News
MDAs to Spend N400Bn Before January 2014
Ministries, departments and agencies (MDAs) of the federal government have a balance of N400 billion to be spent before the end of the year according to the 2013 budget, Dr. Ngozi Okonjo-Iweala, minister of Finance, has said.
Okonjo-Iweala told the Joint Senate Committee of Finance and Appropriations meeting on 2013 budget Monday that some N1.01 trillion out of N1.05 trillion realised, had been released, leaving the balance of N400 billion.
The meeting was called to address the allegation of bloated revenues estimates.
According to the minister, the total inflow from the Excess Crude Account stood at $14.36 billion while the outflow of $9 billion had been shared among the three tiers of government and for the payment of oil subsidy.
She further said that $1 billion was paid into the Sovereign Wealth Fund, leaving a balance of $4.3bn.
She explained that utilisation rate of what had been released stood at 72 per cent.
The minister said, “This means that we still have in excess N26 billionn waiting to be used by MDAs. On top of that we are now releasing N150billon. We should have up to N400billion still waiting to be utilised before the end of the year. This is because the money for the past three quarters had not been fully utilised.”
Okonjo-Iweala said the Federal Government had paid oil subsidy to oil marketers through the Petroleum Products Prices Regulating Agency.
But she clarified that the money paid to the oil marketers through the PPPRA was for the subsidy on the Premium Motor Spirit (petrol) alone.
She said “I am really very clear that the payment is for petrol. I think the Nigerian National Petroleum Corporation should answer the question on whether subsidy is paid on kerosene. I can answer for what we pay, based on what we receive from PPPRA.”
The minister noted that the activities of crude oil thieves in the Niger Delta greatly affected revenue projection from the oil sector while the government policies slowed down revenues from the non-oil sector.
She hinted that President Goodluck Jonathan had set up a committee headed by Delta state Governor Emmanuel Uduaghan, to address the issue.
Members of the committee, according to Okonjo-Iweala, included all the governors in the Niger Delta region; the Minister of Petroleum, Minister of Finance, the NNPC, heads of the arms of the military and other security agencies.
She said, “We have been very open and clear on the issue of shortfall in crude oil production. The Federal Government is committed to the issue of shortfall in production. We hope the work of the committee will go a long way to tackle the problems, including the shutting down of oil pipeline.
“There are two pipelines being controlled by Shell that had been completely shut down. If these could be revived, it will go a long way to address the issue at hand. We hope the effort of the committee will bring hope.”
On the losses being experienced in the non-oil sector, the minister said that Customs had identified how government policies were slowing down revenue projection.
She stressed that the Federal Government was making efforts to block loopholes so that the non-oil sector could also generate in the required revenue.
Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.
Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.
Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.
One of the land titles, however, was not his, and the other was fake.
After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.
The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite denying the offence, Egueke failed to present evidence of repayment during the trial.
Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.
Egueke was convicted and sentenced to six months imprisonment.
However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.
The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.
The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.
Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.
He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.
Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.
A Strategic Partnership To Enhance Digital Payments
The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.
Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”
Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”
Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”
How to Join the Holiday Fun
Participating in the campaign is simple. When shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!
Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.
Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.
To learn more about the campaign, stay tuned to the official X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.
Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.
This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.
The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.
According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.
The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.
Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.
The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.
According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.
Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.
“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.
“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.
“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”
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