Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,257 members, 7,953,970 topics. Date: Friday, 20 September 2024 at 10:03 AM |
Nairaland Forum / Nairaland / General / Politics / APC Matters In Pictures (104698 Views)
Fulani Herdsmen Attack On Beji, Niger State Village In Pictures / Obasanjo Tears PDP Membership Card In Pictures / Achievements Of The Jonathan/Sambo Administration In Pictures (2) (3) (4)
(1) (2) (3) ... (8) (9) (10) (11) (12) (13) (14) ... (34) (Reply) (Go Down)
Re: APC Matters In Pictures by anonimi: 7:50am On Jun 30, 2015 |
Re: APC Matters In Pictures by anonimi: 7:51am On Jun 30, 2015 |
Brytawon: |
Re: APC Matters In Pictures by anonimi: 12:38pm On Jul 01, 2015 |
www.nairaland.com/attachments/2578022_iweala_jpeg0858fd35c7757170d8155dae6623e1c2 http://takenotenigeria.com/2015/06/01/federal-ministry-finance-summary-revenue-allocation-federation-account-allocation-committee-month-april-2015-shared-may-2015/ Press Release On March 2015 Federal Allocation |
Re: APC Matters In Pictures by anonimi: 2:42pm On Jul 01, 2015 |
Re: APC Matters In Pictures by anonimi: 12:26pm On Jul 02, 2015 |
3direct: |
Re: APC Matters In Pictures by anonimi: 2:18pm On Jul 02, 2015 |
Re: APC Matters In Pictures by anonimi: 12:16pm On Jul 04, 2015 |
Re: APC Matters In Pictures by anonimi: 9:02am On Jul 05, 2015 |
Re: APC Matters In Pictures by anonimi: 1:00pm On Jul 05, 2015 |
[size=14pt]Sanusi/CBN/FRCN indictment report continued[/size] (C) Available information indicates that the Central Bank has over the years engaged in procurement of goods, works and services worth billions of Naira each year without complying with the express provisions of the PPA. (D) By deliberately refusing to be bound by the provisions of the Act, the CBN has not only decided to act in an unlawful manner, but has also persisted in promoting a governance regime characterised by financial recklessness, waste and impunity, as demonstrated by the contents of its 2012 Financial Statements. Unlawful expenditure by the Central Bank of Nigeria on ‘Intervention Projects’ across the country (A) the unacceptable level of financial recklessness displayed by the leadership of the Central Bank of Nigeria is typified by the execution of ‘Intervention Projects’ across the country. From available information, the bank has either executed or is currently executing about 63 such projects across the country and has committed over N163billion on them. (B) it is inexcusable and patently unlawful for any agency of government to deploy huge sums of money as the CBN has done in this case, without appropriation and outside CBN’s statutory mandate. It is trite that the expenditure of public funds by any organ of government must be based on clear legal mandates, prudent costing and overriding national interest. Financial infractions and acts of financial recklessness committed by the Central Bank as reflected in its audited financial statements of 2012 (A) pursuant to Section 50 of the CBN Act 2007, a copy of the audited financial statements of the CBN for the year ended 31st December 2012 was sent to Mr. President. Based on the issues raised in the financial statement, a reaction was requested from you to enable a proper appreciation of the nation’s economic outlook. (B) the response to this query was further referred to the Financial Reporting Council of Nigeria. The review by the council, rather than allay the fears of government, further confirmed concern bout the untidy manner in which you have generally conducted the operations of the CBN. Some of the salient observations arising from the review are; (A) in a most ironical manner, it has become obvious that the CBN is not able to prepare its financial statements using applicable International Financial Reporting Standards (IFFS) whereas Deposit Money Banks that the CBN is supervising have complied with this national requirement since 2012. Undoubtedly, this laxity on the part of our apex bank, apart from calling to question its capacity for proper corporate governance, is capable of sending wrong signals to both domestic and international investors on the state of the Nigerian economy. (B) the provisions of the Memorandum of Understanding (MOU) signed by the CBN and other Deposit Money Banks on Banking Resolution Sinking