All Posts in "Day: August 19, 2021"

 300 Nigerians Serving Illegal Jail Terms Italy  Former Edo Commissioner 

Over 300 Nigerians Languishing In Italian Jail For Trumped-up Mafia-Related Offences – Edo Ex-Commissioner – Independent Newspaper Nigeria
Former Commissioner for Arts, Culture and Diaspora in Edo State, Osaze Osemuegie Ero, on Wednesday revealed that over 300 hundred Nigerians are incarcerated in Italy for crimes they did not commit.
Osaze,who  spoke  when he visited the Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa,recalled  how he was arrested in Amsterdam and jailed in Italy on trumped charges of being a Nigerian Mafia Kingpin, Osemuegie-Ero.
 He was freed 18months later when there was  no proof of evidence of guilt, he said
The former commissioner for Arts, Culture and Diaspora who commended  NIDCOM for promptness in handling issues affecting Nigerians in Diaspora, insisted that the victims deserve justice.
He  emphasized the need for the commission to create awareness and sensitize relevant Ministries, Agencies and Departments on the dangers and dehumanizing conditions faced by Nigerians in Italian prisons.
Online Editor by — August 19, 2021 in News 0
SEC Harps   On Alternative Dispute Resolution In Capital Market 

The Securities and Exchange Commission says it was ready  to collaborate with relevant alternative dispute resolution professionals as a  tool. to ensuring effective dispute resolution in the capital market.
Mr. Lamido Yuguda, the Director General of the SEC, said this is key in sustaining investment in the capital market.
The SEC DG who spoke  stated this when the Abuja Chapter of the Chartered Institute of Arbitrators (CIArb) led by its chairman, Mr Sola Ephraim-Oluwanuga held a meeting with him in Abuja Wednesday, stated that the need for a veritable dispute resolution mechanism has long been recognised in the capital market.
He said that traditional litigious and adversarial dispute resolution mechanism has fallen short of achieving its purpose, adding that investment in the sector would suffer if disputes among investors are not well resolved.
He added: ” The whole nature of the market is that people come together to make investments. But along the line, something happens and the same people actually fall out.And the problem with investment is that if the true parties to an investment fall out, investment falls. We understand that both parties usually cling to their positions but there is a superior situation which could benefit both parties. This is where an arbitrator is needed to actually bring them to that position. And that arbitrator, who is seen as independent, performs his professional duty by talking to the parties.”
He said the visit by the members of the institute could not have come at a better time, assuring that the commission partnering with institute whose members are specialised in area of dispute resolution is actually highly beneficial to both the SEC and practitioners in the capital market.
Earlier, Mr. Ephraim-Oluwanuga, the CIArb Chairman, said the institute was desirous of partnering with SEC to deepen the access to justice in the Securities Industry.
He said CIArb has trained competent International arbitrators with demonstrable experience in capital market issues, adding that the institute can also assist the SEC in training and capacity building of its personnel.
Online Editor by — August 19, 2021 in SEC 0
Court Refuses To  To Vacate Restraining Order On Igboho

