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Nigeria: Former central bank governor Emefiele operated 593 illegal US, UK, China accounts— Investigator

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Nigeria’s embattled former Central Bank of Nigeria Governor, Godwin Emefiele, has been accused of illegally lodging billions of naira in at least 593 bank accounts in the United States, United Kingdom, and China during his time as Nigeria’s apex bank chief.

The allegation was contained in the audit report from President Bola Tinubu’s Special Investigator on the CBN and Related Entities, Jim Obaze.

The report also found that the ex-CBN governor lodged £543,482,213 in fixed deposits in UK banks alone without authorization.

According to a portion of the report, Godwin Emefiele invested Nigerian funds in 593 foreign bank accounts in the United States, China, and the United Kingdom without authorization while he was in charge.

“All the accounts where the billions were lodged have all been traced by the investigator.”

In August, Emefiele and two others were accused of purchasing a fleet of over 98 exotic cars and armoured buses valued at approximately N6.9 billion, according to the charges signed by the Federal Ministry of Justice’s Director of Public Prosecutions, Mohammed Abubakar, Deputy Director of Public Prosecutions, Mrs N. Jones-Nebo, and eight other ministry officials.

He is presently detained in Kuje Custodial Centre. The N300 million bail that was given to him by a Federal Capital Territory High Court on November 22 has not been perfected, but a fresh revelation from the Obaze report suggests the former chief-banker might be in for another round of criminal charges.

The investigator also discovered that former President Buhari did not approve the redesign of the naira; rather, it was his aide, Tunde Sabiu, who advised Emefiele to consider the naira’s redesign.

“The former president tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the report noted.

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Zambian govt spends K16.6 billion in October on debt servicing, gulping K4.7 billion

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Zambian Ministry of Finance and National Planning released K16.6 billion in October to assist Zambian development and public service delivery, according to the ministry’s budget release issued by the Treasury.

The government allotted K4.5 billion to pay public service personnel salaries and allowances. Health and teaching staff and Zambian ambassadors abroad received allowances.

The government set aside K4.7 billion for debt service and arrears to reduce national debt. K2.2 billion went to domestic debt service, K256.9 million to overseas debt, and K2.1 billion to legacy fuel arrears.

The ministry’s budget, which stated, “Notable expenditures included K3.5 billion for transfers, subsidies and social benefits, K4.2 billion for various development programs, general operations and capital expenditure, and K700 million for drugs and medical supplies.”

Situmbeko Musokotwane, Minister of Finance and National Planning, took advantage of the statement to urge foreign investors to think about Zambia as a potential place to invest.

Musokotwane emphasised Zambia’s favourable investment climate while speaking at a recent World Bank meeting in Washington. He also urged collaborations in the fields of manufacturing, mining exploration, renewable energy, and agriculture.

“Zambia is endowed with critical natural resources, and we invite you to collaborate with local business players in mobilizing the resources required for green energy projects, mining explorations and development, and agriculture value chain ventures that support out-grower schemes through farm blocks,” Musokotwane stated.

He called for investors to collaborate with Zambian companies, highlighting the advantages of doing so in important economic sectors like mining, agriculture, and energy.

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South Africa: Petrol, diesel prices to rise on Wednesday. Here’s why

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Following an increase in the price of oil due to the crisis between Iran and Israel, petrol and diesel prices will be raised in South Africa on Wednesday.

The cost of unleaded petrol will go up by 25 cents per gallon for both 93 and 95. Depending on the sulphur concentration, diesel’s wholesale price will increase by either 20 or 21 cents per litre.

Illuminating paraffin’s wholesale price will increase by 21 cents per litre, and the maximum retail price of LP gas will rise by 36 cents per kilogramme.

Fuel prices dropped to their lowest points since February 2022, when Russia’s invasion of Ukraine disrupted supply chains and limited the import of Russian crude oil, sending oil prices to multi-year highs. This was at the beginning of October.

The Department of Mineral and Petroleum Resources stated on Monday that the average price of Brent Crude oil rose from $72.82 per barrel to $75.07 over the last month, following several months of pressure on the price of oil.

“The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel,” the department said in a statement.

Investors are worried that an Israeli strike on Iran’s oil infrastructure will not only remove Iranian crude from the market but also incite a larger confrontation including other oil exporters in the region.

Since oil is priced in dollars, the rand exchange rate also affects fuel prices in South Africa.

According to the department, the rand averaged R17.53/$ over the previous month, down from R17.68 in September. However, this was insufficient to offset the rising price of oil.

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