Senate Intensifies Probe into N30 Trillion Ways and Means; Extends Committee’s Assignment by Two Months

The Senate has ramped up its investigation into the N30 trillion Ways and Means facilities granted to the Federal Government by the Central Bank of Nigeria (CBN) between 2014 and 2023. Last Thursday, the Senate extended the assignment of the Ad-hoc committee handling the probe by an additional two months. Senator Isah Jibrin (APC Kogi East), who chairs the Ad-hoc committee established in March, requested more time, citing delays in receiving crucial information from several relevant agencies involved in the utilization of these funds. During a telephone conversation with journalists in Abuja on Saturday, Senator Jibrin, who also chairs the Senate Committee on Customs and Excise Duties, explained that the extension would enable the committee to intensify its efforts. “Most of the relevant agencies have been contacted, and their documents are being meticulously scrutinized regarding the spending of the disbursements obtained through the Ways and Means facilities,” Senator Jibrin stated. “As this is a highly sensitive national task, the committee is committed to conducting a thorough investigation without rushing to conclusions.” Jibrin emphasized that increased pressure would be applied to the few agencies that have not adequately responded to information requests. He warned that heads of non-compliant agencies might be summoned if they fail to provide the necessary information. “The extended timeframe will ensure that the committee produces a comprehensive investigative report by September this year, detailing how the N30 trillion Ways and Means were disbursed, for what purposes, and how the funds were expended,” he added. The Ways and Means facility is a loan mechanism through which the CBN finances the federal government’s budget shortfalls. This method often leads to macroeconomic instability, causing inflation and high exchange rates due to the excess liquidity injected into the economy. Although CBN law limits advances under Ways and Means to 5 percent of the previous year’s revenue, this limit has frequently been exceeded. In February this year, CBN Governor Olayemi Cardoso announced that the bank would cease granting Ways and Means advances to the government until all outstanding debts are repaid.

Kaduna Assembly Okays El-Rufai’s Probe Over Abuse Of Office, Money Laundering

The Kaduna State House of Assembly’s ad hoc committee has submitted a damning report, exposing financial irregularities and corruption during the tenure of former Governor Nasir El-Rufai. The report was presented during plenary on Wednesday, by the chairman of the ad hoc committee, Henry Zacharia. The committee, tasked with investigating loans, grants, and project implementation from 2015 to 2023, revealed that most loans obtained during El-Rufai’s administration were not used for their intended purposes. Furthermore, due process was not followed in securing some of these loans, according to the Committee. The committee’s report accused former governor El-Rufai and his cabinet members of abuse of office, awarding contracts without due process, diverting public funds, and money laundering. The report also criticized the excessive borrowing during El-Rufai’s tenure, which has plunged Kaduna State into heavy debt. The committee recommended the investigation and prosecution of El-Rufai and other indicted officials by security and anti-corruption agencies. Additionally, the report called for the immediate suspension of the Kaduna State Commissioner of Finance, Shizer Badda, and the chairman of the state universal basic education board. The committee also urged thorough investigations into key appointees from the last administration.

Reps to probe illegal helicopters’ sale by NCAT

The House of Representatives Committee on Public Assets has resolved to probe alleged sales of two training helicopters by the Nigeria College of Aviation Technology (NCAT), Zaria, Kaduna State. The Committee Chairman, Hon. Ademorin Kuye said this in a statement in Abuja on Monday. The chairman said the committee attention was drawn to the development through media reports on July 30, 2023, on the purported sale of 2 Bell 206L-3 helicopters. He said the helicopters were public assets acquired for training pilots by the NCAT for N1.2 billion. “The Sale of the helicopters under the pretext of under-utilisation by the authorities of the College of Aviation in March 2023 has now become a symptom of the worrying trend of asset stripping.” This according to him cut across all sectors of the economy by all MDAs toward the twilight of the last administration. “This is in spite the offer of Nigerian Navy to acquire same and possibly use to address the security challenge facing the country in the area of oil pipeline vandalisation and crude oil theft.” He said the committee equally felt the assets could have been converted to the use of Nigerian Police to fight banditry and insurgency in the country. He said the urgency in the sales and concession of public assets at the twilight of the last administration called for suspicion since the supposed approval was gotten from that administration. He said it was only right that the new administration is allowed to be part of the completion of the sale process if there were no hidden agenda. He said the committee would investigate the sale of those important training national assets to ensure that due process was followed and that the country was not shortchanged in the deal. The Nigerian College of Aviation Technology (NCAT), Zaria, Kaduna State, had said it auctioned two helicopters at 556,200,322USD (₦1.2 billion), because of under-utilisation. The Rector and Chief Executive Officer of the institution, Capt. Alkali Modibbo, told newsmen on Sunday in Zaria that the two Bell 206B – III model helicopters were disposed after satisfying all due diligence. Modibbo explained that a Federal Government licenced auctioneer, Messrs Tresmo Nigeria Limited, was appointed to dispose the affected helicopters sequel to the approval and valuation reports obtained from the Federal Ministries of Aviation and Works, respectively. According to him, the auctioneer paid $275,782,661.25 and $280,417,661.25 (totalling ₦1.2bn) vide FGN Remita receipts bearing reference numbers 3008-4333-3046 and 1008-4304-1098, accordingly.

