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EFCC: How Bawa Created N500m Severance Package for Self

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By Gom Mirian, Abuja

 Barely 24 hours after President Bola Ahmed Tinubu ordered the indefinite suspension of Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission(EFCC), information has emerged about his many wrong doings that may cost him the plum job.

DAILY ASSET investigations revealed that on Just three month into his tenure on assumption of office, Bawa created a severance package in which he as chairman would be rewarded with a handsome N500million by the commission at the end of his tenure.

 While the staff were happy for their own financial rewards, they frowned at the staggering sum, th Chairman recommended and approved for himself and those that will come after him.

Worse still was the arbitrariness in making the severance package, which took a retroactive effect for just one female staff, who had formally retired from the commission before the package took effect.

A source at the Commission familiar with the situation told DAILY ASSET that the said female staff was controversially retained by Bawa in what had spanned a three-year contract and made the only beneficiary in the package among those that retired with her in 2021.

The said female staff it was also learnt, hails from the same  Kebbi State with Bawa and has family bonds with  him through marriage.

Bawa’s suspension was allegedly greeted with jubilation by staff of the Commission both at the headquarters and the state offices over what a source described as his administrative high handedness.

 As the staff of the Commission erupted in celebration yesterday with the news of Bawa’s ouster, they sadly recall that he stopped the payment of their overtime entitlement which all of his predecessors authorise for the staff. The overtime allowance paid by the commission became necessary given that rather that close for work by 4pm going by Civil Service Rule, EFCC staff officially close by 5pm, meaning that they are compelled by the  Commission’s Staff Regulations to put in an extra hour daily.
Bawa took high-handedness to the next level in the commission, populating his office with a coterie of loyalists chosen on the basis of religion and ethnicity who on account of the rules he made brazenly interdict directors from seeing him.

DAILY ASSET was told that a Grade Level 17 Directors of the Commission were compelled to fill access form, vetted by his chief of staff, a junior officer before they could be granted passage to meet Bawa.


The only clear duty in the nebulous responsibility given to her by Bawa was evaluating the feasibility of the commission operating a radio station which Magu got its license about five years ago.

Though he was the leader of the country’s foremost anti-graft agency, integrity is hardly one of Bawa’s strongest points, investigations revealed.


As the then Head of Port Harcourt Zonal Office, now designated as zonal command, sources informed that over 50 trucks forfeited to the federal government by convicts of illegal oil bunkering went missing under his watch.

The missing trucks were said to be part of a larger whole, totalling over 400, which the then secretary of the commission, Mr Ola Olukayode had gone to Port Zonal Command to document, preparatory to their auctioning to members of the public.

The sudden disappearance of the trucks just two months after their documentation forced the then chair of the commission, Mr Ibrahim Magu to redeploy Bawa in anger to the commission’s Training School in Karu, Abuja.

 A more angered Olukayode was said to have  argued at the time that the redeployment was rather a slap on the wrist and that Bawa ought to be arrested and prosecuted.

However, left alone to float  in the Training School, Bawa ws said to have teamed with the commission’s supervising Minister and the Attorney General of the Federation(AGF),  Abubakar Malami, who also hails from the same Kebbi  state with him to disgrace  Magu out of office.

With Magu out and facing judicial investigation, Bawa was immediately rewarded by Malami with a posting to the premium Lagos Zonal Command as Head, from where he subsequently recommended him to former President, Muhammasu Buhari as chairman of the commission.

Sources at the  Commission said the development was clearly seen as quid pro quo for all the false and misleading testimonies Bawa provided for Malami in his witch hunt investigative judicial panel of inquiry against Magu.
Bawa’s days as Zonal Commander in Lagos were said to be only remarkable for his muck racking efforts against Alpha Beta company, a firm visible in revenue consultancy services to Lagos State Government believed then  to be linked to President Bola Ahmed Tinubu.

Though he was said to have realised nothing from all of he scavenged against the company, his efforts at seeking to tarnish Alpha Beta’s image later emerged as an attempt to prove that the ousted Magu was too “protective” of the company.

Another source revealed that Bawa was allegedly spending lavishly well beyond his capacity as a public servant.

A group, Coalition for Good Governance at a news conference in Abuja shortly  after his sack  alleged that he travelled to Saudi Arabia on pilgrimage with about 30 persons, mostly family members  on his sponsorship and that each was paid accommodation worth $15,000 for about 10 days during the religious trip.

The group alleged that he must shave spent about $300,000  during the trip, an amount the group claimed was far above his statutory income.

The above, coupled with the allegation of demand for $2million bribe levelled by the immediate past Governor of Zamfara State, Bello Muhammad Matawalle among other infractions may have left Tinubu with no option than axe the EFCC boss, investigatins showed.

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Another Blackout as National Grid Collapses Second Time in Two Days

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By Mike Odiakose, Abuja

As Nigerians await full power restoration, the national grid has collapsed once again.The national grid collapsed on Tuesday, marking the 10th such incident since January 2024.It was confirmed that, as of 11 am on Thursday, the 22 power plants were only able to generate 2,323 megawatts of electricity, with generation dropping to 0.

