Connect with us

Business

Okonjo-Iweala says Excess Crude money was used for fuel subsidy payments

Published

on

Ngozi-Okonjo-Iweala

The immediate past Minister of Finance, Ngozi Okonjo-Iweala, has reacted to the Federation Accounts Allocation Committee’s statement distancing its members from the controversial withdrawal of $2 billion from the excess crude revenue account last December 2014.

In her reaction to allegation by the Edo State governor, Adams Oshiomhole, that she unilaterally approved the withdrawal of about $2 billion from the $4.1 billion left in the Excess Crude Account “without authorization”, Mrs. Okonjo-Iweala had explained that the withdrawal was discussed at the meeting of the FAAC attended by state finance commissioners.

But, members of the FAAC, under the aegis of the Forum of Commissioners of Finance, on Tuesday denied the claim, describing it as “misleading and far from the fact”.

The law setting up FAAC, which pre-dates the ECA, the Commissioners said, did not empower them to approve such withdrawals, adding that there were records of the Committee’s meetings to show that they had always queried the activities on the ECA, particularly on withdrawals.

“FAAC did not and could not have approved, nor took the decision to withdraw the sum of Two Billion U.S. Dollar ($2,000,000,000.00) from the Excess Crude Account,” the Commissioners said.

But, Mrs. Okonjo-Iweala, in a statement by her Media Adviser, Paul Nwabuikwu, on Tuesday, said there was no question of mismanaging any resources in the controversy.

“Payments made were used for paying for petroleum subsidies for the Nigerian people and were approved by Mr. President,” the statement said.

Mrs. Okonjo-Iweala said she did not claim that FAAC members approved the spending, but that they were informed of the decision.

She said the issue was discussed at FAAC meetings attended by Finance Commissioners from the 36 states.

The Minister, who thanked the Finance Commissioners for their clarification on the issue, said it was clear that there was no misrepresentation by her.

“The question before us is: why is there such an excessive attempt to batter her name in an attempt to damage her reputation? It is clear the motive is malicious and very political and therefore will not succeed,” Mr. Nwabuikwu said.

“If monies were used to pay for subsidies for the Nigerian people and duly approved, why is Okonjo-Iweala’s name being battered in this way?” he asked, adding: “This persecution should stop.”

premium times

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Business

FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

Published

on

FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

 

A Federal High Court in Abuja has shifted further trial in the charges against Ali Bello and Suleiman Daudu till March 14 with a
warning to the Economic and Financial Crimes Commission, EFCC, to be diligent in the conduct of the trial.

 

 

FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

 

The Court, while granting accelerated hearing, threatened to close the charges against the defendants if the prosecution does not do due dilligence.

Justice James Omotoso, who issued the warning on Friday, asked the anti-graft agency to always get all its witnesses and exhibits ready on adjourned dates so as to avoid delay.

He warned that he would not tolerate lackadaisical attitude from any of the parties in the matter while shifting resumption of trial to March 14, 15, 20 and 21 .

Justice Omotoso also directed the defendants to keep further objections against the trial at abeyance, especially to the final address stage.

The Judge, who made this observation while ruling in a motion on notice filed by Suleiman Daudu challenging the amended charges, however, refused to quash the 17-count amended charge, involving alleged money laundering.

The court also declined to transfer the trial of the two defendants to Lokoja, the Kogi State capital, in line with the argument of the 2nd defendant through his counsel, Mr Jimoh Nureni, SAN, that since the alleged offence was committed in Lokoja, the proper and appropriate venue for trial should be at the Federal High Court in Lokoja.

The judge noted that the Federal High Court in Nigeria was one and that trial of any matter could be prosecuted in any of its divisions.

Continue Reading

Business

Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

Published

on

Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

 

 

 

The Nigeria Biodiversity Conservation Alliance (NBCA) has stated that the dedication and passion of Mr. Olabode Olawuyi, the late veterinary technologist killed by a lion at the Zoological Garden of Obafemi Awolowo University (OAU), would forever serve as an inspiration.

 

 

Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

 

NBCA stated this in a statement released on Wednesday, February 21, adding that Olawuyi’s dedication to his chosen field shone for all to see.

