Finance

Okorocha Gets Bail, Leaves EFCC Custody
Corruption, Finance, Judiciary, News, Nigeria

Okorocha Gets Bail, Leaves EFCC Custody

A Federal High Court in Abuja on Tuesday ordered a former governor of Imo State and presidential aspirant of the All Progressives Congress, Rochas Okorocha, to remain in custody until he perfects the conditions attached to his bail. Justice Inyang Ekwo made the order after admitting the ex-governor to bail in the sum of N500m and one surety in the like sum. Admitted also to bail by Justice Inyang Ekwo is his co-accused, Anyim Nyerere, who was sighted in a 17-count that majored on money laundering. For Nyerere, the court ordered that he should continue on the administrative bail granted him by the Economic and Financial Crimes Commission for exhibiting good conduct while on bail. The court ordered that Okorocha’s surety must have a property in Abuja not below N500m and the ...
Strike: We’ve Resumed Talks With FG, Say ASUU, SSANU
Education, Finance, News, Nigeria

Strike: We’ve Resumed Talks With FG, Say ASUU, SSANU

The Academic Staff Union of Universities, Joint Action Committee of the Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Educational and Associated Institutions have said the Prof Nimi Briggs Committee is in negotiation with the unions. Speaking in an interview with The PUNCH on Sunday, the ASUU’s National President, Prof Emmanuel Osodeke, said the union had been negotiating with the Briggs Committee since last week over its demands. ASUU commenced its ongoing strike on February 14, 2022 after the Federal Government failed to meet some of its demands namely; the release of revitalisation funds for universities, renegotiation of the 2009 FGN/ASUU agreement, release of earned allowances for university lecturers, and deployment of the ...
EFCC Operatives Storm Okorocha’s Abuja Residence, Arrest Him
Corruption, Finance, News, Nigeria

EFCC Operatives Storm Okorocha’s Abuja Residence, Arrest Him

Economic and Financial Crimes Commission (EFCC), yesterday, arrested the former Imo State governor and presidential aspirant, Rochas Okorocha, at his Maitama, Abuja residence. Though the security operatives met stiff resistance from the supporters of the former governor, tear gas was fired to disperse them to effect the arrest. The anti-graft agency said it laid siege to the home of the former governor to arrest him, accusing him of jumping bail granted him by the commission. EFCC’s spokesperson, Wilson Uwujaren, in a statement, said the move followed the refusal of Okorocha to honour invitations after jumping the administrative bail earlier granted him by the commission. Read Also: EFCC Arrests Accountant General, Idris For Alleged N80b Fraud According to Uwujaren, th...
$4.7m Malawi Covid Fund Missing After Audit
Corruption, Covid-19, Finance, Malawi, News

$4.7m Malawi Covid Fund Missing After Audit

An audit into Covid spending in Malawi has found that around $4.7m (£3.7m) cannot be accounted for from $21m set aside to deal with the second phase of the pandemic. This is on top of $881m from the first phase that a 2020 audit showed had been spent irregularly or was not accounted for. After the first audit, President Lazarus Chakwera promised to crack down on the culprits and several officials were taken to court, though none of the cases have yet concluded. The latest investigation - a 66-page report by the country’s auditor general - lists the irregularities, which include undelivered medical supplies, allowances paid without attendance sheets and fuel acquired without official documentation. Read Also: Face Masks Now Optional, COVID-19 Restrictions To Go Soon – FG ...
Properties In Abuja, Lagos, London, Dubai Allegedly Linked To Arrested Accountant-General
Corruption, Finance, News, Nigeria

Properties In Abuja, Lagos, London, Dubai Allegedly Linked To Arrested Accountant-General

Properties across London, Dubai, Lagos and Abuja have been allegedly linked to the Accountant-General of the Federation, Ahmed Idris, who was arrested by the Economic and Financial Crimes Commission over N80 billion fraud. This was disclosed by a source in the anti-graft agency, who preferred anonymity, on Thursday. According to the source, the missing fund is actually more than N80 billion, as the agency only quoted the figure based on its current findings. The source said, “Though we are currently investigating the whole issue but it is certain that the said fraud is worth more than N80 billion. Read Also: EFCC Arrests Accountant General, Idris For Alleged N80b Fraud “It is true that some properties in London, Dubai, Lagos and Abuja are linked to the Accountant-Genera...
FG Moves To End ASUU, Poly Lecturers Strikes, Begins Arrears Payment
Education, Finance, News, Nigeria

