BIG STORY

President Tinubu’s Special Investigator Faults CBN Audited Reports

Published

1 year ago

September 12, 2023

The Central Bank of Nigeria (CBN) may be asked to withdraw its audited annual financial reports which were released last month.

This, according to The Punch, came after a team investigating the apex bank discovered discrepancies and irregularities in the financial accounts.

In August, the CBN released its financial accounts for the years 2016 to 2022 amid an ongoing probe of the financial services sector regulator by a Special Investigator appointed by President Bola Tinubu.

Tinubu had on July 28 appointed a former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the activities of the apex bank under its suspended governor, Godwin Emefiele.

Aside from the CBN, the Special Investigator is also investigating the Nigerian National Petroleum Corporation Limited, FRC, and other Government Business Entities.

The President, in the letter which he personally signed, said the move was in continuation of the government’s anti-corruption fight.

The letter, dated July 28, 2023, read, “In accordance with the fundamental objectives set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.

“The full terms of your engagement as Special Investigator shall be communicated to you in due course but require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities, further block leakages in CBN and related GBEs and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

“You are to investigate the CBN and related entities using a suitably experienced, competent, and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made.”

The President also attached a copy of his directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023.

It was gathered that the CBN Special Investigator is working with a team of accountants, auditors, and forensic accountants to carry out the investigation.

Meanwhile, it was gathered on Monday that the CBN might be asked to withdraw its seven-year audited financial account reports (spanning 2016 to 2022) over allegations of containing inaccurate and false data.

Multiple sources close to the investigation said presidential approval would soon be obtained to enable the relevant agency (FRC) to order the CBN to withdraw the controversial financial accounts.

Top sources close to the Special Investigator and his team said while the CBN financial accounts were not prepared using the International Financial Reporting Standards 9, which demands full disclosure of all financial transactions, the apex bank allegedly used guidelines purportedly obtained from the FRC in a controversial manner to prepare the financial accounts.

It was also gathered that the CBN allegedly paid N401.75m to IFRS Academy for the guidelines used in preparing the accounts.

“As a government institution, if you are getting any revenue, you are meant to pay it into Treasury Single Account from which certain percentage will be deducted for the government. According to documents, the N401m paid by the CBN for the accounting guidelines between 2016 and 2022 was paid into IFRS Academy account. The academy is a limited guarantee company set up by the FRC to train people in IFRS accounting,” a top official close to the investigation, who spoke on condition of anonymity, alleged.

“The issue is that the guidelines used in preparing the CBN accounts between 2016 and 2022 were not supposed to be paid for. Also, any accounting guidelines issued by the FRC are meant to be approved by its board and published on its website. These things were not done. The reason IFRS 9 was being avoided is to understate figures,” the official added.

Other officials close to the investigation, who spoke with The Punch, also claimed it was wrong to give the FRC accounting guidelines to external organisations.

As a result, it was learnt the Special Investigator team had included its recommendations that presidential approval be given to the FRC to order the CBN to withdraw the released annual financial accounts between 2016 and 2022.

“The team has also invited the auditors that prepared the accounts for questioning. Some of the data contained in the CBN financial accounts cannot be relied upon as far as the team carrying out the investigation is concerned. Once the President approves, the CBN will be asked to withdraw the accounts in order to prepare new ones using the proper accounting methodology and standards,” another official close to the team said.

Meanwhile, findings have shown that Department of State Services may invite the Executive Secretary/Chief Executive Officer of FRC, Shuaibu Ahmed, and some top officials of the agency for questioning.

Also, the Special Investigator and his team are expected to question officials of the FRC for allegations bothering on the controversial accounting guidelines used by the CBN, among other issues.

Already, the DSS has quizzed some deputy governors of the CBN as the investigation continues.

It was also learnt that more cases involving Emefiele might soon be revealed in court sessions.

Tinubu had on July 28 directed the CBN Special Investigator to work with security and anti-corruption agencies to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public.

Stakeholders react

Economists and civil society organisations are divided over the probe of the CBN, NNPCL and other Government Business Entities by the president.

