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Politics › Re: Buhari Orders EFCC To Probe Ex Service Chiefs,Serving & Former Military Leaders by anonimi: 10:03pm On Jan 15, 2016
chiddye:
I think it is clear to Nigerians now why the war in the north east lingered for so long and claimed thousands of life all this evil people saw it has a means of enriching themselves and some people will still shout witch hunt. when the money spent on the war those not corroborate with the reality at the front lines. good luck Jonathan God would judge you for your incompetence
over 20,000 dead and two million displaced in the north east God would judge all of you service chiefs,contractors, politicians, etc you people would know no peace you shall be miserable for the rest of your life
Firstly do you expect God to come down and deal with them or what exactly do you expect God to do?
Meanwhile the competent Buhari has been in government for about eight months since May 29 yet the war continues to linger despite repeated pronunciations of TECHNICAL end.
Only gullible mumus will believe these DIVERSIONARY stories that lead to NO court trial and conviction.
Why would any Nigerian want to be such a mumu huh


Firefire:
I am really worried about the increasing death toll... cry

Buhari said: “If you elect me as the President of Nigeria on February 14 (now March 28), I am assuring you that our government will chase Boko Haram out of Nigeria within two months because it is the responsibility of any reasonable government to secure the lives and property of its citizens.”

http://thenationonlineng.net/polls-campaign-promises-great-expectations/
www.nairaland.com/attachments/3126736_killbokoharam_jpegd375c59f7b9b33f00c41d6006bbb5f00



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Romance › Re: Couple Caught Having Sex At OAU Gate (photo) by anonimi: 9:40pm On Jan 15, 2016
They PROBABLY believed in some foolish spiritual ritual to make them do such bestial act.
Health › Re: The Sorry State Of Immanuel General Hospital Eket Akwa Ibom State by anonimi: 6:47pm On Jan 15, 2016
themall:
Is this an APC federal government hospita or the former PDP federation government hospital?
I knew someone would ask this type of PARTISAN question.
It did not take long for you to show up. grin
Anyway below is the state of a general hospital in the "excellent" Lagos state that has been administered for the past 17 years by Tinubu/Fashola/Ambode of the angelic ACN/APC progreTHIEVES.
Bloody HYPOCRITES of a fraudulent bunch.

Beyond the paparazzi of photo-ops we know that the General Hospital in Epe, the original home constituency of Speaker Ikuforiji is in tatters and such a deplorable condition:



www.nairaland.com/attachments/1441819_H3_jpg195e7c5b979e3c0c1d452e90d51ebca2




www.nairaland.com/attachments/1441826_H5_jpg64378f861b2175c385b08ef0b2ac84a7



More pictures and story: https://www.nairaland.com/1536965/deplorable-conditions-epe-general-hospital
Beyond the physically deteriorating situation with many of the health facilities, the working conditions for the doctors, nurses, pharmacists, lab technicians etc is nothing to write home about hence regular strikes. However our excellent governor's reaction is to sack them and ferry his sick father abroad for treatment:



Since Fashola spuriously claims he sacked the doctors to protect public interest, we should ask: If the governor is to protect the people, why did he send his own father abroad for treatment? Why are the necessary medical equipment not available in Lagos hospitals since we have medical experts that can treat his father here?
"Why has he resorted to the use of incompetent 'referral doctors' who are being enticed with a wage twice what they ought to have been paid if they are in regular employment? CONMESS fully, according to the Lagos NMA, would cause just additional N33.5 million monthly, compared to its looting spree to line private hands and profiteers," the statement reads in part.

From: http://nigeriavillagesquare.com/forum/main-square/69955-doctors-strike-grounds-medical-services-lagos-5.html#post626236
Not forgetting that the JagbaJantis head of the cabal himself na to dey go obodo oyinbo each time body dey pain am small:


https://www.corruption.com.ng/wp-content/uploads/2014/10/TINUBU-3-e1414675217346.jpg



Why should we entrust ourselves to these LOOTocrats who have failed woefully to deliver on their promise to Lagosians these past 16 years?

- How many doctors, nurses, pharmacists, lab technicians, hospital administrators are recruited annually for a state whose IGR has increased over 53 times since 1999?
- How many hospital beds and clinic consulting rooms plus equipment have been added despite annual budgets increased over 10 times since 2000?
Politics › Re: Iara Oshiomhole Visits Ophanages And Old Peoples Home In Edo by anonimi: 6:30pm On Jan 15, 2016
She should rather talk to her husband to pay pensions and salaries so there are less orphans and homeless old people in Edo state DYING.
They should stop this empty paparazzi, abeg.
It can only work for their zombies!!!



