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Folarin Kehinde

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80.2bn Fraud: “I am not guilty”, Yahaya Bello tells court

by Folarin Kehinde
written by Folarin Kehinde

Former Kogi State Governor Yahaya Bello has pleaded not guilty to a 16-count charge of money laundering brought against him by the Federal Government.

The charges allege misappropriation and misuse of public funds, including acquiring multiple high-value properties in Abuja, the United Arab Emirates, and the United States.

The funds allegedly misused amount to billions of naira, with specific accusations such as purchasing properties in Abuja’s Maitama and Asokoro districts and sending large sums of money abroad.

Bello, along with other defendants, is accused of breaching public trust and engaging in dishonest financial activities during his time as governor.

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BREAKING: Heavy security as Yahaya Bello arrives FCT High Court for arraignment

by Folarin Kehinde
written by Folarin Kehinde

Heavy security has been woven around the premises of the headquarters of the High Court of the Federal Capital Territory, FCT, in Abuja where the immediate past governor of Kogi State, Yahaya Bello is to be arraigned this morning.

Heavily armed operatives of the Economic and Financial Crimes Commission, EFCC, mounted the security.

All the roads leading to the court premises are heavily secured.

As of the time of this report, Yahaya Bello who dressed in white Babanriga and beaming with smiles had entered the courtroom, with praises of Saaki from his teeming followers and political aides.

The former governor had on Tuesday submitted himself to the EFCC in company of his lawyers.

Justice Maryann Anenih is being awaited for the arraignment.

Details later…..

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Days after return from Brazil, Tinubu jets out to France

by Folarin Kehinde
written by Folarin Kehinde

President Bola Tinubu will depart Abuja on Wednesday to begin a state visit to France in honour of an invitation from President Emmanuel Macron.

Bayo Onanuga, media aide to the president, announced this on Tuesday, November 26.

He said the Nigerian leader’s three-day visit, will “focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”

Onanuga said President Tinubu and his wife, Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.

“During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication.

“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development,” he said.

The statement added: “Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative.

“President Tinubu and his wife will be hosted at a state dinner by the French leader before their departure. Top government officials will accompany President Tinubu on the trip.”

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Business

Porthacourt Refinery: “Prices of petroleum products will reduce” NMDPRA Boss assure Nigerians

by Folarin Kehinde
written by Folarin Kehinde

The Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Authority, Farouk Ahmed has said the commencement of operations at the Port Harcourt Refinery will lead to decrease in prices of petroleum products.

Recall that President Bola Tinubu in 2023 announced an end to the subsidy regime, leading to a hike in the cost of petrol.

Ahmed disclosed this to newsmen at the opening of the porthacourt refinery on Tuesday.

According to him, products will be available nationwide because there’s now competition among Dangote Refinery and porthacourt refinery.

“Products will be available nationwide. What is important is that there is now competition and there is a choice, and we will see the prices of the products come down becausethers ample supply”.

The NMDPRA boss added that with Dangote and porthacourt refineries on stream, Warri and Kaduna will be the next exporter of petroleum products.

LEADING REPORTERS reports that the Nigerian National Petroleum Company Limited, NNPCL, announced the commencement of crude oil processing at the government-owned facility.

The commencement of production at the Port Harcourt refinery comes after a series of failed deadlines.

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N80.2bn fraud: EFCC finally detains Yahaya Bello

by Folarin Kehinde
written by Folarin Kehinde

The Economic and Financial Crimes Commission, EFCC, has finally detained ex-Kogi State governor, Yahaya Bello.

Bello was detained after he presented himself at the headquarters of the EFCC in Abuja on Tuesday.

The former governor’s detention was disclosed by EFCC’s Head of Media and Publicity, Dele Oyewale.

Addressing journalists, Oyewale said Bello was arrested by the Commission’s chief security officer.

“It is true that we have him in our custody. The operatives of the Commission arrested him,” Oyewale said.

Bello went to the EFCC headquarters on Tuesday morning with his lawyers to respond to allegations of misappropriation of funds levelled against him, after months of shunning repeated invitations.

He went to the EFCC office with his lawyers.

But his successor, Governor Usman Ododo of Kogi State, who followed him to the EFCC office few weeks ago, was not in the entourage.

EFCC had on April 18, 2024, declared Bello wanted in connection with an N80.2 billion money laundering charge.

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JUST IN: Kano Government Seals Max Air Office

by Folarin Kehinde
written by Folarin Kehinde

The Kano state government, through the Kano State Board of Internal Revenue Service (KIRS), has sealed the head office of Max Air Limited, a national airline company, over its alleged failure to remit over N190 million in Pay As You Earn (PAYE) and other liability taxes accrued from 2012 to 2017.

