Connect with us

COVER

Senate, Reps Investigate N483bn Intervention Loan Disbursements, NIMASA

Published

on

Share

By Eze Okechukwu & Ubong Ukpong, Abuja

The Senate yesterday revisited an alleged uneven disbursement of intervention loans to the tune of N483 billion by development financial institutions among the six geopolitical zones in the country.

The Senate raised a seven-man an Ad- hoc Committee to carry out a holistic investigation into the matter and report back in four weeks for further legislative action.

Chairman of the Committee is Senator David Umahi.

Other members are senators Babangida Oseni, Ali Ndume, Sani Musa, Tokunbo Abiru, Ipalibo Banigo and Chizoba Chukwu.

This followed the debate of a motion by Senator Ali Ndume (Borno South), which was supported by 64 other senators on the need to holistically investigate the disbursement of loans by Development Bank of Nigeria, NIRSAL and related Banks to micro, small and medium scale enterprises (MSMEs) in Nigeria from 2015 to date.

Our Correspondent recalls that the same motion by Ndume and three others was investigated by an ad- hoc committee in the 9th Senate and a report was submitted by the panel headed by Senator Sani Musa (Niger East).

Deliberating on the motion at plenary yesterday, the Senate noted that the huge disparity and uneven distribution of half a billion Naira to states in the six geopolitical zones of Nigeria and the states in the country in 2021 by the Development Bank of Nigeria called for concern.

“Aware that the Bank’s Annual Integrated Statutory Report 2021obtained on 13th July, 2022 from the organisation’s website showed that the Bank disbursed a loan worth Four Hundred and Eighty Three Billion Naira (N483,000,000,000) only out of which only 11 percent went to the 19 states of Northern Nigeria, while 47percent went to Lagos State alone.

“Also aware that the 13 percent of the loan that went to the North totals about about Fifty Three Billion , One Hundred and Thirty Million Naira (N53,130,000,000) while the 47 percent that went to Lagos State alone totals Two Hundred and Twenty Seven Billion and Ten Million Naira (N227,010,000,000) only..”

According to the breakdown of the loan presented by Sen Ndume, “the South West got 57 percent worth N274,740,000,000; South South got 17 percent worth N81,940,000,000; North Central got 11 percent worth N53,020,000,000; South East got 9 percent worth N43,380,000,000; North West got 5 percent worth N24,100,000,000; North West and North East got just One percent worth N4,820,000,000.”

Recall that the Development Bank of Nigeria exists to alleviate financing constraints being faced by Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria through providing finances, partial credit guarantees and technical assistance to eligible financial intermediaries on a market – conforming and fully financially sustainable basis.

Senator Ndume also noted that the top five sectors considered for the loan were oil and gas (42.0 percent), manufacturing (16.0 percent) , agriculture, forestry and fisheries (7 .2 percent), trade and commerce (6.3 percent), and transportation and storage (3.5 percent),

However, there was mild drama as senators took time to dissect the motion. It started with Seriake Dickson (PDP, Bayelsa). No sooner than he suggested an additional prayer for the Ad- hoc investigation to be extended to look at all intervention loans by the CBN including Covid- 19 palliative, Anchor Borrows loan etc than it was dropped on the pretext that it will make the assignment of the ad- hoc committee unending.

However, in his contribution earlier, Sen. Orji Uzir Kalu (Abia North) said loans are gotten after due application and following the satisfaction of requisite requirements including bank guarantees.

For Olamilekan Adeola (Ogun West), Senator Ndume had the notion that his North East zone was short changed but forgot that the development financial institutions had laid down procedures to disburse loans.  He however appealed that the motion be given a second look if Ndume felt bad about the facts.

Sen. Sani Musa (Niger East) who headed the former ad- hoc committee said it should be noted that there is difference between bank loans and palliatives.

While agreeing that development institutions has criteria gor granting loans, he said the institutional framework might not be strictly followed.

He disclosed that 65 percent of loans disbursed by DBN has been repaid.

Musa also said interest of northerners in applying for the loan may be restricted by religious belief that no interest should be paid on.loans while financial institutions take 17 percent on loan.

But Ndume interjected him saying he perfectly understood the workings of development institutions and their requirements. He claimed he got information presented from the website of the DBN and microfinance institutions involved.

