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We’ll go After Multinationals Involved in Illicit Financial Flows – EFCC

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  • We’ll go After Multinationals Involved in Illicit Financial Flows

The Economic and Financial Crimes Commission has unveiled plans to go after multinationals involved in illicit financial flows out of Nigeria.

The Acting Chairman of the commission, Ibrahim Magu, disclosed this in an interview with journalists on the sideline of a conference on the use of beneficial ownership information and the recovery of assets in Africa.

The event, which was hosted by the Federal Inland Revenue Service in Abuja, was attended by representatives of over 30 African countries to discuss the issue of illicit financial flows, tax evasion and corruption on the continent.

According to the World Bank and the United Nations Economic Commission for Africa, the continent is estimated to be losing more than $50bn annually to illicit financial flows stemming from bribery, corruption, transfer pricing, tax evasion and money laundering.

This figure represents more than the continent receives in official development assistance everywhere and is increasing at an annual rate of 9.4 per cent, which is twice as fast as the global average gross national income.

Magu described the development as worrisome, adding that a major cause of illicit financial flows was corruption.

He said if the menace of corruption could be addressed, the rate of tax evasion and illicit flow of funds would be reduced.

This, he noted, would free more resources for the government to implement development projects in the face of dwindling revenue.

He said the commission had opened discussions with the FIRS to set up a special unit that would deal with tax fraud, tax evasion and other related offences, particularly in multinational firms.

Magu stated, “We are already discussing that and we are going to upgrade our cooperation with them, and we are going to set up a unit that will be in charge of tax fraud and tax evasion and related offences.

“We want to see that we work on these very seriously and we intend to use that to see how we can bring succour to the economy.

“Very soon, we will set up this unit because we have just discussed with the FIRS chairman; and so, we will sit down and organise a special training so that we can collaborate very well and chase out corruption from this country and send it back to where it is coming from. If there is no corruption, there won’t be illicit financial flows.”

The EFCC boss said the agency would also take its anti-corruption war to the universities.

Magu added, “We are talking with the universities and we are looking at programmes and trying to launch a similar thing like the ‘Women Against Corruption’.

“The student union leaders visited me and this was their complaint, and we have told them we are going to do this to protect their future. So, it is very necessary that the students join us in the fight against corruption.”

The Minister of Finance, Mrs. Kemi Adeosun, who spoke at the event, said the issue of illicit financial flows had cost the continent huge losses in revenue.

She said while the government had put in place measures to fight corrupt practices, it would require the assistance of other countries to tackle the issue of tax evasion and illicit financial flows.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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