₦airaland Forum

https://www.financialdigest.com.ng/wp-content/uploads/2018/03/secondus.png

Secondus still has a case to answer ,because he is on bail
N250million was traced to Secondus as remittance in two tranches from the Office of the National Security Adviser (ONSA)
Secondus got vehicles or gifts worth N310million-N472.5million
Documents indicated that 50 vehicles were purchased for Secondus between June 28, 2013 and November 2014.
-EFCC.

Economic and Financial Crimes Commission documents obtained by The Nation, yesterday, revealed that N1.28 billion was spent on acquiring exotic vehicles for the PDP national chairman,Uche Secondus and two others viz,one of his predecessors, Alhaji Adamu Muazu and Senator Albert Bassey.

Analysis indicated that Secondus got vehicles or gifts worth N310million-N472.5million; Mua’zu, N504, 500,000 and Bassey, N303m.

However,Secondus has described the allegation as continuation of his media trial.

Quote:“We are already in court on some of these allegations. If anybody has anything to prove, let him go to court. We know that this is a continuation of blackmail and media trial against the PDP national chairman,” his spokesman Ike Abonyi said.

Also, about N250million was traced to Secondus as remittance in two tranches from the Office of the National Security Adviser (ONSA).The office said out of the monies, N50million was collected by Uche Secondus on November 7, 2014 and one Chukwurah, who was a Special Assistant to Secondus, picked the balance of N200million in cash, on February 9, 2015.The purpose for the payments were unkonown,but it was based on the directive of a former National Security Adviser, Col. Sambo Dasuki.

The desk officers who handed over the cash to the beneficiaries have made statements to the EFCC.All the payment vouchers, especially a vital one tagged 0244, have been retrieved by EFCC from ONSA.

Mua’zu, who is tagged as being on the run, it was learnt, may be watch-listed on how he came about the N504.5million worth of vehicles.

The EFCC declared that “Secondus still has a case to answer because he is on bail.”

According to the fact-sheet obtained from the anti-graft commission, the vehicles were purchased from Skymit Motors from the proceeds of what was due to the nation from the Strategic Alliance Agreement between Atlantic Energy Drilling Concept Nigeria Limited and the Nigeria Petroleum Development Company(NPDC).

Some of the proceeds were initially diverted to Expedia Marines from where payments were made to Skymit Motors.

The documents indicated that 50 vehicles were purchased for Secondus between June 28, 2013 and November 2014.

The fact-sheet reads in part: “As part of the investigation of Strategic Alliance Agreement between Atlantic Energy and NPDC, the EFCC team discovered that part of the proceeds of crude oil lifting were diverted to Expedia Marines and from the company several payments were made to a company called Skymit, which deals in assorted vehicles.

“About 55 vehicles were bought for Secondus as follows:
10 Hiace High Roof @N8.5million each-8/4/14;
15 Hiace Mid-roof @ N8.5million each;
25 Hiace High and Mid-roof @ N210million;
Range Rover Autobiography @N50million
Mercedez G63 @N36m (28/6/2013;
2 Toyota Hilux(D-Cabin Pick Up) @ N14million (8/4/14)
“Secondus was invited on February 23, 2016 in respect of investigation into alleged case of fraud and money laundering. He made a statement and he was granted bail on March 2, 2016.

“His case is still under investigation in spite of the fact that part of the case has been charged to court. Secondus withdrew his first surety, Dr. Musa Hassan Gusau of the National Commission for Mass Literacy and brought in a new surety, Mr. Daniang Peter Dajan, the Director, General Services of the Federal Ministry of Labour. He is on bail and the surety is still there for him. The condition of the bail is very clear: That Secondus will be invited when required and he must honour the invitation.”

Secondus statement to EFCC

“All these gifts came to me from the Chairman of Atlantic Energy, Chief Jide Omokore over the years.I am not aware of the proceeds from Strategic Alliance Agreement being used to purchase the gifts.”

Furthermore,according to EFCC, vehicles allegedly bought for Muazu,Secondus’s predecessor, included: Mercedez G-63@N45million(19/5/14); Many vehicles @N247,500,000 (26/6/14) and another set of vehicles @ N212million on 14/814.

“The suspect(Muazu) is still on the run, the EFCC has not been able to interact with him,” the document said.

Senator Bassey, was a Commissioner for Finance in Akwa Ibom State and the EFCC uncovered how the vehicles listed below were made available to him by Atlantic Energy which allegedly paid for them from oil cash.