A financial expert and retired banker, Sen. Isah Jibril advised that the DBN among other institutions is not wholly Nigerian but has foreign bodies like the World Bank and International Monetary Fund (IMF) as investment partners and they have their criteria which cannot be compromised by the Nigerian system.

He advised that Nigerians that failed to meet such requirement should approach other less cumbersome institutions such as the Bank of Industry and Bank of Agriculture.

Reps Investigate NIMASA over Fictitious Contracts, Funds Mismanagement

The House of Representative has set up an Ad-hoc Committee to investigate the allegations of Fictitious Contract award, gross mismanagement of Funds, as well as lopsided placement of Directors by the Nigerian Maritime Administration and Safety Agency, NIMASA.

This was sequel to a motion of urgent national importance brought before it at plenary yesterday, by Hon. Kingsley Chinda, Hon. Victor Ogbuzor, Hon. Cyril Hart Hon. Manu Soro and Hon. Manuchim Onwuzuirike.

The lawmakers observed in the motion,  that the recent developments in the award of questionable and phoney contracts, fraudulent forex transactions, lopsided placement of Directors and other unwholesome and corrupt practices in the Nigerian Maritime Administration and Safety Agency (NIMASA).

They further noted that there have been several allegations of questionable, inflated and fictitious contract awards particularly for non-operational speed boats, security surveillance contracts and Deep Blue

Water Contract, revenue leakages as well as in the award of contracts to cronies of the Director-General and other top management staff of the agency

The legislators equally raised concerns about alleged under-remittance of debts owed the country by Shipping firms, with the consent and connivance of the agency.

They informed the House that the agency was alleged to have entered into a very dubious contract with a firm known as XPO Marine Limited’ for the lease of six speed boats, each at the rate of $173,930.00 monthly, without a Need Assessment for such facility being carried out by the relevant departments of the agency adding that the said XPO Marine Limited had earlier been indicted for defrauding the agency to the tune of $80,000 in revenue.

They said that they were aware of the security surveillance contract called Deep Blue Water Contract’ suspected to be conduit pipe by the management of the agency to pilfer funds.

They equally explained that the security contract tagged National Integrated Surveillance and Waterways Protection’ was also said to have been awarded to an Israeli firm HSLI Systems and Technologies Limited at the cost of $195,300,000.00, despite an existing facility which was a simple internet subscription via Lloyds Intelligence Platform for such operations.

The lawmakers said they were also cognizant of the fact that the agency was also said to have an existing surveillance system, called Lloyd’s List Intelligence, meant for tracking the movement of vessels on Nigeria’s Exclusive Economic Zone, EEZ.

They said there was evidence that the agency’s legal department had counseled against the consummation of the contract on grounds of some fraudulent claims in the agreement, but same was not heeded by the management.

The lawmakers also kicked as they expressed worry over other allegations such as abuse of office and lopsided appointment and placement of Directors of the Agency in favour of some interests to the detriment of others and in breach of S. 14(3) of the Constitution of the Federal Republic of Nigeria, 1999, as amended, as well as other unwholesome practices within the Agency.

“We are aware of allegations of high level corruption against the DG and top management of the agency in the form of withholding of remittable revenue by Gas Shipping Nigeria Limited, Daddo Marine Limited, Blue Seas Marine Services, Transocean Support Services Limited, leading to loss of huge revenue to the Federal government. Others are the award of contracts to the DG’s cronies and other top management staff of the agency in clear violation of the Procurement Act and other Financial Regulations. Such companies include COT Engineering Limited, Well Mann Construction Company

Limited, Retin Technical and Commercial Service Limited, Messrs. De-PK Ventures Limited, amongst others,” they said.

They further said these allegations were of grave nature that should not be swept under the carpet or dismissed with a wave of the hand, particularly as it relates to economic losses on the part of the government.

Consequently, the Ad-hoc Committee was mandated to thoroughly investigate all the allegations and report back within three months for further legislative actions.

COVER

Tinubu Orders Investigation into Ibadan Stampede Incident

Published

on

Share

By David Torough, Abuja

President Bola Tinubu has directed the relevant authorities to investigate the circumstances that led to the tragic incident at the Children’s funfair in Ibadan, which resulted in the loss of lives and injuries.

Presidential Spokesman Bayo Onanuga, in a statement stressed the importance of determining whether negligence or deliberate actions contributed to this painful development, ensuring a transparent and accountable process.

