General News
Buhari Invites US, Others to Help Recover Looted Funds
President Muhammadu Buhari on Tuesday said his administration had received firm assurances of cooperation from the United States and other countries in his quest to recover and repatriate funds stolen from Nigeria.
Mr. Femi Adesina, special adviser on Media and Publicity, said in a statement that the President spoke while granting audience to members of the Northern Traditional Rulers Council led by the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, at the Presidential Villa, Abuja.
Adesina quoted Buhari as saying that it was now up to Nigeria to provide the international community with the facts and figures needed to drive the recovery effort.
He said he would be busy, in the next three months, getting the facts that would help in recovering the stolen funds.
“In the next three months, our administration will be busy getting those facts and the figures to help us recover our stolen funds in foreign countries,” Adesina quoted the President as saying.
Citing the report submitted by the Ahmed Joda-led transition committee, President Buhari said that several revenue-generating institutions in the country had been compromised.
On insecurity, the President was also quoted as telling the traditional rulers that they would play a key role in stemming terrorism and insurgency in the country.
This, he said, they would do by assisting the government with cost-effective intelligence gathering.
Buhari also assured the traditional rulers that his administration was working hard to end insecurity and terrorism in the country in the shortest possible time with the cooperation of neighbouring countries and the international community.
Acknowledging that Nigerians expected a lot from his administration, the President appealed for patience and understanding while his government works diligently to speedily overcome the huge national challenges it inherited.
The Sultan had earlier presented the Northern Traditional Rulers’ recommendations to the President on issues related to national development.
He told the President that as custodians of tradition and stakeholders in the Nigerian project, the traditional rulers had a responsibility to always advise political leaders on the “path of truth and justice.”
“We have always advised our leaders, but their acceptance of our advice is their own prerogative,” the Sultan said.
The traditional rulers assured the President of their unflinching support for his administration’s efforts to fulfil its promises to Nigerians.
The traditional rulers later joined the President in the traditional breaking of fast.
They were also joined by some state governors.
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
The Standards Organisation of Nigeria (SON) says it is intensifying efforts to standardise locally manufactured products, including Made-in-Aba brands, in order to enhance both local and international acceptance.
Aharanwa Chuks, Director of Region (South East), SON, communicated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Chuks said through the Mandatory Conformity Assessment Programme (MANCAP), SON ensured that all Nigerian-made products conformed to the relevant Nigerian Industrial Standards (NIS).
According to him, MANCAP involves direct engagement with manufacturers to certify that their products meet established quality benchmarks.
“This process includes inspecting production facilities, sampling products and testing them against NIS requirements.
“Successful compliance results in the issuance of the MANCAP certification, signifying adherence to quality standards.
“In Aba, SON has been proactive in educating manufacturers about standardization.’’
The director said SON also conducted stakeholder interactions; gathering manufacturers from various sectors to provide guidance on producing goods that met both local and international standards.
“For instance, leather manufacturers in Aba have been sensitized on standardization practices to enhance the global competitiveness of their products.
“Manufacturers are encouraged to collaborate with SON to obtain MANCAP certification, ensuring their products are not only marketable within Nigeria but also competitive internationally.
“This initiative aims to boost consumer confidence and promote the acceptance of Made-in-Aba products globally,” Chuks said.
Operatives of the Economic and Financial Crimes Commission (EFCC), has busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.
They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.
The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.
They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.
The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.
Items recovered from the suspects include phones, computers and other electronic gadgets.
They will be charged to court as soon as investigations are concluded.
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