Lol its even in da budget
365billion to be recovered

Click like if u feel u didn't waste u vote

Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has said that the Commission will leave no stone unturned in the effort to recover public funds that have been stolen in the guise of arms procurement in Nigeria.

Armsgate: We’ll Recover All Stolen Public Funds - Magu

Magu, who stated that the Commission was on top of the ongoing investigation, added that all the culprits in the arms procurement scandal would be brought to justice.

Speaking at the commemoration of the International Anti-corruption Day which has as theme, ‘‘Break the Corruption Chain’’ on Wednesday, December 9 at the Shehu Musa Yar’Adua Centre, Abuja, he said:  ‘‘Corruption is like a chain whose effect impacts various aspects of the society, undermines democracy and the rule of law, distorts markets, erodes quality of life, leads to human rights violations and fans the embers of terrorism and other threats to human security.’’

Magu, who said the Commission had resolved to break the corruption chain in a fair, accountable and transparent manner, also stated that the Commission had so far investigated a total of 1,881 cases within 2015 alone.

According to him, “Out of this figure, 280 cases were filed in courts and 78 convictions were secured. In this period also, eight interim and two final forfeiture orders were handed down by various courts on applications brought by the Commission”.

The EFCC boss further added that he had put in place machinery to sanitize the Commission internally. He also expressed gratitude to President Muhammadu Buhari for creating an enabling environment for the Commission to carry out its mandate, adding that he would undertake institutional reforms to increase the Commission’s capacity to fight corruption.

He, therefore, urged civil service organizations as well as other partners to join hands with the Commission in the anti-corruption fight.

‘‘Our common resolve is far stronger than the challenges we face in the fight against corruption.  I call on you to embrace the EFCC’s  public enlightenment campaigns, the activities of our Zero Tolerance Clubs in tertiary institutions and our inter-faith initiatives because, in this effort to break the corruption chain, no man is an island and only when we work together can we make a difference.’’

Earlier, the Secretary-General of the United Nations, Ban Ki-Moon, said corruption had disastrous impacts on development when funds meant for social amenities were diverted by public office holders for their personal use.  

Ban Ki-moon, who was represented on the occasion, added that corruption could exacerbate violence and insecurity.

‘‘It is time to deliver a clear message around the world that rejects corruption and embraces the principles of transparency, accountability, and good governance. This will benefit communities and countries, and it will help to usher in a better future for all,’’ he added.

In his remark, the Director-General of the Bureau of Public Service Reforms, BPSR, Dr. Joe Abah, called for the enhancement of the Code of Conduct Bureau, CCB.

He further stated that the newly introduced zero- based budgeting would ensure discipline in the implementation of budgets.

Also, Lilian Ekeanyanwu, representing the Technical Unit on Governance and Anti-Corruption Reforms, TUGAR, urged the anti-corruption community to take advantage of the positive body language emanating from the Presidency.

“We must hit the ground running. We must have a national strategy to bring awareness about the issue of corruption and find methods to curb the malaise while keeping the populace involved,” she said.

The Deputy Chief Mission of the United States Embassy, Maria E. Brewer, in her remark, stated that corruption could undermine institutions and slow development of any nation.

She said that the United States was ready to partner with Nigeria in the fight against corruption.

This year’s anti-corruption day was organized by the Inter-Agency Task Team (IATT), the European Union (EU) and the United Nations Office on Drugs and Crime (UNODC). It holds on December 9, every year.

In attendance at the event, which featured a debate on corruption elimination between students of Light Way Academy and Model Secondary School Maitama, Abuja, were participants from the Budget Office, Independent Corrupt Practices and Other Offences Commission, ICPC, Nigerian Financial Intelligence Unit, NFIU, TUGAR, Bureau of Public Procurement, Corporate Affairs Commission, Public Complaints Commission, the Nigeria Police, National Drug Law Enforcement Agency, NDLEA, Federal Inland Revenue Service, FIRS, Ministry of Justice and Ministry of Finance, among others.

