FG committee gets six months to sell recovered looted assets – Newstrends
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FG committee gets six months to sell recovered looted assets

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The Federal Government has inaugurated a committee to sell all looted assets recovered through the anti-corruption efforts of the Muhammadu Buhari administration with a mandate to dispose of them in six months.

The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, while inaugurating the 22-member committee in Abuja on Monday, urged its members not to betray the trust placed on them by the government.

Malami said members of the inter-ministerial committee on the disposal of Federal Government of Nigeria’s forfeited assets were drawn from relevant agencies and headed by the Solicitor General of the Federation and Permanent Secretary of the Federal Ministry of Justice, Mr Dayo Apata (SAN).

Malami said, “It is my pleasure to note that Mr. President approved the composition of the Inter-Ministerial Committee on the Disposal of Federal Government of Nigeria Forfeited Assets on October 27, 2020 which we are inaugurating today. The committee has a time frame of six (6) months for the disposal of all Federal Government Forfeited Assets.”

According to him, the responsibilities of the committee will include implementation of provisions of the ATRM regulations; ensuring the transparency of the disposal of federal government final forfeited assets; and ensuring the synergy and collaboration between the AGF and Minister of Justice and law enforcement and anti-corruption agencies, other relevant ministries, departments and agencies and the non-governmental organization in the collation of records of all assets.

Other tasks of the committee were given as responding to any ongoing asset management audit and the asset performance reports; consistently implement enablers and controls that support decision making and efficiency of service delivery which govern the disposal of assets; and development of targets for the committee in order to measure its performance.

Malami however stated that the Asset Tracing, Recovery and Management Regulations, 2019, the Standard Operating Procedures and Terms of Reference shall be the working tools to serve as guidelines for the inter-ministerial committee and how best to actualize the quick disposal of the FGN assets in line with the president’s directive.

Malami also said, “Your mandate is to ensure the expedient disposal of all FGN forfeited assets and generate revenue for the Federal Government of Nigeria. Accordingly, I wish to solicit the cooperation of all members of this inter-ministerial committee in that respect.

“On this note, I wish to implore the inter-ministerial committee to work as a formidable team with the relevant agencies in accordance with extant laws and regulations. It is also my hope that the proceeds from this exercise will be a source of additional revenue for the country.

“I must, however, warn that the task before the inter-ministerial committee is an enormous one and must be conducted with utmost dignity having the interest of Nigeria at heart. Thus, much is expected from the committee,” the AGF noted.

The chairman of the committee, in his response, assured the minister of due diligence in the discharge of their duties.

He added that the committee would be guided by the principle of transparency and accountability.

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Nigeria seeks fresh $300m W’Bank loan for health security

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Nigeria seeks fresh $300m W’Bank loan for health security

The Federal Government has engaged the World Bank for a new $300 million loan aimed at strengthening Nigeria’s health security infrastructure.

According to World Bank documents, the Nigeria Centre for Disease Control (NCDC) will implement the project, with the Federal Ministry of Finance acting as the borrower.

The initiative aims to enhance Nigeria’s capacity to prevent, detect, and respond to health emergencies.

The project is currently in the pipeline stage, with a disclosure date set for February 6, 2025.

The World Bank Board is expected to approve it on July 30, 2025, after necessary appraisals and assessments. Implementation will commence in the 2026 fiscal year.

The Nigeria Health Security Programme (HeSP) will focus on expanding molecular laboratory capacity, upgrading primary healthcare centres, establishing emergency operation centres and deploying mobile laboratories.

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Others are constructing warehouses for medical supplies, installing water, sanitation, and hygiene facilities and integrating solar energy systems to power health infrastructure.

The initiative is part of efforts to strengthen Nigeria’s public health infrastructure, following lessons from past outbreaks, including COVID-19.

This latest loan request comes as Nigeria continues to rely heavily on external financing. Under President Bola Tinubu’s administration, the Federal Government has secured $6.95 billion in World Bank loans over the past 18 months.

Data from the Debt Management Office shows that Nigeria owes the World Bank $17.32 billion, with the International Development Association (IDA) accounting for $16.84 billion.

In the first nine months of 2024, Nigeria spent $3.58 billion servicing its foreign debt, a 39.77% increase from $2.56 billion during the same period in 2023.

Nigeria seeks fresh $300m W’Bank loan for health security

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CBN to sanction banks limiting ATM withdrawal below N20,000

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CBN Governor, Olayemi Cardoso

CBN to sanction banks limiting ATM withdrawal below N20,000

The Central Bank of Nigeria, CBN, has threatened to sanction banks that limit Automated Teller Machines (ATM) withdrawal to less than N20,000 per transaction.

The apex bank disclosed this in a document addressing concerns over the reviewed fees on ATM withdrawal.

Recall that CBN on Tuesday increased ATM transaction withdrawal fees, saying, from March 1st, bank customers will pay N100 charge for every N20,000 withdrawal from the on-site  ATM of other  banks.

The CBN in a circular to banks and other financial institutions, the CBN said,  “ATM Transaction Fees On-Us for customers withdrawing at the ATM of the customer’s financial institution in Nigeria with No charge.

“Not-On-Us for withdrawal from another institution’s ATM in Nigeria; On-site ATMs will attract a charge of N100 per N20,000 withdrawal.

“Off-site ATMs will attract  a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.

“The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.

“International Withdrawals (per transaction) whether debit/credit card: Cost Recovery – exact charge by international acquirer.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”

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However, following widespread concerns over the limit on ATM cash withdrawal by banks, the apex and yesterday released a list Frequently Asked Question, FAQ, to clarify implementation of the new charge.

CBN to sanction banks limiting ATM withdrawal below N20,000

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Google CEO meets Tinubu over AI skills expansion in Nigeria

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Google CEO meets Tinubu over AI skills expansion in Nigeria

The CEO of Google, Sundar Pichai on Wednesday met with Nigeria’s President Bola Tinubu in Paris, where both leaders discussed a partnership to expand Artificial Intelligence (AI) skills in Nigeria.

Pichai first shared a picture of the meeting with Tinubu on X, noting that the discussions centered on the immense potential of AI in Nigeria.

“It was great meeting with President Tinubu @officialABAT. 

“We talked about the immense potential of AI in Nigeria, and how we can partner to expand AI skills, enable innovation, and support Nigeria’s growing tech ecosystem,” Pichai posted.  

Commitment to AI in Nigeria 

Responding to the post, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, who was also at the meeting, described the discussions as “extremely productive”.

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According to him, the meeting demonstrated the Nigerian government’s commitment to AI and Google’s ongoing support towards developing AI skills and innovation in critical sectors in Nigeria.

Last year, Google announced two separate AI initiatives in Nigeria in partnership with the Ministry of Communications, Innovation, and Digital Economy, both aimed at empowering Nigerians with AI skills.

In the first initiative, the National Centre for Artificial Intelligence and Robotics (NCAIR),  a N100 million AI Fund backed by Google to support Nigerian startups that are leveraging AI to develop innovative solutions.

The second initiative was a N2.8 billion support from Google to accelerate AI talent development across Nigeria.

According to the Ministry, the support, which was provided as a grant from Google.org to Data Science Nigeria, would bolster its ongoing AI-driven initiatives to upskill youth and under- and unemployed Nigerians, with a focus on AI skill development and education.

Google CEO meets Tinubu over AI skills expansion in Nigeria

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