₦airaland Forum

EternalTruths:
Biafra is meant for Igbos and any willing tribe.


Others are free to remain slaves in Nigeria fighting for true federalism and resource control the Hausa Fulani elites have vowed to frustrate.




Give unto Biafra what was given to the Scots

UN referendum or war.

I'll love to see your post or comment on this issue on nairaland before the election to ascertain whether you re truthful to yourself.

This IPOD is made in PDP, packaged in UK by Kanu and executed by Tanoids

And people are asking how we'll be able to fund 8.2trillion 2016 budget when we know if the institutions does their jobs very well. Fines alone will generate 1/7th of that fund. Nigerians are not used to obeying her own laws or rules.

Tokunbo Adedoja
Less than two weeks after it sanctioned two major
banks for flouting Federal Government directives on
Treasury Single Account, the Central Bank of Nigeria
(CBN) has imposed a fine of N4 billion on Skye Bank
for concealing funds belonging to Ministries,
Departments and Agencies (MDAs).
In a circular from CBN, addressed to the Chairman,
Board of Directors of Skye Bank, the apex bank
slapped Skye Bank with a fine of N4,005,228,976.35,
which it said represents 10 percent of the concealed
funds belonging to Federal Government MDAs.
The circular said the amount would be debited from
Skye Bank’s current account with CBN.
The CBN circular obtained by THISDAY from industry
sources, showed that Skye Bank failed to report
MDAs’ balances amounting to N40,052,289,769.47, as
at October 23, 2015, more than a month after the
TSA deadline had expired.
The Federal Government had directed that balances/
receipts due to the government or its agencies be
paid into a TSA domiciled in the CBN except
otherwise expressly approved. The TSA is a bank
account or a set of linked bank accounts through
which the government transacts all its receipts and
payments and gets a consolidated view of its cash
position at any given time. A September 15 deadline
was given for full compliance with the directive.
CBN's hammer had earlier fallen on two major banks
- First Bank of Nigeria Limited (FirstBank) and United
Bank for Africa (UBA) Plc for failing to comply with
the directive on TSA. While a fine of
N1,877,409,905.12 was imposed on FirstBank, UBA
was fined N2,942,189,651.45.
The fines imposed on the two banks represented 5%
of unremitted funds.
Unlike UBA and First Bank that were sanctioned two
weeks ago, a higher percentage (10%) of fine was
imposed on Skye Bank because it shrouded the
MDAs' funds until the funds were uncovered by CBN
examiners during a visit to the bank.
While notifying Skye Bank of the fine, the apex bank’s
circular signed by the Governor, Mr. Godwin
Emefiele, noted an October 14, 2015 request by its
Director of Banking Supervision, Mrs. Tokunbo
Martins, for information on Skye Bank’s total amount
remitted and unremitted to TSA in a prescribed
format with a submission deadline of 12pm, October
15, 2015.
It however stated that the bank’s initial submission
on “15th October 2015 in respect of the information
requested indicated unremitted amount of N442,
916,642.92, a rendition which was false as your bank
failed to report FGN MDAs’ balances amounting to
N40,052,289,769.47 as at 23rd October 2015.”
The unreported sum, it said, was unearthed during
CBN examiners’ onsite visit to Skye Bank on October
26, thereby aggravating the offence.
“The fact that it took CBN Examiner's visit to your
bank before this was unearthed is unacceptable,” the
circular stated.
CBN also issued a strong warning to the board of the
bank to desist from allowing a similar situation to
reoccur as such would be met with stiffer sanctions.
“For the avoidance of doubt, the CBN shall continue
to frown at incidences of non-rendition of returns,
late or false/inaccurate returns, other false/
inaccurate information or any infraction whatsoever.
The CBN shall, in such instances, impose sanctions
as appropriate,” it further stated, signaling a stricter
regulatory regime where deliberate breaches would
not be tolerated.
THISDAY had exclusively reported three weeks ago
that two prominent banks faced sanctions for
circumventing the presidential directive on Treasury
Single Account (TSA). The THISDAY report had noted
that CBN was considering imposing a hefty financial
sanction, suspension or removal of the CEOs, and the
dissolution of the board of directors.
A week after the report, the central bank imposed a
N4billion sanction on First Bank and UBA for
concealing funds belonging to Nigerian National
Petroleum Corporation (NNPC).
The Federal Government directive on TSA had sent
shock waves around the financial sector due to the
huge government deposits in commercial banks that
would be affected by the policy as fears mounted that
it would further tighten liquidity.
Some banks had tried to hide under the authorisation
letter from the Accountant-General of the Federation, Alhaji Ahmed Idris, who tried to exempt certain agencies, and were using that as a basis not to comply with the TSA.
But CBN, in line with its September 9 circular,
restated its resolve to punish any commercial bank
that failed to comply with the policy on the TSA.
CBN however moved to ease liquidity in the banking
system, in response to a severe liquidity squeeze in
the interbank market at the last meeting of the
Monetary Policy Committee by ensuring that the
Monetary Policy Rate (MPR) remained unchanged at
13 per cent+/- 200 basis points around the symmetric corridor and also reduced Cash Reserve
Requirement (CRR) from 31 per cent to 25 per cent to reflate banking sector liquidity.

