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VOL. 7, NO. 1909 MONDAY, OCTOBER 10, 2011
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CBN may raise MPR as panel meets today
T
HE Monetary Policy Committee (MPC) will hold an extra-ordinary general meeting today, with the re-evaluation of the Monetary Policy Rate (MPR) likely to top the agenda. The meeting may propose
•Sanusi
By Collins Nweze
an increase in the MPR by about 25 basis points to 9.5 per cent. The rate, which was raised last month from 8.50 to 9.25 per cent, has failed to reduce the volume of money in cir-
culation, thereby putting pressure on the naira against other global currencies, especially, the dollar. Head, Market Risk, Greenwich Trust Limited Babatunde Obaniyi said by raising the MPR, the CBN may be able to curb infla-
tion. He said there was high demand pressure on the naira, which can only be controlled by mopping liquidity in the system. Obaniyi said payment of the minimum wage would add to excess liquidity in the system, adding that the best
option is to raise the MPR. A financial analyst, Richard Obire, also predicted a hike in MPR. He said the exchange rate is bad as oil price is going down at a time the United States and Continued on page 2
Akala, Daniel, Doma to face trial in their states
EFCC rejects ex-governors’ Goje returns from UK, reports request for prosecution in Abuja to anti-graft agency today
D
ETAINED former Oyo, Ogun and Nasarawa Governors Adebayo Alao-Akala, Gbenga Daniel and Aliyu Akwe Doma will face trial in their states, it was learnt yesterday. The Economic and Financial Crimes Commission (EFCC) is said to have rejected their requet to be tried in Abuja for alleged N101 billion fraud.
From Yusuf Alli, Managing Editor, Northern Operation, Abuja
Alao-Akala is accused of N25 billion fraud, Daniel, N58 billion and Doma, N18 billion. Sources hinted last night that they may also be charged with money laundering at the Federal High Court. Another former governor, Danjuma Goje of Gombe State, who was declared wanted, over the weekend,
returned home yesterday from the United Kingdom (UK). He has promised to report at the EFCC office in Abuja today. The EFCC, a source said, refused Alao-Akala, Daniel and Doma’s request for trial in Abuja to prevent them from challenging the jurisdiction of the court. Some former governors arraigned in Abuja in the past
challenged the court’s jurisdiction and won. The EFCC may also have obtained the list of foreign accounts of the former governors and those used to launder money abroad. A source, who spoke in confidence, said: “We are going to split the trial of the ex-governors. While they will face trial for stealing at the State High Court, they will be charged separately with
money laundering at the Federal High Court. “The truth is that the Federal High Court cannot entertain some issues bordering on stealing depending on the law under which the governors are charged. “Their trial will take the shape of some former bank chiefs who are facing trial at the Lagos State High Court and the Federal High Court on different charges.
“We are likely to move them to their various states for trial contrary to their plea that they prefer Abuja. We want to avoid a situation whereby any of the suspects will challenge the jurisdiction of the court to try them.” The source added: “We are probing the alleged foreign accounts of some of the Continued on page 2
Southeast governors insist on new state From Chris Oji, Enugu
S
OUTHEAST governors yesterday gave a condition for backing the planned constitution amendment: an additional state in their region. They threatened to withdraw support for the exercise, if they are not given another state. The Southeast has the least number of states – five – among the six geo-political zones. To perfect their plan, the governors met in Enugu yesterday. They resolved to present their report for discussion at the Nigerian Governors Forum (NGF) meeting in Abuja tomorrow. The governors said it was high time all geopolitical zones in the country had equal number of states in the interest of equity, fairness and justice. Chairman of the Southeast Governors Forum Peter Obi of Anambra State told reporters that they met to articulate a common poContinued on page 2
•Some Nigerian youths celebrating the nation’s 51st Independence anniversary at DAG Hammarskjold Plaza in New York ... at the weekend. PHOTO: NAN
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