Latest News
- Senate orders deregistration of subsidiaries, probe of shares transfer
- BPE defends shares acquired in officials’ names
The Senate has ordered a probe into the N10 billion restructuring funds released to NIPOST by the Federal Ministry of Finance.
This followed the discovery of irregularities in the agency’s subsidiaries – NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.
In its resolution of December 30, 2023, Red Chamber said it uncovered alleged illegal transfer of federal government shares in two NIPOST subsidiaries to private individuals.
The discovered infractions sparked outrage, prompting the lawmakers to call for immediate action.
The Nation investigation shows that some individuals in key positions within the Bureau of Public Enterprises (BPE) and NIPOST were listed as shareholders of the two NIPOST subsidiaries.
The Corporate Affairs Commission (CAC) records confirm that as of November 8, 2023, some top officials of BPE control significant shares in the subsidiaries.
Responding to these discoveries, the Senate passed a resolution on December 30, last year.
The resolution declared the NIPOST subsidiaries in question “irregular and illegal” and recommended their immediate winding-up and deregistration.
The Senate resolution goes beyond immediate action, it demanded a thorough investigation into the N10 billion voted by the Ministry of Finance for NIPOST’s restructuring and recapitalisation.
Should evidence of “injudicious utilisation” surfaces, the Senate said the committee responsible must recover the full amount.
The resolution reads: “The sum of N10 billion released by the Ministry of Finance for the proposed NIPOST restructuring and recapitalisation be investigated and the funds fully recovered if established to be injudiciously utilised by the relevant committee of the Assembly charged with the responsibility of fiscal prudence.”
A high-ranking government official, who spoke on the condition of anonymity, painted a picture of the potential consequences of the alleged malfeasance.
The official highlighted the immense value of NIPOST’s property assets, estimated in trillions of naira and expressed the alarm at the prospect of the assets falling into private hands through share inheritance.
“Imagine 15 years from now when none of us is on the scene, their children can come and lay claims to the shares and in the eyes of the law, those shares will belong to whoever their next of kin will be, for government assets,” the official told The Nation.
He further emphasised: “The alleged share transfers represent a blatant disregard for established legal frameworks. Even the recently enacted Petroleum Industry Act (PIA) allocates shares to corporate entities, not individuals.”
It was learnt that after receiving a letter on the infraction, the individuals involved hurriedly reassigned their shares in NIPOST Transport and Logistics to three government entities: NIPOST (80%); BPE (10%) and the Ministry of Finance Incorporated (MOFI) (10%).
The Nation also discovered controversial shareholding arrangements that have led to changes in the ownership structure of NIPOST Properties and Development Company.
The changes reinforced concerns about the legality and transparency of the original share transfer.
As the official noted, “BPE has no business holding shares in NIPOST, and the involvement of an MDA in shareholding directly contradicts established procedures.”
The government official who raised doubts over the credibility of the transaction stated that “the Senate is unwavering in its stance, demanding investigation and rectification”.
“The NIPOST scandal raised serious questions about corporate governance and asset protection within public institutions. The Senate’s swift action and call for investigations are commendable, but ensuring swift, comprehensive, and transparent results is paramount. The Nigerian public deserves clear answers and the assurance that their national assets are being protected with utmost integrity,” the official said.
Reacting to enquiries from The Nation, a BPE official said: “The NIPOST subsidiaries were registered in 2020 and at the time, the CAC portal only allowed individuals to be shareholders as there was no option of using companies as shareholders.
“This was because the commission wanted to hold people accountable in respect of shares ownership. Subsequently the CAMA 2020 became operative in January 2021, which was six (6) months after the Companies were registered.
“The portal was thereafter updated to allow companies to hold shares but with representatives. The shareholding of NIPOST subsidiaries has been duly corrected to reflect the intent of the subscribers.”
[TheNation]
Hospital doctors in England on Wednesday begin their longest consecutive strike in the seven-decade history of Britain’s National Health Service.
Junior doctors — those below consultant level — will walk out for six days in a major escalation of their long-running pay dispute with the United Kingdom government.
The industrial action comes at one of the busiest times of the year for the state-funded NHS, when it faces increased pressure from winter respiratory illnesses.
It also quickly follows a three-day strike held by doctors just before Christmas.
The NHS said the latest walkout, which could see up to half of the medical workforce on picket lines, would have “a significant impact on almost all routine care.”
“This January could be one of the most difficult starts to the year the NHS has ever faced,” said its national medical director, Stephen Powis.
The strike starts at 7:00 am (0700 GMT) and is due to end at the same time on Tuesday, January 9.
The British Medical Association announced the walkout in December after a breakdown in talks with the government.
