Month: March 2024

The House of Representatives on Tuesday mandated the Central Bank of Nigeria to restrain commercial banks operating in the country from holding reversed funds of customers beyond the timeline stipulated by the apex bank.

The resolution of the House followed the adoption of a motion titled, “Need to restrain commercial banks from holding funds reversal beyond the date prescribed by the Central Bank of Nigeria,” moved by member representing Ikono/Ini Federal Constituency, Akwa Ibom State, Mr Emmanuel Ukpong-Udo.

 

lawmaker recalled that on June 8, 2020, the CBN in a statement announced timelines for reversals and resolution of refund complaints including Failed “On-Us” automated teller machines transactions (when customers use their cards on their bank’s ATMs) “Shall be instantly reversed from the current timeline of three days.”

 

He also noted that “Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours; refunds for failed “Not-on-US” ATM transactions (where customers use their cards on other banks’ ATM) shall not exceed 4 per cent hours from the current 3-5 days

 

“Resolution of disputed/ ailed POS or web transactions shall be concluded within 72 hours from the current five days,” stressing that “All banks are directed to resolve the backlog of all ATM, POS, and web customer refunds within two weeks starting June 8, 2020.”

 

Leading the debate, the lawmaker said, “The House is worried that Nigeria’s financial sector is facing serious concerns due to persistent complaints of failed customer transactions, with over 69 per cent of complaints in July 2023 encompassing failed transactions.

 

READ ALSO: What kind of broth has Tinubu and Bago prepared? By Rotimi Fasan

 

“Cognizant of the rapid increase in numbers of failed banks and the magnitude of the problem which has reached an unprecedented level and alarmed that the high rate of failed bank transactions is causing a decrease in business investments and lending across the country,” the House urged the CBN to direct banks to work on their systems in mitigating failed transactions without the customer’s prompting.

 

It also urged the apex bank to direct banks “To reverse customers’ funds within the stipulated periods whether or not the customers lodge complaints.”

 

The Federal Government has postponed the launch of the Nigerian Students Loan Scheme indefinitely.

 

The Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, made this known during an interview with Arise News on Tuesday.

loan, which was originally scheduled to commence on Thursday, has been postponed once more. Sawyer explained that the delay is due to some corrections being made regarding the launch.

 

He said, “Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome, and sustainable way.”

 

In June 2023, President Bola Tinubu signed a bill to establish a Students Loan Fund that would provide interest-free loans to Nigerians for higher education.

 

The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially scheduled to commence between September and October 2023.

 

President Tinubu announced that the scheme would commence in January 2024 after his government failed to meet the October deadline the previous year.

 

In January, the Minister of State for Education, Yusuf Sununu, announced during a meeting that preparations for the program had been completed. This included the development of the Student Loan Scheme website and planning for the program’s commencement.

 

President Tinubu reassured the leaders of the National Association of Nigerian Students (NANS) during their visit to the State House in Abuja that the program would start once its expansion to include additional features, such

 

By Flowerbudnews

The Federal Road Safety Corps (FRSC) has decorated no fewer than 10 newly-promoted personnel serving within Enugu State.

 

Those decorated with their new ranks after a successful promotion included: three top officers, three middle-level officers and four marshals.

 

Speaking during the decoration in Enugu on Tuesday, the Sector Commander of FRSC Enugu State Command, Mr Adeyemi Sokunbi, appreciated the Corps Marshal and FRSC management for considering personnel of the command for the promotion and decoration.

Sokunbi noted that the promotion and decoration was a privilege, adding that not everyone that went for the promotion exams made it.

 

According to him, I will urge you to redouble your efforts as your promotion and decoration to new ranks comes with additional work and additional responsibilities.

 

“I pray God to give you the grace to meet up your new responsibilities even as l will counsel you to continue to put in the hard work, diligence and commitment in your service to the Corps and humanity,” he said.

The sector commander advised those that missed the promotion not to dispair as their’s would come soon, “God willing it will be in next promotion and you will have a reason to smile”.

