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Reps Write Kyari, Summon 17 NNPC Subsidiaries Over Audit Queries

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The House of Representatives Committee on Public Accounts has written to the Group Managing Director of the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, Mr. Mele Kyari, over audit queries issued against the NNPC and its subsidiaries.

The committee, which had accused the NNPC of shielding its 17 subsidiaries in the effort to get them to respond to the queries on their expenses from 2014 to 2019, has now asked the GMD of the NNPC to produce their heads at specific dates.

The Chairman of the committee, Oluwole Oke, issued the summons in a letter to Kyari, dated March 16, 2022, titled, ‘Consideration of the Auditor General for the Federation’s Annual Report on Federation Account 2014-2019 Financial Year and Non-Rendition of Audited Account by the NNPC Subsidiaries Covering the Period 2014-2019 to the Auditor General Office.’

The letter read in part, “Under section 85, 88 and 89 of the 1999 Constitution as amended and Order XX Rule 6 of the House of Representatives Standing Order, I write to, again, request you to provide all the managing directors of the following 17 NNPC subsidiaries with their accounting officers to appear before the committee and answer all issues raised against them in the above subject matter.”

The subsidiaries include the Nigerian Petroleum Development Company Limited, Kaduna Refining, and Petrochemical Company Limited, Pipeline and Products Marketing Company Limited, Duke Oil Company Inc, West Africa Gas Limited, and Midas Marine Limited, which are to appear on Wednesday, March 23, 2022.

 Also,  Hyson (Nigeria) Limited,  Nigeria Gas Company, National Engineering, and Technical Company, National Petroleum Exchange, NNPC Pensions Limited, and Warri Refining and Petrochemical Company are to appear on Thursday, March 24, 2022.

Those to appear on Friday, March 25, are Port Harcourt Refining Company, the NNPC Retail Limited, Integrated Data Service Limited, National Petroleum Investment & Management Services, and Petroleum Products Pricing Regulatory Agency.

The committee asked those summoned to provide copies of their audited accounts from 2015 to 2021 in compliance with Financial Regulation No, 3210(v), and evidence of submission of copies to the Office of the Auditor-General Office for the Federation.

The NNPC and its subsidiaries are also to present to the committee, evidence justifying non-cooperation in respect of constitutional checks conducted based on Section 85(4) of the Constitution of the Federal Republic of Nigeria.

The committee had on Tuesday accused the NNPC of shielding its subsidiaries from honoring summons to appear before it and answer audit queries issued against them.

According to the committee, the queries are alleging mismanagement of public funds running into several trillions of naira over the years.

Oke, who made the allegation on Tuesday at an investigative hearing where the Chief Financial Officer of the NNPC, Umar Ajiya, represented the Group Managing Director, Mele Kyari, criticized the NNPC and its subsidiaries for failing to honor the invitations extended to them on the various audit queries from the OAuGF.

The chairman said the committee had consequently resolved to extract the queries from the audit reports before it and publish them in the national dailies for the general public as well as the Presidency to see how the people saddled with the responsibility of running the concerned bodies were doing so.

Oke stated that the lawmakers would no longer tolerate the attitudes from heads of the ministries, departments, and agencies of the Federal Government.

Meanwhile, the Senate Committee on Public Accounts is investigating how the Nigerian Institute for Oil Palm Research Benin, Edo State, spent N210m without payment vouchers and internal audit checks.

The probe is based on the 2017 report of the Office of Auditor General for the Federation.

The Acting Executive Director of NIFOR, Celestin Ikuenobe, however, blamed the failure of the Institute to provide the vouchers on sabotage by some members of staff who showed divided loyalty.

Ikuenobe said NIFOR’s staff members were divided when the OAuGF came in to audit the Institute’s finances. He, however, presented vouchers of about N110m.

The Chairman of the committee, Senator Mathew Urhoghide, said the Acting Executive Director should go and look for all the missing vouchers in NIFOR and present them within one week.

The OAuFG query read in part, ‘Four hundred and twenty-three payments totaling ₦210,921,849.66 were made without payment vouchers and internal audit checks, contrary to Financial Regulations 601 and 1705, which stipulate that all payments must be vouched for, and the head of internal audit unit in all ministries/extra-ministerial offices and other arms of government shall ensure that 100% pre-payment audit of all checked and passed vouchers is carried out and the vouchers forwarded under security schedule directly to the appropriate central pay office for payment.”

