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N100,000 weekly withdrawal limit will cripple businesses – NECA

Sinafi OMANGA
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N100,000 weekly withdrawal limit will cripple businesses – NECA

NIGERIA Employers Consultative Association (NECA) has said the N100,000 cash withdrawal limit announced by the Central Bank of Nigeria (CBN) will cripple businesses.

The CBN had on Tuesday, December 6, issued a memo directing all banks and other financial institutions to ensure that over-the counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000 respectively, per week.

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“Withdrawals above these limits shall attract processing fees of 5 per cent and 10 per cent respectively”, the apex bank added.

Reacting to the policy, Director-General of NECA, Wale-Smatt Oyerinde, in a statement released on Wednesday, December 7, said the CBN did not consider the adverse effects the withdrawal limit will have on the economic activities of Nigerians.

The statement noted that the 5 and 10 per cent processing fees for withdrawals above the new thresholds were “traps” to make money at the expense “of individuals and businesses who desire to withdraw their hard-earned money”.

“As usual with the Central Bank of Nigeria (CBN), the Bank announced a new naira withdrawal policy without extensive consultation with organised businesses and those that will be directly impacted by the policy. This new policy is diversionary and a mere distraction from the critical issues that are affecting the Nation.

“With the inflation rate hovering around 20 per cent and over 100 million Nigerians in multidimensional poverty, the best that Government should do is not further cripple the economic activities of Nigerians. It is no gainsaying that the livelihood of many individuals and enterprise would be impacted,” the statement added.

Noting that NECA supports the CBN’s cashless policy and the plan to get all “bankable individuals and businesses into the banking system”, the statement said the timing was wrong due to inadequate preparation and sensitisation of the people that drive the economy.

“It is also important to note that the banking infrastructure and mobile/digital facility to drive the cashless policy are not sufficiently developed. This is not only draconian but also inhuman.”

NECA instead urged the CBN and the Federal Government to replicate the energy and promptness used in implementing the policy to address the dwindling value of the Naira, rising inflation, oil theft, ballooning foreign and get millions out of poverty.

“While Nigerians and businesses are groaning under the burden created by not-well-thought-out government policies, more misery should not be placed on them as we approach the Yuletide season”, the statement observed.

Humanitarian Affairs Ministry confirms N-Power funds diversion

Marcus FATUNMOLE
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Humanitarian Affairs Ministry confirms N-Power funds diversion

THE Federal Ministry of Humanitarian Affairs Disaster Management and Social Development has confirmed the alleged collusion of musician, D’Banj, real name Oladipo Daniel Oyebanjo, with compromised government officials to introduce ghost workers into the Federal Government’s N-Power Programme and consequently divert millions of naira fraudulently into their coffers.

The Independent Corrupt Practices and other Offenses Commission (ICPC) had confirmed D’banj’s arrest and detention after investigations allegedly linked him to the sleaze involving hundreds of millions of naira meant for N-Power beneficiaries.

The ICPC reportedly sent several invitations to D’Banj, which he ignored in the alleged guise of performing abroad.

He was eventually arrested and detained after he reported at the ICPC’s office on Tuesday, December 6, for questioning after the commission alerted many security agencies for his arrest locally or abroad. After he was questioned, the ICPC turned down his request for administrative bail on the conviction that he would evade the court when charged.

The ICIR reports that N-Power is one of the Federal Government’s social investment programmes aimed at tackling youth unemployment and re-energizing public service delivery in four key sectors: education, agriculture, health and vocational training.

The President Muhammadu Buhari-led Federal Government set up the programme in 2016 to reduce employment among the youth.

Most beneficiaries receive a stipend of N30,000, which is about $67 at the current N445 exchange rate. The government has often delayed the payment of the stipend from inception.

There have been protests by the beneficiaries over the government’s non-payment of the stipend for months.

Meanwhile, over two years after the N-Power launch, the Federal Government boasted there were no ghost beneficiaries in the programme. It said it had blocked all avenues for compromising the programme.