Malami Seeks to Vacate Order Preventing Sunday Igboho's Arrest, Freezing of Bank Accounts ▷ Nigeria news | Legit.ng
An Oyo State High Court sitting in Ibadan, has rejected the plea of the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), to strike out the suit of Yoruba nation agitator, Sunday Adeyemo popularly known Sunday Igboho.
The AGF through his led counsel, Abdullahi Abubakar arguing that the court does not have the jurisdiction to hear the case.
 Sunday Igboho is seeking an order of the court to declare invasion of his Ibadan residence by operatives of Department of State Security (DSS) on July 1 as illegal and infringement on his fundamental human rights.
He wanted the  the same order  extended to  his aides and guests who were arrested and taken to Abuja by the DSS men.
Justice Ladiran Akintola of Oyo State High Court, had on August 4, 2021 gave restraining order against the Department of State Services (DSS) and the Attorney General of the Federation, Abubakar Malami (SAN), from arresting, intimidating, harassing and freezing the bank accounts of Yoruba nation agitator, Sunday Adeyemo popularly known as Sunday Igboho.
The restraining order was developed from the originating summons seeking N500 billion damages for the invasion of Igboho’s residence in Ibadan, the Oyo State capital, on July 1.
According to Justice Akintola in his ruling on August 4, 2021 granted an order of injunction restraining the respondents, their agents, privies, and/or associates in other security forces and/or anybody acting on their behalf and/or instructions from killing, arresting, detaining, molesting, harassing, and/or in way interfere with the applicant’s fundamental rights to life, personal liberty, freedom of movement and peaceful enjoyment of his property without fear of invasion of his house by the respondents and their agents pending the hearing of the applicant’s originating motion.
Also an order restraining the respondents, their agents, privies and/or associates in other security forces and/or anybody acting on their behalf and/or instructions from blocking the accounts of the applicant in any bank and/or placing no debit thereon and directing them to lift same where they had so acted pending the hearing of the applicant’s originating summon.
On Wednesday, the counsel to Malami, led by Mr Abdulahi Abubakar, filed the objection along with a motion on notice which they moved at resumed hearing of the case in Ibadan.
In the motion on notice, the AGF asked for time extension to enable him file the preliminary objection, counter affidavit and written address in opposition to Igboho’s application. But the motion was opposed by Igboho’s lawyers, led by Chief Yomi Alliyu (SAN), on the grounds that extension of time could not be applied because time is of essence in the nature of the suit.
With Alliyu were Mr Adekola Olawoye (SAN), Oladipo Olasope (SAN) and seven other lawyers.
Alliyu argued that the law stipulates that replies shall be given within five days, stressing that Malami had nowhere to hide because the case is about fundamental human rights.
He said by filing the motion on notice, Malami had called for the discretion of the court.
He, therefore, urged Justice Ladiran Akintola to exercise discretion instead of granting Malami’s application.
In his preliminary objection to Igboho’s suit, Malami argued that the claims for unlawful killing of Igboho’s aides can not be brought under fundamental human rights enforcement procedure, adding that claims for damages and unlawful invasion of Igboho’s residence in Ibadan, on July 1, can also not be resolved by way of affidavit evidence without calling witnesses, among others.
After listening to both parties,  Justice Akintola allowed Malami’s lawyers to move his application seeking for more time but rejected the plea to dismiss the suit, and awarded N50,000 cost in favour of Aliyu and his team.
Justice Akintola adjourned further hearing on the matter  till August 30, this year.
 He maintained that an order restraining the AGF, DSS or any other security agency from arresting or harassing Igboho still subsists till the next adjournment when the substantive case will be determined.
Online Editor by — August 19, 2021 in Law/Human Rights 0
NNPC Deepens Gas Utilization, Signs Contract For 500MW Maiduguri Power Project

The Nigerian National Petroleum Corporation(NNPC),has signed contract
for execution of the Engineering, Procurement, and Construction (EPC) and Equipment Procurement contracts for a 50Megawatts (MW) Emergency Power Project in Maiduguri.
The project which is an integral part of ongoing efforts to deepen the Corporation’s domestic gas utilization plan for the nation’s socio-economic growth has China Machinery Engineering Company (CMEC) as the EPC contractor while General Electric (GE) is the equipment manufacturer,according to a statement by Mr. Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, of NNPC.
Speaking at the contract signing ceremony which held virtually, Mallam Mele Kyari, the Group Managing Director of the NNPC, explained that the Corporation through its subsidiary, NNPC Gas and Power Investment Company (NGPIC), decided to intervene in the Maiduguri power situation by undertaking the project which will be fired with Liquefied Natural Gas (LNG) and run commercially.
He said NNPC, as a state-owned oil company and enabler organization, was determined to boost power generation and supply to Nigerian homes through increased investment in gas-fired combined cycle power plants to produce at least 5Gigawatts (GW) additional power for the country.
“NNPC is therefore seeking the cooperation of all stakeholders, especially GE and CMEC. to ensure timely delivery of the single cycle by December 2021 and the combined cycle by first quarter of 2022,” he said.
Vice President of GE Africa & Europe, Mr. Raisin Brice, said the company was committed to working with NNPC to achieve success in the Maiduguri Emergency Power Project, noting that GE would be tapping into its vast experience in the country to deliver on the project.
Similar support and commitment were echoed by
Mr. Fang Yanshui, President of CMEC, the main EPC contractor for the project also gave similar support and commitment
Online Editor by — August 19, 2021 in Oil&Gas 0
FG Expends N1.8 billion On School Feeding Programme In Three Years In Ondo