The union said junior doctors have been offered a 3 per cent rise on top of the average 8.8 per cent increase they were given earlier this year.
It rejected the offer because the cash would be split unevenly across different doctor grades and “still amount to pay cuts for many doctors.”
Junior doctors have gone on strike at least seven times since March.
Prime Minister Rishi Sunak and hospital leaders have criticised the action.
Health policy is a devolved matter for the administrations in Scotland, Wales and Northern Ireland, with the UK government overseeing England.
Junior doctors in Wales will walk out for 72 hours from January 15.
Those in Northern Ireland have voted for potential strike action.
Their Scottish counterparts have struck a deal with the government in Edinburgh.
The NHS typically sees a rise in the number of people in hospital two weeks after Christmas, due to people delaying seeking treatment to spend the festive season with loved ones.
The service is already facing huge backlogs in waiting times for appointments and surgery, blamed on treatment postponement during Covid but also years of underfunding.
AFP
... as NNPCL, marketers clash over subsidy
The Nigerian National Petroleum Company Limited and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed again over the removal of subsidy on petrol.
This came against the backdrop of the depreciation of the naira against the United States dollar at both the official Investors & Exporters Window and the parallel market.
On Tuesday, the local currency closed at 998/dollar at the official market, while it traded at 1,225/dollar at the black market.
On the back of the falling naira rate, economists and oil marketers said PMS subsidy was increasing in recent times, but the NNPC quickly countered these positions and declared that it was recovering its full cost on the importation of Premium Motor Spirit, popularly called petrol, countering the positions of
The Chief Executive Officer, Financial Derivatives Company, Bismarck Rewane, had during a live television programme on ChannelsTV on Sunday, explained that fuel subsidy was not removed but reduced.
Similarly, oil marketers told our correspondent on Tuesday that subsidy on petrol was increasing considering the crash of the naira against the United States dollar and the cost of crude oil, stressing that PMS should sell for N1,200/litre in a free market.
Petrol, which is solely imported into Nigeria by the NNPCL, currently sells for between N617/litre to N660/litre, depending on the location of purchase in Nigeria.
Also speaking on the matter, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said there was partial subsidy on petrol, but noted that the commodity was subsidised by the government for political, social and economic reasons.
Full cost recovery
But when contacted, the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, described the positions of economists and marketers as assumptions, and insisted that the Federal Government had stopped subsidy on petrol.
President Bola Tinubu had during his inaugural speech on May 29, 2023, declared that subsidy on petrol was gone, a declaration that was effectively implemented the next day by NNPCL.
Before Tinubu’s declaration, the pump price of petrol was below N190/litre, but it jumped to over N500/litre after the President’s statement, and moved up again to over N600/litre a few weeks later.
Asked to state if the NNPCL, being Nigeria’s sole importer of petrol, subsidising the commodity as posited by dealers and experts, the oil firm’s CCCO replied, “We prioritise our time on substantive matters rather than responding to assumptions.
“At NNPC Ltd, we prioritise national development through energy security and sustainable growth. We reiterate that the Nigerian government does not pay subsidy on fuel; we recover full costs from our imported products.
“As a global energy company, our focus remains on fostering a vibrant and energy-secure Nigeria.”
‘Subsidy reduced’
Rewane had earlier explained that subsidy on petrol was reduced and not removed, while featuring on a live television programme on Sunday evening, as he further highlighted the effects of the reduction in fuel subsidy and how it was affecting salary earners in Nigeria.
He said, “At the inauguration, it was said that (fuel) subsidy was gone but subsidy was actually reduced.”
Buttressing his position, he explained, “There is the convergence of exchange rates and reducing the windows into one. The consequence of that is that money has been transferred from consumers to the government.
“Subsidies are reversed taxes; if you reduce them, you increase the people’s taxes and reduce their income. What has happened is that government revenue has increased by 44 per cent between May and June (2023). Money has been transferred to the government but what is the government doing with it?
“The consumers, on the other hand, had a minimum wage, which in dollar terms was $40 in 2002. In 2019, it was about $70, but it has now been reduced to $24.”
Marketers project N1,200/litre
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, stated that subsidy on petrol was rising and that the cost of the commodity should be around N1,200/litre in a free market.
“To be pragmatic in this analysis let’s consider the cost of petrol today in the United States. For premium petrol, it is $2.99, while super petrol sells for $3.15 or $3.10 depending on the part of that country where you are making the purchase.
“Now, $3 in Nigeria is over N3,000, because a dollar in the parallel market is over N1,000. You can also see the cost of diesel, that is over N1,000/litre, and it is important to state that petrol is usually higher in price than diesel in a free market.
