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House Summons Malami for Halting Repatriation of $60bn Loot

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National Assembly

The House of Representatives has again summoned the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) for allegedly halting the repatriation of $60 billion loot from Texas, United States of America.

The Chairman of the Ad hoc Committee on Assessment and Status of All Recovered Loots – Movable and Immovable Assets from 2002 to 2020 by Agencies of the federal government for Effective Efficient Management and Utilisation, Hon. Adejoro Adeogun, summoned Malami yesterday in Abuja when a former Special Prosecutor to the Special Presidential Investigation Panel (SPIP), Mr. Tosin Ojaomo, appeared before the committee.

He also revealed that before the panel, which was headed by Okoi Obono-Obla was disbanded, it investigated the Auditor-General of the Federation for the withdrawal of N10 billion from the account of NHIS in two tranches.

Ojaomo also revealed that the panel investigated a Director in a Ministry and recovered 86 luxury vehicles, adding that some of the vehicles are bulletproof cars worth the sum of N700 million.

He also pointed out that a certain account domiciled at Polaris Bank was uncovered by the panel where the sum of $223 million was kept under the guise of Nigerian National Petroleum Corporation (NNPC) operations account.

Ojaomo added that the account was not linked to the Treasury Single Account (TSA), but a standalone account of NNPC.

He said the panel invited the bank to explain what the money was meant for, adding that when the explanation of the bank was not satisfactory, it was ordered to remit the money to TSA, and the bank later pleaded that it should be allowed to pay N10 million every month.

The Special Prosecutor noted that after the Chairman of the Panel and some members were suspended in 2019, the AGF was directed to take over the cases being investigated by the panel.

He stated: “The projection of the panel based on what we were working with at that time, we had a projection of even making other foreign recoveries, because intelligence was given to the panel that the sum of $60 billion belonging to the Nigerian government is currently domiciled in Texas, United States of America, at that time, which the panel has started working on making recovery. The money was stolen from Nigeria through the NNPC. All this has been taken over by the AGF.”

In his ruling, the committee chairman said the allegations were weighty, saying there was a need to ask the AGF to cause an appearance.

Adeohun said, “These are weighty allegations; at this stage, we will have to stop you; not that we are trying to stop you from speaking, but because like we said in my place, you don’t shave a man behind him when he is not there. We think we will have to recall you at a different date and we will ask the Attorney General to make a reappearance here so that you can present this to him. You will avail us of all these documents so that we will formally write a letter to him.

“This is not just inviting him to come and speak now, you have made weighty allegations alleging that this money belonging to Nigeria could have been recovered but for some reasons he sat on them for whatever reasons. I don’t want to believe that that’s really what happened but that’s the allegation they have made.”

Earlier, the Managing Director of Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, while appearing before the committee revealed that the federal government through the Ministry of Justice entered into a trilateral agreement with the US, United Kingdom and the Republic of Ireland for the repatriation of looted funds.

He added that an agreement has been reached with the US government for the repatriation of $311 million, while an agreement had been reached with the UK government for repatriation of £4.2 million and €5.5 million from the Republic of Ireland.

Orji added, “We are aware that there is an agreement struck with the Ministry of Justice and counterpart countries. We’ve been notified that they have reached this agreement, that the funds will be sent to us, but we have not received it.”

Also, the Chairman of Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, said at the moment that the anti-graft agency had recovered N2.1 billion.

He said, “As of today, what is there is N2.1 billion. Over time, however, the cumulative of what we received is over N7 billion and N5 billion has gone back to the government. It has taken it over time.”

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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