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ENDSARS

#EndSARS: Bankers’ Committee, Private sector lead Lagos rebuilding team to raise trust fund

Governor Sanwo-Olu has constituted a team led by the Chairman of Citibank Nigeria, Mr. Yemi Cardoso to coordinate the recovery effort in Lagos State.

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#EndSARS: Bankers' Committee, Private sector lead Lagos rebuilding team to raise trust fund

The Lagos State Government has set up an eight-man team to champion its rebuilding efforts, after several properties were vandalized by hoodlums, who had hijacked the #EndSARS protest. The team is dominated by members the of Bankers’ Committee and the Private Sector.

This was disclosed by the State Governor, Babajide Sanwo-Olu, via the state’s Twitter handle on Monday.

According to the Governor, who issued a statement after a meeting with the Vice President Yemi Osinbajo and stakeholders, the proportion of the devastation suffered by the State is unprecedented. He added that the coordinated violence set Lagos economy – fifth largest in Africa – back by hundreds of billions of naira.

READ: NNPC partners Budget Office towards effective coordination of the 2020-2022 MTFF

The team, which was led by the Chairman of Citibank Nigeria, Mr. Yemi Cardoso, was constituted a fortnight ago by the Governor to coordinate the recovery effort.

Sanwo-Olu said the consultative forum was to set the stage for the necessary public-private partnerships and collaborations required for the task of rebuilding and restoration of the infrastructure that was destroyed.

READ: #EndSARS: Nigerian army says they are unhappy that Sanwo-Olu denied inviting them

He said, “The violence we witnessed last October is the most widespread carnage the State has seen in decades. Every aspect of life and livelihood in Lagos was affected – government buildings, offices, public monuments and historical archives, public infrastructure and very sadly too, private property and investments.

READ: Sanwo-Olu launches Nigeria’s first electric car, to complete Lagos-Badagry expressway

“The violence has, no doubt, set our economy back by hundreds of billions of Naira, and impacted our confidence. We have, however, found hope and great strength in the offers of assistance from far and wide, which culminated in the constitution of the Lagos Rebuild Committee to coordinate our efforts to rebuild and upgrade our state.

“We seek to restore the infrastructure that was destroyed, to revive the energy and confidence of everyone who has been affected by these losses, to help restore the confidence of the people of Lagos in the infinite potentials of Lagos. The State Government cannot do this alone. We need all the help that we can get.”

The Governor disclosed that the State Government would be setting aside a huge amount of money as the State’s collateral in the recovery effort, adding that the Cardoso-led team that will be coordinating the Trust Fund would be given legislative backing through an Executive Bill that will soon be transmitted to the House of Assembly.

READ: Orange launches high speed internet network in Nigeria, Ghana, and 6 others

Money that will be donated into the Trust Funds would go into rebuilding and re-tooling security infrastructure, strengthening public transportation systems, restoring judicial and local government operations, rebuilding damaged public monuments,” he added.

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Sanwo-Olu emphasized that transparency and accountability would be foundational elements in the implementation of the mandate of the rebuilding committee, stressing that the fund-raising and disbursement would be supervised by FBN Trustees Limited.

READ: Nigeria’s tax potentials remain untapped – Governor El-Rufai

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What you should know

Nairametrics had reported when Governor Sanwo-Olu met President Muhammadu Buhari and he presented the report on the damage caused by hoodlums in Lagos during the post #EndSARS protest riots.

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The presentation happened on Friday, November 6, 2020 at the Presidential Villa, Abuja, according to the official Twitter handle of the Nigerian President.

Explore Data on the Nairametrics Research Website

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business

ICPC Chairman reveals #EndSARS protests was financed with cryptocurrency

ICPC Chairman has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

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School feeding, ICPC, FIRS moves to stop tax evasion with newly launched intelligence system 

The Chairman of Independent Corrupt Practices and Other Related Commission (ICPC), Bolaji Owasanoye has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

This is as he said there are strong indications that it could be used to fund Insurgency in the country.

According to a report from Vanguard, this disclosure was made by the ICPC Chairman, during an interactive session with Senate Joint Committee on Banking, ICT, Cybercrime and Capital Market led by Senator Uba Sani on Tuesday, February 23, 2021.

READ: ICPC uncovers N9.8 billion Government money hidden in Aso Savings

The Joint committee was mandated to look at the decision of the Central Bank of Nigeria (CBN) to ban Cryptocurrency in Nigeria.

The ICPC boss while supporting the position of the CBN, said that the nature of operations of Cryptocurrency exposes it to money laundering and terrorism financing.

Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has said that the agency averted a $3million fraud linked to 20 bank accounts.

READ: ICPC moves against NDDC top management over corruption allegations, quizzes directors

Owasanoye further explained that the anti-graft agency currently has a number of cases linked to Cryptocurrency but is unable to track the suspects.

He brought the attention of the Senate to a period in 2018 when a number of globally rated financial institutions said their financial statements had been hacked with the perpetrators asking to be paid in Cryptocurrencies.

ICPC Chairman noted that the CBN as a regulator has the responsibility to ensure sound financial stability and it will be difficult to achieve in the case of Cryptocurrencies where the players are anonymous.

While sharing the experience of the Indian Supreme Court and how it ruled and admitted that it does not know what it is, he urged the Lawmakers to as a matter of urgency, take decisive action against Cryptocurrencies.

READ: Most powerful financial leader takes side with CBN, says Bitcoin is untrustworthy

What you should know

  • It can be recalled that the CBN had directed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
  • The apex bank warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The latest directive is coming after the CBN had in 2018 stated that cryptocurrencies are not legal tender and as such are illegal.

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ENDSARS

#OccupyLekkiTollGate: Lagos Attorney-General explains large police presence at Lekki toll gate

Lagos Attorney-General has stated that the State does not support the abuse of peaceful protesters.

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The Lagos State Attorney-General, Moyosore Onigbanjo says that the reason for large numbers of policemen at the Lekki toll gate during Saturday’s protest was to prevent the protest from getting hijacked by hoodlums.

The Attorney-General of the State disclosed this in an interview with Channels TV on Sunday evening.

“Our duty is to face the dictate of the law.

“The state does not derive any joy from seeing people brutalized, but we must ensure that we have a society where law and order prevails and where everyone is free and secure to go about their businesses.

“Your right to protests only extends to where the other person’s freedom of association starts,” Onigbanjo said.

READ: #EndSARS: Sanwo-Olu presents Buhari report on Lagos destruction by hoodlums

He added that the State Government wanted to prevent any problems during the protests, citing Covid-19 regulations preventing the mass gathering of people and hoodlums hijacking the protests.

“I believe that was the desire of the state government yesterday that people can protests, but think about the Covid-19 regulations, the existing laws.

“We cannot afford the sort of vandalism we saw before, the state was genuinely apprehensive that hoodlums might take over a peaceful protest, we have seen this before. And that was why the police came out in large numbers that this did not degenerate the last time,” he added.

READ: #EndSARS: Freezing of accounts may trigger further protests – Tunde Bakare

What you should know 

Nairametrics reported over the weekend that Officers of the Nigerian Police Force arrested #OccupyLekkiTollGate protesters at the Lekki toll gate on Saturday morning.

This was confirmed by multiple media images and videos on social media, showing the protesters being arrested and loaded inside police trucks and van, popularly known as Black Maria.

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