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Reps Query NIPC Over N3.12bn Expenditure In Q1 Of 2024

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By Gloria Ikibah
The House of Representatives has queried the Nigeria Investment Promotion Commission for recording an expedite of N3.15 billion, despite submitting a revenue of N2.89 billion in the first quarter of 2024.
This was at the continued investigation by the House Committee on Finance to monitor revenue by Ministries, Departments and Agencies of the Federal Government on Thursday in Abuja.
The Director, Finance and Administration of the agency, Akwada James, disclosed to the committee that the amount was a projected expenditure for the year.
“Why it is that is because our income does not come at a time. So we have done committed spending in the budget for the year,” James said.
Chairman of the Committee, Rep. James Faleke queried why the agency would budget for what it had not carried out yet.
“The revenue collection for first quarter 2024 is 2.89b and your expenditure for that same period is 3.15b. If you are giving us revenue for a quarter, the expenditure for that quarter should be stated not the whole. How can you give me expenditure for the whole year?” the Committee Chairman queried.
James said this was a format given to them by the budget office.
“No sir, we don’t like that format here. It’s confusing. How can you tell me you generated N2.8 billion and on record you spent N3.1 billion and we ask where did you get the money and who gave you the authority to spend above budget,” Faleke questioned.
The Committee also queried the agency for spending 20 percent of his revenue in 2023.
“A fully funded agency is supposed to remit their revenue 100 percent. So you spent money illegally.  On what authority did you approve the usage of that money?” Faleke queried.
James said it was based on the budget and their engagement with Ministry of Finance.
According to him, they were authorised by a letter to do so.
“I would like to see letter that authorized you to spend that 20 percent else we would charge all of you personally.
“We would write and ask that the money spent be deducted from your salaries until it is fully refunded. I need that letter on Monday.
“Fiscal Responsibility Commission (FRC), I need a report of your sessions with NIPC and why they spent 20 percent of their IGR and there has not been any query from your agency,” Faleke said.
The Chairman of the Fiscal Responsibility Commission, Victor Mururako, represented by Mrs Victoria Adizou-Angakuru, said they had not received NIPC’s audited financial statements since 2019.
Faleke directed that the Managing Director of NIPC appear before the committee on June 5, 2024 with their comprehensive records.
“The best approach is to invite the accountant general. In view of the contradictions, we would keep our documents and let the accountant general come and tell us what is responsible for this discrepancies for a fully funded agency,” Faleke said.
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Many hospitalised as thugs attack PDP supporters in Ondo

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At least six persons were attacked when suspected armed thugs attacked the members of the Peoples Democratic Party (PDP) in Idanre, Idanre Local Government Area of Ondo State.

The violent attack on the opposition party members is coming two days before the weekend governorship election.

A chieftain of the party in the state, Adeyemi Fasoranti, named one of the victims, Olowoniyi Akinleminu, as a popular politician in the town.

Mr Fasoranti said other victims were taken to the intensive care unit of the State Specialist Hospital for medical attention.

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Explaining the attack, Mr Olowoniyi said the thugs unleashed terror on the people because of the success of the party’s rally in the local government.

Another PDP chieftain, Bosede Salami, revealed that many of the opposition party members had been threatened by the suspected political thugs and cultists invited by political gladiators.

Confirming the incident, the state commissioner of police, Oladipo Abayomi, has directed the State Criminal Investigations Department (SCID) to launch a full-scale investigation into the incident.

Mr Abayomi, in a statement by the command’s spokesperson, Funmilayo Odunlami-Omisanya, said a peace meeting of the leaders of the major political parties in the town had been convened.

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“The case, which has escalated into violence and attempted murder, is currently under investigation to ensure that those responsible are held accountable and that peace is restored in the area, particularly at such a critical juncture in the state’s history.

“The CP has made it clear that the command will exercise zero tolerance towards any individual or group, whether directly or indirectly involved, who engages in or permits actions that could disrupt the peace before, during, or after the election.

“He calls on parents, community leaders, and influential figures to warn their followers, children, and loved ones to avoid any form of disruptive behaviour during this period,” the statement.

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JUST IN: Govt Declares Friday As Public Holiday

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The Ondo State Government has declared Friday as public holiday to enable civil servants and others to travel to their various communities to exercise their civic responsibilities.

This was contained in a statement on Wednesday evening signed by O.F Ayodele, Permanent Secretary, Office of the Head of service.

The statement reads, “The 2024 Governorship Election in Ondo State has been scheduled by the Independent National Electoral Commission (INEC) to hold on Saturday, 16th November, 2024.

“To this end, the Ondo State Government has declared Friday, 15th November, 2024 as Work-Free Day for Public Servants in the State to enable them travel to their various communities to exercise their civic responsibilities.

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“All Accounting Officers are to note the content of this Circular and disseminate same to all staff of their respective Ministries, Departments and Agencies.”

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NNPC Carries Out Leadership Shakeup, Appoints Adedapo Segun As New CFO

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The Board of Directors at the Nigerian National Petroleum Company Limited (NNPC) has announced a leadership shakeup, appointing key executives to strengthen corporate governance and operational efficiency.

This was made known in a press statement issued on Wednesday by the NNPC’s Chief Corporate Communications Officer, Olufemi Soneye.

In the series of new appointments, Mr. Adedapo A. Segun has been named as Chief Financial Officer (CFO), succeeding his prior role as Executive Vice President of the Downstream sector, where he contributed significantly to NNPC’s downstream operations.

Segun replaced the outgoing CFO, Umar Ajiya.

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Joining him in newly appointed roles, Mr. Isiyaku Abdullahi has been promoted to Executive Vice President (EVP), Downstream.

Udobong Ntia has also been appointed as the Executive Vice President (EVP), Upstream, replacing the outgoing EVP Oritsemeyiwa Eyesan.

The statement read, “These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organisation’s strategic objectives.

“The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

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NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritising the interests of the Nigerian public in the petroleum industry.”

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