₦airaland Forum

hmm

Very simple but not straight questions. The lecturer is only using grammar to cover the simplicity of the questions.

I wish ALL STUDENTS who wrote the exams GOOD success.




Check out this questions from COOU, Igbariam Campus, another simple exams.

The secret here is class attendance and adequate study with good knowledge of English Grammar/Language.

BUHARI APPROVES NEW BOARD OF
DIRECTORS FOR NNPC
President Muhammadu Buhari has approved the
composition of the Board of the Nigerian National Petroleum
Corporation (NNPC), as provided for under Section 1(2) of
the Nigerian National Petroleum Corporation Act of 1997, as
amended.
The new board is composed of the following:
A. Chairman-Dr Emmanuel Ibe Kachikwu, Honourable
Minister of State for Petroleum;
B. Group Managing Director-Dr Maikanti Kacalla Baru;
C. The Permanent Secretary of the Federal Ministry of
Finance; and
D. The following six persons:
1. Mallam Abba Kyari
2. Dr Thomas M.A John
3. Dr Pius O. Akinyelure
4. Dr Tajuddeen Umar
5. Mallam Mohammed Lawal, and
6. Mallam Yusuf Lawal.
President Buhari urges the new board to ensure the
successful delivery of the mandate of the NNPC, " and serve
the nation by upholding the public trust placed on them in
managing this critical national asset."
FEMI ADESINA
Special Adviser
(Media and Publicity)
July 4, 2016


https://www.facebook.com/obabafemi?fref=nf&pnref=story

This is a REAL exam question paper in a REAL university, set by a REAL Professor of Political Science in this our country Nigeria. Wahala dey o...


https://www.facebook.com/photo.php?fbid=10154220930895690&set=a.10150184071290690.322605.548535689&type=3&theater

A lot of people are having trouble with this math problem that requires some basic algebra

What is your answer?

In a speech outside 10 Downing Street he said:

"The British people have voted to leave the EU and their will must be respected.

The will of the British people is an instruction that must be delivered.

There can be no doubt about the result.

Across the world people have been watching the choice that Britain has made.

This will require strong, determined and committed leadership.

I am very proud to have been Prime Minister of this country for six years.

I have held nothing back.

The British people have made a very clear decision to

I think the country requires fresh leadership.

I do not think I can be the captain to take the country to its next destination.

In my view I think we should have a new prime minister in place by the start of the Conservative conference in October."

http://www.telegraph.co.uk/news/2016/06/24/eu-referendum-results-live-brexit-wins-as-britain-votes-to-leave/

Hmm! I pray the UK emerge from this a bigger and better economy.

Though staying in the EU would have been good, self determination sometimes, can be the way to go.

God bless David Cameron!

God bless the UK!

God bless Buhari!
God Bless Nigeria!

God bless You and Me!

virginboy1:
Nice one.

But on the contrary


Please you guys should ignore the rumors that the
central bank of Nigeria is trying to use my pic for
the 2000 naira note. Yes, its true but I rejected the
offer for security reasons. Thanks. 4 understanding.....

Have a blissful day.

Please no gree o, na dead people portrait dey Naira o.

BUSINESS
WHERE HAS ALL THE MONEY IN ZIMBABWE GONE?
In barely two months, the daily withdrawal limit in Zimbabwe has gone down from $1000 to $500 and then to $300. This simply means that daily withdrawal limits now average between $300-$100, while some banks are only permitting as little as $50. This has resulted in long queues at banks as people strive everyday to get cash, which has become an invaluable commodity in itself.

The shortage of US dollar notes, the most prominent currency adopted by Zimbabwe in 2009, has worsened in recent times resulting in long winding queues and black markets where the dollar is unusually trading against itself. The situation has deteriorated substantially and travel operators are asking their customers to bring their own currency in order to avoid inevitable complications. In response to this crisis, which analysts argue is reminiscent of the hyperinflation experienced in 2000 to 2009, the government plans to introduce bond notes pegged to the US currency by October 2016.

The Dollar trading against itself in Zimbabwe

$1 now costs as much as $1.07 on the black market in Zimbabwe. A new black market was created in the country on the back of the cash shortage crisis seven years after the country abolished its own currency. The crisis worsened in the last few weeks leading to the shutdown of ATM’s and lower withdrawal limits by banks, which claim to seek the equitable distribution of cash among its depositors. Dollars are presently sold for dollar transfers at the rate of $1.07 on the black market, and this is expected to worsen as the government intends to introduce bond notes pegged to the US dollar.

The bond notes will not be acceptable by foreign parties and thus, can only be used internally in a bid to mitigate its currency spilling out of the country in the form of imports. Critics point out that the introduction of bond notes will only force importers and remittance- senders to the black market. “I just paid $1.07 per dollar for a $2 000 transaction, because my steel supplier is now accepting only hard cash and has already warned me that they won’t accept bond notes. So, now I’ve raised my prices 7 percent, but will I be able to sell? I’m doubtful,” said Chiweshe, a local manufacturer.

The planned bond notes are backed by a new $200 million bond facility from AfreximBank and are advertised to boost internal trade, cut on externalisation of the US dollar by individuals and companies and ease cash shortages in the economy. However, the wisdom in making this announcement so far in advance is questionable, at the least as this has given depositors a chance to wipe out their accounts. The shortage of cash and the impending introduction of bond notes following the announcement by the CBZ has led to a situation of ‘cash burning’—where depositors are eager to get all their money out of the banking system. This is eerily reminiscent of landscape of the 2007 and 2008 banking sector characterised by over 10,000 percent inflation.

What caused the crisis?

“Spending on imports is causing the crisis, we as a nation are consuming more than we are producing,” remarked Mr Guvamatanga, Managing director of Barclays Zimbabwe at the 35th annual general meeting in May this year.

According to the figures published by Zimbabwe’s National Statistics Agency, they had a $3 billion trade deficit from Jan 2015 to November 2015 importing goods worth over 5.5 billion dollars. Import reliance in effect suggests that most of the currency in the economy is externalized through imports creating an unsustainable spending pattern.

The crisis is further exacerbated by executives and companies who continue to siphon their funds out of the country. The Central bank Chief, John Mangudya who blames the current cash shortages on massive externalisation said in February that individuals and corporates externalised $1,8 billion in 2015. “What you find is that companies make profit and they want to ship it out of the country in the middle of the night,” said the CEO of Frist Mutual holdings Douglas Hoto.

“If for example, myself as a chief executive officer is withdrawing all my cash and putting it under my pillow and I am asking my clients to put money into my business, what message am I sending across? We need the business and government to say that they are still investing in Zimbabwe,” he said.

The vice president of the reserve bank of Zimbabwe Mr Mnangagwa additionally faults the sourcing of US dollars in the country by its southern African neighbours in the SADC (Southern African Development Community), a regional organisation consisting of 14 Member Countries, as putting a strain on the amount of currency in daily circulation.

But why now?

The country, which had well over 100 million percent inflation in 2008, abandoned its currency the Zimbabwean dollar and adopted several currencies including the US dollar, Yuan, South African rand and the pound. However the US dollar has since become its local currency as 90 percent of the transactions are conducted in this currency.

Acquiring the dollar as its local currency meant that it had to import the currency which it had no control over in terms of supply. Investors were thus relied upon to supply this currency into the economy creating an economic environment largely dependent on the cash from outsiders to restore the liquidity of banks. Following an announcement last year where the indigenous Minister Patrick Zhawao stated that foreign investors in the country had to comply with country’s indigenization act or would be shutdown, there was widespread panic amongst investors triggering capital flight and a loss of confidence in the economic environment.

The aforementioned indigenous law enacted in 2008 compelled all foreign entities to give away 51 percent stakes of their stakes to locals. The announcement was met with criticism from investors and analysts alike and has since taken a softer tone with the government announcing its commitment to developing models allowing for a lesser share than 51 percent but the sentiment did little to repair the damage. This announcement was made last year igniting capital flight, which has come to a head this year, culminating in the shortage of cash.

Adopt the Rand as a panacea?

Adopting the South African rand as Zimbabwe’s major transacting currency is a move recommended by business analysts as a panacea to the cash shortages. This push by the Bankers Association of Zimbabwe is argued to increase the country’s liquidity and reduce the concentration of risk associated with the over reliance of the US dollar. South Africa is Zimbabwe’s biggest trading partner, according to the central bank of Zimbabwe (CBZ), accounting for 60 percent of imports, 40 percent of exports. 70 percent of tourists come from its southern neighbour which is an important trading partner and a major source of foreign exchange.

Proponents further argue that the greenback in its own right is too strong for the economy and the rand is not as prone to money laundering and capital flight as the US dollar which lost Zimbabwe $1.8 million through capital flows.


http://venturesafrica.com/where-has-all-the-money-in-zimbabwe-gone/

South African telecoms giant MTN said Friday it would pay a $1.7 billion fine to the Nigerian government in a “full and final settlement” over its failure to disconnect unregistered mobile phone users.

The company said in a statement that “MTN Nigeria has agreed to pay a total cash amount of Naira 330 billion over three years.”

Africa’s biggest wireless operator was fined $3.9 billion last year and has since been in negotiations with the government over the payout.

http://www.punchng.com/telecoms-giant-mtn-agrees-pay-nigerian-1-7-billion-fine/

Warren Buffett is legendary as an investor, but he's also an incredibly successful businessperson, too — a fact that sometimes gets lost in the millions of words that have been written about his advice on how to buy a stock.

That advice can be summarized with a just a few words. Appearing on the CNBC-produced syndicated program "On the Money" in 2014, Buffett said , "If you own your stocks as an investment — just like you'd own an apartment, house or a farm — look at them as a business."

Using that viewpoint, you shouldn't buy a stock simply because you think it will go up in price sometime soon. Instead, you should buy a piece of a business that you think will generate profits for a long time to come.

That long-term perspective is also at the core of the business advice that Buffett has provided over the years.

Here are some examples from his annual letters to Berkshire Hathaway (NYSE: BRK.A) shareholders:

1. Keep calm in the face of volatility. Buffett writes that earnings gyrations "don't bother us in the least." After all, "Charlie (Munger) and I would much rather earn a lumpy 15 percent over time than a smooth 12 percent."

2. Keep good company. Berkshire has never split its Class A shares. As a result, one share is prohibitively expensive for many retail investors. (Track the latest price here.) (NYSE: BRK.A) That discouraged people from rapidly moving into and out of the stock, and that's exactly the way Buffett likes it. He wants shareholders who share his long-term view. All the way back in 1979, he wrote, "In large part, companies obtain the shareholder constituency that they seek and deserve. If they focus their thinking and communications on short-term results or short-term stock market consequences, they will, in large part, attract shareholders who focus on the same factors."

3. Keep your focus. In that same letter, Buffett warns that even a great company can see its "value stagnate in the presence of hubris or of boredom that caused the attention of managers to wander." The result: a "sidetracked" leadership that "neglects its wonderful base business while purchasing other businesses that are so-so or worse." In this area, Buffett argues that "inactivity strikes us as intelligent behavior." In 1982, a year that saw a number of corporate deals, Buffett thought that in many of them, "managerial intellect wilted in competition with managerial adrenaline. The thrill of the chase blinded the pursuers to the consequences of the catch."

4. Keep costs low. In his 1996 letter, Buffett wrote that being a "low-cost operator" is directly responsible for the success of Berkshire's GEICO auto insurance subsidiary. "Low costs permit low prices, and low prices attract and retain good policyholders." And when those customers recommend GEICO to their friends, the company gets an "enormous savings in acquisition expenses, and that makes our costs still lower."

5. Keep employee incentives simple. Buffett doesn't like what he calls "lottery ticket" arrangements, such as stock options, in which the ultimate value could range from "zero to huge" and is "totally out of the control of the person whose behavior we would like to affect." Instead, goals should be "tailored to the economics" of the business, simple and measurable, and "directly related to the daily activities of plan participants."

6. Keep out of trouble. Buffett tries to "reverse engineer" the future at Berkshire. "If we can't tolerate a possible consequence, remote though it may be, we steer clear of planting its seeds." (Buffett notes that his partner Munger often says, "All I want to know is where I'm going to die so I'll never go there."

7. Keep your undervalued stock to yourself. Buffett is especially critical of a company using its stock to make a purchase when that stock isn't being fully valued by the market. "Under such circumstances, a marvelous business purchased at a fair sales price becomes a terrible buy. For gold valued as gold cannot be purchased intelligently through the utilitization of gold — or even silver — valued as lead."

8. Keep it small. In 2006, Buffett wrote that he's skeptical "about the ability of big entities of any type to function well." In his opinion, "size seems to make many organizations slow-thinking, resistant to change and smug." That's one reason Berkshire's corporate headquarters still has only a handful of employees, with almost all the managing work left to its unit's managers. "It is a real pleasure to work with managers who enjoy coming to work each morning and, once there, instinctively and unerringly think like owners."

9. Keep your reputation. In Buffett's mind, perhaps the most important piece of advice for businesses, and for everyone else, is to maintain a sterling reputation for honesty by never doing something you wouldn't want to see reported on the front page of your local newspaper. After taking control of Salomon in the wake of a major 1991 scandal at the financial firm, he famously told a Congressional panel that he had a simple message for employees: "Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless."

As he put it in one of his most-often quoted sayings: "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.


https://www.yahoo.com/finance/news/warren-buffetts-9-rules-running-122446176.html

Ok o

FORMER General Officer Commanding, GOC, Movement for the Emancipation of the Niger-Delta, Government Ekpemupolo, alias Tompolo, Monday, denied issuing any ultimatum to President Muhammadu Buhari to withdraw military from the region or he would blow up oil pipelines. Tompolo’s Media Adviser, Mr. Paul Bebenimibo, said the purported statement was trending on social media.

“We wish to state categorically that the said publication is not from Tompolo, rather it is the work of those that have sworn to kill him by all means, but Jehovah God forbid. Tompolo has stated before now, that he will not resort to violence or destroy oil facilities because of the issue he is having with the Economic and Financial Crimes Commission, EFCC. “No amount of provocation and persecution can make him to destroy the country that he has helped to build in recent time. He will wisely continue to pursue his course legally,” he added.

Bebenimibo added: “It is his (Tompolo) prayer for those that are pushing for his death to have a re-think as he believes fervently in Jehovah God, Who sees the heart of every human being, knows that he has no evil intention against Nigeria or any individual.Therefore, he will come out stronger in the face of these temptations and trials.

http://www.vanguardngr.com/2016/02/tompolo-denies-giving-buhari-ultimatum-to-withdraw-soldiers/

VACANCY!

Professional Accountants' Christian Ministry (PACM) is looking for
experienced Administrator to lead her Secretariat team, and work
smartly with the Executives in achieving the Ministry vision.

Please find below, the job description for this role.

Qualified candidate should send a cover letter and CV to
jobatpacm@gmail.com not later than 21st February, 2016.

Thank you.

PACM

PURPOSE OF THE POSITION
The Administrator is responsible for coordinating daily activities of the Professional
Accountants Christian Ministry as regards financial, accounting, administrative and
personnel services in order to support the mandates and operations of the Ministry.

SCOPE
The Administrator coordinates the Ministry’s secretariat and reports to the Presidency. He
oversees the accounting responsibilities which include: keeping of financial records,
maintaining cash controls and banks’ relationship, supervising payroll and personnel
administration, maintaining accounts payable etc. He also handles every purchasing and
procurement that will support daily operation.

The Administrator must work with the Strategy team to ensure relevant policies and
procedures supporting the secretariat functions are put in place.

RESPONSIBILITIES
I. Monitors the financial system of the Ministry in order to ensure financial operations are
maintained in an accurate and timely manner. In achieving this, he will be required to
work closely with the Head of Finance and other finance related units (audit, control etc).
Some of the key activities supporting this responsibility includes:

Assist with the preparation and review of periodic budget (quarterly, half-yearly
and yearly)
Work with Strategy team to identify and implement secretariat related financial
policies and procedures
Coordinate the preparation and reconciliation of bank statements
Where required, establish relationship and maintain supplier accounts
Ensure transactions are properly recorded in the record management system
Coordinate the preparation of key financial statements: income statements,
balance sheets, cash flow statements
Coordinate secretariat team to response to annual audit
Maintain financial files and records

II. Oversees accounts payable and accounts receivable systems in order to ensure
complete and accurate records. Some of the key activities includes:

Ensure safeguarding of all accounts
Reconcile accounts payable
Reconcile accounts receivable
Reconcile weekly deposits
Manage payment of utilities bills.