The Federal Government says it has spent over N1.8 billion on the National Home Grown School Feeding Programme (NHGSFP) in Ondo State in the last three years.
This is conveyed  in a statement signed by Mrs Nneka Anibeze, the Special Assistant on Media to the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq  in Abuja.
Farouq, represented by the Ondo State Team lead, Mrs Kemisola Olasetemi, at a verification visit, explained that the biometric capturing of the pupils in the NHGSFP would help in data management and efficient implementation.
“The Federal Government has intensified efforts to ensure accurate and comprehensive coverage of primary schools in Ondo State in its programme in public schools.The exercise will be an ongoing process. Note that more than N1.8 billion has been spent in the last three years to cater for pupils in Ondo state under the NHGSF programme.
“With 108,842 primary school pupils already in its data base, the Federal Government through the Ministry will continue the capturing exercise.We will be coming back in September and October to capture new pupils that will come on board as well as exit some that are graduating. So, the programme is going to be a continuous one,’’ Farouq reiterated.
She also said the enumeration of 95,983 pupils across the primary schools under the school feeding programme had also commenced in Osun.
“With the new collaboration recently signed with the National Orientation Agency (NOA), the Ministry also partnered with the National Youth Service Corps members to distribute forms and capture the data.’’
Mr Taiwo Bashorun, Osun State Coordinator of NHGSF disclosed that 1,460 schools were currently enjoying the feeding programme by the Federal Government.
The coordinators expressed satisfaction over the exercise which they said would motivate parents and guardians to register their children in schools for quality education.
Online Editor by — August 19, 2021 in News 0
Fraud:Court Gives CBN Nod To Freeze Accounts Of Fintechs

