Connect with us

Government

TSA: Reps Query Buhari’s Exemption of N50bn NNPC Accounts

Published

on

buhari
  • TSA: Reps Query Buhari’s Exemption of N50bn NNPC Accounts

The House of Representatives, on Tuesday, raised questions over a “purported” presidential approval exempting some special Nigerian National Petroleum Corporation accounts from the Treasury Single Account.

The accounts, with funds worth N50bn, are still being kept by commercial banks in breach of the TSA policy.

The policy provides that all accounts belonging to Ministries, Departments and Agencies of government should be transferred to the TSA.

The TSA, a centralised Federal Government revenue account, is kept by the Central Bank of Nigeria.

A Nigerian firm, SystemSpecs, provides the Remita electronic platform for running the TSA, saving the Federal Government revenue that could ordinarily have been lost.

An ad hoc committee of the House, chaired by a member of the All Progressives Congress from Kano State, Mr. Abubakar Danburam-Nuhu, found out that the NNPC directed some commercial banks to keep the accounts outside the TSA.

The CBN confirmed to the committee that it was aware of the excluded accounts, pointing to a document tendered by the NNPC, indicating that there was a presidential approval.

The said approval was a memo written by the Chief Staff to the President, Mr. Abba Kyari, authorising the NNPC to exclude the accounts from the TSA.

Expressing surprise over the discovery, Danburam-Nuhu stated, “Banks are still holding accounts with funds up to N50bn outside the TSA.

“The banks claim that there is an approval by the President for the accounts to operate outside the TSA.

“These are NNPC accounts and the corporation must produce evidence of the presidential approval.”

A senior official of the CBN, Mr. Dipo Fatokun, confirmed to the committee that the NNPC indeed wrote to inform the apex bank of the exemptions.

However, he specifically mentioned accounts relating to JV operations as the NNPC accounts covered by the exemptions.

“The banks are actually holding some accounts. We are aware. It’s not yet a case of 100 per cent transfer to the TSA,” he explained.

He also informed the committee that some accounts, still being kept by the banks, had legal limitations, while others were accounts owned by the judiciary and the National Assembly.

A memo by Kyari, purporting to convey President Muhammadu Buhari’s exemption directive, was analysed by members of the committee and was rejected as not convincing.

One of the members, Mr. Edward Pwajok (SAN), said the memo did not say much other than opening with the line, “I have been directed.”

Pwajok added that in the circumstances, the proper thing to do was to summon Kyari to convince the committee that Buhari indeed granted the exemptions.

“Let him come here to show us the evidence of the directive given to him by Mr. President,” he said.

Another member, Mr. Simon Arabo, noted that Kyari’s memo appeared to be an “Executive Order”, which had to be further examined by the committee.

The committee made two rulings: that the Group Managing Director of the NNPC, Mr. Maikanti Baru, be summoned to produce the presidential approval within 48 hours.

It also directed the CBN to submit a reconciliation report on the accounts still with commercial banks before the end of this month.

Meanwhile, the Centre for Anti-Corruption and Open Leadership and the Socio-Economic Rights and Accountability Project, have criticised President Buhari over the exemption of the NNPC’s N50bn from the Treasury Single Account.

The groups said the allegation of N50bn NNPC accounts’ exemption from TSA was capable of destroying the Buhari administration, if found to be true.

This is also as a Second Republic lawmaker and a northern elder statesman, Dr. Junaid Muhammed, said the National Assembly must “immediately begin impeachment procedures against the President” if the allegation of exemption was found to be true.

The CACOL Director, Debo Adeniran, said, “This allegation is beyond just indicting the government; it will amount to a statement of contradictory principles. It will mean that this administration is working on ambiguous principles which fall short of the hallmark of good governance. It will amount to an abuse of office and conflict of interests. We should still believe that it cannot be true and that the President will condescend to engaging in under-the-hand dealings.”

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.

Continue Reading
Comments

Government

EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

Published

on

Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

Continue Reading

Government

Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

Published

on

NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

Continue Reading

Government

Israeli President Declares Iran’s Actions a ‘Declaration of War’

Published

on

Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending