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Senate Uncovers Defunct PHCN’s N14.7bn Stashed in Commercial Banks

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Senate Uncovers Defunct PHCN’s N14.7bn Stashed in Commercial Banks

The Senate has uncovered N14.7 billion proceeds of the defunct Power Holding Company of Nigeria Stashed in commercial banks by the Bureau of Public Enterprise, BPE.

The Senate Public Accounts Committee, chaired by Senator Matthew Urhoghide, relied on a 2017 Auditor General’s report to unravel the money.

In its written submission, BPE argued that Two separate sums of N3.231,984.73 allegedly held in Fidelity Bank PLC and N18.199,520.87 allegedly in Stanbic Bank PLC are unaudited bank balances that were actually no longer in existence as at the date of the audited financial statements.

It also noted that with respect to the two other bank balances of N4.4 billion, Access Bank Plc and N10.2 billion in FCMB, the correct balance in Access Bank as of December 31, 2016, was nil, as the bank had transferred a swelled balance of $34.1 million to the Central Bank of Nigeria domiciliary account.

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The Submission explained that the residual balance remained, due to inability of the bank to remit as required under the treasury single account policy, owing to initial unavailability of designated TSA for USD balances, as required under the then newly introduced policy.

The BPE further maintained there was nothing unusual about the money since it has been accounted for.

However, the senate in its investigation discovered that the office of the Auditor General of the federation had not received a response to a letter dated April 19, 2018, issued to the Bureau in which it directed the Director-General of the BPE to recover the sum of N14,720,396,432.43, being proceeds of PHCN, remit the same, and forward evidence of remittance to its office for audit confirmation.

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Lagos Announces Traffic Diversion At Yaba Area

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Author: Eunice Johnson, Abuja

The Lagos State Government said it would be diverting traffic from Yaba as it continues the First Phase of the construction of the Red Line railways covering Oyingbo to Agbado from midnight February 1, to February 16, 2022.

In a statement, the Commissioner for Transportation, Dr Frederic Oladeinde, said the diversion was in line with the Lagos Rail Mass Transit project.

 

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Oladeinde stated that the two weeks long site activity would necessitate a diversion to protect road users during the installation of precast beams.

He also stated that signage’s would be placed on the access roads with the State’s Traffic Management Authority to manage traffic flow and minimize inconveniences.

The State Government reiterated its continuous commitment towards the development of transport infrastructure within the metropolis, maintaining that it is vital for the Multi-Modal Transportation System of the State Government which would in turn boost the economic prowess of the citizenry.

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NLC Backs Bill on Rent Regulation in FCT

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NLC Backs Bill on Rent Regulation in FCT

Author : Eunice Johnson, Abuja

The Nigeria Labour Congress has endorsed the planned bill on monthly house rent in the Federal Capital Territory introduced by the Senator representing Kogi West District, Smart Adeyemi.

The bill titled, ‘Advanced Rent (Residential Apartments, Office Spaces, etc.) Regulation Bill 2022,’ has gone through first reading at the Senate. It provides for a maximum of three months’ advance rent payment in the first instance and subsequent monthly payment for the rest of any tenancy lease in the FCT.

The NLC President, Ayuba Wabba, in a statement on Thursday, said the bill was in tandem with the rent regime in most parts of the world, including South Africa and Kenya.

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The statement was titled, ‘The Nigeria Labour Congress throws its full weight behind the bill on monthly house rent in the FCT.

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Benue State Imposes Fine for Confiscated Animals

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Benue State Imposes Fine for Confiscated Animals

Author : Eunice Johnson, Abuja

The Benue State government has raised the fine for impounded animals from N2,000 to N50,000, with an additional N20,000 daily quarantine fee in the amended Open Grazing Prohibition and Ranches Establishment Law of 2022.

Governor of the state, Samuel Ortom made the disclosure Thursday while signing the amended law.

Ortom maintained that failure to claim the animals after seven days empowers the state Ministry of Agriculture to auction the animals, in line with the law.

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Benue State Government is the first to enact a law prohibiting open grazing in 2017.

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