Tag: Godwin Emefiele

  • Court rules tomorrow whether or not to recuse itself from Emefiele’s trial

    Court rules tomorrow whether or not to recuse itself from Emefiele’s trial

    Justice Rahman Oshodi of an Ikeja Special Offences Court will tomorrow decide whether or not to discontinue with the trial of embattled former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.

    Justice Oshodi set the date following an oral application the defence counsel filed on the premise that the trial judge should recuse himself from presiding over the trial of the ex-CBN governor.

    During the resumed proceedings yesterday, the prosecution counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN), continued the evidence-in-chief of the seventh prosecution witness, John Adetola.

    Oyedepo reminded the witness about his statement that he collected $400,000 from John Ayoh and handed same to the first defendant in his office.

    John said he did not receive any complaint about the $400,000 he delivered, as instructed during the business hours of the day.

    A drama ensued at this stage as counel to the first defendant, Olalekan Ojo (SAN), objected to the prosecution’s request to allow the witness to read from the document the court received for identification purpose.

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    Ojo argued that the court received the document for identification purpose and should not allow the witness to read or speak about the document.

    The document the court received for identification purpose is a bundle of papers containing WhatsApp messages by a man identified simply as Eric and said to be the Personal Assistant to Emefiele.

    When Oyedepo asked the witness to confirm the WhatsApp message, said to have been printed from his phone from Mr. Henry Omoile, the defence team objected on the ground that the document was solely meant for identification and was not an exhibit before the court.

    Justice Oshodi overruled the defence team and allowed the witness to read from the document marked for identification.

    Following the development, the defence counsel expressed dissatisfaction with the court’s decision.

    Ojo averred that the ruling of the trial judge was unfair and asked him to recuse himself from the case.

    The second defence counsel, Kazeem Gbadamosi (SAN), aligned with Ojo, urging the trial judge to recuse himself from the trial.

    But Oyedepo opposed an oral application the defence filed for the judge to rescue himself from the case.

    He said: “In this proceeding, your lordship had numerous times ruled against the prosecution. If the defence is dissatisfied with the ruling of the court, they can appeal.

    “I do not know what defence is trying to prove by telling this court to recuse itself because in this case, there is no evidence of allegation of bias,” he said.

  • Cash crunch and crunchers

    Cash crunch and crunchers

    In the heady days of the infernal policy of currency redesigning by former Central Bank Governor Godwin Emefiele, the hardship experienced by Nigerians was in a large part the handiwork of bankers who hoarded cash. Now, we are back with the hoarders even there’s apparently no cause to withhold cash from circulation.

    The Central Bank of Nigeria (CBN) recently had occasion to impose a N150million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs). A report by this newspaper, The Nation, cited sources saying the big stick was wielded following an unannounced inspection by the apex bank that exposed cash hoarding and ATM manipulation by the erring money deposit institution. The CBN sources revealed that the sanctioned commercial bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritising cash disbursements to select high-heeled clients.

    An official of the CBN was cited stressing that the regulatory bank would not tolerate such practices. “The (CBN) will not spare any deposit money bank caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated. Consequently, the apex bank was said to have intensified spot checks on banks nationwide, uncovering various illicit cash-handling practices by unscrupulous financial institutions.

    Read Also: Minister: Pilgrimage is neither jamboree nor tourism 

    It was reported that the CBN was for now imposing fines on defaulting banks, but would consider upscaling the sanction in the next phase of enforcement to include naming and shaming offending banks and prosecuting implicated bank officials. “This fine is just the beginning. The CBN is determined to hold banks accountable for any action that undermines public trust and the integrity of the banking system,” the official added. Another senior official was reported saying the apex bank nevertheless remained committed to promoting cashless banking in the country by intensifying efforts to encourage use of electronic channels for transactions.

    Hardball thinks the CBN’s financial penalty is rather light for the damage defaulting commercial institutions do to the financial system and the misery caused ordinary Nigerians who deposit their hard earned money in those banks and can’t now access the money because banks are hoarding cash. In the Emefiele days, people died in the struggle to get cash while some banks were discovered to have stockpiled same commodity without giving it out to  customers in desperate need. Some banks loaded their ATM machines with notes whose wrappers were not peeled off, just so the machines would be blocked from dispensing what was available. Now, mint notes are available with street hawkers when these are a scarce commodity at the banks.

