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cleatoris:AmaeTHIEF sef don hear for Transport minister post wey Buhari give am, not so ![]() Keep deceiving yourself. www.nairaland.com/attachments/2831519_stealingamaechi_jpegad74e2c90a1a5fd1bd932c3319614bc3 |
Yes, such as AmeaTHIEF, not so ![]() scribble: |
miqos02:He CANNOT commission any project for Edo people. He is using their money to commission Iara project since time immemorial. Edo people can eat sand as far as comrade I-go-chop-too is concerned ![]() www.nairaland.com/attachments/2700691_adamauwife_jpeg1a43183da83b73aea9fe5c12764502a7 |
Cope1:Abi oh. They think we have forgotten their own FRAUD and corruption charges. barcanista:[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/ |
Princemilla:[img]http://cdn2.vanguardngr.com/wp-content/uploads/2015/06/412x250xOshiomhole-Okonjo-Iweala.jpg.pagespeed.ic.cStFUsBeei.webp[/img] |
youngprof8787:Yeah with people like Amaechi, Tinubu and Oshi_Omo_Ole to show him the way, innit www.nairaland.com/attachments/2711988_img1280483105130_jpeg_jpegb1c7fc64f8bd4437ea95677357b8006b |
Demmocrats:Abi oh. The SMD surely deserves his certificate. ![]() www.nairaland.com/attachments/2694031_oshiomolecertificatethetrent_jpega66ba4ee3760836630d2aa5d6755aa39 |
After you, Oshi_Omo_Ole, have returned the $75 million loan Booboo approved for you or before ![]() www.nairaland.com/attachments/2773141_osioinlove_jpeg19f5c22a1acf79a34119ea684a80d78f |
Good, kind gesture worthy of emulation. Kudos. Better than showing Banana https://www.nairaland.com/2811302/lagos-government-after-linda-ikeji/1#41151757 Yet the same blogger will be complaining that government can't provide facilities or maintain things and that Nigeria is not like the US. www.nairaland.com/attachments/2855780_motivationquitoswallpaper10684725_jpegbb9fda572c41a8a09a122f47defd399e [img]https://www.nairaland.com/avatars/dmu038nc61mmai4li3hg7qlywqu46xtl1272873[/img] |
femiero:Nor mind the Booboo zombies oh. Dem eyes never clear. www.nairaland.com/attachments/3073565_ctuafvju8aakuv5_jpeg49a942de8e3d1d388856e63d96b767a5 |
sosanova:That is our Pretender-in-Chief, PiC Sai Booboo oh ![]() www.nairaland.com/attachments/2827707_img20150905142543_jpegffcefa9483529d6999254d5bf1b3a54e www.nairaland.com/attachments/2837264_tmp9455fbimg14417792614671224457852_jpeg6dab6ee28b2554beeaa4f34b3a1f7675 www.nairaland.com/attachments/2561955_madam_jpeg15b745b8c7ed5d6f4fc33db5b762e715 |
Big LOSS for our wildlife and TOURISM. So many elephants would have been KILLED to get the ivory. ![]() |
Ambode over to you oh. Please send your TAX collectors to assess his Personal Income returns quickly like the GREAT way you are working on Linda Ikeji's own Thanks. https://www.nairaland.com/2811302/lagos-government-after-linda-ikeji |
Good news. In fact, GREAT news. I hope Ambode and the other 35 governors plus 774 LGA Chairmen will be more rigorous about TAX and tenement RATE collection based on paparazzi Instagram announced acquisitions. Ambode should not forget Wizkid, PSquare etc oh. |
Where is the photo of the wife also ![]() MAYOWAAK: |
Buhari, where art thou? Fellow citizens, how did we end up with this scam? How could we have allowed ourselves be DECEIVED so easily ![]() www.nairaland.com/attachments/2236329_fbimg1426964019374_jpegf0426a8233bbbeb8b2d08838e693f36e https://pbs.twimg.com/media/CBDwbaoWEAAgRZm.jpg www.nairaland.com/attachments/2241285_apc20val_jpegd8974d69b37695e4b5dcc89fbc62a3e2 |