III. Administers files and records in order to ensure accurate payment of benefits and
allowances. Key activities include:
Verify and report on payments
Maintain the leave management system
Review remittances
Supervise completion of payroll
Review payroll reports

IV. Supervise other administrative services within the Ministry:
Manage filing, storage and security of documents
Respond to inquiries
Manage repair and maintenance of office equipment
Manage issues on permits, rates, levies etc
Supervise external engagement of the secretariat and manage members and
outsiders inquiries
V. Perform other related duties as required

VI. In performing all duties, the administrator will be required to:
Be available for all major engagements of the Ministries both within and outside
the church
Be available for all the monthly executive meetings
Coordinate the opening and closing of the secretariat as well as the church at all
times.
Must be willing to work on all service days including Sunday.
Coordinate the cleaning and maintenance of the secretariat as well as the
church (including the children’s church) at all times

KNOWLEDGE, SKILLS AND ABILITIES

Knowledge
The Administrator must have proficient knowledge in the following areas:
Accounting system, programs and applications
Accounts payable and accounts receivables
Operations, programs, policies, procedures, key activities and ideologies of the
Ministry
Administration of employee benefits
Payroll systems and reporting
Office administration
Understanding of physical environment of the Ministry’s secretariat
Skills
The Administrator must demonstrate the following skills:
Supervisory skills
Team building
Accounting and Finance skills
Analytical and problem solving skills
Decision making skills
Effective verbal and listening communications skills
Effective written communications skills
Computer skills
Stress management skills
Time management skills

Personal Abilities
The Administrator must maintain strict confidentiality in performing his duties and must
demonstrate the following personal attributes:

be honest and trustworthy
be respectful
be sensitivity
be flexible
demonstrate sound work ethics
in addition to the above knowledge, skills and attributes, the administrator is expected to
possess a minimum of Bachelor Degree in Accounting, Business Administration or any
business or finance related disciplines and must be a member or pursuing the membership
of an accounting, finance, business administration profession (a pursuit of the Institute of
Chartered Accountants of Nigeria’s membership will be an added advantage)

REWARD SYSTEM AND KEY PERFORMANCE INDICATORS (KPIs)

The Administrator will be subjected to a periodic appraisal or performance review on
quarterly and annual bases. The outcome of the annual performance will be fed into the
Ministry’s employment reward system and such outcome will be communicated accordingly.

The Ministry’s reward system includes the following:

Pay raise
Increase responsibilities and with cash incentives
Perquisites (Benefits in Kinds - BIK)
Sanction/Punishments - suspension
Demotion
Dismissal
The Administrator’s performance review will be subjected to the following key performance
indicators:
Turnaround time for job execution
Risks and issues management
Degree of error rates
Quality of report
Timeliness of periodic reports (weekly report, bi-monthly report, monthly report and
quarterly report)
Accuracy of information
Effectiveness of managing team members within the secretariat

Hope they remember to check under the sand too, if he has not been buried under it.

Another possibility is that he ran away after the deed had been done.

President Muhammadu Buhari hosted a presidential dinner organised in honour of Senators at the new Banquet Hall of the Presidential Villa, Abuja on Wednesday.
The dinner attracted the presence of Vice President Yemi Osinbajo; APC national leader, Asiwaju Bola Tinubu; Deputy President of the Senate, Ike Ekweremadu, some presidential aides and other top government functionaries.


Dinner with Senators
Pic 1: President Buhari exchanging compliments with Senate President Bukola Saraki during the interactive dinner at the Presidential Banquet Hall in Statehouse on 25th Nov 2015

Pic 2
President Buhari, Vice President Prof. Yemi Osinbajo, Senate President Bukola Saraki and Chief Bola Ahmed Tinubu all exchanging compliments with Senators during the President’s interactive dinner with the Senators at the Presidential Banquet Hall in State house on 25th Nov 2015


Pic 3 and 4
President Buhari with Vice President Prof. Yemi Osinbajo and Senate President Bukola Saraki in a group photo with other leaders of the senate during President Buhari interactive dinner with senators at the Presidential Banquet Hall in Statehouse on 25th Nov 2015

http://www.vanguardngr.com/2015/11/photos-buahri-tinubu-senators-in-a-dinner/

President Muhammadu Buhari, who was inaugurated May 29, is the antithesis of the stereotypical Nigerian politician: incorruptible, soft-spoken, self-effacing and deliberate. He embraces the nickname “Baba Go-Slow and Steady.” Buhari’s unhurried style has its downsides, however: It took him an unprecedented four months to name a solid but unextraordinary cabinet. His reform agenda appears to be sauntering out of the gates, according to the civil society-run Buharimeter.

In the meantime, the challenges facing Africa’s most populous nation and largest economy continue to grow: Oil revenues are down, currency value has slipped and Boko Haram has killed more than 1,700 since June. Nigerians nevertheless expect their new president’s reform agenda to show tangible results, and soon. Given these imperatives, here are five things Buhari can do to get the ball rolling:

1. Carefully clean house. Buhari’s reform agenda probably faces its greatest threat from corrupt, old-school politicians within his own All Progressives Congress (APC) party. Buhari should neutralize some of the APC’s shadiest figures, who could emerge as “veto players,” as described in Carl LeVan’s recent book.

Examples of these kleptocrats are not hard to find. The U.S. Department of Justice has accused one sitting APC governor of helping former dictator Sani Abacha steal at least $458 million from state coffers. Likewise, both APC candidates in the upcoming Kogi and Bayelsa State governorship elections have been indicted by Nigeria’s anti-corruption agency.

Admittedly, housecleaning carries political risks for Buhari. After all, his victorious electoral coalition included powerful defectors from former president Goodluck Jonathan’s People’s Democratic Party (PDP). If he unduly antagonizes these establishment figures, they could derail his party’s newfound dominance by joining their former comrades in the opposition PDP.

2. Pare down the parastatals. Buhari has an opportunity to realize immediate savings by eliminating or merging some of Nigeria’s more than 500 federal parastatals and boards. Parastatals are government-operated companies or commercial agencies. Pundits allege that past presidents used parastatal appointments to cultivate national political allies and provincial cronies. These institutions, which range from the lucrative to the modest to the moribund, have long been a cornerstone of corruption in Nigeria — a complicated topic expertly explained by Daniel Jordan Smith.


Buhari may also want to disband some nice-to-have but non-essential parastatals in light of competing priorities and current fiscal constraints. Does Nigeria need to spend more than $4 million annually on a Center for Space Transport and Propulsion? Is there an effort underway to rescue the supposedly stranded Nigerian astronaut featured in this legendary scam letter?

3. Tame the white elephants. Buhari’s apparent determination to revive two “white elephant” economic sectors — domestic oil refineries and steel mills — worry industry experts. Nigeria is replete with these kinds of investment projects where state-owned enterprises are funded for long periods even if they incur huge losses. For decades, Nigerian leaders have thrown good money after bad at these projects because, as Robinson and Torvik argue, white elephant projects yield short-term political gains.

Buhari, like any of the rest of us, could stumble into a sunk cost dilemma where his efforts to maximize future returns of Nigeria’s white elephants only increase their cumulative losses. Instead, he should address the graft, inconsistent policies and opaque privatization deals that experts say turned these industries into white elephants in the first place.

4. Rein in subnational debt. As Buhari tries to put Nigeria’s public finances back in order, the balance sheets of the country’s 36 states are sinking deeper into the red. In a decentralized federal system like Nigeria’s, state budgets typically affect the lives of ordinary citizens more than federal spending does. Since taking office, Buhari has already bailed out 27 cash-strapped states to the tune of $2.1 billion. States’ borrowing trends are risky and need to be addressed, according to a recent report by the African Development Bank.

All but a few states generate minimal revenue outside of their monthly allocation of Nigeria’s anemic oil income. While Nigeria’s national debt is still relatively low by global standards, fiscal federalism means that if states default on their debts, the federal government foots the bill. Buhari’s reasons for watching state borrowing should also be personal: One of the stated reasons for the 1983 military coup that first brought him to power was runaway borrowing by state governors.


5. Legislate for the long run. Nigeria will need to feel the “Buhari Effect” (the sense, evident in a recent New York Times article, that there is a new sheriff in town) long after the president’s tenure is over. The best way for him to protect his legacy is to partner with the National Assembly to enact legislation enshrining key reforms. With few other politicians like him on the horizon, Buhari should put his legacy in writing.

A good place to start would be an act prohibiting the use of “security votes.” Both a definitive article by Uche et al. and a 2007 Human Rights Watch report illustrate how these secretive budgetary line items are used by officials at all levels of government as slush funds. Even Nigeria’s leading anti-corruption agency had a $1,000,000 security vote included in its 2014 budget. Buhari has his work cut out for him.

https://www.washingtonpost.com/news/monkey-cage/wp/2015/11/02/5-things-president-muhammadu-buhari-can-do-to-get-nigeria-back-on-track/

Following the voluntary retirement of five Deputy Comptrollers-General of the Nigerian Customs Service, NCS, and 35 other officers last week, there are indications that another 400 officers will soon leave the service for various reasons ranging from corruption, insubordination, indiscipline to absenteeism.

Customs CG, Hameed Ali inspecting Guard of Honour at Customs Headquarter
Customs CG, Hameed Ali inspecting Guard of Honour at Customs Headquarter
Also, some of the officers pencilled down for next round of retirement were said to have flouted re-deployment directives as well as influenced their promotion even when they were not due to be promoted.