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Politics › Re: Jonathan Threatened To Put Me In A ‘Hole’ – Oshiomhole by anonimi: 6:27pm On Jan 15, 2016
laprince:
Oshio, pay the pensioners you are owing.

My mum got paid last in April 2015.

By the way, your relevance is fading out.
A whole comrade owing pension huh
Chai the man is truly SHAMELESS.



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Politics › Re: Jonathan Threatened To Put Me In A ‘Hole’ – Oshiomhole by anonimi: 6:23pm On Jan 15, 2016
StRichard:
The propaganda continues!!!
Abi oh.
Anything to DIVERT our attention away from the daft, dumb & dull Confused One who confessed with his own mouth that he CANNOT perform.
You don sabi dem finish walahi. grin grin



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Politics › Re: APC Matters In Pictures by anonimi(op): 6:17pm On Jan 15, 2016
Politics › Re: Jonathan Threatened To Put Me In A ‘Hole’ – Oshiomhole by anonimi: 6:04pm On Jan 15, 2016
Politics › Re: Olisa Metuh In Court (photos) by anonimi: 6:02pm On Jan 15, 2016
Politics › Re: Buhari's/APC.'s Campaign Promises by anonimi(op): 5:16pm On Jan 15, 2016
Politics › Re: Court Remands Metuh In Kuje Prison by anonimi: 5:15pm On Jan 15, 2016
NgeneUkwenu:
They should feed him more papers, since he loves chewing and eating papers!

Nonsense!
He is not a goat like the ones that were found eating Sai Booboo's lost budget grin grin



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Politics › Re: Court Remands Metuh In Kuje Prison by anonimi: 5:10pm On Jan 15, 2016
Crime › Re: In 1967 Oba Akran And Ademiluyi Were Jailed For Stealing £504,750 (Photo) by anonimi: 5:08pm On Jan 15, 2016
shenney:
Nobody was above the law then but now .......
........when you steal and share $$$$$$$$$$$$$$ for the winning presidential candidate you are made a minister in the anti-corruption regime. shocked
What IRONY huh


scribble:
https://www.karensperspective.com/wp-content/uploads/2010/03/dollar_rain.jpg



Dollarization Of The APC Primaries: How Amaehi Vanquished Atiku #saibuhari

The blogosphere was inundated with reports of the excessive sharing of dollars at the All Progressives Congress which took place during the latter part of last week.

One APC supporter and Special Adviser to Osun Governor on Environment, BolaIlori had blown the scandal open after he saw the beginning stages of the dollarization in action.

He took to his Facebook page and scribbled, “Crazy things are happening here!!! Some of these cannot represent the change Nigeria is yearning for. Excessive dollarization by one of the aspirants to is to say the least obscene. I have been involved in political process for decades now, I have never witnessed this volume of raw dollarization of party primaries. I only read about this kind of things in PDP primaries. A question been asked by conscientious delegates is that whoever can be giving out between $2000 to $5000 to…delegates certainly does not represent the kind of change Nigerians want…those who contributed to the pauperization of Nigeria now revel in dollarization… majority of Ondo delegates are still standing with Buhari but have been reduced from 85% to 70% within 24 hours…the remaining has gone with dollars ooo.!!!!!”

One has to wonder how Buhari was able to win the primaries in this era of stomach infrastructure where dollars are like the Biblical manna that God sent down from heaven to nourish the Israelites as they made their way to the promised land.

Sources close to the APC with knowledge of the way the Primaries unfolded have revealed that it was Rivers State Governor, Amaechi who flew back to Rivers State and returned to Lagos on Thursday morning with enough dollars to make Benjamin Franklin blush.

It has been revealed that Atiku offered the delegates $5000 each, but Amaechi doubled it to $10000 a pop. Thus turning the tables in favour of General Buhari.

Since his adventure into the APC, Amaechi has gone out of his way to prove himself a party loyalist, always the first to shoki or azonto at the many events the APC holds, which he himself is usually the chief sponsor.

According to party insiders, Amaechi has overtaken Tinubu as the major financier of the party. One does not need to wonder why he is always at President Jonathan’s throat over misappropriated oil wells or other such business. Anything that diminishes from the State’s coffers will have a ripple effect on his funding budget for the APC.



