The House of Representatives has berated the Ministry of Finance Incorporated (MOFI) for reckless spending and failing to improve the Federal Government revenue
The House Committee on Public Assets further queried the agency for taking money from the budget for its operation without authorisation.
MOFI is a state-owned asset management company which focuses on long-term wealth proliferation by optimizing, re-investing and diversifying the country’s income based on extensive portfolio understanding.
It was set up in 1959 through an Act of Parliament as a custodian of the federal government’s investments in various Government Owned Enterprises (GOEs) and Government Linked Companies (GLCs).
The total estimated valuation of MOFI’s holdings currently stands at over N18 trillion.
The agency on Tuesday incurred the wrath of the Chairman of the Public Asset Committee, Mr. Ademorin Kuye when its Managing Director, Dr. Armstrong Takang, appeared before the lawmakers to give account of their activities.
The committee which grilled Takang and members of his team on efforts to shore up the revenue of government expressed disappointment with MOFI for failing to live up to expectations.
It also berated the agency for reckless expenditure without improving government revenue.
Takang had in his presentation told the committee they took money from the budget.
“In your report we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office?” Kuye queried.
He noted that the agency wasted the Commitee’s time as it did not provide any answer to its questions.
In his ruling, the chairman demanded various documents from the agency on the assets it was managing to be submitted within seven days.
He also knocked the agency for operating without proper legislation establishing it.
“This is an agency we had high hopes of. What we request of you now is this classes of assets, including shares of publicly traded entities, limited liability entities and foreign based and other businesses. A list of these assets home and abroad. Improvements that you have made thereupon and how it has helped the GDP.
“Another class is assets is the financial assets, which includes public and private equities investments, fixed income and hedge funds, the fixed assets includes the real estates. We need you to give us a list of those estates.
“We would like to have the value of each if these real assets, revenue made through them for the past ten years and the contributions they have made to the GDP.
“Another class is the cash flow generating transactions such as the concession agreement and the public private partnerships. We want a list of those concessions under your care and tell us the revenue with evidence from such concessions.
“The last class of assets are the minerals and the intangible assets, which includes the hydrocarbon. We want to know the extent of your investments in them and what has come to Nigeria as a result of those investments.
“According to the record that you furnished us with you said 80 percent of whatever you get are put into new investments fund and then you put them into identified sectors including manufacturing, digital services and agriculture.
“We want you to furnish the committee is real time what the specific amount and where did it go? Whether it was into manufacturing or into digital services or into agriculture.
“According to you, you have a list of 52 companies in your portfolio, with an estimated 18 trillion naira value. and over 15, 000 employees according to your records which make you a major driver of our economy.
“We want a list of those companies, your employees and how much you have recouped for Nigeria from such investments.
“Since inception and since your appointment, we want to know how many titled documents you have been able to obtain for our assets and how many you have been able to protect from further encroachment.
“You said part of your of your mission is to invest with intent of preserving your socioeconomic value through catalysing growth. In your report we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office
“Lastly we would like to know how much has been voted for MOFI in the last five years and for what purpose you spent those money. You wasted the time of Nigerians” Kuye stated.
By: Babajide Okeowo
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Reps blast finance ministry for reckless spending
Shelve protest – Senate begs Nigerians
The Senate on Wednesday appealed to Nigerians and promoters of the nationwide protest to shelve their plans in the interest of the nation.
Senate President Godswill Akpabio made the appeal during plenary after a closed-door session.
The #EndBadGovernance protest is scheduled to commence tomorrow, August 1.
Akpabio said, “The Senate in a closed-session deliberated on issues bothering on its workings in particular and the National Assembly in general.
“The Senate particularly reviewed the current situation as regards the impending protest slated for August 1 and accordingly urges that one year is not long enough to judge the present government.
“One year is not long enough for the policies being implemented by the current administration of President Bola Tinubu to yield the desired results.
“The Senate urges the protesters to give the government more time to address their demands considering the measures being put in place to ameliorate the situation in the country.”
He identified the measures to include: the signing of the National Minimum Wage Act, the sale of crude oil to local refiners in Naira, and the implementation of Students Loan Act.
Others, he said, are the assent recently granted to the South-East and North-West Development Commissions bills passed by the National Assembly to further address developments at the grassroots.
He said that the Senate was willing to legislate on all matters that would bring about succour to Nigerians in general.
Shelve protest – Senate begs Nigerians
Be patient with Tinubu, investment expert tells Nigerians
An entrepreneur and investment expert, Dominic Joshua, has urged Nigerians to exercise patience and restraint as hunger protests begin on Thursday.
He emphasised the need to support President Bola Tinubu’s administration, which he described as responsive and committed to driving positive change in the country.
Joshua, who is the Chief Executive Officer of Cultivate Africa, made this known in a statement on Wednesday.
