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CBN Governor, Emefiele Swims In Fresh Crisis

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CBN Governor, Emefiele Swims In Fresh Crisis

CBN Governor, Emefiele Swims In Fresh Crisis-This is surely not the best of times for the Governor of the Central Bank (CBN) Mr. Godwin Emefiele. And this is not unconnected to the fact that he has been summoned to appear before the Senate Committee on Public Accounts headed by Senator Matthew Urhoghide today.

 

CBN Governor, Emefiele Swims In Fresh Crisis

The summon to the governor who is expected to appear with his officials, was in connection with alleged disappearance of $9.5 million interest accrued from Petroleum Profit Tax (PPT) investment.

The Senate had opened investigation into the principal sums deposited, the tenor and rate of interest, but were shrouded in secrecy by the apex Bank, a development that has infuriated the panel last week.

Petroleum profit tax (PPT) is a tax applicable to upstream operations in the oil industry. It is particularly related to rents, royalties, margins and profit sharing elements associated with oil mining, prospecting and exploration leases.

The summon was sequel to the consideration of a report by the Auditor-General for the Federation, which probed the spendings of federal government’s agencies.

During the hearing last week, the Accountant General, Ahmed Idris, was unable to provide any documentary evidence on the said fund.

Irked by this development, the committee resolved to invite the CBN officials to give explanation on issues raised in the Auditor-General’s report.

The report had said, “During the examination of transfers to Foreign Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totalling $6 million and $3.5 million were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds investments.

“The authority for placing the funds which yielded the above interests totaling $9.5 million in deposit account, the principal sums deposited, the tenor and rate of interest were not made available for audit verification.

“This observation had also been a subject of my reports since 2017 without any positive response from the Central Bank of Nigeria.

“Records made available for audit further revealed that the balance in the foreign PPT/Royalty and Foreign Excess Crude accounts as at 28th December 2016 were USD0.00 and USD251,826 respectively.

“This suggests the foreign PPT/Royalthy was depleted before the year end.

“The Accountant General has been requested to provide the authority for the funds invested, tenor of the investment, rate unrest payable, certificate for the funds invested and forward same for audit verification.”

In a related development, the Senate panel also summoned the apex bank over N121 billion 2014 outstanding subsidy paid to Independent Petroleum Marketers in 2016.

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos

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Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos

Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos

The stage is set for the 2025 Expatriates Business Awards (EBA), a prestigious celebration of global enterprise and diversity shaping Nigeria’s economic landscape. Scheduled for Sunday, July 6th, 2025, at the Grand Ballroom of the Oriental Hotel, Victoria Island, Lagos, the event promises to be a night of elegance, culture, and recognition of foreign excellence driving local growth.

Speaking at the unveiling, Miss Odunola Abayomi, Director of Awards, highlighted the event’s bold vision: to honour the transformative contributions of expatriates, foreign businesses, and migrant communities in Nigeria.

“Today, we celebrate a vision that transcends borders,” she said. “This award is a heartfelt ‘thank you’ to those who have invested, innovated, and contributed immensely to Nigeria’s economy.”

Now in its fifth year, the Expatriates Business Awards—originally launched in 2020 as The Ethnic Business Awards (TEBA)—has evolved into a premier platform spotlighting global entrepreneurship within Nigeria’s borders. Past editions have featured high-profile hosts like media personality Daddy Freeze and Ghanaian actress Ella Mensah, setting a benchmark for excellence and inclusivity.

This year’s ceremony will feature a vibrant mix of exhibitions, music, comedy, and cultural performances, fostering cross-cultural dialogue and celebrating shared economic progress. The selection process is already underway, combining public nominations, opinion polls, and independent research to ensure transparent, merit-based recognition.

Powered by Pun Communications Ltd. and presented under the TEBA Foundation for Humanity, the event continues to uphold values of integrity, excellence, and impact.

“Nigeria is not just a destination; it’s a global opportunity hub,” Miss Abayomi added. “We invite the media, diplomatic corps, business leaders, and the international community to join us in celebrating the global heartbeat of Nigerian enterprise.”

