Nigeria Fight Back Over Creation Of Stolen Funds House | Nigeria News
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Economy

Nigeria Fight Back Over Creation Of Stolen Funds House

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Nigeria Fight Back Over Creation Of Stolen Funds House

Nigeria has called for the elimination of safe havens for stolen assets and illicit financial flows to free up resources for sustainable development, Permanent Representative to the UN, Amb. Tijjani Bande, said

Bande made this known at an ‘Interactive Dialogue for Sustainable Development’ at the Economic and Financial Committee of the UN General Assembly in New York, NIGERIA NEWS reports.

He then called for unconditional return of such assets and funds to their countries of origin.

The Nigerian envoy said: “In this regard, it is important that safe havens that create incentives for the transfer of stolen assets and illicit financial flows abroad are eliminated.

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“The return of such assets and funds will certainly aid our ongoing sustainable development efforts.”

He said Nigeria believed that sustainable development required the galvanisation of urgent common efforts, a reinvigorated Global Partnership, and an enabling environment at all levels.

He called for the creation of appropriate global partnership for development, balanced against the increased emphasis on domestic resource mobilisation.

Bande noted the concerns expressed in the report of the UN Secretary-General Antonio Guterres, particularly in relation to the slow pace of Sustainable Development Goals (SDGs) progress in Sub-Sahara Africa.

According to him, however, the Government of Nigeria is fully committed to translating the SDGs into reality, in a balanced and integrated manner.

He added that  “As a show of commitment, the Government of Nigeria has developed a comprehensive multi-layer and multi-cluster national accountability institutional framework for enhanced coordination of SDGs mainstreaming in the country.

“An Inter-Ministerial Committee on the SDGs has also been established and the operational guideline for coordinated engagement of Government intervention programmes has been adopted, at both the national and sub-national levels.

“The Office of the Senior Special Assistant to the President on SDGs has been empowered to ensure horizontal and vertical coherence of SDGs development policies, plans and strategies in the country.

“To fully harness Nigeria’s rich human and material resources and to more effectively engage other stakeholders, a Private Sector Advisory Group and a Donors’ Forum on the SDGs have recently been inaugurated”.

To enhance the legislative oversight on the SDGs implementation processes, he said, two committees on SDGs had been established in both the Nigerian Senate and House of Representatives.

The ambassador explained that Nigeria’s Economic Recovery and Growth Plan aligned, to a large extent, with SDGs targets.

To ensure proper monitoring and evaluation of SDGs implementation in Nigeria, an SDG data mapping exercise was recently concluded and a data supply responsibility framework, agreed upon, he said.

He said Nigeria was currently up-scaling Conditional Grants Scheme, to become one of the best practices in counterpart contributory mechanism that incentivises sub-national governments to accelerate progress in SDGs core targets.

“In line with the Sendai Framework for disaster risk reduction and the workings of the United Nations International Disaster Reduction, Nigeria has established the National Emergency Management Agency as the focal point for all disaster management efforts of the Government.

“As a practical and pro-active approach to disaster reduction, Nigeria has also established the National Centre for Flood Early Warning Systems.

“The devastating impacts of climate change are increasing, posing fundamental threat for the existence of humanity. Nigeria has since taken steps in integrating and implementing the Paris Agreement.

“We urge States Parties to ensure compliance to the Paris Agreement on the basis of common but differentiated responsibilities,” the Nigerian envoy said.

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Business

CBN, Governor Emefiele reacts to ‘missing’ of over N600bn

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Breaking News; Buhari appoints Godwin Emefiele, CBN governor for second term in office

The Central Bank of Nigeria, CBN and the Governor of the Apex bank, Governor Godwin Emefiele has reacted to rumour going around on social media and elite that about 600Bilion is missing since 2016.  The reactions of governor Emefiele was received on Monday morning by NIGERIA NEWS

This news was generated as a result of audio recording going around where the board of the CBN are heard saying 644bn is missing.

Here is the full statement made by the apex bank on the issue and audio recording.

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials.

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Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation – the beginnings of which was omitted to create a different impression – was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

As publicly known, the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

In order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation. These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.

In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

Clearly, those who listened to the audio can easily ascertain that the conversation had nothing to do with anything fraudulent as purported. The Bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies. NO MONIES ARE MISSING OR STOLEN. The integrity of the CBN Governor remains unassailable.

He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

The Bank will pursue every legal means to bring the perpetrators to justice.

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Economy

Buhari appoints Godwin Emefiele as CBN governor for second term

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Godwin Emefiele reappointed as CBN governor by muhammadu Buhari, Nigeria president

The news reaching NIGERIA NEWS is that the governor of Central Bank of Nigeria, Godwin Emefiele has been reappointed by the Nigerians president, Muhammadu Buhari for the second term.

Recall that the tenure of the governor of the CBN is meant to expire next month, June buh his reappointment will see him spend another four years in the CBN.

NIGERIA NEWS understands that provided that Emefiele spends another full term he will become the first Nigerian to spend 8 good years in the apex bank of Nigeria since the returning of Democrazy in 1999.

BREAKING: The President of the Senate, Dr. Abubakar Bukola Saraki, has just read a letter from President Muhammadu Buhari, reappointing the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for a second term.

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