He reminded the public of the devastating consequences of the EndSARS protests, which led to the destruction of businesses and infrastructure.
“The negative consequences of EndSARS are still fresh in our memories. We must avoid any actions that could lead to further destruction,” he said.
He highlighted the recent measures taken by the Federal Government to alleviate economic pressures, such as the suspension of import duties and taxes on essential food items to address hunger.
Moreover, Joshua pointed out a strategic move by the government to bolster the local currency and promote domestic economic activities.
“The Federal Government has instructed the Nigerian National Petroleum Company to sell crude oil to the Dangote Refinery exclusively in naira. This initiative is designed to strengthen the naira and stimulate the local economy,” he noted.
The investment expert commended the Tinubu administration for its prompt responses to emerging issues, citing recent examples as evidence of the government’s commitment to addressing the needs of the populace.
“Just yesterday, when sim cards were blocked, the President immediately instructed the NCC to unblock them. This kind of swift response is unprecedented,” he said.
He highlighted several significant achievements of Tinubu’s government such as the removal of fuel subsidies, unification of the naira’s exchange rate, the 2023 Electricity Act signed into law to decentralise electricity generation and distribution, and initiatives such as distributing 42,000 metric tons of grains and promoting dry season farming have injected significant funds into the economy and created jobs in the agricultural sector.
Joshua implored the populace to be patient and supportive of the President.
“Let’s not allow hooligans to hijack protests and destroy lives and properties. We need to give President Tinubu a chance to implement his vision. His government is one of the most responsive we’ve ever had. Let’s support Asiwaju Bola Tinubu in driving the positive change we all desire,” he concluded.
Chaos in Owerri as gunmen again go on rampage, lay siege to Imo communities
Chaos in Owerri as gunmen There was panic and pandemonium in Owerri, the Imo State capital on Monday, as unknown gunmen reportedly laid siege to some communities, shooting sporadically while residents and business owners scampered for safety.
According to eyewitnesses, there were sporadic gunshots around Wetheral, Douglas, MCC, Okigwe, Aba Road, Ikenegbu and Aladinma areas of the capital city.
The State Police Command spokesman, Henry Okoye, who confirmed the incident in a statement, said operatives were despatched to the scene and they engaged the gunmen in a fierce gun battle and were able to dislodge the attackers.
“Our men had a shoot-out with hoodlums suspected to be members of the proscribed IPOB/ESN. Intensive operation is ongoing to restore back normalcy,” Okoye said.
“We have deployed our men massively, in fact, the Commissioner of Police personally led the operation.
“We have made concerted efforts in synergy with other security agencies to make sure that we, as a matter of urgency, restore back normalcy in the state.
“I’m assuring the good people of Imo State that the hoodlums responsible for this senseless act of violence will all be arrested either dead or alive,” he said.
The attack is coming too days after some gunmen killed five policemen and three civilians and also burnt vehicles in coordinated attacks in the state.
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Protest: We’ve uncovered plot by politicians to cause havoc in Kano – Gov Yusuf
Kano State Governor Abba Kabir Yusuf has raised the alarm that some unnamed politicians are plotting to hijack the August 1 protest in a bid to cause mayhem in the state.
Yusuf, who spoke on Wednesday, said his government has uncovered moves by some selfish politicians to hide under the guise of the protest to unleash havoc.
“We are ready to receive protesters for a peaceful dialogue in the Government House. I will not run away, let them bring their positions and I will go with my stakeholders to President Tinubu and present our position to him,” the governor said.
He called on Federal Government to quickly reconsider the prices of fuel and electricity and also open the borders to allow for the importation of goods into the country.
Yusuf also urged the government to reduce the cost of essential commodities and services to make life easier for Nigerians.
“Let me remind that when we came on board we spent time to ensure that peace that had been previously eroded in the state was returned.
“We have uncovered moves by some disgruntled elements and politicians to purchase red caps and share them among thugs to use during the protest and loot shops and kill innocent persons,” he said.
The governor said his government is planning a price control office in the state to ensure that prices are stabilized and goods sold at uniform prices.
He said his administration is all out to make sure that life becomes meaningful to the common man, adding that the government has returned Public Suggestion Boxes to receive advise directly from the people.
Protest: We’ve uncovered plot by politicians to cause havoc in Kano – Gov Yusuf
Kidnapped varsity ex-DVC found dead in Ekiti
The former Deputy Vice Chancellor of Ekiti State University, Ado Ekiti, Prof. Olorunfemi Olaofe, who was kidnapped on 9 July, has been found dead.
According to sources, the body of the 79-year-old retired university teacher was discovered in a shallow grave in a remote area. However, it remains unclear whether his death was due to natural causes related to his age or if he was murdered by his kidnappers.