    The CBN needs to be more heavy handed in dealing retribution to unscrupulous bankers and complicit institutions and, if possible, flush them out of the system.

  • JUST IN: Court orders final forfeiture of $2.04m, properties linked to Emefiele

    JUST IN: Court orders final forfeiture of $2.04m, properties linked to Emefiele

    The Federal High Court sitting in Lagos has ordered the final forfeiture of $2.045m, seven choice landed properties and share certificates linked to the former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele.

    In a ruling delivered on Friday, Deinde Dipeolu, the presiding judge, ordered the permanent forfeiture of the monies and the two share certificates of Queensdorf Global Fund Limited Trust, after holding that the former CBN governor or any other interested party did not contest same after the initial interim forfeiture.

    Read Also: Emefiele instructed me not to keep records of collected dollars, says witness

    The judge held that Emefiele was not able to connect his lawful earnings as a staff of a new generation bank and the CBN to the acquisition of the properties.

    The court also forfeited the seven choice landed properties on the ground that Emefiele,was not able to connect his lawful earnings from a bank and the Central Bank of Nigeria (CBN) to the acquisition of the properties.

    Details shortly…

  • Alleged procurement fraud: Emefiele’s coy got preferential treatment – witness tells court

    Alleged procurement fraud: Emefiele’s coy got preferential treatment – witness tells court

    A prosecution witness, Mr Stephen Gana, on Monday told an Abuja High Court that two companies belonging to former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele got preferential treatments in vehicle procurement contracts bidding.

    The witness, made this known while testifying in the case of alleged procurement fraud preferred against Emefiele  by the Economic and Financial Crimes Commission (EFCC).

    Gana who is the Prosecution Witness (PW10), was the former Head of Procurement Department.

    The witness led in evidence by the prosecution counsel, Rotimi Oyedepo, SAN confirmed that he was in office when  contracts for vehicles contained in Exhibits F4 to F45, were approved.

    The witness told the court that Toyota vehicles obtained at the cost of N99,900,000 was acquired by the CBN from April ”1616” Company Ltd through direct procurement .

    Referring to Exhibit F5, Gana said two Toyota hilux were obtained at the cost of N23,100,000 each through selective bidding.

    He said April 1616 company, was awarded the contract having placed the lowest bid and aligning with the CBN’s in-house estimate of the same sum.

    Earlier, the witness had testified that at the CBN, contracts could be awarded through direct procurement or selective bidding.

    He added, depending on the guidance of the Director of procurement department who works in team with the Deputy Director, the Head of Procurement(himself) and the procurement officer.

    After his testimony, the prosecution counsel prayed the court to grant him an adjournment different from the earlier date of Oct. 22.

    ”I am appearing in a case filed by Kogi and 15 other states against the EFCC in the Supreme court on Tuesday,” he told the court.

    Read Also: Emefiele: Court okays EFCC’s request to present witness

    The defence counsel, Matthew Burkaa, however, did not object to the prayer but pointed out that cost of movement was high now and such be considered.

    Justice Hamza Muazu then adjourned the matter until Nov 13, for continuation and hearing of the application.

    Earlier, the defence counsel, Burkaa, had opposed the prosecution’s amended additional proof of evidence served on them.

    Burkaa challenged the process and manifestation of intent to call two witnesses who were not listed earlier.

    He said the defence was not challenging the charge but bringing in of new witnesses to testify.

    NAN reports that Emefiele was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence, when he served as the apex bank’s boss.

    Among the allegations was that the former CBN boss forged a document titled: Re: Presidential Directive on Foreign Election Observer Missions dated January 26, 2023 with Ref No. SGF.43/L.01/201 and purported same to have emanated from the office of the Secretary to the Government of the Federation (AGF).

