Connect with us


We’ve Recovered over N17b via Whistle Blower Policy—EFCC



By Dipo Olowookere

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has disclosed that more than N17 billion has been recovered since the Federal Government introduced the whistle blower policy.

Mr Magu revealed this information on Saturday during the 2017 Association of National Accountants of Nigeria (ANAN) Week/Award Day at the FCT Archive Building, Abuja.

“Apart from several other recoveries running into several billions of naira, the recent whistle blower policy, has led to the recovery by EFCC of N521,815,000, $53,272,747, £122,890, and €547,730,” the EFCC boss said.

Business Post used the present CBN official rate for the exchange to arrive at the N17 billion estimation.

At the occasion, Mr Magu urged players in Nigeria’s financial sector to ensure that they play active role in the war against corruption, by reporting any suspicious transactions to the agency.

Mr Magu, himself a trained accountant, urged his fellow colleagues, not to allow themselves to be tools in the hands of looters and money launderers.

In a paper titled, ‘What Would It Take To Be a Corruption Free Nigeria,’ which was presented on his behalf by Dr A. Bello, he noted that it was unfortunate that the society has chosen to esteem “thieves and looters” of the commonwealth.

“The moral values of honesty, integrity and hard work, has been overtaken by greed and crass materialism,” Mr Magu said, noting that this was evident in the fact that the society “now recognizes thieves and looters of the common treasury, by rewarding them with chieftaincy titles and other high positions of authority”.

In order to free the country from the shackles of corruption, Mr Magu stressed the importance of the urgent need “to go through the process of reorientation and regeneration”, adding that “the process must start from our homes”.

He used the medium to remind the accountants of the obligation imposed on audit firms, tax consultants, accounting firms, among other designated non-financial institutions, DNFIs, to always report suspicious transactions to the EFCC.

“Without you fulfilling this obligation, DNFIs commit a crime, and this is necessary to enable us monitor and investigate such transactions, to uncover cases of corruption,” he said.

Mr Magu, who lauded the import of the federal government’s whistle blowing policy, revealed that the EFCC recorded 62 convictions in the first quarter of the year.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

Continue Reading
Click to comment

Leave a Reply


Cross River Earmarks N100m to Generate Electricity from Boreholes



Electricity Tariff Hike

By Adedapo Adesanya

The Cross River State Government has announced the sum of N100 million as a research grant to the National Agency for Science and Engineering Infrastructure (NASENI) for the generation of electricity from boreholes.

This was announced by the Governor of the state, Mr Ben Ayade, over the weekend, explaining that the project would be jointly undertaken by NASENI and the state-owned Cross River State University.

The Governor, while playing host to the Executive Vice Chairman of NASENI, Mr Muhammed Haruna, said the time has come for the agency to develop a holistic framework to launch Nigeria into the global engineering map.

“NASENI is an agency that is responsible for the science and engineering infrastructure. We must begin to truly develop engineering infrastructure in this country.

“It is a shame that as a country we still import spare parts, it is a shame that you have to take a man from a temperate climate who does not have sun, who is always in the cold to come and tell us how to use our sunlight.

“What a shame that you have crude oil under your earth, yet it takes somebody who comes from a country that does not have oil to tell you how to dig it out, more shameful that you do not even know how to use it. You have to send it out,” he said.

Mr Ayade urged NASENI to set up an office in Calabar, pledging to support with vehicles, office space and a piece of land for a permanent office building.

“We are providing in collaboration with the University of Cross River, the sum of N100 million for the development and generation of electricity from boreholes. I want to also challenge you that from this same N100 million, you should generate electricity for CalasVegas from the Calabar River.

“This is going to be our (Cross River State) patent because the research is being financed by us in collaboration with NASENI.

“So, together, we will hold the baton to be able to ensure that every single home has electricity from simply just taking water from the ground, using that water to move a turbine and the turbine generates electricity and the electricity pumps back the water from the borehole and recirculate,” the Governor stated.

On his part, Mr Haruna assured that NASENI will collaborate with the Cross River Government in its industrialisation drive while appealing to the governor to market the agency to other state governors.

