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RMAFC vows to Revisit Revenue Sharing Formula

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  • RMAFC vows to Revisit Revenue Sharing Formula

The newly reconstituted board of the Revenue Mobilisation Allocation and Fiscal Commission resumed work on Monday and vowed to revisit the nation’s revenue sharing formula.

Answering questions from journalists at the inaugural meeting of the 37 commissioners of the body in Abuja on Monday, Chairman of the commission, Mr Elias Mbam, declared that the review done by the commission in 2014 was not rejected but inconclusive.

Four years after the RMAFC work on a draft of a new revenue formula for the country, the draft had not been presented to the National Assembly by the Presidency as the procedure required.

Mbam said, “On a new revenue formula, it was not rejected; it was inconclusive. Our main mandate includes monitoring accruals to and from the federation account. It also includes a review of the revenue formula and determination of the appropriate remuneration of political office holders.

“We are not going to leave any of the items. We are going to address all these issues and that is why I say we are going to be more concerned about the sources of revenue.”

Both former President, Dr Goodluck Jonathan, and current President, Muhammadu Buhari, had frustrated efforts to complete the process required to give life to the draft document because they did not want the Federal Government to lose funds to the subnational governments.

Both Jonathan and Buhari had rebuffed attempts by officials of RMAFC to formally hand over the document to them.

Although the draft document, which is believed to have recommended a higher revenue share for the states, was part of the documents that were presented to Buhari on assumption of office by Ministries, Departments and Agencies, the Presidency had denied officials of RMAFC the opportunity to formally present the draft to the President.

It is the responsibility of the President to send the document to the National Assembly after securing the approval of the Federal Executive Council.

RMAFC, had in a statement on May 3, 2018, confirmed our correspondent’s report that Jonathan did not grant audience to the commission until he left office on May 29, 2015. It also confirmed that Buhari had been intimated of the draft document.

Buhari had failed to take the necessary follow-up actions as approval of the draft document would reduce what goes to the Federal Government from the federation account.

On what the body would do that a new document does not suffer the fate of the 2014 document, Mbam said it was the responsibility of all Nigerians to ensure that the work of the commission succeeded.

Promising that the commission would look into what political office holders earned, Mbam, however, failed to confirm whether the review would go upwards or downwards.

He added that any earning of political office holders outside the approved remuneration was outside the law.

He said, “Anything outside that Act is not known to this commission,” referring to the 2008 Political Office Holders Remuneration Act.

Mbam also promised to establish a committee on diversification and urged members of the commission to pay attention to national values even though they were appointed to represent their various states.

The RMAFC boss said, “I want to assure you that the commission as a family shall provide you with the opportunity to develop and contribute your quota to the socioeconomic development of our country.

“Our mandate as a commission is to uphold and promote national interest far above primordial interests. To this end, I implore all members to approach all issues pertaining to the mandate of the commission with an open mind and nationalistic fervour for the development of our country.”

Buhari inaugurated the rejuvenated commission last Thursday. Mbam had served his first tenure as chairman between 2011 and 2015. He was reappointed in July 2016 even though his name was not submitted to the National Assembly until recently.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

CBN Freezes Another 194 Accounts of firms, BDCs, Others

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Godwin Emefile

The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities.

It disclosed this on Thursday in three separate documents on its website.

In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital Limited.

The accounts were domiciled in 13 different banks, the CBN as the plaintiff stated.

Bluebeam, as the respondent had eight accounts each in Access Bank and Keystone Bank; seven each in First Bank and Ecobank; five each in UBA and GTBank; four each in Fidelity Bank, FCMB and Sterling Bank; three accounts in Polaris Bank; two each in Wema Bank and Heritage Bank; and one in Providus Bank.

In another document, the CBN said it got an order to freeze 84 accounts in 17 banks.

The third document revealed that the banking regulator had the court order to freeze 50 accounts domiciled in different banks.

The motions exparte which were signed on different dates sought the orders of the court to direct the banks to freeze all other bank accounts of the defendants for a period of 180 days, pending the outcome of investigation and inquiry being conducted by the CBN.

In the document signed by the Presiding Judge, A.R. Mohammed, the court empowered the CBN to direct the banks to freeze all the bank accounts for a period of 45 days only, pending the outcome of the investigation.