“So if you consider the cost of diesel, dollar and other international factors, the price of petrol in Nigeria should be around N1,200/litre, but the government is subsidising it, which to an extent is understandable,” he stated.
Ukadike noted that he had earlier explained that the government was implementing quasi-subsidy, and by this it means that “the Federal Government, instead of taking out the subsidy by 100 per cent, decides to take out about 50 per cent.”
The IPMAN official, however, expressed optimism again that the cost of refined petroleum products would reduce as soon as the Port Harcourt and Dangote refineries start producing the commodities.
“I also believe that there will be a reduction in the prices of petroleum products this year when you consider what the government is currently doing. The coming onboard of the Port Harcourt refinery and the supply of crude to Dangote refinery are good developments in the sector.
“Their operations will help stabilise the price of PMS and other petroleum products in Nigeria, because it will definitely cut down the importation of products,” Ukadike stated.
Social, economic reasons
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The Centre for the Promotion of Private Enterprise CEO said subsidy was being retained partially because of its economic, social and political implications.
Yusuf said, “To protect the citizens from further hardship is the reason why the government seems to have applied the brakes on subsidy removal. We are all witnesses to the pain and hardship that citizens are going through.
“So when you are adopting some of these policies, especially these liberal economic policies, it comes to a point where you have to moderate your position for social reasons.
“Just as the World Bank said, if we want to leave the price fully to market forces and the liberal economic policies, the fuel price will be above N800/litre. Can any government that is sensitive to the feelings of its citizens allow that to happen?
“Even if economically that is the way to go, there must always be a human face to economics. So what the government has done is to moderate the reform, and that is why I think the government has insisted that the NNPC should still hold the price at the current level.”
Yusuf noted that the government must balance the gains and side effects of subsidy, stressing that economic hardship may worsen should subsidy be removed 100 per cent.
“All of us who were saying that they should remove the subsidy, we can see that they have partially removed it now, but look at the consequences. Economically it will sound good, but socially and politically it is very costly.
“So those in government need to balance all those considerations. They need to balance economic, political and social considerations. That is why we find ourselves in a situation where we have partial subsidies, both in petrol and electricity,” he stated.
The World Bank had stated in December that subsidy on petrol was still being implemented by the Federal Government, as it insisted that the cost of PMS should not be less than N750/litre if there was no subsidy.
Naira at N988/$
The naira closed at N988.46/$ on the first day of official trading on the Investors and Exporters Window on Tuesday.
This is an 8.97 per cent decline from the N907.11/$ it closed trading on Friday (the last day of official trading for 2023) according to data from the FMDQ Securities Exchange. This continues a worrying trend for the naira which was one of the worst performing currencies of 2023.
According to Bloomberg, the naira had one of its worst years in 2023, a title that 2024 might usurp. It noted that the national currency lost about 55 per cent of its value as of Thursday 28, 2023.
Based on Kyle Chapman, FX markets analyst at London-based Ballinger & Co, the naira was the third worst-performing global currency in 2023 due to a backlog of unsettled forwards, undelivered promises of dollar inflows, and a two-decade peak in inflation.
Chapman said, “The naira’s downward momentum is likely to continue through much of 2024, and its ultimate trajectory will depend on whether the CBN’s rhetoric transforms into concrete policy moves that drive up the flow of US dollars into Nigeria and shore up trust in the official market.
“If the CBN’s promised measures materialise and Tinubu’s government enacts structural changes to increase oil production or to drive foreign investment, there is plenty of opportunity for the naira to lift from its record lows. But a quick fix is unlikely, and further depreciation will come to counteract supply and demand imbalances.”
In its December Nigeria Development Update, the World Bank noted that naira had depreciated against the US dollar by 41 per cent in the official market and by 30 per cent in the parallel market. It noted that the naira needs increased volume to stabilise in the official market.
It said, “Further monetary policy tightening is expected to help underpin the value of the naira. However, there is also a need to increase FX supply in the market. Facilitating FX flows, especially from all exports, through the NAFEM can help provide additional volumes in the official window that can help provide stability.
“In addition, clarity on the CBN’s net reserve position, and on the CBN’s continued progress in clearing the FX backlog, would also strengthen market confidence.”
NNPCL records thefts
Meanwhile, the Nigerian National Petroleum Company Limited, on Tuesday, said a total of 112 cases of crude oil theft were recorded in the Niger Delta in one week.
It said the oil theft incidents occurred between December 23, 2023 and December 29, 2023, adding that in the past week, 42 illegal refineries were discovered in several locations in the oil rich region.
