COVER
Anti-Corruption War: FG Recovers N1trn Stolen Funds
By Mathew Dadiya, Abuja
The Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof Itsey Sagay has said about N1trillion has been recovered by the Buhari administration from corrupt persons in both the private and public sectors since the launch of its anti-corruption war.
Sagay has also, accused the immediate 8th National Assembly, of aiding corruption by stymieing the anti-corruption agencies from prosecuting offenders.
He, however, said the capacity of corruption to fight back has been reduced with the expiration of the life of the 8th Assembly, which he regretted became the main source of opposition to the Buhari administration.
Sagay spoke to State House Correspondents Thursday, when he led members of the committee to a meeting with President Muhammadu Buhari at the Presidential Villa, Abuja.
The renowned Prof of Law said that the 8th Assembly was the main opposition to the fight against corruption.
According to him, “it did not depend on which party they belonged to, they all ganged up together against the fight against corruption and did everything they could to frustrate the government and ourselves in the this fight.
“Luckily, the 9th Assembly is totally different Assembly, it is an Assembly that is determined to work hand in hand with the government and therefore with us in achieving the highest level of non- corruption in society.”
In the area of recoveries, the PACAC chairman said: “it is unprecedented in the annals of this country that we could be recovering so much assets illegally acquired mainly by public servants but not only by public servants.
The professor further disclosed about N1 trillion had been recovered from treasury looters both within and from abroad, all of which he said were being ploughed back into the nation’s economic system.
“The more remarkable aspect of it is that this recovered loot is being ploughed into the national budget every year. It is ploughed back into the national budget and used for the Social Investment Programme.
“So when you hear about feeding of over 12 million school children as at when I checked last having nutritious meal every day, you hear of poor families being supported to survive and stand on their feet or over 500,000 young people who are being trained in all sorts of skills and paid N30,000 a month by the government and the interest free loans given to small scale businesses all over the country.
“It’s all part of this money, not a kobo of it is left, everything is ploughed back and I think the country should know that, it’s very unprecedented, this never happened before in the history of this country, everything is ploughed back,” he stated.
He boasted that the committee has succeeded in improving the quality of prosecution by giving the anti-corruption agencies a lot of capacity by training their officials in the manner cases should be prosecuted and how charges should be drawn.
“Judges up to the Supreme Court have also benefitted from this programme”, Sagay added.
On fuel subsidy, he said that nobody talks about fuel subsidy corruption anymore revealing that previously Nigeria was losing N400 billion every year on fake fuel subsidy payments “but now, it is zero.”
He maintained that Nigeria has gained tremendously and corruption has gone down.
“There is still corruption but it has gone down and anybody who indulges particularly an officer of a state who engages in it knows the risk he is taking. “We have the Treasury Single Account(TSA), we have the bank verification number, all those things have made an incredible change in our level of anti- corruption.
“Now you cannot hide money in the banks anymore and agencies cannot hide money in various banks accounts which they spend without the knowledge of the government. Everything is in one place, everything is transparent, thanks to this government,” the anti-corruption committee chairman added.
On challenges confronting the fight against corruption he said: “Previously we were afraid that when the initial donor agency funds will be exhausted which we exhausted last year, we will be in trouble but I must say the government and various other bodies in this country which I will not want to mention; have come to support PACAC with funds. So we are able to carry on our activities at the same speed as before.
He disclosed that foreign donors “are no longer funding us apart from McArthur that still fund programmes from time to time.”
He acknowledged that “there are always challenges but we don’t have any serious ones at all. We are doing our work, there is a large variety of work that we do in various areas both remote and immediate to support the anti corruption struggle.”
On the N5trillion AMCOM debts, he said “it’s a result of purely business failures and they are very determined now to recover these debts and I am aware there is a lot of vigour in an attempt to recover the debts right now.
“We don’t have any direct role in this area although whatever they do will benefit the country because it is about N5 trillion involved, so they are vigorously fighting it under the new management and committee that was set up and I think they will recover a lot if not all.”
By Tony Obiechina, Abuja
Central Bank of Nigeria (CBN) yesterday announced a review of the loan-to-deposit ratio (LDR) for banks from 65 percent to 50 percent to align with the current monetary tightening.
LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.
An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.
CBN disclosed the increase in a circular titled “Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy”, signed by Adetona Adedeji, CBN Acting Director, Banking Supervision Department.
