The Independent Corrupt Practices and other related offences Commission (ICPC) has arraigned Gimba Ya’u, former chief executive officer, of the Federal Mortgage Bank of Nigeria (FMBN), for allegedly diverting $65 million housing fund.

The money was for the construction of 962 units of residential houses at the Goodluck Jonathan Legacy City in Kubwa, a satellite town in Abuja.

Ya’u was arraigned alongside Bola Ogunsola, ex-FMBN director, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited, before Justice James Omotosho of the federal high court in Abuja, on Tuesday.

The ICPC, in a five-count charge marked FHC/ABJ/CR/333/24, accused the trio of contravening the public enterprises regulatory commission act and the money laundering (prevention and prohibition) act, 2022.

The ICPC accused Ya’u of authorising the payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor “lacking execution capacity”.

It added that the project remains incomplete “as of today thereby amounting to economic adversity for the bank and in violation of Section 68(1) of the public enterprise regulatory commission act, CAP P39, laws of the federation, 2004”.

The commission alleged that the project’s decade-long incompletion has incurred substantial financial losses for the bank.

The ICPC also accused the defendants of securing a N14 billion loan from Ecobank Nigeria PLC in 2012 for the project and mismanaging the funds.

One of the charges also detailed how the defendants allegedly converted N991 million into $3.55 million and “handed it in cash to Jason Rosamond, a foreign associate,” who is reportedly at large.

The defendants, however, pleaded not guilty when the charges were read to them.

Following their plea, Omotosho granted them bail on liberal terms and adjourned the trial to February 6, 2025.

The House of Representatives Committee on the Review of the 1999 Constitution will hold a national dialogue on local government autonomy on Monday, December 2, 2024.

The Deputy Speaker of the House and Chairman of the Committee, Benjamin Kalu, disclosed this on Thursday while chairing a brief meeting of the panel at the National Assembly Complex, Abuja.

The Deputy Speaker, who represents Bende Federal Constituency, Abia State, stated that the national dialogue aims to consolidate ideas for a robust discourse on the independence of local government administration in Nigeria.

He said: “Distinguished colleagues, I would like to remind us of the upcoming national dialogue on local government and constitution amendment scheduled to be held on Monday, December 2, 2024, in Abuja. This event is a vital platform to consolidate ideas and strategies for achieving a robust local government framework, which is critical to our constitutional review efforts.

“In addition, other engagements that we will be having include public engagement on tax reforms as it concerns the constitution amendment and a public engagement with political parties.

“As we continue in this historic undertaking, let us remain guided by our shared commitment to strengthening our democracy, deepening our federal structure, and fostering unity and prosperity for all Nigerians.”

The Deputy Speaker also disclosed that the committee would commence zonal public hearings in January 2025.

This followed the resolution of the committee on the locations of the public engagements.

According to him, the hearings will hold as follows-North East: Gombe and Borno States; North Central: Nassarawa and Niger; North West: Kaduna and Sokoto; South East: Enugu and Imo States; South-South: Bayelsa and Cross River States; and South West: Lagos and Ondo States.

He also spoke about the significance of inclusivity in the task of the committee, saying, “There are locations in all the geo-political zones for our public engagements next year. Those who are from these states, engage your colleagues in the House, engage your governors and members of your Houses of Assembly.

“Draw up your own local plan and let us have it so that we can integrate it into our own plan to guide us. We expect a full hall.

“The stakeholders’ engagement list must be drawn to cut across all the relevant stakeholders of the country from your states. Please, do not discriminate against the political parties. No religious biases. No tribe discrimination. Everyone who is a Nigerian should be in that room and then find a way of itemising your opinion on the 161 areas we are currently looking at.”

The Federal Government, through its Nigerian Electricity Regulatory Commission, has declared that it would spend about N2.4tn on power subsidies before the end of this year.

NERC’s Commissioner of Planning, Research, and Strategy, Dr Yusuf Ali, disclosed this at the PwC’s Annual Power and Utilities Roundtable, themed ‘Reigniting Hope in Nigeria’s Electric Power Sector,’ in Lagos on Thursday.

Ali explained that the subsidy had fluctuated due to foreign exchange challenges and tariff adjustments.

“As of November, the subsidy amount stood at N1.9tn, but with current trends, the monthly subsidy for electricity is expected to reach N260bn in December,” Ali stated.

He emphasised that the N2.4tn is an annual estimate that could adjust depending on the monthly cost-benefit tariff.

“Every month, we calculate the difference between the cost-reflective tariff and the approved tariff to determine the subsidy,” he explained.

Ali added that the government is expected to finalise the total subsidy figure by year-end based on actual consumption and tariff trends.

The Minister of Power, Adebayo Adelabu, who was represented by the Chief Technical Adviser to the Minister, Adedayo Olowoniyi, said, the Ministry of Power, in collaboration with PricewaterhouseCoopers, has developed a draft Integrated National Electricity Policy aimed at addressing critical challenges in Nigeria’s power sector.

Adelabu emphasised the importance of implementing cost-reflective tariffs to attract necessary investments and ensure the sector’s sustainability.

“We cannot dance around the fact that a market that does not create a line of sight of return for investors will not get investment,” Adelabu noted.

The minister further acknowledged the reluctance to adopt cost-reflective tariffs but argued that it is a necessary step for achieving 24-hour electricity and universal access.

He highlighted the administration’s efforts under the Renewed Hope Agenda, including the implementation of the Electricity Act of 2023 and the Presidential Power Initiative in partnership with Siemens.

Adelabu pointed out the challenges of vandalism, ageing infrastructure, and inefficiencies in the electricity value chain, which have hampered progress.

He revealed that the Transmission Company of Nigeria spent nearly N10bn in six months repairing vandalized towers.

“Our successes have not been without challenges. Frequent grid disturbances due to capacity inadequacies and consistent vandalism have impacted the sector,” he said.

He added that these initiatives focus on infrastructure development, such as building substations and upgrading transmission and distribution networks.

“PwC’s support has been instrumental in drafting the Integrated National Electricity Policy, which will guide the sector’s strategic implementation. The policy aims to foster market discipline, improve energy delivery efficiency, and ensure subsidies benefit the most vulnerable,” Adelabu stated.

He called for collective responsibility among stakeholders, stressing, “Hope is not passive.

“We must innovate and implement bold ideas to restore confidence and deliver a sustainable energy future for all Nigerians,” Adelabu added.