 

Admonishing the newly-decorated, the Corps Commander Umar Matazu, acting Zonal Commander of FRSC, congratulated the newly-decorated for attaining their new ranks.

 

Matazu noted that as new leaders in their positions of responsibilities, “you are called to solve chanllenges and leave anywhere you are posted to work better than you met it”.

 

“Be good ambassadors of your families, the Corps and Nigeria anywhere you find yourselves. I believe that the sky is your limit,” he said.

 

Responding, Deputy Corps Commander, Nkechi Emeruwa, who spoke on behalf of others decorated, assured that they would live up to their new responsibilities and “we will not disappoint”.

 

Emeruwa thanked the Corps Mashal, FRSC management and the Command for facilitating their promotion and subsequent decoration to new ranks.

 

“The new rank is a great motivation to bring out the best in us and strengthen our resolve to put in more hard work and commitment to our assigned duties,” she added. (Flowerbudnews)

 

Flowerbudnews

Flowerbudnews)  Senators Iyal Abbas from Adamawa, Ibrahim Bomoi from Yobe, Abdullahi Yar’ Adua, and four others, have disowned the statement made by the Forum’s Chairman, Senator Abdul Ningi.

“We, the undersigned on behalf of the Senators from the 19 Northern States and the FCT, under the aegis of Northern Senators Forum (NSF), hereby state that Senator Ahmed Abdul Ningi of the Peoples Democratic Party (PDP, Bauchi Central), who also happens to be the chairman of our forum, was on his own in the claims he made on the BBC Hausa Service on the 2024 budget.

“As such, the view he expressed was his personal opinion, sentiment and unfortunately skewed, incorrect and misleading.

“There was never a time where we held a meeting and mandated Senator Ningi to address the press on the said matter.

“The budget was presented to the National Assembly during a joint session of the two chambers – Senate and House of Representatives – by President Bola Tinubu on November 29, 2023, in line with the requirement of the 1999 Constitution of the Federal Republic of Nigeria.

“Both chambers of the National Assembly diligently and meticulously debated, processed and passed the proposal of the President. And satisfied with it, the President assented to it.

“It is clear that Mr President presented a budget of N27. 5 trillion to the National Assembly and the Assembly passed a budget of N28.7 trillion based on the need to make increases or decreases in the appropriations of the various MDAs, which is in tandem with the legislative powers of the National Assembly in order to address critical projects and services across various sectors.

“Therefore, the statement made by Senator Ningi that the 2024 budget presented to the National Assembly by Mr President was the sum of N25 trillion was not correct and that should not be taken as the position of the Northern Senators Forum.

“To the best of our knowledge, there was no budget padding whatsoever that was done to the 2024 budget.

“The assertion by Senator Ningi that certain things were done to the bill is his personal opinion. It is not the view of the generality of us, the Northern Senators.

“Hence, we strongly and collectively dissociate ourselves from his action which was grossly unparliamentary.

“That, we, the Northern Senators are solidly behind President Bola Tinubu and we will continue to support him to succeed in addressing the challenges facing our country.

“Nigeria, at this particular moment, does not need ethnic sentiments but collaborations of all to bring prosperity to our beloved country, the Federal Republic of Nigeria.

“We will continue to work with our brothers and sisters from the southern part of the country to move our country forward for the benefit of all and sundry.” (Flowerbudnews)

 

By Flowerbudnews

The Islamic Movement, popularly known as Shi’ites, on Monday, hold a peaceful protest across some states in the country, including FCT where the national flags of the United States (US) and the United Kingdom (UK) were set ablaze in protest against alleged continuous killings of Palestinians in Gaza.

Apart from FCT, the protests took place simultaneously in Lagos, Kaduna, Kano, Sokoto, Zamfara, Katsina, Jos, Bauchi, Gombe, Yobe and Adamawa States.

The Islamic group, who came out in their number, called on the US to immediately stop the alleged extrajudicial killing in Gaza.

