The Central Bank of Nigeria (CBN) has no records of monies recovered by the Economic and Financial Crimes Commission (EFCC) between 2016 and 2019 as required.

This is according to the Office of the Auditor General for the Federation (OAuGF) in its 2020 Audited report of government finances.

The report, dated November 30, 2023, was submitted to both chambers of the National Assembly through the Clerk.

The OAuGF said the last time the CBN recorded an inflow of recovered funds into the federation accounts was December 2015.

It also said that the Recovered Funds component of foreign exchange inflows into the Federation Account of $40,502,645.06 was last reported in December 2015.

Such inflows were not reported between 2016 and 2019, says the report, adding that there were no documents to justify the non-recognition of recovered funds between 2016 and 2019.

In its management response, the CBN said: “There was no inflow for the period January 2016- December 2019.

“However, a review of the account showed credit interest for the period.”

The report asked the Public Account Committees of the Senate and House to request the CBN governor to justify the non-recognition of recovered funds for the years 2016 to 2019.

The report queried what it called an unjustified decrease in foreign reserves of the country between 2017 and 2019.

“Audit observed from the review of CBN Summary of Monthly Foreign Exchange Cash flows that Foreign Reserves which stood at $42.594 billion as at December 2018 decreased to $38.092 billion in December 2019, and there were documents to justify the decrease,” the report says.

The Auditor General also reported a decrease in foreign exchange earnings of about $2,667,269,011.33 in 2019 as contained in the CBN summary of monthly foreign exchange cash.

The Auditor General also said in 2020, the CBN made deposit placements with First Bank of Nigeria (FBN) United Kingdom (UK) Ltd, London amounting to US$134,507, 155.20, split into two tranches of $59,029,548.09 and US$75,477,607.11 to circumvent the provisions its Guidelines on offshore deposits.

It alleged that no further information was given at the time of the audit visit to enable the audit to verify the average monthly deposits of FBN UK Ltd, London over one year to establish if it qualified for exposure above US$100 million

However, the CBN denied any infraction, saying the exposure to FBN, UK was within the approved exposure limit.

It added that the deposits were split for liquidity planning purposes and not to circumvent the provision of the guidelines.

It also said that the placements with FBN UK have never been above the limit stipulated by the Guidelines.

The report accused the apex bank of violating IMF conditions, and diversion of IMF rapid financing instrument of about $3.4 billion

The report says: “The Executive Board of the International Monetary Fund (IMF) through a letter dated 28th April 2020 approved Nigeria’s request for emergency financial assistance of US$3.4Billion under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment needed for stemming the outbreak of COVID-19 Pandemic and the decline in Oil prices.”

“As part of the conditions to release the grant to Nigeria, IMF had requested CBN to credit a Federal Ministry of Finance (FMF) account with the Naira equivalent upon receipt of the Funds.

“Audit observed from the review of documents relating to the grant of the US$3.4 billion that on April 30, 2020, US$ 2,396,458,513.75 was transferred to CBN’s account with Federal Reserve Bank, New York (FRB), while CNY 6,776,051 497.99 was transferred to CBN’s CNY account with People’s Bank of China, Shanghai Office.

“On June 1, 2020, barely one month after the receipt of the fund, the CBN moved US$ 2,396,458,513.75 out of the fund with Federal Reserve Bank, New York to Bank of International Settlement (BIS) for investment in short-term maturities.

“The funds with Peoples Bank of China, CNY 6,776,051,497.99 were moved to the Industrial and Commercial Bank of China (ICBC).

“The funds were classified under the CBN’s portion of the External Reserves instead of the Federal Government Reserve to earn interest that may help to increase the reserves portion of the Federal Government.

“No information/document was provided to justify the movement of Fund, including the subsequent investment and classification as CBN Reserve category that was not made known to the Federal Government and not approved by the Investment Committee of the Bank.”

Forty-four per cent of candidates who wrote the West African Senior School Certificate Examination (WASSCE) for Private Candidates in last year’s Second Series recorded Credits in five subjects, including English and Mathematics.