    He is also accused of using his office as CBN governor to confer unfair and corrupt advantage on two companies; April 1616 Nigeria Ltd and Architekon Nigeria Ltd in suit marked: FCT/HC/CR/577/2023.(NAN)

  • Court rules on $2.045m, properties linked to Emefiele Nov. 1

    Court rules on $2.045m, properties linked to Emefiele Nov. 1

    Justice Deinde Dipeolu of the Federal High Court in Lagos has set November 1, 2024 to decide on the Economic and Financial Crimes Commission (EFCC)’s request for the final forfeiture of $2.045 million and assets linked to ex-Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

    The court will also rule on the application filed by Emefiele  challenging the jurisdiction of the court to entertain the forfeiture proceedings. 

    The court, on August 25, 2024, authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choice landed properties and shares linked to Emefiele.

    In granting the application, the court had directed the EFCC to publish the order of interim forfeiture for any person interested in the funds to show the cause why it should not be finally forfeited to the FG.

    At the resumed hearing on Friday Rotimi Oyedepo SAN, who led Bilkisu Buhari-Bala and C.C Okezie counsel for the EFCC, moved an application for the final forfeiture of the sum of $2.045m,

    as well as share certificates, which he said was not contested by the interested Party.

    On the properties sought to be forfeited, Oyedepo submitted that the party interested failed to connect his lawful earnings from a new generation bank  and the Central Bank of Nigeria (CBN) to the acquisition of the properties sought to be forfeited.

    He stated that  the totality of the amount the party interested lawfully earned and saved before the assumption of office as CBN Governor as declared by him was not used for the acquisition of the properties sought to be forfeited.

    Read Also: EFCC kicks over Emefiele’s bid to halt forfeiture of $2.4m, properties

    Oyedepo further adopted his written address dated August 29, 2024 and urged the court to order final forfeiture of the properties to the Federal Government.

    In his opposition, Mr. Olalekan Ojo, counsel to the interested Party (Emefiele), who led Labi Lawal urged the court to hold that the interested party has shown in a balance of probability that court ought not to grant final forfeiture of the properties.

    He adopted his written address and urged the court to refuse the application.

    In his application challenging the jurisdiction of the court to continue with the forfeiture proceedings, Olalekan Ojo SAN urged the court to stay further  proceedings pending final determinations of the charges filed by the EFCC against Emefiele before the Federal High Court in Abuja and at the Lagos State High Court.

    Citing several legal authorities to buttress his argument, Ojo argued that the decision of the court will affect ongoing  trials at the Federal High Court, Abuja and the Lagos State high court respectively.

    However, Oyedepo in his reply urged the to discountance the arguement, adding the the court have held on several occasions that the pendance of a charge, will not prevent the court from making final forfeiture of properties reasonably suspected to be proceeds unlawful activity

    Justice Akintayo Aluko had on August 15 ordered an interim forfeiture of $2.045 million, and some landed properties allegedly linked to Emefiele following an ex-parte application by the Economic and Financial Crimes Commission (EFCC).

    The judge granted the forfeiture order, after taking hearing EFCC counsel, Mr. Rotimi Oyedepo (SAN).

    Other properties ordered to be forfeited by the court include: two fully detached duplexes of identical structures, lying being and situated at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (Formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, (Formerly Queens Drive), Ikoyi, Lagos and a four-bedroom duplex at 12a Probyn Road, Ikoyi.

    Others are an industrial complex under construction on 22 plots of land in Agbor, Delta State; 8 units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal Road, Ikoyi, and a full duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos.

    The judge also ordered that two share certificates of Queensdorf Global Fund Limited Trust belonging to Emefiele be temporarily forfeited.

    After granting the motion, Justice Aluko further ordered the EFCC to publish the forfeiture notice in a well-circulated national newspaper within 14 days, for any interested party to show cause and tell the court why the money and properties should not be finally forfeited.

  • JUST IN: Court declines Emefiele’s request for UK medical trip

    JUST IN: Court declines Emefiele’s request for UK medical trip

    A High Court of the Federal Capital Territory (FCT) in Maitama has rejected an application by former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele for permission to travel to the United Kingdom (UK) for follow up medical check up.

    Justice Hamza Muazu, in a ruling on Tuesday, held among others, that Emefiele failed to supply sufficient materials to show that the medical trip was essential and unavoidable.