Vanguard gathered that some of these officers refused to report at their new postings and instead obtained notes from legislators, who lobbied customs management to stop such re-deployment.

Industry executives said the sudden retirement of Deputy Comptrollers–General appears unsettling as the development had brought public attention to happenings NCS.

Stakeholders believed that though the retirements will create room for Customs Comptrollers who have been idle for some sometime to be posted or deployed to commands, it would also give rise for Deputy Comptrollers to be promoted as some of them had been on same rank for a long time.

The alleged voluntary retirement of five Deputy Comptrollers-General is unprecedented in the history of the service.

The retirement letter read in part: “We, the under listed officers currently on the rank of Deputy Comptroller-General met today, October 29, and unanimously agreed to voluntarily retire from the service of the Nigerian Customs Service having risen to the privileged rank of Deputy Comptroller-General.

“We thank the President for giving us the opportunity to serve our great nation.”

Spokesman of the service, Mr. Adewale Adeniyi, a Deputy Comptroller, denied knowledge of any government reports on the affected officers.

When Vanguard contacted him he said: “I do not know what you are talking about.”
http://www.vanguardngr.com/2015/11/customs-to-axe-400-more-officers/

@Moderator, please wake up! Score is 6:0 in favour of Nigeria

Imo State Governor, Owelle Rochas Okorocha has told the chairman and members of the Revenue Mobilization and Fiscal Commission, RMFC to, as a matter of urgency, review downward the salaries and allowances of the President, Governors, National Assembly members, and all other political office holders both elected and appointed, at least by fifty percent to make the offices less attractive and check the excesses that go with the fat payments for such offices.

Governor Okorocha who spoke Wednesday during a breakfast meeting with the chairman of RMFC Engr. Elias Mbam, and other members of the commission at the Government House, Owerri.

He said that with the downward review of salaries and allowances of political office holders such positions or offices would become less attractive which would also reduce the tension that always go with the contest or scramble for such offices.

He also explained that the drastic reduction of the take-home pay of political office holders would equally, to a large extent reduce poverty among the populace and also reduce crimes that are mostly borne out of the envy occasioned by these bloated salaries and allowances of political office holders.

According to Governor Okorocha, by making the salaries and allowances of political office holders less attractive, only those keen in rendering genuine service to the people would go for such public offices and no more those who are coming for the privileges or benefits of the offices.

Hear Okorocha “when the salaries and allowances of public office holders whether elected or appointed are reviewed downward at least by fifty percent or even more than that, it would make the offices less attractive and with that, only those who want these offices for service would go for them.”

He continued “If one knows that at the end of the month your total pay as governor or national Assembly member would be less than five hundred thousand Naira, most people would stay away. And only those with ideas and the genuine spirit of service would aspire for such offices.”

For governor Okorocha, “the huge amount spent on recurrent expenses should be directed to infrastructure, while the paraphernalia of offices should be drastically reduced. Genuine people who are ready to sacrifice for their people should be encouraged for leadership positions while those coming for the gains of the offices should be discouraged.”

He regretted that Imo state has never benefitted from Agricultural and ecological funds being given to states despite the state’s agricultural potentials and ecological challenges, and called for consideration.

Chairman of the commission, Engr. Mbam said they had chosen the state for their retreat because of the good stories being associated with the state in terms of security, infrastructure, tourism, hospitality and so on, adding that they were satisfied with what they have seen so far in the state in terms of her development and growth.

Engr. Mbam commended Governor Okorocha mostly for the free education programme of his government and his own personal free education initiatives through the Rochas Foundation, assuring him that they work on their findings during their retreat in Owerri.
http://www.vanguardngr.com/2015/10/okorocha-calls-for-review-of-president-govs-salaries-by-50/

TECHNICAL ISSUES
a) SALE, PURCHASE AND ASSIGNMENT AGREEMENT
On 6th July, 2012, Stanbic IBTC issued a final signature version of a Sale, Purchase and Assignment Agreement between Standard Bank of South Africa Limited and Stanbic IBTC Bank Plc on a banking Application Software. The said Application Software was developed by Stanbic IBTC Bank Plc, Nigeria. The Source Code was disclosed without a NonDisclosure Agreement signed by both parties. It should be noted that Standard Bank of South Africa operates in 17 (seventeen) countries in Africa and claim that they engage in shared use of banking software wherein the developer gets annual fee from the others in the group as long as the banking application software is in use. Accordingly, Stanbic IBTC Bank Plc (a subsidiary of Stanbic IBTC Holdings Plc) and the Group, as the developer of the software, are expected to disclose its expenses on Research and Development costs relating to the development of the software in the Statement of Profit or Loss and Other Comprehensive Income and carry a figure for its intangible asset in its Statement of Financial Position for the capitalised portion of the expenses (as contained in the accounting policy on intangible asset in the Stanbic IBTC financial statements for year ended 31st December 2014).

Instead, on 3rd July, 2013 (one year after) Stanbic IBTC submitted the said Sale, Purchase and Assignment Agreement between Stanbic Bank Plc and Standard Bank of South Africa Limited to NOTAP requesting NOTAP to approve and register that the application Software is sold to Standard Bank of South Africa for a fee of ZAR 151,586,277 and that the Nigeria bank has ceded all its rights to the software to the purchaser and now have the Nigeria bank become one of those in the seventeen countries paying annual license fees for the use of the software. NOTAP declined the application and advised that Stanbic IBTC license the application software in Nigeria instead.

3. This was not adhered to by Stanbic IBTC but went ahead with their plan anyway and neither reported the sale of the said software nor showed any annual fee income relating to it in their Statement of Profit or Loss and Other Comprehensive Income nor carry the intangible asset in their Statement of financial Positon in the financial statements for years ended 31st December 2013 and 2014.

b) STATUTORY AUDIT AND AUDITOR INDEPENDENCE
It was disclosed in the financial statements that the auditors earned “Fees for other services” in addition to the audit fee as follows.

2014: N7,000,000; 2013 –N5,000,000; 2012: N 37,000,000; 2011: 13,000,000;

The Council was interested in knowing the nature of these non-audit services, the fees actually earned and the possible impact on auditor independence and objectivity. The schedules supplied to the Council by Stanbic IBTC revealed that the total fee paid to KPMG Professional Services for non-audit services was inconsistent with what was disclosed in the financial statements for the years under review.

c) PRESENTATION OF INFORMATION
Current and Deferred Tax Assets and Liabilities – Stanbic IBTC contravened the presentation requirements of taxes in IFRS. IAS 1 requires current and deferred taxes assets and liabilities to be presented separately in the Statement of Financial Position since they are not of the same substance. However current and deferred tax assets and liabilities were lumped together and presented as a single line item in the statement of financial position.

d) CONCEALMENT OF INFORMATION
OTHER OPERATING EXPENSES

Upon a preliminary review of the financial statements of Stanbic IBTC, the Council discovered that the group’s “Other Operating Expenses” contained line items that required further explanation. Consequently, the bank was directed to provide schedules showing the composition of each of the line items in Other Operating Expenses for all financial years from 2011 to 2014. Notable among these was the line item “professional fees”.

Professional Fees

As disclosed in the group’s financial statements, professional fees were incurred as follows:

– 2014: N6,083,000,000; 2013: N4,467,000,000;

– 2012: N6,057,000,000; 2011: N4,041,000,000.

4. The schedule submitted to our Council by Stanbic IBTC revealed that professional fees which was simply a line in the financial statements contained several expenses that are unrelated to professional fees and which required separate disclosures on their own to give users of the financial statements good understand on the transactions and events of the bank.

These include:

Franchise Fee – Included in professional fees for 2014 and 2013 were franchise fees of N2.3 billion and N1.9 billion respectively which were provisions made for franchise fee to be paid to Standard Bank of South Africa. See section below for more discussion of this matter.
Tax advisory fee and provision for tax liability assessment – Also
Included in the 2014 professional fees figure was N711million for “tax advisory fee and provision for tax liability assessment”. The Council was concerned that provisions for tax liability were included in professional fee.

iii. Provision for litigation –In 2014, the sum of N752 million which the schedule revealed included “provision for litigations” was also included in professional fees when there is a financial reporting standard which requires separate disclosures of issues relating to litigations.

 Provision for Contingent and Other Known Losses

Another major line item under “Other Operating Expenses” was provision for contingent and other known losses of N972m. Included in this amount was another N340.8 million also described as “provision for litigation”. The Council is concerned that the group did not seem to have a systematic method of recognizing and classifying its expenses as similar and related items were found under several expense categories.

