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2019 Budget: Senate Uncovers N42 billion fraud by Ministry of Trade and Investment.

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Senate uncovers fraud in ministry budget defence.
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The Senate Committee on Trade and Investment chair by Senator Sabo  Mohammed on Monday has uncovered a N42 billion misappropriation from  the 2019 budget proposals  by the Federal Ministry of Industry, Trade and Investment.

This was revealed when an illegal company, Special Economic Zone Company listed for N42 billion popped up during the presentation of 2018 performance leading to rejection  of N15, 633 billion 2019 budget proposals.

Informavores gathered that the Chairman of the Committee Senator Sabo  Mohammed, APC member, representing Jigawa North West pointed the attention of the Minister of Industry, Trade and Investment, Dr Okechukwu Enelama to item number 2 on page 7 which has N42. 091 billion budgetary allocation for Nigeria Special Economic Zone Company not known to be one of the 17 agencies under the Ministry .

The Minister in his response said “the exercise was established through Presidential initiative and approval given it at Cabinet meeting in May 2018” .

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“private partnership is one of the areas that this government is focused for infrastructure, and the second area is industrialization and the two have something in common.” , Dr Okechukwu Enelama continued.

“If the government tries to do it alone, it would be extremely tasking. So the President directed that we should bring other partners that can combine with whatever monies we have to build world class infrastructure which led to the establishment of the company in partnership with other investors. ”

Meanwhile, According to the document containing information on the establishment of the company as obtained from Corporate Affairs Commission (CAC) by Chairman of the Committee, the company was registered as Nigeria Sez Investment Company Limited and not Nigeria Special Economic Zone Company listed the documents presented by the Minister .

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He said, “Ownership of the company as clearly  stated in the document obtained from CAC on the 26th of last month designated as Directors are Dr Bakari Wadinga , Mr Olufemi Edun and Ms Oluwadara Owoyemi .

“The document clearly States that the company is a private company and that liability of the members are limited by share which as also shown, gives federal government 25% and 75% to the private individuals ” he continued .

Despite the effort of Dr Enelama to convince the chairman and other members of the committee that the initiative was driven by the federal government, they all declared that the process of putting it up “is misnomer and nothing but financial ambush to the Nigeria “.

The committee subsequently instructed the embattled Minister to forward detailed written explanation on how the company crept into appropriation list.

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It also directed him to forward its management staff, list of its staff strength and statement of account as pre-requisite for consideration of the 2019 budget proposals .

Business and Economy

FAAC Shares N680.783 Billion May 2022 Revenue To FG, States And LGCs

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N680.783 Billion May 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.   

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) for June 2022, held in Abuja.  

The N680.783 billion total distributable revenue comprised distributable statutory revenue of N385.004 billion,  distributable Value Added Tax (VAT) revenue of N198.512 billion and Electronic Money Transfer Levy (EMTL) revenue of N97.267 billion. 

In May 2022, the total deductions for cost of collection was N36. 996 billion and total deductions for transfers and refunds was N186.672 billion.  

The balance in the Excess Crude Account (ECA) was $35.377 million.  

The communiqué confirmed that from the total distributable revenue of N680.783 billion; the Federal Government received N229.563 billion, the State Governments received N241.824 billion and the Local Government Councils received N175.942 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue. 

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A gross statutory revenue of N589.952 billion was received for the month of May 2022. This was lower than the N635.037 billion received in the previous month by N45.085 billion.  

From the  N385.004 billion distributable statutory revenue, the Federal Government received N185.197 billion, the State Governments received N93.934 billion and the Local Government Councils received N72.419 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue.   

In the month of May 2022, the gross revenue available from the Value Added Tax (VAT) was N213.179 billion.  This was higher than the N178.825 billion available in the month of April 2022 by N34.354 billion.  

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From the N198.512 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.777 billion, the State Governments received N99.256 billion and the Local Government Councils received N69.479 billion. 

The Federal Government received N14.590 billion; the State Governments received N48.634 billion and the Local Government Councils received N34.043 billion from the N97.267 billion Electronic Money Transfer Levy (EMTL). 

According to the Communiqué, in the month of May 2022,  Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increases, Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties decreased marginally. Oil and Gas Royalties decreased significantly.    

