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Seyi Makinde’s assets to be verified by Code of Conduct Bureau

Oyo State Director of Code of Conduct Bureau disclosed that he was waiting for a directive from the agency’s head office to verify the N48 billion assets declared by Governor Seyi Makinde.

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Moses Atolagbe, Oyo State Director of Code of Conduct Bureau (CCB) on Wednesday disclosed that he was waiting for orders from the CCB’s Head Office to go ahead with the verification of the N48 billion declared assets of Governor Seyi Makinde.

While speaking to newsmen, the director said that many people in the last administration are yet to comply with the asset declaration.

“We have a few people that have not complied with the position of the law. They are very few in number. Some of them are out of the country and others based it on health ground.”

[READ ALSO: This is when I will devalue the naira – Emefiele]

Penalty for defaulting: “They have got in touch with the Bureau and one of them showed up on Monday. We will just give them a little ample opportunity. If they don’t comply, they will be prosecuted.

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We have done that before. A former Commissioner of Oyo State in time past had been prosecuted for failure to comply.”

Mr. Atolagbe also disclosed that some newly appointed public office holders picked up their asset declaration forms but are yet to complete the process.

[READ MORE: Why Emefiele is clamouring for more financial support for local businesses]

Background: Nairametrics earlier reported that as part of the fulfillment of his campaign promises, the Oyo State Governor, Seyi Makinde declared his assets which disclosed he was worth N48 billion.

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In a statement by his Chief Press Secretary, the Governor, Seyi Makinde had cash at hand and in the bank worth N234,742,296.01, as of May 28, 2019.

The Secretary stated that the Asset Declaration Form contained details of cash at hand, in the bank, landed property (developed and undeveloped), household items, shares, and bonds own by the governor, Omini Makinde, his wife, and his companies.

[READ FURTHER: NEPC’s partnership with Shoprite could mean well for Nigerian manufacturers]

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Coronavirus

Covid-19: Buhari approves N6.45 billion to set up 38 oxygen production plants

President Buhari has approved the sum of N6.45 billion for the set-up of 38 oxygen production plants across the country.

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President Muhammadu Buhari has announced his approval of N6.45 billion for the set-up of 38 oxygen production plants across the country, in a bid to contain the second wave of Covid-19.

The President disclosed this in a statement on Thursday evening after the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor, and other senior government officials in attendance.

“As part of efforts to contain the second wave of Covid-19, we’re setting up new oxygen production plants in 38 locations across Nigeria—to enhance the management of patients in need of oxygen.

“I have equally approved funding for the rehabilitation of oxygen plants in 5 hospitals,” Buhari said.

The Minister of Finance, Budget and National Planning, Zainab Ahmed said the President said the fund’s release was necessitated by the rising cases of Covid-19 in the country with patients needing oxygen.

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What you should know 

  • Recall Nairametrics reported that the Lagos State Governor, Babajide Sanwo-Olu, warned that the rising second wave of the pandemic in Lagos had seen the demand for oxygen rise 5 times from 70 six-liter cylinders per day to 350 six-liter cylinders at Yaba Mainland Hospital alone.
  • He added that the state government had the decentralized provision of oxygen and other services needed for Covid-19 patients, citing the provision of oxygen kiosks.

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Economy & Politics

FG says Excess Crude Account balance now stands at $72.4 million

The Federal Ministry of Finance has told the NEC that the Excess Crude Account (ECA) now stands at $72.4 million as at January 20, 2021.

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The Federal Government has announced that Nigeria’s Excess Crude Account (ECA) balance as at 20th January 2021 is $72,411,197.80.

This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor and other senior government officials in attendance.

The FG said, “the ECA balance as at 20th January, 2021, $72,411,197.80; Stabilization Account, balance as at 19th January, 2021, N28, 800, 711,295.37; Natural Resources Development Fund Account, balance as at 19th January 2021, N95, 830,729,470.82.”

What you should know

  • In August 2015, during the early days of the Buhari administration, the ECA stood at $2.2 billion. It was $3.6 billion in February 2014, one of the highest balances on record.
  • According to the Central Bank of Nigeria’s annual report for 2018, Nigeria’s excess crude account fell from $2.45 billion in 2017 to $480 million as of December 2018.
  • In 2019, Nairametrics reported Nigeria’s Excess Crude Account had dropped to $480 million. This is as controversy continued to trail the $1 billion military spendings which was withdrawn from Nigeria’s Excess Crude Account.
  • Nairametrics reported in July 2020 that the  ECA had fallen by about 98% within the last 5 years to $72 million.
  • Nigeria has two Sovereign Wealth Funds: the Excess Crude Account and the Nigeria Sovereign Investment Authority (NSIA). Note that these two are funded by the savings earned when oil prices are at their peak.

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Around the World

President Biden directs international air travelers must quarantine upon arrival

President Joe Biden has directed international air travellers to quarantine upon arrival in the United States.

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The United States President Joe Biden has issued an executive order on Thursday that makes it mandatory for international air travellers to quarantine upon arrival in the US.

Similarly, the executive order also includes a directive that all interstate travellers in the US will be expected to wear a face mask. This travel order applies to airports and planes, trains, ferries, intercity buses and public transportation, but grants them the ability to issue exemptions.

What the US President is saying in the executive order

According to a report from Reuters, President Biden’s order says, ‘‘To the extent, feasible air travellers must comply with applicable U.S. Centers for Disease Control and Prevention (CDC) guidelines concerning international travel ‘including recommended periods of self-quarantine.

However, the executive order does not explain how it will be enforced as the implementation still remains quite hazy.

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The order also directs US agencies to engage with Canada and Mexico on public health protocols for land ports of entry including implementing CDC guidelines. Almost all non-essential travel at US land borders with Canada and Mexico has been suspended till February 21.

The CDC recommends a 7-day quarantine for people arriving in the United States from nearly all countries.

Biden is directing agencies to reconsider international contact tracing requirements for U.S.-bound passengers, which was abandoned by the Trump White House, as well as the possibility of follow-up Covid-19 testing for travellers after they arrive in the United States.

In addition, the US President has also directed that all travellers including US citizens, will be required to show proof of a negative Covid-19 test before entering the country from abroad in an order that underscores the CDC policy announced last week.

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What you should know

  • It can be recalled that the Trump administration had resisted calls for the enforcement of a mask-wearing requirement.
  • The Biden administration has also announced that it would reimpose coronavirus-related ban on most non-U.S. citizens arriving from European Union, Brazil, the United Kingdom.
  • This follows the lifting of the restrictions by former US President, Donald Trump through an executive order on Monday.

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