BMW X 5BP(Bullet Proof)@ N50m on 13/5/10
Infinity QX 5BP @ N45m (10/12/12)
Range Rover @N40m (17/3/14)
5 Toyota Hiace High Roof@ N43m(9/6/14)
6 Toyota Hilux D/Cabin @N6.2m= N42m(15/9/14)
Set of vehicles @N83m (19/12/14)
Bassey’s statement to EFCC: “The vehicles are gifts from Jide Omokore on the need to ensure my personal safety. I have known him for 19 years since 1997. They are also contributions to my governorship campaigns in 2014.”

But EFCC indicated it had subsequently invited Senator Bassey twice but he has refused to honour the invitation. He was expected to come for interaction on Monday,yesterday, but he did not show up.

https://www.financialdigest.com.ng

https://www.financialdigest.com.ng/wp-content/uploads/2018/03/adeosun.FM_.jpg.1.png

In a joint statement released on Sunday, April 15, 2018, three shareholder groups called for the immediate sack of the Minister of Finance, Mrs. Kemi Adeosun, for her unwholesome interference on the affairs of the Securities and Exchange Commission (SEC), describing the minister’s decision to reassigns portfolios in SEC as “unnecessarily meddling” with the functions of the commission, which has caused severe damage to the capital market.

The groups include Trusted Shareholders Association of Nigeria (TSAN), Proactive Shareholders Association (PROSAN) and Oando Shareholders Solidarity Group (OSSG).

They blame Adeosun of inevitably causing untold harm both to the independence of SEC and the nation’s capital market in her desperate attempt to shield Oando from probe.

The statement reads: “We wish to bring the attention of His Excellency President Muhammadu Buhari, Vice President Yemi Osinbajo and all Nigerians to the unwholesome, unpatriotic and strange actions of the Minister of Finance, Mrs. Kemi Adeosun with regards to the probe of Oando Plc.”

Speaking on behalf of the groups, Oderinde said: “You may recall that since early last year, Oando has been enmeshed in series of crises bordering on abuse of corporate governance and alleged gross financial mismanagement.The internal auditors of Oando Plc, Messrs Ernst & Young, in the company’s financial report last year expressed doubts over its ability to continue as a going concern because its liabilities exceeded its assets.As concerned shareholders, we sent petitions to the Securities and Exchange Commission (SEC) and to the House of Representatives Committee on Capital Market.’’

“The committee mandated SEC to investigate these allegations, culminating in the setting up of a committee by SEC to carry out a preliminary investigation of the company’s affairs.SEC’s preliminarily investigation, as disclosed by the commission in a letter dated October 17, 2017 signed by its Head of Legal unit, Braimoh Anastasia, unearthed several malpractices in the company.These include insider trading, decoration of dividends from unrealised profits, release of false financial statements to the public and the disposal of assets without the knowledge of the regulatory body in contravention of the Investment and Securities Act (ISA) 2007, among several other infractions.’’

Further quote: “These weighty findings compelled the suspension of Oando shares on the floor of the Nigerian Stock Exchange and the Johannesburg Stock Exchangeto pave way for a more thorough investigation.”

https://www.financialdigest.com.ng

Lack of understanding and the lengthy process, are part of the reasons why many Small and Medium Enterprises (SMEs) cannot get Bank of Industry (BoI) facilities. The Senior Special Technical Adviser, Nigerian Association of Small and Medium Enterprises (NASME), Mr. Chris John Mamuda ,revealed this in Lagos.

Quote: “Everybody just believes because that the government says there is money for loan, you just go and collect without any proper documentation and planning.For instance, if BoI wants to give loans, there are certain processes involved – ranging from the purpose of the loan and the collateral involved to other demands which you must meet. However, most enterprises don’t want to go through this process; that is the lack of understanding,”

‘’BoI’s interest rate is at nine per cent while commercial banks are at 22 per cent, and with commitment fee from BoI, it may be 10 per cent. “However, with moratorium from them, have say six months’ grace before you start repaying, but the problem is, most of these business operators still do not understand and that is why we have huge unpaid loans even from BoI. Sometimes the loans favour foreign SMEs more than the local ones,”

Mamuda also stated that over the years, SMEs have contributed to the gross domestic product (GDP) of the country and added value to products. SMEs have created jobs and promoted economic diversification scheme of the Federal Government. However, according to him, all these do not come without challenges, adding that these challenges are still inhibiting the sector’s capacity to contribute to the economy.

Quote: “The challenges are many, but I categorise them into two: internal and external. The internal challenges range from poor organisational skills, inadequate record keeping and data to know new business trends and how to catch up with international standards. There is also poor development and product packaging skills. We all know very well that you can’t grow a business when you’re not abreast with global trends and also when you don’t have adequate data to know what is in demand.