Wilson Uwujaren
Head, Media & Publicity
9th December 2015

Armsgate: We’ll Recover All Stolen Public Funds - Magu | Sahara Reporters
http://saharareporters.com/2015/12/09/armsgate-we%E2%80%99ll-recover-all-stolen-public-funds-magu

Tru talk

Lalasticala ooo more sheets!

lolzzzz:
the government should stop being greedy, you cannot revive the economy of the nation at the expense of the economy of the workers that will pay the toll fee. I'm not against the toll fee, but we should also consider improving the livelihood of our workers. They want to copy toll fee without copying improved minimum wage, yeye government.

As I said u can do it better dan d govt

Just come out nd contest... me will personally vote for u

Wailers pls ur Negative angu on dis Policy is needed.
Thank u in advance

Wailers... another Negative angle of dis policy is needed from u people!!

Thank U in advance

Eve single step dis govt takes... u come and show us dat it is negative

Pls contest for d next election abeg

MURDERERS

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Let d Tax collection begin

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Photo

[LOOTING THE LOOT]

The immediate past Minister of Finance, Ngozi Okonjo-Iweala, illegally approved the transfer of at least N61.4 billion ($300 million and £5.5 million) from funds recovered from late dictator, Sani Abacha, to the Office of the National Security Adviser, Sambo Dasuki, few weeks to the 2015 presidential election, PREMIUM TIMES can authoritatively report today.
The former Minister signed off on the transfer but then closed her eyes to how the funds were spent, requesting then President Goodluck Jonathan to directly demand accountability from Mr. Dasuki, according to documents seen by this newspaper.
The funds were never appropriated before they were transferred, a clear violation of Nigeria’s fiscal responsibility law.
Mr. Dasuki, alongside the former governor of Sokoto State, Attahiru Bafarawa and founder of DAAR communications, owners of Africa Independent Television and Raypower radio network, Raymond Dokpesi, are being investigated for their roles in the disbursement of $2.1 billion and N643 billion meant for the procurement of arms to fight the raging insurgency in Nigeria’s north east region.
The recovered Abacha loot are funds returned to the Nigerian government from monies stolen from the country’s treasury by Mr. Abacha.
The late dictator stole an estimated $5 billion from Nigeria and the money is being returned in tranches after agreement with countries such as Switzerland and the United States. So far $700 million has been repatriated from Switzerland.
It is not clear whether these funds in question were part of the arms procurement funds for which Mr Dasuki is being investigated.
But a letter signed by Mrs Okonjo-Iweala, seen by PREMIUM TIMES, showed that 50 per cent of the recently recovered Abacha loot was allotted for “urgent security need” such as the procurement of arms and ammunition while the other half was set aside to be used for development purposes.
The letter, dated January 20, 2015, which was addressed to Mr Jonathan revealed that the money was transferred following a January 12, 2015 request by the office of the NSA under Mr Dasuki for funds for the procurement of arms and ammunition as well as intelligence equipment.
“Please find a request by the National Security Adviser (NSA) for the transfer of $300 million and £5.5 million of the recovered Abacha funds to an ONSA [Office of the National Security Adviser] operations account,” the letter read.
“The NSA has explained that this is to enable the purchase of ammunition, security, and other intelligence equipment for the security agencies in order to enable them fully confront the ongoing Boko Haram threat.
“His request is sequel to the meeting you chaired with the committee on the use of recovered funds where the decision was made that recovered Abacha funds would be split 50-50 between urgent security needs to confront Boko Haram and development need (including a portion for the Future Generations window of the Sovereign Wealth Fund),” Mrs Okojo-Iweala wrote.
She added that the letter was to seek Mr Jonathan’s approval for the funds to be disbursed to the ONSA. The former minister further explained that the money being transferred formed part of the Federal Government Independent Revenue.