According to Madam Ibrahim Abdullahi, Director of Debt Management and Enforcement, the company had failed to respond to several correspondences sent by the service, prompting the agency to obtain a court order to seal the head office.

Max Air, owned by Dahiru Barau Mangal, an in-law to New Nigeria People’s Party (NNPP) national leader and presidential candidate, Senator Rabi’u Musa Kwankwaso, is not the only company affected by the government’s crackdown on tax defaulters.

The enforcement team also sealed the office of Dantata and Sawoe Construction Company, located along Zaria Road, for defaulting on payment of over N241 million in PAYE and outstanding withholding tax liabilities for the period of 2021 to 2022.

Additionally, the Northern Rice and Oil Milling Nigeria Ltd, located at Gunduwawa Industrial Estate, off Hadejia road, Kano State, was also sealed by the agency.

Abdullahi explained that the decision to seal the companies was necessary to compel them to pay their tax liabilities, which they had failed to do despite several correspondences.

“We went out to enforce payment of tax liabilities to make sure all liability taxes are paid as and when due as we have classification of taxes because our enforcement team found out there are discrepancies in the payment of the taxes,” he said.

“So, the agency found it necessary to take the measure in order to compel them to pay such taxes after several correspondences without positive responses from them,” he added.

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BREAKING: Nigeria’s Unemployment Rate drops to 4.3%

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s unemployment rate has decreased to 4.3 percent in the second quarter of 2024, according to a report by the National Bureau of Statistics (NBS).

The new rate represents a significant drop from the 5.3 percent recorded in the first quarter of 2024.

The NBS report, released on Monday, defines the unemployment rate as the share of the labour force, comprising both employed and unemployed individuals, who are actively searching for work and are available to start immediately.

More to follow…

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Nigeria’s GDP rose by 3.46% in third quarter of 2024 – NBS

by Folarin Kehinde
written by Folarin Kehinde

The Statistician General of the Federation, Adeyemi Adeniran, says Nigeria’s Gross Domestic Product, GDP, growth rate in real terms (constant price) rose by 3.46 percent in the third quarter (Q3) of 2024 on a year-on-year basis.

Adeniran made this known in a statement on Monday, saying the growth is 0.92 percentage points higher than the rate recorded in Q3 2023 (2.54%).

He added that the growth in the quarter was higher by 0.27 percentage points relative to the 3.19 percent recorded in the second quarter (Q2) of 2024.

“This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024).

“The major driver of the economy is the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.

“The economic activity in real terms for Q3 2024 stood at N20.1tr, which is higher than the rates recorded in the preceding Q2 2024 which stood at N18.2tr , and the corresponding quarter Q3 2023 which recorded N19.4tr,” Adeniran said.

According to him, nominal terms (current price), aggregate GDP stood at N71.1tr in Q3 2024, indicating a year-on-year nominal growth rate of 17.26 percent compared to the value of NN60.tr recorded in Q3 2023.

“Similarly, the quarter under review is higher than the value of N60.9tr recorded in the preceding quarter (Q2 2024).

“The major contributing economic activities in real terms in the quarter under review (i.e., Q3 2024) are Crop Production 26.51%, Trade 14.78%, Telecommunication 13.94%, Crude petroleum 5.57% and Real Estate 5.43%.

On a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth. The Agricultural Sector grew by 1.14% in Q3 2024 in real terms, which is less than Q3 2023 which recorded 1.30%.

“The industry grew by 2.18% in Q3 2024, which shows improvement compared to the figure recorded in Q3 2023 (0.46%). While the Services sector grew by 5.19% higher than 3.99% recorded in Q3 2023,” he added.

The statistician general further said that the economic performance of the non-oil sector in Q3 2024 is attributed to the growth recorded in some economic activities, like crop production in the agriculture sector, trade, telecommunication, and real estate in the services sector.

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Dangote refinery announces reduction in fuel price

by Folarin Kehinde
written by Folarin Kehinde

The Dangote Petroleum Refinery says it has reduced the price of its Premium Motor Spirit from N990 per litre to N970/litre.

LEADING REPORTERS reports that this is the amount marketers would buy the product from the refinery.

In a statement released on Sunday, the Group Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, said the reduction was to appreciate Nigerians as the year ends.

“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement read.

Chiejina said the refinery would not compromise on the quality of its petroleum products while assuring Nigerians of the best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” the statement concluded.

PUNCH Online recalls that the Major Energies Marketers Association of Nigeria said on Friday that the landing cost of imported petrol is now N971/litre.

Recently, both independent and major marketers confirmed that the pump prices of petrol had started reducing in many parts of the country due to the competition that the deregulation of the downstream sector has caused.

