News

Give Account For Missing N100bn Dirty Notes, Others, SERAP Tells CBN Gov

Published

6 months ago

June 30, 2024

By Kayode Sanni-Arewa

The Socio-Economic Rights and Accountability Project has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”

In a letter dated June 29, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.

The organisation said these allegations by the Auditor-General suggest grave violations of public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.

SERAP also asked Cardoso to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of the contractors who collected the money but failed to complete the projects.”

SERAP urged the CBN boss “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”

It also asked him “to refer these grave violations of the Nigerian Constitution 1999 (as amended), the CBN Act and the country’s national and international anti-corruption obligations to appropriate anti-corruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”

The letter read in part, “We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.

“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion ‘dirty and bad notes’, and other large sums of cash awaiting examination in various branches of the CBN.

“The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘diverted and re-injected into the economy.’

“The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of the Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.

“The Auditor-General is concerned that the project may have been ‘awarded to an incompetent contractor,’ and wants the ‘job completed without further delay.’

‘The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.

There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to an incompetent contractor,’ and wants the ‘job completed without further delay.’”

SERAP said these violations also reflect a “failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”

It added, “The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016. The Auditor-General fears the public funds may have been diverted. He wants the money fully recovered and remitted to the treasury.

“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’

Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate

Section 16(6) of the Public Procurement Act states that ‘all bidders shall possess the necessary professional and technical qualifications to carry out particular procurements; the financial capacity and adequate personnel to perform the obligations of the procurement contracts.’”

SERAP asserted that these alleged violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank.

According to the organisation, the apex bank ought to be committed to transparency and accountability in its operations.

It added, “SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes a clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the Constitution.

Paragraph 3112(ii) of the Financial Regulations 2009 provides that, “Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handed over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.

“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”

News

SEE Today’s Black Market Exchange Rate: Dollar (USD) To Naira (NGN) – January 5, 2025

Published

43 minutes ago

January 5, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

What is the Dollar to Naira Exchange Rate in the Black Market (Parallel Market)?

Here’s the latest information on the Dollar to Naira black market exchange rate for January 4, 2025. Check below for the rates at which you can exchange your dollars for Naira.

How Much is a Dollar to Naira Today in the Black Market?

Here’s the latest information on the Dollar to Naira black market exchange rate for January 4, 2025. Check below for the rates at which you can exchange your dollars for Naira.

How Much is a Dollar to Naira Today in the Black Market?

According to sources at the Bureau De Change (BDC), the exchange rate for a dollar to Naira at the Lagos Parallel Market (Black Market) is as follows:

Buying Rate: ₦1,665
Selling Rate: ₦1,670
Please note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to approach their banks for foreign exchange transactions.

Dollar to Naira Black Market Rate Today:

Buying Rate: ₦1,665

Selling Rate: ₦1,670

Dollar to Naira CBN

Rate Today:
Highest Rate: ₦1,540
Lowest Rate: ₦1,531

Note: Actual rates may vary depending on the transaction and location.

News

Tax Reform Bills: Tinubu moves to gather Northern Support

Published

2 hours ago

January 5, 2025

Naijablitznews

President Bola Tinubu has initiated extensive outreach to northern elites and the political class in a bid to garner support for the passage of contentious tax reform bills currently under consideration by the National Assembly.

Overview of the Bills
The tax reform bills,introduced in October 2024, include:

The Nigeria Tax Bill 2024
The Nigeria Tax Administration Bill
The Nigeria Revenue Service (Establishment) Bill

The Joint Revenue Board (Establishment) Bill
These proposals aim to reform Nigeria’s tax administration and enhance revenue collection systems. However, they have faced significant resistance, particularly from northern governors who argue that the reforms could disproportionately affect their regions and hinder economic development.

Tinubu’s Strategy
Presidency insiders revealed that President Tinubu has employed a multifaceted approach to address concerns raised by stakeholders, particularly from the northern political elite. This includes private consultations, strategic dialogue, and discreet “back channel” negotiations.

A senior official, speaking to The Punch anonymously, noted, “The President has been engaging with northern elites both individually and in groups, even prior to the holiday season.”

