Economy
National Assembly Blackmailing Minister of Finance to Siphon Funds—Report
By Dipo Olowookere
A report by Premium Times has disclosed that the leadership of the National Assembly is using a ‘secret’ it has about the Minister of Finance, Mrs Kemi Adeosun, to get her approve funds for the second arm of government.
According to the report, some Senators provided insights into why Mrs Adeosun has remained exceptionally generous in funnelling billions of Naira to parliament, sometimes even against the wishes of her bosses at the presidency.
The newspaper had in a series of reports revealed how the Minister repeatedly enriched lawmakers, including by funding unapproved projects and making unappropriated cash payments to the legislative arm of government.
In April, it reported details of the controversial release of N10 billion to the National Assembly by Mrs Adeosun.
The lawmaking arm then wasted the money on exotic cars and dubious contracts. Some of the companies to which the contracts were awarded were not even registered with the Corporate Affairs Commission (CAC) and the Bureau of Public Procurement (BPP).
In June, Premium Times reported how the Minister spent about N12 billion to finance projects the presidency wanted removed from the 2017 budget.
The Minister’s action generated uproar nationwide, especially among civil society activists who wondered the motive of such curious financial relationship with federal lawmakers reputed for being self-centred, greedy and corrupt.
Two months of asking questions is beginning to provide some insights into the real reason the Minister has maintained such cosy relationship with the lawmakers.
At least five senators who spoke to the newspaper said the abnormal actions of the Minister were activated by the top echelon of the legislature.
“We have never had a Finance Minister so generous to the National Assembly,” one senator said. “But it is not for nothing. The truth is we were able to dig up something unsavoury about her and our leaders are holding her by the jugular
One ranking Senator simply said, “The Minister is being gagged by our people”.
He however said he was not sure what his colleagues were using to “gag” the Minister.
Yet another Senator said, “What I am aware of is some of our people said they have an ammunition they can use to silence her. That has given way for the leadership (of the National Assembly) to intimidate her, knowing that they could get her out of her job if she doesn’t cooperate.”
Another ranking Senator, who also asked not to be named, said Mrs Adeosun was indeed being blackmailed by lawmakers.
“Not everything is out in the public because every single one of us are beneficiaries of this situation,” he said. “But I can tell you the woman is being harassed and blackmailed into doing many things she would ordinarily not so. She is helpless in the hands of our people.”
The Minister is said to be afraid of being exposed or investigated by the legislative body, which may lead to her losing her position.
Premium Times learnt that the real “ammunition” is known only by a few high profile leaders of the National Assembly who have turned it into what an official called “a secret tool for extortion.”
But when contacted, Senate President, Mr Bukola Saraki, said the Finance Minister was not being blackmailed in any way.
“There is nothing like that and I am very sure of that,” Mr Yusuph Olaniyonu, spokesman to Mr Saraki, informed Premium Times. “If there is anything like that, I would know. Oga (boss) will hint or she will tell me. There is absolutely nothing like that. It is not true.”
Mr Olaniyonu described Mrs Adeosun as the “most cooperating minister” who answers lawmakers’ summons at all times. But he insisted that her conduct was not because of fear of any blackmail.
Spokesperson to Mrs Adeosun, Mr Oluyinka Akintunde, also denied his boss was being blackmailed by lawmakers.
“I wish to state that there is no such thing,” Mr Akintunde said. “The Honourable Minister has always operated within the ambit of the law in the discharge of her responsibilities.”
However, the newspaper said it was working hard to uncover what the real “ammunition” being used against the Minister is, promising to provide updates as information becomes available.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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