₦airaland Forum

steppin:
Wait o! This party(APC) keeps confusing and playing Nigerians.
One side says one thing and the other says another.
I thought Buhari and his team said everything was going on smoothly?

chukwudi44:
The royal fool was even confused and would be an unreliable witness in court. He started with $49 billion, then jumped down to $10 billion before going up again to $20 billion. I wonder how such an unstable character was appointed to head the apex bank

Demdem:
https://gifsoup.com/view1/3627713/qqqq-o.gif

dearpreye:
Beautiful. Excellent. Praiseworthy.

Every sane Nigerian, irrespective of party affiliation, tribe and creed, agrees corruption and the shameful manner in which culprits are prosecuted, presents a formidable force against our progress as a nation.

I remain nonpartisan and truly committed to any effort that will reduce official corruption to the barest minimum. The impacts of corruption are obvious, negative and known to all.

We have in the past called for these special courts for corruption cases. It's heartwarming to hear the lazy NA members are supporting this.

MY FEAR: Amidst the joy that followed this development is a palpable fear. If the war against corruption isn't targeted at the PDP, but rightly spreads it's dragnet to all and sundry, my fear shall vapourise. But if it's aimed at witch hunting members of the PDP, and especially people from the SS, then it shall be another futile expedition, worthy of condemnation. We are watching!

God bless Nigeria!

vheMa:
[size=15]will you pls shut it And what do you think would have happened to nigeria if Jonathan didn't conceded defeat[/size]

anonimi:
Does that include sanusi's tenure at CBN or he is excluded by Misitah Integrity Buhari of selective persecution

SHARIAREPORTERS:
Fake V.P pastor
Fake pastor trekking

woodcook:
My dear I suppose you should reread what she said again. FGN according to her will borrow money to pay salaries which forms part of recurrent expenditure not to pay backlog. As per states am sure you read what GMB told Okorocha when the issue of bail out came up.

Mbediogu:
Why? Are you a beneficiary or a missing link? I say the opposite - if people DO NOT GO TO JAIL FOR THE MISSING 20 BILLION, it will be the end of Buhari and APC in 2019. Kai!

Sweetguy25:
Buhari, remember 2011. Over 800 people died in your name. You should let sleeping dogs lie.

woodcook:
See what hatred has done to you. You have every right to be disappointed at GEJ performance but lying as a way to vent your anger is not right. Point out one state in Nigeria that the FGN has not given the allocation due it.

Chiaka:
Government is not owing any state. Allocation was cut down in all state because of the global oil drop. .....and each state government was advised to take their workers salaries as priority number 1. But some choose to do otherwise putting the money into personal and other concerns......and rather choose to owe their state salary so why will FG to be blamed for their mismanagement

woodcook:
so GEJ is the one owing all the states that are unable to pay their workers?

Sweetguy25:
Sanusi is an ìdiot

naija2dabone:
In case HRH forgot why he was suspended:


The Financial Council audit report on the Central Bank of Nigeria which led to the suspension of Sanusi Lamido Sanusi from office accused the apex bank management of several financial practices that border on fraud. It said that there is a provision for “Facility Management of N7.034 billion in 2012; N5.751 billion in 2011. A breakdown of these figures reveals that this is

just an expense head where the leadership of the CBN dumps what ordinarily should have been accounted for as their Benefit-in-Kind for tax purposes. A closer look at the breakdown shows that it is just an expense head that is used for fraudulent activities as they have items such as “Profit from sale of Diesel” indicating that the CBN at some point operates in the downstream sector of the Petroleum industry.

sanusi

*CBN Gov Lamido Sanusi

Download the report here

“There are also breakdown such as “Currency issue Expenses” of N1.158 billion and Sundry Currency charges of N1.678 billion under “CURRENCY ISSUE EXPENSES.” As they are in 2011 so are similar expenses in 2012. These are difficult to understand.

The CBN accounts revealed it paid Nigerian Security Printing and Minting Plc N38.233 billion in 2011 for “Printing of Banknotes” whereas the entire Turnover of NSPM Plc Group is N29.370 billion.

