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Senate panel uncovers N34 billion fixed Deposit Account linked to PEF without remitting interest

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Disagreement rocks Senate Panel on Army over Lopsided Army Recruitment

 

The senate panel Public Accounts Committee (SPAC) has uncovered alleged N34b fixed deposited account traced to Petroleum Equalization Fund (PEF) Management without remitting interest of N182 million.
The Agency only remitted N82 million while withholding N100 miion from the interest of N34 billion in various banks.
The discovery by  Committee chaired by Senator Matthew Urhoghide was based on 2016 Auditor General’s report which is currently considered by the Committee.
However, the Management of Petroleum Equalization Fund (PEF) failed to show up before the Committee which was scheduled for Wednesday last week yet there was no any letter to Justify their absence at the Investigative hearing.
The new Management of Nigerian Upstream Regulatory Commission is expected to respond to the allegation since Federal government has scrapped Petroleum Equalisation Fund following the signing of Petroleum Industrial Act
The query reads, “At  the  Petroleum  Equalization  Fund  (Management)  Board,  it  was  revealed  that  in 2015,  the  Board  placed  the  sum  of  N34,003,057,534.22  (Thirty-four  billion,  three  million, fifty-seven  thousand,  five  hundred  and  thirty-four  naira,  twenty-two  kobo)  in  fixed deposit  accounts  in  various  banks  which  yielded  interest  in  the  sum  of  N182,400,810.74 (One  hundred  and  eighty-two  million,  four  hundred  thousand,  eight  hundred  and  ten naira,  seventy-four  kobo).
“However, the  Board  remitted  only  the  sum  of N82,263,824.31  (Eighty-two  million,  two  hundred  and  sixty-three  thousand,  eight hundred  and  twenty-four  naira,  thirty-one  kobo)  to  the  Consolidated  Revenue  Fund, leaving  a  balance  of  N100,136,986.43  (One  hundred  million,  one  hundred  and  thirty-six thousand,  nine hundred and eighty-six  naira,  forty-three kobo)  unaccounted for.
“This  act  is  a  contravention  of  the  provision  of  Financial  Regulation  222  which stipulates  that  “Interest  earned  on  bank  accounts  must  be  properly  classified  to  the appropriate  revenue head  of  Accounts and paid to the Consolidated Revenue Fund”.
“The  Executive  Secretary  should  remit  the  outstanding  interest  yield  of N100,136,986.43  immediately  to  the  Consolidated  Revenue  Fund  and  furnish  evidence of  remittance  for  my  verification.
“Failure to  comply  should attract  appropriate  sanctions in  line  with  Financial  Regulation  3112  which  stipulates  that  “where  an  officer  fails  to  give satisfactory  reply  to  an  audit  query  within  7  days  for  his  failure  to  account  for government  revenue,  such  officer  shall  be  surcharged  for  the  full  amount  involved  and such  officer  handed  over  to  either  the  Economic  and  Financial  Crimes  Commission (EFCC)  or  Independent  Corrupt  Practices  and  Other  Related  Offences  Commission (ICPC).”

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Dangote Refinery Cuts Petrol Price To ₦970 per Litre For Marketers

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The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), also known as petrol, to ₦970 per litre for oil marketers.

This new price, effective immediately, marks a ₦20 decrease from the refinery’s previous ex-depot price of ₦990 per litre, which was set earlier this month.

In a statement released on Sunday, Anthony Chiejina, the refinery’s Chief Branding and Communications Officer, explained that the price reduction is a way for the company to express its appreciation to Nigerians for their unwavering support in making the refinery a reality.

READ MORE: NDLEA Nabs Businessman For Using Ingestion To Smuggle Cocaine

“This decision is our way of thanking Nigerians for their unwavering support in making the refinery a dream come true,” Chiejina said.

The statement also highlighted the refinery’s gratitude towards the Nigerian government, acknowledging the role of government measures in supporting domestic businesses.

“In addition, this is to thank the government for their support, as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement read.

Despite the price cut, the refinery reassured consumers that there would be no compromise on the quality of its products. “While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable,” the statement added.

The company also committed to ramping up production to meet domestic fuel consumption and alleviate concerns over potential supply shortages.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” the statement concluded.

The price reduction is expected to save marketers approximately ₦20 per litre on purchases from the refinery’s Lekki-based plant.

 

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I Am Just A Content Creator – Simon Ekpa Denies Biafran Leadership Role

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Simon Ekpa, a Finnish citizen of Nigerian descent and a controversial figure in the Biafran separatist movement, has dismissed his self-styled title of “Prime Minister of Biafra” as inconsequential.

Speaking during legal proceedings at the Päijät-Häme District Court in Finland, Ekpa stated, “I am just a content creator; the issue of Prime Minister of Biafra is not serious.”

READ ALSO: National Assembly In Top Gear For Tinubu’s 2025 Budget Presentation

Ekpa’s statement comes in the wake of his arrest by Finnish authorities on charges related to incitement of terrorism.

The Finnish National Bureau of Investigation (NBI) has accused Ekpa of public incitement to commit crimes with terrorist intent.

The arrest stems from an incident in Lahti on August 23, 2021, and officials are also seeking the detention of four other suspects linked to the case.

“The detention demands are related to a preliminary investigation in which a Finnish citizen of Nigerian descent, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent,” the NBI said in a statement.

Ekpa, who has used his social media platforms to advocate for Biafran independence, has been a divisive figure in Nigeria’s southeast region.

His rhetoric and actions, including calls for economic shutdowns through “sit-at-home” orders, have been linked to widespread unrest and disruptions in the region.

 

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National Assembly In Top Gear For Tinubu’s 2025 Budget Presentation

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The National Assembly management team, led by Clerk Sani Magaji Tambawal, has ramped up efforts to ensure a seamless presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu.

The event, scheduled for a joint session of the Senate and House of Representatives, is regarded as a significant moment in Nigeria’s legislative calendar.

Preparations include a thorough inspection of the assembly chambers to ensure all facilities are fully functional.

READ MORE: PDP Governors Probe Ondo Polls, Criticizes Edo Result

Deputy Clerk Kamoru Ogunlana, who is overseeing the technical arrangements, confirmed that key systems, including microphones, sound equipment, and other audio-visual tools, have been tested to ensure smooth communication during the session.

“We are working tirelessly to ensure that the National Assembly is fully prepared to receive Mr. President and provide a conducive environment for this significant moment in our democratic process,” Ogunlana stated.

Seating arrangements are also being finalized to accommodate lawmakers, government officials, and other dignitaries expected at the session.

Security measures are being reviewed in collaboration with relevant agencies to ensure the safety of all attendees. Meanwhile, press accreditation is being managed to facilitate effective media coverage.

The 2025 budget presentation is expected to highlight the government’s economic priorities while reinforcing the partnership between the executive and legislative arms of government.

As the session approaches, the National Assembly has expressed its commitment to upholding Nigeria’s democratic values and providing a platform for transparent governance.

 

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