The West African Examinations Council (WAEC), which announced the release of the results yesterday, said 80,904 candidates wrote the examination.

In a statement by the Acting Head of the examination body’s Public Affairs, Moyosola Adesina, on behalf of the Head of National Office, Dr. Josiah Dangut, WAEC listed the percentage of successful candidates in the examination.

The council noted that the percentage of candidates in this category in WASSCE for Private Candidates 2021 and 2022 – Second Series, that is, those who obtained Credit and above in a minimum of five subjects, including English Language and Mathematics, was 48.61 per cent and 42.16 per cent.

It said there was a marginal increase of 2.13 per cent in the candidates’ performance.

WAEC also said 57.19 per cent of the candidates obtained Credit and above in a minimum of five subjects with or without English Language and/or Mathematics.

The council said the results of 7,192 candidates, representing 8.89 per cent of the total number that sat the examination, were being withheld in connection with various reported cases of examination malpractice.

“Candidates may check their results by visiting www.waecdirect.org and ascertain their status before visiting the Digital Certificate platform (www.waec.org) to access the digital copies of their certificates, which have been released along with their results.

“Candidates may also be required to apply for the printing of the hard copies of their certificates, online, through the WAEC Certificate Request Portal (e-Certman) website: https://certrequest.waec.ng/,” WAEC said.

The immediate past Secretary to the Government of the Federation, SGF, Boss Mustapha, cleared former President Muhammadu Buhari and himself on Tuesday in Abuja of the alleged fraudulent payment of $6.2 million to foreign election monitoring observers.

He said that the letter purportedly written and signed by President Buhari did not emanate from the Presidency, and another purportedly written and signed by him were forged documents.

Mustapha made the clarifications on Tuesday while giving evidence in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Ifeanyi Emefiele, at the High Court of the Federal Capital Territory.

He said that the one, Jubrin Abubakar, who allegedly collected the $6.2 million cash on February 8, 2023, under the watch of Emefiele, was not a staff of the Office of the SGF and was not known to him.

Mustapha faulted the purported two letters alleged to have emanated from the Presidency under Buhari and the SGF office, adding that the letters did not conform with the standard with which the Presidency and SGF write letters.

The Economic and Financial Crimes Commission, EFCC, had alleged that Emefiele forged the letters to defraud the Federal Government to the tune of $6,230, 000 under the guise of making payments to some foreign election monitoring observers.

Mustapha insisted that the issue of payment for either local or foreign observers is the sole responsibility of the Independent National Electoral Commission, INEC, and not any other federal government agency.

“I am not privy to the operations of the Central Bank of Nigeria, CBN, and cannot write the governor for the attention of the Director, Banking Services.

“From mere looking at the purported letters, the headline down to the contents are defective. I am not aware of the contents of the letters because there was no Federal Executive Council approval for such a thing,” he said.

Mustapha said further: “The purported letter from the office of Secretary to the Government of the Federation bears my name as the SGF. To the best of my knowledge, the letter did not emanate from the SGF office. If it did not emanate from the SGF office, then, I did not sign it.

“Nigerian government has no business with foreign election observers. That, I know as a fact, because I managed two election cycles. INEC has sole responsibility for the foreign election monitoring observers.

“Looking at the signature on the purported letter that emanated from the Presidency, it is a failed attempt at reproducing President Muhammadu Buhari’s signature.

“Up until the time I left office, I did not know anything about the transactions. All through my service, I did not come across the letter purported to have been written by Mr President.

“On face value, and having served as SGF for 5 years and seven months, I can say this letter did not emanate from the Presidency for seven major reasons.

“Among others, the seal of the Presidency does not carry a reference number. The seal itself is the authority. Federal Executive Council decisions are not transmitted by letters but by extracts after conclusions have been adopted.

“I am the custodian of FEC. The President will not refer FEC conclusions to me. In all the correspondences from the Presidency, President Buhari never ended with “Please, accept the assurances of my highest regards”.”