It outlined the locations to include Konsho and Tebidaba in Bayelsa State; Obokofia in Imo State; as well as Ogidigben, Mereje and Obodo Omadina, in Delta state
The oil firm disclosed this in a documentary posted on its official X handle, adding that the “illegal refineries in Umuire, Abia State, and Upata in Rivers State, were also discovered and destroyed.”
It further stated that 14 illegal connections were uncovered in several parts of the Niger Delta, as a tunnel covering an illegal connection was also uncovered in Owaza, Abia State, while 10 cases of vandalism were discovered.
In the two minutes and 44 seconds documentary, the company stated that, “Illegal storage sites were discovered in Ebocha and Ton Kiri in Rivers State where oil pits were found.
“In Ogbia, Bayelsa State, sacks of crude oil were discovered. More illegal storage sites were uncovered in Urhonigbe, in Edo State; Ekuku-Agbor and Bomadi in Delta State.”
According to the firm, 22 wooden boats conveying stolen crude were discovered in Okrika and Tombia in Rivers State as well as Emereje, Delta State.
It stated that during an operation, 11 vehicle arrests were made in Delta State, as eight of these (oil theft) incidents took place in the deep water, 46 in the eastern region, 32 in the central region, while 26 took place in the western region.
“Between the 23rd and 26th of December, 2023, 18 suspects were arrested,” the national oil company stated, adding that it would not back down in the war against crude oil theft.
Nigeria loses billions of naira to oil theft and finds it tough to meet the production quota approved for the country by the Organisation of Petroleum Exporting Countries, due to the menace of oil thieves.
Sadiya Umar-Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development under former President Muhammadu Buhari will today face the detectives of the Economic and Financial Crimes Commission (EFCC) over alleged fraud to the tune of N37 billion.
The former minister was invited last week by the anti-graft agency following a probe that was launched into her activities in the ministry when she held sway in the last six years.
She was being probed over the sum of N37,170,855,753.44 that was allegedly laundered under her watch through a contractor, James Okwete.
Officials of the anti-graft agency told our correspondent on Tuesday that the former minister had earlier been asked to appear before interrogators at the EFCC headquarters located at Jabi, Abuja, by 10:00am.
The operatives explained that some other officials who worked with her had equally been invited for different days in order to provide an insight into how the affairs of the ministry were run in the last six years.
This is just as President Bola Tinubu has ordered immediate suspension of Halima Shehu as the Chief Executive Officer (CEO) and the National Coordinator of the National Social Investment Programme Agency (NSIPA).
Tinubu has since replaced Ms Halima with Akindele Egbuwalo, the national N-Power programme manager, in acting capacity pending an investigation initiated into the activities of the embattled former head of the agency.
Daily Trust reports that NSIPA, which is responsible for managing critical programmes like N-Power and Conditional Cash Transfer, has been under scrutiny in recent times, with concerns raised about efficiency and effectiveness.
The agency is under the humanitarian affairs ministry.
Although, the reason Ms Shehu was suspended was yet to be made public up till the time of filing this report last night, an official of the EFCC told Daily Trust that the embattled NSIPA boss also has questions to answer.
When contacted, the spokesman of the anti-graft agency, Dele Oyewale, who did not deny or comment on the development, promised to get back to our correspondent.
He was yet to do so as at the time of filing this report last night.
The ex-minister’s travails
Former Minister Sadiya had last week Monday tweeted on her X handle that she was not involved in any fraudulent activities while she held sawy as supervisor of the humanitarian ministry.
She had said, “There have been a number of reports linking me to a purported investigation by the Economic and Financial Crimes Commission into the activities of one James Okwete, someone completely unknown to me.
“James Okwete neither worked for, nor represented me in any way whatsoever. The linkages and associations to my person are spurious. While I resist the urge to engage in any media trial whatsoever, I have however contacted my legal team to explore possible options to seek redress on the malicious attack on my person.
“I remain proud to have served my country as a minister of the Federal Republic of Nigeria with every sense of responsibility and would defend my actions, stewardship and programmes during my tenure whenever I am called upon to do so”, she had stressed.
Efforts to speak to the former minister yesterday on her scheduled appearance at the EFCC office today were not successful, as calls to her known telephone line did not go through and she did not respond to a text and WhatsApp messages as of press time.
The National Union of Nigerian Students (NANS) has asked the Federal Government to reassess the suspension placed on the accreditation and evaluation of degree certificates from neighbouring Benin Republic and Togo.
The Federal Government on Tuesday suspended certificates from the two francophone West African countries following a report detailing how a degree was acquired from a university in Benin Republic in two months.
In a statement by NANS Senate President, Akinteye Afeez, the students’ body said the government’s commitment to upholding the integrity of academic qualifications was commendable but urged the government to “carefully consider” the impact of the decision on legitimate students who have pursued their education in these countries.