At the US Embassy in Abuja, where they were received by the secretary of publicity of the embassy, the protesters called on the authorities to stop the ongoing genocides of innocent Palestinians, majority of whom were said to be female and children in Gaza.

Sheikh Sidi Munir Mainasara Sokoto, in a remark on behalf of the Islamic group under the leadership of His Eminence Sheikh Ibraheem El-Zakzaky (H), said “since the 7th day of October, 2023, Israel has kept up with its inhuman military aggression against the oppressed people of Palestine, without sparing women, children, or the elderly.”

According to him, today marks the 158th day of the Gaza bombardment.

“Within these days, Israel has dropped over 30,000 bombs, killing at least 31,000 Palestinians and leaving over 72,400 injured.

“Nearly 70 per cent of homes in Gaza have been partially or completely wiped out. Places of worship, markets, hospitals, and schools have also been targeted and destroyed.

“According to the United Nations, half of Gaza is at risk of starvation.

“Further, the World Health Organization reports that Israeli attacks and the siege have resulted in the spread of diseases that may even kill more people than the detonated bombs have so far done.

“The over-22-week-old genocide has been made possible by the total support from the US and UK governments.

“They have even blocked a UN Security Council resolution calling for a total ceasefire; this exposes the fact that they are the sponsors and accessories to the Gaza carnage.

“In the context of the ongoing massacre, every reasonable and humane government would rise against the Israeli terror attacks on the ever-persecuted Palestinians in line with international law.

“But the US continues to fan the flames of insensate destruction and cold-blooded murders of innocent people, mainly women, children, and the elderly,” he alleged..

Sokoto said they have seen video footage of young people crying out of gruesome torture, little children sitting in pools of blood and debris, and fathers carrying their emaciated and lifeless kids.

“This pains our hearts and fills us with an unbearable rage. The atrocities are yet ongoing: the siege and indiscriminate bombing.

” The cutting of all means of communication continues, as well as the destruction of buildings, including hospitals.

”We demand an immediate and absolute stop to the ongoing massacre of civilians in the strip of Gaza,” he said. (Flowerbudnews)

 

 

By Biola Lawal

Abuja: (Flowerbudnews): A Seventh Prosecution Witness, PW7, in the trial of a former governor of Central Bank of Nigeria, CBN, Godwin Emefiele on Monday, told Justice Hamza Muazu of the Federal Capital Territory, FCT, High Court, Abuja, how Emefiele allegedly signed and approved award and payments of contracts to April 1616 Investment Limited and Architekon Nigeria Limited.

The  companies allegedly belong to Sa’adatu Ramalan Yero,  his wife,  Margaret Emefiele and his in-law respectively.

The witness,  Agboro Michael, an investigator with the ICPC,  led in evidence by the prosecution counsel, Rotimi Oyedepo,SAN, was part of the investigation team that comprised the EFCC, ICPC, CCB, DSS and the Nigerian Police, EFCC Spokesman, Dele Oyewale disclosed in a statement.

He testified on the count-charge of abuse of office and conferring  an unfair advantage to a public officer and relatives, preferred against Emefiele.

“My Lord,  these companies were awarded about 45 contracts to supply Toyota Vehicles. We were worried as investigators as to how a particular company would get bids concurrently to supply vehicles. We did our investigation, and discovered that the company was not even accredited by Toyota.

“In the companies my Lord, one has Sa’adatu’s husband and siblings as directors, and the other one has Sa’adatu as the director of the company while she is still a civil servant.

“Document ‘F1’ shows the signature and approval of the defendant to pay the sum of N854, 700,000 (Eight Hundred Fifty-Four Million, Seven Hundred Thousand Naira)  His signature was number three on the document”,  he said.  Testifying further, Michael said in ‘F3’, the defendant approved 1, 85,700,000 (One Billion, Eighty-five million, Seven Hundred thousand) for the supply of 47 units of Toyota Hilux.

