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FEC Orders Probe of Past JAMB, NIMASA Chiefs

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Kemi adeosun
  • FEC Orders Probe of Past JAMB, NIMASA Chiefs

The exercise is to recover unremitted revenues, according to Minister of Finance Mrs Kemi Adeosun, who briefed State House correspondents at the end of the Federal Executive Council (FEC) meeting.

With Mrs Adeosun were Minister of Water Resources Suleiman Adamu, Minister of Budget and National Planning, Udoma Udo Udoma and Special Adviser to the President on Media and Publicity Femi Adesina.

According to her, some of the government agencies suspected to be diverting government revenues will be made to account for the past revenues.

She said the Joint Admissions and Matriculation Board (JAMB), which had been remitting N3 million annually, remitted N5 billion this year alone and disclosed that it had N3 billion more to remit to the government’s purse this year.

The minister also listed past management of the Nigerian Maritime Administration and Safety Agency (NIMASA) among the offenders.

She said: “Secondly, we spoke about revenue generation. The VAIDS Programme is ongoing and we are having quite a positive response in terms of tax compliance.

“We also reported on the progress made by a number of our agencies some of whom have reported very significant increases in the amount paid into the consolidated revenue fund.

“Council discussed JAMB, which recorded significant progress and NIMASA as well as others and gave us the charge to really go and look at these agencies, look in some cases the past management of those agencies and see where those agencies were leaking and to encourage agencies that haven’t done so to continue with efficiencies,” she said.

Asked to disclose the figures expected from the agencies, Mrs Adeosun said: “The highest amount that JAMB has ever remitted to the consolidated revenue fund before this management was N3 million. This year, so far, they have done N5 billion and the Minister of Education reported that they have additional N3 billion that they are ready to remit, which will take this year’s figure alone to N8 billion.

“Now they have not increased their charges nor their fees. So the question that Council members were asking was that where were all these monies before?

“So the directive was given that we must call those who were the heads of those agencies and similar ones to account and that is what we intend to do.”

She added: “It’s a similar story with other agencies and these are the leakages which we are now blocking. These are the monies in the consolidated fund that is now being applied in the projects that really need to get the economy moving. These are the monies that are missing that has led us to the position we are in. It is the grandest looting that this administration action has come in to address.”

The minister also disclosed that FEC approved for Nigeria to rejoin the African Trade Insurance Agency.

She said: “This is an agency that is out to provide risk guarantee for private investors coming into Nigeria as well as exporters from Nigeria.

“It will provide risk guarantees, so instead of projects asking for sovereign guarantees, we will be able to provide that risk mitigation through the African Trade Insurance Agency. Many other countries are already members, so Nigeria will also be joining.

“This agency has an A rating international and is able to guarantee long term projects. So, what we see as a result of this is that there will be increased level of investments particularly PPP where every often the investors want some guarantee from the government. Instead of the government issuing sovereign guarantee directly, this agency will step in and issue it. It is very similar to MIGA, the Multi-lateral Insurance Guarantee Agency that is owned by the IFC.”

She went on “My second activity was part of the briefing on the economy and to speak to the fiscal conditions and outlook.

“As you know, we are on the part way of resetting the economy and adjusting permanently to a sort of lower oil pricing.

“The recent announcement of the exit from recession we see as statically backed indicator that we are moving in the right direction.

“We recognised that there is a lot to be done. I briefed the council on various fiscal initiatives that we are pursuing. These include continued fiscal consolidation and cost efficiency, driving cost savings in government; there is still a great need to do so.

“I have some progress report on the work we have done with payroll where we are still seeing contraction. Every time we put agencies into our automated payroll system we see contraction and we intend to continue with that.

“So, in summary, the outlook is positive. We did some comparative analysis in June 2014 with oil price of $109, federation allocation was N844 billion and in June 2017 it was down to N318 billion, just to give you an idea of how much income the country has really lost in the last few years.

“So, we are adjusting very strongly and we believe if we continue with this trajectory not only will we stay permanently out of recession but, more importantly, we will have a positive and growing economy what works for all Nigerians which is our aim,” she said

Udoma Udo Udoma said his ministry briefed the Council on the recent 2017 Second Quarterly Report of the National Bureau of Statistics (NBS).

He said: “We were encouraged by the GDP growth rates. The report is very encouraging for the government as it shows that we are on the right direction.”

The Minister of Water Resources disclosed that he briefed FEC on floods and possible threats of flood.

He said there was no threat of flood in the country.

The Ministry has observatory units in Niamey and Lokoja, he said, adding: “If there is any indication of significant risk or threat to lives and properties, we will promptly issue warning alerts.

“For now, there is no cause for alarm. We cannot stop the flood but we can provide early warnings.”

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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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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