Joe Francis wrote in from Port Harcourt.


http://www.theheraldng.com/dollarization-apc-primaries-amaehi-vanquished-atiku-saibuhari/
Politics › Re: APC Matters In Pictures by anonimi(op): 5:03pm On Jan 15, 2016
www.nairaland.com/attachments/3298227_loot_jpegf6abf98a2d04b0654e572525298ed371

theshadyexpress:
Details
Category:News | Date:2008-06-10
Buhari, Abdulsalami, IBB under fire over Abacha loot
From Adekunle Jimoh, Ilorin

Three former Heads of State who defended one of their own, the late Gen. Sani Abacha, against the common belief that he looted the treasury were under fire yesterday.

Generals Ibrahim Baban-gida, Muhammadu Buhari and Abdulsalami Abubakar were hit by a hail of criticisms for describing the claim that the late Gen. Abacha was a thief as a fairy tale. They spoke in Kano at the 10th anniversary lecture in memory of the late Head of State.

But those who reacted to the comment yesterday said the ex-leaders were standing a fact of history on its head.

The Action Congress (AC) described the party’s comment as "a disgusting case of revisionism." In a statement issued in Abuja by its National Publicity Secretary, Alhaji Lai Mohammed, the party said it was ridiculous and curious for the former Heads of State to have waited 10 years before finding their voices to defend Abacha.

The AC also said the suggestion by Gen. Abdulsalami that past administrations should not be probed smacked of self-preservation rather than patriotism. It added that heeding such advice would thwart all efforts to enthrone the rule of law, due process, probity and good governance.

According to the AC, Nigeria would need to return looted funds repatriated by some foreign countries and apologise to those countries as well as the Abacha family, if the ex-leaders’ comment were of any value.

Only last week, the government of Switzerland said it had returned all of the $505million (N59.05billion) looted funds stashed in its banks by the late Gen. Abacha. The repatriated money is part of an estimated $3billion of public funds believed to have been stored up by the late Head of State in banks in Singapore, Hong Kong, Dubai, Britain and Luxembourg, besides Switzerland.

AC said yesterday: "We are sure that those countries will be laughing at Nigeria now. What a shame! If the former leaders’ comments that the late Abacha ran one of the best administrations in this country were to be taken seriously, then the trial of (Abacha’s former Chief Security Officer, Col. Hamza) Al-Mustapha and others for atrocities allegedly committed during the Abacha regime should be stopped forthwith, while the accused should all be granted national honours to mitigate the suffering occasioned by their prolonged trial.

"We are worried by the aggressive but belated defence offered by these leaders, who incidentally all passed the batons of powers among themselves – the late Abacha inclusive! We are compelled to ask: what is their agenda? What are they up to?

"Where were they when former President Olusegun Obasanjo was telling whoever cared to listen how billions of dollars in public funds were spirited to foreign bank accounts by the late Head of State? Why have they suddenly found their voice now that Obasanjo has left office?’’

The party noted that Gen. Babangida and the others were close to ex-President Obasanjo, either as co-former military leaders or as members of his party, the Peoples Democratic Party (PDP); "yet none of them dared raise a voice against the allegations of massive looting of public treasury which he levelled against Abacha." It advised the former leaders, by virtue of their highly-respected positions, to take care in their utterances so as not to send wrong signals to Nigerians and the world community.

The Lagos State chapter of the AC described the former Heads of State’s comment as "a desperate attempt by former despots to buy the reprieve of history for one of their ilk, together with whom they ruined Nigeria."


http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=52909
Politics › Re: Flashback: What Lai Mohammed Said About Buhari's Defence Of Abacha Loot In 2008 by anonimi: 5:02pm On Jan 15, 2016
Firefire:
EFCC should probe Buhary with immediate effect for defending corruption. [size=4pt]{Forget immunity clause} [/size]
Thanks for quoting me o, ore especially with the screen shots.
Let me add this to my catalogue of Buhari's history. grin grin
Politics › Re: Amaechi “I Leaked Sanusi’s Letter To Jonathan” by anonimi: 4:53pm On Jan 15, 2016
bokohalal:
I cannot believe that some people are insulting Amaechi for letting us know that Jonathan sat on a complaint.
So you believe the words of a chronic LIAR?
Na wah for you oh.