 “Others” in Other operating expenses

The Council has always made it stance known to reporting entities and their external auditors that descriptions in the financial statements such as “others”, “sundries” and “miscellaneous”, especially when these were substantial and material, was poor disclosure and should be avoided at all cost.

“Others” in Other Operating Expenses of Stanbic IBTC were as follows:

2014: N1,907,951,000; 2013: N2,477,201,000;

2012: N1,632,000,000; (whereas N1,946,000,000 was disclosed in the 2013 financial statements as 2012 comparative)

2011: N2,685,000,000.

5. The Council therefore investigated the balances further and discovered the following:

 Donations – Several donations were concealed in “Others”. The group disclosed its donations in the annual report in compliance with the requirement of CAMA CAP C20 LFN. However, just one line item of donations in “Others”, N275,000,000, far exceeded the aggregate donations disclosed in the annual report (N162,468,098). They also could not confirm the entity that this amount was donated to when questioned further at the meeting of 16th October 2015.

 Directors’ fees and expenses – Also concealed within “OTHERS” was directors’ fees and expenses of N223,000,000 (2013: N218,000,000). This is aside the directors’ fees and emoluments disclosed in a separate note in the financial statements. All fees, remuneration and emoluments of directors should have been disclosed as part of related party disclosures in the group’s financial statements. This is the only way users of general purpose financial statements who are unable to demand for additional information (schedules, analysis etc) can have relevant and reliable information for decision making.

 Several expenses with their individual and separate classifications in the financial statements were also found within “OTHERS”

 Pension administration expenses – 2013: N227,000,000

 Penalties and fines – 2014: 34,000,000; 2103: 29,000,000

 Pension commission paid to agents & sales executives– 2014:

N99,000,000; 2013: N514,000,000.

 VAT- 2014: N308,000,000; 2013: N148,000,000

 Loss on disposal of fixed assets – 2014: N42,000,000; 2013:

N33,000,000.

e) TRANSACTION WITH HOLDING COMPANY – MISLEADING
DISCLOSURE

One of the “transactions with holding company” was simply disclosed in the financial statements as “information technology and professional fee”. Stanbic IBTC’s submissions to our Council however revealed that these are franchise fees and royalties paid to Standard Bank of South Africa. The Council is concerned about the group’s disclosure to users of the Financial Statements in this regard as it does not reflect fairness and faithful representation of the transactions to stakeholders.

f) INTANGIBLE ASSETS
The Council is concerned that the group does not recognise intangible assets like computer software in its financial statements despite the technology driven banking business that its runs and the huge IT infrastructure that drives it and the fact that Stanbic IBTC Bank Plc, Nigeria, developed a banking Application Software.

6. This may not be unconnected to the issue of franchise fees and royalties paid to the South African parent (see below). The bank, rather than own its software, pays royalties to Standard Bank South Africa perpetually.

g) FRANCHISE FEES/ MANAGEMENT FEES (NOTAP RELATED
MATTERS) –

The Council’s Concerns are as follows:

The Group makes yearly provisions and remittances to Standard Bank South Africa as Management/Franchise fees. This is despite the fact that Stanbic IBTC could not secure relevant registration from NOTAP.
Standard Bank does not trade in Nigeria under the name, “Standard” Bank.
Stanbic IBTC could not prove to the Council how and where the “branding” benefit lies for the Nigerian group that trades under a different name and in another jurisdiction such as would warrant making provisions and payments of huge franchise fees annually to the parent company.

Since the amounts of provisions and remittances to Standard Bank South Africa are concealed in other balances in the financial statements, the Council requested for schedules showing details of the provisions and remittances.
Two different submissions were made at two different times. One signed by a Finance staff of Stanbic IBTC and another signed jointly by the same finance staff and Stanbic IBTC Holding’s Chief Executive Officer. The Council was however alarmed to discover that there were material discrepancies in the two submissions made by them.
IAS 37 specifies conditions for making provisions. One of such conditions is that there must be “a present obligation arising from a past event.” A key “obligating event”, which creates a legal obligation, is the NOTAP approval/registration. Lack of approval/registration of application made to NOTAP, the regulatory authority in Nigeria, makes any agreement between Stanbic IBTC and its parent company, Standard Bank of South Africa and other countries, null and void as far as provisioning is concerned. There is therefore no basis for accruing management/Information technology/franchise/royalties fees etc.
Even if it were authorized and legal, the Council questioned the following disclosure matters as follows:
 Why is the company concealing the management/franchise fees

under professional fees and royalty fees under information technology?

7  Why was it not properly disclosed in the financial statements for users to be well informed of the transaction between the Nigerian subsidiary and its South African parent?

 Why is there no distinct and clear information whatsoever (yearly charge, accrued liability, beneficiary, basis for computations etc.), disclosed anywhere in the annual reports since 2011 when provisions started?. Not even in the “Business Review Section” of the annual report.

 Why is Stanbic IBTC not complying with the disclosure requirements of International Financial Reporting Standards on provisions and extant laws and regulations applicable in Nigeria?

h) Regulatory Breaches
The Council observed that Stanbic IBTC regularly flouts CBN regulations. In 2014 for instance, a total penalty of N28,000,000 was imposed on the group.

Among the contraventions was improper disclosure of public sector deposits in 2014.

Stanbic IBTC seems to have a penchant for poor disclosures which further corroborates the findings in this report.

REGULATORY DECISION OF THE PANEL
a) The Directors of Stanbic IBTC are hereby directed to withdraw the Financial Statements of Stanbic IBTC Holdings Plc for years ended 31st December 2013 and 2014 and restate them in accordance with the provisions of Section 64 (2) of the Financial Reporting Council of Nigeria Act No. 6, 2011 and Regulation 21 of the Financial Reporting Council of Nigeria – Guidelines/ Regulations for Inspection and Monitoring of Entities, 2014.
b) The FRC number of the following persons who attested to the misleading Statements of Financial Position of Stanbic IBTC Holdings Plc for years ended 31st December 2013 and 2014 are hereby suspended until the investigation as to the extent of their negligence in the concealment, accounting irregularities and poor disclosures in the said financial statements is completed in accordance with Section 62 of the Financial Reporting Council of Nigeria Act No. 6, 2011. Accordingly, they are not allowed to vouch the integrity of any financial statements issued in Nigeria.
The persons are:

Atedo N. A. Peterside FRC/2013/CIBN/00000001069;
Sola David-Borha FRC/2013/CIBN/00000001070;
iii. Arthur Oginga FRC/2013/IODN/00000003181; and Dr. Daru Owei FRC/2014/NIM/00000006666.

8.

c) The Council shall require evidence of a second partner review and auditapproach that the external auditors of Stanbic IBTC (KPMG Professional Services) adopted on quality control on the said financial statements that could not reveal these infractions. Accordingly, the FRC number of Ayodele H. Othihiwa (FRC/2012/ICAN/00000000425) the Engagement Partner of the audit of Stanbic IBTC Holdings Plc for years ended 31st December 2013 and 2014, is hereby suspended until the investigation as to the extent of the negligence of KPMG Professional services is ascertained.
d) The Central Bank of Nigeria is requested to assist in this effort by taking regulatory disciplinary actions against those whom the CBN expects to guarantee the integrity of the aforementioned financial statements in order to safeguard the interest of stakeholders of Stanbic IBTC. We are convinced that once the monies are properly accounted for and used to shore up their Tier 1 capital, the institution shall become stronger.
e) The Federal Inland Revenue Service is requested to ensure that the related taxes are paid and the government is not unduly short changed.
f) The Economic and Financial Crimes Commission is requested to assist in this effort by questioning those involved in the concealment and sale of the banking application software that was developed in Nigeria which, other than the financial implication, has also robbed Nigerians of national pride.
The FRC requires entities in Nigeria, and their directors, to exercise all due care to ensure that the information contained in the financial statements they provide to stakeholders are not misleading, false or deceptive but, communicate economic information that will permit informed judgment and decisions by the users of such information. The FRC is committed to ensuring that our capital market is fair, efficient and transparent and that public entities comply with high standards of financial reporting, applicable rules, regulations and relevant legislations in Nigeria.





Source: Insidebusinessonline.com

http://naija247news.com/2015/10/nigerias-financial-reporting-agency-wields-big-stick-on-stanbicibtcs-directors-kpmg/

The fraudulent activities that have become the hallmark of the banking industry is again exposed as the Financial Reporting Council of Nigeria (FRC) again wielded the big stick, issuing regulatory order and suspending Atedo Peterside, Sola David-Borha and two other directors.

The directors are Arthur Oginga, Daru Owei.

The regulatory order on Stanbic/IBTC is also a test case on the capability of the audit giant, KPMG with the suspension of Ayodele Othihiwa, the engagement partner of the bank for the 2013 and 2014 audited accounts that have been subject of controversy. The audit firm is now being questioned for the approach it adopted that could not detect the infractions in the two accounts.