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

Non-interest TAJBank Reports 433% PBT in 2021 Financial Year

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Vibrant Board is Key to Local Capacity Building – Lee Maeba
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…as balance sheet grows to N110bn

The second non-interest Bank, TAJBank Limited, has recorded more milestones in its second year of operations with its profit before tax (PBT) surging to N1.6 billion in FY2021, representing 433% improvement over the preceding year’s profit.  

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This is even as the multiple award-winning lenders, which recently received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations, also recorded 117% growth in gross revenue from N3.3 billion in FY2020 to N7.2 billion in FY2021.

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In the period under review, the bank recorded positive indicators which showed the remarkable growth that the nascent bank continues to achieve. push({}); The bank’s financial results showed a rise in its balance sheet figure from N50 billion in FY2020 to N110 billion in the FY2021 recording a 122% growth.

The bank also achieved a leap in shareholders’ funds during the year which also marked some great improvements in the Bank’s financial results coming from the previous year.

The non-interest bank’s audited financial statements also reflected outstanding positive indices which demonstrated its management’s professionalism in handling investors’ funds despite serious economic headwinds.

TAJBank’s drive for deposit base growth showed in the financial results as customer deposits also remarkably grew in the year under review, increasing by 99% over the previous year’s value and representing the highest in the industry.

Also, the bank also rapidly expanded its branch network by 22 new branches and business offices within the period under review.

Speaking on the financial results, the Managing Director/CEO, Mr. Hamid Joda, noted that “since commencing operations two years ago, TAJBank has continued to record giant strides in the financial services industry.

“It is on record that we achieved break-even in our 8th month of business, recorded profit in our first year of operations while also wiping-off preoperational expenses in the first year of operation. Generally, the bank has continued to record excellent financial performance within the short period of its existence”, he added.

The Executive Director, Mr. Sherif Idi, while reacting to the results said: “TAJBank has a healthy appetite for growth and for excellence and these results are a testament to what we portray and what we are about.”

He also stressed that the bank “is not looking at slowing down in its sustained commitment to continue to add value to our shareholders, surpassing our customers’ expectations in innovative products and services delivery and in ensuring that we continue to break frontiers in the Nigerian financial system.”

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

Reps Passes 2022 Budget of N17.1 Trillion

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Femi Gbajabiamila
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Ogechi Okorie

The House of Representatives on Tuesday passed N17,126,873,917,692 as 2022 budget.

The budget was passed by the Green Chamber following the presentation of report by the Chairman, House Committee on Appropriation, Hon. Muktar Betara.

The report was considered at the Committee of Supply presided over by the Speaker, Hon. Femi Gbajabiamila and his deputy, Hon. Idris Wase.

According to the Bill passed by the lawmakers authorises the issue from the Consolidated Revenue Fund of the Federation the total sum of N17,126,873,917,692 (Seventeen Trillion, One Hundred and Twenty-Six Billion, Eight Hundred and Seventy-Three Million, Nine Hundred and Seventeen Thousand, Six Hundred and Ninety-Two Naira) only.

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N869,667,187,542 (Eight Hundred and Sixty-Nine Billion, Six Hundred and Sixty-Seven Million, One Hundred and Eighty-Seven Thousand, Five Hundred and Forty-Two Naira) only is for Statutory Transfers while N3,879,952,981,550 (Three Trillion, Eight Hundred and Seventy-Nine Billion, Nine Hundred and Fifty-Two Million, Nine Hundred and Eighty-One Thousand, Five Hundred and Fifty Naira) only is for Debt Service.

N6,909,849,788,737 (Six Trillion, Nine Hundred and Nine Billion, Eight Hundred and Forty-Nine Million, Seven Hundred and Eighty-Eight Thousand, Seven Hundred and Thirty-Seven Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N5,467,403,959,863 (Five Trillion, Four Hundred and Sixty-Seven Billion, Four Hundred and Three Million, Nine Hundred and Fifty-Nine Thousand, Eight Hundred and Sixty-Three Naira) only is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December, 2022.

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According to Chairman committee on Appropriation Hon. Muktar Betara, the report was a result of work done on the submission of estimates by the president.

He observed that the 2022 budget would be the last to be fully implemented by the current administration.

According to him, the report took cognizance of the benchmark estimates and the financial/economic realities of current times.

He earlier urged members to support and approve the recommendations in the spirit of the harmonious execution of projects for the good of Nigeria.

The report was considered clause by clause and passed.

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The Green Chamber adjourned plenary till Tuesday, January 18th, 2022 following a motion for adjournment moved by the Leader of the House, Hon. Alhassan Ado-Doguwa

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