Connect with us

News

CBN Gov, Others Risk Arrest over Alleged Financial Violations

Published

on

Mr. Godwin Emefiele, CBN governor
Kindly share this post

House of Representatives may issue a bench warrant against Godwin Emiefele, governor of the Central Bank of Nigeria (CBN) and 53 other heads of government agencies for gross violation of the provisions of the Financial Regulatory council on rendition of audited account.

CBN Gov, Others Risk Arrest over Alleged Financial Violations

Godwin Emiefele, governor of CBN

This was contained in a report which also recommended past and present Chief Executive Officers of several government agencies and their Directors of Finance and Account should be handed to the Economic and Financial Crimes Commission (EFCC) for prosecution.

Non submission of audited account to the Office of the Auditor General of the Federation is considered an offence under the laws of the land.

Some others are to be sanctioned for delays in the submission of their audited accounts despite receiving money annually from the nation’s budget.

The 161- page report submitted to the House by its Committee on Public Accounts also listed all subsidiaries of the NNPC, including Kaduna Refining and Petrochemical Company, Pipeline and Products Marketing Company Limited, West Africa Gas Limited, Nigerian Gas Company, Warri Refining and Petrochemical Company, and National Petroleum Investment & Management Services (NAPIMS) as culpable.

Also included on the list are Federal Road Maintenance Agency (FERMA); Energy Commission of Nigeria (ECN); Revenue Mobilisation Allocation and Fiscal Commission (RMAFC); National Bureau of Statistics (NBS) and Niger Delta Power Holding Company (National Integrated Power Project).

The report also recommend that all accounting officers of the 54 government agencies that refused to appear before the House Committee to defend their positions should be issued warrant of arrest to compel their appearance within a week in line with Section 89 (d) of the 1999 Constitution of Nigeria (as amended).

The report was supposed to have been considered before the House embarked on its summer vacation but was stepped down along with others owing to controversy arising from the consideration of the Electoral Act amendment bill.

The report accused the management of Nigeria Maritime Administration and Safety Agency (NIMASA) of “recklessly and deliberately” refusing to render their audited accounts from 2005 – 2019) in violation of Section 85 (3) (b) of the 1999 Constitution and recommend that “all those in Office that were responsible should be disciplined and referral to the EFCC in line with Financial Regulation 3129 of 2009”.

Also to face the EFCC are all the Director-Generals and DFAs as well as the various External Auditors of the Nigeria Social Insurance Trust Fund (NSITF) from 2006 to 2019 for refusing to render the audited accounts for the last 13 years.

Also, Chief Executive Officer of Infrastructure Concession Regulatory Commission (ICRC); University of Calabar; Nigeria Communication Satellite (NigComSat); Federal University of Agriculture, Abeokuta (including the former Vice Chancellor); Federal Housing Authority, Federal Mortagage Bank of Nigeria among others are to face the EFCC for investigation and prosecution.

The report is the outcome of an investigation into the allegation of deliberate and reckless refusal by Non Treasury funded Ministries, Departments and Agencies (MDAs) to remit audited accounts covering 2014 – 2018 to the Auditor General for the Federation ordered by the House following a motion by the Deputy Chairman of Public Accounts Committee, Rep. Abdullahi Sa’ad Abdulkadir and 44 others.

The investigation was to identify the Chief Executive Officers of these agencies, whether in active service or retired, found to have violated the provisions of section 85(2)(3) and (4) of 1999 Nigeria Constitution and hold them liable for their actions.

It was to determine the procurement process of engagement of the External Auditors by these Non-Treasury Funded Agencies and whether they made up their professional ethics in turning in their reports for prompt remission to the Auditor General Office as at when due.

The report said over 300 MDAs were invited to appear before the committee, out of which about 54 refused to appear to defend their positions.

The report commended management of the National Examination Council (NECO), Raw Material Research and Development Council (RMRDC) and Nigeria Communication Commission (NCC) among others for rendering their audited account on schedule.

On the National Health Insurance Scheme, the report said “the NHIS has not rendered its audited accounts for past 13 years.”


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

News

FG Mandates Shared Funding for N1.98trn Electricity Subsidy

Published

on

Kindly share this post

Federal Government has directed state governments to begin sharing the cost of electricity subsidy alongside the Federal Government.

FG Mandates Shared Funding for N1.98trn Electricity Subsidy

It was gathered that payments for the subsidy will now be funded through the Power Assistance Consumers Fund (PCAF), a government-backed pool created to subsidise electricity bills for low-income and vulnerable consumers.

The fund is designed to replace blanket subsidies with targeted support, improve affordability amid rising tariffs and stabilise the power sector.

More than 18 states are already operating electricity regulatory agencies, while others are preparing to do so. The states include Lagos, Ondo, Osun, Ekiti, Edo, Delta, Bayelsa, Akwa Ibom, Cross River, Abia, Anambra, Imo, Kogi, Niger, Nasarawa, Plateau, Gombe and Jigawa.

The Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, disclosed this in Abuja at the opening of the 2026 Post-Budget Preparation workshop on the Government Integrated Financial Management Information System (GIFMIS).

Speaking in an address read on his behalf by the Director of Expenditure Social, Mr. Yusuf Muhammed, Yakubu said states that enjoy the political benefits of electricity subsidy must also contribute to covering the financial gap created by the policy.

“Mr. President has directed that we operationalise a clearer framework to share the cost of electricity across the federation, so the burden is not treated as an open-ended fiscal residual — I mean federal residual,” he said.

“If you want a stable power sector, we must pay for the choices we make. When tariffs are held low, a gap is created. That gap is a subsidy, and a subsidy is a bill.”

He added: “In 2026, we will stop pretending that this bill can be left to the Federal Government alone, especially where the policy choice or the political benefit is shared across tiers of government.”

According to him, the President has ordered the activation of the electricity sector’s legal framework to ensure subsidy burden-sharing is practical and transparent.

“This means subsidy costs must be explicit, tracked and funded, so they do not return as arrears, liquidity crises or hidden liabilities in the market,” Yakubu said.

“It also means that if any tier of government chooses affordability intervention, the responsibility must be clear, agreed and enforceable. This is not punishment. It is an alignment.”

He further warned MDAs to make subsidy-related costs visible in their planning.

“The implication is simple: make subsidy-related costs visible in your planning and submissions. Do not push liabilities into the market as arrears or unfunded commitments,” he said.

Yakubu also disclosed that President Bola Tinubu has directed a review of Nigeria’s Fiscal Responsibility Framework to make fiscal rules more dynamic and enforceable.

“Fiscal rules are not a slogan; they are the guardrails of government,” he said.

“Without guardrails, spending becomes impulsive, debt becomes casual, and the budget becomes a statement of intent rather than a tool of delivery.”

He added that capital projects in 2026 must be delivery-ready and properly financed.

“A long list of projects is not a development strategy. It is often a map of disappointment. What citizens feel is delivery, completed roads, reliable power, functional schools and working hospitals,” Yakubu said.

Reacting to the development, the Director of Media and Communications of the Nigerian Governors’ Forum, Mr. Yunusa Abdullahi, said: “We are reviewing the context and content of the information. We will not be making further comments on it.”


Kindly share this post
Continue Reading

News

Spain Bars Under-16s from Social Media in Digital Safety Crackdown

Published

on

Kindly share this post

Spanish Prime Minister Pedro Sánchez has unveiled plans to ban children under 16 from social media platforms, mandating robust age verification systems as part of a sweeping legislative package to curb toxic online content.

Spain Bars Under-16s from Social Media in Digital Safety Crackdown

Speaking at the World Government Summit in Dubai, Sánchez declared platforms must erect “real barriers that work” beyond mere checkboxes, shielding minors from the “digital Wild West” where they navigate unprotected.

The proposal, set for approval by Spain’s Council of Ministers next week, amends a draft bill in parliament and holds social media executives legally accountable for illegal content like disinformation, hate speech and child pornography.

The measures introduce tools to track harmful material spread, while criminalising algorithm manipulation that amplifies such content for profit.

“Spreading hate must come at a legal, economic and ethical cost platforms can no longer ignore,” Sánchez emphasised, vowing governments would stop turning a blind eye.

Spain joins Europe’s hardening stance on youth online access, mirroring Denmark’s under-15 ban plans from last fall, France’s push for restrictions by September, and Portugal’s new bill requiring parental consent for under-16s.

The moves signal a continental shift to “regain control” of digital spaces amid rising concerns over youth vulnerability.


Kindly share this post
Continue Reading

News

US Set to Deport 79 Nigerians on Criminal List

Published

on

Kindly share this post

The United States Department of Homeland Security (DHS) on Monday, said that it will deport no fewer than 79 convicted Nigerians listed on its ‘worst-of-the-worst’ criminal list.

US Set to Deport 79 Nigerians on Criminal List

President Trump

According to the DHS website, 79 Nigerians were convicted of offences bordering on fraud, drug peddling, assault, manslaughter and robbery, among others.

An accompanying note showed that the convicts were arrested as part of the United States’ crackdown on criminal immigrants.

The note read, “The U.S. Department of Homeland Security is highlighting the worst of the worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement.

“Under Secretary Noem’s leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations, starting with the worst of the worst, including the illegal aliens you see here.”

The list showed that the convicted Nigerians include Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, and Oriyomi Aloba.

Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay and Joseph Ogbara.

Also listed are Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi, and Omotayo Akinto.

Others include Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonyе Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, and Henry Idiagbonya.

Further names on the list are Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.

Also included are Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, and Boluwaji Akingunsoye.

Others are Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.

Trump’s administration has continued to crackdown on criminal and illegal immigrants across the US with many Nigerians in the country affected by the policy.


Kindly share this post
Continue Reading

Trending