However, instead of insisting on overseeing how the disbursed funds were spent, as the country’s chief financial officer, she abdicated her responsibility, expecting and asked Mr Dasuki to account directly to Mr Jonathan.

“This letter is to seek your approval to borrow these funds, for now, to disburse to the NSA. These funds form part of the projected Federal Government Independent Revenue, to be appropriated, in the light and for accountability, given the peculiar nature of security and intelligence transactions, we would expect the NSA to account to Your Excellency for the utilisation of the funds,” she concluded.
In a January 30, 2015 letter, Mr. Jonathan approved the transfer.
PREMIUM TIMES.
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https://mobile.facebook.com/photo.php?fbid=1663695870540699&_rdr

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Dat is Aisha yeesufu

Sai Baba
Ur Boy Fashola don start to de confuse wailers oh

Pls , is d Judge handling d Case??

Hope it's not a Yam eater

Imagine Dasuki mismanaged 2.1billion dollars, dats 5years of our social welfare package

Wailers ur analysis is neede

Buh sumone said d breakdown of d 2016 budget is not yet out buh una don de get heart attack wiv d small small revelations


Una sorry oooh

There r plenty ways to catch a rat

End time

Change

Anybody taht thinks El-rufai came to play never see anythin yet

If vanguard is reporting dis story dem Dokpesi don buy market

CHANGE

Most corruption arm of government in nigeria
The Judiciary

Bye Bye to NNPC

The federal government is breaking up the Petroleum Industry Bill (PIB) that has been stuck in parliament for years, replacing it first with a law to overhaul the state sector which aims to close loopholes that create avenues for rent seeking, according to a draft seen by Reuters.

Under the draft legislation, the state oil giant the Nigerian National Petroleum Corporation (NNPC) will be split in two – rather than a series of units as envisaged by the stalled 2012 bill – including a National Oil Company that will be run on commercial lines and partly privatised.

Africa’s biggest oil producer has been trying to pass a new oil law for eight years but lawmakers have never agreed on every aspect of the 200-page PIB.

In November, the Minister of State for Petroleum Resource and Group Managing Director of NNPC, Dr. Ibe Kachikwu said the government was working on a new PIB that would probably be passed in sections, particularly the thorny issue of a new tax regime that has been criticised by major international oil firms.

The inability to pass a law and uncertainty around taxation has stunted investment in the West African nation, particularly in deep-water oil and gas fields. Now the government hopes that by submitting a series of bills, individually more modest in scope than the 2012 PIB, it will have a better chance of winning parliamentary approval and reforming the sector.

The first new bill, drafted by the Senate and overseen by the oil ministry, is entitled “Petroleum Industry Governance and Institutional Framework Bill 2015” and aims to create “commercially oriented and profit driven petroleum entities”. It is expected to be presented to senators this week.

The bill repeals the act that created NNPC that contained legal gray areas that allowed mismanagement to go unchecked and billions of dollars in revenues to go seemingly unaccounted for as operating costs rocketed.

Some noticeably problematic amendments are absent from this bill, such as allowing the oil minister to decide what to do with any surplus or allowing the Nigerian president to allocate oil blocks for exploration.

But it remains to be seen whether further amendments to the bill or later decisions will reconcile the conflict between what the new state oil companies need to run and what they should remit to the treasury.

“The bill leaves open lots of questions around what roles the new national oil companies will play in the sector, and how they will receive and manage money,” Aaron Sayne, a US lawyer who focuses on the Nigerian energy sector, said.
“But one can sense more strategic thinking behind it than in past drafts, and the bill does a better job than its predecessors of saying who will take key decisions after it becomes law.”

Under the Nigerian constitution, NNPC is supposed to hand over its revenues to the federal government, which then returns what the firm needs to operate based on a budget approved by parliament. However, the act establishing the state firm allows it to cover costs before remitting funds, in effect enabling it to do what it wants with the cash.

