A total probe of the past administration headed by ex-president, Goodluck Ebele Jonathan is underway as the National Economic Council (NEC) Ad-hoc Committee on the Management of Excess Crude Account Proceeds and Accruals into the Federation Account, headed by the Governor of Edo State, Mr. Adams Oshiomhole, is set to hire two international forensic audit firms to probe the revenue that accrued into the Federation Account and how it was spent under former president.
At the end of the first meeting of the committee in Abuja, yesterday, Oshiomhole told journalists that the auditors would cover the period January 1, 2010 to June 1, 2015.
Already, some revenue generating agencies have been invited to brief the committee which will take detailed briefings from all Ministries, Departments and Agencies, MDAs of the Federal Government that deal directly with revenue. The focus will be on the Nigerian National Petroleum Corporation, NNPC, the Nigeria Customs Service, the Central bank of Nigeria, the Nigeria Extractive Industries Transparency Initiative, NEITI, among others.
Other members of the committee include Gov. Nasir Ahmed El-Rufai of Kaduna State, Ibrahim Dankwambo of Gombe, and Udom Emmanuel of Akwa Ibom.
“We held our first primary session today here with some of the revenue generating agencies that are supposed to remit funds to the federation account. We had a successful session with Customs, NPA, NEITI, SEC, FIRS, and quite a number of others and next week we will also hear from CBN, Ministry of Finance, Office of the Accountant-General of the Federation,” Oshiomole said.
“For the remaining ones, we agree we are going to meet on Thursday next week, NNPC, NPDC, DPR, NIMASA and other remaining agencies.
We have started the work, with the idea to hear them out, what they have been doing, with particular emphasis on revenue accruing from these organizations and whether or not these have been remitted to the Federation Account for judicious distribution.
“We realised that this is a task and given our mandate, even if we were professional accountants because we are sitting governors, we would not have the time to do a forensic audit which this assignment entails.
“Therefore, we have agreed in line with our mandate to appoint two reputable international audit firms to carry out a thorough forensic audit, not only of NNPC, which is more of excess crude, but other monies that accrued to the Federation Accounts. We have other revenues like bonuses, royalties, taxes, VAT that flow into the Federation Account.
“We are taking a holistic review of the entire process, looking at all the agencies that make contribution of funds to the federation account. We are convinced that by appointing audit firms, we will allow professionals to carry out this exercise, so that it will be free of any political colouration and also we will ensure the outcome of the investigation will.
“We have learned, we have listened and asked questions. I think we all have a clear picture of what is happening in those organizations before now. Some have information to supply and we have drawn attention to those areas, they are willing to oblige. We believe in the end, we will be able to not just establish what had happened over the period but much more important, going forward with the changes the President has promised the country.
“It is not going to be business as usual. He started on a clean slate and everybody knows the new rules of the game and in particular as the laws apply to the various institutions are implemented in full. So I think we started very well. We are very confident that we are going to come out with something that is going to be of immense benefits to the Nigerian people”.
On the rationale for embarking on another audit report with regards to the alleged missing funds, he said “Some reports were produced by PWC but in that report the PWC expressed their frustration and pointed to the fact that they were not able to access all the information they needed and that what they were able to produce was to the extent of information that was made available to them.”
“Audit can only be credible as much as information that was made available to auditors. The good news now is that with President Buhari, all the books will be open, no agency has any protection. Any agency that refuses to open the books then is ready to go on confrontation with the authority.
“The forensic audit will act on the whole truth and nothing but the truth so that all stakeholders will have basis to formulate good policies and that Nigeria will never find itself in this circle where huge sums of money are allegedly diverted and unaccounted for. Audit has become a way of life for all public institutions.”
On the duration of the audit exercise, Oshiomhole explained that the committee had looked at it professionally. “We are focusing on a five year circle. What we have agreed is that we are going to carry out an audit for five years from 1st January 2010 to 30th June 2015.
“If the audit report reveals that we need to go backward, then we can do that. But for the first instance, this is the period that we consider good.
“We can’t impose a time frame on them but will engage them and by Thursday we will be able to make it public. We need to listen to them and agreed with them on how much time will be okay for them. We are all in a hurry to ensure that the right thing is done. The emphasis is not on time but doing thorough job.
“By next week we will meet with the big ones and we will then be able to tell you the audit firms that we have appointed. They are firms I am sure Nigerians will have confidence in.
“At the end of the audit we will hear them out and reconcile them with what the laws says and arrive at a position. Given the volume of work and complicated nature of issues, we agreed we need professionals to carry out the audit. It is only the professionals that can handle it. It is not good to compromise.”
First celebrity Limited Edition Smartphone in Sub Sahara Africa: Davido Special Edition of Infinix NOTE 8
Over the last few weeks, Infinix has floated its candy before the eyes of tech enthusiast intensifying their craving for the soon to be released device. Through several social media posts, Infinix has hinted on the imminent release of the NOTE 8 and we all can’t wait for the device to hit the shelves.
Although the proposed date for the launch in its initial teaser videos and banners have passed without
any launch, we have reasons to believe that the launch will take place sometimes this month.
However, here’s a more interesting news. Infinix is set to be the first smart phone company in sub Sahara Africa to launch a limited edition device with a celebrity. A special edition of the NOTE 8 will be released alongside the primal version of the NOTE 8 and the NOTE 8i. The special edition is signed by Infinix’s brand ambassador David Adeleke, popularly known as Davido.