But reports countered the government, showing how the ghost workers had received stipends for month.

In a statement signed by the Permanent Secretary, Ministry of Humanitarian Affairs, Disaster Management and Social Development, Nasir Sani-Gwarzo, a doctor, on Wednesday, December 7, the government confirmed D’Banj’s arrest. It said the N-Power had engaged 1.5 million youths.

The ministry explained that media reports brought its attention to the “ongoing investigations in relation to fraud allegations in the programme”.

The statement added: “We wish to here state as follows: The Ministry has deployed a well-rounded mechanism for the selection of eligible beneficiaries from across the country, and this has been in place since the inception of the programme. Working with our service provider, program beneficiaries are onboarded, trained and deployed to pre-selected places of primary assignment.

“When it came to our notice that there may have been sharp practices by some personnel of the Payment Service Provider (PSP) involved in the payment processes of beneficiaries, the matter was immediately referred to ICPC for a thorough investigation. We are aware that certain persons have consequently been invited for interrogation as part of the ongoing investigations.”

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The Ministry said it had carried out thorough reinforcement of its systems to eliminate all anomalies and prevent similar occurrences in the future. 

While urging the beneficiaries to continue to render services wherever they are deployed, it vowed to work with the ICPC to support the successful determination of the investigation.

The Ministry appealed to the public to come forward with information on any irregularities noticed in the implementation of the National Social Investment Programme through the following channels; Email: npowersupport@nsip.gov.ng, npowerinfo@nsip.gov.ng. Phone: 0700 CALL NSIP, 070022556747 or 07030859183 for WhatsApp. 

Reuters investigation indicts Nigerian Army for illegal abortions on Boko Haram victims

Ijeoma OPARA
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Reuters investigation indicts Nigerian Army for illegal abortions on Boko Haram victims

AN investigation by Reuters has indicted the Nigerian Army for carrying out illegal abortions on pregnant victims of terrorism in the North-East.

According to the report, the Nigerian military runs a secret programme which has ended at least 10,000 pregnancies without consent of women who had been kidnapped, raped or forcefully married to terrorists in the North-East.

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The victims, including those as young as 12, were said to have been deceived into taking pills and injections that ended their pregnancies under the false assurance that the medication was to restore their health.

“In some instances, women who resisted were beaten, caned, held at gunpoint or drugged into compliance. Others were tied or pinned down as abortion drugs were inserted into them,” the report said.

The report read in part that the scheme, intended to rid society of terrorists’ descendants, has been running secretly by the military since 2013 and resulted in several fatalities since then.

Reuters noted that the abortions by the Army were carried out in several military and civilian facilities in Yobe, Borno and Adamawa.

Reacting to the allegations, head of the counter-insurgency campaign in the North-East, Christopher Musa, said there were no such programmes being run in Nigeria.

“Everybody respects lives, we respect families. We respect women and children. We respect every living soul,” he said.

The Army also released a statement signed by the Director, Defence Information Jimmy Akpor, describing the report as efforts to blackmail the Nigerian Army through mercenary journalism.

“The fictitious series of stories actually constitute a body of insults on the Nigerian peoples and cultures that still cherish life,” the statement read.

Akpor noted that the Nigerian Army would never contemplate running such a scheme and were trained to protect lives rather than take it.

“If there was an evil illegal programme to systematically kill the children of Boko Haram terrorists, then the children that the terrorists begat through the Chibok girls would have been prime targets,” Akpor noted.

NASENI to use technology to combat oil theft, bunkering

Lama Queen Godoz
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NASENI to use technology to combat oil theft, bunkering

THE National Agency for Science and Engineering Infrastructure (NASENI) has revealed its plan to adopt technology to stop bunkering and oil theft.

The Executive Vice Chairman/Chief Executive of NASENI, Mohammad Sani Haruna, disclosing the plan on Tuesday, December 6 at the opening of the Muhammadu Buhari Technology and Innovation Complex at NASENI in Abuja, asserted that NASENI would offer technological solutions to crude oil theft and bunkering.

