Funds
Activist asks court to compel Kano, others to refund VAT generated from alcohol
An Abuja-based activist, Sesugh Akume, has filed a suit before a Federal High Court in the nation’s capital, asking it to compel states that outlawed the sale of alcohol to refund the sums received through Value Added Tax imposed on alcoholic beverages. About 12 states practise Sharia law in Nigeria. They are Kano, Kaduna, Katsina, Kebbi, Sokoto, Borno, Yobe, Jigawa, Bauchi, Gombe, Zamfara and Niger. Based on Sharia law, some of the states prohibit the sale of alcoholic beverages and usually hold public events where bottles of alcoholic drinks are destroyed while gambling is also illegal. However, all the states receive VAT collected from alcoholic beverages sold in other states that permit the sale of the product. In an originating motion brought pursuant to Section 1(3), 4(5), 162(3), (4...
President Buhari wants rapport between NDDC, National Assembly sustained
President Muhammadu Buhari has lauded the cordial relationship existing between the Niger Delta Development Commission (NDDC) and the National Assembly. The president, who spoke on Thursday at the virtual commissioning of the NDDC headquarters building in Port Harcourt, the Rivers State capital, called for such relationship for the development of the Niger Delta region. While commending the management and staff of the NDDC for staying the course and keying into the reform agenda of his administration, President Buhari said: “I am particularly pleased to note the cordial relationship between the NDDC and the National Assembly and hope that this relationship will be strengthened further for the benefit of the people of the Niger Delta region.” He said: “I, therefore, use this opportunity to ...
DMO: Nigerian roads financed with Sukuk not repaying debt as planned
File Photo The Debt Management Office (DMO) has decried the country’s debt service to revenue ratio, describing it as a major issue of concern. Patience Oniha, the Director-General of DMO, said this in Abuja on Thursday at the fifth Budget Seminar (webinar) organised by the Securities and Exchange Commission (SEC). The theme of the budget seminar was, “Financing Nigeria’s Budget and Infrastructure Deficit through the Capital Market.” Oniha stressed the need for infrastructure built with borrowed funds to generate revenue to service the debts. According to her, “We have done the Sukuk, for instance, but the government is the one servicing the debt of those Sukuk. “They (the debts) are not being serviced with revenue from those sources (infrastructure). “I think that when we are talking abou...
EFCC arraigns three FIRS directors, six other officers for N4.5 billion fraud
The Economic and Financial Crimes Commission, EFCC on Thursday, arraigned Peter Hena, former Coordinating Director of Federal Inland Revenue Service, FIRS and eight other officers of the agency before Justice Ijeoma Ojukwu of a Federal High Court sitting in Abuja. The others are Mohammed Bello Auta (Director of Finance), Amina Sidi (Finance and Account department), Umar Aliyu Aduka (Internal Audit), Mbura Mustapha (Deputy Manager), Obi Okeke Malachy (Services Group), Obaje Napoleon Adofu (Head of Budget), Udo-Inyang Effiong Alfred (Officer II) and Benjamin Jiya (Assistant Director) . They were docked on a 42- count charge bordering on corruption, fraud and criminal misappropriation of funds to the tune of N4,558,160,676.9 ( Four Billion, Five Hundred and Fifty-eight Million, One Hundred an...
Kaduna governor: Bandits have challenged the sovereignty of Nigeria
Kaduna State Governor, Mallam Nasir El-Rufai, has declared that bandits have challenged the sovereignty of Nigeria, and must therefore be wiped out. He reiterated that the state government would never negotiate with the criminals. According to the governor, the activities of the criminals have driven farmers from their land and shaken the confidence of the people. The governor, who stated this yesterday at the Government House in Kaduna while receiving the 2020 Security Report from the state Commissioner for Internal Security and Home Affairs, Samuel Aruwan, warned that food security of Nigerians is seriously at risk in view of activities of criminal elements across the country. Kaduna is one of the states in the North-west region that is worst hit by activities of bandits and kidnappers, ...