While some supported the move, others expressed concerns saying it might send the wrong signal to the international and foreign investment community.

However, some experts and groups said the investigation was necessary to ascertain if there were any infractions or alleged abuse of office by the suspended CBN Governor, Godwin Emefiele, and other top government officials.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the investigation had become necessary to ascertain if there were any infractions or abuse of office.

He said, “It is a new administration, and if there is any reason to suspect that the case has not been managed well, the only way to get the facts out is through the normal audit and maybe a forensic audit. It is not out of place.

‘’If there is any suspicion of abuse of office, the normal thing is to do a forensic examination to ascertain whether there was any infraction or abuse of office. You need to get the facts before you can take action against anybody. That is what it is.”

Also, a professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Prof Sheriffdeen Tella, also supported the investigation.

He said, “Any investigation is worth it. There is a need for investigation to determine the transparency and accountability of their job and to ensure that they have been working in the context of corporate etiquette. So, there is nothing wrong with the investigation at all.”

An economist with the School of Management and Social Sciences, Pan-Atlantic University, Prof Bright Eregha, observed that the Federal Government might have ordered the probe because it felt the apex bank did not perform well or stick to its mandate.

He added that the probe would also be extended to other government enterprises, such as the Nigerian National Petroleum Company Limited and other entities, stressing that the investigation might restore confidence in the system.

Eregha said, “The CBN ought to be an independent body, however, we see in the last government, that independence was not really there in terms of the CBN governor not being involved with political issues.

“We saw what transpired in terms of his affiliation and moves. And then, there is the issue of the Naira redesign. I think this government just thought that the CBN is not doing well regarding the sanctity of the central bank in terms of its independence. So they felt a need to do a number of investigations.

‘’Don’t also forget that the CBN in the past has been involved in a lot of financial support to several sectors. I think the current government felt that for us to move forward, they need to investigate.

“That investigation is not only on CBN, it is also looking at other financial institutions. I’m also thinking it will go beyond the financial institutions to companies like the NNPC and all these places that we need to investigate to restore some level of confidence in Nigeria.’’

But the Chairman of the Foundation for Economic Research and Training, Professor Akpan Ekpo, expressed worries that the audit of the apex bank might send the wrong signals to potential investors.

He, however, maintained that the President might have his reasons for ordering the probe.

He stated, ‘’My worry is that to have made the audit of the central bank so open will send wrong signals to potential investors; foreign investors, who will start wondering whether our apex bank has serious problems. That is my take.

“But as a president, maybe he knows what we don’t know. When you start probing your apex bank, then you send a wrong signal in terms of the direction of the economy and in terms of what will happen going forward. Already, there is a challenge with getting investors to come in and there is a challenge with our forex reserve. It is depleting every day.’’

On the choice of the special investigator, Ekpo said, “I don’t know him but I wish he had sent someone completely neutral.”

The Chairman of the Centre for Anti-Corruption and Open Leadership, Debo Adeniran, said Obazee must investigate the monetary policy of the suspended governor of the central bank, and the illegality of the redesign of the naira note, noting that the former CBN boss should be prosecuted for crimes against humanity if it is found that the implementation of the policy had political undertones.

Adeniran noted, “They should investigate how the former governor of the CBN changed the Nigerian monetary policy and the illegality that was perpetrated when he didn’t do due diligence before he changed the colour of the naira. We need to see whether he had good reasons for changing the colour of the naira or otherwise because basically, the naira doesn’t have a problem. It is the monetary policy that he put in place that could have been the problem.

“They should look at the monetary policy he implemented, and if there is any political undertone, for the implementation, or the changing of the colour of the naira without recourse to due process, and if he were to be politicking with the lives of Nigerians, then he should be seen to have committed a crime against humanity.

The Executive Chairman of the Civil Society Legislative Advocacy Centre, Auwal Rafsanjani, said the appointment showed the laxity of agencies of government such as the National Assembly, who should ideally checkmate activities of government, adding that anyone discovered to have looted public funds should be prosecuted and banned from holding public office.