Fund have been breached in a material manner. For example, a Board of Trustees (BOT) to manage the Fund has not been constituted since 2010 when it was established. The CBN has however continued to utilise the Fund for certain operations without approval of the said BOT. (C) contrary to section 34 (b) of the CBN Act 2007 which provides that the CBN shall not, except as provided in Section 31 of the Act, inter alia, purchase the shares of any corporation of company, unless an entity set up by the approval or authority of the Federal Government,m CBN in 2010, acquired 7% shares of International Islamic Management Corporation of Malaysia to the tune of N0.743 billion. This transaction was neither brought to Mr. President’s attention nor was a board approval obtained before it was entered into. (D) the CBN has failed or refused to implement the provisions of the Personal Income Tax (Amendment) Act 2007. Accordingly the Pay-As-You-Earn (PAYE) deductions of its staff are still being computed in accordance with the defunct Personal Income Tax Act 2004, thus effectively assisting its staff to evade tax despite the generous wage package in the CBN, relative to other sectors of the economy. (E) the CBN had an additional brought forward to General Reserve Fund of N16.031bn in 2012 but proceeded on a boy age of indefensible expenses in 2012 characterised by inexplicable increases in some heads of expenditure during the year. Examples include: 1. The bank spent N3.086bn on “promotional activities” in 2012 (up from N1.084bn in 2011). The bank spent this sum even when it is not in competition with any other institution in Nigeria; 2. The CBN claimed to have expended N20.202bn on ‘Legal and Professional Fees’ in 2011 beyond all reasonable standards of prudence and accountability; 3. Between expenses on ‘Private Guards’ and ‘Lunch for Policemen’, the CBN claimed to have spent N1.257 billion in 2012; 4. While Section 6(3)(c) of the CBN Act 2007 provides that the board of the CBN is to make recommendations to Mr. President on the rate of renumeration to Auditors, the bank has consistently observed this provision in breach and even went to the extent of changing one of the Joint External Auditors without notifying the office of the President. 5. In the explanations offered by the CBN pursuant to presidential directives, it offered a breakdown of ‘Currency Issue Expenses’ for 2011 and 2012. Interestingly, it claimed to have paid N38.233bn to the Nigerian Security Printing and Minting. Company Limited (NSPMC) in 2011 for ‘Printing of Banknotes.’ Paradoxically however, in the same 2011, NSPMC reported a total turnover of N29.370bn for all its transactions with all clients (including the CBN). 6. It is significant to note that the external audit revealed balances of sundry foreign currencies without physical stock of foreign currencies in the CBN Head Office. Questionable write-off of N40bn loans of a bank The above issues are only a few of the infractions highlighted by the review and which point to the gross incompetence and recklessness which characterised the operations of the CBN in the period under review. However, the CBN also claimed that it paid Air Charter, such as payments to Emirate Airline (N0.511bn), Wing Airline (N0.425bn) and Associated Airline (N1.025bn) to distribute currency by air nationwide. Emirate Airline does not fly local charter in Nigeria, Wing Airline is not registered with Nigeria Civil Aviation Authority and Associated Airline does not have a billion turnover for 2011 because upon enquiry, the management claimed that they have no financial statements and have not had any significant operations for the past two years that will warrant preparation of financial statements. The breakdown also include “Currency Issue Expenses” of N1.158bn and Sundry Currency charges of N1.678bn under “Currency Issue Expenses.” As they are in 2011 so are similar expenses in 2012. These are difficult to understand. Other areas of fraudulent activities include 1. Facility Management N7.034bn in 2012 (N5.751bn in 2011. 2. Foreign Bank accounts that have been closed offshore were still operational in the General Ledger for over six months after they have been confirmed as closed accounts by the offshore banks. 