CBN gets court approval to freeze 11 bank accounts under investigation - Businessday NG
The Federal High Court, Abuja has granted the request of the Central Bank of Nigeria to freeze the accounts of some companies allegedly involved in fraudulent financial activities.
The request, granted by Justice Ahmed Mohammed, was filed by former Attorney-General of the Federation and Minister of Justice, Mr Michael Aondoakaa, SAN, on behalf of the CBN.
Some of the  companies include Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd., CTL/Business Expenses and Trove Technologies Limited.
Others are: Chayomi Multi Services Limited, Ningbo Excel Enterprises Limited and Dagang Enterprises.
The court order, empowers the CBN to direct heads of Zenith Bank, Guarantee Trust Bank, Standard Chartered Bank, Access Bank and VFD Microfinance Bank to freeze forthwith all transactions on the 86 accounts on the list annexed to the CBN’s application and all other bank accounts of the defendants/respondents for a period of 180 days for the first set of defendants and 90 days for the second set.
Aondoakaa said  that some of the firms were owned by individuals and organisations based in the United States.
The accounts are to be frozen pending the outcome of investigation and inquiry currently being conducted by the CBN.
Aondoakaa said that the application was premised on the grounds that the firms were using the foreign exchange sourced from the Nigerian market to purchase foreign bonds/shares in contravention of its directive issued in July 2015.
The applicant also accused the firms of operating without licences as asset management companies, adding that the firms violated the CBN directive contained in its circular referenced TED/FEM/FPC/GEN/01/012 and dated July 1, 2015.
He also said that the forex deals by the defendants were undercutting the strength of the naira against the dollar.
He said there was the need to block 15 accounts of the first set of firms for 180 days to stop the firms from moving their funds out of Nigeria.
“We need to write the embassy, we need to go to the Foreign Affairs, the minister will serve the U.S. to seek assistance so that we can block these leakages,” he said.
In a short ruling, the judge granted the prayers saying the court was satisfied with the reasons given for the action.
He said that the defendants were at liberty to approach the court and ask that the order be vacated within the stipulated period.
He adjourned the matter until Feb. 20.
In an affidavit of facts deposed to by a senior supervisor of the CBN, Christiana Gyang, the apex bank said it had reviewed the activities of the defendants to determine their alleged involvement in illegal foreign exchange dealings.
She stated that investigation showed that the platforms were violating Nigeria’s trading laws including dealing in cryptocurrency in contravention of the CBN policy.
Concerning Rise Vest Technologies Limited, the affidavit stated that it was incorporated in Oct. 2019 with objects of technological and business consultancy.
” The company partners with companies involved in payments and settlements as well as internal and international remittances.”
The CBN also said Bamboo Systems Technology Limited was owned by US-based Bamboo Global LLC (99.99 per cent share).
“Further reviews showed that Bamboo Systems Technology Limited operates an online App, ‘Bamboo’, that provides a medium for investors to buy and sell stocks, exchange traded funds (ETFs), index funds and derivatives listed in major exchanges in the U.S.”
Gyang in her deposition said that the investigation being carried out concerned what had been discovered to be serious infractions by the defendants in connection with some foreign exchange transactions.
She also said the infractions included non-documentation by the defendants in violation of the extant laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria Foreign Exchange Manual.
“That more specifically, there is a grave allegation that the defendants/respondents are engaged in illegal foreign exchange transactions, accessing/procuring of foreign exchange ‘via their banks from the Nigerian Foreign Exchange ‘Market via several bureaux de change, International Money Transfer Operators and have transferred cash deposit of more than $10,000.00 (Ten thousand dollars) to various accounts overseas contrary to provisions of extant laws and regulations and also traded in foreign securities and cryptocurrencies in contravention to CBN ‘Circular referenced TED/FEM/FPC/GEN/01/012 .
“The aforesaid transactions undertaken by the defendants using their bank accounts has caused and is causing significant financial loss to members of the public if left unchecked in order to mitigate the likelihood of reputation /legal risk on the bank.”
Online Editor by — August 19, 2021 in News 0
FIRS Targets N10.104trn Revenue In 2022,Brings Twitter, Facebook  Into Tax Net 

The Federal Inland Revenue Service,says it  is projecting to generate the sum of N10.104trillion  in the 2022 fiscal year.
Chairman of the agency,Alhaji Mohammed Nami,  told members of the House Committee on Finance at an interactive session on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper that the FIRS would meet the target inspite of the impact expected from the coming into effect of the  Petroleum Industry Act.
The Act ,he said,would  negatively affect government revenue expected to be generated from Petroleum profit tax in 2022.
He spoke in response to a question from the chairman of the committee, James Faleke on Finance on how much the FIRS will be giving to the federal government next year.
He added that: “The total collection that we try to generate and remit to the Federations Account in 2022 is N10.104trn. However, for Federal government, we are going to remit personal income tax of N113 billion, education tax of N305 billion and NITDA of N21 billion.The total amount for the federal government will however be N2.053 trillion while the balance will be shared among states and local government. When you remove Education tax, Personal Income Tax and NITDA, what you have left is about N9 trillion and we take 15 percent of that and added VAT to it, it will give you N2.053 trillion.
A summary of the amount revealed, that is about N7.010 trillion will go to the Federations account, N2.441 trillion going into the VAT account while N113.298 will go into the consolidated account of the government”
He said the projections were prepared using the template of 56 dollars per barrel of crude with an exchange rate of N410 to the dollar.
According to him, the FIRS is taking advantage of the digital economy in the country to increase revenue generation, adding that Twitter and other social media platforms were already registering with the service for the purpose of tax payment.
He said:”We expect that with the new Petroleum Industry Act, there are some reconciliations that will be carried out that might affect the projections for 2022. We expect that there are new expenditure that will be roll over to the new regime. So, what we are trying to do is to ensure that we adjust those expenses for the year 2022.
“We know that if we do that,” he stressed further, “it is going to affect our ability to collect more revenue in that area. There are currently some allowances they have been able to use, but they will use it because this will be a new regime. It is not going to be the one that has investment tax allowance any more. It is going to be based on actual performance.
“But we are going to recognize whatever they have now as a cost before you arrive at the actual profit they are going to generate. So, what we have planned to do is to aggressively conduct audit and investigations in the year 2022. So, we are projecting that by 2023, the result of that audit will begin to manifest. That is why we have projected 2023 to be N6.2 trillion.
“With the digitalization of the economy, we now sit in the comfort of our offices and homes to place order for the food that we eat. That became a big challenge to FIRS. With the digitalization of our tax administration, those taxes that were not visible to us are now becoming visible”, he stated.
Online Editor by — August 19, 2021 in News 0
National Interest Propelled Me To Sign Petroleum Bill-Buhari