“We commended the effort to recover every looted fund from every looter. So, we are calling on the administration of Bola Tinubu to ensure that everyone that has done something wrong must be not only investigated, but also if there is any evidence of looting or stealing public funds, the monies must be returned, and those people must be barred from holding public offices. We hope that this probe would be carried out without any political consideration or cover-up,’’ he advised.

Credit: The Punch

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BIG STORY

Adron Homes Welcomes New Executive, Emphasizing Commitment To Professional Excellence

Published

4 hours ago

November 16, 2024

PorscheClassy News

In a strategic move to foster growth and elevate the quality of service delivery, the Management of Adron Homes and Properties is thrilled to announce the appointment of exceptional staff members who have exemplified remarkable professionalism and have significantly contributed to the advancement of the Adron brand. We proudly introduce our newly appointed leaders: Adenike Ajobo as Managing Director, Olubunmi Akinfe as Deputy Managing Director, Ihuoma Azuru as Assistant Managing Director of Sales and Marketing (Lagos Nigeria), Barbie Ette as Assistant Managing Director of Sales and Marketing (Northern Nigeria), Odunola Ogundapo as Assistant Managing Director of Sales and Marketing (Western Nigeria), Olasumbo Oguntoye as Assistant Managing Director of Housing Nigeria, and Haastrup as Director General of Customer Service. Together, they will drive our mission forward and ensure continued excellence at Adron Homes.

Aare Adetola Emmanuel King, the Chairman and Group Managing Director of Adron Homes, has issued an important directive to the newly appointed directors of the company. He emphasized the critical need for quality delivery in all aspects of their work. Aare King highlighted that each director must align their actions and decisions with the overarching vision and mission of the organization. He urged them to remain committed to the company’s goals and to foster a culture of excellence, ensuring that their contributions not only meet but exceed the expectations set forth by Adron Homes.

Adenike Abosede Ajobo stands out as a highly regarded authority in the fields of corporate branding, public relations, business repositioning, and organizational strategy. She holds a degree in Linguistics from the prestigious University of Ibadan and has further enhanced her expertise with an Ordinary National Diploma (OND) in Marketing from The Polytechnic of Ibadan.

Her dedication to professional growth is reflected in her memberships with esteemed organizations, including the National Institute of Marketing of Nigeria (MNIMN), the Nigerian Institute of Public Relations (NIPR), and the Nigeria Institute of Personality Development and Customer Relationship Management (NIPD-CRM-dsgnt). These affiliations illustrate her unwavering commitment to continuous learning and excellence within her industry.

Adenike’s professional journey with Adron Homes commenced in January 2024 when she took on the role of Group Company Secretary. Her exceptional leadership skills and strategic vision quickly propelled her up the ranks, and she soon became the Deputy Managing Director of Southern Nigeria. Her impressive performance has now garnered her a well-deserved promotion to the position of Managing Director at Adron Homes, where she is set to steer the company toward a promising future, leveraging her insights and experience to craft innovative strategies for growth and development.

Akinfe Olubunmi Omolara is an esteemed leader and achiever, recognized for her dedication to maximizing her potential in every role she undertakes. She is a graduate of Obafemi Awolowo University, lle-Ife, Osun State, with a Bachelor of Science degree in Microbiology. Her career journey at Adron Homes and Properties, reflects her remarkable growth and commitment to excellence. She has progressed through a range of pivotal roles, from Deputy Group Sales Manager, District Sales Manager, and Deputy District Sales Manager to Deputy Group Customer Relations Officer, Regional Chief Operating Officer, and Chief Operating Officer. Her leadership and strategic acumen continued to shine through her promotions as the Director of Sales and Marketer and later promoted as the Director General of Sales and Marketing. She has now been promoted to the position of Deputy Managing Director , where she will drive growth and operational efficiency for Adron Homes.