The president, who expressed profound sadness over the tragic incident on Thursday, extended condolences to the government and people of Oyo State, as well as to the grieving families who have lost their beloved children.

The statement read, “In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event.

“President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly. He emphasises that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.

“The President urges the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring.”

The president wants a comprehensive review of all public events’ safety measures, strict enforcement of safety regulations, and regular safety audits of event venues.

He called on event organizers to prioritize the safety of all attendees, especially children, just as he stressed the importance of integrating professional security, protocol, and logistics at events to ensure the utmost safety of all participants.

According to the president, “Our children’s safety and well-being remain paramount. No event should ever compromise their safety or take precedence over their lives.”

So far, police have confirmed that 35 children died while six others were critically injured.

According to a statement by the Oyo State Police Command through the spokesman, Adewale Osifeso, yesterday, the organisers of the event, including the main sponsor, Naomi Silekunola, the estranged wife of the Ooni of Ile-Ife, Oba Adeyeye Enitan Ogunwusi, and her media partner, Agidigbo FM, the principal of the school, and five others, have been arrested in connection with the tragedy.

The police stated that the event was organised by the Wings Foundation and media partners Agidigbo FM, without proper permission or safety measures in place.

The police said they have commenced an investigation into the incident and have promised to bring those responsible to justice.

Continue Reading

COVER

Wike Revokes Buhari’s  Land Title as Soldiers Assault Officials

Published

on

Share

By Laide Akinboade, Abuja

Minister of the Federal Capital Territory (FCT), Nyesom Wike has revoked the land title of former President Muhammadu Buhari for nonpayment of statutory fees.

A public notice issued yesterday by the Federal Capital Territory Administration (FCTA) showed that titles for 762 plots of land in the Maitama district of Abuja were revoked over failure to pay charges for Certificates of Occupancy (C-of-O).

A former Chief Justice of Nigeria, Walter Onnoghen was also affected.

FCTA also threatened to withdraw the Right of Occupancy (R-of-O) of 614 other individuals and companies if they fail to pay outstanding bills for their plots within two weeks.

The FCTA notice read, “The Federal Capital Territory Administration wishes to inform the allottee(s)/title holder(s) of plots of land in Maitama 1 who have failed to make payment for their Certificate of Occupancy (C-of-O) bills that their Right of Occupancy to the land/property has been withdrawn.”

According to the administration, this action was taken under Section 28 of the Land Use Act of 1978, which empowers the minister to revoke Right of Occupancy for non-compliance with payment obligations or breach of other allocation terms.

The Cs-of-O of the Muhammadu Buhari Trust Foundation owned by former President Muhammadu Buhari; former Chief Justice of Nigeria (CJN), Walter Onnoghen; Speaker of the House of Representatives, Abbas Tajudeen; Secretary to the Government of the Federation (SGF), George Akume; his wife, Regina; and Uba Sani, governor of Kaduna were revoked.

Also affected are: former and serving lawmakers: the Senate Chief Whip, Tahir Monguno; former Deputy Speaker of the House of Representatives, Chibudom Nwuche; former Senate Leader, Teslim Folarin; former House of Representatives member, Nnenna Ukeje; Andy Uba and Smart Adeyemi, both former senators.

Wike, who assumed office in August 2023 has consistently emphasised his commitment to enforce order in Abuja’s land administration.

It was however a tough task for men of the Department of Development Control who were on mission to pull down unapproved structures.

Soldiers allegedly following the orders of an Army General on Wednesday evening attacked Development Control officials who were in Sabon Lugbe, Abuja to remove illegal structures in the area.

The officials were to remove the fence of a building on Plot 416 said to belong to one Major General.

An official of the department narrated their ordeal: “During this operation, there was an incident that happened at Plot 416 Sabon Lugbe that belongs a Major General.

“When the assignment was going on, the Major General got information…He sent two soldiers from his house to ascertain the situation.

“On getting to the scene, the soldiers who drove a vehicle wit covered number plate blocked the way out of the house to prevent the enforcement team from coming out of the premises, threatening that somebody must die today.

“Private Jamilu [second name unknown] went straight to the caterpillar operator, cocked his rifle and pointed straight to him to come down or risk being shot immediately.

“He politely came down but was grabbed by the two soldiers who squeezed his neck with his clothes, beat him mercilessly and tore his shirt.

