Connect with us

Business and Economy

WEMA Bank Swims in IGR Controversy as Forensic Auditor Petitions EFCC

Published

on

WEMA Bank
Spread the love
By NGIJ team of Oluwasegun Abifarin and Olawale Abideen

Widely reputed as the longest surviving and most resilient indigenous bank in Nigeria, Wema Bank Plc, according to its corporate philosophy, “has over the years, diligently offered a fully-fledged range of value-adding banking and financial advisory services to the Nigerian public.”

ALSO READ  See why you should not partake in online fraud

But recent development is threatening the bank’s ambition and reputation “to give every customer a delightful and memorable service experience.”

According to the document received by the Nigerian Guild of Investigative Journalists, NGIJ, Niger State governor, Alhaji Abubakar Sani-Bello in a letter dated 23/07/2015 from the office of the Permanent Secretary, Ministry of Finance, Malam Zakari Abubakar appointed Ori Adeyemo, a Lagos based forensic expert as consultants to investigate deductions of unremitted 10% Withholding Tax on Credit Interest by some banks operating in the state. adsbygoogle || []).push({});

However, an instruction was passed by the then Finance Ministry Permanent Secretary to its supervised Niger State Board of Internal Revenue of Adeyemo’s full appointments to cover all the banks in Niger State.

At the end of the forensic investigation, the total refundable by the Wema Bank stood at N192, 963 million out of the N4.6 billion due to the state by 12 banks and one Micro Finance institution.

In his petition to the EFCC, obtained by the NIGJ team. Adeyemo alleged he was reliably informed that the Board had given clean bill of health and letters of non-indebtedness to the said compromised concerned banks.

He added that by a letter dated 29/01/2019, Wema Bank Plc. also sent in a reply to the Board’s earlier N192, 963,839.30 Best-of-Judgement (BOJ) demand letter as initiated by us.

The consultant also alleged that the Board “went ahead to try and sell-out this assessment to persons unknown so far who relied on our reports in lowering the assessment to sum for reasons unknown after unbridled reports mutilation and suspected behind-the-scene negotiations all in a bid to deprive the Niger State Government of its hard-earned Internally Generated Revenue (IGR).”

He added that the “total commissions and/or dues fraudulently lost thereto and/or withheld by the Niger State Board of Internal Revenue is N910,422,825.32, which “we hereby request that the EFCC use its wide-ranging investigative powers to help recover for us.”

The petitioner also included a compact disk (CD) detailing all completed jobs in intellectual properties as so far executed by the consultant for the Niger State Government enabling it to demand for an additional but unpaid N732,143,601.52 commission sum.

“Consequently, in the light of the mutual agreement that have with the Niger State Government, we are entitled to 15% of the established N1,131,931,579.67 liability assessment per completed assignments for N178,279,223.80 sum, which we hereby demand that EFCC should assist us to collect from the Niger State Board of Internal Revenue and its collaborators”, Adeyemo said.

Meanwhile, Wema Bank’s Corporate Communication Manager, Mrs. Funmi Falola, debunked the allegations, saying that from their investigation, there is no such liability on the neck of the bank anywhere.

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.

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  BREAKING: Reps drag Buhari's Minister to court over indicting comment

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.

ALSO READ  Guaranty Trust Bank Swims in IGR Controversy as Forensic Auditor Petitions EFCC

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.

“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.

ALSO READ  Democracy Day: FG Declares Monday, June 14, Public Holiday

“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.

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

Business and Economy

Made In Nigeria Phone To Hit Market Soon – ITF

Published

on

By

Spread the love

The Director General and Chief Executive of the Industrial Training Fund (ITF), Sir Joseph Ari has disclosed that the Fund is set to acquire machinery for mass production of ITF Mobile in Nigeria.

He said the Industrial Fund will soon hit the nation’s market when it commences the mass production and it launching into market the ITF mobile phones.

The DG in a press statement signed by the Director, Public Affairs Department, Suleyol Fred Chagu and made available to Journalists yesterday in Jos the Plateau State maintained that the Industrial Training Fund (ITF) has initiated processes for the procurement and installation of a production line specially dedicated for that purpose at the ITF Model Skills Training Centre (MSTC), Abuja, Nigeria’s capital.