Ihuoma Udodirim Azuru’s journey is a testament to exceptional leadership and dedication. Her academic prowess shines through with a B.Sc in Accounting, M.Sc in Business Management, MBA in Human Resources and currently studying Law at the Leadership City University, underscoring her commitment to ongoing personal and professional development. Her career with the company began as Group Head Admin and HR, where she showcased her adaptive leadership style. Subsequently, she transitioned to the role of Director of Sales and Marketing (Southwest). Moreover, she was promoted to the prestigious role of Director General for Sales and Marketing at Adron Homes. Her exceptional leadership, dedication, and strategic vision within the organization leads to her appointment as the Assistant Managing Director Lagos Nigeria.

Odunola Ogundapo is a highly regarded sales and marketing professional, celebrated for her steadfast dedication and strategic insight, which have contributed to her impressive track record of success in the industry. She holds a Bachelor of Science degree in Geology from Olabisi Onabanjo University, where she developed a strong foundational knowledge of earth sciences. Further enhancing her expertise, she earned a Master’s degree in Sedimentary and Petroleum Geology from the prestigious University of Lagos, a program renowned for its rigorous approach and focus on the energy sector. This combination of academic credentials allows Odunola to meld deep scientific understanding with strategic business acumen, enabling her to deliver exceptional results in her professional endeavors.

Odunola embarked on her career in 2017 at Adron Homes and Properties Ltd, starting as a Business Executive. In this role, she quickly demonstrated her innate talents and passion for sales and marketing, employing a goal-driven approach that not only set her apart but also paved the way for her rapid advancement within the company. Her commitment to excellence and her ability to forge strong relationships with clients and stakeholders led to her recognition as a rising star in the organization.

Currently serving as the Assistant Managing Director, Odunola plays a pivotal role in shaping and executing innovative strategies aimed at driving growth and enhancing the company’s market position. Her forward-thinking mindset and comprehensive understanding of market dynamics allow her to identify and seize new opportunities effectively. Under her leadership, the team is not only motivated but also encouraged to think creatively and push boundaries, resulting in increased productivity and morale.

Odunola’s leadership style is characterized by a unique blend of optimism and resilience, which fosters a collaborative and inclusive work environment. She prioritizes the development of her team members, nurturing their potential and empowering them to become future leaders in the organization. This commitment to mentorship and professional growth among her staff has created a culture of excellence that thrives on teamwork and innovation, ensuring that everyone is aligned with the company’s vision and goals. Through her unwavering dedication to her work and her ability to inspire those around her, Odunola Ogundapo continues to make a significant impact in the sales and marketing realm.

Aminat Olaniyan Haastrup is an inspirational customer service specialist, deeply committed to creating exceptional service experiences. With a strong educational background in Estate Management and Customer Experience, she earned her degree from Yaba College of Technology. An Associate Member of The Association of Business Practitioners (ABP) in the UK and a fellow of the Chartered Institute of Customer Relationship Management, Aminat’s journey began as the Director of Customer Services. Renowned for her dedication to customer-centric strategies, she passionately pursues unparalleled service excellence. Through transformative initiatives across the company’s customer relations landscape, Aminat has inspired those around her and achieved her new role as the Director General of Customer Service.

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BIG STORY

EFCC Probes Viral Video Of Chinese Allegedly Tearing Naira Note

Published

6 hours ago

November 16, 2024

PorscheClassy News

The Economic and Financial Crimes Commission (EFCC) has confirmed it is investigating an incident involving a Chinese national who tore Naira notes in Lagos.

EFCC spokesperson, Dele Oyewale, provided confirmation of this development to our correspondent on Friday.

Reports indicate that the incident took place at a Chinese-owned company along the Lekki-Epe Expressway, when Lagos State Government officials arrived to seal the premises over alleged regulatory violations.

A viral video captured the Chinese national resisting the officials’ attempts to shut down the company. During the confrontation, he pulled Naira notes from his bag and tore them, igniting widespread outrage on social media.

At the scene, some individuals believed to be Nigerian workers at the company appeared to shield the man from being apprehended by the Lagos State officials.

The incident has sparked significant reactions, with many Nigerians calling for the immediate arrest of the individual involved.

Social media users have expressed their anger, urging the authorities to take swift action.

Controversial social media influencer Daniel Regha posted on his X (formerly Twitter) account, “The EFCC should arrest this man and charge him to court for committing a punishable offense. However, my concern is how selectively justice is applied in Nigeria. If this were a high-ranking politician or their associates, the case would likely go nowhere.”

