Mohammed Shosanya

Mr. Babatunde Irukera, Executive Vice Chairman of the Federal Competition and Consumer Protection Commission(FCCPC),says the Commission fetched over N56billion as revenue in 2023.

He stated this at a strategic media engagement organised by the Commission in Abuja,where he also said the Commission remitted N22.4 billion to the Federation Account this year.

According to him,over 90 per cent of the IGR was generated from penalties imposed on various companies and organisations for various infractions.

He disclosed that the commission has become self-funded since the beginning of 2023, as it has vacated from government annual budgetary provisions.

He spoke on the Commission’s budgets since six years ago when he assumed Office as the Executive Vice Chairman,saying the FCCPC,got one billion naira as budget from the Federal Government and generated N154 million as revenue in that year.

He said the Commission got N3.2billion, N1.3 billion from government budget in 2018 and 2019 respectively and generated N377 million as IGR in 2019.

He said that in 2020, the Commission’s budget from the Federal Government was N887 million and it generated N864 million as an IGR.

”By 2021, the government approved a budget of N1.8 billion to the Commission and the agency generated N4 billion and remitted N1.6 billion.

”As a matter of fact, what the government released from the treasury that year for the agency was N1.3 billion, so the agency gave the government more money than it got from it.

”In 2022, the government budget was N1.3 billion for the agency, the agency did not touch a single kobo of the operational or capital expense, the agency made N5.2 billion and remitted N2.6 billion.

”In 2023, our IGR is N56 billion and we remitted to the government N22.4 billion,” he added.

According to him,health development demonstrated the possibility of an Institution, where there is commitment and dedication to duty.

He said:”We believe that businesses must be held accountable and we believe in consequences.What makes the market stable is holding businesses accountable. Consequence management system is what we have adopted.

”We are not trying to close down businesses but they must know that if you snooze, you loose.You cannot distort the market and expect that there will be no consequences”

He further highlighted some of the activities of the Commission in the fight against illegal and fraudulent digital money lenders who have often swindled the consumers.

He expressed satisfaction that the fight against fraudulent money lenders is yielding fruit, adding that their activities must be regulated.

“We strongly disagree with compounding balance. I believe that the future of online lending is a better regulated ecosystem,”he said.

Mohammed Shosanya

The Social Integrity Network (SINET),has advised the Federal government to halt any further transaction on the revitalization of Ajaokuta Steel Rolling Mill which is aimed at transferring to foreigners through the back-door contrary to the national interest of protecting the heritage of the nation.

At an emergency meeting held in Kaduna on Wednesday,the group expressed worries over the poor system of governance adopted by the federal government through its relevant agencies such as the Federal Ministry of Steel Development and Ministry of Industry, Trade and Investment among agencies of the government.

They lamented that despite the presence highly intellectual personalities such as University Professors, Industrialists, members of national assembly, seasoned administrators, captains of Industries, technical and financial consultants among others, “It is unfortunate that our leaders still allow foreigners to fool the entire nation with unrealistic proposals and business plans.”

In a statement issued by its national coordinator, Ibrahim Issah, SINET recalled that the National Assembly Joint Committee on Steel Development recently passed a resolution to probe the $496million paid by the Federal Government to an Indian firm which failed to revitalize the Itakpe Iron Ore Company after three years.

The group noted that preference should be given to national companies who can run such plants, ensure employment generation, reducing imports and do away with siphoning out much needed forex and mineral resources.

He added that “the Global Infrastructure Holding Ltd., GIHL took over the National Iron Ore Mining Company, NIOMCO, Itakpe, Kogi State in 2016 and got its agreement terminated in 2019 due to non performance.

“GIHL dragged the Federal Government to court for breach of contract and it was awarded damages to the tune of $496million which had been paid”.

According to him, “We are outrightly against the way the federal government is deliberately and ignorantly selling out its national heritage without recourse to the yearnings and agitation of Nigerians especially at this crucial period when the nation is battling with economic stability among other challenges.

“Almost five decades of lost opportunity towards strengthening large scale Steel Production in Nigeria, failed attempts without proper road map. It is also on record that Russians and Ukrainians supplied already obsolete technology then in 1970s

“Another blunder was committed by handing over Ajaokuta, Itakpe mines with all the infrastructure and Delta Steel plants to Global Infrastructure Holding Limited,GHIL, India. They took over the plant and siphoned out all the resources from country and eventually country did not get any benefit.

“GIHL was never serious in running the plants and mines at Ajaokuta Steel Company Limited, Delta Steel Company and Itakpe. Later, GHIL sold its stakes in Delta Steel Company to Stallion Group under a SPV to Premium Steel & Mines Limited This acquisition was also a marvel of financial engineering by PSML to hide black money generated and siphon out of country through their other businesses.”

Comrade Issah further emphasized that, “When stallion did not get support from the former President Muhammadu Buhari-led government, they had to shutdown the PSML Warri business around 2020. Sadly, for the third time, the Federal Government is trying to bring in Indian company to loot the resources from Ajaokuta, Delta steel plants and Itakpe mines.

“Interestingly, the immediate past government had paid the sum of $496million to GIHL as compensation even despite massive public outrage, wherein, these investors are merely looking at Itakpe mines to cater their offshore companies at much cheaper rate of iron ore supplies.”

Confirming that Jindal-India has been asked to work out takeover proposal back-door without public notice knowing well that several injunctions have been in different Courts of Law, SINET warned the federal government to understand that Ajaokuta and Delta Steel Company are very old and obsolete technologies and any company claiming to run and earn profit is just misleading the nation with nefarious intentions.

“We hereby advise FG and it’s concerned Ministries to carefully dig deep into their Detailed Project Report, Elaborated Business Plan, Capital Outlay and Cash Flow Projections by involving independent agencies and champions of business here in Nigeria. We are quite sure that the so-called 5B investment from Jindal is a faux pass and outrightly exaggerated number that will put Nigeria, her assets, resources and general public in total mess again”, SINET maintained.