It added that the order may be extended upon good reasons shown.

Any person aggrieved by this order could apply to the court to have the order set aside, discharged or have the order reviewed upon good reasons without waiting for the 45 days to lapse, the document stated.

The CBN on Wednesday disclosed it got an order to freeze 11 bank accounts to enable it conduct investigations into suspicious activities.

It had listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

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Banking Sector

Insider Dealing: Henry Oroh, An Executive Director of Zenith Bank, Acquires N46.982 Million Worth of Zenith Bank Shares

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Henry Oroh -Investorsking.com

Henry Oro, an executive director of Zenith Bank Plc, has dumped N46.982 million on shares of Zenith Bank, according to the latest filing with the Nigerian Stock Exchange.

The executive director purchased Zenith Bank’s shares of 724,527 on April 1st, 2021 at N22.05 each or N15.976 million.

On April 6th, Oroh added 612,573 shares at N22 a unit and another 400,000 units at N21.90 per share.

On the same day, he purchased another 400,000 units at N21.90 a share. Bringing aggregate purchase on April 6th to 1,412,573 at an average price of N21.95 a unit or N31.006 million.

Henry Oroh has spent a total of N46.982 million on Zenith shares in April.

Henry Oroh was appointed as Zenith Bank’s executive director on September 1st, 2019 and holds a Bachelor’s Degree in Accounting from the University of Benin, Edo State and an MBA from the Lagos State University as well as an LLB Degree from the University of London.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He has over two decades of banking experience. He began his banking career in 1992 at Citibank where he served for seven (7) years in Operations, Treasury and Marketing.

He joined Zenith Bank in February 1999 and has worked in various Groups and Departments within the Zenith Group Office. His expertise spans Operations, Information Technology, Treasury, Marketing, including the Manufacturing, Food and Beverages, Pharmaceuticals, Oil and Gas, Public Sector, Consumer, as well as Corporate Banking and Business Development.

In April 2012, he was seconded to Zenith Bank Ghana Limited as an Executive Director and became the Managing Director/ Chief Executive in February 2016, where he successfully spearheaded the phenomenal growth of the Zenith Brand both within the Ghana market and the West African sub-region.

Henry has attended several Leadership Programmes and Executive Management Courses at the Harvard Business School, Columbia Business School, New York, University of Chicago, University of Pennsylvania, HEC Paris, JP Morgan Chase, UK and the Lagos Business School.

He comes to the Board of Zenith Bank Plc with strong competencies in Credit & Marketing, Operations, Information Technology, Treasury and impressive Leadership skills.

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Banking Sector

Access Bank Lagos City Marathon Adopts Virtual Audience For 10km Runners

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In a bid to ensure the health and safety of all runners and essential service workers amid the global COVID-19 pandemic, the title sponsors of the Access Bank Lagos City Marathon, Access Bank PLC, has announced that the Lagos City Marathon will be held virtually for interested 10km runners this year.

The marathon, scheduled for April 10, 2021 can only accommodate 300 runners in line with the guidelines provided by the World Health Organisation (WHO), World Athletics and the Lagos State Ministry of Health.

Speaking on the development, Access Bank’s Executive Director of Retail Banking, Victor Etuokwu said, “Our primary consideration is the health and safety of participants, attendees and staff that will be a part of the Lagos City Marathon. This is why we decided to have an exclusive virtual event – that allows participants from all over the world to run the race wherever they are.

‘’While we regret that we can’t host the live 10km race and fanfare that have become synonymous with the Access Bank Lagos City Marathon, we continue to stand with the other sponsors to preserve public health as we look forward to hosting a successful marathon. We implore all well-meaning Lagosians to please adhere to the movement guidelines put in place by the Lagos State Government to ensure that the marathon fulfills its purpose of positively placing Lagos and indeed the whole of Africa on the global map,” he concluded.

Though audience participation may have changed, the organisers have also announced that the race route will largely remain the same. Runners will begin the race from the National Stadium, Surulere, opposite Teslim Balogun Stadium and finish at the Eko Atlantic City, Victoria Island.

Now in its sixth edition, the Silver – Labelled Access Bank Lagos City Marathon has featured over 200,000 registered athletes from over 12 participating countries collectively covering a distance of 42,000 kilometers.

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