The retired don was kidnapped from his house alongside his security guard on 9 July, over three weeks ago, and driven away in his car, which the police said they recovered days after the kidnap incident.
Sources said that the kidnappers initially demanded a N50 million ransom and later remained incommunicado.
The Commissioner of Police, Ekiti State Command, Adeniran Akinwale, who confirmed Olaofe’s death, said, “Yes, the professor has been found dead, and we are doing everything possible to exhume the body for burial.
“However, we have arrested many people, and you know the circumstances surrounding the incident. We suspect insider involvement, as the security man employed by the professor was the one who planned it.
“They (abductors) kidnapped the man along with him so that we would not suspect. In the process of rescuing him, we have arrested some people. I can’t say much about the security guard, but at the appropriate time, we will brief the public,” the police commissioner said.
While the search for the former university teacher lasted, members of the Are Ekiti Progressives Union, the Ekiti Council of Elders, and the Nigerian Universities Pensioners’ Association, EKSU Branch, had called on the security agencies and the state government to intensify efforts to rescue the old man alive.
Osun-Osogbo: Adherents can’t be stopped from drinking from sacred river — Commissioner
The Osun State Commissioner for Arts, Culture and Tourism, Abiodun Ojo has reiterated that nobody can stop adherents of the Osun deity from drinking from the Osun River.
Ojo also maintained that in order not to cast any doubts on the purity level of the water, the government can come in by way of ensuring that the river is kept clean for human consumption.
The commissioner made this known during a press briefing as part of activities lined up for the celebration of the Osun-Osogbo Festival on Wednesday in Osogbo.
Ojo, who maintained that the Osun-Osogbo sacred grove is a UNESCO Category II Heritage Site, added that the vegetation in the site is one of the most natural in Nigeria.
He also disclosed that it affords both medical and economic values to the people.
“Nobody can stop Osun adherents from drinking from the river, but what government can do is to ensure that the river is kept clean and safe for human consumption.
“Osogbo has the most natural groove and vegetation in Nigeria with medical and economic value.
“The Osun-Osogbo grove is 70% natural. The habitat is natural and devoid of pollution,” he said.
Earlier in his welcome address, the Ataoja of Osogbo land, Oba Jimoh Olanipekun Oyetunji said drinking the Osun River brings about miracles to adherents and others.
Oba Oyetunji disclosed that the Festival is like a pilgrimage due to the many miracles that occur when people use the the water from the Osun River with faith.
“Drinking the Osun water by individuals bring about certain miracles.
“The Festival is like a pilgrimage due to the many miracles that occur when people use it believing.”
The monarch also revealed that a chemical test has been carried out on the water from the river and it was certified that the Osun River is pure without any impurities, acid and base.
“A chemical test has been conducted in the river and it was discovered that the water from the Osun river is pure without acid and base.
“Osun River is very significant because it is for for drinking, building and other useful things and the Osun-Osogbo is a fantastic festival and no person looses out during the period of festivities.”
Osun-Osogbo: Adherents can’t be stopped from drinking from sacred river — Commissioner
Insecurity: Disband Operation Delta Hawk, group urges Gov Oborevwori
Following the abduction of a former Delta State Commissioner of Technical Education, Joan Onyemaechi by gunmen and the murder of her security aide, a group, Initiative for Social Rights Concerns And Advancement, ISRCA, on Wednesday urged Governor Sheriff Oborevwori to disband Operation Delta Hawk security outfit.
The group said the outfit has not been able to address the high rate of kidnappings, killings and other forms of crime in the state.
ISRCA National Coordinator, Comrade Derrick Oritsematosan Agberen made the call in a statement in Warri.
The group said the activities of the security outfit have been reduced to vetting just drivers licenses, car particulars and harassing residents.
It also accused the outfit of extortion.
According to the group, “Operation Delta Hawk have deviated from its core responsibilities. They are also unskilled and not conversant with the bushes and forests, hence defeats the purposes of its establishment.”
ISRCA also said the governor should replace Operation Delta Hawk with Forest Hunters Volunteer Group and Anti-Cult Volunteers to work directly under the supervision of the Delta State Police Command.
The group insisted that Operation Delta Hawk is comprised of different security agencies which are under the payroll of the Federal Government of Nigeria and as such, should be dispatched to their place of primary assignments while financial budgets that goes alongside be redirected towards employing the Forest Hunters Volunteer Group and Anti-Cult Volunteers as state security outfits.
According to the group, “This will not only help to boost employment among members of the group in the states, as the group are mostly indigenous people of Delta but also will help to address and directly confront the issues of kidnapping and terrorist activities in the bushes and forests.
“Insecurity in the State have reached a point that nobody is safe, not even government officials are exempted.
