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EFCC, Nine Oil Governors Clash Over N84.7bn Diversion

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There’s brewing tension between the EFCC and nine governors from oil-producing states, centered around the misappropriation of N84.7 billion from the 13 per cent derivation fund allocated to these states.

Additionally, a dispute has arisen regarding the release of N52 billion recovered from the former Accountant General of the Federation, Ahmed Idris, and associates.

Idris faces charges including money laundering, diversion of public funds, abuse of office, and conspiracy, filed against him by the EFCC.

The EFCC’s investigation exposed the diversion of N84.7 billion from the 13 per cent derivation fund designated for the nine oil-producing states, which are Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.

This sum was allegedly misappropriated by Olusegun Akindele Consultancy and other collaborators engaged by these states to audit and reconcile payments owed to them from the Excess Crude Account (ECA) spanning 2004 to 2016.

Specifically, Olusegun Akindele Consultancy received N84.7 billion, representing 9.84 per cent of N861,135,887,749.10, as consultancy fees, which was subsequently divided among four groups.

The EFCC managed to recover a total of N52 billion from fraudulent consultancy contracts awarded to three of these four groups.

The funds, sanctioned by the Federal Executive Council (FEC) in their August 20, 2021 meeting, were allocated to the nine oil-producing states.

Following an investigation, correspondences were exchanged between Akwa Ibom State Governor Umo Eno, representing the nine states, and the EFCC.

Governor Eno of Akwa Ibom wrote to the EFCC requesting the release of the N52 billion to a consultant named Messrs Platinum Resources Limited on behalf of the nine states.

However, the EFCC declined the request, urging each state to provide their government’s account details for the fund’s release.

Allegedly, only the account details of four states—Akwa Ibom, Delta, Bayelsa, and Rivers—were submitted to the EFCC by Governor Eno, while the remaining five states’ account details were not provided as directed by the EFCC.

Following further investigation, it was revealed that the EFCC maintained its stance, insisting on the submission of account details from all nine states.

The EFCC Chairman, Ola Olukoyede, intends to transfer the funds into the Central Bank of Nigeria (CBN) derivation accounts belonging to each state.

A source familiar with the matter said “This development is the basis of the fight of the governors of the nine states with the commission. The EFCC’s position is to allow for transparency and accountability concerning the use of the recovered funds.”

NEWS

Moghalu Prescribes Good Governance As Panacea To Ethnic Agitation

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The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.

In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’

ALSO READ: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.

He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.

Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.

“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.

“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from

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NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

READ ALSO: CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt  Chairman By Police

The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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