NANS noted that many of the students have completed one, two, or three years of study, while others have successfully graduated and are eagerly awaiting the approval of their evaluation lists to participate in the National Youth Service Corp (NYSC) program.
The body added that these students now find themselves in a state of uncertainty, facing potential delays in their academic and professional pursuits.
“We believe there is a need for reassessment. While the reported corruption is undoubtedly a cause for concern, it is crucial to distinguish between those involved in fraudulent activities and the vast majority of students who have pursued their education genuinely,” the statement partly read.
“Furthermore, Benin Republic and Togo host a significant number of Nigerian students seeking quality education. A blanket suspension can strain diplomatic and educational relations, impacting the opportunities available to Nigerian students in these neighbouring countries.
“A reconsideration of the suspension would alleviate the stress and uncertainties these students currently face.”
According to NANS suggests, the Federal Government should reverse the suspension, while maintaining a rigorous and transparent evaluation process.
A purported theft of an undisclosed sum in US Dollars has reportedly rocked the Office of the Deputy Governor of Nasarawa State.
Deputy Governor, Emmanuel Agbadu Akabe, has set a deadline for the restitution of the allegedly stolen funds.
As per information provided by a confidential aide of the deputy governor, who spoke anonymously, the stolen amount is believed to be around N20 million.
The purported incident transpired just before the Christmas break and reportedly implicated two security aides and a Protocol Officer within the deputy governor’s office.
These security aides and the protocol officer are under suspicion for allegedly conspiring to carry out the theft.
The anonymous insider, who refrained from disclosing his identity due to a lack of authorization to discuss the matter, revealed that the trio, whose identities are being kept confidential, purportedly stole the funds and subsequently divided the ill-gotten gains among themselves. Notably, the security aides were said to have received the lion’s share of the stolen money.
The aide claimed that the security aides purchased a vehicle and a motorcycle, while the protocol officer used his share, N3.5 million, to acquire a house.
The alleged stolen funds, reported to be in foreign currency, were said to belong to foreign investors interested in Lithium mining in Nasarawa State.
Reportedly, the money in question was left in a bag within the deputy governor’s office following a meeting involving three companies entangled in a mining rights dispute over sites in Nasarawa Local Government Area.
The source indicated that there is a possibility that leaving the money in the deputy governor’s office after the meeting was a deliberate attempt to frame him in some way.
“I think the money was left in the deputy governor’s office to set him up and indict him in a bribery scandal in order to rubbish his image for refusing to compromise or do their bidding,” the source said.
The source further revealed that, upon the discovery of the purported theft, Deputy Governor Akabe initiated an independent investigation, which reportedly verified the involvement of the three individuals.
Allegedly, the suspects have admitted to the crime, providing details on how they distributed the stolen money among themselves.
In response, the deputy governor has set a deadline for the suspects to return the stolen funds in dollars, with the intention of restoring them to the rightful owner, believed to be a foreign investor involved in the lithium mining project.
The matter is currently within the jurisdiction of the relevant security authorities. Notably, the two security aides implicated in the incident are associated with the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC).
A chieftain of the Peoples Democratic Party (PDP), Daniel Bwala, on Tuesday, said opposition political parties will come together to form a strong coalition that will wrest power from the ruling All Progressives Congress (APC) in the 2027 general elections.
Bwala, who was a guest on Channels Television’s Politics Today, said without a coalition of opposition parties, President Bola Tinubu will spend eight years in office as Nigeria’s President and Commander-in-Chief of the Armed Forces.
“Without a coalition of political parties, Tinubu is going to spend the next eight years. That one is for sure,” Bwala said.
“The truth of the matter is that there will be a coalition of political parties that will be very strong. This is a fact that I know. The coalition that is coming will swallow some of the elements that are creating the problems in the various political parties,” he said.
During the programme, Bwala accused Tinubu of instigating crises in opposition parties, citing the problems that confronted the Labour Party and the New Nigeria Peoples Party (NNPP) as instances.
A former Secretary of the National Universities Commission (NUC), Suleiman Ramon-Yusuf, has accused Francophone West African countries of benefitting from issuing dubious degrees to Nigerians.
Ramon-Yusuf, who was a guest on Channels Television’s Politics Today on Tuesday, was reacting to the suspension of accreditation and evaluation of degree certificates from Benin Republic and Togo by the Nigerian government.
The suspension, which came after a report detailing how a degree was acquired from a university in Benin Republic in under two months, was announced by the Federal Government on Tuesday.
The ex-NUC Secretary said, “Many of these francophone countries have benefited so much from the dubious degrees they give to Nigerians and that is why Africa cannot achieve the same level of mobility that people enjoy in Europe under the Erasmus programme.”