Are you:

- gullible
- a mumu
- a dunce

or what exactly are you to believe just what one person says without corroboration from the other person?



www.nairaland.com/attachments/3084794_DumbPeople_jpg287f2b4d3ead2f536f99f92cbca9c590
Politics › Re: Amaechi “I Leaked Sanusi’s Letter To Jonathan” by anonimi: 4:51pm On Jan 15, 2016
shameseun:
Oleeeeeeeee. Another propaganda to divert our attention away from BUDGET embarrassment.

I refuse to be bamboozled.
You don decode the man sharperly grin grin



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Politics › Re: Amaechi “I Leaked Sanusi’s Letter To Jonathan” by anonimi: 4:50pm On Jan 15, 2016
Adminisher:
I love his GUTS. He is contraranian . Every little evil plastic empires of comfort that a few people build on injustice and the blood or sweat of other people. A man like this will blow it up.
He will also utter truths against even his own interests at times.

If he irritates you or annoys you that is your own problem. Nigeria great problem is leadership and God has brought out the whip.
Such as the truth he uttered about fuel subsidy in 2011 only to reverse in January 2012 when it was finally withdrawn.
What a TRAITOR!!!



www.nairaland.com/attachments/2606941_fuelsubsidygovernorssupport2011d_jpegc347aadcc28645a881c11e877b19ae27
Politics › Re: Amaechi “I Leaked Sanusi’s Letter To Jonathan” by anonimi: 4:47pm On Jan 15, 2016
Vivalavida99:
Amaechi is pathetic, even women don't talk this much, sheesh!
Is he not a woman already?
Abeg, make somebody check im particulars well well oh.



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Politics › Re: Amaechi “I Leaked Sanusi’s Letter To Jonathan” by anonimi: 4:41pm On Jan 15, 2016
irunooboo:
The greatest politician from the South South. smiley God bless Amaechi
Since when did God start blessing THIEVES?



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Politics › Re: Battle Between Awolowo, Akintola Led To 1966 Coup- Yakassai by anonimi: 3:35pm On Jan 15, 2016
the STORY tellers are here again grin grin
Politics › Re: Amaechi Emerges Ohanaeze Igbo Man Of The Year by anonimi: 3:13pm On Jan 15, 2016
tobex23:
Can you post another picture showing that the rail isn't complete please? Would be glad to see it. Comparing this two pictures you have, I see some differences... I may be wrong though, do clear my thoughts by posting it.

Thanks.
Mogidi:
He delivered good governance hence his protégé was unsuccessful in his bid to become governor.
Amaechi is high on grade 1 Buhari urine.


https://www.monorails.org/webpix%203/cnstRivers02.jpg
Politics › Re: Amaechi Emerges Ohanaeze Igbo Man Of The Year by anonimi: 2:09pm On Jan 15, 2016
Politics › Re: Amaechi Emerges Ohanaeze Igbo Man Of The Year by anonimi: 2:00pm On Jan 15, 2016
Politics › Re: Amaechi Emerges Ohanaeze Igbo Man Of The Year by anonimi: 1:58pm On Jan 15, 2016
For what huh
Maybe for completing the mono rail in PH after paying N22 billion to consultants shocked



Kenai:
The Rivers Monorail has already arrived...

And it's about to take off...
[img]https://www.nairaland.com/attachments/1570278_images-4_jpeg_jpeg2ce038dbd0b51d8e59b0a0d616a6e40b[/img]
.
.
.
.
.

[img]https://www.nairaland.com/attachments/1570371_screenshot_2014-07-23-16-07-14_png29b18d0d659492af789f2e7a9401cc15[/img]

... To outer space.
Art, Graphics & Video › Re: NL Pictures Album by anonimi(op): 12:40pm On Jan 15, 2016
Politics › Re: Excerpts Of Major Nzeogwu’s Coup Speech by anonimi: 12:40pm On Jan 15, 2016
DICKtator:
Dude I saw this on twitter and I'm yet to believe it is real

That amount is so Fashola!!!!!!

In fact ,it seems that someone in APC isn't happy that Fashola could pull such stunt hence trying to do better than him

This is a real POWERBALL JACKPOT!!!!!

