Business
Probe missing N3.1bn in finance ministry, SERAP tells Buhari
Socio-Economic Rights and Accountability Project has written to President Muhammadu Buhari demanding an immediate probe into allegations that over N3bn is missing or diverted from the Federal Ministry of Finance.
The group in a letter to the President asked him to “use his good offices to direct the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, SAN, and appropriate anti-corruption agencies to investigate the matter.
It said the allegations were documented in the 2018 and 2019 annual audited reports by the Auditor-General of the Federation.
SERAP said, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered.”
The letter dated 24 December 2021 and signed by SERAP Deputy Director, Kolawole Oluwadare, stated, “The reports suggest a grave violation of the public trust. As trustee of public funds, the Ministry of Finance ought to ensure strict compliance with transparency and accountability rules and regulations.”
SERAP said, “As a key agency of government, the ministry has a sacred duty to ensure transparency and accountability in the spending of the country’s resources. This implies providing strong leadership in the efforts to curb public sector corruption.
“This leadership is important for the Ministry to enjoy the public trust and confidence essential for its effectiveness and impact.”
SERAP also stated, “The allegations that N3,143,718,976.47 of public funds is missing will also clearly amount to a fundamental breach of national anti-corruption laws and the country’s international anti-corruption obligations including under the UN Convention Against Corruption to which Nigeria is a state party.”
The letter read in part, “Investigating and prosecuting the allegations, and recovering any missing public funds would improve the chances of success of your government’s oft-repeated commitment to fight corruption and end the impunity of perpetrators. It will also serve the public interest.
“According to the report of the Auditor-General for 2018, the Ministry of Finance spent N24,708,090.00 on pre-retirement training but without any document. The consultant hired also failed to quote any price as cost of the training but the Ministry paid N5,670,060.00 to the consultant. Request for payment from the consultant was dated 20 January 2017 while the first payment voucher in his favour was dated 13 January 2017 (7 days before his request).
“The ministry also reportedly failed to account for N2,885,772,493.27 released to the Ministry from the Service Wide Vote to take care of estacodes and other allowances for representing the Federal Government in meetings, and contribution to Organization for Petroleum Exporting Countries (OPEC).”
“The money was spent without approval, and any documents. The Auditor-General is concerned that the money may have been mismanaged.”
“The ministry also reportedly awarded a contract on 17th May 2017 for N98,540,500.00 without any document, contrary to the Public Procurement Act. The project was not also budgeted for. There was no evidence of performance of the contract. The ministry also deducted N9,354,809.52 as WHT and VAT but without any evidence of remittance. The Auditor-General wants the money recovered.
“The Ministry also reportedly spent N98,759,299.20 between January and December 2017 without any document, contrary to Financial Regulation 601.
“According to the 2019 report of the Auditor-General, the ministry paid N20,466,744.00 as cash advances to staff of ‘You-Win’ between 8 February and 18 December, 2018 but the Ministry has failed to retire the money.
“The advances were granted for the purchase of store items, repairs and other services that would have been made through the award of contract. Government lost N2,046,674.40 which would have accrued as taxes had these jobs been undertaken through award of contracts. The Auditor-General wants the money recovered.”
“The ministry also reportedly paid N15,471,850.00 to two consultants for capacity building in Kano and Adamawa states but without any supporting document, contrary to paragraph 603 (1) of the Financial Regulations. The Auditor-General is concerned that the money may have been diverted, and wants it recovered.”
“SERAP notes that the consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs, and undermines economic development of the country, trapping the majority of Nigerians in poverty and depriving them of employment opportunities.”
“We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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