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Melaye, JDPC tackle Gov Bello over Budget irregularities, allocation to nonexistent First Lady’s office

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Melaye, JDPC tackle Gov Bello over Budget irregularities, allocation to nonexistent First Lady’s office

The Senator Representing Kogi West in the national Assembly, Dino Melaye and the Development and Peace Commission of the Lokoja Diocese of the Catholic Church and have raised the bar in Budget monitoring in Kogi State when recently they exposed some irregularities of the 2017 Budget of Kogi State.
The senator who was piqued by the provision for expenses incidental to the Governor’s wife tour with allocation of 340,000,000 said he was going to institute a law suit against the government since it is an office not known to law.
He quoted section 24 of the constitution of the Federal Republic of Nigeria 1999 (as amended), that makes it duty bound on every Nigerian to make positive and useful contributions to the advancement, progress and well-being of the community where he resides.
Melaye in a press statement which was made available to newsmen in Lokoja indicated that Governor Yahaya Bello led administration has not been fair to the good people of Kogi State simply because they have neglected that responsibility of monitoring the budgetary allocation and provisions of the government.
He listed some of the figures in the overhead costs in government house budget of the state where several sectors from a pull-out from the 2017 budget indicated clearly that Bello had raped the State of its common patrimony.
He cited Government House Budget 2017 with N600,000,000 as allocation for
International Travel and Transport – others, Travelling Allowances got N70,000,000 while expenses incidental to governor’s tour got N700,000,000 which he said is an evidence of duplication.
Other areas were the Maintenance of office furniture and fittings, N60,000,000, Maintenance of office building/ residential quarters got N200,000,000, Up-keep of government house, got N150,000,000.
Others according to him were International training which recievef N100,000,000, Security services recieved N100,000,000, Security votes (including operations N8,000,000,000 and Cleaning and fumigation services N100,000,000.

Others are Office and general expenses N600,000,000, Special security expenses N230,000,000, Refreshment, meals and hospitality N400,000,000, Medical expenses/refund (local) N50,000,000, Overseas treatment N50,000,000, New direction activities expenses N126,000,000, Office of Director general research and speech writing N100,000,000 and Special adviser’s office expenses (imprest) N100,000,000.
The senator indicated that the anti corruption campaigns of the President Buhari will be strengthened when citizens show morw interest in budget monitoring.
The JDPC on its part lifted some of the figures for clearer comparative analysis during a Budget analysis workshop organized by Participation Initiative for Behavioral Change in Development (PIBCID)
While comparing some of the sectors, the commission discovered that government house budget was second to works/Land and housing while Agric, health and education were the least.
It observed that Local travels and transport that received N8,000,000, Travel and transport which got N5,500,000, and International travel and transport that was allocated N600,000,000 and Incidental to Governor’s tour that received N700,000,000 were several figures for travels and transport and yet there is another allocation for traveling allowance of N70,000,000.
It pointed out that the headings are duplication under travelling.
Other areas that cannot be perfectly retired without duplication of several sub-headings the JDPC listed to include Water rate that received N5,000,000, Electricity bill/charge N50,000,000, Telephone N5,660,000, Satellite broadcasting access charge N15,000,000, Hire of private houses N8,000,000 and Office stationary/computer consumable N200,000,000
It continued by citing Maintenance of motor vehicles/transport equipments that got N60,000,000, Maintenance of office furniture and fittings that received N100,000,000, Purchase/maintenance of plants and Generators N200,000,000 Maintenance of office equipments N20,000,000, Up-keep of Government House N150,000,000 and up-keep of govt Lodge N45,000,000
Others are Vigilante operational Expenses N130,000,000, Security services N100,000,000, Security vote N8,000,000,000, Cleaning and fumigation services N100,000,000 and Office and general expenses N600,000,000.
It demanded good explanation for the allocation of N130m to Vigilante O.E. Security services N100m, Special Security expenses N230m and Security vote N8,000,000,000
“These extracts are few out of the total of N24b budgeted for Government House as observed in the policy document.”
It however commended the new direction blue print of the State which prioritised agriculture as key to unlocking the enormous economic potentials of the state based on the prevailing economic realities, noting that some of the increase recorded in the ministry of Agriculture’s budget was a welcome development
Updated copy with reaction
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Efforts to speak to the Director general on media and publicity to the Governor Kingsley Fanwo could not yield any positive results as he picked the call and promised to read the text and reply backbut never did.

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SEC moves to introduce fintech in Nigeria’s capital market

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SEC moves to introduce fintech in Nigeria’s capital market

The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda has indicated that the Capital Market would soon be strengthened with Finance Technology

Yuguda spoke on Wednesday when he appeared before the Senate committee on Capital Market to defend the commission’s 2021 budget proposal.

Fintech relates to any business that uses technology to enhance or automate financial services and processes thereby fixing problems in financial infrastructure.

Fintech companies operate by receiving information from customers before helping them make payment, refund a sale, look up details of a transaction, and set up a billing plan among other things.

2020 saw the rise of fintech startups in Nigeria. In October, American fintech giant, PayStripe acquired a Nigerian counterpart, Paystack for over $200 million to expand into the African Continent.

Speaking on plans to launch into fintech, the DG said: “We are implementing the FINTECH road map. We are also contextualising the regulatory independent framework to on board FINTEX into the capital market.

“We have just released draft rules for the crowdfunding in our regulation. We have received set of comments from the market and very soon we will be releasing these rules to the public.”

In his remarks, the Chairman of the Senate committee on Capital Market, Ibikunle Amosun (APC, Ogun) called for strengthening of the country’s Commodity Exchanges to make the market robust and functional.