According to him, Africa started the mobility and mutual recognition of certificates before the Europeans but has not made progress because of the education corruption in francophone countries.
‘Clear-Headed Crooks Who Failed UTME’
He maintained that Nigerians with questionable certificates from francophone countries are not victims, adding that they took that option because they find it difficult to get admitted to Nigerian universities.
“There is no victim, all those people with these certificates are clear-headed crooks who knew what they were paying for because some of them are people who cannot pass the UTME, and some do not have five O-level credits.
“So they go shopping for these bogus institutions where they get their bogus qualifications from.”
Beyond Suspension, What Next?
Ramon-Yusuf added that the Nigerian government needs to do more than suspend the certificates from these two countries, as this is not the first time the issue has come up.
“We need to do more than that because this is not the first time this matter is coming to the fore. Now, we need to do something different. Many of these francophone countries don’t have national quality assurance agencies,” he said.
He also called for the inclusion of the NUC in the committee being put together by the Federal Government to look into the matter as that was the statutory agency responsible for the quality assurance of university education in Nigeria.
The presidential candidate of the Labour Party, LP, in the last election, Mr. Peter Obi, has described former Governor Rotimi Akeredolu of Ondo as a dogged fighter who stood for truth.
He said this during a condolence visit to Akeredolu’s family in Ibadan.
Obi, who came with Professor Pat Utomi, noted that the deceased governor was a forthright person who stood on the side of the masses at all times.
In the condolence register, Obi wrote: “May God Almighty, who called you home, grant you eternal rest in His kingdom. And grant your family and all of us the fortitude to bear the irreplaceable loss.
“God Almighty bless your family.”
In his condolence message, Prof Utomi, who was Akeredolu’s classmate at Loyola College, Ibadan, in the 60s, said Akeredolu had that leadership trait in him since secondary school.
“Akeredolu was not one who would keep quiet in the face of oppression and he never compromised on justice and equity,” Utomi said.
Responding for the family, the immediate younger brother of the deceased, Prof Wole Akeredolu, commended the duo for the visit and their support for the family.
The Federal Government through the Federal Ministry of Education, on Tuesday, announced the suspension of evaluation and accreditation of degree certificates from the Republic of Benin and Togo.
The ministry noted that its decision followed the undercover investigation conducted by a Nigerian newspaper which exposed the activity of a degree mill in Cotonou, a major city of Benin Republic.
According to the investigation, the investigative reporter bagged a degree from Cotonou University within six weeks and also participated in the mandatory one-year scheme organised by the National Youth Service Corps.
Following the analysis of data from the website of the National Universities Commission, Below are list of foreign universities banned by the NUC.
The commission also warned Nigerians to avoid enrolling in such institutions.
1. University of Applied Sciences and Management, Port Novo, Republic of Benin or any of its other campuses in Nigeria.
2. Volta University College, Ho, Volta Region, Ghana or any of its other campuses in Nigeria.
3. The International University, Missouri, USA, Kano and Lagos Study Centres, or any of its campuses in Nigeria.
4. Collumbus University, UK operating anywhere in Nigeria.
5. Tiu International University, UK operating anywhere in Nigeria.
6. Pebbles University, UK operating anywhere in Nigeria.
7. London External Studies UK operating anywhere in Nigeria.
8. Pilgrims University operating anywhere in Nigeria.
9. West African Christian University operating anywhere in Nigeria.
10. EC-Council University, USA, Ikeja Lagos Study Centre.
11. Concept College/Universities (London) Ilorin or any of its campuses in Nigeria.
12. Houdegbe North American University campuses in Nigeria.
13. Irish University Business School London, operating anywhere in Nigeria.
14. University of Education, Winneba Ghana, operating anywhere in Nigeria.
15. Cape Coast University, Ghana, operating anywhere in Nigeria.
16. African University Cooperative Development, Cotonou, Benin Republic, operating anywhere in Nigeria.
17. Pacific Western University, Denver, Colorado, Owerri Study Centre.
18. Evangel University of America and Chudick Management Academic, Lagos.
More...
Creates New TSA, Blocks Access To Former Account
The Federal Government, through the Ministry of Finance, on Tuesday, directed all Ministries, Departments, and Agencies (MDAs) to remit 100 percent of their internally generated revenue (IGR) to the Sub-Recurrent Account which is a sub-component of the Consolidated Revenue Fund (CRF).
This is to improve revenue generation, fiscal discipline, accountability and transparency in the management of government financial resources and prevent waste and inefficiencies.
Wale Edun, minister of finance and coordinating minister of the economy, issued the directive in a circular he signed, dated December 28, 2023.