Tinubu employs special investigator to probe Emefiele, CBN’s activities

President Bola Tinubu has taken a significant step in the fight against corruption by appointing Jim Obazee as a Special Investigator. Mr. Obazee’s primary task is to conduct a thorough investigation into the activities of the Central Bank of Nigeria and other Related Entities. This decision, as stated in a letter dated 28 July, is firmly grounded in Section 15(5) of the Constitution of the Federal Republic of Nigeria (as amended), underscoring the administration’s commitment to combating corruption. The appointment of Mr. Obazee is already in effect, and he will be reporting directly to President Tinubu. The specific terms of his engagement as a special investigator will be communicated to him in due course, according to the letter signed by the president. It is worth noting that Mr. Obazee brings significant expertise to this role, having previously served as the chief executive officer of the Financial Reporting Council of Nigeria (FRCN). Tinubu also requested regular updates from Mr. Obazee on the progress of the assignment. In the same letter, he directed Mr. Obazee’s attention to his earlier directive to suspend the CBN governor, Godwin Emefiele, on 9 June. This move indicates a keen interest in ensuring a comprehensive investigation into the matter. Regarding the suspended CBN governor, there have been subsequent developments. After being suspended by Mr. Tinubu, Godwin Emefiele was arrested at his Lagos residence by operatives of the State Security Service (SSS). He was subsequently transported to Abuja for further proceedings. The SSS is prosecuting him for allegedly possessing an unregistered firearm. However, last week, the Federal High Court in Abuja granted him bail. Despite being granted bail by the court, Mr. Emefiele was re-arrested by the SSS on the court premises, leading to a confrontation between SSS officers and personnel from the Nigerian Correctional Centre, who attempted to take him into their custody. The reason for Mr. Emefiele’s continued detention has not been publicly disclosed by the secret service. This ongoing situation has sparked considerable interest and concern, and the appointment of Jim Obazee as Special Investigator is expected to shed light on the matter. With his expertise and the mandate given by President Tinubu, the investigation aims to bring transparency and accountability to the activities of the Central Bank of Nigeria and associated entities.

Auctioning of FG’s Properties: Reps to probe NPA, NIMASA, others

The House of Representatives has resolved to probe what it regards as the illegal auctioning of Federal Government properties by the Nigeria Ports Authority (NPA) and the Nigeria Maritime Administration and Safety Agency (NIMASA). Others agencies allegedly involved are: the Nigeria Railway Corporation (NRC) River Basin Development Authority (RBDA) and Nigeria Customs Service (NCS) This is sequel to the adoption of a motion moved by Rep. Oluwole Oke (PDP-Osun) during plenary on Thursday in Abuja. In his motion, Oke said the procedure for the disposal and auctioning of government assets in Nigeria was well spelled out in Financial Regulations, 2009 and Public Procurement Act 2007 among others. Oke said the Constitution of the Federal Republic of Nigeria, 1999 (as amended) provides that all revenues realised from the disposal or auctioning of public property be remitted into the Consolidated Revenue Fund. He alleged that NPA, NIMASA, NRC, NCS and others RBDA had been auctioning public property not only at a ridiculous price but also without following due process. He advanced that partial remittance or non-remittance of revenue realised from the auctioning of public property into consolidated revenue fund was a breach of the constitution. He expressed concerned that if the practice continued, coupled with dwindling crude oil revenue in Nigeria, the government might not cope with the rising demand for accelerated infrastructure Following his submission, the House thereafter resolved to set up an ad hoc committee to investigate the disposal of public property by the affected agencies. This, according to the House, would cover the period between 2010 and 2022 with a view to establishing the extent of the alleged illegal auctioning of public property and the non-remittance of revenue realised into the consolidated revenue purse. The committee would report to the House within four weeks for further legislative action.