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FG, States, LGCs Share N966.11bn July Revenue From FAAC
By Tony Obiechina, Abuja
The Federation Account Allocation Committee (FAAC) has shared a total sum of N966.110 billion July 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for August 2023.
The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The N966.110 billion total distributable revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.
947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.In July 2023, the total deductions for cost of collection was N62.419 billion and total deductions for savings, transfers, refunds and tax credit cancellation was N717.962 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57
The communiqué stated that from the total distributable revenue of N966.110 billion; the Federal Government received N374.485 billion, the State Governments received N310.670 billion and the Local Government Councils received N229.409 billion. A total sum of N51.545 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N1150.424 billion was received for the month of July 2023. This was lower than the sum of N1152.921 billion received in the month of June 2023 by N2.497 billion.
From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, the State Governments received N96.619 billion and the Local Government Councils received N74.489 billion. The sum of N35.822 billion was shared to the relevant States as 13% derivation revenue.
For the month of July 2023, the gross revenue available from the Value Added Tax (VAT) was N298.789 billion. This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.
The Federal Government received N40.792 billion, the State Governments received N135.974 billion and the Local Government Councils received N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) revenue.
The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.926 billion, the State Governments received N6.420 billion and the Local Government Councils received N4.494 billion.
From the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, the State Governments received N71.658 billion, the Local Government Councils received N55.245 billion and the sum of N15.723 billion was shared to the relevant States as 13 percent mineral revenue.
According to the communiqué, in the month of July 2023, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally. Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.
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After Five Months Bello, EFCC Standoff Turns Theatric
From Joseph Amedu, Lokoja
Former Governor of Kogi State Yahaya Bello yesterday honoured the invitation of the Economic and Financial Crimes Commission (EFCC).
A statement from Bello’s Media Office signed by Michael Ohiare said that the decision was made after due consultations with his family, legal team and political allies.
The statement read, “The former governor, who has great respect for the rule of law and constituted authority, had all the while only sought the enforcement of his fundamental rights in order to ensure due process.
“The case has been before a competent court and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing.
“It is important for the former governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.
“The former governor believes firmly in the efforts of the administration of President Bola Tinubu to place Nigeria on the path of sustainable economic development and support the fight against corruption in the country.
“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the state work for the people of the state.
“He was accompanied to the EFCC Headquarters by high profile Nigerians.
“It is our hope that the commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.
“Details of his engagement with the operatives of the anti-graft agency will be disclosed later.”
However, EFCC denied that the former governor was in its custody.
The commission, in a statement by its spokesperson, Dele Oyewale said that Bello remained wanted with a subsisting warrant of arrest.
He said, “Media reports today that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC is incorrect.
“The commission wishes to state that Bello is not in its custody.
“Bello, already declared wanted by the commission for alleged N80.2 billion money laundering charges, remains wanted with a subsisting warrant for his arrest.”
Bello was declared wanted after the incumbent governor of Kogi State, Usman Ododo helped the embattled former governor to escape arrest in April.
Ododo’s arrival with heavy security at the residence of the ex-governor in Wuse, Abuja prevented the EFCC men from effecting his arrest.
Ododo’s entourage drove out with Bello in the governor’s car.
Since then, it was said have holed up in the Kogi State Government House, Lokoja.
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Alia Hands over Seized Palliatives Truck to EFCC, ICPC in Makurdi
From Attah Ede, Makurdi
Governor Hyacinth Alia of Benue State yesterday handed over a truck of palliatives he recently confiscated in Makurdi to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) with a charge on them to conduct a thorough investigations bordering on alleged diversion.
The National Emergency Management Agency (NEMA), had on Sept.
11 through the office of the representative of House of Representatives for Kwande/Ushongo Federal Constituency, Terséer Ugbor deployed two trucks of palliatives to his constituency for onward distribution to IDPs and vulnerable households.However, one of the trucks containing several materials worth millions of naira was confiscated by the state governor.
Our correspondent had earlier reported that the seized truck was conveying assorted relief materials meant for IDPs in the Kwande/Ushongo federal constituency was caught offloading its contents at a private residence around Kilometre 2 in Makurdi.