President Muhammadu Buhari,said
the need to build a competitive and resilient petroleum industry that will attract investment, improve our revenue base, create jobs and support  the nation’s  economic diversification agenda propelled him to sign the Petroleum Industry Bill into law.
His action was also informed by the need to end gas flaring in line with the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support host communities and lack of political will by previous administrations to pass the Bill.
He  noted that in the past ten years, Nigeria has lost an estimated US$50billion worth of investments due to uncertainty created by the non-passage of the PIB.
Buhari has  inaugurated a presidential steering committee headed by the Minister of State for Petroleum Resources, Timipreye Sylva
Other members of the committee includes;l Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.
The primary responsibility of the steering committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform program, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.
The committee has 12 months duration for the assignment, and periodic updates will be given to Mr President.
Meanwhile,Governors of the All Progressives Congress Congress (APC) under the Progressive Governors Forum (PGF),have insisted that resources that accrue to the oil Producing regions whether through the 3% Host Communities Development Trust or the 13% derivation alloted to the Niger Delta Development Commission (NDDC) must be judiciously used for the benefit of of oil bearing communities.
The governors in a statement signed by Abubakar Atiku Bagudu, Kebbi State governor and chairman of the Forum, PGF,said the Act has put to rest over two decades of agitations and debates, finally settling parameters for the restructure the operation and management of the petroleum industry the country.
The Act provided six months transition for the emergence of new institutional framework for the operations of oil and gas industry in the country, unbundling the NNPC  into  three new structures – Nigerian Upstream Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority and Nigerian National Petroleum Company Limited.
The Act enables a “stronger accountability structures, each with a Board drawing representation from stakeholders in the oil and gas industry ” ,the governors noted .
“With the new Act, the task of regulation is vested in the two regulatory bodies created by the law. While extraction and sales of crude will now be undertaken by both the new Nigerian National Petroleum Company Limited and other private companies in both the upstream, midstream and downstream, in line with regulatory standards respectively provided by the Nigerian Upstream Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority created by the Act.
“In addition, the Act also created a Host Communities Development Trust to be managed by Board of Trustees. As provided by the Act, 3% of profit from the operations of oil and gas businesses will be used for the development of the host communities. It is noteworthy that this is in addition to the existing 13% derivation to oil producing states and funds allocated to Niger Delta Development Commission (NDDC), which Mr. President has continuously emphasised that all the resources must be put to judicious use for the benefits of the people in the oil producing areas.
Online Editor by — August 19, 2021 in Oil&Gas 0
Lagos Beggars Now Armed With Dangerous Weapons-Commissioner

