“Some politicians in Aso Rock standing trial for looting country’s treasury” ― Falana

"Some politicians in Aso Rock standing trial for looting country's treasury" ― Falana

Famous Nigerian human rights lawyer, Femi Falana (SAN), on Monday urged President Bola Tinubu to strengthen his fight against corruption, especially in the Aso Rock. Falana who was a guest speaker at the 60th anniversary of the call to bar of Aare Afe Babalola in Ekiti State, stated that some politicians and people that can be found in the Aso Presidential Villa are standing trial for looting the country’s treasury.

Human rights lawyer, Femi Falana (SAN) He said, “I’m urging the president to lead an anti-corruption crusade so that the country – the largest concentration of black people on earth, can take its rightful place in the committee of nations. “Highly-placed public officers steal money meant for building hospitals, and people are dying on our roads. “Some of those who are going in and out of the villa are standing trial for looting the treasury of this country. So, wrong signals must not be sent to our people and the international community,” Falana said. Speaking further on why corrupt public office holders should be barred from holding positions in government, he referenced the administration of Nigeria’s former president and Chairman of the anniversary lecture, Chief Olusegun Obasanjo (GCFR), noting that the administration fought against corruption. Falana said, “There’s somebody here who was our president. If you were accused of corruption and your case was before the EFCC or the ICPC, you’ll not be appointed to a position of authority. We must go back to that era.”

Ikpeazu denies leaving debts for Abia governor, Otti, says N6b was left in govt treasury

Ikpeazu denies leaving debts for Abia governor, Otti, says N6b was left in govt treasury

Former Governor of Abia state, Okezie Ikpeazu has faulted the claims by his successor, Alex Otti that he left office without leaving any cash or assets behind. Ikpeazu in a statement by his media aide, Ikechukwu Iroha, made available to newsmen on Monday claimed that he left N6 billion in the government’s coffer and was not owing any commercial bank, including temporary overdrafts at the time he left office.

Present Governor of Abia State, Dr Alex Otti Recall that Otti, after being sworn in as Labour Party (LP) governor of Abia State disclosed that his predecessor, Ikpeazu’s left a debt of N200bn. Otti added that a total of N50bn debt from unpaid salaries, pensions and gratuities was inherited by the new government in Abia State. However, reacting to the allegation, Ikpeazu added that his administration perfected $50 million World Bank facility at a 0.06 per cent interest rate with 10 years repayment moratorium for the construction of more than 500km roads, including dilapidated Port Harcourt Road, Aba. He said, “Abia State under the watch of Dr. Ikpeazu invested $5,000,000.00 in Geometric Power Company. That’s a near-cash asset. “As of Friday, June 9, 2023, the state received N24 billion through the Nigeria Governors’ Forum as part of a total of N48 billion standing to the credit of the state. The money was earned under the watch of Dr Ikpeazu. “The implication is that the current administration can commence drawing down on that facility from day one to construct critical roads in Abia State and will not have to repay the money over the pendency of its tenure, assuming it is up to eight years. “African Development Bank facility of $200 million processed by the Ikpeazu administration is also ready for the new administration to access for construction of rural roads.

Former Abia state governor, Okezie Ikpeazu “Before the exit of Dr. Okezie Ikpeazu from office, Abia State Government and the office of the accountant general of the federation reconciled their accounts with N6 billion standing to the credit of the state. “What that also says is that the Ikpeazu administration was not owing the federal government but rather it was FGN that owed the state. The current administration has access to that additional fund of N6 billion. “While we are still expecting the new administration to give the detailed composition of the alleged debts left behind by the Ikpeazu administration, it is safe to say that they are mostly long-term development facilities, contractor debts, and possibly outstanding payments to pensioners and salary earners. “It is my candid view that the new administration in the state can smoothly take off and service state liabilities with what it has without screaming or yelling.”

Unclaimed monies in dormant accounts of up to 10 years to be invested in Treasury bills

Unclaimed monies in dormant accounts of up to 10 years to be invested in Treasury bills

The Central Bank of Nigeria, CBN proposes that monies in accounts that have been dormant for up to 10 years be invested in Treasury Bills.

Emefiele

This is contained in the recent exposure draft of guidelines on the Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions In Nigeria. According to a circular accompanying the exposure draft, the guideline was in response to requests from banks and other stakeholders for the CBN to clarify the procedures for the management of dormant and inactive accounts by banks in the country. The circular which was signed by the Director of the Financial Policy and Regulation Department of the apex bank, Chibuzor Efobi, also called for inputs that should be sent within three weeks. CBN The draft states that banks and Other financial institutions (OFIs) are expected to transfer all unclaimed balances in accounts that have been dormant for up to 10 years into an Unclaimed Balances Trust Fund (UBTF) pool account which will be domiciled at the CBN. They are also expected to transfer unclaimed balances quarterly, not later than 15 days of the first month of the subsequent quarter; and retain all records of communication on the management of dormant accounts for a minimum of 10 years.