“It also therein claimed that it paid Air Charter, such as paid to Emirate Airline N0.511 billion; Wing Airline, N0.425 billion and Associated Airline N1.025 billion to distribute currency by air nationwide. Emirate Airline does not fly local charter in Nigeria. Wing Airline is not registered with Nigeria Civil Aviation Authority and Associated Airline does not have a billion turn-over for 2011 because upon inquiry, the management claimed that they have no financial statements and have not had any significant operations for the past two years, that will warrant preparation of financial statements.

“There are also breakdown such as “Currency issue Expenses” of N1.158 billion and Sundry Currency charges of N1.678 billion under “CURRENCY ISSUE EXPENSES.” As they are in 2011 so are similar expenses in 2012. These are difficult to understand.

Other areas of fraudulent activities include:

“Facility Management N7.034 billion in 2012 N5.751 billion in 2011. A further breakdown of these figures reveals that this is just an expense head where the leadership of the CBN dumps what ordinarily should have been accounted for as their Benefit-in-Kind for tax purposes. A closer look at the breakdown shows that it is just an expense head that is used for fraudulent activities as they have items such as “Profit from sale of Diesel” indicating that the CBN at some point operates in the downstream sector of the Petroleum industry.

“Within the “Administrative expenses” is an item they referred to as “Loan write-off.” This accounts for loans supposedly given to staff and written off thereafter. It came to a total of N3.855 billion in 2012. There is the need to review the Board approval for this loan write off if any.

Within the “Administrative expenses” is an item they referred to as “Fixed Assets Clearing Account.” These are properties acquired by the CBN for which it does not expect to derive future economic benefits.

These properties are written off by the CBN on a yearly basis. This came to N4.076 billion in 2012; up from N1.324 billion in 2011. This should not be mistaken for “Disposal of Fixed Assets Schedule.

The report further said “Foreign Bank accounts that have been closed offshore were still operational in the General Ledger for over six months after they have been confirmed as closed accounts by the offshore Banks. A thorough investigation will reveal how the balances in the now fictitious foreign accounts are treated. It also said that “There are long outstanding invoices that make up the liability account from as far back as 2005. The External Auditors have to request, in their draft management letter, the management or whoever deems it fit to carry out a thorough investigation in this area to ensure items standing in this account are valid invoices.

The “Know Your Customer” policy is not properly followed by the CBN to the extent that the CBN has an unknown customer with account balance of N1.423 billion since 2008. The CBN claim that they are taken steps to obtain the required details regarding the address of the customer.

“Real time Gross Settlement Clearing Account, that is supposed to be reconciled on a daily basis, has long standing reconciling items that could not be substantiated. The external audit revealed debit/credit balances of sundry foreign currencies without physical stock of foreign currencies in CBN Head Office account. At no point should one expect to have fictitious Naira balances without the foreign currencies to back them up. It is important to know who is or was with the foreign currencies at the time.

According to the Financial reporting council an organisation that had an additional brought forward to General Reserves Fund of a mere N16.031billion in 2012 could still go ahead to spend uncontrollably in 2012 and in some cases even increase the expenses.

The CBN it said spent on promotional activities; N3.086 billion in 2012 up from N1.084 billion in 2011; even when the CBN does not have a competitor in Nigeria which may require a “fight” over brand and customer size. The figures are too high.

“Expenses on Newspapers, Books and Periodicals excluding CBN’s Publications is N1.678 billion in 2012; up from N1.670 billion in 2011.

The CBN was gracious enough to reduce their “Legal and Professional Fees” from N20. 202 billion in 2011 to N0.460 billion in 2012. What could the CBN have had to spend N20.202 billion on in 2011? They also reduced their “sundries” unexplainable expenses from N1.197 billion in 2011 to N0.690 billion in 2012. One is at a loss why the CBN still carry “unexplainable expenses” and of this magnitude.

