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Reps Seek Sanction for PwC over Missing $20Bn

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House of Representatives Committee on Public Accounts has urged the incoming government of President-elect Muhammadu Buhari and regulators of the accounting profession to probe and sanction PricewaterhouseCoopers (PwC) over “unprofessional auditing” of the alleged missing $20 billion oil funds.

Solomon Adeola, is chairman, added that any amount paid to the company for the audit of the accounts of the Nigeria National Petroleum Corporation (NNPC) should be recovered by the Federal Government “because no auditing was done”.

Adeola, who spoke in Abuja with reporters on the purported release of the forensic audit report by the firm, said it was meant to mislead, deceive and to send wrong signal to the citizens.

He hailed Gen. Buhari for signaling his resolve to probe the alleged missing oil money after taking over from President Goodluck Jonathan’s government at the end of the month.

He said: “There is need for us to revisit and know the truth behind this particular issue. Where is this $20 billion? Is it really missing? This is not N20 billion; it is billions of dollars, which represent more than two years’ budget of this country in terms of funding.

“If you could remember, there was a press statement by this committee, where we requested that this all important forensic report be laid before the National Assembly, and a copy sent to this committee within a specified period of time.

“This was because we noticed there was some foul-play in that particular report as submitted by this reputable firm, the PricewaterhouseCoopers, where in that report it was adjudged that the amount of money that the NNPC ought or need to pay back was just $1.485 billion.

“Now, the PwC has said there was no report and that what they did was not a forensic audit, but just gathering of information; that a lot of documents were not released to them to carry out this exercise.

“But prior to now, all these were not brought to the notice of this country and the country has been deceived all along.

“And if a reputable firm like PricewaterhouseCoopers can go to that level, I think it’s only fair and proper for such body to be reported to the International Federation of Accounting, Association of Conference, and also to the Institute of Chartered Accountants of Nigeria; and to face disciplinary action of all these bodies by explaining their role in this $20 billion saga.”

He called on the incoming government “to henceforth suspend PricewaterhouseCoopers from carrying out any financial audit or investigation on behalf of the Federal Government or into any of its agencies with immediate effect.

“And not only that, it has collected audit fees from the Federal Government. If there was no audit carried out and if there was no report submitted, I think they should go ahead and refund back into the Federal Government coffers the amount collected in carrying out this exercise; failure which should be met with very stiff disciplinary action from the Federal Government and relevant professional bodies.”

He said for a highly rated firm like PwC to be allegedly involved in such financial saga showed that “there is more to it”.

Adeola said all audit exercises and investigations that have been carried out by PwC in the past few years should be revisited by the incoming government.

According to him, this should include the oil subsidy report tendered by PwC.

“Don’t forget during the oil subsidy issue, PricewaterhouseCoopers was engaged to carry out audit exercise. I also implore the incoming administration to carry out verification of the report submitted on the issue of the oil subsidy,” he said.

The lawmaker said his committee and the National Assembly have been vindicated in their insistence that the report was fraudulent.

“We must get to the root of this matter, and we must address this issue once and for all,” he said.


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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234Finance Moves to Boost Economic Progress in South East

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In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


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