«Some of the other wasteful expenses include a sum of over N10m spent on the building of a website called O - JOB Portal, as well as several millions
of naira on the maintenance of an aircraft which is hardly seen in Osun State.
If the Presidency does not review these «bogus» allocations in its proposed expenditure, it may lose the moral right to advise the National Assembly against spending some billions
of naira on purchasing cars for its members despite the fact that the legislators have already collected their car allowances plus other sundry emoluments.
Meanwhile, fire has gutted the popular Adekunle Sawmill in the Ebute Metta area of Lagos State, destroying Sawmill Goods worth millions
of naira on Sunday.
Not exact matches
It now has a total market value
of 57.3 billion
naira ($ 188 mln) but gave no indication
on Wednesday
of how much the businesses for sale might fetch.
He is being arraigned before Justice A. R. Mohammed over a 9 - count charge bordering
on money laundering to the tune
of 3.1 billion
Naira.
In a statement in Lagos
on Saturday, the Minister
of Information and Culture, Alhaji Lai Mohammed, also disclosed that Recoveries Under Interim Forfeiture (cash and assets) during the period totaled N126, 563,481,095.43 (One hundred and twenty six billion, five hundred and sixty three million, four hundred and eighty one thousand, and ninety five
Naira, forty three Kobo; $ 9,090,243,920.15 (Nine billion, ninety million, two hundred and forty three thousand, nine hundred and twenty Dollars, fifteen cents; 2,484,447.55 Pounds Sterling (Two million, four hundred and eighty four thousand, four hundred and forty seven Pounds, fifty five Pence) and 303,399.17 Euros (Three hundred and three thousand, three hundred and ninety - nine Euros, 17 cents).
An inferno has razed down a filling station, 15 vehicles, and some nearby buildings along the Upper New Market Road, Onitsha, destroying property worth millions
of naira,
on Wednesday night.
One
of the counts reads: «That you, Mrs. Diezani Allison Madueke (still at large) and Tijani Inda Bashir
on or about the 27th day
of March, 2015 in Nigeria within the jurisdiction
of this Honourable Court directly took possession
of the sum
of N264, 880,000.00 (Two Hundred and Sixty - four Million, Eight Hundred and Eighty Thousand
Naira) which sum you reasonably ought to have known forms part
of the proceeds
of an offence contrary to Section 15 (2)(d)
of the Money Laundering (Prohibition)(Amendment) Act, 2012 and punishable under Section 15 (3)
of the same Act.»
The data is unambiguous
on current economic conditions - GDP growth in the last quarter
of 2015 was a meager 2.11 % with full year growth
of 2.79 % according to the National Bureau
of Statistics (NBS); inflation rose sharply to 11.4 % in February with prospects
of reaching 12 % by March; capital markets have remained bearish; according to UNCTAD Nigeria's FDI fell by 27.7 % to $ 3.4 billion in 2015, and
on current trends may fall even more precipitously in 2016; the de facto exchange rate
of the
Naira for most producers and consumers is now N322 / $ even though CBN maintains a nominal N197 / $ for privileged persons; several economic sectors - construction, government, manufacturing, oil and gas and hotels and restaurants are in recession or barely out
of it; government's official foreign reserves is down to $ 27.8 bn; and unemployment and under - employment rates have worsened 10.4 % and 18.7 % by the end
of 2015.
The exchange rate now is over N270 per dollar, even as depreciation
of naira is having a telling effect
on the economy.
He speaks
on issues in 2016 budget, the need for the Federal Government to prevent currency crisis in Nigeria, the decline in Nigeria's foreign trade by N2.5 trillion and depreciation
of the
naira.