3. The “Know Your Customer” policy is not properly followed by the CBN to the extent that the CBN has unknown customer with account balance of N1.423bn since 2008. The CBN claim that it is taking steps to obtain the required details regarding the address of the customer. Wastefulness 1. Training and travel expenses N9.24bn in 2012 up from N7.65bn in 2011. 2. Expenses on “ATM offsite policy change” came to N1.045bn. 3. Expenses on “Non Interest Banking” N1.359bn in 2012 up from N0.977bn in 2011. The CBN is still very heavy on expenses on “Project Eagles” spending N0.606bn in 2012 up from N63m in 2011. Expense on newspapers, books and periodicals (excluding CBN’s publications) is N1.678 billion in 2012 up from N1.670bn in 2011, From: http://www.punchng.com/news/the-frcns-report-on-sanusi/ |
Re: APC Matters In Pictures by anonimi: 1:17pm On Jul 05, 2015 |
Re: APC Matters In Pictures by anonimi: 4:32pm On Jul 06, 2015 |
www.nairaland.com/attachments/2589504_subsidy2_jpeg57ea79bc1f8758353f00f8db1d53dbf1 [img]https://www.nairaland.com/avatars/rfpz2aiih02arcv4l0q6myapvub3qyub1364484[/img] www.nairaland.com/attachments/2674047_2671101fbimg1435752845837jpeg8fa3e5cefe73fa369d83ff842dcb8396_jpeg_jpeg08705abfd750ea2ff336c659bb1b7a6a www.nairaland.com/attachments/2608988_obams_jpga864abdd8ccbf76b03513eef4858bbe0 |
Re: APC Matters In Pictures by anonimi: 5:28pm On Jul 06, 2015 |
GitmoAuditors: GitmoAuditors: |
Re: APC Matters In Pictures by anonimi: 7:12pm On Jul 07, 2015 |
Re: APC Matters In Pictures by anonimi: 1:14pm On Jul 10, 2015 |
Re: APC Matters In Pictures by anonimi: 8:54am On Jul 15, 2015 |
[img]http://1.bp..com/-L6KvNbhlYnI/VaV_OvYf74I/AAAAAAAF5UE/CfkdJ3NBXos/s1600/00.jpg[/img] [img]http://3.bp..com/-yIZj78tull8/VaWB1XCrDbI/AAAAAAAF5Ug/STlyXqWHZSU/s1600/c.jpg[/img] [img]http://3.bp..com/-etD3js9yfbU/VaWB2JooajI/AAAAAAAF5Uk/Nd_hAXHR7so/s1600/a.jpg[/img] Pres. Buhari was this evening joined by the National Leader of APC, Bola Tinubu and former Rivers State governor, Rotimi Amaechi to break the Ramadan fast in the Presidential villa this evening. From: https://www.nairaland.com/2452102/buhari-tinubu-amaechi-break-ramadan www.nairaland.com/attachments/2630292_canitbe_jpg6ad419494ca1e96dd2dd8e42a498346b www.nairaland.com/attachments/2630240_109954849636126070171887275585154990962325n_jpeg51353779921cf5dcb5cc6529b8a9aedc |
Re: APC Matters In Pictures by anonimi: 9:20am On Jul 15, 2015 |
[img]http://3.bp..com/-FAV45XhqFG4/VJrt8KfvZaI/AAAAAAAANeE/KmDkF3yT00c/s1600/nigerian%2Bpolitical%2Bparties.jpg[/img] |
Re: APC Matters In Pictures by anonimi: 5:38pm On Jul 17, 2015 |
Re: APC Matters In Pictures by anonimi: 9:44am On Jul 19, 2015 |
Re: APC Matters In Pictures by anonimi: 2:38pm On Jul 23, 2015 |
Re: APC Matters In Pictures by anonimi: 4:08am On Jul 29, 2015 |
Re: APC Matters In Pictures by mensdept: 4:11am On Jul 29, 2015 |
I guess it actually is a ZOO after all |
Re: APC Matters In Pictures by anonimi: 11:53am On Jul 29, 2015 |
Firefire: |
Re: APC Matters In Pictures by anonimi: 12:05pm On Jul 29, 2015 |
Re: APC Matters In Pictures by anonimi: 4:59pm On Aug 02, 2015 |
Re: APC Matters In Pictures by anonimi: 1:17pm On Aug 04, 2015 |
Re: APC Matters In Pictures by anonimi: 1:42pm On Aug 04, 2015 |
Re: APC Matters In Pictures by anonimi: 10:35am On Aug 06, 2015 |
harbdulrasaq88: |
Re: APC Matters In Pictures by anonimi: 3:24pm On Aug 06, 2015 |
[size=14pt]N10.8b Lagos funds released[/size] 2007-07-24 LAGOS State won yesterday its four- year battle for its seized local government funds. The struggle ended quietly, with the President directing the Accountant-General of the Federation to immediately release the N10.829,527,300.43 (N10.8 billion) withheld by the Obasanjo administration. The amount to be remitted, however, falls short of the state’s expectation. The fund, which had been subject of court cases and mediation, was withheld by the past administration, following the creation of 36 new local governments in Lagos State. The insistence of the state not to yield to the directive of the Federal Government to cancel the new local governments attracted the withholding of funds meant for the 20 existing local governments. At the height of the tussle, the state reversed the creation of the local governments but this did not appease the former president, Chief