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Give Account For Missing N100bn Dirty Notes, Others, SERAP Tells CBN Gov
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
Many Pastors Are Not Enjoying Their Marriages Due To Wives’ Behaviours – Bamiloye
Renowned Christian filmmaker and evangelist, Mike Bamiloye, has raised concerns about the challenges some pastors face in their marriages, attributing these struggles to the behavior of their wives.
Bamiloye shared that many pastors are unable to fully enjoy their marriages because their wives use their husbands’ pastoral roles against them. He explained that some pastors’ wives feel secure in the knowledge that their husbands, being men of God, are unlikely to consider divorce or other drastic measures. This, according to Bamiloye, emboldens them to act in ways that strain the marital bond.
He pointed out that such behavior not only affects the pastors but also impacts their ministry, as they are expected to maintain exemplary relationships in the eyes of their congregations.
In addressing this issue, Bamiloye emphasized the need for mutual respect, understanding, and open communication in pastoral marriages. He urged pastors and their wives to prioritize their relationship and seek counseling when faced with difficulties.
“Pastors’ marriages should be a beacon of light and a model for others. When the relationship at home is troubled, it can hinder the effectiveness of their ministry,” he noted.
Bamiloye’s observations have sparked important conversations within Christian circles about the unique pressures pastoral families face. His call to action serves as a reminder of the importance of building healthy relationships and seeking support to ensure that ministry work does not come at the cost of personal happiness and marital stability.
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FG eyes 25,000 jobs from Lagos textile, garment economic zone
The Managing Director of the Nigeria Export Processing Zones Authority, Dr Olufemi Ogunyemi, has said the Lekki Textile and Garment Special Economic Zone project located in the Eyin-Osa area of Epe, Lagos State, will generate 5,000 direct and over 20,000 indirect jobs when operational.
Ogunyemi made the remarks while disbursing cash compensation to the seven Eyin-Osa families that contributed the 240.09 acres of land for the Federal Government project.
A statement issued by the NEPZA Head, Corporate Communications, Martins Odeh, disclosed this on Sunday in Abuja.
The MD, represented by Mrs. Chika Ibekwe, Director of Zone Operations, said that the community would be continually regenerated, adding that the benefits that would accrue from the gestures would spill over to several generations.
The beneficiaries included families of Olayinka Salami, Aderenle village, Muhammed Balogun, Bashorun Seidu, Iyanda, Matanmi Mobolaji, as well as the Agara Onileyan respectively.
“The space will generate 5,000 direct and over 20,000 indirect jobs for the country, just as it will serve the export markets of the South-West region.
“There are many benefits to gain from the SEZ, including employment generation, especially to the local community, the opportunity for backward linkage, improvement of infrastructure network around the project, and others too numerous to mention now,” he said.
Ogunyemi further said that the development was in line with the goals and objectives of the Federal Government’s Economic Recovery and Growth Plan.
He, however, stated that the current administration of President Bola Tinubu is not just interested in attracting Foreign Direct Investments through the Free Trade Zone Scheme but was also interested in the development of all the host communities.
“This exercise is to commence the application of the Authority’s new concept of Community Social Regeneration in order to open a new chapter of cooperation and mutual understanding to foster unhindered progress of the free trade operations across the country.
“NEPZA has since re-aligned its mandate with the administration’s economic policy to deliver the Renewed Hope Agenda of the president.
“NEPZA will not shy away from leading the country on the path of economic growth. The Lekki Textile and Garments SEZ project is already attracting investment interest to this remote area of Lagos.,” Ogunyemi said.
Ogunyemi also explained that the Federal Government had taken steps to replicate the economic scheme across the six geopolitical zones, adding that more states should leverage the speedy development potentials of the scheme.
According to him, the Lekki Textiles and Garment SEZ will also serve as hubs for Information and Communication Technology, Agro-industries, as well as world-class sports and community development centres.
On his part, the president of Eyin-Osa United Kingdom Development Association, Muftau Shittu, the umbrella association for the host community, said that the area had been occupied by their forefathers for over 500 years.
He said that at the beginning, the enclaves and villages that constituted the community had lived in peace practising economic activities such as farming, hunting, fishing, brewing of hot drinks and timber lumbering.
Shittu however, said that trouble started in mid-year 2003 when groups of land grabbers started claiming ownership of Eyin-Osa lands from the original and rightful owners.
According to him, in May 2008, without due diligent information, the lands were expropriated to the Lekki Free Trade Zone, and the journey for adequate compensation with the Lagos State Government began.
“We are delighted today for this humane approach of the federal government through NEPZA. The community can only imagine these good gestures as most of the earliest promises were not kept. We now have NEPZA management and government that are serious about regenerating the Eyin-Osa land.
“We are happy to cede the total of 240.09 acres to NEPZA for the economic emancipation of our land. We pray that this cooperation and the steps to regenerate our people become permanent,” he added.
News
Lagos seals church, fuel station over environmental violations
The contractors handling various housing projects on behalf of the Lagos State Government have been warned to deliver all aspects of the projects as scheduled in all contract agreements or have contracts terminated and re-awarded to those who will deliver on time.
The Commissioner for Housing in Lagos State, Moruf Akinderu-Fatai, who had earlier expressed his displeasure and dissatisfaction with the level of work done during a routine inspection of Sangotedo Housing Estate Eti Osa phase 2, lamented that the project was yet to get to the expected level despite Lagos State Government commitment and support to the contractors.
The commissioner reiterated his dissatisfaction after an evaluation of the projects, formal briefs from project supervisors, and a follow-up meeting between the Ministry’s technical team and the project contractors at the ministry’s conference room at the secretariat in Ikeja.
He frowned at the slow pace of work witnessed at some of the project sites visited and directed the affected contractors to increase the speed of work or be excused from the sites.
Akinderu-Fatai said, “Shifting of completion period by contractors will no longer be tolerated because we will not allow you to slow us down, as there is pressure on the government to deliver on all its promises, especially in the housing sector.”
He further expressed the dissatisfaction of the Governor of Lagos State, Babajide Sanwo-Olu, on the inability of most of the contractors to adhere to the agreed time of delivery on various aspects of the projects.
The Permanent Secretary in the ministry, Abdulhafis Toriola, enjoined the contractors to ensure they deliver every facet of the project as scheduled without compromising quality.
The project review meeting was attended by heads of technical departments and supervising officials.
The Sangotedo Housing Estates phase 2 after completion will comprise about 43 blocks and is expected to add over 500 housing units to the existing stock.
The first phase of the project consisting of 744 home units was delivered and inaugurated by Sanwo-Olu in December.
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