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OAuGF report: No record of funds recovered between 2016-2019

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The Central Bank of Nigeria (CBN) has no records of monies recovered by the Economic and Financial Crimes Commission (EFCC) between 2016 and 2019 as required.

This is according to the Office of the Auditor General for the Federation (OAuGF) in its 2020 Audited report of government finances.

The report, dated November 30, 2023, was submitted to both chambers of the National Assembly through the Clerk.

The OAuGF said the last time the CBN recorded an inflow of recovered funds into the federation accounts was December 2015.

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It also said that the Recovered Funds component of foreign exchange inflows into the Federation Account of $40,502,645.06 was last reported in December 2015.

Such inflows were not reported between 2016 and 2019, says the report, adding that there were no documents to justify the non-recognition of recovered funds between 2016 and 2019.

In its management response, the CBN said: “There was no inflow for the period January 2016- December 2019.

In its management response, the CBN said: “There was no inflow for the period January 2016- December 2019.

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“However, a review of the account showed credit interest for the period.”

The report asked the Public Account Committees of the Senate and House to request the CBN governor to justify the non-recognition of recovered funds for the years 2016 to 2019.

However, a review of the account showed credit interest for the period.”

The report asked the Public Account Committees of the Senate and House to request the CBN governor to justify the non-recognition of recovered funds for the years 2016 to 2019.

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The report queried what it called an unjustified decrease in foreign reserves of the country between 2017 and 2019.

“Audit observed from the review of CBN Summary of Monthly Foreign Exchange Cash flows that Foreign Reserves which stood at $42.594 billion as at December 2018 decreased to $38.092 billion in December 2019, and there were documents to justify the decrease,” the report says.

The Auditor General also reported a decrease in foreign exchange earnings of about $2,667,269,011.33 in 2019 as contained in the CBN summary of monthly foreign exchange cash.

The Auditor General also said in 2020, the CBN made deposit placements with First Bank of Nigeria (FBN) United Kingdom (UK) Ltd, London amounting to US$134,507, 155.20, split into two tranches of $59,029,548.09 and US$75,477,607.11 to circumvent the provisions its Guidelines on offshore deposits.

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Insecurity! Bandits Ask For Additional N44m, 10 Motorcycles After Collecting N16m Ransom

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The bandits who kidnapped the Head of the Zamfara State Office of Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, Alh. Bashir Aliyu Abara Gummi, are demanding an additional N44m ransom to release him after collecting N16m from his family.

Gummi was abducted in October 2024 along Funtua-Gusau Road while travelling to Abuja to represent the Zamfara State Government at a meeting.

The bandits opened fire at moving vehicles, k!lling two persons before kidnapping the coordinator and scores of other travellers.

It was gathered that his family managed to gather N16,000,000 ransom which the kidnappers accepted but refused to release him.

According to a source, they are now demanding a new ransom of N44,000,000, along with 10 motorcycles.

“We implore the State Government to take immediate action to save this important individual, as the kidnappers have set a deadline of Thursday, February 6, 2025, which was yesterday”, the family source added.

Meanwhile, the bandits have released a video of the victim, pleading for help.

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Nigeria Customs Imposes 4% Charge On FOB Imports

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A 4% charge has been placed on Free On-Board (FOB) value of imports by the Nigeria Customs Service (NCS).

This was announced by the NCS spokesman, Abdullahi Maiwada in a statement on Wednesday in Abuja.

Maiwada noted that the directive was in line with the provisions of the Nigeria Customs Service Act (NCSA) 2023.

“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 per cent charge on the Free On-Board (FOB) value of imports.

“The FOB charge, which is calculated based on the value of imported goods, including cost of goods and transportation expenses incurred up to the port of loading, is essential to driving the effective operation of the service.

“Furthermore, the NCS acknowledges concerns raised by stakeholders over the sustained collection of 1 per cent Comprehensive Import Supervision Scheme (CISS) fee.

“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 per cent FOB charge.

As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the Federal Ministry of Finance to address all agitations raised by our esteemed stakeholders, “ he said.

He urged all stakeholders to comply with the directive, which was conceived after extensive consultation with relevant stakeholders and organisations.

“All stakeholders are urged to support this legally binding initiative.

“As the measures introduced in alignment with the NCSA 2023 reflects a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies,” he said.

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US aviation authorities panic as plane goes missing midair

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US authorities are looking for a small plane carrying 10 people that has been reported missing in the state of Alaska.

The US Coast Guard for the Alaska region said a Cessna Caravan craft was 12 miles (19km) offshore on a flight from Unalakleet to Nome when “its position was lost”.

The two cities are some 146 miles from each other across the Norton Sound, an inlet of the Bering Sea on Alaska’s western coast.

Search and rescue crews “are working to get to the last known coordinates” of the flight, state officials said in a statement.

They said they had been notified of an “overdue” aircraft operated by the airline Bering Air at 16:00 local time on Thursday (01:00 GMT).

The 10 people on board comprised nine passengers and a pilot, the update from the Alaska Department of Public Safety said. There was no information immediately available about who was on board.

The volunteer fire department in the landing city Nome said the pilot had told air traffic controllers that “he intended to enter a holding pattern while waiting for the runway to be cleared”.

David Olson, director of operations for Bering Air, was quoted by Sun UK as saying that the aircraft left an airstrip in Unalakleet at 2:37 pm before officials lost all contact less than an hour later.

It was 12 miles offshore when it was last sighted, according to the US Coast Guard.

Nome Volunteer Fire Department said in a statement: “We are currently responding to a report of a missing Bering Air caravan.

“We are doing an active ground search from Nome and from White Mountain.

“Due to weather and visibility, we are limited on air search at the current time.

“National Guard, Coast Guard, and Troopers have been notified and are active in the search.”

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