The House of Representatives said the Central Bank of Nigeria (CBN) is hiding $5 billion and failed to declare same to the federation.

The House yesterday said the amount was as a result of the 0.25 per cent deductions from all foreign-denominated revenue as ‘exchange commission,’ for converting dollars to naira.

The House said even after making the deductions, the balance credited to the federation account at various times have been in negative difference, running into billions of naira per year.

It also said the office of the Accountant General of the Federation failed to report the infractions of under-remittance of millions of dollars and trillions of naira into the federation account by the CBN.

Adopting a motion by Ayo Omidiran (APC, Osun), the House resolved to constitute an adhoc panel to investigate the matter and report back within eight weeks.

The House said the CBN, instead of embarking on its statutory role of receiving financial in-flows on behalf of the federation, now goes a step further to usurp the powers of the accountant general by preparing the federation account.

The lawmakers said the apex bank uses the opportunity “to manipulate the system by opening various accounts not known to the three tiers of government, where funds are remitted, hidden, diverted and spent without authorization.”

The House said in 2006, the apex bank opened various accounts with JP Morgan Chase Bank in New York in which IOCs remit revenues and that it still operates an account with the Federal Reserve Bank of New York to date.

Meanwhile, CBN said in a statement last night by its Acting Director Corporate Communications, Isaac Okorafor, that allegation that the apex bank diverted the said amount was ‘untrue’.

https://www.dailytrust.com.ng/cbn-withholds-5bn-illegally--reps.html

Okayyyyy, Cash flying all around like tissue paper.

MASSIVE CORRUPTION IS GOING ON IN THIS ISLAMIC GOVERNMENT


LALASTICLALA DAY DON BREAK O

FRESHG:
MASSIVE CORRUPTION IS GOING ON IN THIS ISLAMIC GOVERNMENT


LALASTICLALA DAY DON BREAK O

Oh stop this. All so called corruption were discovered and exposed by APC itself. The only corrupt party in Nigeria is PDP. They are so corrupt, even the $1bn ECA for defence and security was falsely labelled election funds knowing that they stole the money 4 years ago, they naturally expect every administration to do the same.

All those accessing Buhari of trying to loot $1bn are admitting that GEJ and Dasuki actually stole the $2bn.

So you will useless it in boko haram fight. What have they federal government done with the remitted funds to the federal account in 3years. Nonsense

Adminisher:


Oh stop this. All so called corruption were discovered and exposed by APC itself. The only corrupt party in Nigeria is PDP. They are so corrupt, even the $1bn ECA for defence and security was falsely labelled election funds knowing that they stole the money 4 years ago, they naturally expect every administration to do the same.

All those accessing Buhari of trying to loot $1bn are admitting that GEJ and Dasuki actually stole the $2bn.

See how you just so blind. Is it not dsame FG dat bragged about boko haram been technically defeated.

What do dey need 1b$ for at dis time. If not for corrupt purposes. This govt is even more corrupt amd so clueless.

Buhari shud just resign. His VP wud make a better president. He is too old to rule nigeria.
Imagine i bought fuel yesterday for 350 per litter.
Then u wake up nd speak without thought.

I have a friend in d petroleum ministry who says. The fuel crisis is out of bribery and corruption done in d ministry by independent marketers.they want to make money. Dts why dere ia shortage. Its all a plan.
Imagine such

agwom:
The House of Representatives said the Central Bank of Nigeria (CBN) is hiding $5 billion and failed to declare same to the federation.

The House yesterday said the amount was as a result of the 0.25 per cent deductions from all foreign-denominated revenue as ‘exchange commission,’ for converting dollars to naira.

The House said even after making the deductions, the balance credited to the federation account at various times have been in negative difference, running into billions of naira per year.

It also said the office of the Accountant General of the Federation failed to report the infractions of under-remittance of millions of dollars and trillions of naira into the federation account by the CBN.

Adopting a motion by Ayo Omidiran (APC, Osun), the House resolved to constitute an adhoc panel to investigate the matter and report back within eight weeks.

