Tag Archives: Fed Govt

FG To Acquire Two More Satellites At $550m- Minister

Posted on by
1

The Federal Government said at the weekend that negotiations have reached an advanced stage to procure two additional satellites for the Nigerian Communications Satellite Limited (NIGCOMSAT) at the cost of $550 million.

Minister of Communications Adebayo Shittu said the Federal Government’s team would secure funding for the satellites through a non-interest facility from a consortium of Chinese financial institutions.

He said the procurement of SAT2 and SAT3 was necessary, considering the fact that Nigeria was losing billions of dollars every year because it had only one satellite in the orbit.

He likened the situation to a car travelling from Abuja to Lagos without an extra tyre, describing the risk involved as enormous.

“Nigerian companies and government agencies are patronising foreign satellite firms as a result of this risk for the safety of their data and security of other services provided by them, thereby exporting jobs to other countries at the detriment of Nigerians,” the minister said.

The minister spoke while presenting a three-page communique issued at the end of a weeklong Fourth Regular Meeting of the National Council on Communications held at Arewa House, Kaduna.

He told reporters that the council recommended that “stakeholders, including state governments, should henceforth purchase satellite bandwidth requirements from NIGCOMSAT Ltd only”.

The minister said the council received a total of 76 memoranda, of which 65 were considered while it endorsed the Nigeria ICT Roadmap 2016-2019 as well as the National ICT Strategic Plan 2016-2024 for implementation.

Shittu added that the council recommended the adoption and implementation of the e-Governance Masterplan and the creation of states computer emergency response teams as measures to mitigate cyber security threats.

His words: “The council encouraged members from the states to adopt the implementation of the digital jobs initiative in their respective domains as a means of leveraging the opportunities for alternative income presented to Nigerian youths across the country.

“It recommends creation of innovative hubs and ICT centres to accelerate the diversification of the Nigerian economy.

“It encouraged federal, states and local governments to set up digital centres as a means of promoting ICT capacity-building and recommended digital literacy as a minimum requirement for employment and promotion in the public service and for implantation to be done in phases.”

The minister noted that other issues considered by the councils were that it advised government at all levels to digitise their records and adopt only Nigeria software in the process.

It further recommended that federal and state governments henceforth comply with the provision of the guidelines for Nigerian content in ICT.

He said states should establish their State Information Technology Development Agency (SITDA).

The minister added that the implementation of CCTV projects on security on highways should also be used for traffic management.

Credit:

Fed Govt to acquire two more satellites at $550m, says minister

Alleged N22b Fraud: Amosu ‘Returns N2.6b To Fed Govt’

Posted on by
1

The Federal High Court in Lagos yesterday heard that a former Chief of Air Staff, Air Marshal Adesola Amosu (rtd), charged with laundering N21billion, has returned N2.6billion to the Federal Government.

His lawyer Chief Bolaji Ayorinde (SAN), while arguing Amosu’s bail application after he was arraigned before Justice Mohammed Idris, said his client had returned “collossal sums”.

Amosu returned N2.6billion to the Federal Government, reporters learnt.

The Economic and Financial Crimes Commission (EFCC) arraigned him along with a former Chief of Accounts and Budgeting at the Nigeria Air Force, Air Vice Marshal Jacob Adigun, and a former Director of Finance and Budget, Air Commodore Olugbenga Gbadebo.

The companies arraigned with them are Delfina Oil and Gas Ltd, Mcallan Oil And Gas Ltd, Hebron Housing and Properties Company Ltd, Trapezites BDC, Fonds and Pricey Ltd, Deegee Oil and Gas Ltd, Timsegg Investment Ltd and Solomon Health Care Ltd.

EFCC accused them of converting N21billion from the Nigeria Air Force around March 5, 2014 in Lagos.

They were also accused of concealing “proceeds of crime” and thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable  under Section 17(a).

Arguing the bail application, Ayorinde said his client, who pleaded not guilty, had always been cooperative with the prosecution since his arrest in January and would not jump bail.

“He has remitted colossal sums of money to the Federal Government, although not in admittance of guilt, but out of cooperation with security agencies.

“My application is that bail be granted to the first defendant on self-recognisance. Let those terms be liberal. He has been reporting to the EFCC, sometimes twice a week. The first defendant will make himself available for trial,” the Senior Advocate said.

Adigun’s lawyer, Mr Norrison Quakers (SAN), also urged the court to grant his client bail on liberal terms. “Incidentally, the second defendant is on administrative bail by the commission. He will be available for trial,” he said.

Gbadebo’s lawyer, Mr A. Etuokwu also asked for bail for his client. Prosecuting counsel, Rotimi Oyedepo, did not oppose the bail applications, but urged the court to make the terms stringent.

Justice Idris granted them bail for N500 million with two sureties in same like sum. The sureties must be property owners within the court’s jurisdiction, he said.

