Reps to probe alleged fraud in IPPIS – Newstrends
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Reps to probe alleged fraud in IPPIS

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House of Representatives has resolved to probe alleged fraud in the Integrated Payroll and Personnel Information System of the Federal Government.

The irregularities have reportedly led to non-payment of salaries and allowances of some civil servants.

The payment system was introduced by the Federal Government in 2017.

The decision to investigate the IPPIS was made on Tuesday by House Committee on Public Accounts.

This is coming after its engagement with various tertiary institutions and government agencies on their financial audit reports for 2018 and 2019.

The committee said it had observed leakages and sharp practices in the course of grilling those who appeared before it, especially the J. S. Tarkar University of Agriculture, Makurdi, Benue State.

Chairman of the committee, Wole Oke, called for the probe after the lawmakers grilled the Rector, Federal Polytechnic Auchi, Edo State, Dr Zubair Mustapha.

Mustapha had told the committee that salary arrears had accumulated due to anomalies in the IPPIS, saying, “The backlog of salaries is for the people who were not captured by IPPIS.”

Oke said, “That is why we must look into the IPPIS. We were told here that the salaries of personnel of the University of Agriculture, Makurdi (Benue State), went into accounts of staff of Jigawa State.

“IPPIS must be investigated to detect some of the irregularities observed in the system. We have observed some serious irregularities in the system.”

The committee resolved to write the Minister of Finance, Budget and National Planning, Zainab Ahmed; and the Accountant General of the Federation, Ahmed Idris, to explain the anomalies in the federal staff payment system.

Also, the committee summoned the external auditors of the accounts of Auchi Polytechnic over discrepancies in the audited reports of the institution for 2018 and 2019.

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Each BDC operator to get $20,000 daily from CBN at N1,301/$

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Each BDC operator to get $20,000 daily from CBN at N1,301/$

 

The Central Bank of Nigeria (CBN) says it has commenced sale of dollars to Bureax De Change (BDC).

It said in a statement on Tuesday $20,000 would be made available to each eligible BDC operator across the country.

The sum, according to the apex bank, is to be sold to each BDC at the rate of N1,301/$, representing the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as of the previous trading day.

Dr Hassan Mahmud, CBN’s Director of Trade & Exchange Department, signed the statement.

It said all BDCs are allowed to sell to end-users at a margin not more than one percent above the purchase rate from CBN.

The statement read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.

“The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).

“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN branches Abuja, Awka, Lagos and Kano).”

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Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant

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Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant

Vice-President Kashim Shettima has inaugurated the 188-megawatt geometric power plant in Aba, Abia State, to accelerate power supply to industrial clusters in the region.

He also on behalf of President Bola Tinubu declared the Light-Up Nigeria project open in Enugu to boost South-East industrialization.

The Aba power plant, described as the first integrated electricity facility in Nigeria, is located in the Osisioma industrial area of the state.

Aba Power Limited Electric, a new electricity distribution company (DisCo) is expected to supply electricity from the plant to nine local government areas — out of 17 — in Abia State.

Described as the biggest investment in the South-East, geometric power is said to have spent about $800 million on its integrated power project, which includes the building of a 27-kilometre natural gas pipeline, from Owaza in Ukwa West LGA in Abia to the Osisioma industrial layout in Aba.

Shettima described the Light up project as the much-expected solution to the power supply deficit that had undermined the nation’s economy and industrialisation.

Shettima said the Light-Up Nigeria project, which is part of the priorities set by the President to revamp the nation’s economy and ensure rapid industrialization, would herald renewed hope for industrialists, investors and Nigerians who had suffered lack of power or epileptic supply for many years.

Abia State Governor Alex Otti, said, “When I first saw the proposal for geometric integrated power plant, I knew I had to be involved immediately because, if just 50 percent of what had been proposed could be achieved, the industrial output from this great city and this environs would triple and millions of new jobs will be created directly and indirectly in the short to medium term.”

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Naira appreciates by 5.22% as intra-day high records N1778/$1

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Naira appreciates by 5.22% as intra-day high records N1778/$1

The Naira experienced a notable appreciation against the US dollar on February 26, 2024 as official exchange rate strengthened by 5.22% to N1582.94/$1. 

However, the Naira experienced heightened demand pressure, resulting in an intra-day high of N1,778 against the dollar.  

This increase exacerbated the ongoing depreciation trend of Nigeria’s currency, highlighting the volatility and challenges faced in the foreign exchange market. 

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official platform for foreign exchange trading, revealed a significant appreciation of the domestic currency by 5.22%, with the Naira concluding the day at N1,582.94 per dollar. 

This represents an N82.56 drop or a 5.22% increase in the local currency compared to the N1,665.5 closed on Friday. 

The intraday high recorded a record high of N1778/$1, while the intraday low was N1300/$1, representing a wide spread of N478/$1. 

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $154.16 million, representing a 1.47% increase compared to the previous day. 

The Naira also appreciated against dollar in the parallel forex market, where forex is unofficially traded, with the exchange rate quoted at N1,650/$1, reflecting a 6.06% increase from the N1,750 rate it closed at the previous day.   

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The Great British Pound (GBP) stood at £1/N2100, an increase from £1/N2,260 recorded the previous day, this marks a notable increase of 7.62% compared to the rate recorded the previous day. Additionally, the Naira appreciated against the Euro by 5.95%, closing at N1850/EUR1 compared to N1960/EUR1 reported the previous day. 

In the cryptocurrency market where forex is sold using stablecoins, the Naira also settled at N1,637.30/$1. 

Newstrends reports the Central Bank of Nigeria (CBN) plans to introduce stringent measures on the purchase of foreign currencies through Bureau De Change (BDC) operators, with a specific focus on transactions related to overseas education and medical expenses. 

As part of the apex bank’s revised regulatory guidelines for BDCs in Nigeria, there will be a cap on foreign currency purchases for school fees at $10,000 per customer annually. 

This process requires the transaction to be conducted through the BDC’s domiciliary account with a Nigerian bank, ensuring direct payment to the educational institution. 

The proposed guidelines read, “BDCs may sell foreign currency up to the equivalent of USD10,000 to a customer for school fee once a year. Such fee, which shall be transferred from the BDC’s domiciliary account with a Nigerian bank, shall be paid directly to the school.”

It also stipulates that such transactions must be accompanied by a set of documents: a duly filled out e-Form A, proof of admission or course registration, the educational institution’s bill or invoice, and, for postgraduate studies, a copy of the undergraduate degree certificate or an officially verified statement of results. 

 

Naira appreciates by 5.22% as intra-day high records N1778/$1

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