The charge reads: «Tajudeen Folaji and First Alstate Securities Limited
on o r about the 3rd April, 2008 at Lagos within the Ikeja Judicial Division
of this Honourable Court with intent to defraud, fraudulently converted 31,886,200 (Thirty One Million, Eight Hundred and Eighty Six Thousand, Two Hundred) units
of IPWA PLC shares with a cumulative value
of N331, 297,618.00 (Three Hundred and Thirty One Million, Two Hundred and Ninety Seven Thousand, Six Hundred and Eighteen
Naira) property
of Adesoye Holdings Limited»
Although properties worth millions
of Naira were lost in the inferno which concentrated
on the ground floor.
LAGOS — The
Naira remained stable at N295 per dollar in the parallel market, yesterday, as Bureau de Change, BDC, operators await the release
of modalities
on how to source dollars from autonomous sources.
While leading the debate
on the motion, Senator Danjuma La'ah said, «
on the 23rd December, 2016 and even as we speak, communities
of Ambam, Gaska, Dangoma, Tsonje, Pasankori, Gidan Waya and Farin Gada
of Jama'a and Kaura local government area have been under serious attack by the herdsmen, resulting in several deaths, injuries, and wanton destruction
of properties worth billions
of naira».
Another charge reads: «That you, Kayode Odukoya, FirstNation Airways Limited and Bellview Airlines Limited,
on or about the 7th day
of October, 2016 in Lagos within the Lagos Judicial Division dishonestly converted for your own use the sum
of N1, 742, 994, 962.04 (One Billion, Seven Hundred and Forty - one Million, Nine Hundred and Ninety - four Thousand, Nine Hundred and Sixty - two
Naira, Four Kobo) property
of Skye Bank Plc..»
«That you, AVM Olutayo Tade Oguntoyinbo whilst serving as Chief
of Training and Operations, Nigerian Air force and the CEO / Managing Director as well as the sole signatory to the account
of Spaceweb Integrated Services Limited with Wema Bank,
on or about the 11th July, 2014 at Abuja within the jurisdiction
of this Honourable Court did accept a gift in the sum
of One hundred and Sixty Six Million
Naira (N166, 000,000) from Societe D' Equipments Internationaux Nigeria Limited, a contractor with the Nigerian Air force in performance
of your official act and you thereby committed an offence contrary to Section17 (a)
of the Independent Corrupt Practices and Other Related Offences Act, 2000 and punishable under Section 17 (c)
of the same Act».
Naira on Monday depreciated further at the parallel market amid growing shortage
of the currency.
The EFCC dragged Odukoya before Justice Mojisola Dada
of the Special Offences Court sitting in Ikeja
on a four - count charge bordering
on forgery, use
of false information, perjury and stealing to the tune
of N1, 741, 994, 962.04 (One Billion, Seven Hundred and Forty - one Million, Nine Hundred and Ninety - four Thousand, Nine Hundred and Sixty - two
Naira, Four Kobo).
The
Naira on Friday depreciated against the dollar at the parallel market after posting days
of appreciation.
This technical committee will be constituted to also consider suggestion and contributions from relevant parties
on the component
of the half trillion
naira (N500 billion) provided in the 2016 annual budget as palliatives» measures to cushion the negative fall - out
of the deregulation
of the down - stream sector
of the oil and gas industry.
He submitted that this singular act will «reduce pressure
on naira and eventually increase value
of naira against other world major currencies.»
Mover
of the motion, Sen. Babajide Omoworare, prayed that every
naira spent by the past government
on SURE - P and other poverty alleviation programmes should be accounted for.
AUWAL who was arrested with the sum
of three hundred thousand
Naira (N300, 000.00)
on him, is believed to be a drug supplier to the boko haram sect in Sambisa Forest.
The money is part
of the sum
of two million
Naira (N2M) ransom, which the syndicate collected from Ayuba GAMALE, a staff
of Industrial Training Fund (ITF), whose two (2) abducted family members were released
on 14th March, 2018.