    Read Also: FG repatriates 190 Nigerians from UAE

    Justice Muazu found that, while Emefiele claimed there was an invitation for him to travel to the UK for medical attention, he failed to tender a copy of the said invitation in court.

    The judge also found that Emefiele did not show that his ailment could not be attended to in the country.

    Details shortly…

  • JUST IN: Emefiele arraigned in court, pleads not guilty to charges

    JUST IN: Emefiele arraigned in court, pleads not guilty to charges

    The embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele has pleaded not guilty to charges against him.

    He was arraigned at the Ikeja High Court over alleged abuse of office and allocation of billions of dollars.

    In the charge marked ID/23787c/2024 and dated April 3, 2024, the EFCC alleged that Emefiele abused his office between 2022 and 2023 in Lagos.

    Read Also: EFCC slams 26-count abuse of office charge against Emefiele

    The trial judge, Justice Rahman Oshodi entered the courtroom at 9 am to begin proceedings.

    The 26-count charge was read to Emefiele and his co-defendant, Henry Omoile.

    But both defendants pleaded not guilty to all counts.

    Details shortly…

  • Many CBN approvals under Emefiele lacked Buhari’s signature, says Presidency

    Many CBN approvals under Emefiele lacked Buhari’s signature, says Presidency

    The Presidency has said that various funds released within the Central Bank of Nigeria (CBN) during the tenure of the former governor, Godwin Emefiele, which have contributed to the current state of the nation, were authorized without the knowledge or signature of former President Muhammadu Buhari.

    Ajuri Ngelale, the special adviser on media and publicity to President Bola Tinubu, acknowledged in an interview with media personality Chude Jideonwo, broadcasted on Channels Television on Monday, March 11, and monitored by our correspondent, that the previous administration shared responsibility for certain occurrences at the Apex Bank during Emefiele’s leadership.

    He said: “President Bola Tinubu has come out several times in fairness to him (Buhari), to say, “Look, this is what happened under the previous administration”. I think we have to acknowledge the fact that he (Tinubu) understands more than anyone that many of the approvals within the CBN that brought us to this point have no signature to President Muhammadu Buhari and had no knowledge of President Muhammadu Buhari.”

    According to Ngelale, Buhari’s disregard for the CBN’s mismanagement contributed to the current state of the economy, even though he made strides in other areas like infrastructure and business accessibility.

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    The presidential aide emphasised that Tinubu has not held back from telling Nigerians about events that occurred under his predecessor that were detrimental to the country’s economy, even though he backed Buhari’s administration.

    He said: “We are not hiding behind the figure on this issue, I think I have been very clear that the prior administration does have to take responsibility for the fact that Governor Emefiele was left in office even though he was inherited and he was given a second term to continue doing what he ended up doing.

    “That responsibility and that decision were made by President Muhammadu Buhari irrespective of the fact that President Buhari knew what was going on in the Central Bank of Nigeria. So, there is a responsibility to be taken there, I have to be very categorical about that.

    “Now, that does not however mean that you throw the baby out with the bath water. We don’t say because these things happened in the Central Bank of Nigeria, President Buhari was devoid of achievement or progressive administration.

    “Having infrastructure matters, working on ease of doing business, making sure that people can register a company in 48 hours as against six months before they came into office, these things actually have impacts with the responsibility attracting investments into the country.”

    Ngelale cited an instance where an approval supposedly signed by Buhari, involving $6.2 million purportedly disbursed in cash by the CBN to accommodate foreign poll observers, was claimed to be fabricated.

  • Mefi’s 593 bank accounts

    Mefi’s 593 bank accounts

    When former CBN chief Godwin Emefiele was at the acme of his powers, a group was in bed with him. We may not forget them. They were called Obidients. They were his cheerleaders when he gave money a new sort of power. The power to disappear.

    Their leader said it was a “little inconvenience.” The so-called Atikulates did not possess the roar of that crowd, but were happy to be the enabling whispers, the woodchips fueling a wild fire. They were suffering, and in Fela’s satire, they were smiling at their own tragedy. Pepper was scarce. They smiled. Ogbono soup out of the kitchen? They guffawed. Yam and bananas rotted into market stenches. They jubilated.

