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Senate summons insurance firms over failure to remit N17.4 billion pension fund
The Senate Public Accounts Committee, on Monday, summoned NICON Insurance Plc, AIICO Insurance and other insurance companies over alleged failure to remit N17.4 billion fund to Pension Transitional Arrangement Directorate (PTAD). The Executive Secretary of PTAD, Dr Chioma Ejikeme, had told the panel that PTAD took over the assets and liabilities of defunct pension offices without a formal handing over. She said, “On taking over, the Directorate wrote all underwriters to make returns and remit whatever amount is in their custody into a CBN dedicated account. Some of the underwriters responded to the request while some did not. “The bank certificate of balances, accounting statements, 3 years financial statements and policy files requested by the Federal Auditor were not handed over to PTAD ...
House seeks refund of N308 million wrongly paid to resident doctors
The House of Representatives committee on health care services has directed the National Association of Resident Doctors (NARD) to return N308 million in salaries wrongly paid to its members in the past four months. Chairman of the committee, Rep. Tanko Sununu said the N308 million had been with NARD and they are in touch with relevant organs of government to make sure that the money is paid back to government treasury. He however said, the monies were not refunded because the account into which the refund to be made was not given to them. He disclosed this after a closed-door meeting with NARD members on Friday. “At this meeting, we resolved and the account number was forwarded to the President of the Resident Doctors for onward transmission to the members so that the money can be paid ba...
Amnesty: Russia may be ‘slowly’ killing Alexey Navalny
Alexey Navalny, the prominent opponent of Russian President Vladimir Putin, is imprisoned in conditions that amount to torture and may slowly be killing him, human rights group Amnesty International said on Wednesday. Navalny, who last year was poisoned with a military-grade nerve agent, was now being subjected to sleep deprivation and did not have access to a doctor he could trust in jail, it said. “Russia, the Russian authorities, may be placing him into a situation of a slow death and seeking to hide what is happening to him,” Agnes Callamard, Amnesty International’s secretary general, said ahead of the publication of the group’s annual report. “Clearly the Russian authorities are violating his rights. We have to do more,” she said. “[They] have already attempted to kill him, they are n...
Seplat issues $650 million oil and gas bond
Seplat Petroleum Development Company, a Nigerian independent oil and gas firm, has issued $650 million in aggregate principal amount of senior notes due in 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. A senior note is a type of bond that must be repaid before most other debts in the event that the issuer declares bankruptcy. It is more secure than other bonds. The dual listed company said the five-year bond was well-received in the market with orders from high quality institutional investors. “The notes priced at a yield of 7.75%, representing a significant pricing reduction from its $350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of 9.25%,” a statement by the company read. “The offering was well oversubscribed with deman...
House minority caucus flays $1.5 billion approval for rehabilitation of Port Harcourt refinery
The Minority Caucus in the House of Representatives Tuesday described the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery as a huge scam and a ploy by unscrupulous elements to siphon public funds. The Federal Executive Council (FEC) had recently at its virtual meeting presided over by President Muhammadu Buhari approved $1.5 billion for the rehabilitation of the refinery. But, the caucus in a statement by its Leader, Hon. Ndudi Elumelu, while rejecting the amount, said the figure is outrageous and heavily inflated, demanding an immediate review of the cost. The lawmakers noted that while they are in support of any genuine effort to bridge energy deficit in Nigeria, such should not be used as a ploy by corrupt individuals to fleece the nation. The caucus called...
Nigerian government tenders foreign currency in ‘money laundering’ trial of ex-NAF chief
The Federal Government, on Thursday, tendered before the Federal High Court, Abuja, different currencies of dollars stashed in three bags as evidence in the money laundering charge against Air Commodore Umar Mohammed (rtd.) Counsel to the Attorney General of the Federation (AGF), Magaji Labaran, tendered the bags of money before Justice Inyang Ekwo while leading the only witness in the case, Stephen Olatubosun, in evidence. Newsmen report that Mohammed (1st defendant) and his company, Easy Jet Integrated Service Ltd (2nd defendant), are being charged with three counts bordering on money laundering, illegal possession of firearms and possession of classified documents without lawful authority. The retired air officer and his company are alleged to have received the sum of one million, thirt...