Olusegun Obasanjo, who was bent on holding back the funds, even with the Supreme Court’s pronouncement that the money be released. The seizure of the fund, according to former Lagos State Governor Bola Tinubu caused untold hardship. President Umaru Yar’Adua’s directive to the Accountant-General yesterday, according to presidential spokesman Olusegun Adeniyi, follows his (the President’s) consultations within the agencies and institutions of the government. He was also quick to add that the amount to be remitted fell short of what Lagos was demanding. Explaining the difference, Adeniyi said: "the Federal Government is paying the exact amount withheld, excluding interest, as demanded by the state government. "Lagos was asking for interest, which is not going to be granted because the money was not put into an interest-yielding account. But the important thing is that the President sought the opinions of all the relevant ministries on whether it is legal to hold this money and they all said that it is illegal. So, why do we hold on to it?" . . . . Yesterday’s release of withheld local council funds by the Federal Government brought to an end a constitutional impasse. The Federal Government under the leadership of former President Obasanjo in 2003 withheld allocations to the 20 local governments following the creation of additional 37 council areas and elections into them on March 29, 2003. The Federal Government cited unconstitutional recognition of the additional council areas as well as failure by the state government to revert to the 20-council structure for with holding the funds. The Tinubu administration got victory at the Supreme Court, which ordered the government at the centre to pay even as the court saw nothing unusual in its judgement in the change of nomenclature of the new councils to Local Government Development Areas (LGDAs). While the impasse was on, the committee of Yoruba Elders, led by former Attorney-General and Justice Minister Prince Bola Ajibola, intervened to broker truce after the seized monthly allocation had accumulated to more than N34 billion. In February 2006, the Federal Government released N20 billion to Lagos State, which was paid in two tranches. The money was shared among the 20 councils listed in the constitution. The N20 billion left the councils with a balance of N14 billion, which the Federal Government did not release. Tinubu advised the council authorities to give preference to public school rehabilitation, health care delivery and roads. Tinubu in May 2006, described the action of the Federal Government as "inhuman". He said: "The council funds have not been paid. It is over N14 billion. It is illegally in the possession of the Federal Government. It is creating savings by force. This is in gross violation of the Supreme Court ruling and the agreement by the elders. ‘But we are moving on; we will continue to govern our state with serious commitment and the values we believe in. We will get back the money. It is due to us. They are just keeping it. Anytime the President likes, he will pay. So, it is inhuman, to further keep the money, not only because it is illegal, it is denying those innocent people, children, very poor people, the right to their money. It is a matter of conscience." More from: http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=26054 |
Re: APC Matters In Pictures by anonimi: 4:37pm On Aug 11, 2015 |
Obasanjo shared $74million Halliburton bribe, Okiro Panel says: • OBJ also pocketed another $5 million with PDP • Interim Panel report disappeared in Aso Rock |
Re: APC Matters In Pictures by anonimi: 9:55am On Aug 12, 2015 |
www.nairaland.com/attachments/2733734_munch20150812080810_jpeg1d11e13a327d33cec402de71dc2a8eb7 reportnaija: |
Re: APC Matters In Pictures by anonimi: 11:26am On Aug 15, 2015 |
www.nairaland.com/attachments/2464828_iwilldeclaremyassetspubliclybuhari20150531084337_jpeg3bd039b61769cbf4f77ec6ba5a354a26 Thanks Mogidi 2 Likes 3 Shares |
(1) (2) (3) ... (8) (9) (10) (11) (12) (13) (14) ... (34) (Reply)
Ademola Adeleke's WAEC Result & Testimonial Released By Ede Muslim High School / Florence Ajimobi And Rauf Olaniyan In Exchange Of Words (video) / Buhari Departs Daura For Niger Republic (Photos)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 94 |