The House said the CBN, instead of embarking on its statutory role of receiving financial in-flows on behalf of the federation, now goes a step further to usurp the powers of the accountant general by preparing the federation account.

The lawmakers said the apex bank uses the opportunity “to manipulate the system by opening various accounts not known to the three tiers of government, where funds are remitted, hidden, diverted and spent without authorization.”

The House said in 2006, the apex bank opened various accounts with JP Morgan Chase Bank in New York in which IOCs remit revenues and that it still operates an account with the Federal Reserve Bank of New York to date.

Meanwhile, CBN said in a statement last night by its Acting Director Corporate Communications, Isaac Okorafor, that allegation that the apex bank diverted the said amount was ‘untrue’.

https://www.dailytrust.com.ng/cbn-withholds-5bn-illegally--reps.html

billions everywhere

una don run this country down finish

make una know say if una die nothing go follow una enter grave ooo

When they say they're going to investigate, they mean they're going to collect their share

agwom:
The House of Representatives said the Central Bank of Nigeria (CBN) is hiding $5 billion and failed to declare same to the federation.

The House yesterday said the amount was as a result of the 0.25 per cent deductions from all foreign-denominated revenue as ‘exchange commission,’ for converting dollars to naira.

The House said even after making the deductions, the balance credited to the federation account at various times have been in negative difference, running into billions of naira per year.

It also said the office of the Accountant General of the Federation failed to report the infractions of under-remittance of millions of dollars and trillions of naira into the federation account by the CBN.

Adopting a motion by Ayo Omidiran (APC, Osun), the House resolved to constitute an adhoc panel to investigate the matter and report back within eight weeks.

The House said the CBN, instead of embarking on its statutory role of receiving financial in-flows on behalf of the federation, now goes a step further to usurp the powers of the accountant general by preparing the federation account.

The lawmakers said the apex bank uses the opportunity “to manipulate the system by opening various accounts not known to the three tiers of government, where funds are remitted, hidden, diverted and spent without authorization.”

The House said in 2006, the apex bank opened various accounts with JP Morgan Chase Bank in New York in which IOCs remit revenues and that it still operates an account with the Federal Reserve Bank of New York to date.

Meanwhile, CBN said in a statement last night by its Acting Director Corporate Communications, Isaac Okorafor, that allegation that the apex bank diverted the said amount was ‘untrue’.

https://www.dailytrust.com.ng/cbn-withholds-5bn-illegally--reps.html

This government has a grand plan to destroy the country

$5bn haba make una fear God na

Nigeria my country.
Illegalities everywhere.
Over to you CBN.

We just unfortunately have a set of people who don't want to be remembered for doing good things leading us.
PDP, APC, whatever! Just the same bunch of wereys every time.

Unfortunately, folks do not discuss an article based on its merits or demerits. Everything, these days, is just about taking sides based on our prejudices.
---
Assuming this is true, chances are that this has been going on for well over 10 years. The article mentions that the alleged spurious account were opened in 2006.

Lootocracy.

What do dey need 1b$ for at dis time. If not for corrupt purposes. This govt is even more corrupt amd so clueless.

Buhari shud just resign. His VP wud make a better president. He is too old to rule nigeria.
Imagine i bought fuel yesterday for 350 per litter.
Then u wake up nd speak without thought.

I have a friend in d petroleum ministry who says. The fuel crisis is out of bribery and corruption done in d ministry by independent marketers.they want to make money. Dts why dere ia shortage. Its all a plan.
Imagine such

The fuel crisis, is just plain incompetence on Baru's part. Kachikwu prempted all d cabal's machinations.


Pmb himself said, he isnt doing anything. Just there to allow, those who can. Using his political power n acclaimed integrity to back up actions or inactions of his govt.

Or who do u think can jail Dasuki for so long, without loosing his support base?

Interesting story.

awillabo:

See how you just so blind. Is it not dsame FG dat bragged about boko haram been technically defeated.

What do dey need 1b$ for at dis time. If not for corrupt purposes. This govt is even more corrupt amd so clueless.

Buhari shud just resign. His VP wud make a better president. He is too old to rule nigeria.
Imagine i bought fuel yesterday for 350 per litter.
Then u wake up nd speak without thought.

