Assets
Bulgaria to set up its own ‘blacklist’ after U.S. graft sanctions
Bulgaria will set up its own “blacklist” of companies and people associated with three Bulgarians and 64 entities that the United States has imposed sanctions on over alleged corruption, preventing state dealings with them, the interim government said late on Friday. The United States this week blocked assets and cut off access to its financial system to former lawmaker and media mogul Delyan Peevski, government official Ilko Zhelyazkov and fugitive gambling tycoon Vassil Bozhkov. The interim government, in office until a July 11 parliamentary election, is setting up a group of financial and interior ministry officials as well as tax and intelligence officers to identify and list people and entities associated with those under U.S. sanctions. State administrations and companies with state ...
President Buhari orders IGP to reduce insecurity to barest minimum
President Muhammadu Buhari, has ordered Inspector General of Police, Usman Baba to ensure insecurity is reduced to the barest minimum. This is even as the Police Council made up of the President, Vice President, governors, ministers of Police Affairs, Interior and the Federal Capital Territory, confirmed Baba as the IGP. Minister of Police Affairs, Alhaji Maigari Dingyadi, who confirmed the development at the end of the one and half hours meeting, said he was unanimously confirmed. President Buhari had on April 6, appointed Baba as acting the Inspector General of Police. Baba was a Deputy Inspector General of Police before his promotion. Briefing State House Correspondents at the end of the meeting held at the First Lady Conference Room, the main purpose of the meeting was to “get the appo...
House member accuses military of extrajudicial killings, looting in Imo
A member of the House of Representatives, Bede Eke, has said men of the Nigerian Army and the police are carrying out extrajudicial killings and displacement of people in Imo State following the recent killing of a former presidential aide, Ahmed Gulak. Mr Gulak, a chieftain of the ruling All Progressives Congress (APC), was killed by unknown gunmen on May 30 while on his way to Sam Mbakwe Airport, Owerri, en route Abuja. According to the Deputy Senate President, Ovie Omo-Agege, Mr Gulak was consulting for the Senate Committee on Constitutional Review, which he (Omo-Agege) heads. The police said Mr Gulak’s killers were subsequently killed in a gun battle. Speaking with journalists in Abuja on Thursday, Mr Eke, who represents Mbaise/Ngor-Okpala Federal Constituency of Imo State, alleged tha...
House displeased with EFCC over delay in disposal of recovered N46 billion from ex-oil minister
The House of Representatives has expressed displeasure with the Economic and Financial Crimes Commission (EFCC) over the delay in disposing of the N46 billion assets seized from the former Petroleum Minister, Mrs Diezani Alison-Madueke. The Chairman of the Ad hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation, Hon. Adejoro Adeogun, expressed his displeasure on Friday when the Chairman of the EFCC, Mr. Abdulrasheed Bawa, appeared before the committee. The chairman of the committee opined that it was not ideal to continue keeping such recoveries as they were losing value over time. He said: “Given the financial situation of Nigeria, sho...
Rivers government seeks relocation of NIMASA cabotage department
The Governor of Rivers State, Nyesom Wike, has appealed to the Nigerian Maritime Administration and Safety Agency (NIMASA) to return its Cabotage Services Department to Port Harcourt. Wike made the appeal when the Director-General of NIMASA, Dr. Bashir Jamoh, visited him in Port Harcourt, recently. Wike said operations of the Cabotage Services Department of NIMASA used to be in Port Harcourt, Rivers State, but it was relocated to Lagos. The governor said in spite of his administration’s procurement of gunboats for security agencies, especially the Police and Navy to assist in the fight against piracy and ensure safety on the waterways for NIMASA’s businesses to thrive, the state did not get anything in return. He commended Jamoh for the initiative aimed at harnessing ocean resources as an ...
Firm cautions Nigerian government over sale of national assets
Agusto Consulting has cautioned the federal government over its plan to relinquish national assets to private hands, saying, the risk involved is unquantifiable. Agusto Consulting, in a report titled “Rethinking Nigeria’s Models for Infrastructure Development,” noted that, the benefits of relinquishing control to the private sector are glaring, but remain difficult to implement. Noting that the federal government’s handing off certain critical assets of the country that have been dormant over the years will positively impact on the country’s budgetary allocation, but added that this decision has caveats and risks associated with operating models that involve private sector participation regardless of the levels of participation. “First is the high level of corruption in the country and the...
Kaduna in total blackout as workers begin strike
Kaduna State on Sunday was thrown into total blackout ahead of the five-day warning strike directed by the Nigeria Labour Congress to commence from midnight of Sunday in the state. The total blackout followed a warning by the National Union of Electricity Employees, an affiliate of the NLC, directing its workers to join the strike action in Kaduna beginning on Midnight Sunday. But the state government said it won’t bow to the intimidation of the NLC over its planned ‘rightsizing’ of the state workforce. While speaking at a press conference in Kaduna on Saturday, the Commissioner of Local Government Affairs, Malam Jafaru Sani, said it uncovered a plot by the NLC to recruit hoodlums from other states of the federation to cause mayhem under the pretext of embarking on strike. Sani, therefore,...
INEC seeks measures to secure assets due to incessant attacks on facilities
The Independent National Electoral Commission INEC has called for urgent measures to stave off further attacks on its facilities across the country, lamenting that in less than two weeks, three of its offices in the Southeastern part of Nigeria have come under attacks by arsonists. “The spate of fire incidents involving the facilities of the Independent National Electoral Commission (INEC) in some States of the Federation has unfortunately persisted”, INEC National Commissioner and Chairman of its Information and Voter Education Committee, Barr. Festus Okoye disclosed this in a statement on Friday. According to him, the attack this time around, is in Enugu State, where the Resident Electoral Commissioner for the State, Emeka Ononamadu, reported that the INEC office in Udenu Local Governmen...
CSCS reiterates commitment to deepening capital market
The Central Securities Clearing System (CSCS) has restatement its commitment in repositioning business to efficiently play a more active and leading role in deepening the Nigerian capital market growth. Also, CSCS grew its profit after tax by 41.4 per cent for the year ended December 31, 2020. The company results showed that amidst unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Group grew total income by 31.3 per cent year-on-year (YoY) to N12.09 billion. Profit after tax grew by 41.4 per cent to N6.93 billion, translating to N1.39 earnings per share. The group delivered 20.3 per cent return on average equity for the 2020 financial year, compared to 15.3 per cent in 2019 full year. The company’s total assets stood at N41.42 billion, as again...
Senate passes amended AMCON bill, empowers agency to seize debtors’ assets
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, ...
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 ...
DPR revokes Addax Petroleum oil mining licences
File Photo The Department of Petroleum Resources (DPR) has revoked four Oil Mining Licences (OML) belonging to Addax Petroleum due to the non-development of the assets by the petroleum company. The affected assets are OML 123, 124, 126 and 137. Speaking during an interactive session with journalists in Lagos on Tuesday, the Director/Chief Executive Officer, DPR, Mr. Sarki Auwalu, who disclosed this, said it was discovered that over 50 per cent of the assets had remained underdeveloped, which he said was resulting to loss of revenue to the federal government. According to him, “Addax refused to develop the assets and Addax were therefore not operating the assets.” The DPR boss pointed out that going by the country’s Petroleum Act, “the first reason for a revocation is when you discover that...
