NIGERIA POSTS $6.83 BILLION BALANCE OF PAYMENTS SURPLUS IN 2024, SIGNALING ECONOMIC RESURGENCE AND VALIDATING RENEWED HOPE AGENDA. (PHOTOS). #PRESS RELEASE

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 Nigeria Posts $6.83 Billion Balance of Payments Surplus in 2024, Signaling Economic Resurgence and validating Renewed Hope Agenda  The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy. Stronger Trade and External Account Performance The current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion. Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export side, gas exports rose by 48.3% to $8.66 billion, and non-oil exports increased by 24.6% to $7.46 billion. Remittance inflows remained resilient, with personal remittanc...
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EFCC ARRAIGNS OLU AGUNLOYE FOR $6BILLION FRAUD.(PHOTO).#PRESS RELEASE

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EFCC Arraigns Olu Agunloye for  $6billion Fraud

The Economic and Financial Crimes Commission, EFCC, on Wednesday,  January 10,  2024 arraigned a former Minister of Power and Steel Development,  Olu Agunloye before Justice J.O Onwuegbuzie of the Federal Capital Territory, FCT,  High Court, Apo, Abuja.

He was arraigned on seven count charges bordering on fraudulent award of contract and official corruption.

One of the count reads: “That you, Olu Agunloye, whilst being the Minister of Power and Steel on or about the 22nd of May, 2003 in Abuja, within the jurisdiction of this honourable court awarded a contract, titled "Construction of 3,960mw Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis" to Sunrise Power and Transmission Company Limited without any budgetary provision, approval and cash backing and you thereby committed an offence contrary to and punishable under Section 22(4) of the Corrupt Practices and other Related Offences Act, 2000.”
 
Another count reads: “That you, Olu Agunloye, on or about the 10th of August, 2019 in Abuja, within the jurisdiction of this honourable court, corruptly received the sum of Three Million Six Hundred Thousand Naira (N3,600,000.00) through your Guaranty Trust Bank account no.0022530926 from Sunrise Power and Transmission Company Limited (SPTCL) and Leno Adesanya for having conveyed the "approval of the Government of the Federal Republic of Nigeria for the construction of the 3,960 megawatts Mambilla Hydroelectric Power Station" in favour of SPTCL which you did whilst serving as the Minister of Power and Steel without the approval of the Federal Executive Council contrary to and punishable under Section 8(1)(a) and (b) of the Corrupt Practices and Other Related Offences Act, 2000.”

He pleaded “not guilty” to all the charges when they were read to them.

Thereafter, prosecution counsel, Abba Muhammed prayed the court for a trial date and to remand the defendant in a Correctional Centre. Defence counsel, Adola Adedipe, SAN, informed the court that he has filed a bail application for the defendant and prayed the court to grant him bail and commit him to the custody of the EFCC.

Justice Onwuegbuzie ruled that the defendant be remanded in Kuje Correctional Centre and set Thursday, January 11, 2024 for hearing on the bail application. 

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