Consequently, the circular stated that the Office of the Accountant-General of the Federation shall open new Treasury Single Account (TSA) sub-accounts for all federal agencies/parastatals listed on the schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance, except where expressly exempted.
“All Ministries, Departments and Agencies (MDAS) that are fully funded through the annual Federal Government budget (receiving personnel, overhead and capital allocation) and on the schedule of Fiscal Responsibility Act, 2007 and any addition by the Federal Ministry of Finance should remit one hundred percent of their Internally Generated Revenue (IGR) to the Sub-Recurrent Account which is a Sub-component of the Consolidated Revenue Fund (CRF)”, the circular reads.
The circular stated that all partially funded Federal Government agencies/parastatals (receiving capital or overhead allocation from the Federal Government budget) should remit 50 percent of their gross Internally Generated Revenue (IGR), while all statutory revenue like tender fees, contractor’s registration, sales of government assets etc should be remitted one 100 percent to the sub-recurrent account.
According to the circular, all self-funded Federal Government agencies/parastatals (receiving no allocation from the Federal Government budget) should remit 50 percent of their gross Internally Generated Revenue (IGR), including all statutory revenues like tender fees, contractor’s registration, sales of government assets etc to the sub recurrent account.
Furthermore, the circular said the new account opened for agencies/parastatal shall be credited with inflows in the old revenue collecting accounts based on the new policy implementation of 50 percent auto deduction in line with the Finance Act,2020 and Finance Circular, 2021, 50 percent cost to revenue ratio.
The Office of the Accountant General of the Federation (0AGF), subject to the categorisation of agencies shall map and automatically effect direct deduction of 50 percent on gross revenue of Self/partially funded agency/parastatals and 100 percent for fully funded agencies/ parastatals as interim remittance of the amount due to the Consolidated Revenue Fund. This is to improve revenue generation, fiscal discipline, accountability and transparency in the management of government financial resources and prevention of waste and inefficiencies.
“The revenue collection TSA Sub-Accounts currently operated and maintained by Agencies/Parastatals for receiving revenue from the public shall be blocked from access. The accounts shall be under the full control of the Honourable Minister of Finance and Co-ordinating Minister of the Economy and the Accountant-General of the Federation.”
“To strengthen the implementation of the Presidential directives as conveyed via SGF Circular Reference: SGF.50/5.3/C.9/24 dated October 16, 2018 on Approved Revenue Performance Management Framework for Government Owned Enterprises (GOEs), the Revenue & Investment Department and the Treasury Single Account Department of the Office of the Accountant-General of the Federation (0AGF) shall supervise, monitor and carry out a monthly review of both the old and new accounts of the Agencies/parastatals to ensure that only funds approved by the Honourable Minister of Finance and Co-ordinating Minister of the Economy (HMFCME) and the Accountant-General of the Federation (AGF) are credited to the accounts.”
The circular said FMF and the OAGF will recommend appropriate disciplinary actions and sanctions against defaulting accounting officers of agencies/parastatals found violating the contents of the circular, in line with the Fiscal Responsibility Act.
The Nigerian Navy has said it seized eight sacks of Indian Hemp worth N12.8 million in the Abojedo community, around Sultan Beach, in the Badagry area of Lagos State.
According to the Navy’s Forward Operating Base (FOB) in Badagry, the operation followed a tip-off of suspected smuggling activities taking place in the area.
Speaking on Tuesday, Lt. Adedeji Adeyemi, the Base’s Internal Security Commander representing the commander, Commodore Aiwuyor Adams-Aliu, said the intelligence report indicated that “some persons were sighted offloading products suspected to be Indian hemp at Abojedo community, seaside of the FOB Area of Operations.”
He said, “Consequently, the Base Quick Response Team proceeded to the scene of the crime for investigation and possible arrest.
“The team conducted a cordon-and-search operation in the area and recovered eight sacks of the suspected weeds valued at N12.8 million.
“The suspected smugglers fled the scene on sighting our patrol team. The adjoining communities were also searched but no other products or suspects were found,’’ he said.
“Recall that the Flag Officer Commanding Western Naval Command, Rear Adm.Mustapha Hussan launched Operation Water Guard’ on Nov. 9, 2023.”
Adeyemi added that the operation is aimed at denying smugglers and other criminal elements the freedom of action within Badagry and to ensure security and economic stability of the region.
The Indian Hemp was subsequently handed over to the National Drug Law Enforcement Agency (NDLEA), received by Mr Emmanuel Ogbogoh, the Assistant Commander, Narcotics, representing Mr Owen Dinneys, the NDLEA Area Commander, Seme Special Command.
According to the Navy, the handover was in line with the Harmonised Standard Operating Procedures for Arrest, Detention and Prosecution of Persons (2016).
