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N2.8tn Probe: Reps Threaten Absentee Bank CEOs, Others With Bench Warrant

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House of representatives
  • N2.8tn Probe: Reps Threaten Absentee Bank CEOs, Others With Bench Warrant

The House of Representatives has threatened to issue a bench warrant against the Minister of Justice and Attorney-General of the Federation, Mr Abubakar Malami; Accountant-General of the Federation, Mr Ahmed Idris; and managing directors/chief executive officers of Deposit Money Banks.

An ad hoc committee set up by the House to investigate the alleged non-remittance of stamp duty deductions sat in Abuja on Wednesday, where Malami, Idris and the CEOs were either absent or represented.

The House had on April 25, 2019, resolved to “mandate the set up of an ad hoc committee to urgently investigate the non-remittance of trillions into the Federation Account of TSA and report back to the House within four weeks.”

This was after the lawmakers adopted a motion that condemned the stamp duty charges imposed on Nigerians for their banking transactions.

The lawmakers had especially accused banks who made the deductions of non-remittance of about N2.8tn to Federal Government coffers, contravening the Treasury Single Account policy.

At the sitting on Wednesday, the panel, however, dismissed the representatives as not eligible to speak for their respective organisations and bosses.

The Chairman of the committee, Mr Ahmad Abubakar, said, “We can see that the Office of the Accountant-General and the Office of Attorney-General are conspicuously not here.”

He stated that those absent from the hearing had critical roles to play in the deliberations and final decisions to be taken by the lawmakers.

Abubakar added, “The chief executive officers of all agencies are supposed to be here. If by any reason they cannot attend, we expected their written authority, authorising somebody, not below the executive management level; even that is with the authority from the CEO. Otherwise, the organisation will be deemed not to have been here, and it is a serious matter.

“After this hearing, if it needs issuing a bench warrant, we are going to do that; This is a very serious issue. My colleagues are here and this will be our resolve. I don’t know whether most of the people that are here are below these two categories — either the CEO or executive director. We want people who can take critical decisions on behalf of their organisations. I don’t want you to come here and something is resolved, later the CEO would say ‘I am not here and I cannot…’ Whatever is the decision here is binding.”

Also, a member of the committee, Mr Danburam Nuhu, also criticised those who failed to attend the hearing.

“I can see from the roll call that only three banks are represented by somebody from their executive management. Those banks are Polaris, GTBank and Sterling Bank. All other banks don’t have somebody from their executive management.

“As clearly stated by you, Mr Chairman, it is the position of the committee to assume that they are not present at this hearing. It is clear that if the committee chooses to give another date, at the end of the day, they are still not present. I think the next thing as you clearly stated is that we go ahead and issue a bench warrant against the CEOs of the banks. That means that we will arrest them and compel them to be here,” he said.

Another member of the panel, Mr Adekunle Akinlade, consequently moved a motion that any agency or organisation without the CEO in attendance and without an executive director with a written mandate to represent them should be considered absent from the hearing.

The motion was seconded and unanimously adopted by other members of the panel.

In his ruling, Nuhu said the representatives in attendance, most of whom did not meet the criteria set by the lawmakers, would be allowed to remain as spectators without their submissions taken.

Meanwhile, the Postmaster-General, Mr Bisi Adegbuyi, told the committee that a plethora of cases at the Supreme Court and inter-agency rivalry between the Nigerian Postal Service and the Revenue Mobilisation and Fiscal Allocation Commission were frustrating the remittance of an estimated N2.8tn stamp duty funds.

According to Adegbuyi, banks are hiding behind the various conflicting court cases on the issue of stamp duty by not remitting the amounts collected to the Federal Government accounts.

In his submission, the acting Chairman of the RMFAC, Mr Casmir Anyanwu, said that it was the commission’s mandate to recover the stamp duties.

“The role of the commission in the collection of stamp duties is to ensure that the fund is remitted by the banks and that the circular of the Central Bank of Nigeria on the collection of stamp duties on every electronic transaction above N1, 000 be complied with; that the N50 deducted by the banks be promptly remitted to the Federation Account, verify and remit any outstanding amount from the banks. That is what we are doing at the moment.”

However, the acting Director, Banking Services, CBN, Mr Abubakar Kure, said remittances to the apex bank stood at N35bn.

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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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Netanyahu

Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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

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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.

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

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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.

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