    They wanted one man to fall while they starved. They were instituting a fast to bring down a stronghold.  After all, some of them prayed, and cast out demons. They wanted power by abrogating the power to buy and sell, to eat and be merry, and ultimately to sit on the throne in Aso Villa. Money failed so they could win.

    They did not ask why we had new bills and could not see them. They saw it though we did not. They had an eye of understanding. We did not have faith. They had it aplenty and could move electoral mountains. The new money was there. They materialized it; we were not spiritual enough to see. The money notes were new in the imagination. New in policy. New in Buhari’s vault. New on Emefiele’s lips. New in photos online and television. In the illusions of some commentators on teevee and newspaper columns. A few times in parties among a peacock class. Only not in our pockets.

    It was a fairytale abundance. But for the poor, even many rich, it was out of reach. When some fainted in bank halls, they celebrated. They were not seeing the dead, the dying, the hungry, the stalemated economy. Afterall as playwright Bertolt Brecht wrote in his The Good Woman of Setzuan, “Stomachs rumble on the emperor’s birthday.”  Rather, they saw an opportunity, a demoniac fire in the eye, to spot the foe, and bring him down.

    Mefi, as his folks call him, took on the picture of a folk hero. The Obidients and Tinubu’s folks saw him differently. Tinubu and his associates warned that it was a premature, tendentious folly. Where was the new note, and how much would it cost to do it? It had an implication for the economy, inflation, cost of living. The poor would suffer at last. Tinubu cried out in Abeokuta that it was not for us but for the benefit of a cabal of feline machinations who wanted to choreograph the polls to a pre-determined end.

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    Rather than listen, they scoffed and even gloated at him. It was so bad that Mefi became so full of himself that he thought he could be president. Against the law and above commonsense, he rolled out the campaign drum to run for primaries. It was a delusion of grandeur. He thought himself a new superman in the mould extoled by German philosopher Fredrich Nietzsche. It was against CBN Act. It did not matter to him. He was not even a party member, but he wanted to rig it, to finagle his path to power.

    This essayist needled him on it. He organized a shadowy group to reply my column with a two-page advertorial in this newspaper. He was on a roll. He brought a lugubrious moment on the nation. The Obidients and Atiku’s men cheered on, even if they knew he was not their candidate. Indeed, after his ambition ran upon the rocks, he was determined to derail the man whose destiny was unstoppable.

    In the end, the act is speaking. They have met their nemesis in a man named Jim Obazee. He never speaks. Some cannot pick him out in a picture parade. But Emefiele and Buhari’s creatures are on a parade of the people’s firing line. Many of them are the same people sounding drum rolls for them only a year ago.

    We must be wary who we cheer. Many of them do not understand economics. They are naïve at the working of politics. They cheered their own undoing. Now that Emefiele is turning into a pillar of salt, there is no one to save him. He is alone, his face at once moronic and defiant with his gigantic Bible. The Obi’s creatures are not sorry. They are cheering. They are just looking at the disaster they helped wreak on themselves and their country. Their leader is dead from the neck up. Nor is Atiku capable of any hour of interventionist wisdom on this matter. For their ambitions, they fired blank bullets. But the people they wanted to ride to power fell in great numbers.

    The new money saga gave Mefi a platform to get away with our money. We do not know the scale yet. If they open 593 accounts, and one of them is over 500 million pounds, the imagination should rupture to contemplate the rest. So, we wonder why the Naira is mincemeat to the dollar. Inflation is mate to eagles in the sky and airports jam with japa.

    Mefi was not alone. But the most tragic part is that this story should happen under Muhammadu Buhari’s watch. It is the nightmarish irony of it all.  The saint who made sinners. The man voted in to clean up the mess presided over a corpse as worms peeped in and out of rotting flesh. He has said nothing. Buhari was sleeping on the wheel ahead a motorcade. It is the tragedy of leadership without supervision, of a Shagari-esque fetish for the ceremony and magnificence of power without the rigour of accounting. He was the Orpheus who could not flute the beauty from the dead. But Orpheus had passion in the Greek myth. He had love. He wept for his love. His tunes dazzled the monsters, mesmerized ghosts, defanged demons along the way to rescue the beauty. He failed only because of excess of eagerness. Buhari had no zeal except for his own hubris and material security.