For sponsorships, media inquiries, or ticket information, visit: www.theethnicbusinessawards.com

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BUA Group Donates Headquarters to NWDC, Boosts Tinubu’s Regional Development Agenda

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BUA Group Donates Headquarters to NWDC, Boosts Tinubu’s Regional Development Agenda

BUA Group Donates Headquarters to NWDC, Boosts Tinubu’s Regional Development Agenda

 

In a bold gesture of private-sector support for regional growth, BUA Group has officially handed over a fully equipped multipurpose building to the newly created North-West Development Commission (NWDC) to serve as its temporary headquarters in Kano State.

The handover ceremony, held at the facility on Court Road, Kano, drew prominent figures from the public and private sectors, including Commission officials, community leaders, and BUA representatives.

Speaking on behalf of the Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, his son Khalifa Abdul Samad Rabiu described the gesture as a practical show of BUA’s commitment to inclusive national development.

“At BUA, we believe inclusive development starts with providing institutions the tools to succeed,” Khalifa said. “This donation by my father is more than just bricks and mortar—it’s about laying a foundation for people-centred growth in support of President Bola Tinubu’s Renewed Hope Agenda.”

Chairman of the North-West Development Commission, Alhaji Lawal Sama’ila Abdullahi, hailed the donation as “strategic and timely,” adding that it would help the Commission hit the ground running in its mandate to accelerate infrastructure and economic growth across the North-West.

“This support from BUA is not just generous—it is strategic. It gives us the necessary momentum as we commence the Commission’s work to transform lives and unlock the immense potential of the North-West,” he said.

The donation complements an earlier ₦3 billion land parcel provided by the Kano State Government for the Commission’s permanent headquarters, underscoring a growing coalition of support for the NWDC.

With this move, BUA Group continues to champion public-private collaboration as a critical driver of sustainable development in Nigeria.

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

In a landmark celebration of sportsmanship, leadership, and vision, Aare Adetola Emmanuelking, the esteemed Chairman and Chief Executive Officer of Adron Homes and Properties, has been honored with Nigeria’s inaugural Noble Golfer Award. This prestigious accolade was conferred upon him by the renowned Elite 18 Global Golfers during a high-profile event that brought together key figures from the sports, real estate, and business sectors.

The Noble Golfer Award recognizes individuals who have shown steadfast dedication to advancing the game of golf and promoting sports culture in their communities. Aare Emmanuelking’s nomination exemplifies his exceptional commitment to enriching the golfing landscape in Nigeria, alongside his broader initiatives aimed at fostering sports development across the nation.

Aare Emmanuelking is not merely a business leader; he is a pioneer in integrating golf into modern lifestyle experiences. Currently, he is leading the ambitious development of a state-of-the-art golf course in Nigeria a monumental project that aspires to redefine leisure, tourism, and sporting excellence within the country. This golf course aims to provide a premier playing experience while also serving as a social hub for golfing enthusiasts and the community at large.

In a bid to make golf more inclusive and accessible, Aare Emmanuelking has also initiated the construction of advanced golf driving ranges in all Adron Homes Estates across Nigeria. This visionary project is designed to encourage participation in the sport among Nigerians of all ages and backgrounds, fostering wellness, recreation, and community engagement as integral parts of Adron’s residential developments.

At the award presentation, Aare Emmanuelking conveyed his heartfelt gratitude for the recognition, emphasizing his belief in the transformative power of sports as a vehicle for national development and youth empowerment. He remarked, “Golf is not just a game; it exemplifies discipline, a distinct lifestyle, and a pursuit of excellence. Through Adron Homes, we are not merely constructing houses—we are nurturing communities built on the foundations of wellness, unity, and opportunity.”

The Elite 18 Global Golfers commended Aare Emmanuelking’s innovative approach, highlighting how he effectively merges real estate advancements with world-class sports infrastructure. They acknowledged that his efforts have the potential to inspire a new generation of golfers and to position Nigeria as a premier destination for international golfing events.

As Aare Adetola Emmanuelking continues to break new ground in both the real estate and sports development arenas, receiving this award serves as a testament to his lasting influence—not only in the realms of business but also in cultivating a legacy of excellence, one fairway at a time. His contributions are poised to create lasting change, inspiring future generations and fostering a vibrant culture of sport and community in Nigeria.

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