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Tag: CBN Governor

  • Missing $9.5m: Senate gives CBN Governor 72 hours to honour invitation

    Missing $9.5m: Senate gives CBN Governor 72 hours to honour invitation

    Senate Committee on Public Accounts on Monday gave Central Bank of Nigeria Governor Godwin Emefiele, 72 hours to appear before it over the alleged disappearance of $9.5million interest that accrued from Petroleum Profit Tax (PPT) investment.

    Chairman of the Committee, Senator Matthew Urhoghide, had complained that the principal sum deposited , tenor, and rate of interest on the transaction were shrouded in secrecy.

    TheNewsGuru.com reports that Petroleum Profit tax (PPT) is a tax applicable to upstream operations in the oil industry. It is particularly related to rents, royalties, margins, and profit-sharing elements associated with oil mining, prospecting, and exploration leases.

    Urhoghide said there were many issues Emefiele needed to respond to corroborate some statements of account.

    He added that the apex bank had till next tomorrow to appear the committee to address the issues.

    Recall that the committee had two weeks ago summoned CBN officials over alleged disappearance of the fund.

    Neither Emefiele nor his representative appeared before the committee during its sitting yesterday.

    The summon was sequel to the consideration of a report by Auditor-General for the Federation, which audits the spending of Federal Government ministries, departments and agencies.

    The Auditor General of the Federation had in his 2016 audit report queried the transaction.

    The query reads: “During the examination of transfers to Foreign PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totaling $6 million and $3.5 million were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds invested.

    “The authority for placing the funds which yielded the above interests totaling $9.5 million in deposit account, the principal sums deposited, the tenor and rate of interest were not made available for audit verification.

    “This observation had also been a subject of my reports since 2017 without any positive response from Central Bank of Nigeria.

    “Records made available for audit further revealed that the balance in the foreign PPT/Royalty and Foreign Excess Crude accounts as of 28th December 2016 were USD0.00 and USD251,826 respectively.

    “This suggests the foreign PPT/Royalty was depleted before the year-end.

    “The Accountant-General has been requested to provide the authority for the funds invested, the tenor of the investment, rate of interest payable, certificate for the funds invested and forward same for audit verification.”

  • Again, Reps summon COAS, CBN Governor over monies for military hardwares

    Again, Reps summon COAS, CBN Governor over monies for military hardwares

    The House of Representatives ad hoc Committee on Arms and Ammunition has summoned the Chief of Army Staff, (COAS), Lt.-Gen. Attahiru Ibrahim to appear and clarify issues on purchase of arms by Nigerian Army on Wednesday, April 7, at 2.p.m.

    The committee also summoned Central Bank Governor, Mr Godwin Emiefele to appear and account for the monies released for purchase of military hardwares on the same date.

    The committee was constituted to investigate the purchase of arms and ammunition by the military and paramilitary in the country.

    Recall that the officers had earlier on Friday, March 12, 2021 failed to appear before the committee.

    The summon was sequel to a unanimous adoption of a motion by Rep. Bede Eke (PDP-Imo) at it’s sitting on Monday in Abuja.

    Moving the motion earlier, Eke said that the summon became necessary following the refusal of the public officers to honour several invitations extended to them by the committee.

    According to the lawmaker, it was time for the committee to take hard decisions against the public officers.

    “CBN has been a problem to this house and they cannot operate the way they are operating and this house will keep quiet because we approve their budget.

    “What are we asking for? Come and tell us how much we have paid for the purchase of arms; we have given you the right to fare hearing.

    “Are you hiding anything? We will not allow it, if there is something you are hiding because you are CBN, we will not allow it.

    “People are killed everyday, I want to move a motion because we do not have time; we come here everyday, sit for hours and wait for a government agency.

    “I move that we summon especially the COAS and CBN, enough is enough, let them be summoned, that is when they will know we are serious,” he said.

    Eke said that the commitee has invited the COAS four times and the CBN Governor five times and they have refused to honour the invitation.

    Earlier, the Chairman of the Committee, Rep. Olaide Akinremi (APC-Oyo) said that committee expected the Ministries of Finance, Defence, Interior, CBN, COAS and the Bureau of Public Procurement (BPP) to appear.