Bossforeva:
it started in his tenure.

Olodo, so the road became bad this last 5months?

Bossforeva:
You are meeting Julius Berger men for connections yet this The Onitsha -Enugu Expressway, a federal road looks like this

The one you voted for would have fixed it the last 5years.

Flets:
This has been public knowledge for a long time. Your ignorance is no excuse.
Infact... Buhari is yet to understand this yet

Stop this lying. It was all opaque before Buhari came on board. Even your conscience is aware of this.

If you thoroughly read through Opunabo's resignation letter you'll understand how insensitive and wicked Nyesom is as a boss.

naijaguy77:
Confused APC.

So 2 trillion is 40% of 8 trillion? Clowns

You are looking so frustrated, kpele, GEJ and cluelessness are gone. Get over it. Didn't you read where it was stated between 6-8trillion naira. Is the 8trillion fixed?

MRSALT:
How can recurrent expenditure jump from N3T in 2015 to N6T in 2016. If the capital expenditure is N2T as against N1.5T in 2015, then the net budgetary value stands at N0.5T.Let it not be that those recurrent expenditures that are not captured in previous budgets are now lumped in to the new budget to make it look like more money is being generated.

Other MDAs not captured previously cos they run independently as FG annual budgets,NNPC, FIR, Customs are her likes are now included. When add the fact, the APC promised free school feeding programme and the social package of 5k for 25million unemployed youth, then the 6trillion is not that high leaving 2trillion for capital projects.

Flets:
I don't do hearsay... put the numbers down. Crude drives 70% of our budget, the remaining 30% is where those IGRs come in.

Forget about loopholes, you cant plug loopholes for non-existent funds.

These re the informations you re now privy to know courtsey of Buhari's transparency election promise. Our non oil sectors have been a drain pipes for years.

otokx:
I knew my Governor WIKE will not disappoint in this matter, IPOB has no business in Port Harcourt.

he has no hand in this. The order was from above.

speedyGonzales:
I don't see any evidence of your claim... especially since the TSA has not really been around that long and we do not have anybody with real economic understanding in the current administration yet!

what is the annual budget of these MDAs including NNPC and her likes?

The Senior Special Assistant on Media to Governor of Rivers State Nyesom Wike. Opunabo Christian Inko-Tariah has resigned his appointment.
In his resignation letter the former SSA on media accused Wike of insensitivity and not heeding to professional advice. The Kalabari born Journalist cum politician owner of The Hard Truth Newspaper also accused Wike of running a one man show.

Source: Rythm 93.7 ph news

speedyGonzales:
well, I said bravo if they can really! but to be honest I am not that gullible! TSA will help but 8 trillion is no child's play. and your 16 trillion claim is just conjecture, there is no real substance!

In my honest opinion it should be higher than 8trillion since these MDAs not captured in our 2015 budget will now be reflected in our 2016 budget. On the 16trillion naira, it may be over bloated but not really far from the truth considering NNPC and Federal Inland Revenue are the new entrants to this TSA.

speedyGonzales:
8 trillion budget! hahaha! these APC are trying to kill me with laughter! well, we will see, if you can do it, then bravo for you!

Seems you guys just want to be blind. How many times will someone tell you that TSA is now in placed. So MDAs that were not captured in our yearly's budgeted will now be included instead of generating and speanding our money independently as was done by past administration. Almlsot 16trillion were spent un appropriated for by this almsot 500 MDAs but with the TSA, they'll be captured together in the year's budget.

Djicemob:
So APC are serious about plunging our economy into more deadly recession?


What economic benefit is paying youth 5k biko?

Over 100 000 000 000naira to be wasted on nothing when you can actually use the money to create jobs that can pay them 50000naira

Much as I agree with you on this but I'll also say you said it in bad faith until I see your reaction when PDP issued a statement on this matter.

seunmsg:
I agree with you absolutely that the PDP government did not disclose all the revenues they generated all through their stay in power. At the same time, I will still like the APC government to fully disclose how they intend to finance an N8trillion budget. We are talking about close to 100% increase in annual federal expenditure here, explanations on where the funds will come from must be made available.