“Your Excellency, be our ambassador, convince your colleagues that what we are doing in NASENI is very important to them.

“We commend you for the massive agricultural and infrastructural investment in Cross River State. You are turning things around, we offer to collaborate with you because it is within our mandate to collaborate with states.

“Most importantly we are willing to work with the private sector in the state to establish manufacturing concerns that are technology-oriented and will generate local employment,” the NASENI boss said.

Continue Reading


FG Laments Slow Pace of Lagos-Ibadan Rail Project



Lagos-Ibadan Rail Project

By Adedapo Adesanya

The federal government has lamented the slow pace at which the China Civil Engineering Construction Corporation (CCECC) is working on the Lagos-Ibadan rail line project, urging for the firm to speed up the full completion of the project.

This was made known by the Minister of Transportation, Mr Rotimi Amaechi, on Saturday while inspecting the project in Lagos. He added that the company had given a commitment towards finishing it by end of April.

He said: “Most of the things remaining are minor and it cannot delay the movement of goods. They have promised to finish by the end of the month. I believe them but I want them to reiterate that.”

He said that though the company had shown commitment to the project, much still needed to be done to achieve the target date of completion.

“When we start the Ibadan-Kano rail, it will be a different ball game and we will ensure they keep to plan.

“For Ibadan to Kano, everybody must go according to work plan both in terms of payment, construction, inspection and everything.”

The minister said the current pace of work may delay the inauguration of the project which was slated for April.

“If you look at the level of work, we cannot ask the president to commission this, but once we give CCECC definite time, I know they will speed up.

“There are some minor things they still need to put in place but it is taking them time to do that. Some of those things should not take more than a day or two to put in place; so am not so worried,” the former Governor of Rivers State said.

Speaking on another project under construction, the Ibadan – Kano project, the minister explained that it was dependent on the disbursement of loan by the Export-Import Bank of China (Exim Bank).

The Lagos-Ibadan project was funded primarily through a Naira 408 billion loan approved by the Export-Import Bank of China (Exim Bank) in January, alongside counterpart funding worth Naira 72 billion provided by the Nigerian government.

The line is part of a planned $11.1 billion, 2733 kilometres Lagos – Kano standard-gauge north-south railway.

The first 186.5 km section of the project, between Abuja and Kaduna, opened in July 2016. CCECC is constructing the line under an $8.3 billion contract awarded in 2006.

Continue Reading


FG to Establish Gas Plant to Boost Electricity in Borno



gas plant

By Adedapo Adesanya

The federal government is set to establish a dedicated gas plant to address the lingering power problem in conflict-ridden Maiduguri, the Borno state capital.

This was disclosed by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, when he led the management staff of the corporation and other partners on a courtesy visit to the Borno State Governor, Mr Babagana Zulum, at the Government House, Maiduguri.

At the meeting, it was revealed that Maiduguri and its environs had in the last seven years experienced series of power outages due to vandalism and incessant attacks on power installations by the insurgents.

In January this year, electricity supply was interrupted following damages on transmission towers along Maiduguri-Damaturu lines plunging the city and environs into darkness.

The continued loss of power supply has adversely affected small and medium scale businesses and other socio-economic activities.

In an effort to address this lingering problem, the NNPC and its partners in the gas supply value chain have concluded a plan to set up a gas plant to serve the energy needs of the people of Maiduguri and other neighbouring states.

Mr Kyari said the corporation would leverage on existing power infrastructure to deliver the plant in the next four months.

“We are seeing a very short time frame and we think that between three and four months we should be able to put up a power plant in this town that will serve Borno.

“I have the confidence of all of us, the gas suppliers, the potential supplier of the power plant itself and also the distribution company to make sure this thing works, we are counting on your help and support to make sure we deliver,” the NNPC chief said.

Mr Kyari explained that the project is in line with President Muhammadu Buhari’s cardinal principle of deepening gas consumption in the domestic market across the country.

On his part, the Borno State Governor appreciated the NNPC and its subsidiaries for always identifying with the state during trying moments.

He explained that the provision of sustainable energy is critical to addressing insurgency and other criminal activity in the region.