BIG STORY

JUST IN: Police Arrest Yahaya Bello’s ADC, Security Details

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The Nigeria Police Force has detained a female police officer who was the aide-de-camp to embattled former Kogi State Governor, Yahaya Bello, Saturday PUNCH is reporting.

The ADC was arrested alongside other police officers attached to 48-year-old Bello and is being detained at the State Criminal Investigation Department, Federal Capital Territory, Abuja.

Their arrests and detention followed a Thursday night order by the Inspector General of Police, Olukayode Egbetokun, directing their immediate withdrawal from the former governor.

Senior police sources, who spoke to our correspondent on the condition of anonymity because they did not have authorization to comment publicly on the matter, noted that the officers were arrested on the suspicion that they aided and abetted Bello’s escape from operatives of the Economic and Financial Crimes Commission, who had gone to effect his arrest at his Abuja home on Wednesday.

“The ADC and the other police details attached to Yahaya Bello have been arrested and detained.

“They were arrested on the order of the IG, on the suspicion that they aided and abetted the former governor’s escape from the EFCC on Wednesday,” one of the sources told our correspondent in a telephone conversation on Friday.

Another source said, “Yahaya Bello’s female ADC and other police officers attached to him were brought to the command this morning, and they’ve been detained for aiding and abetting (the governor’s escape).”

Egbetokun had, on Thursday night, ordered the withdrawal of all police officers attached to Bello.

The order for the withdrawal was contained in a police wireless message sighted by our correspondent on Friday morning.

The document read, “CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 X ORDER AND DIRECTIVES X FOLLOWING MESSAGE RECEIVED FROM NIGPOL.

“DOPS ABUJA X BEGINS X CB:4001/DOPS/FHQ/ABJ/VOL.21/462 DTO:180955/04/2024 X ORDER AND DIRECTIVES X REF MYLET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/36 DATED 15/04/2024 X AND MY EARLIER LET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/30 DATED 24/01/2024 X Nigeria police have ordered the withdrawal of all men.

“Police attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello, should acknowledge compliance and treat with utmost importance. Please above for your information and strict compliance.”

Also, the Federal Government had on Thursday night placed Bello on a watch list.

In a document exclusively obtained by our correspondent on Thursday night, the Comptroller General of the Nigeria Immigration Service, revealed that Bello was placed on a watchlist for conspiracy, breach of trust, and money laundering.

The Assistant Comptroller General signed the document and copied the Nigeria Customs Service, the Inspector General of Police, the Director General of the Department of State Services, and the Director of the National Internet Agency.

The document read, “I am directed to inform you that the above-named person has been placed on a watch list. Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for Conspiracy, Breach of Trust and Money Laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/TE/V 1/279 dated April 18, 2024.

“If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation, or contact 08036226329/07039617304 for further action.

“Please, accept as always the Comptroller-General’s warmest regards and esteem.”

The Economic and Financial Crimes Commission had earlier declared Bello wanted for laundering the sum of N80,246,470,088.88.

The development was contained in a notice posted on the commission’s official Facebook page on Thursday, with a snapshot of the embattled ex-governor attached.

The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with an alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).

“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja. Anybody with useful information as to his whereabouts should please contact the Commission.”

Bello had, on Thursday, failed to appear before Justice Emeka Nwite of the Federal High Court sitting in Abuja following his arraignment by the EFCC.

The embattled former governor was arraigned in absentia before Justice Emeka Nwite alongside three other suspects, Ali Bello, Dauda Suleiman and Abdulsalam Hudu on 19-count charges bordering on money laundering.

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BIG STORY

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return As Chairman

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  • Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

 

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

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BIG STORY

Customs Adjust FX Rate For Import Duties To N1,147/$

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The foreign exchange (FX) rate for duties has once again been modified by the Nigeria Customs Service (NCS) to N1,147.02 per dollar.

When compared to the N1,238.1/$ reported on April 18, this indicates a decline of 7.3 percent. On Friday, the customs rate was observed.

It dropped below the official foreign exchange rate, which ended trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 18 at N1,154/$.

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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