Connect with us

Headlines

Federal Reserve Boss, Lisa Cook, Dares Trump over Sack

Published

on

President Donald Trump, on Monday, removed Dr. Lisa D. Cook from her position on the Board of Governors of the United States Federal Reserve, citing alleged false statements on mortgage documents and loss of public trust.

Cooks was appointed by then-President Joe Biden in 2022. She is the first African American woman to serve in the role.

In a formal letter dated August 25, 2025, Trump invoked his authority under Article II of the U.S. Constitution and the Federal Reserve Act of 1913, declaring Cook’s removal “effective immediately.”

According to the letter, the decision followed a criminal referral submitted on August 15, 2025, by William J. Pulte, Director of the Federal Housing Finance Agency, to U.S. Attorney General Pamela Bondi.

The referral alleged that Cook signed conflicting mortgage agreements—one in Michigan and another in Georgia—each claiming to be for her primary residence within overlapping timeframes.

Trump argued that the alleged actions demonstrated gross negligence in financial transactions and undermined Cook’s integrity and competence as a financial regulator.

The statement read: “Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.

“The Federal Reserve Act provides that you may be removed, at my discretion, for cause. See 12 U.S.C. § 242. I have determined that there is sufficient cause to remove you from your position.

“As set forth in the Criminal Referral dated August 15, 2025, from Mr. William J. Pulte, Director of the Federal Housing Finance Agency, to Ms. Pamela Bondi, Attorney General of the United States (“Criminal Referral”) (attached to this letter as Exhibit A), there is sufficient reason to believe you may have made false statements on one or more mortgage agreements.

“For example, as detailed in the Criminal Referral, you signed one document attesting that a property in Michigan would be your primary residence for the next year. Two weeks later, you signed another document for a property in Georgia stating that it would be your primary residence for the next year. It is inconceivable that you were not aware of your first commitment when making the second. It is impossible that you intended to honor both.”

“The executive power of the United States is vested in me as President and, as President, I have a solemn duty to ensure that the laws of the United States are faithfully executed. I have determined that faithfully executing the law requires your immediate removal from office,” the statement added.

But Cook insisted the president lacked the authority to dismiss her and vowed not to resign, setting the stage for what could become a landmark legal battle over presidential power and the Federal Reserve’s independence.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Nigeria Submits Official Bid to Host 2030 Commonwealth Games

Published

on

Nigeria on Wednesday made a high-level presentation to the Commonwealth Games Federation (CGF) in London, United Kingdom, as part of efforts to advance its bid to host the 2030 centenary edition of the Commonwealth Games.

The Nigerian delegation, led by Chairman of the National Sports Commission (NSC), Mallam Shehu Dikko, and Director General, Hon. Bukola Olopade, emphasised that the bid is an opportunity to foster a shared legacy that epitomises the Commonwealth spirit.

Nigeria presented an all-inclusive bid, with focus areas such as sports excellence, arts, international cultural exchange, tapping into a budding creative economy, building a new shared commonwealth legacy and shaping the future of the African youth.

The bid reflects the core values of Commonwealth Sport: More in Common, Equality, Humanity, and Destiny. The Abuja 2030 Games are designed to bring people together through the power of sport, reaching across gender, disability, culture, ethnicity, age, and background. They will celebrate what binds the Commonwealth together, fostering solidarity while opening pathways for more people to succeed in sport.

The bid also represents equality by offering Africa, for the first time in 100 years, the chance to host the Games. It reflects humanity by promising to transform lives and turn one million dreams into one million skills.

Also, it embodies destiny by positioning the Centennial Games in Nigeria as a defining moment that will shape the next century of the Commonwealth through youth, skills, and inclusive growth.

The delegation included the Bid Coordinator, Mallam Mainasara Ilo; the President of the Nigerian Olympic Committee, Engr. Habu Gumel, Minister of Arts and Culture, Hannatu Musawa, Presidential Spokesperson, Hon. Sunday Dare, former Olympian and 2-time Commonwealth gold medalist, Mary Onyali, and current world number one para-badminton player, Eniola Bolaji.

Nigeria’s Abuja 2030 bid is presented as an opportunity to shape the next century of the Commonwealth through humanity, equality, and shared destiny, ensuring that Africa’s youth are an important part of the future.

Continue Reading

Headlines

Tinubu Confers Posthumous Honours on Ogoni Four, Calls for Reconciliation, Unity

Published

on

President Bola Tinubu on Wednesday conferred national honours of the Commander of the Order of the Niger posthumously on four late Ogoni leaders.

They are Albert Badey, Edward Kobani, Theophilus Orage, and Samuel Orage, popularly remembered as the Ogoni Four.

Tinubu announced the conferment when he received the report of the Ogoni Consultations Committee at the State House, Abuja, on Wednesday.

He urged the people of Ogoniland to embrace reconciliation and unity after decades of division.

“May their memories continue to inspire unity, courage and purpose among us.

“I urge the Ogoni people across classes, communities and generations to close ranks, put this dark chapter behind us and move forward as a united community with one voice,” Tinubu said.