TUC opposes sale of Port Harcourt refinery
File Photo The Trade Union Congress (TUC) is opposed to the sale of the Port Harcourt Refinery as canvassed by many Nigerians, its secretary-general, Musa Lawan, has said. The Federal Executive Council last week approved $1.5 billion (about N600 billion) for the rehabilitation of the 210,000 barrels per day refinery. The FEC approved the amount at its virtual meeting presided by President Muhammadu Buhari. The approval came amidst a controversial price increase in the pump price of petrol that was later reversed. Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products. The approval for the Port Harcourt Refinery was greeted with mixed feelings as the country in the past spent billions of dollars on refinery maintenance w...
Femi Falana: EFCC can mandate bank MDs, executives to declare assets
The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...
Imo teachers protest non-payment of 12 months salaries
Primary and secondary school teachers in Imo State on Thursday staged a peaceful protest over the state government’s failure to pay their salaries for 12 months consecutively. Newsmen reported that the protest, which was held in front of the Government House, Owerri, temporarily halted human and vehicular movement in the area. It was learnt that the action was triggered by Governor Hope Uzodinma’s claim that teachers who had yet to receive their salaries were ‘ghost workers.’ The protesters carried placards with inscriptions, such as “Uzodimma lied to Imo people on teachers’ salary”, “We are not ghost workers, we have our employment letters, please pay us” and “Uzodimma come and see us and prove we are ghost workers.” The teachers, who wore long faces, alleged that they were last paid in F...
Former England skipper wants brain tested for dementia signs
Former England striker Gary Lineker says he will get extra checks on his brain for signs of dementia. Research has found that former professional footballers are three and a half times more likely to die from a brain disorder than the general population. Already, an inquiry was launched by the UK parliament this month into sport’s link to dementia. Lineker, who has previously suggested a complete ban on heading in training, joined a radio programme for a Dementia in Football documentary. He revealed he and colleagues Alan Shearer and Ian Wright fear they could end up with a brain disorder. “I’ve had conversations with Alan Shearer and Ian Wright and others about the worry that, come 10, 15 years, that it might happen to one of us,” said the 60-year-old former England captain turned broadca...
Nigerian government distributes N20,000 each to 2,900 women in Benue
The Federal Government has disbursed N20,000 each to 2,900 women in Benue to improve their living standards. Mrs Sadiya Farouq, Minister of Humanitarian Affairs, Disaster Management and Social Development, said this on Saturday in Makurdi during the inauguration of the grant for rural women project. Farouq, represented by the Permanent Secretary, Alhaji Bashir Alkali, said that a cash of N20,000 would also be disbursed to about 125,000 poor women across the 36 states of the federation including the Federal Capital Territory. “Our target in Benue is to disburse the grant to about 2,900 beneficiaries across all local government councils. “The grant is expected to increase income and productive assets of target beneficiaries. “It is our hope that the beneficiaries of this programme will make ...
NCC boss: Over $70 billion spent on telecoms infrastructure in Nigeria
Vox Media Over $70 billion have been invested in telecommunications infrastructure deployment in Nigeria since the liberalisation of the industry in 2001. The Executive Vice Chairman of the Nigerian Communications Commission, NCC, Prof Umar Garba Danbatta, who made this known said the amount represented a larger chunk of local and Foreign Direct Investment (FDI) attracted into the sector within the period. Danbatta made the remarks on Thursday while delivering the Bullion Lecture 2021 Edition organised by the Centre for Financial Journalism (CFJ), Lagos. According to him, the investment in infrastructures has boosted the economy and provided more opportunities for more Nigerians have access to telecoms services. “Today, the number of active telephone lines being used by Nigerians has signi...