Another source disclosed that Tinubu is leveraging alternative methods to address objections to the bills, stating, “He is using every available channel to ensure that the contentious aspects of the bills are clarified and resolved.”

Northern Governors Remain Opposed
Despite Tinubu’s outreach efforts, northern governors have maintained their opposition. They insist that the bills should be withdrawn to allow for broader consultation and revisions. The governors argue that the proposed reforms could:

Increase the tax burden on their states,
Stifle economic growth, and
Exacerbate financial hardship for citizens.

The federal government, however, has defended the reforms as necessary steps to:

Boost Revenue Generation: Diversify income streams and reduce reliance on oil.
Modernize Tax Administration: Streamline revenue collection for efficiency and transparency.
Public Reactions
The proposed reforms have sparked heated debates nationwide. While proponents argue that they are essential for Nigeria’s fiscal sustainability, critics contend that they could lead to increased taxation and worsen the economic struggles of ordinary Nigerians.

As the debate intensifies, President Tinubu’s ability to navigate these challenges and secure buy-in from critical stakeholders will significantly influence the bills’ passage and their broader implications for Nigeria’s economy.

News

Update on Warri Refinery as Marketers Set to Load Petrol Soon

Published

2 hours ago

January 5, 2025

Naijablitznews

Oil marketers have started loading Automotive Gas Oil (diesel), and Kerosene from the Warri Refining and Petrochemical Company.

Dealers confirmed this during the weekend, as they demanded Premium Motor Spirit (petrol) from the recently rehabilitated plant.

WRPC, under the management of the Nigerian National Petroleum Company Limited, came on stream on December 30, 2024, after the Group Chief Executive Officer of NNPCL, Mele Kyari, announced its resumption of operations during a tour of the facility.

Speaking with one of our correspondents on Friday at the refinery, the Chairman of the Delta State chapter of the Independent Petroleum Marketers Association of Nigeria, Harry Okenini, said though the plant was working, it was not at 100 per cent functionality.

He, however, pointed out that marketers had started lifting diesel and kerosene from the refinery.

“Right now, there is no production of petrol. So, we are not loading PMS. We hope to load PMS soon. We can confirm to you that the plant is working although not at 100 per cent. And IPMAN, Warri Depot Unit, is waiting for the production of PMS so that we can load.

“For now, only the Automotive Gas Oil, popularly called diesel, and Dual Purpose Kerosene are being produced and loaded out for consumption.

He, however, pointed out that marketers had started lifting diesel and kerosene from the refinery.

“For now, only the Automotive Gas Oil, popularly called diesel, and Dual Purpose Kerosene are being produced and loaded out for consumption.

“Hopefully, by February, we are expecting cooking gas, PMS, and other products to come out. As of now, the retail unit is only loading AGO and DPK,” he added.

Also speaking with our correspondents at the refinery, the National Chairman of the Surface Tank and Kerosene Peddlers, a branch of NUPENG, Israel Omokere, stated that the refinery was in operation.

He said, “Hopefully the PMS will come on board. We are loading kerosene and AGO for now.”

On his part, the Delta State Chairman of Surface Tank and Kerosene Peddlers branch of NUPENG, Kingsley Erituoyo, said, “For so many years the refinery was down, today the refinery is up.

Findings at the Warri refinery by our correspondents showed scanty movement of trucks in and out of the complex.

It was observed that skeletal activities were ongoing at the WRPC, compared with the heyday of the refinery when the company was working at full capacity.

Industry sources disclosed that there was more to be put in place by the Federal Government and the NNPCL for the refinery to commence full-scale production of PMS.

During the visit to the WRPC complex, it was also observed that the main entrance to the refinery looked almost as if nothing was going on.

Security operatives at the gate stopped journalists from taking photographs on the premises.

Sources inside the refinery said only one of three units of the refinery was functional and producing diesel, gas, and kerosene.

“For now, only one unit is working at the refinery. You know there are three units; but only one is in operation, producing diesel, gas, and kerosene.

The unit can’t give fuel for now. If the second unit starts working, it can produce PMS. It is the last unit to operate because it’s very big and complicated.

“If all units are working, we can load over 100 trucks daily, now it loaded about 50 trucks,” a source said.