Meanwhile, further trials have been fixed for March 7, 11, and 25.

A chieftain of Ohanaeze Ndigbo, the apex Igbo socio-cultural organization, Okechukwu Isiguzoro, has urged President Bola Tinubu to probe the administration of his predecessor, ex-President Muhammadu Buhari, former ministers and aides.

Naija News reports that the factional Secretary General of Ohanaeze made the call in a statement titled, ‘Urgent action required: Probe Buhari, Ministers, and close aides to save Nigeria’s agonizing economy’.

Isiguzoro, in the statement released on Tuesday, said the probe would save Nigeria’s economy from further deterioration and prevent the spread of economic hardship protests.

He noted that the probe must investigate the reckless external borrowing, which failed to translate into visible and tangible projects during Buhari’s administration.

The statement read, “Nigeria’s economy is in a state of crisis, and Ohanaeze Ndigbo, the apex Igbo socio-cultural organization and the resolute voice of the Igbo, boldly calls upon President Bola Ahmed Tinubu to summon the righteous resolve within him.

“It is time to officially initiate an executive probe into former President Buhari’s administration and the severe mismanagement of Nigeria’s economy from 2015-2023.

“Furthermore, the probe must address the monumental re-looting of recovered loot from corrupt individuals and corporate organizations by Buhari’s ministers, close aides, and family members.

“The suffering endured by Ndigbo and Nigerians as a whole, in abject poverty and unimaginable hardship, can be directly attributed to the incompetence of Buhari’s economic teams and the audacious re-looting of recovered assets.

“To prevent the spread of economic hardship protests, temporarily halted by the African Cup of Nations in Ivory Coast, President Tinubu must initiate an inescapable comprehensive probe of Buhari’s administration.

“Nigerians are astounded by the wealth accumulated by Buhari’s ministers, close aides, and family members, surpassing that of their states and even eclipsing the combined wealth of all 36 Nigerian states.

“These individuals must be compelled to return all the “re-looted” loot, as this signifies the initial step toward Nigeria’s economic recovery.”

Members of the Board of Trustees (BoT) of the Peoples Democratic Party (PDP) have urged President Bola Tinubu to address worsening insecurity in the country and the continuous fall in the value of the Naira.

Naija News gathered that the call was made after the meeting held at the Conference Hall of the PDP National Secretariat in Wadata Plaza, Wuse, the Federal Capital Territory (FCT).

Adolphus Wabara, who was appointed as the substantive Chairman of the party’s BoT, on Tuesday, said the BoT expressed deep concerns over the biting economic hardship, high cost of essential life-enhancing commodities, and alarming food scarcity in the country.

He stated “The BoT is alarmed by the worsening insecurity in the country as evident in the rising cases of mass killings, banditry, kidnap for ransom, and acts of terrorism by assailants who are emboldened by the manifest laidback attitude of the APC administration to issues of security, especially in the last nine months.

“The BoT is appalled by the monumental corruption and unbridled treasury-looting in the APC administration especially the looting of billions of Naira meant for palliatives for poor and vulnerable Nigerians.

“The BoT is seriously worried over the fall of the Naira to an abysmal N1,500 to the Dollar, incessant increase in the pump price of fuel which now sells for over N700 per liter with long queues in various parts of the country.

“These have attendant negative consequences as evident in the nearly 30% inflation rate, 41% unemployment rate, and alarming 46% poverty rate where up to 130 million citizens have sunk deeper into multi-dimensional poverty in the last nine months.

“The BoT is disturbed that the catastrophic economic and security situation in the country has left Nigerians hopeless, despondent, angry and constitutes a present and immediate threat to the survival of the country as hardworking young Nigerians, professionals in critical fields as well as major multinational companies are now leaving our nation in droves.

“The BoT is distressed that there are no concrete and coherent policies, measures, and steps by the APC administration to address these existential threats which have put the country in a precarious situation.