“The CBN also magnanimously reduced expenses on “Ethics and Anti-Corruption” from N34 million in 2011 to N18 million in 2012. This is an area that they are supposed to strengthen their activities and unearth unethical and corrupt practices. The CBN preferred to reduce their financing by almost 50 per cent. The CBN, outside the agreed audit fee of N300 million paid to their External Auditors and which was reviewed upward in 2012 from N200 million in 2011, the CBN showed within “Administrative Expenses” that they paid the External Auditors another N140 million.

Section 6 (3c) of the CBN Act, 2007 provides that the Board of the CBN is to make recommendation to Your Excellency on the rate of remuneration to External Auditors. An investigation need to be carried out to know whether the Board secured your approval on this review.

The leadership of the CBN also wrote off loans to the tune of N3,856 billion in 2012. Since this was disclosed in under “Administrative expenses”, it was supposedly made to staff members.

The Council outlined the CBN ff due process and said that “Non compliance with laws and relevant regulatory guidelines could lead to reputational damage for CBN. Examples are: The provisions of the Memorandum of Understanding (MOU) signed by the CBN and other Deposit Money Banks (DMBs) on Banking Resolution Sinking Fund are not being complied with by the CBN.

“A Board of Trustees (BOT) to manage the fund has not been put in place since it was established in 2010. (The BOT is supposed to consist of two representatives of the CBN, the Permanent Secretary of the Ministry of Finance, a representative of the Debt Management Office and five members of the eligible financial institutions. The CBN went ahead to issue the Nigerian Treasury bill investment using part of the money in this banking resolution sinking fund account without the settling up and approval of the said Board of Trustees in accordance with the signed MOU.

“Some parastatals deposit accounts with the CBN have debit or overdrawn positions. This is contrary to government policy on the CBN’s management of parastatals accounts with the CBN. Amongst the MDAs listed by the CBN, with overdrawn positions to which the CBN is now accounting as loan provisioning are Federal Ministry of Science and Technology, Nigeria Deposit Insurance Corporation, Nigerian Security and civil Defense, Ministry of Foreign Affairs and Federal Civil Service Commission. It will be necessary to circularise these MDAs to ascertain the veracity of this claim by the CBN.

woodcook:
GEJ owe salaries?

owobokiri:
Jonathan a "bad man"? Only in your dreams, . Maybe a weak president, maybe a laid back c in c, But Jonathan a bad man? No!! Exorcise yourself of the evil propoganda unleashed by tribal jingoist to remove jonathan from office and you will see issues clearer. What did he do to be your typical example of a "bad man"? It is even very nonplussing that the same group of naysayers that consider jonathan evil, will do everythhing possible to project one devilishly sardistic Aremu Obasanjo as a paragon of virture.

bakila:
Very unfortunate that payment of salary is an issue for the federal government.

doctokwus:
Now am more than convinced some criminals would be going to jail.Sanusi must have discussed this when he went to visit GMB and I bliv he is just preparing the grounds from all what he told GMB and how the president elect told him he is going to deal with d culprits.
$12.5b in just 19months and probably up to $50b stolen during GEJ's reign is too scandalous to b concluded by mere return of funds,some heavy crooks just need to live and even die in kirikiri maximum prison!

Jesusloveyou:
Interesting, for d period of 19months,not even d 5yr of gej, so in 5yrs,it wil add up to $50bilion. d total money stole for 5yrs in all sector of d economy is enof to develop dis country to be like paris.

Lines of investigation suggested by the PwC audit need to be pursued, writes Lamido Sanusi


Just over a year ago President Goodluck Jonathan suspended me from my position as governor of the Central Bank of Nigeria after I questioned an estimated $20bn shortfall in oil revenues due to the treasury from the state oil company. As I said then, you can suspend a man, but you cannot suspend the truth. The publication last month of a PwC audit into the “missing billions” brings us a step closer to it.
When I was central bank governor I raised three broad questions. First, did the Nigerian National Petroleum Corporation remit to the government the entire proceeds of its crude oil sales? Second, if it did not, is there proof of the purpose to which the unremitted amounts were applied? And third, did NNPC have the legal authority to withhold these funds?

