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Home Industries Company News

FMBN’s former boss ordered to submit 5-year financial statements in 48 hours

Fakoyejo Olalekan by Fakoyejo Olalekan
March 11, 2020
in Company News, General News
NCC, MDA, SEEPCO, local content laws, CBN Cashless Policy: Reps eye policy reversal, court Emiefele approval , Lawmakers tackle Finance Minister over failed CCTV project worth $460 million , Former Ghanaian President, Mahama begs Buhari to open border Former President of Ghana, John Mahama has appealed to President Muhammadu Buhari to open up its borders saying that Ghana has been heavily affected by Nigeria’s decision to close its borders. Mahama said that for economic activities to resume in West Africa, Nigeria needs to reconsider its decision on the total border closure. He made this plea while delivering the seventh anniversary lecture of investiture into The Realnews Hall of Fame and the unveiling of a book, titled: Pathways to Political and Economic Development of Africa. According to the former president as reported in The Nation, the closure of especially the Benin border, was taking a significant toll on many small and medium businesses, especially in Togo, Ghana and Cote D’Ivoire, which relied on inter-country trade. “I am sure that businesses in Nigeria that rely on supplies from these countries are also suffering. With the signing of the joint border task force agreement between Nigeria and her neighbours, I will like to take this opportunity to appeal to Nigeria to open up her border so that economic activities can resume,” Mahama said. While reacting to the shut down of shops owned by Nigerians by the Ghana Union of Traders’ Association (GUTA) as retaliation to the border closure, Mahama said; “Back home in Ghana, I also look forward to our government’s intervention that brings an immediate cessation to the forceful and illegal closure of shops of foreigners, especially Nigerians, by members of the local trade associations”. Mahama who is a former Chairman of the Economic Community of West Africa States (ECOWAS) spoke on how he still has an abiding interest in the progress of ECOWAS and its people. In this light, he said that Nigeria being the home of ECOWAS and the largest economy in West Africa should not allow the objective principles for establishment of ECOWAS to be lost. Meanwhile, the Vice Chancellor of Niger Delta University, Bayelsa State, Prof. Samuel Edoumiekumo, advised President Muhammadu Buhari not to yield to pressure to reopen the borders. Edoumiekumo who was also present at the lecture said President Buhari should remain firm in his resolve to ensure economic growth and the country’s development as the border closure will generate more revenue for the nation and tackle smuggling., Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry , FMBN ex-MD ordered to refund his salary, submit FMBN accounts over infractions
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The House of Representatives has given the immediate past Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Richard Esin, a 48-hour ultimatum, which began yesterday, to present the accounts of the bank, and refund money collected as salaries during his tenure.

Esin is involved in an investigation being carried out by the lawmakers on the refusal by Ministries, Departments and Agencies (MDAs) of the Federal Government to provide their accounts to the Office of the Accountant General of the Federation from 2014 to 2019.

CBN Cashless Policy: Reps eye reversal, Finance Bill: Reps to hold separate hearing today , 40% of Nigeria’s national budget must be voted to capital expenditure - Gbajabiamila , Why Reps will probe Glo, 9mobile, othersIt is required by law for MDAs of the Federal Government to submit their accounts to the Office of the Accountant General of the Federation, but FMBN did not render audited accounts between 2013 and 2017. This, the House of Representatives considered a serious offence.

Details: The House Committee on Public Accounts, faulted the handling of taxpayers’ money, stating that FMBN was not rendering proper accounts as and when due. The management of FMBN, however, told the Committee that corrections had been made following some infractions flagged by CBN in its audited accounts submitted to the apex bank twice.

READ ALSO: Audit Query: Customs CG, AGF disagree over N28billion unremitted fund

FMBN added that the late submission to the Office of the Accountant General of the Federation happened because it was awaiting approval from its board. However, the lawmakers were not pleased with the excuse, stating that it was a gross violation of the law, and in order to deter other MDAs from following the same path, there’s a need for serious sanction.

Esin, who was present during the hearing, tried absolving himself of blame, stating that he met the situation on the ground when he assumed office, but the Committee told him to provide FMBN’s accounts within 48 hours or face severe sanctions. The lawmakers also directed that for not doing what was constitutionally required of him, he should refund money collected as salaries during his tenure.

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Tags: Federal Mortgage Bank of Nigeriafinancial statementsFMBNRichard Esin

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