The Senate says it has uncovered deformities in the Federal Government’s investments in Crown Agents Bank and some other financial institutions amounting to N1.1tn.
Crown Agents Bank is a United Kingdom regulated wholesale foreign exchange and cross-border payment services provider connected across frontier and emerging markets.
The Senate Committee on Public Accounts had uncovered the irregularities while the parliament had considered and adopted its report in July before embarking on two-month annual recess.
The committee’s report was based on the 2015 audit report by the Auditor General of the Federation.
The panel accused the Accountant General of the Federation of failing to present a share certificate to authenticate the genuineness of the Federal Government’s N46bn investments in Crown Agents Bank and financial institutions in Nigeria.
According to the panel, the accountant-general also failed to provide for audit, the written authority for the disposal of the sum of N134.3bn and the account into which the proceeds were credited.
According to the committee’s report, there were also no additional investments in the power sector during the year under review, as against the N547.8bn being the opening balance in the National Integrated Power Project at the beginning of 2015.
The report stated that Crown Agents disposed of investments totalling N3bn, while additional investments amounting to N439.7bn were also acquired during the year under review without documentary evidence.
The report also said it discovered that about N239bn investment was an overcast recorded in the 2014 investment.
It partly read, “It was observed that the Federal Government of Nigeria had additional investment in the sum of N46.3bn and total disposal of investment of N134.3bn as at year ended, 2015.
“The shares certificate to authenticate the genuineness of the additional investment of N46.3bn was not produced for audit.
“Also, there was no written authority for the disposal of the sum of N134.3bn as the account into which the proceeds were credited was not provided for audit confirmation.
“There was no additional investment in the power sector during the year under review as against the N547bn opening balance of investment in the National Integrated Power Project at the beginning of 2015.
“The Accountant-General of the Federation was required by the Auditor-General to provide the authorities for all the additional and disposal of investment during the year under review and provide the share certificate of all the additional investment for audit verification.”
Responding, the Office of the Accountant General of the Federation stated that ‘the investment of N10bn and N16.8bn in Nigeria Bulk Electricity Trading Plc and Galaxy Backbone Plc respectively did not occur in 2015 but were investments omitted from previous statements, while the investment of N20bn in Development Bank of Nigeria was a new Federal Government of Nigeria investment.
The committee, chaired by Senator Mathew Urhoghide, however, rejected the explanation of the Office of the Accountant-General of the Federation as it was unable to produce a share certificate.
Consequently, the committee asked the accountant-general to provide the shares certificate to the auditor-general within 60 days.
Borno Governor Suspend Entire Management of Ramat Polytechnic
Borno Governor, Professor Babagana Zulum on Tuesday suspended the entire management of Ramat Polytechnic for a period of six months.
The Governor, who was shocked to see the dilapidated status of the workshops and laboratories, declared that the “Polytechnic is dead”.
The Governor visited the Polytechnic in Maiduguri around 9:00am and found most of the laboratories out of use, with some covered by cobwebs and rodents roaming around due to neglect.
Zulum assessed all infrastructures and learning conditions, and thereafter, directed the State’s Commissioner of Higher Education, Science, Technology and Innovation, Dr. Babagana Mallumbe, to take over the affairs of the School immediately.
Road Accident: Gov. Obaseki Commiserate with Victims Families
The Edo State Governor, Mr. Godwin Obaseki, has commiserated with the families of the victims of the ghastly road accident on Sakponba Road, Benin City, which reportedly claimed the lives of nine persons.
Chief of Staff to the Governor, Osaigbovo Iyoha, who signed the statement on behalf of Edo State Governor, said Governor Godwin Nogheghase Obaseki is saddened by the unfortunate incident, noting that the loss of lives was regrettable.
According to Edo state Chief of Staff, “The Edo State Governor, Mr. Godwin Obaseki, is saddened by the unfortunate accident involving a tipper and two commercial buses in the Ogbelaka axis of Sakponba Road, which reportedly claimed the lives of four persons. The state government commiserates with the survivors and families of the victims of the accident.”
“The Governor has directed the Edo State Traffic Management Agency (EDTSMA) and security operatives to apprehend persons who behave and drive recklessly on roads in the state.
“He also warned tricycle, bus, tipper drivers, other operators of commercial vehicles and private vehicle owners to be cautious and avoid reckless driving as those who run foul of the law will face the full wrath of extant traffic laws in the state,” he said.
Faith Aiigbe Alleged Murder: Autopsy Frees Benin Traditional Ruler
The awaiting Traditional Ruler of Uho Community, His Royal Highness, Ogierhiakhi Friday, in Ikpoba Okha Local Government Area, Edo State, Who was alleged to have murdered his girlfriend, Faith Aigbe, has been free of committing any criminal offense against the victim.
His exemption from the alleged Criminal offense, is a prelude to the Autopsy Confirmation results carried out by the Edo State Police Command to detect the real cause of her death.
Recall that, the Awaiting Traditional
Ruler was alleged of killing his girlfriend Faith Osamudiamen Aigbe and detained after reportedly submitting himself on September 9, 2021, to the Ologbo Divisional Police Station, where he was later transferred to the State Police Headquarters for onward questioning.
However, addressing Journalists in Benin City, the state Police Command Image maker SP Kontongs Bello, said, after a thorough investigation as well as Autopsy Conducted and provided by a Police consultant Pathologist, Dr. W.O Akhiwu, the result proved the suspect innocent.
The autopsy Conducted on September 20, 2021, by Police consultant Pathologist, Dr. W.O Akhiwu, attributed the cause of her death to Hemorrhagic Shock, Ruptured Tubal Ectopic and Massive Hemoperitoneum Conditions.
According to medical experts, Hemorrhagic shock is a condition of reduced tissue perfusion, resulting in the inadequate delivery of oxygen and nutrients that are necessary for cellular function.
Therefore, whenever cellular oxygen demand outweighs supply, both the cell and the organism are in a state of shock.
An ectopic pregnancy can cause Fallopian tubes in women to burst or rupture. Emergency symptoms are believed to include major pain, with or without severe bleeding.
So, in Hemoperitoneum Conditions, blood is expected to accumulate in peritoneal cavity, a small area of space located between internal abdominal organs and inner abdominal wall.
26-year-Old Deceased Victim, Faith Osamudiamen Aigbe, a resident of
Aigbe Street Evbuomoma Quarters, Benin City, was accused by his suspected Boyfriend, and Enogie designate, Ogierhiakhi Friday to have been nine months pregnant for him until she gave up after allegedly undergoing abortion in undisclosed hospital without his consent.
Faith Osamudiamen Aigbe was later seen lifeless in a vehicle suspected to be owned by Enogie designate of Uho Community Ogierhiakhi Friday.
A development seriously frowned at by the Family of the now deceased Victim, Faith Osamudiamen Aigbe, during an altercation that led to several calls by well-meaning citizens for autopsy conduct.
The earlier tensions generated by the death of Faith Aigbe, has now been put to bed, given the Results.