Contrary to the claims of petroleum minister Diezani Alison-Madueke, the audit report does not exonerate the NNPC. It establishes that the gap between the company’s oil revenues between January 2012 and July 2013 and cash remitted to the government for the same period was $18.5bn. And it goes into detail about the NNPC’s account of how it used that money, which raises serious questions about the legality of the state oil company’s conduct.
The auditors say a significant part of the unremitted funds is supposed to have gone towards a kerosene subsidy that had been stopped two and a half years earlier by the late President Umaru Yar’Adua. His decree never appeared in the official gazette, leading some to question whether it ever had legal force.
Evidence disclosed in the report suggests this is a sideshow. The executive secretary of the agency charged with administering subsidies confirmed that, acting on Yar’Adua’s orders, it had ceased granting subsidies on kerosene. There was no appropriation for such a subsidy in the 2012 or 2013 budgets.
Throughout all this, Nigerians paid 120-140 naira a litre of kerosene, far more than the supposed subsidised price of 50 naira. Yet the state oil company withheld $3.4bn to pay for a subsidy that in effect did not exist. I have consistently held that this was a scam that violated the constitution and siphoned off money from the treasury.
The second major item raised in the report relates to the transfer of oil assets belonging to the federation to the Nigerian Petroleum Development Company, a subsidiary of the NNPC.
NPDC has paid $100m for these assets, from which it extracted crude valued at $6.8bn but paid tax and royalties worth $1.7bn in the period scrutinised by the auditors. PwC was unable to establish how much of the remaining $5.1bn should have been remitted to the government. But the report showed that, along with the private companies NPDC partnered with, it was extracting crude worth billions of dollars but yielding very little revenue for the treasury. I was investigating related transactions when I was suspended.
The third major item is a claim of $2.8bn by NNPC for expenses not directly attributable to crude oil operations; PwC said “clarity is required” on whether such upfront deductions from remittances to the federation accounts are allowed, or whether the money should have been remitted to the government. Finally, there are duplicated ex­penses, “unsubstantiated” costs, computation “errors” and tax shortfalls; a total of $1.48bn has to be refunded.
Of the $18.5bn in revenues that the state oil company did not send to the government, about $12.5bn appears by my calculations to have been diverted. And this relates only to a random 19-month period, not the five-year term of Mr Jonathan, the outgoing president.
Nigerians did not vote for an amnesty for anyone. The lines of investigation suggested by this audit need to be pursued. Any officials found responsible for involvement in this apparent breach of trust must be charged.

The writer is the emir of Kano and a former governor of the Central Bank of Nigeria

lordpreps:
Dude go to school!!!

kindnyce:
Sure,BUT START AT THE HOME FRONT,
CHARITY BEGINS AT HOME

theV0ice:
Go-round over did it.....the criminals were even going round onelga with their guns in keke napep openly on election day....

They were that brazen

IzonOwei:
jonathan is not a vindictive individual..thats his nature

ECOTERRORS:
boy, when militancy started during Yaradua regime, hope you recall what happend to the Nigeria economy and the price of crude oil in the intl mkt

theV0ice:
Forget Delta....not only does APC not stand a chance there, the gov election went relatively well and I can confirm Okowa won fair and square (was in Delta that week). APC can't challenge Okowa's election. Even Ogboru is wasting his time. Same can't be said for Rivers state where we see videos and reports of killings and other forms of extreme violence.

While I believe PDP would win gov in Rivers considering how Amaechi has been successfully demonised, I can't understand the need for the extremes Wike and PDP took the whole matter.

Why kill so many in an election you're poised to win? Why wipe out a family of a man (Chief Adube) when you know his opposition couldn't stop your victory? PDP, Wike and 'go-round' (PDP chairman) just wasted lives for nothing in Rivers state. APC would have gotten some assembly seats but PDP was sure to carry the day. Imagine almost every local and international observer confirming that NO ELECTIONS HELD IN RIVERS STATE. Then the card reader report will also make the job of the tribunal easier.

Akwa Ibom too is another state where they carried out totally unnecessary acts when they were also poised to win.