The regulatory decision is the outcome of the investigation of the bank by the FRC in response to the petition by some minority shareholders, complaining of irregularities in the bank’s 2013 and 2014 audited accounts.

Copies of the Council’s decision were this morning served on regulatory bodies such as the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) and the Economic and Financial Crime Commission ( EFCC) for further actions.

FRC’s decision was informed by the refusal of the management to notify its board of directors of the Council’s invitation to a meeting to ascertain their involvement in the allegations and frauds that have rocked the bank.

Sources at the bank told InsideBusiness that the bank’s management was at a meeting with the FRC early this month, during which they were given a letter inviting the bank’s board to a meeting.

The bank’s management collected the letter which was signed for and rather than asked the board to attend, the bank asked its lawyers to write FRC and demanding explanation for its action.

The lawyers gave the letter that was dated 19 October to the FRC on 20 October and demanded that the council respond by 21 October failure of which the bank will go to court.

FRCN has since replied according to a top official that spoke on anonymity.

REGULATORY DECISION IN THE MATTER OF FINANCIAL STATEMENTS OF STANBIC IBTC HOLDINGS PLC FOR YEARS ENDED 31ST DECEMBER 2013 AND 2014

Pursuant to Provisions of the Financial Reporting Council of Nigeria Act No. 6, 2011 (“FRC Act”) and Regulation 3 of the Financial Reporting Council of Nigeria
– Guidelines/ Regulations for Inspection and Monitoring of Entities, 2014 (“the Regulation”) some matters came to the fore from the review of the financial statements of Stanbic IBTC Holdings Plc (Stanbic IBTC) and major subsidiaries of the holding company for the years ended 31st December 2013 and 2014.

Material irregularities of the said entities were also brought to the attention of the Council by some minority shareholders of Stanbic IBTC relating to the Financial Statements of the said entity for years ended 31st December 2011, 2012, 2013 and 2014.

The issues raised by the minority shareholders were also addressed to some other regulatory agencies such as the National Office for Technology Acquisition and Promotion (NOTAP), Securities and Exchange Commission (SEC) the Central Bank of Nigeria (CBN), among others.
The Council met with NOTAP on 1st September, 2015 and have also exchanged several correspondences on the matter thereafter. A number of issues, even well beyond the complaint of the minority shareholders, which also bordered on the financial reporting of Stanbic IBTC for the relevant years, became manifest.
The Council wrote to the Securities and Exchange Commission on 3rd September, 2015 informing them that from the preliminary report from the documents at the disposal of our Council and the meetings held with Stanbic IBTC, there will be material adjustments required in the financial statements of Stanbic IBTC that may affect the decision of stakeholders. The Council requested SEC to consider withholding her authorisation of any request made by Stanbic IBTC on Rights Issue and Scrip Issue until the matter that is brought to our joint attention is resolved and the relevant financial statements corrected.
At the time, Stanbic IBTC’s attempt to enhance its operations by way of Rights Issue and Scrip Issue were publicly available. SEC graciously acceded to this request and issued a Public Notice on 7th September, 2015 suspending Stanbic IBTC’s Rights Issue pending the conclusion of the investigation by our Council.
Stanbic IBTC Holdings Plc is a company domiciled in Nigeria. Stanbic IBTC is made up of the following eight subsidiaries:
Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited)
Stanbic IBTC Pension Managers Limited
iii. Stanbic IBTC Asset Management Limited

Stanbic IBTC Stockbrokers limited
Stanbic IBTC Trustees limited
Stanbic IBTC Ventures Limited
vii. Stanbic IBTC Capital Limited

viii. Stanbic IBTC Investments Limited.

Stanbic IBTC Holdings Plc is a member of Standard Bank Group with headquarters in South Africa and with a controlling stake of 53.25% in Stanbic IBTC Holdings Plc.

7. The Inspectorate Unit (the Panel) had a number of meetings with representatives of Stanbic IBTC between August 3, 2015 and October 16, 2015. In the meetings, representatives of the KPMG Professional Services, Stanbic IBTC’s External Auditors, were in attendance. Various correspondences were also exchanged between Stanbic IBTC and the FRC.

The final meeting held on October 16, 2015 between FRC panel of inspectors and a team representing Stanbic IBTC made up of Stanbic IBTC’s Chief Executive Officer, Legal Adviser, as well as the Engagement Partner at KPMG Professional Services (Stanbic IBTC’s External Auditors) and six other staff of both Stanbic IBTC and KPMG. The purpose of the meeting was to afford Stanbic IBTC Directors a final opportunity to provide factual information regarding the discrepancies observed in its Financial Statements and general financial reporting, ensure fair hearing for the directors and reach an agreement for a resolution. The Panel was mindful of the fact that it is the duty of the directors to prepare financial statements for an entity; as provided for by Sections 331 to 334 of the Companies and Allied matters Act CAP C20 LFN, 2004. By virtue of Section 334 of the Act, the authors of the financial statements (of Stanbic IBTC) under review are its Directors.

The Financial Reporting Council of Nigeria (FRCN) has suspend Financial Reporing Number of the Chairman, Stanbic IBTC Holdings Plc, Mr. Atedo Peterside, alongside its Chief Executive, Mrs. Sola David-Borha and barred them forthwith from vouching for the integrity of any financial statements in Nigeria for allegedly attesting to the "misleading" 2013 and 2014 financial accounts of the bank.


Also suspended was Ayodele Othihiwa of KPMG Progessional Services for his alleged complicity in the infractions highlighted in the financial reports for the two-year period.


The suspension is expected to be in place "until the investigation as to the extent of their negligence in the concealment, accounting irregularities and poor disclosures in the said financial statements is completed in accordance with Section 62 of the Financial Reporting Council of Nigeria.


http://www.thisdaylive.com/articles/frc-suspends-atedo-peterside-david-borha-kpmg-partner-others-from-stanbic-ibtc-board/223823/

The federal government has disclosed its plan to link bank customers' bank verification numbers (BVN) with their national identity card data from next year.

Managing Director, Nigerian Interbank Settlement System (NIBSS) Mr. Ade Shonubi, disclosed this in a paper presented at the ongoing workshop for financial journalists organised by the Nigeria Deposit Insurance Corporation (NDIC) in Ilorin, yesterday.

Shonubi, who was represented by the Chief Risk Officer, NIBSS, Mr. Osioke Ojior, spoke on "Managing Risks of e-Banking."
He said the move would further strengthen efficiency in Nigeria's payment system.
According to the NIBSS boss, the objective of the BVN is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer's identity at the point of transactions.

The BVN scheme was launched in 2014. Shonubi noted that the benefits of the BVN project include credit check, know-your-customer, fraud management and transaction authentication. However, he listed categories of risks in the payment system to include strategic, preventable and external.

Meanwhile, in his presentation, the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, put the total number of agents enrolled in the mobile money sub-sector as at September 30, 2015, at 98,158. Also, the total number of mobile money subscribers as at the end of September was put at 24,389,263, with total volume of transactions at 76,952,409 and transaction value at N815,464,917,062.94.

Fatokun, pointed out that in Nigeria, as well as other developing countries, majority of the unbanked population have rely on cash or informal financial services which are typically unsafe, inconvenient and expensive.

Fatokun, whose paper was presented by an Assistant Director at the CBN, Mr. Olusola Agboola, said the CBN, noted the rapid growth of mobile telephony in Nigeria (over 120 million subscribers, according to the Nigerian Communication Commission), and the fact that majority of the unbanked have access to mobile phones. This, he said led to the adoption of mobile money in the country.

"One of the cardinal objectives of introducing mobile money in Nigeria is to stimulate financial inclusion. Financial inclusion enables underserved people and communities to have access to financial services that would enhance their economic opportunities; boost productivity in various sectors and, contribute to economic growth," he added.

http://www.thisdaylive.com/articles/fg-to-link-bvn-with-national-id-card-by-2016/223287/

Congrats to you my sister. May the Lord continue to bless your efforts in life.

President Muhammadu Buhari has been asked to urgently save his party, the All Progressives Congress (APC), from sliding into crisis by reversing some of the nomination for ministerial positions he made.

A statement yesterday, by a group, Save Democracy Contingent (SDC), alleged that some of the nominees were not members of the APC but got their appointments because they have relationships with a “cabal” within the Presidency and therefore do not merit their appointments.



The group in the statement jointly signed by its President, Ade Ibitutu, and other officials, namely Ahmed Jibrin, Okon Eta and Chijioke Nkwocha, alleged that Zainab Ahmed, the nominee from Kaduna, was nominated because she is a cousin to the state governor, Nasir El- Rufai, adding that Aisha Abubakar was allegedly nominated for being the daughter of Abubakar Alhaji and niece of Mamman Daura.