While ‘F4’ was the defendants approval to purchase for the bank an armoured Toyota Avalon car at the cost of N99,900,000 (Ninety-Nine Million, Nine Hundred Thousand Naira), and ‘F5’ was the approval to procure two units of Toyota Hilux for the bank, and all were bought from April 1616 Investment limited.

Speaking on the findings of the investigative team on exhibit P26, page 86 of 107 on November 6, 2021. Michael said; “It is a credit into the account from the CBN to the tune of N41, 943, 400, 34 (Forty-one Million, Nine Hundred and Forty-three Thousand, Four hundred and Thirty four kobo).

“Page 87 was also a credit in April 2016 from the CBN, N304, 853, 50 (Three Hundred and Four Million, Eight Hundred and Fifty Three Thousand naira, Fifty kobo).

“26 January, 2021, April 1616 Investment Nigeria limited also received N304, 853, 720, 55 (Three Hundred and Four Million, Eight Hundred and Fifty Three Thousand Seven Hundred and Twenty Naira Fifty-Five kobo) from the CBN.

“On the 10^th of February, 2021, the CBN paid N201, 23, 323, 31 (Two Hundred and One Million, Twenty-Three Thousand, Three Hundred and Twenty-Three Naira, Thirty-One kobo).

The approval of payment of March 24, 2021 was  N304,843,720,85, April 27, 2021 was 60,976,744,17 (Sixty Million, Nine hundred and Seventy Six thousand, Seven hundred and forty-four naira, Seventeen kobo) May 31, 2021 was a payment of 60,976,744,17 (Sixty Million, Nine hundred and Seventy Six thousand, Seven Hundred and Forty-four Naira, Seventeen kobo), and February 21, 2021 was a payment of N50,547,508,30 (Fifty Million, Five Hundred and Forty-Seven Thousand, Five Hundred and Eight Naira Thirty kobo) were equally approved by the defendant.

The witness further told the court that the team recorded the defendant’s statement under caution and video recorded in a conducive environment.

Testifying further, the witness said; “In 2019, again,  we discovered the defendant also used his office and position to confer a corrupt advantage to one of the staff of CBN, Sa’adatu Ramalan Yero to supply  one unit of Toyota Land Cruiser V8 at the cost of N73, 800,000 (Seventy-Three Million, Eight Hundred Thousand to her company April 1616 Investment Nigeria limited where she is a director, and equally a director in the CBN.

“Again my Lord, the defendant also approved the payment of renovation of the CBN Governors’ residence at No 2. Global road, Ikoyi Lagos to a company named; Architekon Nigeria Limited where his wife and brother-in-law are both directors.

“Sometime in 2020, the defendant used his position as CBN Governor to confer on his wife and brother in-law corrupt advantage by awarding their company landscaping of the CBN governor’s residence in the sum of N39,46,000 (Thirty-Nine Million, Forty Six Thousand Naira”,he said.

Continuing, Michael said a contract to procure furniture items was also awarded to his brother in-law in the sum of 97,000,000 (  Ninety Seven Million Naira), and again,  a contract to procure a power line at the same CBN Governor’s residence in the sum of N68,568,740 (Sixty-Eight Million, Five Hundred and Sixty-Eight Thousand, Seven Hundred and Forty naira).

While cross examining the witness, counsel to the defendant,  Matthew Burkaa SAN queried the witness  that though there are many signatories in the memo only his client was on trial. In response, the witness told him that the defendant was on trial because he was the approving authority, while others only minuted on the documents to justify the process, and didn’t  have the power to make such payments and approvals.

Burkaa also wanted to tender the defendant’s  statement at the Nigerian Police force before the court,  but Oyedepo objected, stating it was a public document and needed to be certified before it can be tendered as an exhibit.  Burkaa then withdrew the document and promised to provide the true certified copy at the next adjourned date.

Justice Muazu thereafter adjourned the matter till 25 and 26 April, 2024 for continuation of trial.  (Flowerbudnews)