“You Will Do Jail o”

In this edition: insights on the legal consequences of Bobrisky's arrest for spraying the naira and the future of transportation in Nigeria.

Apr 23, 2024

Good morning, Big Brains! Is it me or does 2024 look like the year of scandalous arrests? From Social Media Influencer Bobrisky to Binance Executive Anjarwalla, it feels like there’s a little something in the air.

Anyway, make sure you're not holding your morning coffee while reading today's Big Stories, or you might drop it in shock.

Word count: ~ 1700

Reading time: ~ 5 mins

Let’s get into today’s edition:

Nigerian Party Goers Invent New Ways to Spray Naira
Kenyan Police Arrest Binance Executive Who Escaped from Nigeria
FG To Launch Cost-effective Compressed Natural Gas [CNG] Buses and Tricycles In May
First Bank names Olusegun Alebiosu as acting CEO after Adeduntan’s Surprise Exit

The Big Deal:

Nigerian Party Goers Invent New Ways to Spray Naira After Celebrity Convictions

One minute, you’re dancing to Asake’s Lonely at the Top and spraying money at a party, the next minute, you’re doing jail time after taking a mugshot in Economic and Financial Crimes Commission’s (EFCC) custody. This is a short version of what happened to Nigeria’s beloved influencer, Idris Okuneye, also known as Bobrisky and Mummy of Lagos

Is it time to give up our age-long money-spraying culture?

Bobrisky was sentenced to six months imprisonment without the option of paying a fine for “abusing naira” on April 12 after he pleaded guilty to the charge of abusing the naira filed against him by the EFCC.

Although Bobrisky’s sentencing drew attention to the crime, he’s not the first or only public figure in Nigeria to have faced legal repercussions for ‘defacing’ the naira. In February, Nollywood actress, Oluwadarasimi Omoseyin, was also sentenced to six months in prison (with an option to pay a fine) for defacing the naira notes by spraying and stepping on them at a social event in Lagos.

Only a few days after Bobrisky’s sentencing, popular Nigerian socialite, Pascal Okechukwu AKA Obi Cubana was arraigned for the same crime; he pleaded guilty and was granted a ₦10m bail.

The Public’s Reaction

Sceptics of the EFCC's actions suggest selective justice and question why the law is being enforced now, and particularly against celebrities. They argue that there are more pressing economic issues that the commission should prioritise over the spraying of naira notes.

The public discourse includes speculations that the social media personality's arrest and conviction are not just about 'abusing naira' but also possibly linked the influencer’s gender identity and expression. In any case, in true Bobrisky fashion, the influencer is not taking the sentence passively and has now filed an appeal to contest the six-month prison sentence, praying the court to reduce the sentence to a fine.

Why is it all a Big Deal?

Nigerians love to spray money. It’s imprinted in our DNA. But with a potential jail time involved, Nigerians have gotten creative quickly. Anything that looks like money will suffice. Event attendees are now spraying money vouchers which are designed to look like the naira note but with the face of the event celebrant. The money vouchers are typically exchanged for the transfer of the cash equivalent. Some event hosts are also making provisions for money boxes that look exactly like they sound. Instead of spraying cash, you simply drop your bundles.

Kenyan Police Arrest Binance Executive Who Escaped from Nigeria

Nadeem Anjarwalla, an executive of the cryptocurrency platform Binance, who escaped custody in Nigeria weeks ago has reportedly been arrested in Kenya. And no, this is not the plot of a Hollywood blockbuster, it’s as real as whatever you’re having for breakfast this morning.

Who is Anjarwalla and what did he do?

Anjarwalla is a British-Kenyan crypto bro and Binance’s Africa Regional Manager. On February 26, Anjarwalla and his colleague at Binance, Tigran Gambaryan, were detained almost as soon as they touched Nigerian soil. They’d traveled down after the federal government threatened to block access to Binance’s website as part of a way to cut down on forex speculation.

And it’s all related to the naira.

If you think you’ve had a tough year, wait till you hear everything the naira has been through. The currency experienced a weaker valuation than it has ever seen when it hit ₦1,534/$1 on February 12, forcing the government to double up on strategies to strengthen it. Yemi Cardoso claimed that $26 billion of suspicious transactions can be traced to Binance, creating justifiable grounds for FG to make the arrests.

Why does the Federal Government care?

If you’re Nigerian or know any Nigerian who has said “Naira, this isn’t you” in 2024, you should definitely care. According to government findings, Binance was being used for illegal activities like money laundering, terrorism financing, and market manipulation, harming Nigeria's economy and making naira weaker. The arrest wasn’t a personal attack, it was a needed move to strengthen the naira.

