Business
Apprehension In Markets As CBN Holds First 2021 MPC Meeting
The Central Bank of Nigeria (CBN) begins its first meeting in 2021 today with the apex bank’s monetary policy decision-makers expected to consider its monetary tools and make crucial decisions on benchmark interest and other monetary rates.
The Monetary Policy Committee (MPC) of the CBN is expected to decide on the Monetary Policy Rate (MPR), which was retained at 11.50 per cent at the last meeting in November, last year.
The decisions of the apex bank, which are expected to be announced at the end of the two-day meeting tomorrow, Tuesday, January 26, 2021, are expected to have ripple effects across the markets. A decision to hold rates may retain the current market trend in favour of equities, but a hike in rates could moderate quoted equities’ rally in favour of fixed-income market.
The MPC traditionally reviews the developments in the domestic and global economies and the state of the financial markets, especially the domestic market, while making possible projections on the outlook as guidance for its decisions.
Cordros Group, a major investment banking group, said it expected the apex bank to hold the MPR unchanged.
According to analysts at Cordros, although rising inflationary pressures alongside fragilities in the balance of payments present a strong case for monetary tightening, it is rather too early for such a stance given the need to support economic recovery.
Analysts noted that monetary tightening would contradict previous heterodox policies targeted towards improving the flow of credit to the real sector of the economy and prolong the recovery phase.
“Monetary policy tightening will also create severe financial market turbulence and amplify deficit financing pressures for the government. On a balance of factors, we believe the Committee will keep policy rates unchanged and affirm the use of unorthodox measures such as CRR debits, Loan-to-Deposit Ratio (LDR), and direct intervention in employment-stimulating sectors to influence macroeconomic outcomes and ultimately attain macroeconomic stability,” Cordros stated.
Business
Court Orders Arrest Of Wike-led FCTA Director, 10 Others
By Aliyu Galadima
An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.
The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.
Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.
The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.
The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.
He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.
The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.
They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.
According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.
The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.
The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.
With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them
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