Recall that President Buhari has so far forwarded names of 37 Nigerians in two batches to the Senate for confirmation as ministers.

However, the president, last week, withdrew nomination of a former deputy governor of Niger State, Ahmed Ibeto.

The upper house has already confirmed 18 of the nominees, with the remaining 18 to be screened tomorrow (Tuesday), for subsequent confirmation.

The SDC also claimed that Suleiman Adamu was nominated merely for being Mr. Buhari’s nephew while Khadija Abba Bukar Ibrahim was picked because she was the wife of Abba Bukar Ibrahim, three time governor of Yobe State.

In the South, the group alleged that a former Vice Chancellor of the University of Ibadan, Isaac Adewole, was nominated “merely to make sure that the imprimatur of the former president, Chief Olusegun Obasanjo is absent, despite the gentleman agreement reached with the governor of Osun State before Colonel Olagunsoye Oyilola (rtd) decamped to APC.”

It also alleged that Claudius Daramola was chosen to diminish the hold of a former governor of Lagos state, Bola Tinubu, in the South West.

The SDC further claimed that Anthony Anwuka, a professor, was nominated because he is an in-law to Governor Rochas Okorocha of Imo State, “in spite of the fact that he was indicted by a White Paper of Visitation Panel led by S.A. Nsofor, JCA, which investigated the affairs of Imo State University and against the declaration of Justice Ngozi Opara of Imo State High Court on 29th of January, 2013.”

It said the appointment of persons indicted into position of authority is illegal, unconstitutional, immoral, null and void is binding.

It also faulted the appointment of Geoffrey Onyeama, an indigene of Enugu State, who it said was nominated because he was a class mate and friend of Abba Kyari, the Chief of Staff to the President

It further claimed that Okechukwu Enelama was nominated merely for being the Deputy Pastor to the Vice President.

The group said, “Unfolding events have shown that our great Party the APC is dangerously sliding into crisis of unimaginable dimension. Our genuine fear is that if APC implodes or runs into the palpable crisis being brewed wittingly or unwittingly by a cabal around Mr President, it will definitely impact negatively in the country’s democratic landscape.

“For the avoidance of doubt, we are not making this statement because no youth made his ministerial list; but genuine concern to say capital NO to the deceit making rounds that the cabal which hijacked power from President Buhari is Kaduna Mafia. The tag of Kaduna Mafioso is being weaved to hold tightly on Northerners who in all Mr President’s four elections of 2003, 2007, 2011 and 2015 pro bono obliged him vote bank of 12 million votes.”

The group stated that its analysis showed that the cabal was a sophisticated fascist variant, with uncanny capacity exemplified by the response of some sections of the country when it was alleged that Mr. Tinubu, the national leader of the APC, complained over the lopsided nature of the initial appointments the president made.

“The crass nepotism and cronyism unfortunately have spread across in the ministerial nomination,” the group argued.

“It is akin to the early days of Hitler’s fascism; where people will say the annihilation doesn’t concern them because they are not communists nor Jews or Catholics, until it spread.

“The Fascist Cabal is given an impression that President Buhari will run for one term, even if this is the case; is it enough reason to kill APC? Or kill the integrity quotient of President Buhari?”

The SDC said though it was not challenging the powers of the president under the 1999 Constitution to appoint whomsoever he deemed fit, he should, in the interest of fairness, equity, natural justice and survival of APC, urgently “reverse the Signature of the Fascist Cabal, especially in the 2nd Ministerial Nominees List as the Window of Substitution is still wide open.”

It said, “Accordingly, we appeal to President Muhammadu Buhari, GCFR, to urgently reverse the ignoble Signature of the Fascist Cabal, as the window of substitution is still open.

“This will quickly redeem Your Excellency’s image, which the main opposition party – the Peoples Democratic Party (PDP) has gone to town, narrating the ugly tale that Mr President is never in.

http://www.vanguardngr.com/2015/10/how-cabals-within-the-presidency-allegedly-hijacked-buharis-ministerial-appointments/

@OP, Thank you. You have saved a family today with your honesty. You have caused someone to smile. You have made a family happy. You have in a way helped save a job. I celebrate your honesty. May God reward you greatly. THANK YOU!

Nollywood actor Richard 'Ricardo' escapes death in an accident this morning on Ore Benin expressway. His car sommersaulted but he escapes with a scratch to his arm. The car was badly damaged. We thank God for his life.

A major labour crisis is unfolding at the Abuja Electricity Distribution Company over an alleged fraudulent allocation of outrageous salaries and perks to a few officials.

While a privileged few draw as high as N36 million a month from the public liability company that is operating on deficit, majority of equally qualified and even more critical staff absorbed from the previous government-owned Power Holding Company of Nigeria, PHCN, receive peanut, PREMIUM TIMES has found.

After the privatisation of PHCN, the Nigerian government retained substantial stake in the distribution companies, including the Abuja DISCO.
This means the government is entitled to part of the profit. But this must happen only after operation cost of the company, comprising of overhead and personnel cost, are deducted.

[b]For the past two years, the company recorded only losses instead, but at the same time paid outrageous salaries to a select few.
The chairperson of the board takes home N36 million a month, while a staff with Ordinary National Diploma, OND, takes home as high as N1.9 million monthly.

While this select few rip the firm off, majority of the key staff retained from PHCN are paid between N50, 000 to N150, 000.
According to the company’s financial statement prepared by KPMG as at December 31, 2014, the Abuja Electricity Distribution Company’s revenue increased from N36.01 billion in 2013 to N48.1 billion.

Yet, the company declared a higher loss of N25.61 billion in 2014, up from N13.37 billion in 2013.
Notwithstanding the loss, the company’s administrative expenditure nearly doubled – from N13.67 billion in 2013 to N24.93 billion in 2014.
The board chairman, Siyanga Malumo, who received N5.67 million as salary monthly in 2013, had his pay reviewed by over 640.7 percent, to N36.33million, according to the report obtained by PREMIUM TIMES.

Six directors who received between N3.5million and N4million a month in 2013 also got a raise to between N145 million and N150 million annual pay.

Within the year, N719.7million was also spent on “salaries and other short-term benefits to key management personnel compensation”.
[/b]

Whiff of fraud

After the privatization of PHCN, about 3,601 former workers of the defunct company were re-engaged on November 1, 2013, by the new firm. The workers were retained mostly as casual staff.

The Abuja distribution company recruited another set of employees in 2014, either as permanent or contract staff.
Although the company’s approved salary structure obtained by PREMIUM TIMES ranged between N47, 186.80 for the least paid staff on grade level JS1 step 1, and N1.137.069.17 for the highest paid official on grade level EG1, some categories of staff received far ahead of those allocations.

The payroll reflects a huge disparity in favour of the new employees.

Although most of the new employees lack technical competence and practical experience, they were made to pocket between N1.2 million and N1.9 million per month, PREMIUM TIMES found.

Their colleagues from PHCN receive between N50, 000 and N200, 000 per month, irrespective of qualification and experience.
Only a few of the older workers earn N200, 000 and above.

The huge disparity in salary between the different categories of workers is fuelling discontent in the company.

Public or private firm?
Abuja Electricity Distribution Company is one of the 11 successor power distribution companies (DISCOs) of PHCN.
It was created to undertake electricity distribution activities and related business in Niger, Kogi and Nasarawa states and the Federal Capital Territory.

The company is owned 60 percent by KANN Utility Company Limited, a joint venture between Xerxes Global Investment Ltd, CEC Africa Investment Ltd and Abuja Electricity Distribution Plc.

The Nigerian Government still controls 40 percent of the company through the Bureau of Public Enterprises, which has 32 percent, and the Ministry of Finance which owns eight percent.

Prior to the power sector privatization exercise, BPE had disengaged over 4,000 former PHCN employees on October 31, 2013, as part of the winding down process.

The Nigerian Electricity Regulatory Commission, the electricity sector regulatory agency, said AEDC was later allowed to re-engage about 3,601 of the workers for an initial contract period of six months.

Details of the company’s financial statement showed that at the completion of the re-engagement process, 3,658 workers were on the company’s payroll in 2013, consisting Administration (845), Finance (399), Marketing (1,116) and Technical (1,298).

The figure, however, fell to about 2,243 in 2014, with Administration having 320, Finance (279), Marketing (859) and Technical (785).
At the expiration of the initial contract period in 2014, NERC explained that each worker was issued fresh re-engagement letters as permanent or contract staff, in line with the AEDC’s framework of employee remuneration and public service rules.
There were yet a lot of others designated casual workers.