Count three: «That you Godsday Peter Orubebe while being a Minister
of the Federal Republic
of Nigeria in charge
of Ministry
of Niger Delta Affairs
on or about September 19, 2012 asked for and accepted the sum
of fifty million
naira from one Pastor (Dr) Jonathan Alota, as bribe for the contract awarded in favour
of his company, Chemtronics Nigeria Limited and you thereby committed an offence contrary to section 10
of the CCB & T Act, and punishable under Section 23 (2)
of CCB & T Act.
Count four: «That you Godsday Orubebe, while being a Minister
of the Federal Republic
of Nigeria in charge
of Ministry
of Niger Delta Affairs,
on or about 2013 asked for and accepted the sum
of twenty million
naira from one Pastor (Dr.) Jonathan Alota as additional bribe for the contract awarded in favour
of his company Chemtronics Nigeria Limited for the construction
of skill acquisition Centre at Edo State for the sum
of one billion seven hundred and ninety nine million, nine hundred and fourteen thousand two hundred and fifty
naira eighty eight kobo only (1,799,914,251.88 K) and you thereby committed an offence contrary to Section 10
of CCB & T Act.»
Justice Agbim noted that «the fuel subsidy fraud involved corruption and fraud
on a very massive scale»; that it involved many oil companies and officials
of government's regulatory agencies «looting and stealing
of trillions
of naira from the Federal Government
of Nigeria and threatening the security and economy
of Nigeria.»
President Muhammadu Buhari
on Tuesday said since its inception in 2015, his administration has succeeded in recovering trillions
of naira stolen by those he described as people without conscience.
The Presidency has said that N2billion
Naira, not an outlandish six billion as insinuated, has been has expended
on maintenance
of the presidential fleet by the Buhari administration between May and this November saying the amount also includes salaries and repayment
of old debts.
From the President who has refused to act
on investigative reports submitted to him
on grievous allegations
of diverting over a billion
naira meant for resettlement
of Internal Displaced Persons (IDPs) by the Secretary to the Government
of the Federation, Babachir Lawal under the Presidential Initiative for the North East (PINE) and the miraculous discovery
of 13billion
naira in an apartment at Ikoyi, Lagos under the supervision
of the Director
of the Nigerian Intelligence Agency (NIA), Ayodele Oke, to the Head
of Service
of the Federation, Oyo - Ita Winifred Ekanem, who connived with others to reinstate into active duty and promote Abdulrasheed Maina, the former Chairman
of the Pension Reform Task Team, who allegedly stole over 6billion
naira pension fund; the Chief
of Staff to President Buhari now renamed the «Thief
of Staff», Abba Kyari, who allegedly received a bribe
of 500million
naira to negotiate a fine reduction for MTN Nigeria, and has continuously been in the heart
of every sharp practices in the Presidency; the Minister
of State for Petroleum Resources, Dr. Ibe Kachikwu who allegedly received a kickback
of 3.8 billion
naira in exchange for marginal oilfield using his brother, Dumebi Kachikwu as front; the Minister
of Justice, Abubakar Malami, who was the brain behind the reinstatement
of Abdulrasheed Maina; the Chief
of Army Staff, General Tukur Buratai who during his time as the Director
of Procurement at the Army Headquarters allegedly diverted funds meant to equip the Military into buying choice properties worth millions
of dollar in Dubai; the Minister for Solid Minerals, Dr. Kayode Fayemi who allegedly embezled State Universal Education Board (SUBEB) funds as the Governor
of Ekiti State; the Minister for Interior, Abdulrahman Bello Dambazau who was indicted by a Presidential investigative committee probing Arm procurement for awarding ghost contracts worth $ 930,500,690 with others while as the Chief
of Army Staff between 2008 - 2010 and one
of the brains behind the reinstatement
of Abdulrasheed Maina; the Minister
of Transportation, Rotimi Amaechi alleged to have stolent 142billion
naira as the Governor
of Rivers State.
Following the soaring reigns and expansion strength
of Guinness Nigeria Plc with its acquisition
of distribution rights from its parent company, the company's revenues have been
on increase as it accrues billions
of Naira recently.