MDAs usually are not included in the Federal Government budget. Remember when the House of Reps investigated them and found out that 20trillion un budgeted were spent by this MDAs yearly. Is usually the drain pipes for past administration. So 8trillion naira is not that much if you include other MDAs since the introduction TSA.

Read this:

seunmsg:
The House of Representatives said it has
uncovered what may turn out Nigeria’s biggest
fraud yet, accusing the Jonathan
administration of spending N16 trillion on its
super offices yearly, while the entire country is
given a meagre budget of about N4 trillion.
The claim was made Sunday by the House
Public Accounts Committee.
The committee said while the Nigerian
government complains of revenue for key
projects, the same government has allowed
dozens of powerful offices, graded as
“statutory and extra-ministerial departments”
to spend a minimum of N16 trillion yearly.
The amount spent by the offices are not
regulated, audited or appropriated by the
National Assembly.
Much of the figure are generated by the
respective offices and are deployed at the
whims of their chief executives.
Such statutory offices include the Nigerian
National Petroleum Corporation, NNPC,
Central Bank of Nigeria, National
Communications Commission, Federal Inland
Revenue Services, and Nigerian Ports
Authority.
The revelation came as part of an ongoing
examination of finances of government and its
601 agencies, the House committee said.
The committee, which spoke through its
chairman, Adeola Solomon-Olamilekan, on
Sunday, said when combined with Nigeria’s
official annual expenditure, the country spends
over N20 trillion yearly.
Mr. Solomon-Olamilekan said the N4.3 trillion
budget for 2015, amid an oil crisis, is a “far
cry” which does not include the finances of
“statutory and extra ministerial departments”
which have been running “about N16 trillion”
without public auditing.
“The N4.9tn, N4.6tn or N4.3tn, as the case may
be, is the budget that the whole Nigerians are
listening to but in the true sense of it, the
budget of other statutory and extra-ministerial
departments put together is about N16tn,” he
said.
“So, the total overall budget year in year out is
over N20tn, which the executive arm operates,
but nobody is asking questions as to the
implementation of all these budgets.
“Nobody is bringing information on the implementation of all these budgets; and this is
one area Nigerians need to start asking questions in order to move this country
forward,” he said.
The House committee said the federal government has encouraged the fraud to continue by deliberately refusing to fund the office of the Auditor General of the Federation, to weaken its capacity to check the violation.
The committee said by reducing the budget of office of Auditor General from N1.9 billion to N100 million in 2015, the government deliberately ensured the office no longer had the capacity to audit 601 departments and 144 foreign missions.
The big cut was carried out by the Ministry of Finance, citing falling oil revenues.
“How can we imagine that the capital budget of the office of AGF for the year 2015 was reduced from N1.9bn to N100?
“Can you also imagine an office of the AGF that has 144 foreign missions to audit and as we speak, between 1999 to date, that office has not audited up to 30 of these foreign missions while three quarter of these foreign missions are also revenue generating agencies?
“So, there is nobody to audit the revenue generated and the expenditure they incur.
“The office of the AGF has been short-changed and the budget has been reduced to nothing. As such, the government of the
day is having a field day to carry out whatever its wants to do because they know they have an office that is not functioning,” Mr. Solomon-Olamilekan said.
www.premiumtimesng.com/news/headlines/177768-reps-accuse-jonathan-of-aiding-budget-fraud-says-govt-offices-spend-n16-trillion-yearly.html

seunmsg:
How will the government fund an N8trillion budget in a period of low oil earnings? And N2trillion for capital expenditure out of N8trillion is absolutely unacceptable. This information is at best vague, I believe we will get a clearer picture of how the budget will look like in days to come.

They'll definitely get close to that. Buhari seems to be interested in upping our revenue in non-oil sector especially in the changes happening in customs. Just learnt that they make between 1.5-2bn naira now daily since Ali restructure custom.

As a man who wanted Buhari, am also feeling the heat like everyother Nigeria that is witnessing a trying moment in our nation. Let's see what happens.

olillywales:
Rivers State Governor, Nyesom Ezenwo Wike has declared that never again will the people of the state denied access to justice in the form of the closure of courts.

Governor Wike also declared that never again will the State Judiciary be compelled to go cap in hand to the executive arm to beg for funds as his administration has instituted self accounting status for the judiciary as well established the independence of the judiciary.

The governor spoke on Thursday at the Rivers State Chief Judge's Ceremonial Court in Port Harcourt while declaring open the 2015 /2016 Legal Year. The last legal year ceremony held on 11th January, 2013 before the last administration plunged into judiciary crisis.

Governor Wike stated that his administration has also released funds to the State Judiciary for capital projects in courts and judicial facilities across the state.

According to him, his administration released N350m to the State High Court for capital projects , N150m to the State
Customary Court of Appeal and another N200m to the High Court for additional capital projects. He additional capital funds will also be approved for the Customary Court of Appeal.

