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Alleged N11bn contract award: Ex-FIRS boss, Nami debunks report, says no payment was made by the service
In a proactive step taken, the former Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami has debunked the report making rounds that he approved about N11billion to be given to contractors.
The statement reads, “My attention has been drawn to a mischievous story by the Cable Newspaper claiming that I made approvals of over N11 billion after taking my pre-retirement leave. Nothing can be further from the truth. The entire story was sensationally written with mischief that took the ordinary events of my work out of context with the intent to tarnish my image.
“First and foremost, I want to categorically state that after my exit as FIRS Executive Chairman, I made no such approvals as claimed in the report.
“Fundamentally: It is important to note that no payment was made by the Service after the announcement of my pre-retirement leave as claimed by this story. An approval for payment in the Service is one step of a journey to payment. It is the custom that when a new Executive Chairman resumes office, he would review, validate and make final authorisation before any payments can be made.
“It is important to note for the record that all decisions reached and extant liabilities/commitments of the Service during my stay in office are contained in the handover notes I made available to my successor, Mr. Zacch Adedeji. He is fully briefed on everything. For clarity the items listed in the Cable Newspaper Report were part of the N16 billion outstanding commitments contained in our handover note.
“The N5 billion paid to Joint Tax Board was paid to fund the activities of Presidential Committee on Tax and Fiscal Policy Reforms two months before I left office. It was paid after we received a letter to that effect from the office of Mr. President signed by Zacch Adedeji himself.
“The report maliciously attempts to portray a picture that I hurriedly left the country on September 16th after these so called ‘suspicious approvals’ were made. Again, nothing can be further from the truth. If I travelled out of the country on the 16th of September, how then did I attend the handover ceremony with Mr. Zacch on the afternoon of Monday 18th September 2023? That handover ceremony was covered by the media, and can be cross-checked.
“It is disappointing to see the Cable, a revered online newspaper attempt to sensationalise events that took place in the ordinary course of my work in office, making them seem as if they were done in bad faith.
“I want to categorically state that every decision I made within the time of my stay in office was within the ambit of the law and within the lawful powers I exercised then as Executive Chairman.
“I inherited only N1.4 billion in the purse of the FIRS when I assumed office. I left N129 billion in the purse of the Service when I left.”
Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.
The signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.
The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.
The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice- President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.
The 31 AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’.
The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024).
Vice-President Kashim Shettima has called for a more robust collaboration between the government and business leaders to propel Nigeria’s economic aspirations.
The spokesperson of the Vice-President, Mr Stanley Nkwocha in a statement on Friday, said Shettima made the remark at the Heirs Holdings Group Directors’ Annual Dinner, held in Abuja.
According to the Vice President, open dialogue, shared insights, and collaborative work between the public and private sectors are necessary tools to develop solutions tailored towards Nigeria’s unique realities.
He called for synergy between the political class and economic stakeholders, emphasising that the two spheres are not opposites but complementary forces vital for national stability and progress.
” Politics is too important to be left to the politicians and enterprises that define our economic destination are too important to be left to the businessmen alone to develop.”
The Vice-President urged conglomerates to serve as pipelines for the administration’s practical economic vision, departing from cosmetic reforms of the past.
“Collaboration between the public and private sectors is the ingredients of a thriving economy.
” We must engage in open dialogue and share insights and work together to crop solutions that are peculiar to our realities.
” Whether it is tackling unemployment, reducing poverty, or enhancing education and healthcare, our partnership must aspire to drive sustainable development and create a safe future for all Nigerians.
” Our bragging right will not be about having the most unicorns on the continent but also about our entrepreneurial standing with global comparisons,” he said.
Shettima, who commended the Chairman of Heirs Holdings Group, Tony Elumelu for his achievements, described him as an “enigma and a banking colossus whose entrepreneurial exploits have carved a niche in Africa’s economic landscape.”
He also lauded the Heirs Holdings chairman’s visionary leadership and commitment to empowering young African entrepreneurs.
“Tony Elumelu belongs to the class of wealthy men because he generates wealth and opportunities and is a harbinger of great tidings to the Nigerian people.
” For the dreams you have relegated to help build our nation, we offer our deepest gratitude and a promise to continue playing our part to enable the ease of doing business.”
Earlier, Elumelu, reaffirmed the group’s unwavering commitment to the philosophy of Africapitalism and empowering young entrepreneurs across the continent.
Elumelu, whose business empire spans 24 countries, noted that the annual gathering serves as a platform to review achievements, business practices, and learn from the experiences of over 100 board members.
“Today, we started our Annual General Meeting, and it will continue until Saturday.
” Sessions like this afford us the opportunity to reflect on everything we have done within the year, look at things we should have done better, learn from our past mistakes, and re-strategize on how to accomplish our purpose,” he said
Elumelu added that, at the core of Heirs Holdings’ ethos, was the belief that the private sector must play a leading role in Africa’s development, a philosophy he described as “Africapitalism.”
He stressed the group’s focus on human impact, citing the empowerment of 20,000 young African entrepreneurs with non-refundable seed capital of 5,000 dollars each as their most significant recent achievement.
Elumelu expressed confidence that the collective efforts of the holdings and other business groups would contribute to transforming the African continent and uplifting the black race globally.
The Founding Trustee of the Tony Elumelu Foundation and Chairperson of Avon Healthcare Ltd, Dr Awele Elumelu, described Vice-President Shettima as an exemplary leader committed to public service and nation-building.
” In Heirs Holdings Group, one of our core values is excellence, and our guest speaker embodies excellence,” she said, adding that the group felt honoured by VP Shettima’s presence.”
The federal government of Nigerian is requesting a $500 million loan from the World Bank to repair rural roads, enhance agricultural product access, and combat rising food prices.
The World Bank stated that this loan will benefit 92 million rural residents who lack adequate road infrastructure.
This funding request is part of the final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-Up, managed by the Federal Ministry of Agriculture and Rural Development.
The RAAMP-SU project will allocate funds to three main areas including, $387 million for resilient rural access, $158 million for climate-resilient asset management, and $55 million for institutional strengthening and project management.
The project’s total cost is estimated at $600 million, with the World Bank expected to cover 83.33% of the funding. This represents a 79% increase from the initial $280 million commitment for the original project.
According to the policy document, participating states must establish fully operational Roads Funds and Roads Agencies with appointed boards and staff, and allocate administrative costs in their budgets.
The document read, “Rural access is particularly restricted in areas densely populated by the economically disadvantaged. These factorst underscore the imperative to expand and enhance the rural road network, as well as conserve rural road and transport assets.
“While eligibility for state participation under RAAMP required the drafting and placement of Road Fund and Roads Agency bills in the State Houses of Assembly, the new project would require the States to have a fully functional Roads Fund and Roads Agency with appointed boards and staff, and provision for administrative costs made in the state budget. Additionally, RARAs offer an opportunity to foster women’s representation in the transport sector.”
This initiative comes as Nigeria faces rising food inflation, which according to the National Bureau of Statistics, reached 40.53% in April 2024. Experts attribute this to insecurity, high energy costs, and transportation expenses
Report according to the Debt Management Office, however has it that, as of the end of 2023, Nigeria’s total debt was N97.341 trillion, with debt at N38.22 trillion, accounting for 39% of the total debt.
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