“Private Jamilu pulled his rifle and fired the four tyres of the caterpillar flat. He then called the Major General to come along with more soldiers for reinforcement, and he came with them in numbers.

“He ordered his men to take Sector Sodangi and his site officer to his house, beat them even right from outside alongside six enforcement officials who were also taken hostage for hours.

“Three Hilux vehicles were taken to the Major General’s house while the remaining vehicles that they could not lay hands on had their tyres flattened with gun shots.

“On receiving the information, the DPO Trademore came to the scene but the Major General refused to take compliments nor listen to her. She left and said she would come back.”

Director of the department, Mukhtar Galadima did not respond to our reporter’s enquiries. Also, the Director of Press, Office of the Minister, Anthony Ogunleye couldn’t be reached.

This is not the first time officials of the department have suffered attack. It has been a hazard they confront frequently in the course of their work.

Continue Reading

COVER

2025 Budget: Tinubu Presents N47.90trn Estimates to NASS

Published

on

Share

By Ubong Ukpong & Eze OkeChukwu, Abuja

President Bola Tinubu yesterday presented his administration’s ambitious N47.90 trillion budget estimates for 2025, assuring the people of the administration’s readiness to continue stimulating the economy through targeted fiscal stimulus packages, public expenditures, and non-inflationary spending.

While presenting the budget titled, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” to a joint session of the National Assembly, the president reiterated his unwavering commitment to rebuilding Nigeria and ensuring a prosperous future for the nation.

A breakdown of the proposed 2025 budget allocations showed the following: Defence and Security, N4.

91 trillion; Infrastructure, N4.06 trillion; Health, N2.48 trillion; and Education, N3.52 trillion.

He said, “As we embark on implementing the 2025 budget, our steps are deliberate, our decisions resolute, and our priorities are clear.

“This budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for growth and development.”

On national security, Tinubu assured the public that his administration had “significantly increased funding for the military, paramilitary, and Police Force to secure the nation, protect our borders, and consolidate government control over every inch of our national territory.”

He said his government would continue to equip the security forces with the modern tools and technology necessary to safeguard the country.

“The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation.

“Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty,” the president noted.

On infrastructure development, the president explained, “When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy.

“We are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs.”

Tinubu shared his administration’s commitment to improving human capital development, revealing that the government had disbursed N34 billion to over 300,000 students via the Nigeria Education Loan Fund (NELFUND).

“In the 2025 Budget, we have allocated N826.90 billion for infrastructure development in the educational sector, including allocations for the Universal Basic Education (UBEC) and nine new higher educational institutions,” he said.

For healthcare, Tinubu emphasized the importance of Universal Health Coverage initiatives and announced an allocation of N402 billion for infrastructure investments in the health sector, with an additional N282.65 billion for the Basic Health Care Fund.

He added that his administration would continue its efforts to reduce medical import dependency and ensure quality healthcare for all Nigerians.

On corruption, Tinubu asserted, “Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them.

“We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.”

He urged Nigerians to look towards a brighter future and to support greater investment in the private sector, saying, “The time for lamentation is over. This is a time to act.”

He stressed that the 2025 budget proposal lays the foundation for peace, prosperity, and hope, emphasizing that his administration’s journey of economic renewal and institutional development, which began 18 months ago, is well underway.

He said that Nigeria’s economy is responding positively to the fiscal stimulus measures, with growth projected at 3.46 percent in the third quarter of 2024, up from 2.54 percent in the same period of 2023.

He shared the 2025 budget’s revenue targets, with a proposed N34.82 trillion in revenue and N47.90 trillion in government expenditure, including N15.81 trillion for debt servicing.

The president projected inflation would decline from 34.6 percent to 15 percent, with an improved exchange rate of N1,500 per US dollar and crude oil production pegged at 2.06 million barrels per day, stating that, “This is an ambitious but necessary budget to secure our future.”

The President of the Senate, Godswill Akpabio in his opening remarks said, “Your Excellency, we commend you on your groundbreaking tax reform initiative.

“The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024, represent a monumental shift in our fiscal landscape.

“It is disheartening that those who have not taken time to understand these bills are the loudest critics.

“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.

“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.

“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.

“We will not kill any reform that you have forwarded to us for consideration Mr President but rather engage Nigerians to see the merits in them.”