“While, I commiserate with the family of the Police aide to Hon. Joan Onyemaechi, who lost his life in regards to the suspected kidnappings attack, where Hon. Joan Onyemaechi, a former commissioner of Technical Education was kidnapped and taken through the River Niger, with certainty that she’ll return back home safely; the State Government mustn’t wait for it to get to this point before giving serious attention.
“Therefore, the Delta State Government should do all within its ability to be proactive to issues of insecurity by devising measures or better still adhere to suggestive procedures.
“The Forest Hunters Volunteer Group and Anti-Cult Volunteers as State Security Outfits had volunteered themselves in the fight against crimes, especially in the forest and bushes but have lacked State Government supports, in the area of funding and other logistics. Disbanding the Operation Delta Hawk would help to redirect state funds to sustaining this aspect of security in the state.”
Insecurity: Disband Operation Delta Hawk, group urges Gov Oborevwori
Ogun court restricts protesters to four locations
The Ogun State High Court on Wednesday ordered the sponsors of the #EndBadGovernanceInNigeria protests to limit their activities to four locations in the state.
The court also restricted the time frame of the protests to between 8 am and 5 pm.
The four locations are the MKO Stadium, Abeokuta; Ansar-ud-Deen Comprehensive High School, Ota; Remo Divisional High School, Sagamu; and Dipo Dina Stadium, Ijebu-Ode.
Granting an application moved by the State’s Attorney-General and Commissioner for Justice, Oluwasina Ogungbade (SAN), Justice O. Ogunfowora directed that all protests under the #EndBadGovernanceInNigeria slogan or any other slogan from 1 August 2024 to 10 August 2024 must be limited in place and time.
The judge prohibited the protesters from protesting anywhere in the state except in those areas
The Attorney-General explained that the four locations are across the four divisions of the state in the three senatorial districts, allowing protesters in those vicinities to conveniently participate in the protests under adequate protection and without infringing on the rights of any non-protesting members of the public.
The judge, in his ruling, also prohibited any protest from taking place outside the hours of 8 am to 5 pm.
The judge further directed the Commissioner of Police in Ogun State to enforce the order and ensure that the protests are held only in the specified locations and during the periods stated in the order.
Justice Ogunfowora declared that the order would last for seven days and ordered the State to serve the application on notice within that period.
Justice Ogunfowora urged the protesters to respond to the application within 72 hours.
The case was adjourned to 6 August 2024.
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Ondo: Aiyedatiwa’s aide urges political party members to shun protest
Special Adviser to Governor Lucky Aiyedatiwa of Ondo State on Inter-Party Affairs, Barrister Fadeshola Ojamomi has declared that the planned protest billed for August 1 may likely have negative effect on the forthcoming gubernatorial election in the state.
Ojamomi made this declaration in a letter addressed to the National Chairman of Inter-Party Advisory Council, Alhaji Yusuf Dantalle.
Ojamomi in the letter which was also sent to IPAC Chairman in the state, Prince Adesanya Olaoluwa, advised members of political parties in the state not to participate in the protest.
He noted that participation of IPAC members and members of political parties in the state in the protest will affect the forthcoming gubernatorial election in the state.
Ojamomi in the letter made available to TVN on Wednesday, said that the protest has a potential to affect the peaceful atmosphere in the state.
Parts of the letter read, “I am writing to convey my grave concern regarding the planned nationwide protest and to request that the Inter-Party Advisory Council (IPAC) urgently advise all political parties in Ondo State to boycott this event.
“As we approach the Governorship election in November 2024, it is paramount that we maintain peace and stability in our state. Its therefore imperative that all the registered 17 Political Parties in the state should sponsor or take part in anything that will drag the state backward.
“Suffice to say, with the Governorship election just a few months away, it is critical that we preserve a peaceful and orderly environment. The planned protest has the potential to incite violence and civil unrest, which could significantly disrupt the electoral process slated for the 16th of November 2024. All the Political parties in the state must focus on fostering a calm and stable atmosphere conducive enough till the slated date of the election in a bid to have a free and fair elections.
“Also, the economic ramifications of large-scale protests can be severe. As Ondo State works towards economic recovery and growth through credible intervention programmes of the Governor Lucky Orimisan Aiyedatiwa led administration, it is essential to avoid actions that could disrupt business activities and economic stability. Political parties should consider the long-term economic health of our state and refrain from participating in actions that could lead to economic hardship for our residents.
“In the wake of ongoing public health concerns, particularly related to airborne diseases and Cholera as its outbreak has recently been confirmed in states in the southwest, large gatherings can pose significant health risks. The safety and well-being of our citizens should remain at top priority. Engaging in mass protests at this juncture could lead to a resurgence of infections, placing an undue burden on our healthcare system and endangering lives.”
Ondo: Aiyedatiwa’s aide urges political party members to shun protest