In the statement signed by Mr. Dipo Bali, NBCA said that it was deeply saddened by the tragic passing of Olawuyi, who was the former Public Relations Officer for the National Zoological Agency (NAZAP).

“In memory of Mr. Olabode Olawuyi, we pledge to redouble our efforts towards promoting responsible wildlife management practices and fostering a robust safety culture within the zoological and animal care fields. His dedication and passion will forever serve as an inspiration to us all.”

The group which described the deceased as a pillar of the Nigerian zoological community, also noted that he was lauded for his unwavering commitment to wildlife conservation and exceptional service.

“He had dedicated years to the OAU Zoological Garden, providing exemplary care to its resident lion, whom he had nurtured since its birth. NBCA acknowledges the ongoing investigation into the circumstances surrounding Mr. Olawuyi’s passing.

“We extend our deepest condolences to his grieving family, friends, and colleagues at OAU during this difficult time. Our unwavering support stands with them as they navigate this profound loss.

“As an organization dedicated to wildlife protection and preservation in Nigeria, we recognize the inherent risks associated with working with wild animals. We remain steadfast in advocating for the strictest adherence to safety protocols and established guidelines to ensure the well-being of both wildlife caretakers and the animals under their care.*

Also, NBCA said that it remains committed to closely monitoring the situation and collaborating with relevant authorities to prevent similar tragedies from unfolding in the future, while also extending its unwavering support to the OAU Zoological Garden and its staff during this period of immense loss.

Continue Reading

Business

Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

Published

on

Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

 

 

Teon Engine, the innovative Nigerian arm of Precise Platforms (a leading marketing communications company in Nigeria), is shattering outdated traditional marketing strategies with its intelligent, data-driven solutions. Forget dusty old playbooks – they’re throwing open the doors to a new era of “Turning on the Market” through creativity and cutting-edge technology.

 

Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

 

 

Nestled in the heart of Lagos’ vibrant tech hub, Teon Engine doesn’t just talk innovation, it embodies it. Its arsenal? The Teon Suites, a suite of meticulously crafted tools designed to empower brands at every stage of their marketing journey. This isn’t just storytelling, it is storyselling.

Its comprehensive suite of “MarTech” solutions is designed to empower brands across every stage of the marketing journey. One of such is the TrendTeon. This innovation isn’t the average social listening tool. TrendTeon acts as a campaign aggregation platform, facilitating direct connections between brands and influencers. Forget sifting through endless profiles – both parties can easily find ideal partners, streamlining collaboration and maximizing efficiency. https://trendteon.com

PollTeon, another innovative tool from Teon Engine is designed to crave audience insights. PollTeon serves as your opinion-gathering powerhouse. Craft engaging polls, collect valuable data, and analyze results with ease. It also enables users to share their findings seamlessly and gain a deeper understanding of their target audience. https://pollteon.com

On the other hand, SurveyTeon enables users to dive deeper with and positioned to be a researcher’s dream tool. It designs dynamic surveys with diverse question types, gather high-quality data, and extract meaningful insights to inform your next steps. https://surveyteon.com

The Teon Suites are more than just tools. Teon Engine’s power lies in its combination of technology and human expertise. Funke Ogunsina, Chief Operating Officer, highlights this transformative approach: “Teon Engine represents a paradigm shift in African marketing communications. We blend cutting-edge technology with deep strategic expertise, empowering brands to unlock their full potential and truly ‘Turn on the Market’.”

Ogunsina emphasizes Teon Engine’s commitment to pushing boundaries saying “We operate under the ‘FURTHER FORWARD’ ideology, constantly pushing boundaries and unlocking new possibilities for clients. Marketing communication needs continuous reinvention, and we’re here to lead the charge.”

Teon Engine is already making waves, partnering with Prof Tunji Azeez an astute professor in LASU, Marketing Edge the leading marketing news platform in Nigeria and so many other collaborations and partnership are in the works and will be announced subsequently. With its data-driven approach, powerful tools, and dedication to growth, Teon Engine is poised to be a game-changer in the African marketing landscape. They’re not just telling brand stories, they’re empowering brands to become active participants in the conversation, one click, one insight, one connection at a time.

Continue Reading

Trending