Reps to probe alleged fraud in IPPIS – Newstrends
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Reps to probe alleged fraud in IPPIS

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House of Representatives has resolved to probe alleged fraud in the Integrated Payroll and Personnel Information System of the Federal Government.

The irregularities have reportedly led to non-payment of salaries and allowances of some civil servants.

The payment system was introduced by the Federal Government in 2017.

The decision to investigate the IPPIS was made on Tuesday by House Committee on Public Accounts.

This is coming after its engagement with various tertiary institutions and government agencies on their financial audit reports for 2018 and 2019.

The committee said it had observed leakages and sharp practices in the course of grilling those who appeared before it, especially the J. S. Tarkar University of Agriculture, Makurdi, Benue State.

Chairman of the committee, Wole Oke, called for the probe after the lawmakers grilled the Rector, Federal Polytechnic Auchi, Edo State, Dr Zubair Mustapha.

Mustapha had told the committee that salary arrears had accumulated due to anomalies in the IPPIS, saying, “The backlog of salaries is for the people who were not captured by IPPIS.”

Oke said, “That is why we must look into the IPPIS. We were told here that the salaries of personnel of the University of Agriculture, Makurdi (Benue State), went into accounts of staff of Jigawa State.

“IPPIS must be investigated to detect some of the irregularities observed in the system. We have observed some serious irregularities in the system.”

The committee resolved to write the Minister of Finance, Budget and National Planning, Zainab Ahmed; and the Accountant General of the Federation, Ahmed Idris, to explain the anomalies in the federal staff payment system.

Also, the committee summoned the external auditors of the accounts of Auchi Polytechnic over discrepancies in the audited reports of the institution for 2018 and 2019.

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CBN directs banks to start deducting cybersecurity levies from customers

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CBN directs banks to start deducting cybersecurity levies from customers

The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.

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Forex: FG to delist naira from P2P platforms

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Forex: FG to delist naira from P2P platforms

The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.

Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.

The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.

In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.

This is part of a number of regulations to be rolled out in the coming days.

He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.

“I want your cooperation in dealing with this as we roll out regulations in the coming days.”

The SEC DG decried how some market players were manipulating the value of the naira.

This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.

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Ikeja Electric cuts tariff for Band A customers

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Ikeja Electric cuts tariff for Band A customers

The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h

This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.

The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.

Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.

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