“NASENI is ready and will soon provide an innovative technology solution to stopping crude oil theft and bunkering, and vandalization of power line and pipelines, as well as surveillance and monitoring devices for our rails, roads and seaways,” Haruna said.

President Muhammadu Buhari said at the event that NASENI had built capacity in fabrication and construction of machines, which he noted was crucial for industrial development and the maintenance of infrastructure, with little assistance from foreign experts.

“Let me blow my trumpet and state that NASENI under my watch as the Chairman of the Governing Board has lived up to its expectation and has performed excellently.

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“The agency has invented useful and historic intelligence and defence-related equipment and devices and, in collaboration with reputable organisations, has reverse-engineered Armoured Personnel Carrier (APC) with advanced features and Mine Resistance Ambushed Protected (MRAP) APC among others,” Buhari said.

The President said the agency was executing smart irrigation projects for multi-crop season farming, and engaging in the National Tractor Recovery, Rehabilitation and Redeployment (NTRRR) Innovation,  in collaboration with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

Buhari addressing the crowd at NASENI Complex

Among other NASENI’s contributions to Nigeria’s shift to a manufacturing economy are the assembly of two helicopters.

This is the first ‘Made in Nigeria’ helicopter and the creation of solar cells for 100 per cent solar module production using local raw materials.

According to the President, the agency would establish global alliances to get the necessary technologies to enhance Nigeria’s socio-economic progress.

Osun Labour Party governorship candidate defects to PDP

Vincent Ufuoma
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Osun Labour Party governorship candidate defects to PDP

LASUN Yusuf, the Labour Party (LP) candidate in the 2022 Osun State governorship election has defected to the Peoples Democratic Party (PDP).

Lasun’s defection was announced at the party’s presidential campa ign rally in Osogbo, by the state governor, Ademola Adeleke, on Wednesday, December 7.

The rally was attended by PDP presidential candidate, Atiku Abubakar, his running mate, Governor Ifeanyi Okowa of Delta State, the party’s national chairman, Iyorchia Ayu, among others.

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Lasun was a Deputy Speaker of the House of Representatives. He dumped the All Progressives Congress (APC) for the LP in March this year.

Kaduna govt confirms airstrikes on bandits hideouts

Faith ABEKA
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Kaduna govt confirms airstrikes on bandits hideouts

THE Kaduna State government has confirmed an airstrike on a terrorists’ hideout by the Nigerian Air Force (NAF).

Military airstrikes, on Tuesday, December 6, struck hideouts of terrorists in Kaduna State, killing seven terror kingpins.

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A military update on the war against terrorism stated that the air interdiction undertaken by the air component of Operation Whirl Punch, struck hideouts in Alhaji Ganai Location, Buhari New Location and Dogon Maikaji in Giwa Local Government Area of Kaduna State.

Samuel Aruwan, Kaduna State Commissioner for Internal Security and Home Affairs, confirmed the airstrikes in a statement on Wednesday, December 7.

He said that Nigerian Air Force has continued with assaults on identified bandit camps and enclaves around Riyawa, Igabi LGA, of the State.

“Close air support was provided to ground troops conducting operations in Maidaro, Dogon Dawa, Damari, Saulawa and Farina Ruwa areas of Birnin Gwari LGA,” he said.

He further disclosed that armed reconnaissance was carried out along the Kaduna-Birnin Gwari road, Buruku, Kurmin Dande, Damba, Ungwan Yako, Udawa, Manini, Kuriga, Gagafada, Kushaka, Polewire and Kamfanin Doka areas.

According to him, no suspicious activity was noticed at the locations covered.

Despite obstacles, IT companies in Nigeria intend to expand locally

Lama Queen Godoz
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Despite obstacles, IT companies in Nigeria intend to expand locally

DESPITE economic obstacles, about 72 per cent of global businesses plan expansion into new markets through digital technologies, a survey by Equinix has revealed.