“The BoT calls on President Bola Ahmed Tinubu to know that the situation in the country has become unbearable. Mr. President should immediately address the issues of corruption in his administration, worsening insecurity in the country, continuous fall in the value of the Naira, high fuel price, unbearable food scarcity, and unemployment in the country.”

He reassured the Nigerian public that despite the challenges, the PDP remains united, stronger, and more determined in its commitment to working for the well-being of Nigerians and defending their interest at all times.

Wabara continued, “In this regard, the BoT as the Conscience of the Party charges all Organs, leaders, critical stakeholders, and members of the PDP across the country to remain united and focused as the Party further repositions for the task ahead.

“In the bid to further strengthen itself, the BoT has confirmed His Excellency, Senator Adolphus Wabara as its Chairman and His Excellency, Senator Ahmed Mohammed Makarfi as Secretary in line with the provisions of the Constitution of the PDP (as amended in 2017).”

Explains Why Osimhen Struggled At 2023 AFCON

Former Super Eagles of Nigeria assistant coach, Emmanuel Amuneke has explained that Victor Osimhen struggled at the 2023 AFCON because he was made to be too involved in defensive duties.

Victor Osimhen, who scored ten goals during the 2023 AFCON qualifiers, managed to record just one goal throughout the tournament, as three of his other goals were cancelled after VAR interventions.

He was also seen limping towards the end of almost every game at the tournament, especially in the final against Ivory Coast on Sunday, February 11, which the hosts won with a 2-1 scoreline.

In his analysis of Victor Osimhen’s performance at the tournament, Amuneke, who discovered and nurtured the 25-year-old Napoli striker in the under-17 phase of his career, argued that the team’s defensive pattern at the 2023 AFCON didn’t work for Osimhen.

“You know in this AFCON, Osimhen spent a lot of time helping the team to defend, and when you have a striker that is so dangerous, move a lot, and then at the end of the day he is coming to defend. I think it reduces his quality”, Amuneke told News Central TV..

“Osimhen is a player that when you look at him, moves a lot and needs players that can actually, you know, give him those balls into spaces where he can become effective and functional.”

He added, “Chukwueze and Simon Moses likewise but of course, you must have players that can complement the effort of these players.”

Meanwhile, Amuneke, who was Super Eagles assistant coach under Austine Eguavoen during the 2021 AFCON, in which Nigeria finished in the round of 16, had said he is ready to head the team.

The current coach of the team, Jose Peseiro, is out of contract, and he expects the Nigeria Football Federation to extend his stay with the team, having accomplished the ultimatum of reaching the semi-finals of the 2023 AFCON.

However, there is a lot of push for the Portuguese tactician to be sacked due to his defensive style of football, which is believed to be one of the reasons Nigeria lost to Ivory Coast in the 2023 AFCON final.

Amidst the uncertainty surrounding the future of Jose Peseiro, most football pundits believe Amuneke should be appointed to replace the Portuguese tactician.

While reacting to that in an interview with Central Television, Amuneke said: “I am a Nigerian, all my life I have served Nigeria as a player. If Nigerians now find me fit to add value to the team, of course, it is a welcome development.

“But for now it is not necessary to talk about this issue.

“We have to support the team and other Nigerians, they are going through a lot of sadness.

“We all want the best for our country, the best for our football. This has to be respected.”

The Minister of Women Affairs, Uju Kennedy-Ohanenye, has placed a N2 million bounty on an Anambra State-based lawyer, Adachukwu Chukelu-Okafor, for allegedly burning her 11-year old house help.

She was alleged to have used hot pressing iron and a knife to burn and chop in pieces, the private part of her househelp.

Ms Kennedy-Ohanenye disclosed this at a news conference in Abuja, following a viral video of the girl after she was abused and returned to her aunt, who gave her out as a house help.

“Please Nigerians go out there search for this woman, bring her out, call any police station and hand her over.
“The Federal Ministry of Women Affairs is offering N2 million to anybody that will lay hands on this woman and hand her over to the police.

“We need this woman urgently because the girl is in pain and has been in the hospital. It could be your child or anybody’s relation, so let us not fold our hands.