    He said that the Ministry of Defence had earlier written to the committee to seek a later date to appear and it was granted.

    Akinremi said that committee had been waiting for three hours for the invited public officers but they failed to show up.

    According to him, the house has already passed a resolution in accordance with the COVID-19 protocols that we should stay more than three hours at committee meetings and we cannot continue to sit here and wait.

    The chairman explained that the invitations extended to the public officers are in line with section 88 of the 1999 Constitution as amended.

    According to him, the section confers powers on this committee to summon any public officer to appear and give account.

    Contributing to the motion, Rep. Ibrahim Aliyu (APC-Sokoto) said that the public officer needed to come to terms with the gravity of the investigation.

    Aliyu who represents Wurno/Rabah Federal Constituency of Sokoto said that the committee has information and documents and was only giving the officers an opportunity for a fare hearing.

    He said that the committee should agree on a date and compel the officers to come and answer to Nigerians

  • Insecurity: Explain how weapons for military, police end up with bandits, Reps query COAS, CBN Governor

    Insecurity: Explain how weapons for military, police end up with bandits, Reps query COAS, CBN Governor

    Members of the House of Representatives have asked the Chief of Army Staff (COAS), Major-General Ibrahim Attahiru, to explain how weapons purchased for the military and police end up in the hands of bandits and miscreants.

    The House ad-hoc committee on the need to review the purchase, use and control of arms, ammunition and related hardware by military, paramilitary and other law enforcement agencies in Nigeria sat yesterday.

    Invited to face the committee on the issue were Attahiru and the governor of the Central Bank of Nigeria, Godwin Emefiele.

    Attahiru sent a representative, Major General C. Ofuche, but this was rejected by members of the committee led by Prince Olaide Akinremi from Oyo State.

    Members of the committee said the issue was a serious and sensitive one and needed the COAS to address them in person.

    Rep Ibrahim Al-Mustapha Aliyu from Sokoto State said Attahiru had to appear in person to explain how weapons bought for the military and police ended up in the hands of bandits.

    “You can bear witness to the fact that Nigeria is embroiled in serious security issues and year in year out appropriations were made and huge sums expended on procurement of arms and ammunition and yet in the whole of the whole of the arrests made you find these arms and ammunition with some of these bandits and miscreants.

    “Some of them can be traced back to the very military or police. It is a serious issue and the National Assembly is well positioned to dig deep into the root of this issue and find solutions.

    “As moved by my colleague there is need for a motion to allow the COAS come and make his submissions personally to this committee.

    “In line with the position of the previous speakers, I want to reiterate that this is a very serious and sensitive security matter.

    ‘At least let us see the man. Being that this is the first meeting with the Nigerian Army, the accounting officer of the Army should have appeared to give us his account, his position as far as the communications made to him.

    “For the chairman and secretariat there is no communication before that the COAS is having another schedule that may not allow him to be physically present here. That is a contravention to section 88, section 89 subsection 1, and of course section one of the Armed Forces Act 1994. So we are not witch-hunting but telling you what the law says,” he said.

    Other representatives, including Kabiru Idris (Kano), Bede Eke (Imo), and Ifeanyi Chudy Momah (Anambra), who spoke insisted that the COAS must appear before them physically.

    They noted that there was no official communication to the committee on why he could not make it.

    Major General Ofuche apologised on behalf of the COAS, saying: “He should have been here today and all indication to that was already in motion, but for several trips.

    “If you watched the TV yesterday, he was at Ibadan and Enugu all for the same security needs. The country is embroiled in a lot of crisis so they are moving around and he thought he could make it down here this morning for this meeting and so the notice was quite short for me to come and represent him because he would have loved to do it personally, and that is why there is no written note,” he said.