“Apart from discriminatory salaries, the casual workers are denied vacation and proper medical attention, despite performing similar jobs and exposed to same hazardous conditions at work on a daily basis,” one of the affected workers said. He did not wish to be identified for fear of victimization.

Consulting house of fraud

Investigations by PREMIUM TIMES uncovered monumental fraud in the company’s payroll traceable to an agency, TBS Consulting, hired to handle staff recruitment in 2014.

For instance, Yusuf Mosunmola, one of the directors and a key member of the TBS Consulting management team, doubles as Head, Organisational Development & Learning for AEDC.

As director of the consulting firm, Ms. Mosunmola was in charge of the entire recruitment process for all categories of employees in AEDC.
The Executive Director, Corporate Planning & Business Development, Omokhoa Okaisabor, told PREMIUM TIMES that Ms. Mosunmola was hired to help in resolving the human resources issue the company had at inception.

After the privatisation exercise, AEDC was confronted with human resources issues that bordered on lack of proper training for staff and a lot of skill gaps, he said.

Mr. Okaisabor said the company had resolved that if no one was found within the company to handle the human resource function, it should be outsourced to a contracting firm, to bring the required staff to manage the key HR function on contract basis.
“That was how TBS Consulting was hired, with Ms. Mosunmola as one of directors, to recruit the staff on contract basis,” Mr. Okaisabor explained.

A source close to AEDC headquarters said a part of the about N285.5million in the 2014 financial statement spent as consultancy fees for technical support services by KANN Utility Company Limited was by TBS Consulting for extensive services on IT, procurement, integration, support and turnaround strategies in 2013.


The director explained to PREMIUM TIMES that all the contract staff recruited by TBS Consulting for AEDC had “special arrangements” with Ms. Mosunmola on how the salary penned against their names would be split.

“Not all the salary actually gets into their (contract staff’s) pockets,” Mr. Okaisabor explained. “The contracting firm has some personal arrangement to get part of the money paid to them as salaries by the company. The practice is that the contracting firm gets the money from the company and pays the staff.”

“Most of the names found on the company’s payroll are either non-existent or belong to persons who work directly for Madam’s (Mosunmola) other companies,” one of the staff familiar with the issue said on Friday.

The staff said the special arrangement must have been in connection with allegations that at least 60 percent of the salaries credited to most of the high earners on the company’s payroll every month goes to Ms. Mosunmola, who also has interests in other companies providing various services for AEDC, like cleaning.

While AEDC pays millions to Ms. Mosunmola’s company for such services, she is said to be paying peanuts to the workers and pocketing the balance.

Some of the names on the AEDC payroll that raised eyebrows were those of two contract staff hired in 2014 and posted to the Lokoja District office.

They include Akanku Olusegun, a National Diploma holder in Electrical, and Higher National Diploma (HND) (in view), who is paid N823, 764 per month.

The same goes for Adesulu Adebayo, another National Diploma holder in Electrical holder in the same office, who takes home N764, 097.60 salary every month.

Curiously, several of their colleagues in various district offices with either similar qualifications or superior university degrees of many years’ standing, are paid a paltry N50, 000.

Ms. Mosunmola on her part remains one of the highest paid officials, who pockets a whopping N1.84 million pay every month. This is in additional to the N27million and another N10 million paid to her as furniture allowance and accommodation respectively.
Also Ms. Mosunmola grapples with the obvious challenge of conflict of interests as she appears to work for AEDC and TBS Consulting simultaneously.

“It’s a clear case of fraud inspired by greed,” Alfred Ituah, an Abuja-based legal practitioner told PREMIUM TIMES on Friday.
“It is practically impossible for her (Mosunmola) to expect that she would effectively joggle both jobs of recruiting workers for AEDC and be on the company’s staff payroll in whatever capacity without getting entangled in the mess of conflict of interest,” he noted.
ICPC wades in[/b]

In August, some top AEDC officials were invited by the Independent Corrupt Practices and Other Related Offences Commission for questioning following a petition by some aggrieved workers.

Those invited included the Managing Director; Executive Director, Human Resources; Head of Finance/Financial Controller and Principal Manager in charge of Procurement.

The ICPC’s invitation letter had asked the affected AEDC top officials to provide for examination the statute/law/enabling Act establishing the company; the company’s nominal roll since 2013, and certificate of compliance in recruitment process from the Federal Character Commission.
The officials were also asked to furnish the Commission with the company’s payroll for June 2015; company policy; list of contracts awarded from January 2013; statement of Account; statement of salary accounts as well as recruitment report detailing advertisements, short listings, result sheets/scores since 2013.

A top official of the Commission, who asked that his identity not be revealed, as he was not authorized to speak to the media on the issue, confirmed that the officials honoured the invitation on August 4, 2015.

Mr. Okaisabor who also confirmed the invitation of AEDC top officials by ICPC, said all issues raised by the Commission were resolved over two meetings, the last being in September.

The tension in the company appears to have worsened last week following another round of recruitment interviews held for Regional Managers, Area Managers, Billing Specialist and Support Officers as well as Project Managers.

The exercise was again handled by Ms. Mosunmola on behalf of TBS Consulting allegedly as part of plans by AEDC to downsize its workforce.

Mr. Okaisabor described as unacceptable the issue of conflict of interest concerning Ms. Mosunmola roles in AWEDC and TBS Consulting, saying if investigated and found to be true, she would be queried and sanctioned.

“I will have to crosscheck that information. But, it will be extremely careless and stupid of them (TBS Consulting) to outsource somebody to a company and the person is still on the company’s management staff. If that is the case, she has to be queried and sanctioned. It’s unacceptable,” Mr. Okaisabor said.

When the reporter contacted Ms. Mosunmola on telephone on Friday to confirm her connection with the two organisations, she refused to comment, insisting on knowing first what the information was for.

When told the reason, she immediately terminated the call. Subsequent calls to her phone were not answered. Equally, text messages to her phones were also not responded to.

However, in what a appeared an attempt to cover her tracks, TBS Consulting on Monday, October 12, edited its website and removed Ms. Mosunmola from the list of its management team.

http://www.premiumtimesng.com/news/headlines/191578-investigation-abuja-electricity-boss-n36million-monthly-pay-others-tear-apart-firm.html

The Accountant-General of the Federation (AGF), Ahmed Idris has said that Federal Government would adopt International Public Sector Accounting Standards (IPSAS) accrual-based accounting standards by January 2016.

Alhaji Idris made this known when he paid a courtesy visit on the Secretary General of the Federation, on Wednesday 14th October 2015 in his offce to seek further collaboration in executing financial reforms.

He said that the IPSAS Accrual -based accounting would further curb corruption, revamp the accounting and reporting of governments’ financial transactions and deepen transparency in the management of public funds. IPSAS are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements.

These standards are based on International Financial Reporting Standards (IFRS). The implementation of IPSAS is geared to place Nigeria in a global stage as far as presentation and preparation of accounts is concerned.

Alhaji Idris said that the first stage of IPSAS, which is the cash basis of accounting, was already being implemented with success. He appealed to the SGF for support to make the IPSAS accrual-based accounting standards policy a success come January 2016.

In his words, “as the Chief Accounting Officer in charge of the overall management of receipts of the Federal Government, I have continued to improve on existing economic reforms such as GIFMIS, IPPIS and TSA.”

Speaking further he said, “I have vigorously pursued the implementation of the TSA as part of Federal Government policy to have a firm grip on the financial position and efficient allocation and utilisation of resources.

The AGF also said he has made it a point of duty to satisfy public awareness by publishishing monthly allocation of funds to the three tiers of government from the Federation Accounts Allocation in the national dailies while he also working on a deliberate policy to make public the Annual National accounts of the country.

He said doing this would be in line with the current administration’s philosophy of accountability and transparency.
On the implementation of the Treasury Single Account, Alhaji Idris said that a technical support team had been commissioned to carry out diagnostic review of its implementation and performance.

In his response, the Secretary to the Government of the Federation, Mr Babachir Lawal said the Integrated Personnel and Payroll Information System (IPPIS) and the Government Integrated Financial Management Information System (GIFIMS) are central to the success of the current administration.

He asserted ,”We believe that these are the best ways to block leakages in the public sector and ensure that funds are adequately accounted for so that government can have enough to meet its obligations.”

The SGF also said, “ government is also concerned about the people in charge of all this, because a system is only as good as its operators. That is why we are watching the accountants in all the MDAs closely,’’ he said.

The SGF equally urged the AGF to improve on the technology used in the day to day activities of the Office of the Accountant-General of the Federation to enable officers be more efficient. Engr Lawal then pledged his support for the OAGF to drive the financial reforms needed to move the country forward.

http://www.pmnewsnigeria.com/2015/10/15/fg-to-adopt-ipsas-accrual-based-accounting/