EFCC Opposes Fayose’s Request For N5 Billion Damages

The Economic and Financial Crimes Commission (EFCC) has urged a Federal High Court sitting in Ado Ekiti to reject Governor Ayo Fayose’s request for N5 billion damages over the freezing of his personal bank accounts at Zenith Bank.

The anti-graft agency through its counsel, Rotimi Oyedepo, at the resumed hearing of the suit on Friday urged the court to strike out Fayose’s further affidavit in response to its (EFCC’s) affidavit filed without leave of the court.

The EFCC contended that “it is visible to the blind and audible to the deaf that the Applicant (Fayose) is extremely out of time and there is no extension of time to file a further  affidavit.

Fayose had through his counsel, Mike Ozekhome, a Senior Advocate, urged the court to award him N5 billion damages against the EFCC for freezing his two personal bank domiciled at Zenith Bank.

Ozekhome, argued that the Interim Order obtained by the EFCC on June 24 and granted by Justice M.B. Idris upon which the action was based was “fundamentally irredeemably wrong.”

Fayose sued the EFCC and Zenith on the freezing of his personal bank accounts following Account Numbers: 1003126654 and 9013074033 on May 24 seeking an order to de-freeze the accounts.

The EFCC alleged that the accounts were used to launder funds from the former National Security Adviser (NSA), Col. Sambo Dasuki (rtd) for the purpose of financing Fayose’s campaign in the 2014 governorship poll in Ekiti.

Ozekhome described the EFCC action of freezing or blocking Fayose’s accounts as illegal, irregular, wrongful, unlawful, unconstitutional, null and void.

Fayose’s counsel told the court that he had filed an Originating Summons dated 23rd June and filed the following day having 16-paragraph affidavit attached with Exhibit A, which is a letter from Zenith Bank freezing Fayose’s account.

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EFCC opposes Fayose’s request for N5 billion damages

PDP Accuses Buhari Of Planning To Borrow N5 Billion Daily In 2016

The opposition Peoples Democratic Party, PDP, has accused President Muhammadu Buhari of planning to borrow at least N5 billion per day to finance the N6.08 trillion 2016 budget.

The spokesperson of the party, Olisa Metuh, who spoke with reporters on Tuesday in Abuja, said a breakdown of the N1.84 trillion to be borrowed by Mr. Buhari to fund the budget shows that Nigeria would be borrowing N5 billion a day for the next 365 days, starting from January I, 2016, without corresponding provision for economic production and a clear repayment plan.

“Some people may be wondering why we raised an alarm about the budget. The reason is simple. When we analysed the budget, we discovered it is a misshapen attempt at a Keynesian economics of applying deficit spending to stimulate growth even when studies have proven that GDP growth rates decrease by over 50% when debt goes from low or moderate to high. But then we know the borrowing here is to pay huge campaign debt and fund a political war chest.

“By every standard, this budget is a booby trap against the nation. When you break down the proposed N1.84 trillion borrowing, you discover that it amounts to borrowing N5 billion every day for the 365 days in 2016. The questions are: for what specific projects are they borrowing N5 billion per day and how do they intend to pay back?” Mr. Metuh said.

The PDP spokespersons said Mr. Buhari should explain to Nigerians how his government intends to pay back the loan.

Credit: PremiumTimes