I have a friend in d petroleum ministry who says. The fuel crisis is out of bribery and corruption done in d ministry by independent marketers.they want to make money. Dts why dere ia shortage. Its all a plan.
Imagine such

When you see comment from someone born with hatred you will know, America still budget billions to fight terrorism yearly despite how secure they are..

You are there shouting Buhari should resign who are you? did you vote him? Go and sit down jor useless and senseless IPOB.

They have now resort to bkom a whistle blower.

Obviously money being hoarded by APC to rig 2019

There's a very simple reason why our National legislators have abandoned their primary constitutional DUTY of lawmaking in exchange for the lesser role of 'executive oversight'. These jokers use their committees to bully and extort money from MDAs. What has come of all the so-called revelations uncovered by NASS investigations? They only cry foul when they are either shortchanged or left out entirely. The current fuss over the 2018 budget is merely an opportunity for them to pad the budget. The National Assembly needs to be demystified.

Rainmaker69:
There's a very simple reason why our National legislators have abandoned their primary constitutional DUTY of lawmaking in exchange for the lesser role of 'executive oversight'. These jokers use their committees to bully and extort money from MDAs. What has come of all the so-called revelations uncovered by NASS investigations? They only cry foul when they are either shortchanged or left out entirely. The current fuss over the 2018 budget is merely an opportunity for them to pad the budget. The National Assembly needs to be demystified.

Assuming half of what u r saying is true, if not for the nass no one to check d one sidded corruption

vertueptime:



Assuming half of what u r saying is true, if not for the nass no one to check d one sidded corruption

My brother, Two-sided corruption is far worse than one-sided corruption. It is a curse.
At least TSA and due process has largely cut down on Executive brigandage. The NASS is as opaque as a blackboard. We have major laws that are outdated, the constitutional way the NASS checks the Executive is by making laws rendering the Executive accountable. Can you name one Senate or House investigation that has gone anywhere? They don't have the capacity.

Just imagine, critical laws like the Companies and Allied Matters Act (1990), Investment and Securities Act (2007), Evidence Act (2011), Trademarks Act (1969), Patents and Designs Act (1970), Marriage Act (1900), Land Use Act, Public Procurement Act, Banking and Other Financial Institutions Act and so on need urgent review if we are serious as a country.

Meanwhile, the Judiciary is the real check on Executive lawlessness. There are many Judicial reliefs for administrative highhandedness: Certiorari, Mandamus, Habeas Corpus, Interrogatories, Mandatory Disclosure, FOI and so on.

Rainmaker69:


My brother, Two-sided corruption is far worse than one-sided corruption. It is a curse.
At least TSA and due process has largely cut down on Executive brigandage. The NASS is as opaque as a blackboard. We have major laws that are outdated, the constitutional way the NASS checks the Executive is by making laws rendering the Executive accountable. Can you name one Senate or House investigation that has gone anywhere? They don't have the capacity.

Just imagine, critical laws like the Companies and Allied Matters Act (1990), Investment and Securities Act (2007), Evidence Act (2011), Trademarks Act (1969), Patents and Designs Act (1970), Marriage Act (1900), Land Use Act, Public Procurement Act, Banking and Other Financial Institutions Act and so on need urgent review if we are serious as a country.

Meanwhile, the Judiciary is the real check on Executive lawlessness. There are many Judicial reliefs for administrative highhandedness: Certiorari, Mandamus, Habeas Corpus, Interrogatories, Mandatory Disclosure, FOI and so on.

One investigation is the grasscutter, and 2018 budget exposure of repeated items

chngebeginwthme:



When you see comment from someone born with hatred you will know, America still budget billions to fight terrorism yearly despite how secure they are..

You are there shouting Buhari should resign who are you? did you vote him? Go and sit down jor useless and senseless IPOB.

This is how senseless people like you could be, so insensitive to the pight of common man. Tell the forum just how much you were paid for voting this useless, senseless government into power.
People like you have for centuries sold their birth right.
I rest my case.

Unimaginable... I hope it doesn't end in the usual way!