Wednesday’s meeting comes 16 months after the President, in May 2024, promised to “pursue diligently and honourably” the Ogoni cleanup and increase the number of its indigenes benefitting from its empowerment programmes.

Tinubu also pledged his commitment to unlocking the human and natural resource potential of Ogoniland while ensuring the environmental and economic security of Nigerian communities.

At the meeting, the President assured stakeholders that his administration would support the journey of Ogoniland towards peace, environmental remediation, and economic revival, while also facilitating the return of oil exploration to the area.

He stated, “I am encouraged by the overwhelming consensus of the Ogoni communities to welcome the resumption of oil production.

“The government will deploy every resource to support your people in this march towards shared prosperity.”

Tinubu cited developments in 2022 when the Buhari administration transferred the operations of the Ogoni oil field to the Nigerian National Petroleum Company Limited and its joint venture partners.

He argued that his government would honour and build on Buhari’s decision.

In his closing remarks, Tinubu called on the people to seize the moment, saying, “Let us together turn pain into purpose, conflict into cooperation, and transform the wealth beneath Ogoni soil into a blessing for the people and for Nigeria.”

Consequently, he directed the National Security Adviser, Nuhu Ribadu, to commence engagement between the Ogoni people, NNPCL, its partners, and all relevant stakeholders to finalise modalities for restarting operations.

“A dead asset is not valuable to the community, the country or the people.

“The longer we procrastinate, the worse it is for everyone,” the President said.

He also directed the Minister of Environment to integrate pollution remediation and environmental recovery into the broader framework of dialogue with the people.

The National Security Adviser, Nuhu Ribadu, who presented the report, said the consultations included all four Ogoni zones, with input from local communities, traditional leaders, and the diaspora.

Ribadu said, “In all aspects of our national life, Ogoni is one, thirty-something years of very unfortunate history rewrite the wrong now,

“To us was instruction, then we carry out this dialogue, community engagement, talking with the people and getting to understand how to move forward. It has succeeded like what you have seen today.

“He gave directives to all government agencies and institutions and also directly to our office that we must implement everything that have been agreed and we have taken it.”

Ribadu affirmed that his office, alongside all relevant agencies, is committed to restoring peace in Ogoniland.

“We will make sure that we follow his own directives and his instructions.

“We are going to make sure that peace is restored already, it is, and hopefully you will see the benefit of it not just in Ogoni land but the entire Niger Delta and by extension Nigeria,” he said.

Meanwhile, Chairman of the Dialogue Committee, Prof. Don Baridam, noted that the committee ensured all stakeholders were carried along in the process, noting that the report reflects the collective will of the Ogoni people.

Baridam said the report captured the people’s demands for structured participation in oil production, renewed environmental cleanup, and a framework for sustainable development.

Oil was first commercially discovered in Oloibiri, Ogoniland, in 1958. However, exploration stopped in 1993 following sustained protests against environmental degradation and injustice.

The Ogoni Four refers to four traditional chiefs from the Ogoni community in Rivers State who were murdered on May 21, 1994, in the village of Giokoo.

The killings took place against the backdrop of the Movement for the Survival of the Ogoni People campaign, led by writer and activist Ken Saro-Wiwa, which had been mobilising the Ogoni against oil companies, particularly Shell, and the Nigerian state.

The subsequent struggles of Ogoni leaders to protect their environment from harmful oil exploration were met with severe repression, culminating in the hanging of Ken Saro-Wiwa and nine other leaders by the Abacha regime in 1995.

The Punch

Continue Reading

Headlines

Tinubu Holds Closed-door Meeting with Rivers Ex-administrator Ibas, EFCC Chair, Fin Minister

Published

on

President Bola Tinubu, on Wednesday evening, summoned the immediate past Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd.), to the Presidential Villa, Abuja.

Ibas, who arrived at the State House at about 5:50 pm dressed in brown native attire, was accompanied to the meeting by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede.

Earlier, Edun had been sighted entering the villa briefly before leaving, only to return later carrying a file, underscoring the gravity of the engagement with the President.

Vice Admiral Ibas ceased to function as administrator of the oil-rich State on September 17, following the termination of the six-month emergency rule imposed in March.

President Tinubu had directed the reinstatement of the suspended governor, Siminalayi Fubara, his deputy, and members of the Rivers State House of Assembly from the previous Thursday.

During its first sitting after the end of emergency rule, the Rivers State House of Assembly, presided over by Speaker Martin Amaewhule, resolved to investigate the management of State funds under Ibas’ tenure.

Lawmakers specifically resolved “to explore the process of knowing what transpired during the emergency rule about spending from the consolidated revenue fund for the award of contracts and other expenditures.”

Ibas, however, has publicly rejected the decision to probe the State’s expenditure during his six months in office.

Official records show that Rivers State received at least N254.37 billion from the Federation Account Allocation Committee (FAAC) between March and August 2025, covering the period Ibas served as sole administrator.

Details of the closed-door meeting were yet to be made public as of press time.

Continue Reading