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We recovered N1bn from one civil servant – EFCC chairman

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Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said the agency recovered over N1bn from the bank account of a civil servant last week.
He stated this when he appeared before the Senate Committee on Finance at the National Assembly on Thursday.
Bawa said there were leakages that needed to be plugged in the ministries, departments and agencies (MDAs).
The Senate panel is probing the internally generated revenues of about 600 MDAs and to see their level of compliance with rules and regulations.
The EFCC chairman said as much as the country needed to generate revenue to finance various projects, more efforts should be put into plugging leakages in the system.
He said, “It is good for us to observe for now and wait for your committee to conclude its work so that whatever report you have and anyone that your committee decides, we are ready to take it up from there.
“We have recovered over N1bn sitting in the account of a civil servant last week.”
The EFCC chairman expressed worry that many government agencies had no audited reports since they were established.
Chairman of the finance committee, Solomon Adeola, representing Lagos West, said it was wrong for the MDAs to spend the revenue they generate and still obtained funding from the Federal Government.
He said, “The practice is for them to spend generated government revenues illegally while still collecting funds from the government that has to resorts to borrowing to fund them.”

 

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JUST IN: Old naira: IMF asks FG, CBN to extend February 10 deadline

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The International Monetary Fund (IMF) has called for the extension of the February 10 deadline to phase out the old naira notes.

The International monetary body made the call just after the Supreme Court had restrained the Federal Government and Central Bank of Nigeria(CBN) from enforcing the deadline.

The IMF, in a statement in Abuja on Wednesday by Laraba Bonet, said the plea was on the hardship Nigerians were exposed to over the issue.

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It said: “in light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline should problems persist  in the next few days leading up to the February 10, 2023 deadline”.

The IMF is the first international financial organisation to openly call for extension of the deadline for the deposit of old Naira notes.

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Cash crunch: Protesters defy police in Abeokuta, make bonfires on major roads

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Residents of Abeokuta, Ogun State, took to the streets on Tuesday protesting the scarcity of cash and the attendant pains.

Major streets affected by the protests are Aladesanmi, Fajol and Somorin in Obantoko area of Abeokuta as the protesters made bonfires and chanted anti-CBN songs
The Sapon branch of First Bank was also vandalised and the protesters tried to set it ablaze.
Ogun Police spokesman, Abimbola Oyeyemi, confirmed the protest, saying police officers were on the ground to monitor the situation and prevent the destruction of property and loss of lives.
He said some group of boys were involved in the crisis.
The police later came to disperse the protesters but they regrouped as soon as the operatives withdrew from the scene.
The situation affected vehicular movement as motorists and pedestrians ran in different directions to avert being caught up in the chaotic situation.

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Court frees Diezani associate Omokore of $1.6bn fraud

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An Abuja federal high court on Tuesday discharged and acquitted Jide Omokore, chairman of Atlantic Energy Drilling Concepts Nigeria Limited, of $1.6bn fraud allegations.

Omokore, an associate of former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, was arraigned by the Economic and Financial Crimes Commission (EFCC) with Victor Briggs, Abiye Membere, and David Mbanefo on a 15-count charge on July 4, 2016.

They were accused of fraudulently diverting the $1.6bn said to be part of proceeds of sales of petroleum products belonging to the Federal Government.

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