“The external challenge is where regulation, multiple-taxation, absence of business advisory support and access to loans come to play. Taxes being charged on SMEs are not encouraging, and also advisory support from the agencies is not available. Access to start-up loans is a huge challenge as there is lack of understanding of the procedures of securing such loans by the SMEs.”

https://www.financialdigest.com.ng

https://www.financialdigest.com.ng/wp-content/uploads/2018/04/World-bank.Group_.png

Nigeria has so far been supported by the World Bank Group, with loans and International Development Association (IDA) credits worth about $14.2 billion, since 1958.

According to the group’s report, $1.51 billion was committed to the country in the 2017 fiscal year and so far in 2018, it has already spent $486 million on different development projects across the country.

Some of the projects being undertaken by the Bretton Wood Institution include Electricity Transmission Project, Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project, Polio Eradication Support Project and Housing Finance Development Programme, among others.

The World Bank Group is also helping to fight poverty and improve living standards in the country through 33 Core Knowledge Product Reports and 29 ongoing National and Regional projects.This is in addition to about 60 Trust Funds.

The World Bank Group begins its week-long yearly Spring Meetings today in Washington. Nigeria attends the meeting every year because of the quantum of investments and assistance it receives from both the IMF and the World Bank.

Although Nigeria currently has zero loans with the IMF, it enjoys technical support from the organization.Minister of Finance Kemi Adeosun and Central Bank of Nigeria (CBN) Governor Godwin Emefiele are in Washington DC to join other economic experts from around the world to discuss issues affecting global economy.

Discussions would take place under the auspices of the World Bank Group and the International Monetary Fund (IMF).The Meetings will bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and the academia.

Experts will discuss issues of global concern, including the world economic outlook, poverty eradication, economic development and aid effectiveness. There will also be seminars, regional briefings, press conferences and many other events with focus on global economy, international development and the world’s financial system.

https://www.financialdigest.com.ng

A tip of the iceberg


Jokes,apart,Africa should declare state of emergency on corruption.

#DeathSentenceforCorruptLeaders

The spate of hiring foreign coaches especially for football, by national teams across Africa, Nigeria inclusive is very worrisome. More worrisome is the fact that we have refused to learn from our failures and the financial waste involved.

Why are we not investing in our people, but foreigners? We do not need a Bills Gate to answer this question.

As at the last count, there were about 24 foreign coaches, hired and ravaging Africa .Of the 5 African countries, going to the World Cup football event,two are coached by Africans(Senegal’s Aliou Cissé and Tunisia’s Nabil Maâloul ) whilst three,by foreigners.( Argentina’s Héctor Cúper for Egypt, Germany’s Gernot Rohr for Nigeria and France’s Hervé Renard, for Morocco.

Fact check:

There is absolutely no guarantee that, a Gernot Rohr for Nigeria would succeed more than Senegal’s Aliou Cisse of Senegal.
Local coaches have succeeded more than foreign coaches.
So why the waste, of Financial resources, on a very temporary failure or success?

Financial implication, for Nigeria.

Gernot Rohr ‘s salary is put at $600,000 per annum, excluding allowances. At the official exchange rate of N305,this amounts to N183 million. His assistant, Yusuf, a Nigerian, earns just N3million! Are we cursed as a people?

Thomas Dennerby ,the coach of Super Falcons, that were walloped by France 8-0(it has never been that bad for our dear Super Falcon, with local coaches) earns undisclosed amount.

So for the same failure or success, of uncertain probability, Nigeria is wasting a minimum of N183million,annually,an amount that could have been utilised in developing atleast 10 loacla coaches up to world class leve,exposing them to the best training,infrastructure and tools,available anywhere in the world.

Fact be told foreign coaches can only be hired to achieve short term success, if any. There is nothing better than using the funds applied in hiring foreign coaches, to develop our local coaches. Well trained and exposed Nigerians in other fields of endeavours, are among the best in the world, sports and football in particular, cannot be an exception.Success in sports globally, is temporary, no country can achieve permanent and continual success ,there will always be ups and downs.

It is therefore, better and far cheaper , failing and succeeding with our local coaches, than failing and succeeding with foreign coaches, a colossal waste of financial resources.

The financial resources being wasted on foreigners should be used to develop and expose our local coaches and players, locally and overseas, like it is done in other professions. With that, we get much more everlasting returns on investment in our people and football .

https://www.financialdigest.com.ng/opinion/

former president of brazil has just been sentenced to 12years.The anti-graft agency is very independent.

https://www.financialdigest.com.ng/wp-content/uploads/2018/04/lula.prison.png

Luiz Inacio Lula da Silva, the former president of Brazil has been sentenced 12 year prison term from Friday, and the Judge, Sergio Moro,gave him 24 hours to surrender to police.Moro is the head of Brazil’s huge “Car Wash” anti-graft probe.