Receiving the exhibits, the NDLEA vowed to probe the seizure while assuring that those involved in illegal drug smuggling into the country would be punished.
He commended the Nigerian Navy for collaborating with the NDLEA in tackling drug trafficking in the country.
Ogbogoh stressed that the handing over of the seized substance showed that the NDLEA could not fight the menace alone.
The Central Bank of Nigeria has released regulatory guidelines for the operation of cryptocurrency transactions by Deposit Money Banks and other financial institutions.
The development follows the removal of the ban imposed two years ago on cryptocurrency transactions in the Nigerian banking system by former CBN Governor, Godwin Emefiele
In February 2021 the CBN issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers due to the money laundering and terrorism financing risks as well as the absence of regulations and consumer protection measures.
But the CBN in the new rule titled, ‘Guideline On Operation of Bank Account For Virtual Assets Service Providers(VASPs)’, said banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on
their own account.
The CBN said, “From the commencement of these Regulations, financial institutions shall not open or permit the operation of any account by any person or entity to conduct the business of virtual/digital assets unless that account is designated for that purpose and opened in line with the requirement of these Guidelines.
“An account opened in accordance with these Guidelines shall only be used for transactions on virtual/digital assets and not for any other purpose.
“No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared from the account.
“Except for settlement of a virtual/digital assets transaction which shall be done through a transfer to another designated account, withdrawal shall be only through a Managers’ Cheque or transfer to an account.”
The guideline further explained that the designated settlement account of SEC’s VASPs/DA entities will be opened by financial institutions with the permission of the CBN.
“All obligations arising from transactions within the VASP5/DAs entities platform shall be settled into the designated settlement accounts maintained by them in the banks.
“The designated settlement accounts shall warehouse all Naira positions of individuals with the VASPs/DAs. The designated settlement account, including any associated linked account for warehousing settlement monies, shall not be interest beadng.
“The details of the transactions on the VASP platform leading to settlement on the designated settlement account shall be accessible online, on real-Ume basis to the FIs at all times. Credit to the designated settlement account shall be for the funding of Naira positions of persons on the VASP/DAs platform.”
The CBN said any form of contravention of the rule will attract penalty not less than N2m.
Quit Now, Adeyanju Tells Atiku, Says Obi, Kwankwaso, Wike’s G5 Greed Led To Tinubu’s Emergence
AdminHuman Rights activist, Deji Adeyanju, has called on former Vice President Atiku Abubakar to quit partisanship, stating that Atiku, Peter Obi, Rabiu Musa Kwankwaso, Wike’s G5 greed led to the emergence of President Bola Ahmed Tinubu in the last year’s presidential election.
In a new year message he personally signed, Adeyanju said for over three decades, Atiku’s name has appeared prominently in the Nigerian political lexicon, adding that one cannot deny the fact that he has contributed a great deal in shaping the Nigerian democracy but that he needs to quit.
“From the aborted third republic down to the recently conducted 2023 general elections, Alhaji Atiku has played one role or the other in Nigerian politics, with varying results.
“However, it is now time for him to take a bow from politics and serve as a mentor for the younger generation of politicians,” Adeyanju said, stating that keen observers of political issues in Nigeria will attest to the fact that year 2023 was Alhaji Abubakar’s best shot at the Nigerian Presidency.
“He had everything working in his favour. However, a combination of arrogance, inadequate human relationship, inability to manage the opposition, and several other lesser known factors contributed to his defeat in the polls.
“Alhaji Atiku Abubakar was directly responsible for the division in the opposition that saw President Tinubu emerging with the slimmest victory margin in Nigeria’s recent democratic elections. He failed to support Peter or prevail on him to remain in the PDP, he failed to prevail on Kwankwanso to remain in the PDP, he picked unnecessary fight with the G5 PDP governors and invariably lost in woefully in areas that were hitherto traditional PDP bases.
“Had the G5, Alhaji Kwankanso, Peter Obi and Alhaji Atiku worked under one platform in the 2023 presidential election, we would have had a different president today.
“Sadly, that ship has sailed. It is for the aforementioned reasons that Alhaji Abubakar must drop his intention to run in the 2027 presidential elections. He is not the only politician in Nigeria,” Adeyanju said, adding that Atiku must give way for the younger generation of politicians.
“Alhaji Abubakar should leave behind a legacy of uniting the opposition and pushing for a younger politician to be president of Nigeria. He should assume the role of Moses and let history be the judge. The opposition must also find a way to work together and present a united front in 2027 through a younger candidate,” Adeyanju said, hoping that Alhaji Atiku Abubakar will heed to the call and leave his political legacy unblemished.