Connect with us

News

Reps Queries WAEC Over N6bn Deficit 8

Published

on

By Gloria Ikibah
The House of Representatives has queried the Head of National Office of the West African Examination Council (WAEC) Nigeria, Josiah Dangut, over N6 billion deficit incurred by the agency in 2023.
Dangut who appeared before the House Committee on Basic Examination Bodies on Tuesday in Abuja, at an investigative hearing, was accompanied by the Registrar; Angus Okeleze, Senior Deputy Registrar; Victor Odu, Acting Director of Finance; Segun Jerumeh, Deputy Director of Finance, WAEC.
The Committee also quizzed the examination body over a loan of N5 billion it acquired in 2022 for the purchase of customised calculator.
Dangut provided the cashbook of the Agency to the Committee, but they declined, insisting that the bank statement must be submit.
Following the unsatisfactory response by the WAEC Representatives, the Committee Chaired by Rep. Oboku Oforji resolved that WAEC must submit all its bank statements from 2018 till date within a week.
A member of the Committee, Rep. Awaji-Inombek Abiante, described WAEC as uncooperative, saying they must be held accountable.
“WAEC Nigeria was an uncooperative witness in this process, shielding and denying Nigerians of having value for whatever investment the country has had in that office should submit to this committee in furtherance of this investigation all the bank account statements of his office,” he said.
The Committee expressed displeasure that out of eight submissions demanded from the examination to probe their expenditure, it only submitted one, which was the nominal roll.
The Committee Chairman however demanded they should explain how WAEC generated N34 billion in 2023 but spent N40 billion.
Rep. Oforji also wondered how the examination body could approve a loan of N5 billion when even a Ministerial Board could not approve such amount.
He further queried the WAEC boss on the number of students that participated in the 2022 elections which made them to acquire the calculators.
The Committee alsodemanded that WAEC must provide the expenditures that have led to the N6 billion deficits and all correspondence related to the purchase of customised calculators.
It said evidence of approval for the N5 billion loan to purchase the customized calculators must be provided.
The Committee also demanded for evidence of due process followed for the award of the contract as well as evidence of payment, including payment vouchers and bank records.
The Committee also requested for evidence of submission of accounts to the Auditor General for the Federation from 2018 to 2023; and the profile of the external auditor for the agency and the engagement letters for the past three years.
The Committee also queried WAEC for breaching the financial, public procurement and the financial regulations Acts over the payment of 50 per cent of the contract for the construction of its Taraba state office worth N532 million.
 Dangut who pleaded with the lawmakers to give him another date to enable him present the statement of account and other documents requested, explained that he had to pay 50 per cent of the Taraba office contract sum to avoid the astronomical rise on the inflationary trend in the country.
Rep. Oforji said the Committee on Basic Education Examination Bodies is not a witch-hunting committee but is focused on fulfilling its constitutional obligations as outlined in the constitution.
“Both the legislative house and WAEC are bound by the Constitution. As such, the committee expects full cooperation from WAEC, including the timely provision of all necessary documents to expedite our inquiry and report,” he said.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Access Bank (UK) Limited to Acquire AfrAsia Bank Limited

Published

on

By Gloria Ikibah
Access Holdings PLC has announced that its subsidiary, The Access Bank UK Limited (“Access UK”), has signed a binding agreement to acquire a majority stake in AfrAsia Bank Limited, the third-largest bank in Mauritius by total assets.
Mauritius, known for its strong financial sector, which contributes 13.4 per cent to its GDP, offers Access UK a strategic base to grow its personal and corporate banking services.
This was contained in a statement by its Company Secretary, Sunday Ekwochi, made available to Naijablitznews.com on Thursday.
According to Ekwochi, the acquisition will also position Mauritius as a hub for Access Bank’s trade finance operations, enhancing its ability to manage cross-border transactions across Africa and internationally.
AfrAsia Bank, as of June 30, 2024, reported total assets of over $5.7 billion and a net profit after tax of $152.4 million, underlining its solid financial position.
**Key statements on the acquisition:**
– Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, speaking on the acquisition said:  “This acquisition is a crucial step in our African growth strategy, strengthening our position as a top Pan-African financial institution. Mauritius’ role as a financial hub aligns with our vision to unlock opportunities that drive trade, support businesses, and promote economic inclusion across the region.”
Also Managing Director of Access Bank UK, Jamie Simmonds, stated: “AfrAsia Bank’s strong balance sheet and established brand in Mauritius give us a solid platform for sustainable growth. This deal supports our strategy to diversify earnings and provide clients with seamless access to global markets.”
Access Bank UK aims to promote sustainable growth, deliver innovative financial solutions, and support trade between Africa and the world.
The acquisition process will be finalized in the coming months, with updates provided as needed.
Continue Reading

News

FEC approves ₦47.9tn 2025 budget

Published

on

By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

Advertisement

“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

Advertisement

“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

Advertisement
Continue Reading

News

Nigeria to get 6,000 power generation by December-Power Minister vows

Published

on

By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

Advertisement

Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

Advertisement

“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

Advertisement

“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News