00MW.
The peak generation for the day was 3,743MW as of 10 am.
The Ikeja Electricity Distribution Company reported a power outage at 11:29 am.“Dear Esteemed Customer, please be informed that we experienced a system outage today, 7 November 2024, at 11:29 hrs, affecting supply within our network.“Restoration of supply is ongoing in collaboration with our critical stakeholders.
Kindly bear with us,” IKEDC said.The Transmission Company of Nigeria has yet to provide an update on the incident at the time of this report which marks the 11th of such occurrences in 2024.The country recorded more than 93 cases of grid collapse during the eight-year administration of former President Muhammadu Buhari from 2015 to 2023.This persistent grid collapse has led to frequent blackouts, impacting businesses and daily life across the country.Nigeria had, in the past decade, secured about 10 loans totaling about $4.36bn from the World Bank to address challenges in the sector but there has not been any significant improvement even with additional funds from multilateral and donor agencies.This has heightened speculations that a sizable chunk of the loans may not have been disbursed for the purposes for which they were obtained.The frequent fluctuations in power supply have continued to take a toll on industrial and domestic consumers leaving frustration and low productivity in the aftermath.The Bola Tinubu administration has continued to seek additional World Bank loans, securing $1.901 billion in new funds since he assumed office in June 2023.The administration has also been making frantic efforts to expand the nation’s energy options through renewable energy projects.The government has also initiated massive solar energy extension, especially to rural communities across the country to bridge the gaping power gaps.With a population estimated to be more than 200 million, Nigeria has not been able to exceed 5000 Megawatts at any period in the past 10 years despite assurances by successive administrations.More disturbing to Nigerians is the astronomical increase in electricity tariffs across the board, peaking above 400 percent with the last hike that was affected earlier in the year.

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FG Defends CNG Vehicle Safety Amid Malaysia’s Phase-out plan

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By David Torough, Abuja

The Presidency has sought to allay concerns regarding the safety of Compressed Natural Gas-powered vehicles, recently introduced in Nigeria as an alternative to petrol-powered cars.The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, dismissed these fears in a post on X on Thursday while responding to reports on Malaysia’s plan to phase out CNG-powered vehicles by 2025.

The Malaysian government announced plans to phase out CNG vehicles and end the sale of natural gas vehicles by July 2025.
According to local media sources, Malaysia’s Minister of Transport, Anthony Loke, made this announcement at a press conference on Monday.
He explained that the decision was intended to protect road users and the public from the potential hazards posed by ageing CNG tanks.Loke was quoted as saying, “These NGV tanks have a safe usage lifespan of approximately 15 years, and if they are not replaced, they become unsafe to use and may fail at any time.” From July 1, 2025, CNG-powered vehicles will no longer be registered or allowed to operate in Malaysia.However, Onanuga clarified that Malaysia’s policy was focused on the safety of Liquefied Petroleum Gas (LPG), not CNG.He added that Nigeria chose CNG specifically for its safety and cost-effectiveness, with plans underway to develop domestic tank manufacturing capacity.Onanuga wrote, “Some clarification on Malaysia’s plan to phase out CNG-powered vehicles:“The Malaysian issue relates to the safety of LPG, not CNG. In the original report, Transport Minister Anthony Loke stated, ‘There are also some car owners who have modified their vehicles using liquefied petroleum gas (LPG) cylinders, which are very dangerous.’“NGV covers both CNG and LPG. Nigeria, in its transition, has adopted CNG only, not both, due to valid safety and cost concerns regarding LPG.”Onanuga further noted, “Malaysia’s programme for CNG-powered vehicles struggled, achieving only a 0.2% conversion rate over 15 years. By contrast, nations like India, China, Iran, and Egypt have seen considerable success.”He added that Malaysia faced difficulties in replacing 15-year-old tanks due to limited manufacturing capacity, while Nigeria, in its first year of adopting CNG, is already addressing this.Malaysia introduced CNG for taxis and airport limousines in the late 1990s, while Nigeria began its own CNG initiative in 2024 as an alternative transportation fuel.

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Zenith Bank Upgrades Infrastructure, Assures of Exceptional Service

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By David Torough, Abuja

Zenith Bank Plc has assured its teeming customers of exceptional service delivery and improved customer experience following the successful completion of its Information Technology Infrastructure Upgrade.

The Group Managing Director/Chief Executive of the bank, Dr.

Adaora Umeoji in a statement expressed her immense gratitude to all customers of the bank for their patience and support during its recent IT infrastructure migration to a new and more robust operating system.

Umeoji emphasized that the bank was committed to delivering unparalleled service experience, saying “We undertook such an extensive endeavor in other to better position Zenith Bank Plc for improved service delivery to all our valued customers and provide memorable banking experiences at all our touchpoints,” adding that the bank now has one of the best technology infrastructure in the Nigerian banking industry, and is well positioned to ensure customers experience exceptional service delivery going forward.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices.

The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

The bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria 2023 and 2024 in the International Banker Banking Awards.

Further recognitions include being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for three consecutive years, from 2022 to 2024, ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021; Bank of the Year for 2023 and 2024, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best

Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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