- Reps Commence Investigation of $7bn Withdrawn from Foreign Reserves by CBN
The House of Representatives on Thursday announced it has commenced investigation of the yet to be refunded $7 billion that was withdrawn by the Central Bank of Nigeria (CBN) from the nation’s foreign reserves in 2006 to pay banks and asset managers.
The Committee on Banking and Currency has been mandated by the House to investigate “the details of the disbursed funds by the CBN to the banks and the continued non-repayment of same 13 years after disbursement.”
Also, the committee will determine “the terms and conditions of the disbursement to ascertain if the terms and conditions have been complied with as it relates to repayment of the fund, and report back within eight weeks for further legislative action.”
The investigation was in response to the unanimous adoption of a motion titled ‘Need to Investigate the Non-Repayment of $7bn from Nigeria’s Foreign Reserves Disbursed to 14 Global Asset Managers and 14 Nigerian Banks by the Central Bank of Nigeria Since 2006.’
Mr Abubakar Ahmad, who moved the motion, said in 2006, the Central Bank of Nigeria withdrawn $7 billion from the nation’s N38.07 billion foreign reserves to pay 14 global asset managers and their 14 banks, local partners, to manage.
Ahmad said, “The House is aware that the CBN gave each asset manager and its Nigerian bank counterpart $500m from the nation’s foreign reserves to manage. The 14 Nigerian banks that received the said funds, about six of them, namely Oceanic Bank, Intercontinental Bank, Bank PHB, FIN Bank, AfriBank, and very recently Diamond Bank Plc were merged/acquired by other banks under the oversight of the CBN.
“The House is again aware that the assets and liabilities of the six merged/acquired banks have been legally acquired as part of the legacies of the defunct banks. After 13 years, Nigeria’s hard-earned $7bn foreign reserve has not been repaid to the CBN and there is no action put in place to ensure repayment of the funds.”
President Buhari Has Officially Suspends Magu, Says Attorney General’s Office
Buhari Officially Suspends Magu, Says Attorney General’s Office
Nigeria has suspended its anti-corruption chief pending the conclusion of investigations, the attorney general’s office said on Friday, without elaborating.
Ibrahim Magu has been appearing before a presidential panel reviewing activities of the Economic and Financial Crimes Commission (EFCC), the agency said on Monday.
“President Muhammadu Buhari has approved the immediate suspension of Ibrahim Magu as Ag. Chairman of the Economic and Financial Crimes Commission (EFCC),” the attorney general’s office said in a statement.
The president put EFCC operations director Mohammed Umar in charge pending the outcome of Magu’s case.
Buhari has made tackling corruption a priority since taking office in 2015. Endemic graft among the political elite dating back decades has left most Nigerians mired in poverty, despite the country being Africa’s biggest economy and energy producer.
FG Puts School Resumption Plan on Hold as COVID-19 Cases Hit 30,000
FG Drops School Resumption Plan as COVID-19 Cases Cross 30,000
The Federal Government has dropped plans for certain students to return to school following the surge in COVID-19 cases.
The Nigeria Centre for Disease Control (NCDC) on Wednesday reported that the number of confirmed COVID-19 cases rose to 30,249 on Wednesday.
“Till date, 30249 cases have been confirmed, 12373 cases have been discharged and 684 deaths have been recorded in 36 states and the Federal Capital Territory,” the NCDC stated.
The report forced the Federal Government to drop plans for certain students to return to school.
The Minister of Education, Adamu Adamu, told reporters in Abuja on Wednesday.
“We will not open soon for examinations, or for any reason, unless it is safe for our children,” Adamu after a cabinet meeting.
“Our schools will only open when we believe it’s safe for our children and that is when the situation is right, not when the incidence of the infection is going up in the nation.”
Complete Confirmed COVID-19 Cases by State
|States Affected||No. of Cases (Lab Confirmed)||No. of Cases (on admission)||No. Discharged||No. of Deaths|
FG Approves N109bn Contracts for Four Roads, Hostel
FG to Spend N109bn On Four Roads, Hostel
The Federal Government on Wednesday approved different contracts on roads and others totalling N109.187bn.
The approvals for the contracts were parts of the decision reached at a virtual meeting of the Federal Executive Council presided over by the President, Major General Muhammadu Buhari (retd.).
The contracts were approved based on the requests of the Ministry of Works and Housing as well as the Ministry of Education.
The Minister of Works and Housing, Babatunde Fashola, told State House correspondents at the end of the meeting that his ministry submitted two memoranda for projects estimated to cost a total of N108.44bn.
He disclosed that the council approved an augmentation of existing contract by N25bn for the completion of the Enugu – Lokponta section of the Enugu – Port Harcourt Expressway.
He said, “The Ministry of Works and Housing presented two memoranda. The first one was to aid the completion of the Enugu – Lokponta section of the Enugu – Port Harcourt highway. It was an augmentation of existing contract by N25bn; the council approved that augmentation.
“The second memorandum was the award of three different roads. The first is Dikwa-Marte-Mungunu road for N60. 273bn and the Numan Road linking Borno and Adamawa for N15.527bn and the third is for Gombi-Biu linking Adamawa and Borno also for N7.643 bn.”
The Minister of Education, Adamu Adamu, said the FEC approved an agreement between the Kaduna Polytechnic and an investor to renovate 18 blocks of student hostels.
The contract, which is a 15-year concession at the cost of N744.26m is under a Renovate Operate, Maintain and Transfer arrangement.
He said, “It will take one year to construct the hostels, after which the contractor will run it for 15 years within which they will recover what they have sunk into the project.
“There are 18 blocks of hostels and each room in a block will house four students. The total number of students to be housed will be 4,032.”
Finance6 days ago
DSS Arrests EFCC, Acting Chairman, Magu
Forex3 days ago
Naira-USD Exchange Rate to Hit N430 – Report
Forex6 days ago
CBN Starts Using N380/$ Official Rate, Expects to Make it Official Soon
News1 week ago
Fire Guts Central Bank of Nigeria Office in Gombe
Finance5 days ago
CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira
Stock Market6 days ago
Flour Mills, Dangote Cement, Vitafoam Disclose Insider Dealings
Technology1 week ago
Jeff Bezos Sets a New Record as Net Worth Hits $172bn
Economy5 days ago
Nigeria’s Inflation to Average 12.2 Percent in 2020 Says PwC