Economy

NSITF Clears theAir on N17.158 Billion Missing Vouchers

Published

10 months ago

August 23, 2022

The Nigeria Social Insurance Trust Fund (NSITF) has assured Nigerians that the 2018 Audit Report by the Office of the Auditor General of the Federation which raised 50 queries on misappropriation of N17.158 billion has nothing to do with the current management which came into office on June 1, 2021.

A press statement signed by the fund’s General Manager, Corporate Affairs, Ijeoma Okoronkwo, said, “Though the current probe by the Senate Committee on Public Accounts is in exercise of its statutory oversight functions, it is overly important to inform the general public that what is under investigation are not new infractions but a cumulative financial violations under the management that ran the agency between 2012 and 2017.

“These infractions are not new. They have in fact been the subject of a probe since the Office of the Auditor General of the Federation first raised the red flag in 2015. We make it clear therefore, that the negative trails of these breaches, have nothing to do with the present management beyond assisting the Senate Committee to carry out its oversight functions knowing full well that government is a continuum.

“On record, the Economic and Financial Crimes Commission (EFCC) has probed and taken the former Chairman of the Board and five other senior officials, including the Managing Director and three Directors to court over some of the issues. Huge sums of money as well as property were also recovered, while some of the indicted staff members were equally removed from office.

“Indeed, when the Senate Committee initiated this current probe, the Managing Director, Dr Michael Akabogu, set up an internal committee to retrieve from First Bank and Skye Bank, respectively detailed transactions involving the fund under the period in question. The documents were subsequently submitted to the Senate Committee.

“However, when the Senate Committee further called for the vouchers backing up the transactions, Dr Akabogu requested that the former Managing Directors under whose tenures the transactions were made, be invited to provide further answers especially with regards to the vouchers.

“The current management is not in possession of the vouchers and hence informed the Senate Committee that the contents of the container in the premises of the fund where the former Managing Directors allegedly left the vouchers have succumbed to the elements. And that this can be substantiated from memos, hitherto written by the fund’s General Services Department on the state of the facility in question.

“This statement has become necessary to forestall further wrong finger-pointing and mischief in a section of the media directed at the current management of the NSITF which has charted a new course with strategic reforms, strongly anchored on transparency and already producing positive results.”

Economy

We Have Not Devalued the Naira, says CBN

Published

3 days ago

June 2, 2023

Sunrise Nigeria

The Central Bank of Nigeria (CBN) has denied the report of the devaluation of the Nigerian currency to 630 Naira to a Dollar.

The CBN in a statement signed by its acting spokesman, Isa AbdulMumin, on Thursday said the details of the report do not conform with the realities of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors and Exporters (I&E) window traded this
morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while,” the statement read in part.

The CBN urged the public to disregard the story, saying it is speculative and intended to cause panic.

Economy

NPC Boss Canvases Inculcation Of Productivity In The Informal Sector

Published

2 months ago

April 8, 2023

Sunrise Nigeria

The Director General, National Productivity Centre, Dr Kashim Akor said for a virile and robust economic sustainability, productivity should be mainstream into the Informal sector to protect the over 80% of jobs already created by the sector.

Dr Kashim Akor dropped the message saying the small scale businesses created out of these sector will fail or outlive it’s usefulness, without recourse to productivity.

He expressed this concern at a two days workshop to mark the 4th National Productivity Summit held at Nigerian Army Resource Centre, Asokoro FCT, Abuja between Tuesday 4th and Wednesday 5th of April, 2023.

He maintained that the quantum of jobs created by the Informal sector that had addressed unemployment rates in the country, will be counterproductive when productivity is neglected.

Dr Kashim Akor stressed that the only option to extricate failure of businesses in the Informal sector that had been driving force of the world economies was not only to enhance productivity, but it’s sustenance in all areas.

He advised the Informal sector to take productivity as it’s cardinal objectives, so as to continue to protect not only the sector , but unemployment rates in the country.

The two-day event has its theme, “Enhancing the Productivity of the Informal sector for Increased Competitiveness.

Economy

Public Relief, as CBN Directs Banks to Release and Accept Old N200, N500, N1000 Notes

Published

3 months ago

March 14, 2023

Sunrise Nigeria

Finally, the Central Bank of Nigeria ( CBN) has directed Deposit Money Banks operating in Nigeria to issue and accept the old N200, N500 and N1000 old banknotes legal tender till December 31,2023.

There has been public uproar concerning the apparent reluctance by the bank to give effect to the ruling of the Supreme Court of Nigeria on the legal tender status of the old and redesigned currencies.

A statement by the Acting Director Corporate Communications of the Apex Bank, Dr. Isah AbdulMumin said the directive is in compliance with the Supreme Court judgement of March 3, 2023, saying that the directive was also in compliance with the established tradition of obedience to court orders and sustenance of the Principles of The Rule of Law the administration of President Muhammadu Buhari is known for.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023,” the statement said.

The Apex Bank which said it has met with the Bankers’ Committee on the development also directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023, mandated all concerned to conform accordingly.