Lula, 72, was once one of the most popular politicians on the planet and he easily leads polls in Brazil’s October presidential election. His incarceration will throw the race completely open.

Moro’s office said that in view of Lula’s stature as a former president, he would have “the opportunity to present himself voluntarily” to police in the city of Curitiba, where the “Car Wash” probe is based, by 5:00 pm (2000 GMT) Friday.There was no immediate reaction from Lula, who had been described earlier by supporters as facing his jailing calmly.

Lula had been due to address a Workers’ Party rally in the city on Friday afternoon, but that event would now coincide with Moro’s surrender deadline.He petitioned the Supreme Court on Thursday to be allowed to remain free while pursuing appeals in higher courts against his conviction for receiving a seaside apartment as a bribe from a construction company. A lower court appeal failed this January.

However, the Supreme Court judges ruled 6-5 in a marathon session that under the law, Lula must begin his sentence after having lost that first appeal.Still, it had been widely expected that with more technical appeals, Lula would start his sentence only sometime next week at the earliest.

Brazil’s left is furious at the Supreme Court ruling, seeing Lula’s imminent imprisonment as a plot to prevent the Workers’ Party from returning to power. Party leader Gleisi Hoffmann said the court ruling violated “constitutional law and the presumption of innocence” and made Brazil “look like a little banana republic.”

However, there were celebrations on the right and among prosecutors supporting the epic “Car Wash” probe, which has revealed high-level corruption throughout Brazilian business and politics over the last four years.

To them, Lula epitomizes Brazil’s corruption-riddled elite. His conviction on charges of accepting a seaside apartment as a bribe is “Car Wash’s” biggest scalp by far.

Lula, who grew up poor and with little formal education before becoming a trade union leader and politician, says he will go down fighting.

Analysts say that his election hopes have now been dealt a body blow. But he is not necessarily knocked out.

In theory, once someone has been convicted and lost their lower court appeal, they are barred from running for office under Brazil’s clean slate law. But the issue will not be decided for months.

Lula has until mid-August to register his candidacy and only after that will the Superior Electoral Tribunal rule on whether his candidacy is valid.

Pathway for Nigeria:


Also,today ,Friday April 6,2018, former president Jacob Zuma of South Africa,is in court,for corruption charges.

But in Nigeria, where various ‘’wars’’ had been declared against corruption, all instances abound where past leaders are never made to account for their financial stewardship, yet not every past president or head of state, was devoid of one financial scandal or the other. It has become an ‘’unwritten law’’ that every past leader is untouchable and continued to enjoy ‘’immunity’’ against prosecution even long after exiting office.

Financial Digest opine that, until the corruption tolerance level, at the utmost top, is set at zero, the so called fight would continue to be a big joke. The tone at the top,sets the agenda for lower ranks.Past and present leaders must be made to face justice where culpable. The immunity clause is doing Nigeria no good.

The hiring and firing of the EFCC chairman, should be the sole responsibility of the people, through their representatives at the National Assembly, the president must not be involved. This will detach and remove all emotional links of the EFCC chair with the president and thus make any plausible prosecution of the latter very easy, even after exiting office.

Death sentence or a life imprisonment for corruption, is not out of pace with the deep rooted and cancerous level of corruption in Nigeria.

https://www.financialdigest.com.ng

Igba123:
Obasanjo is truly dissappointed in buhari. Well what do u want to get when u set ur trap on d route of bush rats instead of antelops. Obj's trap has caught a bush rat. What a shame.

Why?

He will always be dissppointed.Nigeria's problems persist because past leaders like OBJ failed.

The old man should go and rest.

He talked about impunity.OBJ?eeeeeeeeehnn?

We have not forgotten inpunity of withdrawing Lagos state funds despite court order.
We have not forgotten his inpunity of third term agenda.
We have not forgotten his inpunity of wiping out a whole ODI community.
Inpunity against his VP
I can go on.

he also talked about failure.What's the big deal about failing?

Great men ,globally,succeeds through failure?

Kini Big deal?

OBJ again?

Has he not been there before?

How accountable was he?

Is he the only ''elderstateman''

Buhari has failed,even before submitting his exam paper at the end of 4years?

If I have a promising child that fails an exam.Am I suppose to withdraw him from school or encourage him to pass the next time?

Meanwhile the exam is still on!