The Lagos State Government  says some beggars in the state now GI about with dangerous weapons to assault and rob innocent citizens
The commissioner, Ministry of Youth and Social Development, Olusegun Dawodu, disclosed this at a press conference organised for the special team set up to curb street begging, held in Alausa, in Lagos
Dawodu said the special team is set up by the Ministry of Youth and Social Development, in conjunction with the Police Command, to curb street begging and hawking in Lagos State.
According to him: “Intelligence reports have revealed that some of the so-called beggars go about with dangerous weapons, they assault and rob innocent Lagosians.Therefore, as a government, we cannot afford to let this continue.Thus, a special team has been set up to tackle this menace frontally.”
He disclosed that the operation of the special team will commence in the next few days.
He added: “The task we are undertaking is not only to sanitise our society, but also to restore the dignity of these set of people who have been sent on to the streets for alms begging and hawking.To tackle this menace, the Lagos State government, through the Rehabilitation and Child Development Departments of the Ministry of Youth and Social Development, has maintained a Rescue Unit saddled with the responsibility of rescuing and protecting the destitute and the vulnerable.
“This we do by combing the nooks and crannies of Lagos State to rescue and protect the destitute, mentally – challenged, street children and beggars off the streets; and after being rescued, our rehabilitation centres and child friendly homes usually provide them with treatment, psycho-social therapy and vocational training with the aim of making them useful to themselves and the society.”
He disclosed that in embarking on this enforcement, the state will also deploy a lot of human and material resources towards enlightenment and sensitisation  through different media platforms.
Online Editor by — August 19, 2021 in News 0
Auditor General Declares N5tr Missing From Federation Account

The Office of the Auditor General of the Federation (OAuGF),says N4.973trillion was missing in the 2019 consolidated financial statement of the federal government.
The  Auditor General of the Federation (AGF), Adolphus Aghughu,who presented copies of the 2019 Financial Report of Ministries, Departments and Agencies (MDAs) of government to the clerk of the National Assembly, Ojo Amos Olatunde in Abuja, the Auditor General of the Federation (AGF), Adolphus Aghughu, lamented that the AGF is challenged to discharge its duties very well.
He explained that the challenge has prevented the office   from detecting public funds mismanagement by MDAs, thereby affecting the government’s anti-corruption campaign.
According to him: “From the audit carried out on the 2019 Federal Government Consolidated Financial Statement, unsubstantiated balances amounting to N4.973trillion were observed .The N4.973trillion unsubstantiated balances are above the materiality level of N89.34billion set for the audit.”
The AGF  disclosed  that required queries were issued against agencies involved in the infractions, adding that auditing the consolidated financial statement of the Federal Government on yearly basis will be expeditiously carried out as made available by the office of the Accountant General of the Federation.
“You will recall that on the 25th of March this year, Audit of Consolidated Financial Statement of the Federal Government for the 2018 was submitted to this office for the required investigation of queries raised in it by the National Assembly.Just five months after, we are here again to make submission of the 2019 Audit Report.”
Decrying the absence of Federal Audit Service Law as “a big challenge as far as effective and efficient public sector auditing are concerned,” the AGF noted that the law “is needed as basis of fiscal sustainability. Absence of it at the federal level is very worrisome going by the fact that some of the states of the Federation have the required law in place.
“Another problem incapacitating optimal functionality of our mandate as far as thorough and appropriate auditing of financial statements of the MDAs are concerned, is gross underfunding which is telling much on our efficiency.
“For example, the office is understaffed but there is no money for recruitment.
“Imagine many of our state offices, having just two or three staff. Auditing is done by a team not by an individual.
“Accommodation is also part of the problem, as our staff in Lagos are about to be evicted from their office due to litigations.
“These are aside problem of insecurity, seriously affecting our scope of coverage “, he regretted.
The Deputy Clerk to the National Assembly (DCNA), Barrister Bala Yabani, said that the report presented will be forwarded to the Clerk for onward submission to the President of the Senate, Ahmad Lawan and Speaker of the House of Representatives, Femi Gbajabiamila for necessary legislative consideration.
He added that all the complaints made by the AGF will be forwarded to the leadership of the National Assembly for required actions and solutions.
Online Editor by — August 19, 2021 in News 0