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Stolen money: CBN states position

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The Director,  Corporate Communications,  Central Bank of Nigeria (CBN) Mr Isaac Okoroafor, said that no money is missing or stolen from the bank’s coffers as reported in some section of the media.


Okoroafor said this in a statement on Sunday while reacting to a recent article and audio clips in which the CBN Governor and other senior officials were heard  discussing discrepancies in the bank’s accounts.
Okoroafor said that the audio was distorted in a manner which creates a different impression of the matter being discussed, which was to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.


“As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council chaired by the Vice President, to assist State Governments with Conditional Budget Support.
“This happened in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.


“In order to ensure that ordinary Nigerian workers  got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9 per cent with a two-year grace period to 35 States of the Federation.
“These monies were distributed to the states monthly with documented approval of the Federal Ministry of Finance and the Presidency.
“In closing the Bank’s 2018 accounts, external auditors in their Draft  Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

“The selective  conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.
“Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

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“The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort  to the auditors who accepted in writing that these monies would be repaid.
“On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs,” he said.
Okoroafor urged Nigerians to disregard the audio and continue to trust that the Bank is doing everything it could to represent their interests in the best possible way.
“Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies.


“The integrity of the CBN Governor remains unassailable.  He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever.
“The use of selective  wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.
” The Bank will pursue every  legal means to bring the perpetrators to justice,” he said.

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NMDPRA begins clampdown on illegal LPG retail outlets in Akwa Ibom

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The Nigerian Midstream and Downstream Petroleum Resources Authority says it has commenced a clampdown on illegal LPG retail outlets in Akwa Ibom State.

The state Coordinator, Ikechukwu Eseka, disclosed this on Thursday while receiving the state commandant of the Nigeria Security and Civil Defense Corps, Bakshar Hussaini, in his office on a courtesy visit.

He said, “We have started enforcement of LPG retailers embarking on illegal decanting of LPG, filling stations, LPG refilling plants and other illegal downstream operations in the state.

“We are currently working on the illegal proliferation of decanting of LPG in the state, Eseka stated, adding that gas is very volatile, and some of them are using gas that is not meant for the purpose.”

He said he has directed that gas plant owners should not load gas on people who don’t have licenses NMDPRA in the state, warning that “decanting of gas from cylinder to cylinder is an illegal activity which is punishable by law.”

He also called on marketers to register and renew their licenses before operating LPG in the state.

“We used the opportunity to talk on the aspects of the downstream which has to do with our enforcement, sealing of filling stations and those who are using diesel for industrial purposes that are yet to register with NMDPRA.

“We have also commenced engagement with individuals and organisations using storage tanks that are over 500 litres, to come and register with the Authority in the state,” he added.

Eseka thanked the Commandant for coming to re-strategise and collaborate with the Authority in the state.

Earlier, the State Commandant of NSCDC, Hussaini, explained that the purpose of coming was to collaborate with NMDPRA on how to checkmate indiscriminate decanting of LPG in the state.

“I know with the present situation in the country, a lot of them are going to cry and you have to use human face to handle their cases so that we don’t injure the government and the public themselves,” he said.

He lamented that some people used their houses to sell cooking gas which can cause environmental hazards to the public.

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Elections in Nigeria: There’ll be no more need for voter cards – INEC

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INEC

The Independent National Electoral Commission, INEC, has announced plans to phase out the Permanent Voter Cards, PVC.

INEC Chairman, Prof Mahmood Yakubu, made this known at a meeting with the Resident Electoral Commissioners RECs, held at the INEC Conference Room, Abuja on Thursday.

This was part of the identified 142 recommendations released by the Commission which deals with the general state of preparedness, voter management, voter education and public communication, political parties and candidate management.

Other areas of recommendation include electoral operations and logistics management, election officials and personnel, partnership and collaboration, monitoring and supervision, election technology, voting and result management, election security, electoral offences and the electoral legal framework.

The Chairman said there are eight recommendations among the 142 which require legislative action by the National Assembly.

“The Commission also believes that with the introduction of the Bimodal Voter Accreditation System, BVAS, the use of the Permanent Voters’ Cards, PVC, as the sole means of identification for voter accreditation on Election Day should be reviewed.

He, however, said that those who already have the Permanent Voter Cards can still use them to vote.

He added, “But going forward, computer-generated slips issued to the voter or even downloaded from the Commission’s website will suffice for voter accreditation. ”

Yakubu said this new development will save costs and further eliminate the issues around the collection of Permanent Voter Cards.

He also said the practice of buying up the Permanent Voter Cards from voters to disenfranchise them, would be reduced.

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BREAKING: Tinubu to present 2025 budget proposal to National Assembly Tuesday

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President Bola Tinubu is scheduled to present the 2025 proposed budget to a joint session of the National Assembly on Tuesday, December 17, 2024.

The announcement was made by Senate President Godswill Akpabio during a plenary session, revealing that the President has sent a communication to that effect.

“The president has made his intention known to the National Assembly to present the 2025m budget to the joint session of the National Assembly on the 17th of December, 2024,” he said.

The proposed budget, totalling N47.9 trillion, was earlier announced by the Minister of Budget and Economic Planning Atiku Bagudu.

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