News
Reps worry over Nigeria’s loss of $8.8tn to capital flight
The House of Representatives has expressed worry that Nigeria is losing huge amount of money to capital flight, especially medical tourism.
Indeed, the House said it was aware of the Central Bank of Nigeria’s bulletin in 2015, which showed that the net flow of capital flights from Nigeria from 1986 to 2015 was quite worrisome, with Nigeria losing over $8.8tn.
It therefore urged the Federal Government to develop an effective mechanism and strategy to prevent the persistent occurrence of capital flight in Nigeria
It also advised the Federal Government to partner private institutions to build world-class medical facilities in major cities in Nigeria or upgrade and equip the existing ones with adequate facilities.
It said the agreement should be based on a build, operate and transfer policy by private investors in a way that would allow the investors to manage same for an agreed period.
The Committee on Legislative Compliance was mandated to ensure implementation.
This followed a motion on the Urgent Need to Address the Menace of Capital Flight in Nigeria by Hon. Afolabi Rasheed Olalekan on Tuesday.
The House noted that capital flight had been one of the unresolved and persistent macroeconomic problems plaguing the nation for over four decades.
The House also noted that ironically, Nigeria is ranked among the highest producers of crude oil in the world and earns a huge amount of foreign exchange from its exports but still falls short of capital to develop, maintain and upgrade her infrastructure due to the magnitude of capital flight from the country when compared to accumulated domestic investments.
The House further noted that the United Nations Conference on Trade and Development estimated that about $88.6 billion per year leaves the African continent through money laundering, tax evasion, diverted revenues, offshore investments and other forms of capital flights, with Nigeria accounting for an estimated 46 per cent of the total capital flight or $40.7 billion per year.
It worried at the alarming rate of foreign medical services being sought by Nigerians, both private individuals and government officials, amounting to more than $6.5 billion based on the statistics released by the Ministry of Foreign Affairs in 2015, while expenses on foreign education amounted to more than $3 billion based on estimates released by the Tertiary Education Trust Fund (TETFUND) in its 2014 annual report.
“The House is cognizant of the recent series of pleas by successive governments to foreign banks and other international financial institutions to release and repatriate stolen and diverted funds in millions of dollars stockpiled abroad by corrupt leaders;
“The House is concerned that capital flight exerts detrimental effects on both short and long term growth of the economy by reducing domestically available investable capital as it represents a foregone investment in manufacturing plants, infrastructure, social welfare, reduction of a country’s tax base and a contribution to the high debt profile, among others,” the lawmakers said.
News
Late COAS Lagbaja gets CFR honour, buried amid tributes
Late COAS Lagbaja gets CFR honour, buried amid tributes
The late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, was on Friday laid to rest in Abuja, amid tears and tributes.
President Bola Tinubu conferred a posthumous award of the Commander of the Federal Republic (CFR) on the late Chief of Army Staff.
The burial took place at the National Cemetery in Abuja to end two days of funeral rites that began in Lagos earlier in the week.
His body was lowered into the grave at exactly 4:41pm after the ceremony that lasted over two hours.
Lagbaja’s casket, draped in Nigeria’s green and white colours, arrived at the cemetery around 3pm in a white funeral wagon after a funeral service at the National Christian Centre in Abuja.
Dignitaries were led to the event by President Bola Tinubu. Others are Vice President Kashim Shettima; the Acting Chief of Army Staff, Lt.Gen. Olufemi Oluyede; the Chief of Defence Staff, Gen. Christopher Musa; Minister of Defence, Abubakar Badaru, and other top government officials and military brass.
President Tinubu announced the conferment of the CFR on the late COAS during the interment at the National Cemetery in Abuja.
The President extolled the virtues of the late warrior, especially his contributions to national security.
According to him, the appointment of Lagbaja as the COAS was one of his finest made so far.
“As an eternal symbol of our appreciation, I have granted the late Chief of Army Staff, the posthumous national honour of the Commander of the Federal Republic of the Niger (CFR),” Tinubu declared.
He thereafter invited the wife of the late COAS, Mariya, to collect the award on behalf of the Lagbaja family amid applause from the congregation.
News
Supreme Court dismisses 16 govs suit challenging EFCC legality
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.”
News
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
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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