₦airaland Forum

MissOyin:
Hehehe amodu wantu kill me fa, ibeji/ibeta ba wo

You dey fear
Spixytinxy come and see your friend ooo

tierthefirst:
I find it difficult to believe anyone with a proper education would mix any of those up.

People do mix them up a lot, infact some learned.

Thank you for acknowledging him

raumdeuter:
Thank you Asiwaju Tinubu

MissOyin:
Okay iyen na a da

I was only doing that hoping you will give me an ibeji too just like your friend spixytinxy

or ibeta...abi what you think

johndanny:
you suppose know na.. Keeping my self busy with anything i come across

It isn't easy, I salute you bro.

Wow, wow, wow...indeed royalty

anonimi:
Perhaps to collect their share of the alleged loot that he is yet to refund or be probed fully for.





[size=14pt]The FRCN’s report on Sanusi[/size]



[img]https://www.nairaland.com/download/660265[/img]



The decision to suspend the Central Bank of Nigeria Governor, Sanusi Lamido was based on a report of the Financial Reporting Council of Nigeria dated June 7, 2013.

The report was made after a review of Sanusi’s response to the query issued to him by the President over the apex bank’s financial statement of 2012. His response was dated May 20, 2013.

According to a copy of the report obtained by our correspondent on Thursday, the council indicates that the explanation provided by the suspended CBN governor is “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts on the part of the leadership of the CBN.”

The council advised the President to exercise the powers conferred on him by Section 11(2)(f) of the CBN Act 2007 or invoke Section 11(2)(c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the CBN.”

The report read: The particulars of the infractions against Sanusi are:

Persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria.

(A) By virtue of Section 15 (1)(a) of the Public Procurement Act, the provisions of the Act are expected to comply to ‘all procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’ This definition clearly includes the Central Bank of Nigeria.

(B) It is however regrettable that the Central Bank of Nigeria, under his leadership, has refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA). You will recall that one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost of effectiveness and professionalism in the public sector procurement system.

More from: http://www.punchng.com/news/the-frcns-report-on-sanusi/

[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/

And you expect me to read this

MissOyin:
Okay.I didn't go woke up late

Oh, I see.

So you still remain on bed even after I left for asalatu

That's my fault though, henceforth I will reduce the energy and tempo of thrusting you overnight. I guess it is as a result of that

MissOyin:
No jare
And by the way amodu hw r we watching today's match shey we will watch it 2gether at home or u will go to d viewing center to watch urz

We're watching it together no doubt about that.

It is now left for you if it should be at home or viewing centre.

How was the service today

Shammak:
Thanks bruv
Rara o.. No be that "akuko" guy wey no sabi play ball o... Na God gimme d name for my naming ceremony day

Bobo no kill me with laughter ooo

Shammak:
Wa sere.. Mo Jeri e e never start... Na 18:00 GMT.. Una still get 3.5 hrs... Make Una carry cooler along o 'cause the food wet dey here fit feed everybody wey dey naira land

Laughing in Greek

Clown

boboLIL:
lolss... Good. Spirit

I c

johndanny:
Tanx in a million

You welcome baba
So how have the wait been

AFFORD VS AVOID
BAN VS BAND

BoboLiL, tell me which spirit is leading you

johndanny:
TESTIMONY!
Good afternoon Good people of Golden City, Happy Sunday to you all. Here it goes, I graduated August 2014 and I was suppose to join C14 but my Dept didn't prepare our result on Time so I missed after been very active in batch C14 thread.
That aside, I followed A15 thread hoping to go with them now guess what ? My school went on strike on the 2nd of Jan 2015(internal) okay all hope was not lost and the yeye strike was called off by june/july, Because of the effect of the strike, they didn't mobilise much and I missed again after being active with the likes of hilsocial,2el and others in B15, I gained my freedom from B15 to this Great City "GOLDEN CITY". The Citizens had no choice than to appoint me minister of Foreign Affairs cause I was active in those threads. To cut the story short.

Ladies and gentlemen Crutech have uploaded and for God so kind my name is there and am good to go.
Bob pls update Crutech they have uploaded. Tanx

Wow, what a testimony.

I am joining all and sundry to congratulate and rejoice with you.

Kbs468:
Ofcourse you just mentioned Barcelona in the Champions League knock out pairing but they only big name match up before FEBRUARY 23RD AGAINST BARCELONA IS TODAY'S MATCH UP WITH CHELSEA, DON'T YOU THINK A WIN FOR ARSENAL WOULD SEND THE RIGHT MESSAGE TO THE CATALANS?