Governor Zulum promised to provide all the needed support and cooperation to see to the realisation of the project.

Continue Reading


Load Shedding in Magboro, Ibafo, Others Temporary—IBEDC



IBEDC directors suspended NERC

By Modupe Gbadeyanka

Residents of Magboro, Ibafo, Mowe and environs have been urged to be patient as the load shedding being experienced at the moment is just temporary.

The supplier of electricity to the areas, Ibadan Electricity Distribution Company (IBEDC) Plc, said it was making efforts to make things better for the inhabitants.

In a statement issued by the Chief Technical Officer (CTO) of IBEDC, Mr Akin Abiodun, on behalf of the management, it was stated that the issue was discussed with the community leaders on March 15, 2021, and an agreement reached.

Mr Abiodun stated that during the meeting, it was agreed that for fair and quality power supply, the three shifts load shedding arrangement was increased to four.

Explaining how things became worse, the CTO said the supply to Ibafo originates from a 33kV feeder which radiates supply from Oke-Aro Transmission Station through Magboro, Makogi, Oke-Afa to Ibafo, Asese, Orimerunmu, Pakuro, Lotto and Mowe axis and environs.

He said the current load demand for the axis for an equitable power supply is 35 Megawatts, but the allocated energy from Oke-Aro TCN is 13 Megawatts, which was the initial arrangement based on how sparsely populated the communities were few years ago.

The increase in population has created an attendant rise in energy consumption making the 13 Megawatts grossly inadequate, he explained.

As part of efforts to ensure an even distribution of power supply to the communities, IBEDC management met and wrote to the Transmission Company of Nigeria (TCN) requesting an increase in load allocation to the axis.

The TCN management, however, explained that all the transformers at the station were already overloaded and that plans were in place for the upgrade of the substation, he narrated.

According to him, IBEDC further requested for diversion of excess load on another feeder to Ibafo 33kV feeder, but that this request was yet to be granted.

But Mr Abiodun disclosed that IBEDC has commenced radiating another feeder from the recently commissioned Kobape Transmission Station in Abeokuta to Mowe/Ibafo to relieve the load demand of the area and that is expected to take effect later on in the year.

“The feeder is overloaded and it trips frequently. Frequent tripping of feeders shortens the life of circuit breakers and this necessitated the need for load shedding methodology that will promote amicable and mutual benefits to our substation equipment and all the communities concerned,” a part of the statement explained.

“IBEDC as a customer-centric company that has the interest of her customers at heart apologises for all the inconveniences this new load shedding arrangement might have caused our esteemed customers in Magboro, Ibafo, Mowe and environs,” the statement noted.

Continue Reading


Jumia, Others Float e-Commerce Sectoral Group Under LCCI



e-Commerce Sectoral Group Juliet Anammah

By Modupe Gbadeyanka

An e-commerce sectoral group has been inaugurated under the banners of the Lagos Chamber of Commerce and Industry (LCCI) by Jumia and other e-commerce players within the Nigerian tech ecosystem.

This move by the e-commerce players will support the development of private enterprises in various sectors of the Nigerian economy by exposing their products to a larger market, a statement disclosed.

At the inauguration, Jumia Nigeria Chairwoman and Head of Institutional Affairs at Jumia Group, Ms Juliet Anammah, was appointed the first Chairman of the new group.

Ms Anammah, who served as CEO of Jumia Nigeria between 2015 and 2020, said the formation of an e-commerce group by the LCCI attests to the important role and prospect of the digital marketplace in the economic development of Nigeria.

“The inauguration of the e-commerce group by LCCI is a welcome development that will have a far-reaching impact on the development of private businesses in Nigeria.

“E-commerce and its digital offerings make it a development tool for businesses. The private sector, dominated by micro, small and medium scale enterprises (MSMEs), is key to the development of Nigeria’s economy.

“Today’s globalisation trend requires that businesses leverage digital infrastructure for relevance and growth,” she stated.

“As the leading player in the e-commerce market in Africa, businesses in the private and public sectors have been leveraging Jumia services and technology for sales, last-mile distribution and wider customer reach.