Ari, disclosed this when he received the leadership of the two in-house Unions of the Fund in his office at the Headquarters where he also revealed that since the symbolic presentation of the ITF Mobile phone to President Muhammadu Buhari, the Agency has been inundated with requests for partnership from corporate entities within the country.

ALSO READ  Rising Bank Fraud: Sad Tales From GTB, Ecobank, Polaris, Fidelity, Others

In his words, “I have given directive to the Director of Technical and Vocational Skills Training Department, who is also the zonal Director of the ITF MSTC to get all the immediate machines so that we will be able to set up the production line.

“Since the good news, we have also received a lot of requests for partnership, including one from AfriOne, who want to
partner with us. This is good as we cannot do it alone because we are not an island unto ourselves. The main thing is that this product is a home grown product and this lends credence to the fact that we too can do it in Nigeria” he boastfully stated.

ALSO READ  Polaris Bank Trains Online Journalists On Objective Reportage

The DG expressed gratitude to the leadership of the two union bodies, “the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSACGOC) and Amalgamated Union Public Corporations, Civil Service Technical and Recreational Employees (AUPCTRE)” for identifying and supporting the Management, saying.
For him, “every leader should have a strategic vision. But you also need followers that will key into the leaders’
vision and happily, that’s what has happened in the ITF. The Unions have been great partners in progress. You
have at all times remodeled, looked at the vision, reviewed it along with us and the areas where you find us going
wrong, you took us back on track”.

He stressed the need for continuous dialogue as recipe for industrial harmony. “The relationship between the ITF, Management and the two Unions gives credence to the fact that it pays to dialogue.

ALSO READ  See why you should not partake in online fraud

President of Senior Staff (SSACGOC), Comrade Kayode Alakija and the Acting Chairman of AUPCTRE, Comrade Lawal Mohammed Ado earlier on in a separate remarks showered praises on the DG for the milestone achievement and urged the need to speed up the mass production of the android phone which, according to them, would be another source of revenue for the Agency.

Continue Reading

Business and Economy

BECCIMA Lauds FG For Initiating To Establish Cottage Industries In 774 LGAs

Published

on

Spread the love

The Benue State Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA) has lauded the Federal Government for establishing cottage industries across all the Local Governments Areas (LGAs) in Nigeria

President of BECCIMA, Dr Paul Ubwa, made the commendation at a news conference on Friday in Makurdi.

“It is a well thought out initiative by the Federal Government to set aside the sum of one trillion naira to establish cottage industries in each of the 774 LGAs in the country.

“This all important news was disclosed by the Hon. Minister for Special Duties and Inter-Governmental Affairs, George Akume.

“We the organised private sector in Benue express our sincere appreciation to the government of President Muhammadu Buhari for coming up with this unique initiative.

ALSO READ  Infectious Diseases Bill Consideration Not Halted By The Court - House of Rep

“The initiative is aimed at creating wealth for the common man,’’ he said.

According to him, the initiative when implemented will go a long way in eradicating poverty in Benue State and indeed Nigeria and the president’s name will be written in gold for posterity.

“In Benue state, we are hoping that in order to ensure stability, sustainability and longevity of the proposed cottage industries, each should be incorporated as a company with a Board of Directors.

“This should be made up of indigenes of the catchment area or host community.

“The plan will involve the local government council itself, traditional institutions, cooperative societies and associations, youth/women groups, existing entrepreneurs, traditional land owners and other interest groups.

ALSO READ  Polaris Bank Trains Online Journalists On Objective Reportage

“We are assured of and envisage the support of the Benue State government’’

Ubwa also appealed to the Federal Government and most especially, the Minister of Special Duties and Inter-Governmental Affairs to make Benue one of the pilot states for the take-off of the programme.

“On our part, we stand ready to co-operate with the ministry and other support agencies to ensure success and sustainability of the initiative,’’ he said. 

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.

Continue Reading

Recent Posts

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