Connect with us

News and Report

Who Is Really Fighting Corruption? The Executive or The Legislature, By Omoniyi Idowu

Published

on

Corruption is getting worse in Nigeria, according to the latest corruption perception index (CPI) released by Transparency International (TI) on Wednesday, which shows that Nigeria has dropped 12 places in its Corruption Perception Index.*

Whose fault is this, the Executive or the Legislature? Let’s break this down…

There have been several attacks from sponsored sources that allege that the National Assembly is frustrating the efforts of the Executive in fighting corruption.

However, if we look at the facts on the ground, we can see that:

The National Assembly, through the Senate, has been at the forefront of exposing high-levels of corruption in government — yet, the Executive has not done its part to prosecute those that have been exposed.

The Senate exposed the former SGF, Babachir Lawal’s, intimate involvement in a N200million grass-cutting scandal through which funds meant for the Internally Displaced Persons (IDPs) in the North-east were diverted into private pockets. Two Committees, one in the Senate and another one headed by the VP, had indicted the man. Yet, it took President Muhammadu Buhari over 9 months to sack the man. and up till now, he is still has not been prosecuted.

Also, months after the committee headed by Vice President Yemi Osinbajo indicted the former NIA DG over the 43million Dollar Cash in Ikoyi Flat scandal, the man has not been prosecuted. The DG NHIS that was suspended over financial misappropriation bh the supervising Minster was arbitrarily recalled and re-instated without recourse to the report of the on-going investigation by the EFCC.

When a Senator leveled allegations of misappropriation of funds against the Inspector General of Police, instead of he Government to investigate the allegations and allow the IG to seek redress if he feels he has been defamed, the Government sought to intimidate the Senator by filling criminal charge against him.

In the same vein, there are other allegations of corrupt practices leveled against top members of the Executive arm which are simply swept under the carpet.

Now, we know that write-ups like the one being circulated on WhatsApp are now alleging that the National Assembly is frustrating the anti-corruption war will come out as a way of fighting back by the Executive over the AMENDMENT OF THE ELECTORAL LAW in which the Presidency failed to get through its preferred ORDER OF ELECTIONS. This write up is just the Executive arms way of fighting back by stereotyping the Legislative Arm.

NOW BEYOND THE PROPAGANDA, FALLACY AND FALSEHOOD, let’s check the facts.

The Senate has already passed the following bills that are aimed at fighting Corruption in Nigeria:

*The Mutual Assistance in Criminal Matters Bill*, which is aimed at enhancing the collaboration and mutual assistance between the Nigerian government and its foreign counterparts. This Bill will also help to facilitate the identification, tracing, freezing, restraining, recovery, forfeiture and confiscation of proceeds of crime wherever they are located.

*The Whistleblower Protection Bill*, which will encourage the disclosure of improper conduct by persons, public officers and corporate bodies, private and public.

*The Nigerian Financial Intelligence Unit (NFIU) Bill*, which, in line with international best practices, establishes a substantive and autonomous financial intelligence unit in Nigeria, that will promote the exchange of information with all countries in issue that relate to criminal intelligence and financial investigations that deal with money laundering, terrorism financing, proliferation of arms, corruption, financial crimes and economic crimes.

*The Witness Protection Bill*, which creates a programme in Nigeria that protects witnesses who provide vital information, evidence or render assistance to law enforcement agencies during investigations, enquiries or prosecutions.

*Of all these Bills, THE ONLY ONE that was sent to the Senate, from the Executive was the Mutual Assistance in Criminal Matters Bill. All others were initiated, fast-tracked and passed by the Senators.*

The article in question also referred to the Special Anti-Corruption Courts Bill which he said the National Assembly has refused to pass. However, it should be noted that the National assembly cannot create a Court through a Bill. Creation of Courts require Constitutional Amendments. That is why the Bill was suspended so that it could be part of the Constitutional Amendment process and the Judiciary could have adequate input.

I am sure it is now clear that the Anti-Corruption war is being frustrated by those claiming to be prosecuting it. The War is being defeated by nepotism, inconsistency, inter-agency rivalry, dishonesty and the lack of adherence to the Rule of Law.