  • Eight Years Unaudited Accounts: House Cttee Summons CBN Governor, Ex-MDs NSPMC Over Absence of Mgt Board

    By Emman Ovuakporie
    Disturbed by the inability of Security Printing and Minting Plc, to produce an audited account for 8years, the House Committee on Public Accounts has summoned the Governor of CBN, Godwin Emefiele and others fingered to explain why the agency’s account was not audited.
    Members of the committee in session issued the summons of MDs of NSPM and CBN Governor on Wednesday, after they found from the current MD, that the agency operated without a board and a financial audit, since 2012.
    The current MD of the agency, Mr. Abbas Masanawa, was represented by the Director of Finance, Mr. Augustine Omotoso, before the House panel, investigating the expenditure profiles of over 300 agencies of government.
    Mr. Omotoso in the course of his presentation before the panel, confessed that there was no financial audit of the agency, since 2012. He also confessed that a board was yet to be in place, since he assumed office. The Central Bank Governor, is statutorily, the Chairman of the NSMPC board.
    The NSMP Plc, was jointly established in 1963 by the Federal and a British company. It has since printed currency notes for the expenditure of the federation.
    Privatization of the Mint by President Olusegun Obasanjo in February 2002 was controversial, and Managing Director Sambo Dasuki resigned in protest.
    In 2006, the Governor of the Central Bank of Nigeria, Charles Chukwuma Soludo, regretted that Nigeria was the only country in the world that had a mint but still imported currency, and announced plans by government to privatize the company.
    Besides, the Public Accounts Committee has set up an inquiry into the project performance and expenditure of the Nigeria Content Development and Monitoring Board, Yenagoa, Bayelsa State, since 2010, when the board was set up.
    The Managing Director of the NCDM board, Engr. Simbi Wabote, also confessed to the committee, that there was no properly constituted board of his agency.
    Mr. Wabote who assumed office on December 12, 2016, also told the House Committee that “I didn’t meet any audited accounts”.
    He said since its establishment on April 22, 2010, its board has never met, and that there was no external audit conducted on its finances.
    The Chairman of the House Committee, Rep. Oluwole Oke, who was miffed by the sordid revelation from these agencies, ordered a thorough vetting of the agency’s operations both financial and administrative, since 2010.

  • Emefiele begins second tenure as CBN Governor

    …To unfold new 5-year Road-map

    Following the confirmation of his re-appointment as Governor of the Central Bank of Nigeria (CBN) by the Senate, Mr. Godwin Emefiele, on Monday, formally assumed duty after subscribing to the relevant Oath of Office administered by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs. Alice Karau.

    A statement from the CBN said that in his remarks after the oath-taking ceremony, Emefiele disclosed that he is expected to address a World Press Conference in the coming days, where he will unfold a new road map for the Central Bank of Nigeria and the economy.

    “He will unfold a new road map for the Bank and the economy, in the days ahead, after a series of consultations with critical stakeholder groups.”

    He charged all stakeholders to strengthen efforts at building a healthy and stable system in the best interest of Nigeria.

    The Governor also reiterated his goal to make the CBN more people-focused, adding that “the Bank remained resolute in the belief that the Bank must play an active role in supporting job and wealth creation in Nigeria.”

    In reviewing the various efforts taken by the Bank to reduce weaknesses in the Nigerian financial system as well as support improved productivity of the Nigerian economy, Emefiele said more work still needed to be done in building a stronger economy for the benefit of all.

    According to him, the pace of Gross Domestic Product (GDP) growth remained fragile and was below the rate of Nigeria’s annual population growth at 2.7 per cent. He, therefore, pledged that the Bank would continue to collaborate with the fiscal authorities to strengthen growth and wealth creation in the country

    “We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy. We must also work to build a healthy and stable financial system that contributes to the growth of our economy while preserving price stability,” he added.

    Mr. Emefiele, was received into the Bank by the four Deputy Governors, and he “was visibly elated by the turnout of excited staff that thronged the venue of the oath-taking ceremony chanting his name.”

    Emefiele expressed gratitude to God; President Muhammadu Buhari, for nominating him; and the Senate for confirming his appointment. He also thanked the management and staff as well as the media for all their support during his first term in office.