Title documents of the properties must be submitted to the court’s registrar, which must be verified by the EFCC. The sureties must also swear to an affidavit of means which must be verified by the EFCC, the court ruled.

Justice Idris directed the defendants to submit their travel passport to the court’s Deputy Chief Registrar (DCR).

He ordered Amosu’s and Gbadebo’s remand in prison custody. Adigun is to be kept in EFCC custody because of his health condition pending when he fulfils his bail terms.

The defendants were accused of using the companies to convert and conceal the money.

Amosu and Adigun were said to have, between July 17 and September 16, 2014,  allegedly removed over N663.4million from the Nigerian Air Force accounts to buy properties at  50-52 Tenterden Grove, London (NW4 1TH) and at 93B Shirehall Park, LondonNW4 2QU, United Kingdom.

They were accused of buying 40A, Bourdillon, Ikoyi, with N900million, and a property at Sinari Daranijo on Victoria Island with N1.5billion.

EFCC said they also bought a property named as Cappadol Mall at Adetokunbo Ademola Street, Wuse II Abuja, for N750million, as well as a property worth over N1.7billion at Agobogba Street, Parkview, Ikoyi, Lagos, using the AirForce’s money.

Other properties they allegedly bought using the Air Force’s funds include one at Salt Lake Street, Maitama, Abuja; one at Agadez Street off Aminu Kano Crescent, Abuja; 61A, Lake Chad Street, Maitama, Abuja; and one at 1, River Street, Wuse II Abuja using alleged stolen funds.

Between last March 6 and April 30, the accused allegedly spent N428,139,539.00, allegedly removed from the accounts of the Nigerian Air Force to renovate and purchase medical equipment for Solomon HealthCare Ltd situate at 24th Adeniyi Jones Street, Ikeja Lagos.

Count one reads: “That You, Air Marshal Adesola Amosu Nunayon (Rtd), Air Vice Marshal Jacob Bola Adigun, Air Commodore Gbadebo Owodunni Olugbenga, Delfina Oil and Gas Ltd, Mcallan Oil and Gas Ltd, Hebron Housing and Properties Company Ltd, Trapezites Bdc, Fonds and Pricey Ltd,Deegee Oil and Gas Ltd, Timsegg Investment Ltd And Solomon Health Care Ltd on or about the 5th day of March, 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to commit an offence, to wit: Conversion of the sum of N21,467,634,707.43, property of the Nigerian Air Force, which sum was derived from stealing, and thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable  under Section 15(3) of the same Act.”

EFCC said the accused persons converted and concealed the sums, which they “reasonably ought to have known forms part of the proceeds of an unlawful act, to wit: stealing.” They all pleaded not guilty.

Justice Idris adjourned till July 8 for trial.

Credit: Nation

U.S To Engage Fed Govt On Foreign Exchange Flexibility

Posted on by
2

The United States (U.S) has said it would this week, engage the Federal Government in talks to adopt a more flexible foreign exchange (forex) rate to boost growth and investment.

Its Assistant Secretary of State for Africa, Linda Thomas-Greenfield, told an audience at the U.S. Institute of Peace that Nigeria should ensure that the value of the naira versus the U.S. dollar was “more realistic.”

“While most people complain about the possibility of  a devaluation, people are already operating on a devalued currency, and the only people who are not, are people who are doing it officially.

“Our recommendation is, and we will have discussions about it … that they should look at the exchange rate and try to make the exchange rate more realistic to what the value of the naira is to the dollar,” Thomas-Greenfield was quoted to have said by Reuters.

She spoke before the talks  to be launched in Washington by Secretary of State John Kerry today. The talks will focus on Nigeria’s economy, security and development.

Nigeria faces its worst economic crisis in decades as the falling prices of oil has slashed revenues, prompting the Central Bank of Nigeria (CBN) to peg the currency and introduce curbs to protect forex reserves, which have fallen to an 11-year low.

Some members of CBN bank monetary policy committee have backed the devaluation of the naira.

Thomas-Greenfield said the parallel currency market in Nigeria was “alive and well,” warning that a rigid exchange rate, capital controls and import bans could undermine President Muhammadu Buhari’s efforts to expand economic growth and fight corruption. Buhari has rejected the idea of devaluing the naira.

“Capital controls that limit access to foreign exchange rewards insiders and undermines the stated goals of Nigeria to increase domestic production because both Nigerian and export investors alike tell us many businesses are unable to obtain the capital to purchase badly needed intermediate goods,” she said.

The naira trades some 40 per cent below the official rate in the black market versus the dollar. The CBN last year pegged the exchange rate to curb speculative demand for the dollar and conserve foreign exchange reserves after it restricted access to hard currency for imports of certain items, frustrating businesses.

The International Monetary Fund (IMF) has called on the Federal Government to lift the curbs and let the naira reflect market forces more closely, as the restrictions have significantly affected the private sector.

Credit: Nation