“We will give N2 million to anybody that will give necessary information to the police or the women affairs ministry on how to get Adachukwu, the barrister, who did all those harmful things to her house help.
“This woman will be apprehended by the police who have been looking for her and she is nowhere to be found,” she said.

Ms Kennedy-Ohanenye also urged the public to divulge any information that would enable the authorities to apprehend the suspect, who has gone into hiding, to ensure justice for the victim.
“This issue of Adachukwuchu who burnt her 11-year-old house girl with a hot knife, putting it in her private part and at the same time using hot pressing iron to do other damage on her is of grave concern to the federal government.
“I kept quiet initially because I thought that by now it would have been solved by the state since they are aware of it. For the fact that it still hasn’t been solved, I have decided to wade in.
“Some people will say why is the ministry always getting involved. Let me explain that it is within my purview to get involved in anything that involves women and children across Nigeria. I have every right to get involved in it,” she said.

The minister also revealed that the government would soon make a pronouncement on the issue of employing underage house helps that are less than 18 years, to end cases of child abuse and violation.

Policy on househelp recruitment

According to her, there will be an enforcement programme to that end to be driven by the Federal Ministry of Justice.

“Again, in a couple of days, there will be a pronouncement from this ministry on taking househelps that are less than 18 years.

“We are going to put a stop to it, there will be a pronouncement within a week and an endorsement programme towards that action.
“And we will need the whistleblowers, who are Nigerians, to come and fight for your country, especially now. Come out and give information on anything that you feel will help this country,” she urged.

The News Agency of Nigeria (NAN) reports that a video of the house help, lying on a hospital bed after being allegedly abused, went viral, sparking public outrage.

(NAN)

The presidential candidate of the Labour Party (LP) in the 2023 general elections, Peter Obi, on Monday paid condolence visit to the families of Herbert Wigwe and Abimbola Ogunbajo, expressing sympathies for the families of the deceased.

Peter obi on condolence visit to the family of Herbert Wigwe

According to Peter Obi,

@PeterObi

“Yesterday, with a heavy heart, I paid a condolence visit to the beloved families of my very dear friends, Herbert Wigwe and Abimbola Ogunbajo, whose deaths continue to break my heart and those of many in the nation.

“I expressed my deepest sympathies to the Wigwe and Ogunbajo families over this colossal loss. Herbert and I have remained very close friends over the years and I cherish the times, ideas, and moments we shared.

Peter Obi signing the condolence register of Abimbola Ogunbajo

“His death remains a terrible sore in my heart, especially when I consider his immense contributions to our national development, and his plans to do more for the nation in the very critical areas of development.

“He was a man who remained committed to the advancement of the nation and the progress of the people especially the youth.

“As we mourn his very painful death, we are comforted by the enduring legacies he left behind, the lives he positively touched both within and outside Nigeria, and the cherished memories of his kindness, simplicity, and love for humanity.

Peter Obi writing his condolence message

“May God Almighty grant eternal rest to Herbert, his wife, and son; to Abimbola Ogunbajo, and all those who died in the plane crash.

“May God comfort their families, and indeed all of us who mourn, and give us the fortitude to bear this sad and irreplaceable loss. -PO”

[NationalDaily]

A pivotal bill aimed at amending the 1999 Constitution to elevate the educational requirements for candidates aspiring to key political offices in Nigeria has been stepped down at the House of Representatives.

Sponsored by Adewunmi Onanuga, representing the Ikenne/Sagamu/Remo North Federal Constituency of Ogun State, the bill proposed setting a university degree or its equivalent as the minimum educational qualification for governorship, presidential, and other significant elective positions.

During the plenary session on Tuesday, Onanuga led the debate, advocating for the constitutional amendment to ensure that holders of elective offices possess at least a university degree, in contrast to the current provision, which permits candidates with a First School Leaving Certificate to contest for the nation’s highest offices.

