f00542955aba29edb758aad38a99422c
Connect with us

Business and Economy

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

Published

on

Senate uncovers fraud in ministry budget defence.
Spread the love

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” .

ALSO READ  Kaduna Senator Introduces 'Factoring Bill' to Promote Nation's International Businesses 

“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 .

ALSO READ  FSDH Merchant Bank to work with Lagos State on revenue collection — Marie-Omogbai

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.

ALSO READ  Senate Committee Passes Vote of No Confidence on Abdullahi Attah Led FCT-IRS

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

Reps Passes 2022 Budget of N17.1 Trillion

Published

on

Femi Gbajabiamila
Spread the love

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.

ALSO READ  Made In Nigeria Phone To Hit Market Soon - ITF

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.

ALSO READ  NDDC: We uncovered illegal spending of billions of naira as Commission refuses to submit budget performance - Reps

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.

ALSO READ  Senator Gaya Goes for Deputy Senate President, Throws weight behind Secret ballot

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

Continue Reading

Business and Economy

CBN To Bars Deposit Money Banks Customers From Accessing Credit If…

Published

on

By

Spread the love

The Central Bank of Nigeria’s has warned that any customer of Deposit Money Banks that violate the Bank verification Number policy will be barred from accessing credit and opening new account.

The CBN said this in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.

ALSO READ  Senator Gaya Goes for Deputy Senate President, Throws weight behind Secret ballot

The framework was signed by the Director, Payment System Management Department of the CBN, Mr. Musa Jimoh and was released in its Update Report circular.

The CBN stated that the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer.

ALSO READ  Transcorp Ughelli Power Plant To Generate 900MW Of Electricity - Elumelu

The director in the circular explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any bank. adsbygoogle || []).push({});

Musa said that where a financial institution chooses to continue an existing business relationship with holders of an account/wallets on the watch-list, the account holder will be prohibited from all electronic channels.

He said: “The new framework further stipulates that a customer with watch-listed BVN shall not reference accounts, access or guarantee credit facilities, thus, breaches it continued on the customer’s part include – use of forged documents, forgery, compromise, complicity and connivance.

“Also listed as punishable breaches were: duplicate enrolment, use of fictitious information, receipts of proceeds of deception, deception, receipts of fraudulent proceeds and any infractions on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws, and dishonest acts.

“Others were non-cooperation with efforts (as stipulated in the Regulation on Instant Interbank Electronic Funds Transfer) to reverse wrong credit, erroneous, multiple or duplicated payments or credits; and any infringement of the Cybercrimes (Prohibition, Prevention, etc.) Act. 2015.”

The director also said that those who misuse identity and financial information and indulge in identity theft and breach of confidentiality will be punished in line with the new regulations.

“Banks and other financial institutions involved in BVN operations were instructed by the CBN to ensure all operating accounts/wallets are linked with the signatories’ BVNs within 24 hours of availability,” the circular said.

The CBN, however, said it would continue to monitor industry developments and issue further guidance as might be appropriate in the nearest future.

Continue Reading

Business and Economy

Nigeria Central Bank To Inaugurate N15 Trillion Infrastructure Fund In October 2021

Published

on

By

Spread the love

The CBN Governor, Godwin Emefiele has disclosed that   the N15 trillion infrastructure fund would be inaugurated in Oct. 2021.

Emeifele who made this known at the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria in Abuja, stated that the innovations like the Nigeria/International Financial will provide a gateway for capital and investments, and digital currency, e-naira, will enhance inclusion.

He said the regulatory body had been working with the Bankers Committee to scale the challenges posed by Covid-19, which include reduction of interest rates on loans, increasing the moratorium for payments, and injecting N3 trillion loans in the private sector.

“We do expect that the pace of inflation will moderate as we approach the harvest season,’’ he added.

President Muhammadu Buhari says N300 billion has been disbursed to farmers while 1.6 million poor and vulnerable households are currently benefiting from the Conditional Cash Transfer programme.

ALSO READ  Kaduna Senator Introduces 'Factoring Bill' to Promote Nation's International Businesses 

The president who  revealed this while virtually declaring the conference open, said that  some of the various initiatives embarked upon to boost agricultural trade in Nigeria include the Anchor Borrowers Programme.

He stated that the Central Bank of Nigeria had made more than N300 billion available to over  3.1 million smallholder farmers of 21 different commodities.

He said the commodities included Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.

“It is on record that 80% of rice consumed in Nigeria is now produced locally,’’ he said.

He added that the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from seven million poor and vulnerable households identified, imploring bankers to play a stronger role in improving livelihoods.

President Buhari said the National Social Investment Programme was biggest in Sub-Sahara Africa and one of the largest in the world.

To further strengthen recovery and enable more Nigerians, President Buhari said, last year, he approved the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion.

ALSO READ  $311 Million Recovered Abacha Loot: Nigerians WillI Hold Your Administration to Account - Social Action Tells Buhari

“In May 2021, the Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 Unity Schools nationwide.

“Under the Family Homes Fund Limited, Social Housing programme incorporated by the Federal Government of Nigeria, more than two thousand hectares of land with title documents have been issued by 24 states with the capacity to accommodate about 65,000 new homes.

“The Central Bank of Nigeria is providing a N200 Billion financing facility, with a guarantee by the Federal Government,’’ he said.

The president affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from COVID-19.

“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference.

ALSO READ  Must Read: What Kogi State Governor Yahaya Bello’s Wife Said in Abuja

The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.

Continue Reading

Recent Posts

Copyright © 2021 Informavores Nigeria Communication Enterprises | Powered by ObajeSoft Inc