So what’s Anjarwalla looking for in Kenya and where is he now?

Anjarwalla escaped from custody with his Kenyan passport in March. We wish we could say “Sike” but Anjarwalla took the movie Jail Break seriously. This was confirmed in a statement released by the Office of the National Security Adviser by the Head of its Strategic Communication, Zakari Mijinyawa. It’s been reported that the Binance executive is now in the custody of the Kenyan police. Some sources say he will be extradited to Nigeria but the exec's wife has denied this and the Kenya arrest.

FG To Launch CNG Buses, and Tricycles In May

President Tinubu’s administration is heralding Nigeria’s most bougie transportation system yet. And it’s launching next month. The President’s Compressed Natural Gas (CNG) buses are eco-friendly, and more cost-effective than your regular Danfo. So it’s fair to be gassed up (small pun intended) about the initiative.

*While we wait for official images of the new buses, we’re asking if the iconic yellow buses will ever go extinct.*

Why?

Not to trigger any PTSD but remember that Tinubu removed fuel subsidy in May 2023? The promise to deploy CNG buses across the country was actually made a year ago to cut increased transport costs from the subsidy removal.

The removal of fuel subsidy had terrible consequences on different sectors of the country, especially the transport sector. With Danfo drivers, Uber drivers, and every other commercial driver in the country doubling their prices, there’s no better time to launch the CNG buses than now.

Tell me more about the CNG buses…

In October 2023, President Tinubu launched the Presidential CNG Initiative to make transportation in Nigeria cheaper, safer, and environmentally friendly by shifting from petrol to compressed natural gas (CNG) and electric vehicles. The president’s goal is to have one million natural gas-propelled buses on the roads by 2027.

Ahead of the launch happening next month, the Federal Government has allocated N100 billion (from a N500 billion palliative budget) for the initiative. This budget will be used to purchase 5,500 CNG vehicles (buses and tricycles), 100 electric buses, and over 20,000 CNG conversion kits. Additionally, the initiative plans to build CNG refilling stations and electric charging stations across the country.

The government is also adding a touch of modern tech to the initiative by launching an app called MYCNG.NG that shows CNG conversion and refueling sites across Nigeria.

What’s my business?

The initiative is designed to make transportation cheaper. So if Uber price is after your life, you should do a dancey dance because that era is about to end (according to the presidency). CNG and electric vehicles will make the average Nigerian’s daily commuting more affordable. Plus natural gas and electric vehicles produce fewer emissions than petrol-powered vehicles and that will make our air cleaner. And since the initiative includes setting up plants and workshops for assembling and converting vehicles, it could create job opportunities and boost economic growth.

Who will have access to the buses?

Since the President announced the initiative publicly to the citizens, we are assuming that all Nigerians should have access to the buses. But if anything changes, you’ll be the first to know because The Big Daily newsletter will be in touch as soon as new info drops.

First Bank names Olusegun Alebiosu as acting CEO after Adeduntan’s surprise exit

FBN Holdings, the parent company of Nigeria's oldest bank, has appointed Olusegun Alebiosu as the acting CEO of First Bank of Nigeria after the surprise exit of the previous CEO, Adesola Adeduntan.

Tell me more…

Adeduntan led the bank for nine years, but his recent resignation came as a shocker because his term was supposed to end in December 2024, eight months from now. This isn’t the first time Nigeria’s oldest bank has been caught up in boardroom drama. In 2021, the CBN removed all the directors of First Bank Nigeria Limited as well as FBN holdings.

Alebiosu is taking over immediately, pending approval from the Central Bank. Before this, he was an executive director, chief risk officer, and executive compliance officer at the bank. He brings over 30 years of banking experience from top positions at Coronation Merchant Bank, African Development Bank Group, and United Bank for Africa.

Why this matters

Alebiosu’s appointment as acting CEO comes at a crucial time when the bank is aiming to raise fresh capital in line with the Central Bank’s directive on bank recapitalization. On April 19, FBN Holdings cancelled their Extraordinary Annual General Meeting (AGM) to seek shareholders’ approval to raise ₦300 billion. But one of the bank’s shareholders, Olusegun Adegoruwa, filed a suit to stop the meeting and a court hearing will take place on April 24 to address the suit.

We still don’t know when First Bank’s capital raise meeting will take place and that’s an issue that raises concerns among investors and industry watchers. The shareholders of Access Holdings Plc, the parent company of Access Bank, on the other hand, have approved its plan to establish a capital-raising program of up to $1.5 billion.

Some observers argue that the move could reduce investor confidence especially as the bank is looking to raise fresh capital. Again, Like Big Brother, the Big Daily is watching.

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