*THE FACTS SPEAK FOR THEMSELVES!
Omoniyi Idowu writes from Lagos

News and Report

EFCC indicts Sirika, brother in new N19bn fraud

Published

on

By

The Economic and Financial Crimes Commission has charged former Minister of Aviation, Hadi Sirika, his brother, Ahmad Sirika; and his company – Enginos Nigeria Limited, with over N19.4bn fraud.

The sum is said to be for several aviation ministry contracts from the former minister to Enginos Nigeria Limited, owned by Sirika’s younger brother, Abubakar.

The Sirika brothers and Enginos Nigeria Limited will be arraigned before Justice Belgore of the Federal Capital Territory High Court, Garki, Abuja today (Tuesday).

It is the second criminal charge the EFCC will be filing against the ex-aviation minister.

He was last Thursday arraigned for N2.7bn fraud before the High Court of the Federal Capital Territory in Abuja.

Sirika was arraigned on six counts alongside his daughter, Fatimah; brother-in-law, Jalal Hamma, and Al-Buraq Investment Ltd.

The defendants pleaded not guilty while Justice Sylvanus Oriji granted them N100m bail each, with the condition that they must not travel out of the country until the end of the criminal case.

On Monday, EFCC insiders informed The PUNCH that the anti-graft agency had filed a second charge against the ex-minister, bordering on N19.4bn fraud.

In the copy of the fresh charges sighted by our correspondent on Monday, the EFCC alleged that Sirika, “while being the Minister of Aviation, on or about 18th August 2022, in Abuja, within the jurisdiction of this honourable court, did use your position to confer an unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the construction of a terminal building at Katsina Airport for the sum of N1,345,586,500.00.”

According to the EFCC, Sirika’s alleged action was a violation of Section 19 of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the same section.

In another count, the EFCC alleged that “on or about 3rd of November, 2022, in Abuja,” Sirika used his position “to confer unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the establishment of Fire Truck Maintenance and Refurbishment Centre at Katsina Airport for the sum of N3,811,497,685.00.”

In another count, he was accused of corruptly awarding a N615,195,275.00 contract to his brother for the procurement and installation of lift and air conditioners and power generators for the Aviation House in Abuja.

Furthermore, the EFCC alleged that Sirika, between August 2022 and May 2023 in Abuja, “had possession of an aggregate sum of N2,337, 840,674.16, which sum you knew indirectly represented the proceeds of criminal conducts of Hadi Abubakar Sirika, who was the Minister of Aviation at the time.”

It was revealed that the ex-minister’s younger brother, Abubakar, was earlier arrested and detained by the EFCC in connection with N3,212,258,930.18 paid to his company, Enginos Nigerian Limited’s bank account by the former minister.

 

Continue Reading

News and Report

Nigerian Bank chiefs obtain N549bn insider loans in five years

Published

on

By

Directors and key management personnel of Deposit Money Banks borrowed about N549bn from their financial institutions in five years.

This is according to The PUNCH analysis of the banks’ annual reports filed with the Nigerian Exchange Limited between 2019 and 2023.

However, the banks’ loans and advances to some directors and key management personnel as well as related party transactions dropped significantly in 2023.

These transactions dropped to N52.40bn for eight financial institutions compared to N111.31bn in 2022, indicating a 52.92 per cent decline in one year.

Financial institutions reviewed in the 2023 review include Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc and the FCMB Group.

This decline came amid the release of new corporate governance guidelines by the Central Bank of Nigeria which went into effect August 1, 2023.

In the circular dated July 13, 2023, and signed by Director, Financial Policy and Regulation Department, Chibuzo Efobi, the guidelines which imposed responsibilities on the bank board and the executive compliance officers, supersede other previous codes, circulars and related directives, according to the apex bank.

The CBN guidelines on related party transactions said, “Banks shall establish a policy concerning insider trading and related party transactions by directors, senior executives, and employees, as well as publish the policy or a summary of that policy on their website. 22.2 The policy shall contain appropriate standards and procedures to ensure it is effectively implemented. 22.3 In addition to the requirements in Section 22.2, there shall be an internal review mechanism carried out by the internal audit function of the bank, to assess the compliance and effectiveness of the policy.

“22.4 Any director whose facility or that of his/her related interests remains nonperforming in any financial institution for more than one year shall cease to be on the board of the bank and shall be blacklisted from sitting on the board of such bank and that of any other financial institution under the purview of the CBN. 22.5 No director-related loans and/or interest thereon shall be written off without the CBN’s prior approval.”