“Working with the e-commerce group, we will deploy our wealth of experience to further explore the inherent potential of digital services for the growth of the private sector and also address other critical issues such as infrastructure and regulatory constraints,” she added.

The LCCI was established for the promotion and protection of Trade and Industry, and to represent and express the opinion of the business community on matters affecting trade and industry in Lagos and by extension Nigeria.

Jumia is a leading e-commerce platform in Africa fuelled by the belief that technology has the potential to transform everyday life in Africa, for the better.

The firm is built to help consumers access millions of goods and services conveniently and at the best prices while opening up a new way for sellers to reach consumers and grow their businesses.

Continue Reading


P&G, WARIF Boost Schoolgirls’ Confidence




By Modupe Gbadeyanka

A leading consumer goods company, Procter & Gamble (P&G) Nigeria, has partnered with the Women at Risk International Foundation (WARIF) to facilitate the educational programs (WARIF Educational School Programme.

This is part of its efforts to address the issues affecting girls confidence and empowerment and with the collaboration, P&G will facilitate the educational programs around gender-based violence and support WARIF with the acquisition of personal protective equipment (PPE) for its frontline healthcare, which supports its “protect our heroes” interventions while promoting both its Education and Gender Equality Citizenship Pillars.

The partnership is driven by P&G Employees through the P&G Employee Covid-19 Support Fund where employees made voluntary contributions to sponsor identified NGO (WARIF) as part of giving back to the community.

P&G as an organisation matched 100 per cent of total Employee contributions to reiterate its corporate commitment to Education and Gender Equality Citizenship Pillars.

The mandated lockdown in 2020 and stay at home directive due to the COVID – 19 pandemic resulted in an increased number of cases of Violence Against Women and Girls (VAWG) as well as child abuse cases reported to WARIF as more women and children were in quarantine with their abusers.

The WESP Initiative, which started on March 10 at Oregun High School, was a four-week program themed “Identifying the Signs and Preventing School-Related Gender-Based Violence.” The program included P&G’s “Always Menstrual Hygiene Session.”

Commenting on the initiative, the P&G Senior Director for Africa, Global Government Relations & Public Policy, Mrs Temitope Iluyemi, reiterated P&G’s dedication to gender-based issues.

She said: “At P&G, we are always inspired by initiatives like this. Beyond this, we have a target to educate more than 50,000 adolescent girls on puberty and menstrual hygiene over the next three years in Nigeria through our Always Keeping Girls in School (AKGIS) program which will also provide a year supply of sanitary pads so that they can commit to their education and their future.”

“These trainings and sensitisation will play a pivotal role in creating the necessary education and awareness in girls on social issues that impact their confidence around puberty. That is why P&G is happy to partner with WARIF to evoke a change in the prevailing mindset of the community and a create greater awareness about the issue of violence against women and resources available to affected girls”. Temitope revealed.

Commenting on the program, Founder of WARIF, Dr Kemi DaSilva Ibru stated that “With the increasing number of cases of rape and sexual violence in our communities during the COVID-19 pandemic, it has become more critical now to engage the most vulnerable age group in our society – young girls between the ages of 12 and 18, creating awareness by educating them and providing the necessary essential services to address the issue.

“We are thankful to the P&G Team for their support and partnership with the WARIF Educational School Program; WESP an initiative specifically designed to empower and equip young adolescent schoolgirls with a tool kit in successfully tackling gender-based violence. We remain committed to ensuring that all girls can live in a society free from rape and sexual violence.”

P&G also enabled the procurement of PPEs for the WARIF frontline Healthcare staff to facilitate their sustained engagement with the increasing number of affected persons.

The WARIF Rape Crisis Centre has so far treated 2204 beneficiaries who have benefited from medical treatment, forensic testing, psychosocial therapy, and social welfare programs. Survivors from various parts of Lagos State were given care protocols (internationally accepted protocols).

Over the years through proactive leadership and collaboration, P&G has tailored efforts to grow the reach and impact of positive action for communities, equality, and the environment in Nigeria.

Continue Reading

The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.

Like Our Facebook Page

Latest News on Business Post


%d bloggers like this: