Balances
Segun Adeniyi: Devolution of power alone can’t solve Nigeria’s problems
Nigerian Monitor The chairman of THISDAY editorial board, Olusegun Adeniyi, says devolution of power is not the only solution to Nigeria’s problems. Adeniyi said for it to be effective, devolution of power must come with accountability at all levels especially at the local government where administration “has been castrated”. He was speaking at ‘The Platform’, an annual programme organised by Covenant Christian Centre, which was held in Lagos on Saturday. The seasoned journalist added that from past experience, closer government does not necessarily translate to better governance. “Today, there is hardly anybody in our country who is not angry about the situation in which we find ourselves. But nobody is accepting responsibility because the other person or the other ethnic group is to blam...
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 ...
Official: Why CCB denies Nigerians access to public officers’ assets information
The Code of Conduct Bureau (CCB) on Wednesday explained why it denies Nigerians access to the details of the assets declared by public officers. The chair person of the bureau, Muhammad Isah, also disclosed that assets declaration would soon become online-based. Mr Isah, represented by his special assistant, Mustapha Musa, spoke in Lagos at a meeting on ‘Promoting Transparency and Accountability in Asset Declaration by High-Ranking Public Officers’. Newsmen report that the meeting was organised by the Socio-Economic Rights and Accountability Project (SERAP). On access to public officers’ assets information, the CCB chair said the bureau never honoured citizens’ requests for such information because the National Assembly had yet to give the guidelines for such public disclosure. He said the...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Ex-HoS Winifred Oyo-Ita, others ask court to adjourn ‘N570 million fraud’ case indefinitely
Former Head of Service of the Federation, Mrs. Winifred Oyo-Ita, on Tuesday, urged the Federal High Court, Abuja, to adjourn her ongoing trial sine die over alleged Economic and Financial Crimes Commission (EFCC)’s abuse of court process. Also making the plea for the adjournment before Justice Taiwo Taiwo were the 7th, 8th and 9th defendants in the money laundering charges. Newsmen report that while Ubong Okon Effiok, his two companies; U & U Global Services Ltd and Prince Mega Logistics Ltd are 7th, 8th and 9th defendants respectively, Frontline Ace Global Services Ltd and Asanaya Projects Ltd are 2nd and 3rd defendants in the trial. Others in the case include Garba Umar, and his two companies; Slopes International Ltd and Gooddeal Investment Ltd as 4th, 5th and 6th defendants respect...