FG Moves To End ASUU, Poly Lecturers Strikes, Begins Arrears Payment

The Federal Government has commenced the payment of minimum wage arrears, which it owed lecturers under the aegis of the Academic Staff Union of Polytechnics and Academic Staff Union of Universities as part of efforts to end ongoing strikes by the unions. The National President of ASUP, Dr. Anderson Ezeibe, and the Chairman, ASUU FUTMinna, Dr. Gbolahan Bolarin, confirmed this in separate interviews with Punch in Abuja on Thursday. Recall that the two unions are currently on strike following the inability of the government to meet their demands including the payment of minimum wage arrears and release of revitalisation funds, among others. While ASUU commenced its strike on February 14, 2022, ASUP is currently on an initial two-week warning strike. Confirming the payment on...
N80bn: Accountant-General’s Arrest Proves IPPIS is Fraud – ASUU
Corruption, Education, Finance, News, Nigeria

N80bn: Accountant-General’s Arrest Proves IPPIS is Fraud – ASUU

The Academic Staff Union of Universities (ASUU) has said the arrest of the Accountant-General of the Federation, Ahmed Idris, by the Economic and Financial Crimes Commission, EFCC, has buttressed its notion that IPPIS is fraud. The union said this while reacting to Idris’s arrest over alleged money laundering and diversion of N80bn. ASUU President, Prof. Emmanuel Osodeke, speaking with DailyTrust, warned that the case should not be covered up, stating that IPPIS is just a fraud used by the Accountant-General to siphon funds and not control corruption. He said: “We have said it over and over again that IPPIS is a fraud. We’ve also said that the Accountant-General office is a fraud, and they are using IPPIS to relocate all the fraud activities to one centre, which is the Accoun...
JET-A1, Others May Push Flight Above N100,000 – Domestic Airlines
Finance, News, Nigeria, Transportation

JET-A1, Others May Push Flight Above N100,000 – Domestic Airlines

Domestic airlines under the aegis of the Airline Operators of Nigeria have said that rising operational costs occasioned by aviation fuel price hikes, foreign exchange shortage, among others may push the base economy flight ticket to N100,000. The spokesperson for local airlines/Chairman, United Airlines, Professor Obiora Okonkwo, made the disclosure during an exclusive interview with The PUNCH on Wednesday in Abuja. Aside from the lingering aviation price hike crisis, the airline chief said local operators were being compelled to source foreign exchange from the parallel market at high rates due to a lack of adequate supply from the Central bank of Nigeria via the commercial banks. Consequently, he said an increase in the base economy flight ticket to at least N100...
EFCC Arrests Accountant General, Idris For Alleged N80b Fraud
Corruption, Finance, News, Nigeria

EFCC Arrests Accountant General, Idris For Alleged N80b Fraud

EFCC Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested serving Accountant General of the Federation (AGF), Ahmed Idris, in connection with diversion of funds and money laundering activities to the tune of N80 billion. He was arrested yesterday in Kano State and was immediately moved to Abuja last night. EFCC spokesperson, Wilson Uwujaren, confirmed the arrest in a statement. He said the funds were allegedly laundered through real estate investments in Kano and Abuja. “The Commission’s verified intelligence showed that the AGF raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates,” Uwujaren said. According to sources, after progress was made in the investigation, Idris was su...
Buhari Begs ASUU To Call Off Strike
Education, Finance, News, Nigeria

Buhari Begs ASUU To Call Off Strike

ASUU Logo President Muhammadu Buhari on Thursday appealed to the Academic Staff Union of Universities to consider the plight of students and call off the ongoing strike. The President also urged students in Nigeria’s public tertiary institutions to exercise patience as the government strives to address the nagging issues in the nation’s university system within the ambit of the resources available. He made the appeal at the 19th National Productivity Day and the conferment of the National Productivity Order of Merit Award to 48 eminent Nigerians and organisations in both the public and private sectors, for their high productivity, hard work, and excellence. This was contained in a statement by his spokesman, Femi Adesina, titled, ‘At National Productivity Day Awards, Presiden...