In his vote of thanks, the House of Representatives Speaker, Tajudeen Abbas said the government needs to reflect on the fiscal realities of Nigeria’s economy, especially the budget-population ratio of the country, when Nigeria is compared with other countries in Africa.

The Speaker noted that the Tinubu administration has taken bold and decisive steps to reform the economy in the past 18 months, stressing that removing fuel subsidies, unifying foreign exchange rates, and introducing innovative economic policies have laid a solid foundation for sustainable growth and development.

Abbas said while these reforms have demanded short-term sacrifices, they are acts of courage and patriotism.

He cited examples from China’s market reforms, India’s liberalisation, and South Korea’s industrialisation which, he stated, affirm the enduring benefits of such bold action. “These lessons inspire confidence that Nigeria’s ongoing reforms will foster economic growth, reduce poverty, and ensure long-term prosperity,” he stated.

The Speaker stated that the Tinubu administration’s reforms have “disrupted the status quo, sparking resistance from vested interests,” noting that, “Yet these courageous measures underscore your resolve to prioritise the welfare of Nigerians.”

The Speaker noted that the proposed 2025 budget of N49.7 trillion— a 35 percent increase over 2024— is “ambitious and commendable.”

He said the projections of 4.6 percent Gross Domestic Product (GDP) growth, a crude oil price of $75 per barrel, an exchange rate of N1,400 to the dollar, and oil production of 2.06 million barrels per day are bold but achievable.”

He added, “However, Nigeria’s fiscal realities warrant critical reflection. Despite being Africa’s most populous nation with over 220 million people, our 2024 national budget of $36.7 billion remains modest compared to countries like South Africa, with a budget of $160 billion for its 60 million citizens; Egypt, with $110 billion for 110 million people; Algeria, with $60 billion for 45 million people; and Morocco, allocating $50 billion for its 37 million residents.

The Speaker assured the president, “This is not merely your budget; it is a national project requiring collaboration across all arms of government,” adding that the parliament will work to ensure its timely passage, provide legislative support for critical reforms, and conduct robust oversight to guarantee transparency and efficiency in its execution.

Continue Reading

Read Our ePaper

Top Stories

Uncategorized2 hours ago

Fury Fails in Revenge Mission Against Usyk

Share Tyson Fury’s mission to avenge his only professional defeat ended in crushing disappointment Saturday evening as he lost on...

NEWS2 hours ago

Abuja Stampede: Wike Directs Free Treatment for Victims

Share Federal Capital Territory (FCT) Minister, Nyesom Wike has directed government hospitals to provide free treatment to the people that...

NEWS1 day ago

NDA Records Successes in Military Training, Academics in 2024

ShareThe Nigerian Defence Academy (NDA), says it has recorded a lot of successes in military training and academic activities in...

NEWS1 day ago

Corps Member Donates Delivery Kits to Pregnant Women in Katsina

ShareA Corps member serving in Katsina State, Blessing Ene-Ameh, has distributed free delivery kits to 50 pregnant women in Mani...

NEWS2 days ago

FUSHO Ag VC Promises Collaboration with Lydia Memorial Hospital

ShareBy David Torough, Abuja The Acting Vice Chancellor of the Federal University of Health Sciences, Otukpo (FUHSO), Prof. Stephen Abah...

Uncategorized2 days ago

PenCom Issues Over 38,000 Pension Clearance Certificates – D-G

Share The National Pension Commission (PenCom) on Thursday said it had issued over 38,000 Pension Clearance Certificates (PCC) so far...

NEWS2 days ago

Bill to Rename Benue Varsity Passes Second Reading

ShareThe bill to rename the Benue State University (BSU), Makurdi, after the second civilian governor of the state, Rev. Fr...

NEWS2 days ago

Benue Assembly Summons Former Special Adviser on Missing N1.78bn

Share The Benue House of Assembly presided over by its Speaker, Hyacinth Dajo has summoned the former special adviser to...

NEWS2 days ago

Buhari Once Rejected Land Offer During His Tenure- Garba Shehu

Share Former President Muhammadu Buhari once rejected an offer of land in the Federal Capital Territory (FCT) during his tenure....

NEWS2 days ago

2024: Adamawa Police Arrest 715 Suspects 

Share The Adamawa Police Command has in 1 year operations arrested 715 suspected criminals, who were indicted in violent crimes...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc