Connect with us

Business

CCB quizzes OSOPADEC leadership over alleged N463m misappropriation

Published

on

The Code of Conduct Bureau on Wednesday quizzed the leadership of the Ondo State Oil Producing Areas Development Commission over alleged misappropriation of funds belonging to the commission to the tune of N463m.

Those invited by the CCB included the secretary of the commission, Mrs Abike Bayo-Ilawole, and two other directors.

Bayo-Ilawole, who was among the public servants recently promoted to the position of permanent secretary in the state, was alleged to have been involved in the misappropriation of about N463m in the commission a few weeks ago.

She was specifically accused of diverting part of the money to a private bank account.

Speaking with journalists after being questioned by CCB officials at the bureau’s office in Akure, Ondo State, on Wednesday, Bayo-Ilawole said she was invited over allegations of fund misappropriation but maintained that she was innocent.

She said, “I was invited by the Code of Conduct over alleged fund misappropriation. We just started the investigation. The allegation is about N463m. I told them nothing of such happened, and the record will speak for itself.”

On the allegation of diverting money to a personal account, she said, “I said the record will speak for itself. It is not true. The one they quoted, that money was sent to my father’s account, was for a long-term project.

“My father was a contractor then, and it was not up to that amount. But the record will speak for itself, as I said.

“The two officers whose names were mentioned supervised other colleagues. It could be their allowances or what they needed to spend on the project.

See also  Presidency eyes NNPC shake-up as oil output falters

“They should allow me to go through the records so we can separate the issues and know what actually transpired. One major thing is that the fund was not released at once; it was over a period of time.

“We have projects such as school renovations, transformers and office renovations. Our areas are riverine, so we move around for supervision.

“We are not talking about missing funds. The projects were completed. We followed the necessary procedures before executing the projects.”

She insisted that she had documents to back her official dealings in the commission, reiterating that “the record will speak for itself.”

Also speaking, the Director of Project Planning and Development at OSOPADEC, Mr Olukorede Adeshina-Oladapo, said he was invited over an allegation circulating on social media.

He said, “What was on social media was not correctly presented.

“In the office, we got approval from the governor to carry out direct labour jobs. We had 21 school renovation projects, renovation of the area office, construction of culverts in Atijere and renovation of an office complex. Those transactions were done through direct labour.

“We have a procurement committee. Other management staff were involved, and records of meetings were kept. We reported to the Office of the Director of Public Prosecutions, which benchmarked the project requests.

“It was not only the 21 projects approved by the governor, but we selected those that were urgent and could be attended to immediately. Those were the ones executed.

“Before we proceeded, after the governor’s approval, we requested a ‘no objection’ from the appropriate office, and it was granted.

See also  NUPENG suspends strike as Dangote accepts union’s demands

“As we complete the projects, we also apply for certificates of completion. Some of the projects have been completed, while funds for others are still in the account. No fund is missing.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

TUC urges subsidy for Dangote, modular refineries to lower fuel costs

Published

on

The Trade Union Congress (TUC) has proposed a “production subsidy” for the Dangote Refinery and other modular refineries as a way to reduce the rising cost of premium motor spirit (PMS), commonly known as petrol.

TUC President Festus Osifo made the proposal on Friday while speaking on Politics Today, a current affairs programme on Channels Television.

Osifo said that since the Federal Government has ruled out reintroducing petrol subsidies, alternative measures are needed to ease the burden of high fuel prices on Nigerians.

“So for us as a country, we are making a lot of money. In excess of what we budgeted. All right, so today we make at least $35 or so dollars per barrel beyond what we budgeted,” Osifo said on the programme.

He outlined the TUC’s proposal, focusing on redirecting excess oil revenue to support local refining.

Osifo queried, “So, what we proposed, knowing and understanding that they wouldn’t want to bring consumption subsidy, we were advocating for a production subsidy.

“Production subsidy, in that today we have modular refineries, right?

“So we were advocating that this extra $35, for example, that you are making per barrel, why don’t you take half of it, for example, and use it to subsidise the crude that you are giving to Dangote Refinery and the modular refineries so that they will be able to produce cheaper PMS?”

Petrol prices have surged significantly in recent weeks, rising from about ₦800 to around ₦1,300 depending on location, following the outbreak of the US/Israel-Iran War.

See also  Agriculture must get ‘rightful place’ in financial system - CBN

Despite mounting pressure to reinstate fuel subsidies, which were removed when Bola Tinubu assumed office in May 2023, the Federal Government has maintained its stance against the policy.

On Tuesday, Nigeria’s Coordinating Minister of the Economy and Minister of Finance, Taiwo Oyedele, speaking in Paris at an event, said the Federal Government will not reintroduce subsidies or impose price controls, reaffirming its commitment to market-driven economic reforms.

“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market… the situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” said Oyedele.

Osifo, however, urged the government to explore creative solutions to support citizens amid rising living costs.

But Osifo wants the government to “think out of the box and quickly do things to assist its citizens”.

Continue Reading

Business

Nigeria pledges to strengthen bilateral cooperation with India

Published

on

The Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Dunoma Ahmed, has reaffirmed Nigeria’s commitment to strengthening bilateral cooperation with India.

Ahmed stated this during a meeting with the High Commissioner of India to Nigeria, Abhishek Singh, at the Ministry’s Headquarters on Thursday in Abuja.

A statement issued by Kimiebi Ebienfa, the ministry’s spokesman, said Ahmed expressed appreciation to Singh for the cordial relations between Nigeria and India.

He said that cooperation between both countries would focus on deepening ties ahead of the India-Africa Forum Summit scheduled to be held in New Delhi in May, 2026.

According to him, both countries are strategic partners united by shared democratic values and common aspirations for sustainable development and South-South cooperation.

He underscored the importance of the forthcoming BRICS and India-Africa Forum engagements in advancing multilateral cooperation among developing countries amid evolving global political and economic realities.

Ahmed reiterated Nigeria’s interest in increased Indian investments in key sectors of the economy, particularly manufacturing, agriculture, mining, renewable energy, and local value addition.

He further stressed the need for strengthened collaboration in security and counter-terrorism, especially through technological cooperation and defence capacity building.

Earlier, Singh briefed Ahmed about preparations for the BRICS Foreign Ministers’ Meeting slated for May 14 to 15, at the Bharat Mandapam in New Delhi.

Meanwhile, the India-Africa Forum Summit is expected to convene African leaders and senior officials later in the month.

Singh said, “ Nigeria, as a BRICS partner country and a major stakeholder in Africa, occupies a strategic place in India’s foreign policy engagement with the continent.

See also  Dangote signs deal to distribute 65m litres petrol

“The Government of India looks forward to Nigeria’s active participation at the meetings and in deepening cooperation between both countries in areas of trade, renewable energy, defence, industrialisation, agriculture, and technology.”

He further highlighted ongoing initiatives under the International Solar Alliance and Africa Solar Facility, including proposed renewable energy investments and enhanced developmental partnerships with Nigeria.

NAN

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

National Assembly okays N2.29tn FCT budget, sets 76% for capital projects

Published

on

The National Assembly on Thursday passed the 2026 Statutory Appropriation Bill for the Federal Capital Territory, approving a total expenditure of N2.285tn for the development and administration of the nation’s capital.

The approval followed the presentation and consideration of the harmonised report of the Senate and House of Representatives Committees on the FCT during plenary.

The report was presented by the Vice Chairman of the Senate Committee on the FCT, Austin Akobundu (Abia Central), on behalf of the committee chairman, Ibrahim Bomai (Yobe South).

Presenting the report, Akobundu said the joint committees recommended the sum of N2.285tn as the FCT statutory budget for 2026 from a projected revenue of N2.385tn.

He explained that the budget proposal contained N165.7bn for personnel costs, N378.2bn for overhead costs, while N1.741tn was allocated to capital expenditure.

According to him, the structure of the budget indicated a strong focus on infrastructure development and public service delivery, with 76.19 per cent of the total allocation devoted to capital projects, while recurrent expenditure accounted for 23.8 per cent.

Akobundu said the appropriation process complied with constitutional provisions and emerged after extensive deliberations between the National Assembly committees and officials of the Federal Capital Territory Administration.

He said, “The committees met with the minister and other relevant officials of the FCTA and deliberated extensively on the subject matter.”

Lawmakers who contributed to the debate commended the fiscal framework of the budget, describing it as balanced and development-oriented.

Deputy President of the Senate, Jibrin Barau, praised the spending plan, saying it demonstrated a strong commitment to infrastructural renewal in the FCT.

See also  Agriculture must get ‘rightful place’ in financial system - CBN

He said, “Mr President, the budget is top-notch. You know, I am the only one in the history of the legislature in this country that has had the opportunity to serve as chairman appropriation committee in the House and in the Senate.

“So when I see a good budget, I know it’s a good budget. It is a budget that’s top-notch. We have to commend the FCT minister for doing a very good job.

“A budget that you have a total of N2.2tn, and out of this, N1.7tn is going for capital. It shows his willingness and determination to continue to show FCT to the admiration of all.”

Abdul Ningi (Bauchi Central) described the appropriation as well-structured and responsive to concerns previously raised by lawmakers during oversight engagements with the FCTA.

Ningi said the budget was well-packaged and well-balanced, considering the observations made by the Senate Committee on the FCT last year.

The Senate thereafter passed the bill through third reading, paving the way for its transmission for presidential assent.

At the House of Representatives, the lawmakers also passed the 2026 statutory budget proposals of the FCT.

They also passed N1.75tn respectively for the Niger Delta Development Commission.

The approvals followed the consideration and adoption of reports presented to the House during plenary by the relevant committees.

Presenting the report on the FCT budget, Chairman of the House Committee on the Federal Capital Territory, Muktar Betara, said the N2.29tn proposal was structured to address personnel obligations, overhead costs and critical infrastructure projects across the nation’s capital.

See also  NUPENG suspends strike as Dangote accepts union’s demands

According to him, “Out of the N2.29tn, the sum of N165.78bn is for personnel costs while N378.23bn is for overhead costs.

“The balance of N1.74tn is for capital projects, for the service of the Federal Capital Territory, Abuja, for the financial year commencing January 1 and ending December 31, 2026.”

A breakdown of the recurrent expenditure showed that the Federal Capital Territory Administration secured N151.44bn for its operations.

In what lawmakers described as part of ongoing efforts to strengthen security architecture in Abuja and surrounding satellite communities, the House approved N6.79bn for the security services department of the FCTA.

The lawmakers also approved N1.51bn and N910.20m for the FCT Muslim Pilgrims Welfare Board and the Christian Pilgrims Welfare Board, respectively.

For capital projects, the education sector received N162bn, while engineering services got the largest allocation of N758.15bn.

The resettlement and compensation department was allocated N143.18bn, public buildings received N2.38bn, while the satellite towns development department secured N212.74bn.

Meanwhile, details of the N1.75tn NDDC appropriation obtained by The PUNCH showed that N47.57bn was earmarked for personnel costs, while overhead expenditure stood at N49.93bn.

The commission also secured N22.36bn for internal capital expenditure, with the bulk of the budget — N1.63tn — dedicated to development projects across the oil-producing Niger Delta region.

The approval followed the consideration of a report presented by the Chairman of the House Committee on NDDC, Erhiatake Ibori-Suenu.

For the NDDC, the passage of the N1.75tn budget is expected to strengthen intervention projects in the oil-rich region, where concerns over underdevelopment, environmental degradation and youth unemployment have persisted for decades despite the area’s contribution to national revenue.

See also  CBN sets tough cybersecurity timeline for banks

Continue Reading

Trending