News

Senate moves against CBN officials over N30tn loans

Published

2 months ago

March 4, 2024

Senate moves against CBN officials over N30tn loans

The Senate says it will question some officials of the Central Bank of Nigeria on how the N30tn Ways and Means loan was obtained and spent by the Muhammadu Buhari-led administration.

Chairman of the Senate Ad-hoc Committee, Senator Isah Jibrin, made the disclosure in an interview with The PUNCH.

The newspaper quoted him as saying that the panel would commence the probe this week.

The Senate last Tuesday appointed Jibrin as the chairman of the panel to probe the N30tn Ways and Means loan released by the then CBN Governor, Godwin Emefiele, to the Buhari administration.

The ‘Ways and Means’ is an overdraft taken directly from the central bank to fund budget deficits or address national contingency needs. This usually follows the approval of the executive arm of government and is meant to be ratified by the parliament.

The Senate had last week Tuesday resolved to probe the N30tn facility, stating that the alleged reckless spending of the overdraft collected from the CBN largely accounted for the food and security crises currently facing the country.

The red chamber then resolved to set up an Ad -hoc committee to investigate how the fund was spent, explaining that the details of how it was spent were deliberately not made available to the National Assembly.

However, the chairman of the panel, also known as Echocho, said the panel had started some background checks based on some documents in its possession.

In an exclusive interview with The PUNCH on Thursday, he said, “We are looking at next week for the investigation at the committee level, but as chairman, I am not waiting for that. I have some documents; I want to write to CBN to provide me with information on some areas.

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“Because Ways and means cover very large latitude, so based on the information that I have now, I am going to write to seek clarifications on certain issues thereafter the committee will meet.

He added that the Ways and Means loan also came up in December 2022 towards the end of the ninth Senate.

Senator added, “I have some documents and I want to leverage on those documents by going through them to ask questions from the CBN to seek further clarifications. Thereafter, we will now invite CBN officials who were engaged under Emefiele, although he is no longer there.

“They were a part of it, they have to come and explain to us. The terms of reference are very simple.

“These monies were given out. We want to know the agencies that benefited from those monies.

“We also want to know the individual Nigerians who benefited. We want to know the terms and conditions. The CBN is not Father Christmas. They are loans; we want to know the beneficiaries of those loans.

“What are the terms and conditions of those loans? What are the collaterals collected to fall back on when there is a default? Have they been repaid? What are the repayment schedules? In case of default do we have collateral? So those are the issues, we are not witch-hunting anybody.”

He further explained, “This country belongs to all of us, we want to know what actually transpired because we are where we are today because of those reckless exercises.

“I will call it reckless because when you are taking a decision as an economist because I want to believe, we have economists there when you take a particular decision, you should be able to ascertain the possible impact of that decision on the larger community.

“You either withdraw or you modify, that is why I am happy that the Monetary Policy Committee has been composed. You know the composition of the MPC is crucial because that is where policy measures are taken. You need to look at it, if this variable is this, and the state of the economy is XYZ, what do you do?

“How do you tinker with some of those variables so that the larger society will improve? That is why we want to unravel all that happened not to witch-hunt anybody but to know the extent to which Ways and means advances have been performed and then other decisions can be taken thereafter.”

It is unclear if the committee will also eventually summon Emefiele as the probe deepens.

Senate moves against CBN officials over N30tn loans

News

Yahaya Bello: American school returns $720,000 advance tuition fees, gives reasons

Published

4 hours ago

April 27, 2024

Trends Admin

Yahaya Bello: American school returns $720,000 advance tuition fees, gives reasons

The American International School, Abuja, on Saturday, provided additional information and context to clarify the issues around its decision to transfer the school fees paid by former Kogi State governor, Yahaya Bello, to the Economic and Financial Crimes Commission (EFCC).

Contrary to some media reports suggesting that the institution was still in the process of turning over the funds, the statement clarified that it had actually done so, as recently confirmed by the EFCC Chairman.

In a brief statement signed by Head of School, Greg Hughes, the international co-educational institution, which was established in 1993, stated that “our compliance to remit these funds underscores our commitment to upholding institutional integrity and our respect for the national institutions of Nigeria”.