A Former governor
of Benue State who is also a serving Senator at the hallowed chamber
of the House
of Assembly, George Akume
on Saturday buried his elder brother, Gabriel Indyer Akume, Ter Mbakpo 1, in a multi-million
naira palacial vault garden in his hometown, Terka in Benue State.
In the second case at an Abuja Federal High Court, Adoke and Abubakar were alleged to have
on September 16, 2013 conspired to commit money laundering when they directly took possession
of the sum
of $ 2, 267, 400 and converted it to the
Naira equivalent being the sum
of N345.2 million using one Usman Bello, a bureau de change (BDC) operator.
The highlight
of the launch was the presentation
of a cheque for the sum
of One Hundred and Seventy Six Million, Three Hundred and Fifty thousand
Naira (N176, 350,000) to Hon. Aminu Sani Gumel, the Chairman
of the Association
of Local Governments
of Nigeria (ALGON), Jigawa State
on behalf
of the 27 Chairmen in the state for the operation
of the social security scheme where a grant
of between N50, 000 and N100, 000 would be given to each polling unit across the state for minor infrastructure repair and social assistance.
«The team also recovered the sum
of Twenty Nine Thousand and Forty
Naira (N29, 040.00 k)
on the body
of one
of the terrorists.
On June 20, 2016, the
naira was devalued from N285 / $ 1 to N305 / $ 1, which is an increase
of seven per cent, but the fixed pump selling price
of petrol has not been increased.
He informed his audiences at the various locations where he was received with fanfare that with the cantankerous and combative stance
of the the present administration, Ekiti state is losing out
on billions
of Naira that could have come into the state in form
of support from many
of the intervention initiatives by the federal government to cushion the effect
of the recession and restore the economic health
of the nation.
Reports say Diezani summoned the bank chief to her Abuja home and told him to prepare to receive foreign currency running into billions
of Naira from four companies and to convert it to
Naira and pay to designated beneficiaries
on her behalf.
He commented
on the huge debts running into billions
of naira the state has been plunged into, which generated reactions from the incumbent Deputy Governor, Mrs Tomori.
The students and officials
of the school were taken
on January 14, with kidnappers demanding for a 1.2 billion
Naira ransom for the victims to regain their freedom.
While there are claims in some quarters that the school and families
of the victims parted with millions
of naira as ransom, the police insisted that their freedom was due to pressure mounted
on the kidnappers.
He added that, «So far, the sum
of three billion, two hundred and eighty four million, seven hundred and twenty nine thousand, two hundred and fifty three
naira, thirty eight kobo (N3, 284,729,253.38) has been verified by the committee and the disbursement is
on - going.
The owner
of Dangote Cement fell to 71 place from his initial 46 position
on the billionaire list as he lost $ 3.7 billion after
Naira dipped again Monday
However, Tboss who came third won all Friday night shows and was given a voucher
of five hundred thousand
Naira to shop
on Payporte.
The relative stability
of the
Naira against the Dollar had impacted positively
on price stability
of most goods in the market.
Stolen monies are being recovered in billions
of naira and dollars, and being appropriated and spent
on infrastructure.
It was learnt that the airline started paying the foreigners in
naira, instead
of dollars, to absolve it from the attendant excess cost
on account
of dollar fluctuations.
Are you into molding, Building, construction here is an opportunity individuals can now Order 3XCement (Grade 42.5 R) directly from the factory at a promo price
of 1,400
Naira transportation is 300
Naira for per bag minimum for purchase is from 1OO bags and above buyers can also order a trailer load
of 600 bags and 900 bags kindly contact sales manager Mr Ojekere
on -LCB- 0706538 / 3208 -RCB- or assistant sales manager Mrs Mary
on -LCB- 0813206 / 6216 -RCB- cost for Booking is made before delivery..
To make matters worse, gadgets worth billions
of naira were locked up in a store to rot away while agents were armed with a whistle and a baton to face miscreants
on the street.