The spokesman, Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the agreement between IPMNAN and the Dangote refinery is gradually pushing down the price of PMS.

“By just the announcement that IPMAN and Dangote have met and are ready to transact business, the prices of products have crashed. You would have noticed the drop in prices by N10, N15, or so, and this is due to competition.

“Independent marketers are no longer buying from middlemen. We are going to be buying directly from the producer. So, the competition is setting in. I also want to tell you that before the end of this year, the price will not be as high as what you see now.

“You can see how our meeting with Dangote has significantly removed about N10 from the prices of refined petroleum products. It is a good development. We have not even started. Remember I once told you that prices would drop once IPMAN started lifting from Dangote,” Ukadike stated.

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Auditor-General uncovers N197bn contract fraud in MDAs

by Folarin Kehinde
written by Folarin Kehinde

A report by the Auditor-General of the Federation has exposed irregular payments for contracts totalling over N197.72bn across various ministries, departments, and agencies, raising serious concerns about systemic lapses in financial compliance and procurement processes.

The findings, which are detailed in the Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses, cover activities between 2020 and 2021.

They reveal violations of established financial regulations and procurement laws, with irregularities affecting multiple MDAs.

They reveal violations of established financial regulations and procurement laws, with irregularities affecting multiple MDAs.

The report was released to assist stakeholders, including the Public Accounts Committees of the National Assembly, in addressing these lapses and recovering the lost funds.

One of the key findings in the report revealed irregularities in the award of contracts totalling N7.39bn.

The breaches occurred in 32 MDAs and contravened Paragraph 2921(i) of the Financial Regulations (2009), which mandates open competitive bidding for all procurement processes.

The Rural Electrification Agency in Abuja recorded the highest irregularity in this category, amounting to N2.12bn, while the Nigerian Security Printing and Minting Company Plc had the least irregularity, at N11.72m.

The audit report read, “The sum of N7,386,551,051.09 (seven billion, three hundred and eighty-six million, five hundred and fifty-one thousand, fifty-one naira, nine kobo) was the amount of irregularities in the award of contracts by 32 ministries, departments and agencies.

“The Rural Electrification Agency, Abuja, has the highest amount of N2,117,143,168.09 (two billion, one hundred and seventeen million, one hundred and three thousand, one hundred and sixty-eight naira, nine kobo), while the Nigerian Security Printing and Minting Company Plc (NSPM) has the least amount of N11,720,000 (Eleven million, seven hundred and twenty thousand naira).”

Another alarming revelation in the report was the sum of N167.59bn paid for jobs or contracts that were either partially executed or not executed at all.

This contravenes Paragraph 708 of the Financial Regulations, which prohibits payments for services or goods not yet delivered.

The Nigerian Bulk Electricity Trading Plc in Abuja accounted for N100bn of these irregular payments, making it the highest in this category.

The National Centre for Women Development recorded the lowest irregularity at N2.17m.

The report read, “The sum of N167,592,177,559.40 (one hundred and sixty-seven billion, five hundred and ninety-two million, one hundred and seventy-seven thousand, five hundred and fifty-nine naira, forty kobo) was the amount of payments for jobs/contracts not executed by 31 ministries, departments and agencies.

“The Nigerian Bulk Electricity Trading Plc., Abuja, has the highest amount of N100,000,000,000.00 (one hundred billion naira), while the National Centre for Women Development has the least amount of N2,171,766.44 (two million, one hundred and seventy-one thousand, seven hundred and sixty-six naira, forty-four kobo).”

The report also uncovered violations of due process in contract awards amounting to N20.33bn across 24 MDAs.

Section 16(21) of the Public Procurement Act (PPA) 2007 requires strict adherence to procurement plans and mandatory approvals before contract awards.

However, the audit found that these requirements were often ignored.

The NSPM in Abuja was responsible for the highest amount of due process violations, totalling N14.14bn, while the Corporate Affairs Commission had the least, at N8.98m.

The report noted, “The sum of N20,334,104,016.27 (twenty billion, three hundred and thirty-four million, one hundred and four thousand, sixteen naira, twenty-seven kobo) was the amount of contracts awarded in violation of due process by 24 ministries, departments and agencies.

“The Nigerian Security Printing and Minting Company Plc Abuja, has the highest amount of N14,136,472,333.16 (fourteen billion, one hundred and thirty-six million, four hundred and seventy-two thousand, three hundred and thirty-three naira, sixteen kobo) while the Corporate Affairs Commission has the least amount of N8,980,603.72 (eight million, nine hundred and eighty thousand, six hundred and three naira, seventy-two kobo).”

Also, a total of N2.41bn was discovered to have been paid for contracts exceeding approved financial thresholds without obtaining the required “Certificate of No Objection” from the Bureau of Public Procurement.

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