Senator Okorocha meets VP Osinbajo over feud with Governor Uzodinma
Rochas Foundation The former Governor of Imo State and Senator representing Imo West Senatorial District, Owelle Rochas Okorocha, Wednesday took the feud between him and Governor Hope Uzodinma to the Presidency. Senator Okorocha after meeting behind closed doors with Vice President Yemi Osinbajo told State House correspondents that he would not want an escalation of the conflict arising from the government’s sealing of some of his property in Owerri, the Imo State capital, insisting that he wants peace to reign in the state. The proponent of ‘Iberiberism’ doctrine also said that becoming governor was a sacrifice for him. According to him, “The whole thing to me sounds like a movie, a joke, a dream that does not reflect any practical reality, but I am a father, I’m a leader of that state an...
Delta government heads to Supreme Court to reclaim £4.2 million James Ibori loot
The Delta State Government says it will challenge federal government’s plan to deploy the recently returned £4.2 million (around N2.2 billion) recovered from former governor, James Ibori, at the Supreme Court. The Commissioner for Information, Ehiedu Aniagwu, disclosed this on Tuesday while reacting to news of the repatriation of the funds, which the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), said would be used to complete the ongoing work on Second Niger Bridge, Abuja-Kano Road and the Lagos-Ibadan road. “We would try to get take advantage of the legal system to make the federal government correct the injustice they are about to visit on us as a state,” he said. “If they are quite sure that the funds they are about to repatriate left Delta State on ...
AfDB provides $400,000 grant for SEC
African Development Bank Group (AfDB) on Friday signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) to strengthen securities market regulation and broaden market instruments. The funds, according to a statement from AfDB, will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank. “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremon...
Nigerian lady convicted in US for online fraud
Oyindamola Akinrinola, 23, a Nigerian resident of Lawrence, Kansas, has pleaded guilty in federal court for her role in online fraud schemes that targeted victims in the United States. U.S. Attorney Stephen McAllister announced her conviction Monday night, saying she will now face time in federal prison for her crime. “Akinrinola and her co-conspirator in Nigeria victimised individuals, several elderly, through a variety of online scams,” he said. “We will continue to work with our law enforcement partners to prioritise the investigation and prosecution of fraud schemes like these, no matter where they originate. “I also take this conviction as an opportunity to reiterate to all Kansans the vulnerability of our senior citizens to scams and con artists, who prey upon them. “We must all be v...
Nigerian lady convicted in US for online fraud
Oyindamola Akinrinola, 23, a Nigerian resident of Lawrence, Kansas, has pleaded guilty in federal court for her role in online fraud schemes that targeted victims in the United States. U.S. Attorney Stephen McAllister announced her conviction Monday night, saying she will now face time in federal prison for her crime. “Akinrinola and her co-conspirator in Nigeria victimised individuals, several elderly, through a variety of online scams,” he said. “We will continue to work with our law enforcement partners to prioritise the investigation and prosecution of fraud schemes like these, no matter where they originate. “I also take this conviction as an opportunity to reiterate to all Kansans the vulnerability of our senior citizens to scams and con artists, who prey upon them. “We must all be v...
U.S. to de-link Ethiopian aid pause from dam policy
The U.S. State Department on Friday said Washington will de-link its pause on some aid to Ethiopia from its policy on the giant Blue Nile hydropower dam that sparked a long-running dispute between Egypt, Ethiopia and Sudan. U.S. State Department spokesman Ned Price told reporters that President Joe Biden’s administration will review U.S. policy on the Grand Ethiopian Renaissance Dam (GERD) and will assess the role the administration can play in facilitating a solution between the countries. A bitter dispute between Egypt, Ethiopia and Sudan over the filling and operation of the dam remains unresolved even after the reservoir behind the dam began filling in July. “We continue to support collaborative and constructive efforts by Ethiopia, Egypt and Sudan to reach an agreement on the GERD,” P...
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...
