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Lack of Transparency in Financial Reporting Undermining Devt – EFCC

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By Ubong Ukpong, Abuja

The Economic and Financial Crimes Commission (EFCC) on Tuesday said the country’s national development has continued to be undermined due to lack of transparency in financial reporting.

Executive Chairman of the Commission, Ola Olukoyede said that there has been persistent opacity in Nigeria’s financial reporting system, particularly within the oil and gas sector.

Olukoyede at a National Conference on Public Accounts and Fiscal Governance organzied by the Senate and House of Representatives Public Accounts Committees (PAC) in Abuja, said that speculative earnings, unverified transactions, and poor oversight in critical sectors like oil and gas have entrenched inefficiency and corruption in public finance.

“Opaque financial reporting, especially in the oil and gas sector, where earnings remain speculative rather than factual, is one of the most disturbing vulnerabilities in our system. These weaknesses feed corruption and erode public trust,” he said.

The EFCC boss, who was represented by the Agency’s Director of Public Affairs, Wilson Uwujaren, went further to highlight several loopholes that continue to threaten Nigeria’s fiscal integrity to include non-compliance with financial regulations, approval of spending beyond official limits, diversion of public funds to private accounts, and the padding of budgets to accommodate projects with no real developmental value.

He also cited digital manipulation of government platforms such as the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), which have become tools for payroll fraud in some Ministries, Departments and Agencies (MDAs).

“Despite years of reforms and development plans, the gap between policy intent and public impact remains wide. We must move from paper reforms to institutional enforcement,” Olukoyede lamented.

While reiterating the Commission’s core mandate of investigation and prosecution, Olukoyede said the EFCC is now equally focused on prevention.

He revealed that in the past 18 months, the agency has taken strategic steps to strengthen internal controls across the public sector.

Key among these efforts is the creation of a Fraud Risk Assessment and Control Department, tasked with identifying and sealing off fiscal loopholes in MDAs. Additionally, the Commission has enhanced its collaboration with both local and international enforcement bodies to curb illicit financial flows.

On asset recovery, Olukoyede disclosed that the EFCC has returned trillions of naira in monetary assets to the national treasury, including what he described as “the largest real estate asset recovery in Nigeria’s history” which was the 750 duplexes seized in Abuja.

Funds recovered from various corruption cases, he noted, have been redirected into key national initiatives such as the Nigerian Education Loan Fund (NELFund) and the Consumer Credit Scheme (CREDICORP).

The EFCC, he said, is also working with the Federal Ministry of Housing to convert seized properties into affordable housing for low-income Nigerians.

Despite these achievements, Olukoyede emphasized that the real work lies ahead. He called for the institutionalization of real-time digital budget and project tracking, public access to expenditure data, and a strengthened whistleblowing system.

“We must close procurement and payroll loopholes through robust automation and active citizen participation. No system will work without the right people. That’s why we’re pushing for integrity testing for all public officers across MDAs,” he said.

He added that sustainable development and fiscal transparency can only take root when Nigerians, from the highest levels of government to ordinary citizens, demand and practice accountability.

In a pointed message to lawmakers, Olukoyede urged the National Assembly to lead by example.

He said the EFCC had not received a single oversight report from the Public Accounts Committee of the National Assembly for further investigation.

“Parliament cannot demand accountability if it doesn’t practice it. Fiscal integrity must be the norm in all organs of government. Legislators must embrace transparent appropriation and resist any actions that erode public trust.

“There is also a need for greater synergy and collaboration between the Public Accounts Committee of the National Assembly and the EFCC. To the best of my knowledge, no report of the Committee’s oversight of MDAs has been forwarded to the EFCC for investigation. Leveraging the enforcement powers of the Commission will send a powerful message that the Public Accounts Committee’s work is not routine or toothless,” he said.

Olukoyede made a passionate appeal for a national culture of accountability.

“Let’s institutionalize transparency and make accountability a patriotic duty by enforcing the rules and regulations in our statutes. Together, we can make Nigeria a nation where fiscal governance delivers real value for real people,” he said.

NEWS

NUJ Pushes for Media Enhancement Bill, Health Insurance for Journalists

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The Nigeria Union of Journalists (NUJ) said it is working towards the passage of a Media Enhancement Bill to improve welfare packages for journalists across the country.

NUJ President, Alhassan Yahaya disclosed this on Wednesday during a media interactive forum organised by the Kano State Council of the union in collaboration with the State Ministry for Information and Internal Affairs in Kano.

The high-level media interactive dialogue was aimed at strengthening ethical standards and redefining public media narratives in the state.

Yahaya said the proposed legislation, already attracting sponsorship support from members of the House of Representatives, would address poor remuneration in the profession and enhance working conditions.

