CBN’s Monetary Policy Committee Begins 2-Day Meeting

The Monetary Policy Committee of the Central Bank began its 2-day meeting on Monday at the nation’s Federal Capital Territory, Abuja.

Focus centered on how to make decisions that will drive the economy with particular discussions on the foreign exchange market.

The meeting, which is the first for 2016, comes against the backdrop of slowing global growth and a weakening domestic economic environment, due to the fall in oil prices, according to Channel Television.

Analysts at FBN Quest believe the depletion of official reserves, the slide in the oil price and other economic issues could make a good case for Naira devaluation.

The apex bank will make its pronouncements at the end of the meeting on Tuesday January 26.   

In the meantime, central banks around the world will hold series of meeting this week to chart a way for monetary policies in their various countries.

The U.S. Federal reserve is expected to leave interest rates unchanged at its 2-day meeting which will end on Wednesday even before the recent rout in global stocks.

Equity prices from Japan to Brazil have tumbled into a bear market, China’s economy slowed and oil prices are lower, prompting European Central Bank President, Mario Draghi to warn on Thursday that downside risks have increased.

Analysts expect a rate hike this week from the Reserve Bank of South Africa with most predicting the MPC will go 50 basis points rather than 25, as it did in July and November.

The South Africa Rand tanked and bond yields soared after President Jacob Zuma fired Nhlanhla Nene as Finance Minister in December.

Arms scandal: Okonjo-Iweala Dismisses Falana’s Call For Her Prosecution

Former Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday night accused a Senior Advocate of Nigeria, Mr. Femi Falana, of a malicious attempt to discredit her by linking her to the $2.1bn arms dealm according to The Punch.

Okonjo-Iweala said in a statement by her Media Adviser, Mr. Paul Nwabuikwu, that Falana’s latest “misadventure shows that the so-called learned lawyer does not have any idea what the mandate of the International Criminal Court is about”.

The former finance minister claimed that Falana had resorted to this latest action because his previous efforts to tarnish her name through his petitions to the Economic and Financial Crimes Commission failed because they lacked credibility.

The statement read in part, “This latest effort to try to attach her name falsely confirms that Femi Falana is nothing but a tool of corrupt elements whose interests were hurt by the work Dr. Okonjo-Iweala did in fighting corruption while she was in office.

“These elements have now made a habit of making false allegations against Dr. Okonjo-Iweala whenever she receives any national or international recognition for her work.

“The pattern is clear and Nigerians should be alert to it. But Dr. Okonjo-Iweala will not be intimidated from going on with her life and performing her duties. She will not give in to cowardly and unmanly bullying.”

It said contrary to Falana’s claims, the former minister had absolutely nothing to do with the alleged misuse of $2.1bn by the office of the former National Security Adviser.

“Falana and his sponsors are simply trying to invent a connection where there is none,” it added.

On the allegations that the loot recovered from late General Sani Abacha was misused, the minister in the statement said she was not in government when the amount was recovered.

“The fact is that some of the funds recovery was done under the regime of General Abdulsalami Abubakar and the first term of President Olusegun Obasanjo when Dr. Okonjo-Iweala was not even in government,” it said.

Boko Haram: Nigerian Army Kills 14 Insurgents In Yobe

The General Officer Commanding (GOC) 3 Division of the Nigeria Army, Major General Mohammed Aliyu, disclosed this to reporters in Damaturu, the capital of Yobe State.

Maj-Gen Aliyu disclosed that one soldier sustained a minor injury during the operation and is currently being treated, according to Channel Television.

The GOC added that the insurgents had attacked Babangida town in Tarmuwa Local Government Area where they went away with two Hilux vehicles belonging to the Police and also burnt down a telecommunications mast in the area.

According to him, security forces went after the terrorists and caught two of them alive, while several others ran away with gunshot wounds.

Corruption: EFCC arraigns ex-NIMASA boss, Akpobolokemi, on fifth charge

Economic and Financial Crimes has again arraigned a former Director-General of the Nigerian Maritime Administration and Safety Agency, Patrick Akpobolokemi, on 13 counts of alleged N754.7m theft.

Akpobolokemi was arraigned alongside six others on Monday before Justice Raliat Adebiyi of a Lagos State High Court in Igbosere.

The fresh charge marked LD/2181C/15 bordering on stealing and forgery was the fifth that the EFCC would be filing against Akpobolokemi between December 3, 2015 and Monday, according to The Punch.

Akpobolokemi had first been arraigned alongside nine others on 30 counts of alleged N3.4bn fraud before Justice Saliu Saidu of a Federal High Court in Lagos on December 3, 2015.

He was again arraigned on December 4, 2015 along with five others on 22 counts of alleged N2.6bn fraud before Justice Ibrahim Buba of also of the same court.

There is a pending 40 counts of alleged N34bn fraud against him before Justice Buba, where he is expected to take his plea on February 8, alongside a former Niger Delta militant leader, Government Ekpemupolo, alias Tompolo and eight others.

Only on last Friday, the EFCC filed another 22 counts of alleged N22.7bn fraud against Akpobolokemi, Tompolo and 11 others.

In the new 13 counts before Justice Adebiyi, Akpobolokemi was charged alongside six others.

His co-accused, with whom he was arraigned on Monday, are Ezekiel Agaba,  Ekene Nwakuche, Governor Juan, Vincent Udoye, Adegboyega  Olopoenia and Gama Marine Nigeria Limited.

Among other things, the EFCC alleged that the accused fraudulently converted to their personal use a sum of N346,844,680 released to them by NIMASA for the implementation of Voluntary International Maritime Organisation Member State Audit Scheme (VIMSAS).

Wizkid's camp reacts on second baby saga

Wizkid camp got across to OluFamous.Com on Monday evening about stories making the rounds online that the pop star had 'scored a second goal' and welcome a baby boy with this beautiful lady.

I stated in my report earlier that nothing has been heard from Tania Omotayo, Wizzy's girl. Anyway, the info I got from Wizkid's camp indicated why we haven't heard from her. Read their statement:

News getting to us is that Tania broke up with Wiz a while ago but both parties agreed to be friendly towards each other.

Nonetheless, she kept her distance from him and missed a lot of his events and performances over the Christmas holidays. 

She went on vacation with her friends in Dubai during his industry night event. Wizkid was probably trying to win her back when he tweeted "T baby forever" sometime ago, perhaps he was trying to work things out.

Wiz still hasn't confirmed any news about him having another child...We know he's single and he'll be releasing his EP next month.