His cronies would've started lobbying!!!!
grin grin grin grin
So much for change that is WORSE than transformation grin grin


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https://i.imgur.com/Gz7w2qt.jpg?1




https://vomzi.com/wp-content/uploads/2015/11/best-laughing-hysterically-gif.gif
Politics › Re: Excerpts Of Major Nzeogwu’s Coup Speech by anonimi: 12:16pm On Jan 15, 2016
Freemanan:
Our enemies are the political profiteers, the swindlers, the men in high and low places that seek bribes and demand 10 per cent;
Una wey be website developers what % of the NORMAL cost to upgrade a website is N765 million that Fayemi budgeted for as part of this chanji chanji movement huh shocked



https://www.unitednaija.com/wp-content/uploads/2015/12/0-16.jpg




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Politics › Re: Bloody Coup: Emir Sanusi Sends Nigeria A Very Strong Warning by anonimi: 11:46am On Jan 15, 2016
When will EFCC make this man refund our money that he allegedly stole from the CBN huh


barcanista:
Since I was born, I have never witness the kind of hypocrisy, double standard and demonisation that is currently perpetrated by Muhammadu Buhari, the APC, Alhaji Sanusi, Osinbajo and their "good governance crusaders" against the person of President Goodluck Jonathan, Allison Madekwe, and other government officials.

Alhajis Buhari and Sanusi and APC have been going about using every platform to talk about a "missing $20b", cheered by their hypocritical followers that pride themselves as good governance crusaders. They have deliberately gone blind over the fraud of CBN under Sanusi as outlined by the Financial Reporting Council of Nigeria report in February 2014.

Sanusi Indicted And Removed For Fraud
According to the report (see below) Sanusi was indicted for Gross Misconduct that bothers on fraud and financial recklessness among other offence. The FRCN subsequently advised Mr President to remove Lamido Sanusi from office for further investigation and probe after the explanation of Sanusi appeared more like a tale and outrightly illogical according to FRCN. The council indicates that the explanation provided by Sanusi 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.”


April 2014: VP-elect Yemi Osibanjo Filed Case To Stop Sanusi Probe
Rather than Sanusi to prove his innocence in court, he filed a case in Federal High Court, Lagos to STOP FRCN and Other Security Agencies from investigating and prosecuting him through three Senior Advocates of Nigeria, Prof. Yemi Osibanjo, Dr. Kanyinsola Ajayi and Kola Awodien.
http://www.theguardianmobile.com/readNewsItem1.php?nid=24587

13 May 2014: Lagos Judge Tshoho Grants Sanusi Prayers
High Court Judge John Tshoho rather than uphold the constitutional powers of FRCN to investigate probe Sanusi, he granted the prayers of Lamido Sanusi and BARRED FRCN from further investigation or probing Sanusi Lamido Sanusi. In his own words...
“Prejudice is very pronounced in the language of that document. The language of the briefing note (transmitted by the FRCN to the presidency) conveys a sense of the defendant desperately goading the presidency to deal with the plaintiff,”
“The plaintiff submitting himself for investigation (by FRCN) is like the cockroach finding itself in the midst of fowls. Such a cockroach cannot be innocent,”.

http://www.tv360nigeria.com/?p=11923

Despite the fact the President Jonathan commissioned PWC to audit NNPC books to ascertain the veracity or otherwise of Sanusi's claim, Buhari, APC, Sanusi and their online agents that parade themselves as good governance and anticorruption apostles have been crying blue murder but refused to comment on the FRCN report nor the APC's VP elect role in shielding Sanusi for probe.

April 26, 2015: Buhari's Display of Hypocrisy
In his usual hypocrisy, General Buahri vowed to re-visit the $20b allegation but said NOTHING about the FRCN report. In his own word... “Imagine a situation where the former CBN governor who by God ‘s grace would later become the  Emir of Kano raised an  issue of missing billions of money, not in Naira but in Dollars, $20 billion.
“What happened, instead of investigating to know whether it was true that the money was missing or not, they simply found a reason to remove him. So these are the issues we are talking about…"

Contrary to the lies of Alhaji Buhari, Sanusi wasn't removed because he raised alarm, he was removed because he was indicted by FRCN. Jonathan also never kept mute, he commissioned PWC to audit the books. Buhari was also blind to talk about prosecuting Sanusi for the CBN fraud. Perhaps the Emir is as "incorruptible" as him(Buhari)
[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/
Politics › Re: Aisha Yesufu Blasts Mama Taraba(pics) by anonimi: 11:45am On Jan 15, 2016
Politics › Re: Aisha Yesufu Blasts Mama Taraba(pics) by anonimi: 11:42am On Jan 15, 2016
Confusion don set in be that over their magomago SCAM of a fraud.


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