“Following a shift in the b ank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN,” the apex bank said.
“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.
“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.”At the last monetary policy committee (MPC) meeting on March 26, the CBN retained the CRR at 45 percent and the liquidity rate at 30 percent.
By David Torough, Abuja
Gunshots rented the air as officials of the Economic and Financial Crimes Commission (EFCC) yesterday invaded the Abuja residence of the immediate past governor of Kogi State, Yahaya Bello in a bid to arrest him.
The plot is at 9 Bengazi Street, Zone 4, Wuse District, Abuja.
Officers of the Nigeria Police Force and armed men dressed in black with the inscription “Special Forces” prevented operatives of EFCC from picking up the former governor of Kogi State, saying he had secured a court injunction against arrest by EFCC.
EFCC arrived Bello’s home at about 9:30am.
After hours of failed attempt to arrest Bello, the security operatives reinforced with backup support from the police and Department of State Services (DSS).
They were about seizing Bello when the governor of Kogi State, Usman Ododo arrived the premises.
Ododo spent few minutes and was zooming out when it was reported that he was driving out with Bello in his (Ododo’s) car.
Quickly, operatives opened fire causing protesters, journalists, onlookers and passers-by to scamper for safety.
Ododo and some security personnel as well as supporters showed up at Bello’s house around 2:30pm to voice their opposition to the invasion of Bello’s house.
Operatives blocked the roads leading in and out of the street causing traffic jam around the area.
Ododo arrived at Bello’s residence at about 2:30pm alongside several security operatives and youth supporters protesting against the siege to the ex-governor’s place.
EFCC has always had it rough while on mission to prosecute highly placed individuals especially formers governors.
While some of them resist arrest, some run to court to secure perpetual injunction against arrest.
Former Governor Peter Odili got a perpetual injunction against arrest.Rabi’u Kwankwaso, Abdul’aziz Yari, Bello Matawalle and others got restraining orders against EFCC.
The National Executive Council (NEC) meetng, the National Working Committee (NWC) of the Peoples Democratic Party (PDP) has passed a vote of confidence on its Acting National Chairman, Umar Damagum.
The party’s spokesman, Debo Ologunagba announced in a statement that the NWC took the decision at the end of its 584th meeting on Tuesday in Abuja.
He said the decision was reached in commendation of the efforts and commitment of Damagum’s ability to stabilize and reposition the PDP as the main opposition party in the country.
The party’s national executive meeting was slated for Thursday and the purpose of the meeting was to either affirm or replace Damagun.
“The Deputy National Chairman (South), Amb. Taofeek Arapaja presided over the motion for the Vote of Confidence on the Acting National Chairman, which was moved by the National Vice Chairman (South East) Chief Ali Odefa and seconded by the National Treasurer, Hon. Yayari Mohammed,” Ologunagba said.
Earlier, attempt to pass a vote of confidence on Damagun during the party’s caucus meeting in the House of Representatives on Tuesday met stiff resistance.
Lawmakers loyal to the party’s Acting National Chairman and FCT Minister, Nyesom Wike attempted to pass a vote of confidence on Damagun but were blocked.
The meeting convened by the Leader of the Caucus and House Minority Leader, Hon. Kingsley Chinda was held for about two hours at the National Assembly, Abuja ahead of today’s NEC meeting.
Last week, a group of 60 PDP federal lawmakers threatened to quit the party if the doctored list of Caretaker Committees in Rivers and 10 other states which was filled with members and loyalist of the All Progressive Congress (APC) is not nullified.
The group under the aegis of Opposition Lawmakers Coalition also demanded the resignation of the Acting National Chairman to pave way for a north-central person to emerge as Acting National Chairman of the party pending the conduct of convention as required by the party’s constitution.
Damagum was appointed the Acting National Chairman in 2023 following the suspension of the former chairman Iyorchia Ayu.
Ayu yesterday withdrew his appeal suit against the PDP and Terhide Utaan who took Ayu to court restraining him from parading himself as the National Chairman following his suspension by his ward.
The Withdrawal of Appeal was contained in Appeal No: CA/MK/88/2024 before the Court of Appeal in Makurdi dated April 15, 2024.“Take notice that the appellant in pursuant herein intends and does hereby wholly withdraws his appeal against all the respondents filed on 27th day of June 2023 vide notice of appeal dated the 26th day of June 2023,” the document reads.
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