“We blow other people’s trumpets but not ours. It is time we stood firm and worked collectively to ensure the bill is passed,” he said.

Yahaya also advocated the introduction of health insurance for journalists, noting that less than one per cent currently have coverage.

“With a premium of N15,000 under the state health insurance scheme, journalists can access comprehensive healthcare from primary to tertiary levels, reducing out-of-pocket expenses and promoting universal health coverage,” he added.

The Kano State Commissioner for Information and Internal Affairs, Ibrahim Abdullahi-Waiya, said the state had embarked on wide-ranging reforms to strengthen media capacity, enhance transparency, and promote healthy communication between government and the citizens.

“These efforts, alongside stakeholder engagement and domestication of the Freedom of Information Act, have improved public information management and deepen civic participation,” Abdullahi-Waiya said.

He said the ministry had revived in-house publications, rehabilitated its library, and fostered cordial relations with media executives, political commentators and civil society groups.

NUJ Kano Chairman, Suleman Dederi, welcomed the A participants and emphasised the importance of engaging veteran journalists to improve professionalism in the state’s media space.

A former NUJ National President, Malam Sani Zoro, cautioned against the dangers of misinformation and the misuse of artificial intelligence, citing past examples of fabricated stories that went viral.

He urged the union to study global best practices, strengthen the International Institute of Journalism, and organise forums to address pressing professional and societal issues.

Stakeholders at the dialogue commended the Kano State Government for being widely acknowledged as the most media-friendly in Nigeria.

They cited significant investments in journalism-related infrastructure, human capital development, and clearance of pension arrears for retired journalists.

They recommended that similar dialogues be held quarterly, veteran journalists should mentor younger colleagues via online platforms, and continuous capacity-building programmes should be prioritised to enhance professionalism.

The event brought together veteran journalists, academics, and media practitioners to share experiences and review developments within the profession in Kano State and Nigeria at large.

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Tinubu Departs Abuja for Japan, Brazil Visits

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President Bola Tinubu will depart Abuja on Thursday, August 14, for a two-nation trip to Japan and Brazil.

A statement by the presidential spokesman, Bayo Onanuga stated that the President will stop over in Dubai, United Arab Emirates, before proceeding to Japan.

According to the statement, in Japan, President Tinubu will attend the Ninth Tokyo International Conference on African Development (TICAD9) in the City of Yokohama from August 20 to 22.

With the theme “Co-create Innovative Solutions with Africa,” TICAD9 will focus on Africa’s economic transformation and improvements in the business environment and institutions through private investment and innovation.

It will also promote a resilient and sustainable African society for human security, peace, and stability.

In addition to attending plenary sessions on themes linked to the conference, the Nigerian President will hold bilateral meetings and meet the chief executive officers of some Japanese companies with investments in Nigeria.

Initiated in 1993 by the Japanese government and co-hosted by the United Nations, UNDP, the African Union Commission, and the World Bank, TICAD is a triennial conference held alternately in Japan and Africa. The last one took place in August 2022 in Tunisia.

The forum fosters high-level policy dialogue between African leaders and development partners.

At the end of the TICAD9, President Tinubu will leave for Brasilia, the capital of the Federative Republic of Brazil, on a two-day state visit from Sunday, August 24, to Monday, August 25.

This follows an invitation by the Brazilian President, Luiz Inacio Lula da Silva.

While in Brazil, President Tinubu will hold a bilateral meeting with his host and attend a business forum with Brazilian investors.

His delegation—comprising key ministers and senior officials — will explore opportunities to strengthen cooperation and sign agreements and Memoranda of Understanding (MoUs) with the Brazilian government.

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Auto Crash Claims Two in Bayelsa

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From Mike Tayese, Yenagoa

Two persons, a tricycle driver and his passenger (woman) were killed in a fatal road accident, along the Glory Drive roundabout, Etegwe, Yenagoa in Bayelsa State.

The multiple road crash, involving a Mack truck, a Silver colour salon car and a commercial tricycle popularly known as Keke Napep, which occurred Wednesday around 2.

05pm left others injured.

According to eyewitnesses, the truck was at high speed when the driver lost control and rammed into the tricycle causing multiple crashes.

“The driver was moving too fast, and by the time he tried to swerve, it was already too late. The Keke had no chance,” said a trader, who witnessed the crash.

“The Keke driver and his passenger died on the spot, while others in the saloon car sustained injuries.

“The violent impact left the tricycle badly mangled. Good Samaritans rushed to the scene, pulling survivors from the wreckage and transporting the injured to the Federal Medical Centre, Yenagoa.

The bodies of the deceased were later evacuated and deposited at the morgue of the FMC while the truck driver is in police custody.

A Senior Officer of the Federal Road Safety Corps (FRSC) in Bayelsa, who spoke anonymously confirmed the accident.

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