Shortly after taking office in May, President Muhammadu Buhari described state coffers as “virtually empty” despite years of record high oil prices that lasted until mid-2014. Oil sales account for 70 percent of government revenues.

The institutional changes in the new draft have been greatly simplified from the 2012 PIB that created many new regulators and broke up the oil company into separate downstream (refining and retail), upstream oil and gas companies.

Instead, NNPC will be split into two: the Nigeria Petroleum Assets Management Co (NPAM) and a National Oil Company (NOC).
The NOC will be an “integrated oil and gas company operating as a fully commercial entity”, the document states, and will run like a private company.

The onus will be on its board to make profits and raise its own funding. The NOC will keep its revenues, deduct costs directly and pay dividends to the government, although the bill does not elaborate on the details.

In theory, trimming NNPC down into two leaner companies could solve a chronic funding problem. Part of Nigeria’s oil output comes from joint ventures with foreign and local companies in which NNPC holds the majority stake. However, NNPC is always behind on covering its share of costs owing to the slow pace of government approvals.

To start off, the NOC will receive about $5 billion, or at least the five-year average of the amount of money NNPC had to put into joint venture operations. In October, NNPC estimated it owed around $6 billion to oil companies.

The new NOC will also be partially privatised. At least 30 per cent of NOC shares will be divested within six years of its incorporation.
NPAM is expected to manage assets “where the government is not obligated to provide any upfront funding”. These include oil licenses covered by production-sharing agreements in which independent oil companies cover operating costs and pay tax and royalties on output.

Compared with previous PIB drafts, the law curtails ministerial powers as board appointments are made by the Nigerian president and confirmed by the Senate.

If passed, the law would also create a Nigeria Petroleum Regulatory Commission (NPRC) to oversee everything from oil licensing bid rounds to fuel prices. Previously, regulation was split between many bodies with ill-defined roles, leading NNPC to act in part as its own watchdog in a conflict of interest.

A Special Investigation Unit would also be set up under the NPRC with the powers to seize items and make arrests without a warrant.

FG Unbundles PIB For Easy Passage, Proposes Split Of NNPC - Abusidiqu
http://abusidiqu.com/fg-unbundles-pib-for-easy-passage-proposes-split-of-nnpc/

Ghost mode de no de see me

Chineke... Dis is sacrilegious (I dat even know waht dat means)

Senior wailers take over

Dino Mi liara Oyah Benddow benddown Pause!

We need death sentence in nigeria

The team of investigators at the Economic and Financial Crimes Commission (EFCC) looking into how the office of the National Security Adviser (NSA) shared funds meant for fighting Boko Haram has detected another line of payment made to companies linked with Thisday publisher and owner of Arise TV, Nduka Obaigbena.

Nduka Obaigbena of ThisDay and Arise TV Ventures Africa

The investigators said Obaigbena received at least N650million from Dasuki for questionable transactions.

They also said that Obaigbena, who is also the Chairman of the Newspaper Proprietors Association Of Nigeria, has dropped out of sight since the discovery and all attempts at reaching him have failed, EFCC sources said.

Today, SaharaReporters reached Mr. Obaigbena, who said he was in New York.  He said that prior to his trip to New York, he had been at meetings in London, and will return to Nigeria when he is through with his visit to New York.

He admitted that his newspaper company received a letter from the EFCC and that a response had been sent to explain what they know about the case involving Raymond Dokpesi’s Daar Communications. Dokpesi was arrested last week, but he and his family have offered conflicting accounts about why he received billions of Naira from Dasuki. 

Obaigbena told SaharaReporters he did not receive any monies from the former NSA, a point strongly disputed by EFCC investigators.

Arms Purchase Scam: Investigators Trace N650m To Thisday Publisher Nduka Obaigbena | Sahara Reporters
http://saharareporters.com/2015/12/07/arms-purchase-scam-investigators-trace-n650m-thisday-publisher-nduka-obaigbena