BESIDES, MAN UNITED IS THE NEXT GAME IN THE EPL SAME WEEK OF CHAMPIONS LEAGUE MATCH WITH BARCA, SO A WIN TODAY WOULD SEND A SIMILAR MESSAGE ESPECIALLY NOW THAT JOSE MOURINHO COULD REPLACE LVG B4 THE END OF THE SEASON.

INFACT ARSENAL LOSSING OUT OF TODAY'S CLASH COULD HAND LEICESTER CITY THE TITLE JUST LIKE BLACKBURN ROVERS DID IN THE EARLY 90'S

IghravweIG and MissOyin, abi I lie?

Na lie joor

Leicester will drop points in their coming three fixtures against Liverpool, Manchester United and Arsenal.

CROBBOY:
Atleast in Nigerian Pidgin na
YOU NO GET CONSCIENCE

Haaa, don't mind me.
I always assumed everyone will understand Yoruba

boboLIL:
I be "come" ...dian... Nva enter

I see,

Whooping birthday to Shammak, Mr A'16.

I am seeking for you from God Almighty greatness, accomplishments and prosperity that knows no bounds.

Did you deduce your name from Maroune Chammak of Crystal Palace formerly of Arsenal

CROBBOY:
Thank you Sir.
There is always a history before our existence. Smart people learn to look behind in order to make prudent decisions about the future

Ododo oro

boboLIL:
baba y u de scream like dis? U see snake?

ewo

You must be a comedian

IghravweIG:
Kai!! I don't laff tire. Kbs u nor go kill person.

Don't mind him...

IghravweIG:
Kai!! I don't laff tire. Kbs u nor go kill person.

Don't mind him...

Armynu:
A premium classic wine will do... Then a chit chat.

On point

boboLIL:
Happy sunday good people..... Have a great week.... We will rejoice jointly dis week....

Amen oooo

Kbs468:
MissOyin I always doubt the sincerity of your Ôkô oo because his excuse holds no water at all.

14th position means no Champions League spot next season, so why wont he support you from the now on so that he would celebrate pumping champagne with you for your first trophy at the Emirates in 10yrs of relocation just like he did last season and then CHAMPAGNE PUMPING WILL BECOME BACK TO BACK IN THE CITY OF LONDON AT THE NORTHERN END ADJACENT HIS WESTERN BASE AT THE PEDESTRIAN BRIDGE.

Smile

I am not an enemy of progress and since it is pertaining to my wife's team, then it's a must I wish the team well.

I am of the believe that this point will not deter you from winning the league as Leicester and Manchester City will still drop points in due time, hence the importance of this match for Chelsea more than Arsenal to save us from relegation battle.

it is pertinent to let you know that since Arsenal and Barcelona have been paired together for the round of 16 UEFA Champions League, I have determined to support my London neighbours against the Catalan.

So don't doubt my loyalty and good wishes for my wife's club.

Cheers!!!

CROBBOY:
I understand you're trying to be of great assistance to members of this city who have not been priviledged to verify their names on the NYSC approved senate list due to one or two issues associated with them, their school, or the NYSC body.

But what I refuse to come into agreement with is you considering 'This forum to be very dull'.

The last time I checked, boboLIL and other well-knowledged members of this city have been working effortlessly to keep everyone updated about recently Uploaded school records on the NYSC website.

I have a strong conviction that nobody in this city is actually a paid NYSC staff who have the responsibility of providing such information on a minute-by-minute basis as you may be expecting; thereby making our informant to be reliant on information from fellow PCMs.

I believe if you follow through on previous comments and pages, you will find useful information as regards your quest.

Thumbs up bro for the well thought response.

I needn't reply him anymore.

IghravweIG:
Not yet o.
I dey hope say na next week tins.

A lot of school will do that this week owing to this that I saw on NYSC Facebook page:


If you are a 2016 Batch A prospective corps
member, you can start checking your name
online @ portal.nysc.org.ng/nysc1/VerifySenateLists as institutions have started
uploading the names. The uploads will continue
till 30th of this month; therefore if you don't
see your name now, probably your sch is yet to
upload. Contact your sch for any issues
concerning upload pls.

LogoDWhiz:
Lol! Don't mind him!


After saying it, he'll be the one that will go the senate and institute a probe against the President for use ***** word in public.
And they'll call it oversight functions!

I laff

See accusation

Pressy being extraordinary careful

IghravweIG:
Oya my senator, u berra leave Pressy alone o. U couldn't say it urself na!!

For your mind

LogoDWhiz:
He wants me to say what he couldn't say.

Says who

Who told you I can't say it

Some words are better kept unsaid.....and moreover she understands me quite well.