Leading the pack in terms of major decline in loans to related parties and entities controlled by key management personnel was Fidelity Bank Plc, which went from N92.31bn at the end of December 2022 to N2.09bn at the end of last year.

In footnotes, the bank however said that some of the related parties like A-Z Petroleum Limited, Dangote Group and Genesis Group as of 31 December 2022, had “exited the related party relationship post 2022 financial year in line with CBN requirement.”

In 2022, the total value of insider loans for 10 banks including Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc, FCMB Group, Unity Bank and Sterling Bank amounted to N131.04bn.

Fidelity Bank led the highest for the year, followed by Unity Bank at N17.32bn and UBA at N13.74bn.

In 2021, the loans to related parties of these financial institutions rose to N139.16bn with Fidelity Bank and UBA leading at N97.73bn and N15.28bn, respectively. GTCO trailed in third position with N6.859bn.

Between 2019 and 2020, a total of N226.6bn was disbursed as loans. In 2019, eleven banks borrowed its key management personnel a total sum of N29.65bn. The figure also includes loans to companies related to the directors.

An analysis showed that GTCO lent N155m, Zenith Bank (N1.76bn), UBA borrowed its directors N297m, Wema Bank (N5.2bn), Stanbic IBTC (N95m), FCMB (N4.8bn), Unity Bank(N7.14bn), Sterling Bank (N10.12bn) to related parties.

In 2020, the figure increased by 564 per cent or N167.32bn to N196.97bn.

Checks showed that Access Bank lent the highest with a total of N174bn to its directors and companies related to them. This was followed by Unity Bank with N7.55bn. Third on the list was Sterling Bank with N6.01bn.

Other banks including Fidelity borrowed its directors N986.2m, GTBank (N67.9m), Zenith Bank (N1.797bn), UBA (N206m), Wema Bank (N2.82bn), Stanbic IBTC (N332m), FCMB (N3.2bn), Unity Bank (N7.55bn), Sterling Bank (N6.01bn).

Commenting on the trend, the Chief Research Officer at InvestData Consulting, Ambrose Omordion said “In my language, they say, it is the yam that you know that you use to make pounded yam. If an organisation feels that the insider or director can pay the loans given to them, then there is no issue. It is when they do not pay that is where there would be issues.

“Like what is happening now in the economy, banks are not giving loans to ordinary companies unless those with names because of economic headwinds. If they give loans to the public and they are unable to repay, Non-Performing Loans will rise. If the banks offer to insiders that would pay, it is better for them.”

 

The Punch

Continue Reading

News and Report

Court Orders Arrest of Ex-Naval Chief, Usman Jibrin Over Alleged N1.5billion Money Laundering Charges

Published

on

By

 

Justice Inyang Ekwo of the Federal High Court, Abuja, has ordered the arrest of a former Chief of Naval Staff, Vice Admiral Usman Jibrin, and two other officers over N1.5 billion money laundering charge.

 

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) dragged the trio before the court over fraud N1.5bn allegations.

 

The court issued the arrest warrant after hearing a motion exparte marked FHC/ABJ/CR/158/2023 and filed by ICPC counsel, Osuobeni Ekoi Akponimisingha.

 

In the motion, the lawyer submitted that Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka (first to third defendants), were investigated for allegations of money laundering and making false statements regarding diversion of funds in their respective military and paramilitary institutions, into companies in which they allegedly had stake.

 

According to him, at the commencement of the investigation into the allegations, the defendants were released on administrative bail on self-recognition because of their status as serving and former public figures and has since then refused to show up for possible arraignment in court.

 

The Lawyer prayed the court for a bench warrant against the 1st, 2nd and 3rd Respondents (Vice Admiral Usman Jibrin Oyibe, Adam Imam Yusuf, and Brigadier General Ishaya Gamgum Bauka) in charge No. FHC/ABJ/CR/158/2023 which is pending before the court for the purpose of arresting and bringing them to court for their arraignment and trial.

 

Listed as first to sixth defendants in the 17-count charge are Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka, Lahab integrated & Multi Services Limited, Gate Coast Properties International Limited and Ummays Hummayd Energy Ltd

Continue Reading

Trending