He said : "As a political scientist and lawyer, I appreciate the interplay of law and politics in a democratic setting and in particular, the preeminence of law in social engineering and achieving good governance. It is the knowledge acquired from these disciplines that have made me appreciate the judiciary as one critical area for the success of our administration.

"Let me remind us all of our collective responsibility to respect and uphold the core values of the rule of law, equity and separation of powers. Above all, the judiciary is so vital and essential to the just and effective governance ".


He noted that the administration has commenced the building of a new law centre for lawyers in the state, construction of a new Federal High Court complex and judges quarters.


Acting Chief Judge Of Rivers State, Justice Daisy Okocha commended Governor Wike for the restoring the pride of the judiciary.

She said that the governor has enhanced the independence of the judiciary through the implementation of self accounting platform.


The legal year was preceded by a Church Service.


Simeon Nwakaudu,
Special Assistant ( Media ) to the Rivers State Governor.

http://www.metronaija.com/2015/11/rivers-people-denied-access-to-justice.html

cc: lalasticlala

Atleast OCJ Okocha and his sister can explain why. Anyway enjoy the romance while the offer last.

wordcat:
Only time will tell. For now, we all must agree that oil is a cause to the Niger Deltans

A cause to you.

OP, you will be unfair to Ambode if you want him to construct those rails in Nigeria with Lagos meagre allocation while the Federal Government who collects the large junk of cash do nothing about it.

OP avoid Bariga, I'll take Mushin over Bariga if am you. Mushin is just a throw stone to Yaba or Surulere.

Acidosis:
I have no issues with fines and sanctions. MTN has to obey the laws of the land, but why are we over-flogging this issue. We all seem interested in the matter (recharge card money) including the Vice President.

Should we even be waiting for MTN to revive the dying economy? What's the motive behind the fine? To revive the economy? is that not a shameless matter?

I doubt the FG is overflogging the issues. From the thread we are commenting, South Africans MP are worried not APC Legislators in our National Assembly. MTN should pay the money QED.

What is even wrong with dependence on fines? English Premiership we watch generate most of their incomes in fines and even in other sector in UK and likes.

olutunde12:
It will take a longer time to fix what buhari did to the economy in his six months of inaction than to fix what ever you people claim pdp did. Before Buhari was born has been the adage " A wrong decision is better than non."

Now I see where you are coming from. You are not even interested in the country's economy just after your wailers.

Acidosis:
If MTN, DSTV, Gotv, Stanbic, Shoprite halt all outlets in Nigeria, over 10 million Nigerians would be rendered jobless and useless.



Nigerians should stop destroying people when they have no better alternative. Think about the number of football viewing centres. The number of Chelsea, Arsenal fans that would die of heart attack, the number of Shoprite workers and affiliates that would end up begging on the streets.



We simply can't do anything aside empty noise online. We have more Nigerians living in South Africa than S.As living in Nigeria. Why?

We are just bunch of lousy buffalos who have nothing to offer than extorting monies. Why can't you all go to S.A and make or build another MTN? What stops GLO from investing in S.A? What stops MYTV from investing/extorting in S.A? A clear case of mediocrity!


We need to bury our heads in the saw dust of shame. Shameless citizens.

Nigerians and their love for quick money. Your economy is failing in the midst of over 30 mineral resources and all you all can think about is MTN recharge card money. Same money you all will indirectly pay back to the company.

What has this your ranting got to do with the fact that MTN broke a rule they willing signed and were asked to pay. So they shouldn't pay huh?

olutunde12:
Instead of being jealous of SA, I think what we need do is tell the dollards in aso rock to do something too. Tell us the name of nigeria's investment in other countries. Why being jealous of SA?

So they shouldn't pay?

ireasontight:
and why is it that no nigerian head of state(even when buhari was head of state) have fined these oil exploration companies billions of dollars for spilling oil in Biafra land.,Maaad people

You guys are meh!!! Stop been foolish.

onyedikachukwue:
Under 6months Apc has turn Nigeria to a joke.
Economic recession
Insecurity(everyday armrobbery,bombing)
The youths touting around.
People loosing their jobs
Investors loosing.
And their are still some gullible ones.

So MTN should not pay the fine abi?

PUSH1:
I tot pdp and Gej left gaint strides. Why disturbing apc and pmb. Is it that urgent?

Every sector needs urgent attention.

Shame to pdp

Baffles me how someone will blame Buhari when PDP campaigned that 60% of Federal roads are now motorable. Buhari works minister has a lot to do.

The anti-corruption war is one-sided.

chiMoni37:
...abeg park well....Dey don't speak izon Ebe....E dey pain u say dem dey speak IBO and bear IBO names....?

I'll ignore you.