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It explained further: “Upon learning that the school fees we accepted in good faith were, in fact, part of an ongoing case with the EFCC, we turned over these funds in compliance with this federal commission’s request.”

The statement did not name Bello directly but the reference to “a family with children enrolled at the school” was clear enough in the light of recent media reports.

Citing the subjudice status of the issue as a result of the ongoing case between the EFCC and Bello, the school averred that “we will refrain from making any further comments at this time.”

Yahaya Bello: American school returns $720,000 advance tuition fees, gives reasons

News

NAFDAC seals 50 Kaduna shops selling cooking oil in dirty environment

Published

4 hours ago

April 27, 2024

Trends Admin

NAFDAC seals 50 Kaduna shops selling cooking oil in dirty environment

The National Agency for Food and Drug Administration and Control (NAFDAC) has shut down 50 outlets in Kaduna State due to the sale of edible oil in unhygienic conditions.

The action was taken as part of a sensitization workshop aimed at educating dealers on Registration Procedures and Food Management. This information was shared in a statement released on the agency’s official handle on Saturday.

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The statement partly read, “NAFDAC has sealed fifty outlets in Kaduna for dispensing edible oil under unhygienic conditions, aiming to prevent potential health risks associated with contamination.

“The Director, North-West Zonal Office, Mrs. Josephine Dayilim highlighted the dangers of consuming oil processed in unsanitary environments, emphasising the risks of food poisoning, gastroenteritis, and even cancer due to inadequate processing and corrosive equipment.”

News

Japa: 72,000 doctors dumped Nigeria last year, says MDCN report

Published

4 hours ago

April 27, 2024

Trends Admin

Japa: 72,000 doctors dumped Nigeria last year, says MDCN report

The Medical and Dental Council of Nigeria has expressed concern over the detrimental impact of medical practitioners emigrating abroad in search of better opportunities, revealing that 72,000 out of 130,000 registered doctors failed to renew their practice licenses in 2023.

The MDCN highlighted that only a meager 58,000 have renewed their licenses, emphasizing that such a trend will not only strain healthcare services but also overwhelm the limited available personnel.

Dr. Fatima Kyari, the Registrar of the body, conveyed these sentiments on Friday during the induction and oath-taking ceremony of 20 newly qualified doctors at the Edo State University, Uzairue.

“The council has so far registered 130,000 medical doctors to practice in Nigeria since its inception 61 years ago and the council is mandated to regulate the practice of medicine, dental, and alternative medicine in Nigeria.

“But only 58,000 doctors have renewed their annual practising license in the year 2023 following the increase in migration of doctors outside the country,

“However, the doctors must meet the requirements to earn those increases in quota. We will partner with them to ensure that they meet those requirements, and as we try to ensure that, standards must be upheld,” he added.

Kyari, who was represented by the Deputy Registrar Dr Victor Kolawole, noted that the induction of the 20 newly qualified doctors would add to the existing workforce in the health sector which is being depleted by the day.

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She, however, admonished the inductees to uphold the ethics of the profession, warning that the council is mandated to regulate the activities of the practitioners as well as punish offenders.

The institution’s Vice Chancellor, Prof Emmanuel Aluyor, while speaking, explained that the upgrade of the Central Hospital, Auchi to a teaching hospital has enhanced facilities for the training of the medical students and uplifting the standard of healthcare services in Edo North and its environs.

While commended Governor Godwin Obaseki for his unwavering support for the university, he enjoined the inductees to uphold the ethics of the profession, saying he is confident that they would bring honour to the institution and MDCN.

“I urge the state government to sustain efforts towards improving facilities at Edo State University Teaching Hospital, Auchi.”

However, the acting Provost, of the College of Medical Sciences, Dr Kenneth Atoe, said 20 medical graduates from the college are the second batch of Batch B inductees.

He advised the newly qualified medical graduates to uphold the ethical standards of a medical professional, saying, “You must internalise the values of honesty, integrity, and selflessness.

“These virtues are not only essential for building strong doctor-patient relationships but are also integral to upholding the ethical standards and trustworthiness expected of a medical professional.

“By embodying these values, doctors not only fulfil their professional obligations but also contribute to the maintenance of public trust in the medical profession.”