Senate forms panel to investigate CBN’s N30 trillion loan to FG – Newstrends
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Senate forms panel to investigate CBN’s N30 trillion loan to FG

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Senate forms panel to investigate CBN’s N30 trillion loan to FG

The Senate has established a nine-member committee to probe the N30 trillion Ways and Means advances provided by the Central Bank of Nigeria (CBN) to the federal government.

During Tuesday’s session presided over by Deputy Senate President Barau Jibrin, Senator Jibrin Isah (representing Kogi East) was appointed the committee’s chairman.

The Senate’s decision to investigate the utilization of the loan follows its adoption of the report from the Joint Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture, and Appropriations last week.

Ways and Means is a loan facility extended by the CBN to the federal government to address budget shortfalls.

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The loan facility has stirred controversy, with experts raising concerns over the CBN surpassing its lending limits to the federal government, contrary to existing laws.

Barau, in his statement before announcing the committee’s composition, highlighted that excessive borrowing has contributed to inflation in the country.

He remarked, “The financial obligation to the CBN now stands at N30 trillion. It is therefore imperative to scrutinize the N30 trillion Ways and Means loans to recover whatever is feasible.”

The ad hoc committee includes Ekpeyong Asuquo, Mohammed Tahir Monguno, Victor Umeh, Olamilekan Adeola, Sani Mohammed Musa, Aliyu Wadada, Abdul Ningi, and Ipalibo Banigo Harry. They have been granted four weeks to submit their report for further legislative action.

Senate forms panel to investigate CBN’s N30 trillion loan to FG

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Supreme Court dismisses 16 govs suit challenging EFCC legality

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Supreme Court dismisses 16 govs suit challenging EFCC legality

The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.

The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).

In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.

The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.

It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state houses of assembly.

Delivering judgement on Friday, Justice Abba-Aji ruled that “the EFCC Act, which was not established from a treaty but a convention, does not need the ratification of the houses of assembly.”

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Executive Secretary FCDA Hadi Ahmad suspended indefinitely

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Executive Secretary FCDA Hadi Ahmad suspended indefinitely

 

Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.

His suspicion was on the order of the Minister of the Federal Capital Territory, Nyesom Wike.

Senior Special Assistant on Public Communications and New Media to the Minister, Lere Olayinka, disclosed this in a statement on Thursday evening.

No reason was given for the suspension.

Ahmad was directed to hand over to the Director, Engineering Services in the FCDA.

The statement read: “The Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.

“According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory FCT, Nyesom Wike, the suspension of Engr Hadi Ahmad is with immediate effect.

“The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA.”

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Just in: Rivers, Anambra high court judges suspended for one year

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Just in: Rivers, Anambra high court judges suspended for one year

 

The National Judicial Council (NJC) has suspended two state high court for over acts of professional misconduct.

The NJC named the affected judges as Justice G. C Aguma of the High Court of Rivers State and Justice A.O Nwabunike of the Anambra State High Court.

They were both suspended for the period of one year without pay and thereafter placed on watch list for two years.

The decision was taken at the 107th Meeting of the NJC chaired by the Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun on 13 and 14 November 2024.

A total of five serving judicial officers were sanctioned for various acts of misconduct.

The Council also recommended two Heads of Court for compulsory retirement over falsification of age.

The duo of the Chief Judge of Imo State, Hon. Justice T. E. Chukwuemeka Chikeka and the Grand Kadi of Yobe State, Hon. Kadi Babagana Mahdi, were recommended for compulsory retirement for falsification of their ages.

The Council considered the Report of its Preliminary Complaints Assessment Committee, which considered a total number of 30 petitions, empanelled six committees for further investigation.

Twenty-two cases were dismissed for lacking in merit, two were sub judice.

The Council also empanelled a committee to investigate all complaints and petitions against Hon. Justice O. A. Ojo, Chief Judge, Osun State.

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