Business
Reps slam FMBN, TETFUND over five-year unaudited accounts
The House of Representatives Committee on Public Accounts says it is a gross violation of the 1999 Constitution to have failed to audit for five years the accounts of the Federal Mortgage Bank of Nigeria (FMBN) and the Tertiary Education Trust Fund (TEFFUND).
The committee also uncovered that the Central Bank of Nigeria CBN and the Nigeria Social Insurance Trust Fund (NSITF) were yet to pay up their 30 per cent and 20 per cent respectively equity capital as shareholders of the bank as stipulated by the FMBN establishment Act.
Chairman of the House Committee, Oluwole Oke, and other lawmakers at an investigative hearing on audit queries by the Office of the Auditor-General of Federation on ministries departments and agencies of the Federal Government had queried the management of bank under its Managing Director, Mr Ahmed Dangiwa, and other officials of the agency on the five-year unaudited accounts.
Oke lamented that the audit queries raised by the Office of the Auditor-General of the Federation on the MDAs had shown that the revenue profile of the agencies was on the decline as earlier pointed out by the Ministry of Finance.
He expressed dissatisfaction over non-compliance of the agencies with the extant provision of the laws on audited accounts despite having made previous appearances to the committee on the contentious issue.
He wondered why the CBN and the NSITF had not paid up their 30 per cent and 20 per cent share of the mortgage bank’s equity in which the Federal Government was 50 per cent share.
But the Managing Director, Mr Ahmed, who explained that the Federal Government had paid N60 million out of the N1.5 billion being its share of equity in the bank informed the committee that the audited accounts were ready but was only awaiting agency’s board approval.
He further hinted that the present management of the bank had inherited the five years unaudited accounts from their predecessors in office adding that they have made efforts to clear the outstanding.
On the percentage equity shareholders capital in the mortgage bank, he said that the Federal Government owns 50 per cent, CBN owns 30 per cent while the Nigeria Social Insurance Trust Fund NSITF’s share is 20 per cent.
While ruling on the matter, the Chairman of the Committee said that the Clerk should write to the appropriate authorities in the CBN and NSITF asking them to pay up their equity shareholding in the mortgage institution.
Earlier, the committee had turned down the presentation one Mr Idris Alkali, a representative of the Executive Secretary of TETFUND, Prof Suleiman Bogoro, who asked that he be excused for attending official duties.
The House Committee nonetheless insisted that Mr Alkali must appear with authority letter from the TETFUND boss to represent him before the Committee unfailingly on Friday, February 5, 2021 in accordance with the provisions of the law.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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