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Gbajabiamila felicitates with Lawan on 62nd birthday
The Speaker of the House of Representatives, Mr Femi Gbajabiamila, has felicitated with the President of the Senate, Sen. Ahmad Lawan, on his 62nd birthday.
Gbajabiamila, in a congratulatory message by Mr Lanre Lasisi, the Special Adviser on Media and Publicity to the Speaker, House of Representatives on Monday in Abuja, described the President of the Senate as a worthy partner and dependable ally in the task of nation building.
He said Lawan had brought his wealth of experience to bear since his assumption of office as President of the Senate, being the most ranking member of the National Assembly to date.
He said Lawan served as a member of the Green Chamber between 1999 and 2007 before joining the Senate where he had been ever since.
The speaker said together, they have been working assiduously to give Nigeria and Nigerians legislation that would enable good governance in the country.
“I consider Distinguished Senator Ahmad Lawan, who is the President of the 9th Senate, a democrat and a patriotic Nigerian.
“He believes in delivering good governance to the Nigerian people using the Legislature.
“I must say that the President of the Senate comes across as a very committed and dedicated lawmaker to the Nigerian project.
He stated that, in the past one and a half years, the National assembly had worked harmoniously to take the country forward.
The Centre for the Promotion of Private Enterprise, CPPE, has said that the recent executive order by President Bola Ahmed Tinubu on zero import duties on pharmaceuticals will crash product prices.
Muda Yusuf, the director of CPPE, disclosed this in a statement on Sunday.
The Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, announced that President Tinubu had signed an executive order to introduce zero tariffs, excise duties, and Value Added Tax on specialised machinery, equipment and pharmaceutical raw materials to bolster local production of essential healthcare products.
Reacting to the development, CPPE stated that the measure will boost domestic production of pharmaceutical products, reduce the cost of medications, improve access to healthcare and positively impact the well-being of citizens.
The economic think tank said Nigeria needs similar executive orders for agriculture, agrochemicals and agro-allied industries to curb the surging food inflation.
It stated that similar interventions in the energy sector and the iron and steel sector would aid the construction industry and reduce construction costs for housing and infrastructure.
“We also need fiscal policy protection to support domestic investments in petroleum refineries to conserve foreign exchange, create jobs, and deepen backward integration,” he said.
CPPE urged the presidency to ensure compliance by the MDAs with these executive orders in the spirit of current efforts to boost domestic production, grow domestic talents and reform the economy.
The Nigeria Deposit Insurance Corporation (NDIC) says account names discrepancies in Bank Verification Number (BVN) linked alternate account of some defunct Heritage Bank customers is delaying the payment of their insured deposits.
Mr Bello Hassan, the Managing Director of NDIC told the newsmen on Sunday in Abuja.
Hassan said the corporation had paid substantial amount to depositors of the defunct bank without BVN account linked issues.
He called on depositors of the bank who were yet to receive their insured deposit credit alert to visit the NDIC’s website and complete their verification forms for their payment.
The managing director said the verification would also include depositors without BVN alternate account.
”We have already commenced the payment of customers since June 6.
”We have paid substantial amount to the customers.
”What we leverage in making the payment is BVN of customers. We trace alternate accounts in other banks and pay them their insured amounts.
”There are some that we have challenges linking up because of some discrepancies between the names and others.
”We are calling on customers that have not received their alerts in their alternate accounts to come forward and complete their verification forms so that we can pay them,” he said.
On payment of depositors with more than five million naira with the bank, Hassan said they would be paid liquidation dividend.
According to him, NDIC have already commenced the process of disposing the physical buildings and also set the process in motion to make sure that we recover the loans and advances that were granted the bank.
”That is what we use in paying those liquidation dividends.
”We are not going to wait until we recover everything, no.
”As we recover, we will also advertise to say that we will pay liquidation dividends so that concerned depositors will be on the look out for alerts in their accounts,” Hassan said.
NAN reports that the Central Bank of Nigeria (CBN) on June 3 revoked the banking licence of Heritage Bank Plc.
CBN said the decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability.
Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”
SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.
SERAP also urged him to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of the contractors who collected the money but failed to complete the projects.”
SERAP urged him “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra state government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”
SERAP also urged him “to refer these grave violations of the Nigerian Constitution 1999 [as amended], the CBN Act and the country’s national and international anticorruption obligations to appropriate anticorruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”
In the letter dated 29 June 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”
SERAP said, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”
According to SERAP, “These grave violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”
The letter, read in part: “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”
“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.”
The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘be diverted and re-injected into the economy.’”
“The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.”
“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”
“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.”
“There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”
“The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion [N1,294,453,887.83] granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion [N1,994,383,561.64] granted to the Anambra state government between 2015 and 2016.”
“The Auditor-General fears the public funds may have been diverted. He wants the money fully recovered and remitted to the treasury.”
“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’”
“Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate.”
“Section 16(6) of the Public Procurement Act states that ‘all bidders shall possess the necessary professional and technical qualifications to carry out particular procurements; the financial capacity and adequate personnel to perform the obligations of the procurement contracts.’”
“SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
“Paragraph 3112(ii) of the Financial Regulations 2009 provides that, “Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).”
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.”
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”
Zero import duties on pharmaceuticals will crash prices – CPPE
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