Another user, @Qladele, wrote, “The Chinese man who disrespected Nigerian currency should be arrested. The company involved should also be permanently shut down. Disrespecting your host country should have consequences. Those who obstructed justice should also face the law.”

Similarly, @Dele93748586 shared a similar sentiment, stating, “The person who insulted the Nigerian currency should be arrested, and the location sealed permanently. There must be consequences for this disrespect, and the security personnel who hindered justice should be detained.”

“Imagine if a Nigerian went to China and tore the Chinese Yuan after the Chinese government sealed his business. This is a huge blow to Nigeria. Even though I don’t support the Tinubu-led government, this is an insult to our country and government!” said @PureStanley1.

Another user, @OyinAtiBode, remarked, “Those protecting this man should face consequences, and the disrespectful foreigner should be severely punished—arrested, jailed, deported, and permanently banned from returning to Nigeria.”

Legal practitioner Tolu Babaleye, speaking (with Saturday Punch), stated that the Chinese national should be subjected to Nigerian law, as long as he was not a diplomat.

“He can be arrested, tried, and if convicted, sentenced for mutilating Naira notes, as this is an offense under Nigerian law,” Babaleye said.

Asked if the EFCC had taken action on the matter, Oyewale, the spokesperson for the commission, responded in a message (to Saturday Punch), saying, “The EFCC is looking into the issue, please.”

Post Views: 35

BIG STORY

BON Awards Release Line-Up Of Activities Ahead Of November 24

Published

24 hours ago

November 15, 2024

PorscheClassy News

Kwara First Lady To Join Segun Arinze, Wole Ojo Others For Book-Reading

As the Nigerian film industry gets set for the annual pan-Nigerian Best of Nollywood (BON) Awards, scheduled to be held on Sunday, November 24, at the Sugar Factory in Ilorin, Kwara State, the organisers of the travelling awards have released a line-up of activities, alongside other highlights of the 16th edition.

This year’s event is shaping up to be an unforgettable experience, featuring a variety of engaging activities, including a book reading session and the unveiling of new award categories.

A key highlight of the pre-award festivities will be the welcome party scheduled for Saturday, November 23rd in Ilorin. This will be followed by the Book of the Year reading on the morning of November 24, showcasing “Do As You Are Told, Bani” by the acclaimed author Lola Shoneyin.

Esteemed personalities, including the First Lady of Kwara State and well-known Nollywood actors like Segun Arinze, Wole Ojo, Kemi Adekomi, Cynthia Clarke, and Chioma Okafor, will participate in the reading. This session aims to inspire and engage the youths, specifically a select number of school children from Ilorin, Kwara State.

Also, the 2024 BON Awards has been revealed that four of its major award categories have been endowed by notable figures and organisations. The endowed categories include:

Best Indigenous Movie – Endowed by Oba Saheed Eleguishi, a distinguished traditional ruler and arts patron. Best Use of Food – Endowed by Abundish Limited, an agricultural product wholesaler cum grocery market in Lekki, Lagos.

The Best Actress category is also endowed by the Deputy Speaker of the Lagos House of Assembly, Hon. Moji Ojora, a well-known philanthropist and public servant dedicated to women’s empowerment. While the movie with the Best Social Message is endowed by Hon. Toke Benson, the Lagos Commissioner for Tourism, Arts and Culture, and a prominent advocate for social issues.

According to the founder of the Best of Nollywood Awards, these new endowments promise to enhance the awards’ prestige by taking it to the next level and also offer greater recognition for excellence in these fields.

As the seven-day countdown to the 2024 BON Awards begins, and the excitement is building, Feranmi Olaoye, the Executive Director of the awards has promised that this year is not just another gala night but a getaway weekend for hardworking Nollywood practitioners, and others within the Nollywood community.

With the awards’ unique blend of celebrity-filled events and meaningful high-impact initiatives, this year’s ceremony is poised to leave a significant mark on the entertainment industry and the wider Nigerian cultural scene.