He said: “We know a lot more can be done, so we urge you to do more especially to introduce new products and consolidate on the existing ones, carry out research on other capital markets across the globe to align with global best practices.”

Amosun equally tasked stakeholders in the sector to work towards domestication of Nigerian products to encourage local investors.

“The Capital Market needs to re-activate our alternate Market, and bring on board unlisted multinational companies, in order to develop a robust Capital Market. These informal sectors as we are all aware is a driving force that will dominate our nation’s economy.

“I encourage all the stakeholders present here to strategise on how to encourage Micro, Small and Medium Enterprises (MSMEs), and multinational companies to participate in the Nigeria Capital Market.

“Let me remind us that, the money market is already dominating the capital market due to reasons such as; system failure, lack of transparency in operations, insider abuse, etc. To this end, the Investments and Securities Act (IST) will be reviewed. We urge all the stakeholders as a matter of urgency to intimate us all areas that require legislation in order to promote the Capital Market”, he said.

On the issue of Unclaimed Dividends, the Senator urged SEC and Central Securities Clearing System to work on it, for investors’ confidence and growth of the Capital Market.

“The idle or dormant funds in our system is quite worrisome considering the role those funds can play in the capital Market.  Any financial system that is characterized with enormous wasteful resources in the midst of lack and financial challenges is not proactive. 

“Stakeholders must come up with robust solutions to harness the idle funds and see how it can be channeled into productive ventures”, he said.

Amosun encouraged stakeholders to study what is obtainable in other Capital Markets across the globe and “enact relevant policy framework to eradicate these dormant resources, proffer long lasting solutions to stem such wasteful occurrence.”

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Unclaimed Dividends in Capital Market worries senate

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Unclaimed Dividends in Capital Market worries senate

The senate has called on stakeholders in the financial sector to come up with robust solutions to harness idle funds in Nigeria capital market to be channeled into productive ventures.
This was coming against the backdrop of poor performance and lost of confidence by investors in the Nigerian capital market.
Chairman, Senate Committee on Capital Market, Sanator Ibikunle Amosun made the call on Wednesday in his opening remarks at the 2021 capital market budget defence.

He expressed further concern on the issue of Unclaimed Dividends, which must be thoroughly dealt with by SEC and CSCS, for investors’ confidence and growth of the Capital Market.

“The idle or dormant funds in our system is quite worrisome considering the role those funds can play in the capital Market. Any financial system that is characterized with enormous wasteful resources in the midst of lack and financial challenges is not proactive”.

“The money market is already dominating the capital market due to reasons such as; system failure, lack of transparency in operations, insider abuse, etc, adding that the Investments and Securities Act (IST) will be reviewed.

“These informal sectors as we are all aware is a driving force that will dominate our nation’s economy. I encourage all the stakeholders present here to strategise on how to encourage Micro, Small and Medium Enterprises (MSMEs), and multinational companies to participate in the Nigeria Capital Market.

He further urged stakeholders in the capital market to all the stakeholders to intimate his Committee on all areas that require legislation in order to promote the Capital Market.

“Stakeholders must come up with robust solutions to harness the idle funds and see how it can be channeled into productive ventures.”

He therefore called on all stakeholders in the sector to study what is obtainable in other Capital Markets across the globe and enact relevant policy framework to eradicate dormant resources and proffer long lasting solutions to stem such wasteful occurrence.

“We cannot succeed where there is no cordial relationship between all players in the capital market as this may erode the confidence of both local and foreign investors.

“Furthermore, for us to operate a vibrant Capital Market, we must continuously train key stakeholders and members of staff on new trends and developments in the Capital Market to keep abreast with global best practices”, he advised

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Group Promises Affordable Mass Housing For Ubarn Poor

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Group Promises Affordable Mass Housing For Ubarn Poor

Association for the Support of Urban Poor (FEDUP) has promised to deliver affordable housing for its members.
A new board was constituted after the last management was accused of embezzling over N200m for which the matter is in court.

Secretary of the association Mr. Yusuf Edego said the association is building confidence and credibility after the mismanagement that affected its clients.

He stated this yesterday in Abuja during a press briefing to let the public know the association’s effort in giving the group a new image.

Edego said with what the new management team has put on ground they believe their members and the general public will have confidence in the new team to deliver affordable housing for them.

“By a persons impact, performance, character and sincerity as well as walking the talk, with time people will see that the project is a reality”

He said the major problem as a people is lack of sincerity and that once people see that a person is sincere they will trust him to deliver.

“The major problem bedevilling the country is integrity. Many people especially in property development, more than 60% collect money from people and the public generally yet there is nothing on ground to show for it.
“That is why we removed the former executive members and then came up with elected people of integrity.
“Our chairman is a paramount ruler of impeccable integrity. I am a legal practitioner I have my law firm at Jennifer plaza Central area.
“So you have people with verifiable address. We are people that people can enquire and link up with our character.  “They know that for our records we are people of integrity and we are sure that by God’s grace they will not be disappointed”

On how he thinks people will have confidence in the association after the dent on its integrity he said it is the reason for the press conference. “Before we came we have one or two projects on ground that are verifiable that has been executed by the new executive.
“We have acquired twelve hectares at Kurudu that you can verify which you can buy and build your own house.
“Also the public can go to FCDA at the SDD department and meet the director that FEDUP claim they are in partnership with them to build about 167 housing units at Kuje.
“They are verifiable. Then the issue of 30 hectares we just acquired is still in process.
“We have the Family homes Fund which is an agency established by the Federal Government for provision of Social Houses for Nigerians so we are partnering with them by the grace of God they have agreed to sponsor the 30 hectares for the general Public

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