CBN gets SERAP seven-day ultimatum to account for missing N100bn dirty notes – Newstrends
Connect with us

Business

CBN gets SERAP seven-day ultimatum to account for missing N100bn dirty notes

Published

4 days ago

on

CBN gets SERAP seven-day ultimatum to account for missing N100bn dirty notes

Socio-Economic Rights and Accountability Project (SERAP) has slammed the Central Bank of Nigeria (CBN) with a seven-day ultimatum to explain the whereabouts of over N100 billion ‘dirty naira notes’ and ‘other large sum of cash awaiting examination’ kept in various branches of the apex.

SERAP gave the notice in a statement issued by its deputy director, Kolawole Oluwadare, saying the allegations were documented in the latest annual report recently published by the Auditor-General of the Federation.

SERAP also urged the Governor of the CBN Olayemi Cardoso, to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009.

It asked the CBN governor to publish the names of the contractors that collected the money but failed to complete the projects.

SERAP urged him “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra state government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”

In the letter dated 29 June 29, 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”

SERAP said, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”

According to SERAP, “These grave violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”

The letter read in part, “We would be grateful if the recommended measures are taken within 7 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 you and the CBN to comply with our request in the public interest.”

“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.”

“The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘be diverted and re-injected into the economy.’”

SERAP stated, “The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.

“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’

“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.

“There is no significant renovation work on the site, several years after the proposed completion date.

“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”

According to the body, Nigerians have the right to know the whereabouts of the public funds.

Related Topics:
Advertisement

Business

Ibadan, Kaduna DisCos hike Band A electricity tariffs, after NERC approval

Published

1 day ago

on

July 3, 2024

By

Ibadan, Kaduna DisCos hike Band A electricity tariffs, after NERC approval

Two power firms, Ibadan Electricity Distribution Company (IBEDC) and Kaduna Electricity Distribution Company (Kaduna DisCo) have announced an increase in electricity tariffs for their Band A customers, with effect from July 1st, 2024.

They said the hike in tariff had received the approval of the regulator, the Nigerian Electricity Regulatory Commission.

Acting Managing Director, IBEDC, Francis Agoha, in a notice said “this adjustment affects only Band A customers.

He added that the tariffs for Bands B, C, D, and E remained unchanged.

Agoha further stated that the company remained committed to providing reliable and efficient electricity services to all its customers across different bands.

“We understand that any change in tariffs can be a concern for our customers, and we assure you that this adjustment is necessary to maintain and improve the quality of our services. Our goal is to ensure that you receive the best possible value for your money,” he said.

READ ALSO:

On its part, Kaduna DisCo in a statement by the company’s Head of Corporate Communication, Abdulazeez Abdullahi, also said the tariff for Band A feeders had gone up from N206.80 per kilowatt-hour (kWh) to N209.50 per kWh. This represents a 1.3 per cent increase.

Band A customers are those categorized under the Service Based Tariff regime and receive a guaranteed minimum of 20 hours to 24 hours of electricity supply daily.

This category often includes residential, commercial, and industrial consumers with high electricity consumption.

In the statement titled, ‘Upward Review of Tariff for Band A Feeders’, Abdullahi disclosed that the new tariff became effective on July 1.

“Dear esteemed customers, the Management of Kaduna Electric informs the public of an upward review in the tariff of Band A feeders from N206.80/kWh to N209.5/kWh.

“The review is effective from 1st July 2024 and affects both prepaid and postpaid customers.

“Kaduna Electric assures customers on its Band A feeders of the continued availability of 20-24hrs supply daily as stipulated in the Service Based Tariff regime.”

Ibadan, Kaduna DisCos hike Band A electricity tariffs, after NERC approval

Continue Reading

Business

Bitcoin drops by 3% putting pressure on other cryptos

Published

1 day ago

on

July 3, 2024

By

Bitcoin drops by 3% putting pressure on other cryptos

Bitcoin the primary crypto asset has fallen below its $61,000 price level in the early hours of today with the asset now trading for $60,400 at the time of report.

The crypto asset has fallen from $62,000 yesterday to $60,400 representing a 3% decline in price value over the last 24 hours.

The decline in Bitcoin price affected other major crypto assets with Ethereum, Solana, and Dogecoin all witnessing a 3% drop in price as well.

Bitcoin’s drop in price value can be attributed to various pressures the most significant being an impending major activity on the Mt. Gox exchange. The now-defunct Mt. Gox exchange is expected to begin the distribution of Bitcoin this month.

QCP Capital, a Singapore-based crypto firm shed more light on this issue in a Telegram broadcast to its nearly 14,000 members.

“The Mt Gox release is also slated to happen this week,” the firm wrote in its Telegram broadcast. “This overhang of up to 140,000 BTC should continue to weigh on markets, especially since the exact release schedule is unknown right now. The firm added.

Despite the drop in Price value due to the looming Mt. Gox activity Bitcoin has maintained a support level above $60,000 and Ethereum has not fallen below $3300. These are positive signs according to QCP Capital.

READ ALSO:

Crypto analyst Ali shared his position on the crypto markets should Bitcoin price rebound from its current level to $62,600. He cited CoinGlass data stating that there is going to be significant liquidations should Bitcoin rebound past $62,000.

“Over $1 billion will be liquidated if #Bitcoin now rebounds to $62,600,” he wrote on X this morning.

Ali also pointed out the possibility of Bitcoin breaking its critical resistance level which he called was the $65,795 price level.

“One of the most crucial resistance areas for #Bitcoin is $65,795. If $BTC can break past this level, the next significant target is $78,700!” Ali added. 

Tom Lee, managing partner and head of research at Fundstrat Global Advisors gave his 2 cents on the Mt. Gox issue from a long-term perspective in a recent interview with CNBC.

“Bitcoin is probably struggling from the Mt. Gox starting distribution since July that was a huge overhang for many years but if I was investing in crypto knowing that one of the biggest overhangs is going to disappear in July, it’s a reason to expect a strong rebound in the second half of the year,” Tom stated

Over 140,000 BTC is set to be redistributed from the now-defunct Mt. Gox exchange and this activity is viewed as a net negative for Bitcoin price value.

Bitcoin drops by 3% putting pressure on other cryptos

Continue Reading

Business

No one can create jobs, grow economy under current interest rate – Dangote

Published

2 days ago

on

July 2, 2024

By

No one can create jobs, grow economy under current interest rate – Dangote

President of the Dangote Group, Aliko Dangote, says the current interest rate of 26 per cent charged on bank loans is unfavourable for meaningful business growth.

Indeed, he said the high interest rate had made it difficult to create jobs to grow the economy.

He spoke on Tuesday during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of the State House, Abuja.

Dangote said many businesses could not cope with the current rate.

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) had increased the Monetary Policy Rate (MPR) for the third straight time from 24.75 per cent to 26. 25 per cent.

Dangote said, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

He also called on the government to protect existing businesses in the country, especially manufacturers by providing an enabling environment for them to thrive.

According to him, an import-dependent country is equivalent to poverty importation.

“No power, no prosperity, no affordable financing, no growth, no development,” he lamented.

Dangote said for the government to address the challenges of unemployment, poverty and insecurity, the manufacturing sector must be empowered to function optimally.

MAN also criticised government policies and attitude, saying they were responsible for the low performance of the manufacturing sector in the country.

The event had in attendance Vice President Kashim Shettima and other government officials. President of MAN, Otunba Francis Meshioye, said over 70 manufacturers had exited the sector between 2019 and 2022.

He said it was time to take stock and rethink a way to support manufacturing businesses to achieve the agenda of the current administration.

Continue Reading

Trending