director (DMD) and Executive Director (ED). It also stated that the tenure of

  The federal government has filed a two-count charge of illegal processions of firearm and ammunition against suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele before the Federal High Court in Lagos. The federal government in the charge sheet, seen by our correspondent, accused Emefiele of possessing a single-barrel shotgun (JOJEFF MAGNUM 8371) without a licence. The government maintained that the offences are contrary to section 4 of the Firearms Act Cap F28 Laws of the Federation 2004 and punishable under Section 27 (1b) of the same Act. In the second count, the suspended CBN Governor was accused of having in his possession 123 rounds of live ammunition (Cartridges) without a licence, which is contrary to section 8 of the Firearms Act Cap F28 Laws of the Federation 2004 and punishable under Section 27 (1)(b)(il) of the same Act. The case is yet to be assigned to a judge. Emefiele has been in DSS’ custody since June 10 for “investigative reasons”, according to the age

Barely 24 hours after a Federal Capital Teritorry High Court sitting in Abuja ordered the release of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, from detention, another court has nullified his arrest, detention and interrogation by the Department of State Services (DSS). In a judgment upon an Originating Motion on Notice brought before the Court by Emefiele, against Incorporated Trustees of Forum for Accountability and Good Leadership, the Attorney General of the Federation (AGF), Economic and Financial Crimes Commission (EFCC), Inspector General of Police, State Security Service (SSS) and the Central Bank of Nigeria, the presiding Judge held that the arrest, detention and interrogation of Emefiele were in violation of the subsisting judgment and orders of Justice M. A. Hassan in Suit No. FCT/HC/GAR/CV/41/2022. Emefiele through his Counsel, Peter Abang, had asked the court to set aside, quash, invalidate and nullify the arrest and detention of the Appl

President Bola Ahmed Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary appropriation Act to allow the Federal Government to source N500 billion for palliative to cushion the effect of subsidy removal.  The letter, which was read on the floor of the House during Wednesday’s plenary by Speaker Tajudeen Abbas, stated that the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion. The letter reads in part: “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act in accordance with the law. The request has become necessary in other to source for funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria. “The sum of N500 billion only has been extracted from the 2022 appropriation act of N819.536 for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will sp

From the Central Bank of Nigeria (CBN) yesterday came a directive to International Money Transfer Operators (IMTOs): pay dollars received through Diaspora remittances to domestic beneficiaries in naira. A circular to banks, IMTOs and the public by CBN Director, Trade and Exchange Department, O.S Nnaji, listed 62 approved IMTOs to carry out the directive. In the list are Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited. Others are Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP Express Limited, among others. The circular titled: Payout Option in Naira Receipt of Proceeds of Diaspora Remittances, said: “Further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020 in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout opt

A United States District Court for the Northern District of Illinois in Chicago, has sentenced Olalekan Jacob Ponle, a.ka. Mr Woodberry, to eight years and three months in prison for multimillion-dollar fraud. A federal judge, Robert Gettleman convicted Ponle on July 11, and he is to be deported to Nigeria after serving his jail term, according to court documents. “The defendant is hereby committed to the custody of the Federal Bureau of Prisons to be imprisoned for a total term of 100 months as to count,” Gettleman said. Mr Woodberry sentenced to eight years imprisonment in US, to be deported to Nigeria Mr Woodberry was sentenced after being found guilty of one count of fraud. Seven other counts were dismissed following a plea bargain in April this year. The judge ordered the convict to submit himself to the U.S. Marshal Service for onward transfer to the Federal Correctional Institution in Danbury, Connecticut, where he would be allowed visit from family members, especially his Ameri