  • Senate asks CBN to suspend ‘excessive’ ATM charges, N10,000 maximum withdrawal

    Senate asks CBN to suspend ‘excessive’ ATM charges, N10,000 maximum withdrawal

    The Senate on Wednesday asked its committees on Banking, Insurance & other Financial Institutions and Finance to invite the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele over the apex’s bank approval of ‘illicit and excessive’ and the N10,000 maximum withdrawal at ATM centres.
    The committees are also to investigate the propriety of ATM Card maintenance charges in comparison with international best practices and report back to the Senate.
    These resolutions were sequel to a motion sponsored by Gbenga Ashafa (APC, Lagos East) on “Illicit and Excessive Charges by Nigerian Banks on customers account with particular focus on Automated Teller Machine (ATM) Maintenance and Withdrawal Charges.”
    Ashafa noted there have been several complaints from Nigerians generally and on social media concerning illicit and excessive charges by commercial banks on customers’ account with particular focus on ATM maintenance charges and ATM withdrawal charges.
    Recall that the CBN in 2017 increased the maintenance fees charged by banks on debit and credit card maintenance from N100 a year to N50 per month (N600 a year) as contained in its “Guide to Charges by Banks and other Financial Institutions.”
    Ashafa referred to a viral campaign that began on social media on September 3, where many Nigerians called for reforms of the banks.
    The lawmaker also expressed worry that most banks have deliberately manipulated their ATM not to dispense more that N10,000 per withdrawal in some cases and in most cases not more than N20,000.
    “This is a deliberate ploy to manipulate the ATM machines which are ordinarily manufactured to dispense as much as N40, 000 per transaction, in order to attract more bank charges from customers who are forced to carry out more transactions due to the manipulated machines.
    “It appears the CBN is becoming insensitive to the plight of Nigerians who are already complaining of excessive charges by commercial banks. If the CBN is trying to encourage a cashless Nigeria, why should they be making it more difficult and expensive for Nigerians to do transactions,” he said.
    In his contribution, the Deputy Senate President, Ike Ekweremadu, lamented that ATM charges are not the only charges on customers by banks. He said the CBN has the responsibility to protect the interests of Nigerians and not just make money for other banks.
    He also said the Consumer Protection Council (CPC) is not “living to expectation.”Mr Ekweremadu, thereafter, urged the Senate to call the institutions to order and protect the interest of customers.
    The Senate, thereafter, urged banks to allow N40,000 maximum per withdrawal through an ATM and not N10,000.
    Other resolutions made by the Senate are “urge the Central Bank of Nigeria to suspend the ATM Card Maintenance Charges being deducted from customers account pending the outcome of the investigation by the Committees and
    “Urge the Consumer Protection Council to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian Banks.”

  • N13bn Ikoyi loot: I won’t honour your invitation, CBN Governor, Emefiele tells Reps

    Sequel to his invitation by the House of Representatives Committee On National Security and Intelligence to testify in the ongoing investigation into the $43.4m (N13bn) recovered by the Economic and Financial Crimes Commission, EFCC, from an apartment at Osborne Towers, Ikoyi, Lagos, the Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, has said he won’t appear before the committee.

    TheNewsGuru.com reports that the Committee is chaired by Hon. Aminu Sani-Jaji.

    The committee had thrice summoned Emefiele; the suspended Director General of the National Intelligence Agency, Dr. Ayo Oke; the Acting Chairman of the EFCC, Mr. Ibrahim Magu; and the National Security Adviser, Maj.-Gen. Babagana Monguno (retd.) to testify.

    The third sitting of the committee was Wednesday (yesterday).

    But, like in two previous occasions, all the officials shunned the committee on Wednesday.

    However, Emefiele wrote the lawmakers to say that he did not think it was appropriate for him to come because he would be in breach of the National Security Agencies Act.

    In the letter, which was read out to members by Sani-Jaji, the CBN governor argued that the Act prohibited the disclosure of security information publicly.

    He noted that security information was ‘classified information’, which the law barred him from releasing to the public.

    The CBN governor further argued that a committee chaired by the Acting President, Prof. Yemi Osinbajo, had already investigated the cash recovery.

    But the lawmakers were enraged and berated Emefiele for acting like ‘someone who lacks the capacity to differentiate between a legislature and the executive arm of government’.

    Sani-Jaji stated, “This CBN governor doesn’t even know that there is something called separation of powers.”