Insights from Equinix 2022 Global Tech Trends Survey were gotten from 2,900 global IT tech leaders across America, Asia-Pacific and EMEA regions – Nigeria, inclusive.

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One hundred tech leaders in Nigeria were questioned about the opportunities and difficulties their organizations currently face, as well as about their future goals.

The Equinix survey results showed that there are numerous chances for Nigerian companies to successfully enter new markets and attract new clients.

Accordingly, the Guardian reports that 54 per cent of respondents intended to expand in an existing country in the next 12 months, 34 per cent into a new region, and 33 per cent into a new country.

Ninety-three per cent of Nigerian IT leaders indicated that they prioritized improved client experience.

 

EFCC commences public auction of over 400 forfeited cars in Lagos

Bankole ABE
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EFCC commences public auction of over 400 forfeited cars in Lagos

THE Economic and Financial Crimes Commission (EFCC) has commenced the auction of 435 cars, which are subjects of final forfeiture orders in Lagos.

The agency said the exercise is being done in line with the EFCC (Establishment) Act 2004, Public Procurement Act 2007, and the Proceeds of Crimes (Recovery and Management) Act 2022.

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According to the EFCC, the exercise scheduled to take place across the Commands of the Commission, started on Tuesday, December 6, 2022 in Lagos with the inspection of items by members of the public, while the auction exercise began today, Wednesday, December 7 and would continue on Thursday, December 8, 2022.

The items are available in four locations: 40 Bourdillon Road, Ikoyi, Lagos; 15A Awolowo Road, Ikoyi, Lagos; 14 Cameroon Road, Ikoyi Lagos; and CVU Obalende, Ikoyi, Lagos.

One of the EFCC car auction venues in Lagos
One of the EFCC car auction venues in Lagos

The secretary to the Commission and chairman of the EFCC Asset Disposal Committee, George Ekpungu, said yesterday at the opening ceremony, “The exercise is the first of the planned auction of forfeited properties across EFCC Zonal Commands and EFCC Headquarters. It is being conducted in conjunction with the Bureau of Public Procurement to ensure compliance with all extant laws.”

Ekpungu, welcoming the auctioneers to the centre, expressed his gratitude to sister agencies, including the Nigerian Army, who were invited to provide adequate security and ensure orderliness.

He also appealed to members of the public who were present at the auction to listen carefully to the auctioneers and comply with all stipulated guidelines.

The nine auctioneers allocated to the Lagos Zonal Command of the EFCC to dispose of the 435 cars at the designated centre on 14, Cameron Road, Ikoyi, Lagos, are Rihanna Auction Limited; Kamyus Consult Limited; Areogun Resources Limited; BIS N JEG; Integrated Services Nig.Ltd; Mau & Sons Ltd.; Langar Aghaji & Co.; Fagobe Company Ltd and Musa Kira and Co.

The cars, which pictures were conspicuously displayed with allocated lot numbers for public inspection, were assigned to auctioneers based on assessed values and an open ballot system.

The Commission said the display allowed interested bidders to view and indicate interest in any car of their choice.

Senate proposes bill to stop arbitrary issuance of waivers, incentives

Harrison EDEH
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Senate proposes bill to stop arbitrary issuance of waivers, incentives

The Senate has passed a bill for a second reading to amend the Federal Inland Revenue Service Act to regulate the processes of granting corporate tax holidays, import duty waivers and investment incentives to investors and businesses in Nigeria.

The bill was passed on Tuesday, December 6.

The bill, sponsored by Senator Yahaya Abdullahi, seeks to stop arbitrary use of the powers of the Federal government in granting tax holidays and incentives to businesses.

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It further seeks to create a new section (9) in the FIRS Act to mandate the FIRS to secure due legislative approval of the National Assembly in granting of new or renewal of corporate tax incentives and waivers.

The senator, in the proposed bill, argues, “Such requests and applications for parliamentary approval shall stipulate clear conditions and justification for granting tax waivers and investment incentives.