Further checks revealed that the palliatives, which were loaded from a NEMA warehouse in Jos found their way to a private residence under the directives of Ugbor.
The governor explained that he gave a standing order that the truck be impounded and moved to Government House Makurdi so as to know why goods released from NEMA for distribution to IDPs in Kwande and Ushongo could be offloaded at a private residence in Makurdi.
Alia who spoke at NEMA headquarters upon his return from the United Kingdom expressed displeasure over the discovery of some hidden facts regarding the matter.
He explained that preliminary investigations revealed that the goods were coming from NEMA and were meant to be sponsored by the state government and lifted by the State Emergency Management Agency (SEMA).
In a letter from NEMA headquarters addressed to the representative of the Kwande/Ushongo constituency, Ugbor, who lobbied for the materials, the agency specified that the state government should pay for the expenses of lifting the materials in Jos and that the materials be taken to the state by NEMA and handed over to SEMA.
Alia who discovered that some of the trucks conveying other materials such as mattresses were still missing, directed anti-graft agencies to liaise with a three-man committee from the state and conduct a thorough investigations to uncover more facts.
“It was also discovered that the materials were to be distributed directly to the affected persons by officials from the agency’s North Central Zonal Office in collaboration with the Benue State Emergency Management Agency team.
“I have directed that the Acting Executive Secretary of SEMA, James Iorpuu, officers of the EFCC, and a few others should monitor the situation and ensure that due process was followed and that the materials were distributed to the rightful people.
“I thank President Bola Tinubu for having Benue people at heart. I therefore use this opportunity to call on the National Assembly members to consider the conditions of vulnerable people in their states and ensure that they provide for their constituents whatever the federal government gives,” Alia stated.
The Chief Press Secretary (CPS) to the governor, Tersoo Kula in a statement in Makurdi, said the Director General of NEMA through a phone call, thanked the governor for being vigilant and also promised to continue to collaborate with the state government to ensure the fair distribution of materials coming from the Federal Government.
Similarly, last month, the governor uncovered the diversion of relief materials for an IDPs camp in Makurdi by SEMA officials.
The diverted food items include: 55 bags of rice, 24 bags of garri, Indomie noodles, beans among others.
The Executive Secretary of SEMA was perplexed, wondering how the governor got wind of the development.
Three staff of the agency were arrested in connection with the incident.The IDPs said diversion of relief materials by staff of SEMA was a common happening.
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CBN Appoints New Board for Keystone Bank
By Tony Obiechina, Abuja
Central Bank of Nigeria (CBN) has reconstituted the board of directors of Keystone Bank.
In a statement by the bank on Wednesday, the move is part of the apex bank’s strategy to ensure sustained growth for the financial institution.
According to the statement, Ada Chukwudozie is the new board chairman alongside five other non-Executive Directors.
They are Abdul-Rahman Esene, Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.
In addition, the CBN named two new Executive Directors, Ladi Oluwole and Abubakar Usman Bello.
Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.
Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.
Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions including Fidelity Bank, Afrinvest, and Global Arbitrage International Inc.
Akande boasts over 25 years of experience in legal, compliance, and risk management, having worked with global brands like Cadbury, Stanbic Chartered Bank, and Shell.
Olusoji has a distinguished 30-year career in accounting, finance, and business development, having served at institutions such as Sterling Bank, Access Bank, and Intercontinental Bank.
Samuel with more than 35 years of experience in banking and treasury operations has left a significant mark on Nigeria’s financial sector, previously working with Zenith Bank and Fidelity Bank.
Senator Bello, a seasoned banker with over 20 years of experience, has led initiatives across both the public and private sectors, including the National Assembly and Guaranty Trust Bank.
The two new Executive Directors bring their vast expertise to the table. Oluwole, the new Executive Director of Risk Management comes with over two decades of experience in credit and enterprise risk management, including previous roles at Bank of America.
Bello, Executive Director for the Northern Directorate has extensive experience managing corporate, retail, and public sector clients.
Speaking on the appointments, Keystone Bank’s Managing Director and CEO, Hassan Imam expressed confidence in the new board members, adding that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.
“We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank.
“We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam said.