    He had more money to give Babatunde Fashola (SAN) – his Trojan – to work. More to fix power. More to rewrite education. But only the foreign accounts were rewritten for a cabal who are yet to be named. They plumed themselves while we fumed.

    Our Buhari was a capital disaster as leader. But he was first class at one of the great vices of civilization: indifference. “The opposite of hate is not love, but indifference,” writes Nobel Laureate Elie Wiesel. Albert Camus, another Nobel laureate and chronicler of the absurd, calls it the “unreasonable silence of the world.”

  • CBN sets $10.7b growth target for creative industry

    AFTER announcing the injection of N22 billion seed capital into the creative industry, the Central Bank of Nigeria (CBN) on Monday gave the movie production and distribution a $10.7 billion growth target in the next five years.

    CBN Governor Godwin Emefiele who broke the news yesterday at the Creative Nigeria Summit in Lagos with theme: “Finance for Growth”, said the intervention of the apex bank in the music and movie industry would be in the areas of support to young entrepreneurs in the development of digital content.

    The project is also expected to create over 500,000 direct and indirect jobs.

    Emefiele said the measures, billed to be implemented over a five-year period, would increase the contribution of the movie industry to Gross Domestic Product (GDP), from one to three per cent.

    It would also result in improved revenue generation of over $300 million from production and distribution of Nigerian movies at cinema locations at home and abroad, as well as the creation of over 200,000 direct and indirect jobs.

    He said the CBN and the Bankers Committee had set up the Creative Industries and Financing Initiative (CIFI). Using the Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) fund, through which the banks set aside, on an annual basis, five per cent of their Profit After Tax (PAT), to support startups and existing businesses in the creative industry space.

    The plans also cover the development of a creative industry park in three major cities in the country.

    The CBN boss said: With the kind support of the Federal and Lagos governments, the National Theatre, Iganmu, Lagos, is expected to serve as the initial pilot for the Creative Industries Park.

    “Our plan is to develop a 40- acre Creative Industry Park around the National Theatre including giving the Theater itself tremendous face lift; thereby reopening the touring potential the National Theatre offered during the FESTAC 77 arts culture. Following the deployment of the pilot scheme in Lagos, we intend to set up similar parks in Kano, Port Harcourt or Enugu.”

    Besides, Emefiele noted that individuals would have the opportunity to showcase their work at the park, which will expose them to domestic and external investors that can provide them with additional resources that will enable further production and expansion of their creative works.

    Read Also: CBN apologises for cashless policy inconveniences

    He said that a critical aspect of the park would be devoted to supporting the growth of the Nigeria’s fashion industry.

    Emefiele said: “The textile, apparel and footwear sub-sector remain the second largest contributor to Nigeria’s manufacturing (after food, beverage and tobacco) sector. Total output in fourth quarter of 2017 was estimated at $1.3 billion or 23.3 per cent of manufacturing GDP. Sadly today, Nigeria spends over $2 billion on imported textiles, including machine-made cloths imported from Asia which copy popular Nigerian designs. This action has taken place despite the abundant talents in the fashion industry in Nigeria, some of whom are gaining prominence both locally and internationally,” he said.

    He said the initiative will also help to support the growth of the cotton and textile industry by off taking on the products being produced in textile mills in Kano, Kaduna and Lagos.

    “Over the next five years, the park will help support 10,000 young Nigerians with improved design skills, while creating over 100,000 direct and indirect jobs in the Cotton, Textile and Garment (CTG) industry. The Shared Service Facility will also serve as a showroom to the world on quality fabrics being designed and produced in Nigeria,” he said.

    Emefiele said that over 50,000 Nigerians would benefit from this ICT centre, which will create over 25,000 software engineers and 150,000 skilled and unskilled jobs. He added that it could result in potential GDP gains of close to $2 billion while curbing importation of IT solutions that can be produced in Nigeria.