The bill received backing from several lawmakers, including House Leader Julius Ihonvbere, Babajimi Benson, and Kingsley Chinda, who supported the notion of raising the educational standards for political office aspirants.

However, opposition from certain quarters, including Aliyu Madaki from Kano State and Ahmadu Jaha of the APC, Borno, highlighted a divide among the representatives on the proposed alteration.

Citing the pushback, Onanuga expressed disappointment and opted to step down the bill, signalling her intent to engage in further lobbying with her colleagues to gather more support before reintroducing the bill at a later date.

She said, “It appears some of our colleagues need further lobbying. I will move to step down the bill for now.”

[NaijaNews]

Sir Jim Ratcliffe has received Premier League directors and owners’ test approval for his 25 per cent purchase of Manchester United.

A deal will be completed within days as the Football Association signs off a final agreement after Ratcliffe extended his purchase offer until the end of this week.

United’s Class A shares rose more than six per cent to $21 (£16.57) in post-market trading after the tender offer deadline was extended to Friday from Tuesday.

Club filings to the US Securities and Exchange Commission (SEC) overnight confirmed the league has privately approved the deal.

A Premier League statement confirming the decision is only expected once Ratcliffe completes, however, which is likely next week.

Filings confirmed there was no doubt as far as United’s shareholding set-up is concerned that the Ratcliffe deal will be done. By February 9, around 36.7 per cent of the outstanding Class A Shares had been “been validly tendered (and not validly withdrawn) pursuant to the Offer,” the documents confirm.

Premier League approval for the deal is confirmed in the filing’s offer terms.

“Premier League Approval” has “already been obtained”, the document confirms, but the Football Association Approval is still awaited.

Ratcliffe, 71, has agreed to gain complete control of football operations as part of his deal for a minority shareholding but the Glazers have since agreed that Ineos should have a broader influence encompassing key decisions across the business.

Telegraph Sport detailed last week how plans include eventually creating a “Wembley of the North” under an ambitious 90,000-seater redevelopment of Old Trafford.

The Ratcliffe deal is now all-but-done after an extraordinary saga which saw the Glazers first start exploring a sale in Nov 2022.

A bump in share values overnight erased losses from earlier in the trading day on Monday amid speculation over whether the offer would be extended. In December, Ratcliffe agreed to buy the stake by allowing investors to swap about one-quarter of their Class A stock holdings for $33 per share, well above the current market price.

As of the close of Friday, 19.4 million shares had been validly tendered, according to the regulatory filing – which means Ratcliffe has already passed the threshold to complete his deal.

United’s American owners are set for a cash windfall of around £715 million from the sale of B shares to Ratcliffe. That eye-watering sum adds to earnings of around £465 million through past sales of A shares and around £150 million in dividend payments.

However, it was announced in previous regulatory filing that there will be no dividends paid for at least three years under Ratcliffe’s deal with the Glazers.

United were acquired by the Glazers for around £790 million in a hostile takeover in 2005, since when around £1 billion has been sucked out of the club in debt repayment, interest and management fees to service the leveraged buyout.

In addition to purchasing the Glazer shares, Ratcliffe – through his Isle of Man investment vehicle Trawlers Ltd – is buying up to 25 per cent of Class A shares at the same $33 per share price so as to minimise any risk of legal action from other minority shareholders such as Eminence Capital, Lindsell Train and Ariel Investments.

The deal values United’s equity at around $5.4 billion and gives the club an overall enterprise value of $6.3 billion, almost £5 billion.

Ratcliffe has also pledged an additional $300 million (£237 million) to invest in Old Trafford and infrastructure needs. The Oldham-born billionaire will have first refusal for a period of 12 months if the Glazers opted to sell more B shares in the future.

Equally, “drag-along” rights included in the deal mean Ratcliffe would be obliged to sell his shares subject to him receiving a $33 per share cash offer from the Glazers should they decide on a full sale 18 months from now.

A drag-along right is a provision or clause in an agreement that enables a majority shareholder to force a minority shareholder to join in the sale of the company.

[Leadership]