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Senate says its has retrieved over N140 billion unremitted Customs funds

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According to the Senate Joint Committee on Customs, Excise and Tariffs; and Marine Transport, it had recovered over N140 billion of un-remitted Customs in its N30 trillion alleged loss in the country’s Customs agency. It mentioned this in an interim report submitted on Wednesday.

The committee, inaugurated to investigate the operations of the Nigeria Customs Service Revenue Drive, which in the Senate’s opinion was grossly inadequate, explained that banks had remitted N128 billion of these funds to the Central Bank of Nigeria (CBN) while some of the 60 companies investigated made voluntary payments of N12bn into Federal Government’s coffers.

“As a result of this exercise, some collection banks have made additional remittances to the Central Bank of Nigeria to the tune of N128bn and evidence of payment and receipt has been received by the committee. From the selected 60 companies, over N12bn payments have been made to the government voluntarily by the companies based on their internal self-audit after receiving documented evidence of their culpability from our committee.” the panel said in its report.

These funds, the panel is not exhaustive as they believe that if given more time, they would recover an even greater as none of the companies or banks had fully cleared themselves despite the amounts recovered. The panel reiterated that the 32 “leakage channels” it identified as the “major sources of revenue losses” in the import and export business could still fetch more recoveries. “It is instructive to note that despite all the payments so far made, none of the approved collection banks or the selected companies has fully cleared the established liabilities against them” the panel explained as it requested for an additional 8 weeks to finalize its work.

The overall effect of the wrong reports given by the Customs Service on the country’s economic profile, forex reserves and hence the CBN’s policies were cited as reasons why the situation must be tackled seriously.

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“These infractions within the system disproportionately distort the economic profile of the country and place extensive pressure on the nation’s scarce foreign exchange. It also negates all Central Bank of Nigeria initiated foreign exchange management plans. This is because a distorted forex requirement does not essentially reflect the actual forex needs of individuals and businesses in the country. This situation benefits only the purveyors of capital flight from the country and adds absolutely no value to the nation.”

 

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Companies

PZ Cusson announces retirement of Chairman, Kola Jamodu

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

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Kola Jamodu

The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.

According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.

What you should know

Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.

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He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.

He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.

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Appointments

Abbey Mortgage Bank announces appointment of 6 Directors

The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.

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Abbey Mortgage Bank announce the appointment of substantive Managing Director, and 5 Directors.

Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.

The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.

What you should know

Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.

The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.

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The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.

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Obituaries

Just-in: Diego Armando Maradona is dead

Argentine football star, Diego Armando Maradona is dead.

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Argentine football star, Diego Armando Maradona is dead.

This was disclosed by the Premier League via its Twitter handle on Wednesday evening.

It tweeted, “We are deeply saddened to hear of the passing of footballing great, Diego Maradona, an extraordinarily gifted footballer who transcended the sport.

“Our thoughts and sincere condolences to Diego’s family, friends and those who knew him.”

He reportedly died of a heart attack on Wednesday at his home in the outskirts of Buenos Aires.

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Maradona, 60, had recently battled health issues and underwent emergency surgery for a subdural haematoma several weeks ago.

 

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