merry02:Despite their campaign promises, it is the same old palaver sauce, walahi. ![]() www.nairaland.com/attachments/2026526_image_jpeg9f360c5ab7736510df54c882e9dbf188 https://pbs.twimg.com/media/B-_or5ZUoAAqlz3.jpg [img]http://pbs.twimg.com/media/B-wNrUkW0AAr9B3.jpg:large[/img] |
Jaycool18:Completely & thoroughly clueless, I tell you bro. Firefire:www.nairaland.com/attachments/3126736_killbokoharam_jpegd375c59f7b9b33f00c41d6006bbb5f00 |
MAY or may not abi ![]() These people have seen mumus walahi. Where are the MISGUIDED elements who did Occupy Nigeria against our avant-garde hero of democracy & socio-economic transformer? Wey dem ![]() www.nairaland.com/attachments/3075523_bubu_jpeg548c6e11ce99a7bdf3febf4edabed9ea www.nairaland.com/attachments/2589504_subsidy2_jpeg57ea79bc1f8758353f00f8db1d53dbf1 www.nairaland.com/attachments/3075524_bubu1_jpeg88275f10f2430d13576e18436b244ea1 [img]https://www.nairaland.com/avatars/rfpz2aiih02arcv4l0q6myapvub3qyub1364484[/img] |
ajebuter:The megida has NO value whatsoever for education of ALL our children. ![]() www.nairaland.com/attachments/2027366_buharinu_jpeg5ce072fcf9c5443e849caa9cebbeaa57 |
Really ![]() Whatever happened to the yoyo promises we were sold to buy their rotten package on March 28? We don enter one chance finish walahi! ![]() www.nairaland.com/attachments/2236329_fbimg1426964019374_jpegf0426a8233bbbeb8b2d08838e693f36e https://pbs.twimg.com/media/CBDwbaoWEAAgRZm.jpg www.nairaland.com/attachments/2241285_apc20val_jpegd8974d69b37695e4b5dcc89fbc62a3e2 |
Tolzeal:So na wetin e be na, you wey sabi the thing make you tell us o jare. |
CaroLyner:Maybe the recipient is also 73 years old ![]() OP are you 73 years old already ![]() |
sugarbelly4:This is a SCAM recycled old photo to direct traffic to the blog where there are NO more pictures than this same old picture. Seun. lalasticlala, ishilove, Mynd44 make una dey vet the threads wey una dey carry go FP na to avoid dragging down the credibility and reputation of nairaland oh. I don talk my own. May I suggest that this scam thread be closed? www.nairaland.com/attachments/2860930_image_jpeg9f360c5ab7736510df54c882e9dbf188 |
liveyourlife:Great initiative you have there. We pay these SINators and representaTHIEVES too much and we should make them work for us, surely. www.nairaland.com/attachments/2943663_salar_jpeg17507ee9e7182339f9c9b827ff56ee7b www.nairaland.com/attachments/2943664_wage_jpeg1488711c5349aed5f79f2e121e58b278 |
loomer:They never were. They never are. They never will be any different. www.nairaland.com/attachments/2281191_politricks_jpeg1e074f9e4eb2ed17a7bc4617eb7731cb www.nairaland.com/attachments/2102459_apcteam_png6dc9407cdcc2b68174c445361fc3e4c9 www.nairaland.com/attachments/2065934_image_jpeg9f360c5ab7736510df54c882e9dbf188 |
thunderrider:Real hypocrisy of the worst kind I tell you. https://pointblanknews.com/pbn/wp-content/uploads/2014/01/tinubu-and-jona.jpg |
Dreambeat:www.nairaland.com/attachments/2110433_photogrid1423507310454_jpeg15665798139e20373fd1ab95e35707b5 |
rusher14:CORRUPTION fought to a standstill by Buhari, Amaechi & Tinubu or by who exactly please ![]() scribble: |
Ofodirinwa:May God richly reward you for this archaeological excavation work you have just done to reveal the HYPOCRISY of these JagbaJantis bandits- Amen!!! The useless thug wrote all that trash despite ALL the 36 state governors wanted to withdraw subsidy in October 2011. They must think we are all brain-dead mumus in this country ni. www.nairaland.com/attachments/2606941_fuelsubsidygovernorssupport2011d_jpegc347aadcc28645a881c11e877b19ae27 |
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