News
EFCC Probes FIRS Staff over Fraudulent Payments
Economic and Financial Crimes Commission (EFCC) has launched a probe into the activities of some staff of the Federal Inland Revenue Service (FIRS).
Babatunde Fowler, FIRS chairman, confirmed the development to TheCable on Wednesday saying the probe borders on alleged cases of irregularities concerning duty tour allowance (DTA).
“On the DTA (Duty Tour Allowance), it was claimed that some staff applied for and were granted, allowances to travel for official trips. Some are alleged not to have travelled for the number of days, for which they were slated. The EFCC is looking into that,” he said.
“Sometimes, it is good to have a third party investigate matters like this instead of having a staff investigate another staff. An investigation by a third party is more objective. FIRS has since taken steps to remediate this.
“The EFCC will soon complete its investigation. Anybody found guilty will be dealt with through our administrative process.”
Fowler also dismissed claims that taxpayers’ money has gone missing.
He explained that all taxes are paid directly into the account of federation account through the Central Bank of Nigeria.
“The FIRS does not have access to taxpayers money. Its operations are funded by an appropriation of the national assembly through monthly remittances by the federation accounts allocation committee (FAAC),” he said.
Fowler added that FIRS acknowledges the statutory rights and responsibilities of anti-corruption agencies and other government agencies such as the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), State Security Services, SSS to inquire into the operations of the Service.
The FIRS chairman promised that FIRS would continue to give access to agencies with statutory rights adding that invitations of officials of the service by EFCC, the Police, SSS and ICPC to shed light financial transactions are not uncommon.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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