“All, or any other enactments specific to cases of granting investment incentives and tax waivers to businesses, institutions and individuals that conflict with the provision of this Act, shall be deemed, not applicable.”

Abdullahi said in his lead debate on the bill that it had become imperative due to leakages and loopholes in tax collection and remittances to the government amid revenue shortfalls and high debt profile.

He expressed worry that in the last five years, the country had not been able to achieve its revenue targets.

This has led the country to massive borrowing both domestically and internationally, resulting in trillions being spent on debt servicing.

Available records show that in 2021, the Federal government spent a sum of N4.22 trillion on debt servicing.

In 2022, targeted revenue was put at N5.82 trillion, while actual revenue received was N3.66 trillion.

Abdullahi, against this backdrop, expressed concern that debt servicing was consuming over 90 per cent of the government’s revenues, up from 32.7 per cent in 2015.

He said, “If this trend of relentless reliance on increasing public debt to finance the budget continues without corresponding rise in revenues, the country shall slide into distress and insolvency.

“With petroleum revenues dwindling into insignificance, we must rise to rationalise the system of tax administration by blocking loopholes and tax evasion, and ensure utmost efficiency in tax management.

“In early 2020, the FIRS reported a loss of N 1.3 trillion to tax waivers in five years. And this was in just three sectors of the economy. Similarly, in October 2021, losses were put at $2.9 billion yearly in tax waivers to multinationals.”

The ICIR recalls that the Senate Committee on Finance revealed in May 2021 that 60 government-owned enterprises failed to remit a total of N3 trillion in six years, contrary to provisions of the constitution and Fiscal Responsibility Act.

Economic watchers say this may be unconnected to the arbitrariness in issuance of tax and incentives.

The chairman of the committee, Solomon Adeola, who spoke on the developments then, noted that the breach was uncovered during the panel’s ongoing investigation of remittances by ministries, departments and agencies (MDAs).

The failure of key revenue-generating agencies to pay what they generated into the Consolidated Revenue Fund (CRF) has been a source of financial bankruptcy of the Federal government and a cause of huge borrowing, particularly from 2015 to date.

The issue has led to an overdraft lending of over N20 trillion by the Central Bank of Nigeria to the Federal government, which puts inflationary pressure on Nigeria’s currency problems.

D’Banj: ICPC confirms arrest of musician over N-Power funds fraud

Bankole ABE
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0
D’Banj: ICPC confirms arrest of musician over N-Power funds fraud

THE Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed the arrest and detention of popular musician D’Banj, real name Oladipo Daniel Oyebanjo, in connection with investigations into alleged fraud in the N-Power programme.

The N-Power is a scheme established by President Muhammadu Buhari on June 8, 2016, to address issues of youth unemployment and empowerment and help increase social development.

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In a statement released on Wednesday, December 7, the ICPC said that in line with its mandate, it had received numerous petitions on the diversion of N-Power funds running into billions of naira following the approval and release of such funds to the beneficiaries by the Federal Government.

“Many N-Power beneficiaries had complained over the non-receipt of the monthly funds in spite of payment by the Government.

“About 10 persons have been invited by the ICPC over the last few months in connection with the N-Power fraud and have been granted administrative bail after their detention.”

ICPC said several earlier invitations to D’Banj to appear before a team of investigators were ignored and not honoured by the musician.

“Oyebanjo (D’Banj) turned himself in and was taken into custody at the ICPC Headquarters on Tuesday, 6th December 2022, and is currently assisting the investigators to unravel the circumstances of the fraud allegations by the petitioners,” the Commission added.

It added that the investigation will be all-encompassing and will be extended to other collaborators in the alleged fraud and the banks where beneficiaries’ accounts are domiciled.

According to the ICPC, the press release is necessary to set the records straight because of reports in the media.

“The investigation is ongoing, and the Commission prefers not to preempt its outcome and to avoid the frenzy of a media trial.”

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