The available stock for the special Davido-signed edition is limited. However, interested shoppers can
get one for themselves at exclusive SLOT outlets nationwide and on their website Here. Exciting free
gifts are also available if you’re among the lucky few to buy this device while stocks last.
The Infinix NOTE 8 is targeted at the mid-to-high-end market segment and it comes with several
interesting features. The device on-boards a super-fast processor – the MediaTek Helio G80
processor, which supports ultra-fast gaming speed, stable graphics in-game, easy multi-tasking as
well as an all-round optimal performance.
The device also sports six cameras in total. It comes with a dual selfie camera which is cut out from its
super-wide 6.95inches screen. On the back, the NOTE 8 crams a 64MP super night shot camera for
amazing night shot photographs and other photography needs.
Many of Infinix loyalists and smartphone enthusiasts are already clearing their carts and lining up in
preparation for the launch of the Infinix NOTE 8. Now that there’s a special Davido edition in sight, the
queue might just be doubling up.
To stay ahead of interested shoppers and ensure that you’re one of the first to get your hands on this
special edition of the NOTE 8, follow Infinix on Facebook, Twitter, and Instagram at @Infinixnigeria.
The potential for iGaming in Nigeria uncovered
There is a growing positivity surrounding the Nigerian iGaming industry. As the nation breathes a collective sigh of relief following the announcement of the African Continental Free Trade Agreement (AfCFTA), it’s hoped that many burgeoning industries such as the world of iGaming can be allowed to flourish and bring much-needed tax revenues to the country.
Many analysts within the iGaming industry believe Nigeria has the potential to become Africa’s iGaming hub. Its domestic market is already forecast to be worth $2 billion, due largely to sports betting and the fascination with Nigerian soccer stars overseas like Odion Ighalo at Manchester United. Meanwhile, the domestic penetration of smartphones is also recognised, with some 83% of the population now owning a mobile device.
Nigeria was also a major focal point during this year’s SBC Digital Summit Africa, which was understandably conducted virtually earlier this month. Ahead of the summit, experts enrolled in the event were asked to vote on which African country offered the best foundations for iGaming operators to thrive. Nigeria outperformed every other nation, with 31% of all votes labelling Nigeria as the country with the highest potential to make a real
success of its domestic iGaming sector.
Even South Africa, which has a well-established domestic iGaming market, ranked second with just 28% of the vote. Prospective Nigerian iGaming operators should certainly take a leaf out of the book of South African iGaming brands, many of which have cultivated a strong customer base through the use of incentives and sign-up bonuses. The vast majority of offers available at platforms like Casinos.co.za, direct gamers to the safest and most reputable
One of the main reasons that industry experts believe in Nigeria’s iGaming potential is that it already boasts an engaged target demographic. Many of its young adults are already betting on sports like soccer and boxing, and there is a feeling that introducing them to casino gaming verticals would not be too difficult a stretch. Marry that with a growing number of smartphone users, which is predicted to reach over 140 million people by 2025, and you can
see the potential for iGaming apps and web applications to provide immersive, secure gaming
on the go.
Presently, the country has three separate bodies responsible for licensing online betting activities – the Nigerian Investment Promotion Commission (NIPC), the Special Control Unit against Money Laundering (SCUML) and the National Office for Technology Acquisition and Promotion (NOTAP). At the time of writing, online betting at a domestic Nigerian site is strictly prohibited by law. Loopholes regarding offshore operators make it possible for
Nigerians to play elsewhere, but it seems somewhat short-sighted for the Nigerian government to steer clear of creating its own regulated, revenue-making iGaming industry.
In a nation of substantial population, supporters of developing a domestic iGaming industry in Nigeria believe that the most would be a positive step, creating new career opportunities for everyday people. This could be in customer support, game development or any other facet of an iGaming operator. All the while, generating tax revenues for the Nigerian government and helping to breathe new life into the domestic economy.
There is a general feeling that Nigeria’s gaming industries tend to follow the same path as South Africa’s. The SBC Digital Summit Africa revealed that there has been a “seismic shift” from sports betting markets to casino games in the last eight months, including live dealer tables, that’s according to Sean Coleman, CEO of the South Africa Bookmakers Association.
Live dealer games seemingly “appeal to millennials” across South Africa. Dean Finder, CEO of Evolution Services SA believes the fact that live dealer games are “not gender biased” is an opportunity to reach out to female players, which are an often “unserved market” across Africa.
For these trends to follow suit in Nigeria, operators will need to build further trust in their
games and regulatory measures to curry favour with the country’s legislature.
Femi Otedola Reacts To Lekki Tollgate Shooting
Nigerian businessman, Femi Otedola has finally reacted to the shooting that took place at Lekki Tollgate, Lagos on Tuesday.
Information Nigeria recalls men dressed in military wears opened fire on unarmed #EndSARS protesters, who convened at the area.
Otedola took to his Instagram page on Sunday to commiserate with the families of those who lost their lives in the unfortunate incident.
Sharing a photo of the Nigerian flag, he wrote;
“The horrors that have been unfolding in our country have left me filled with sadness. I deeply commiserate with those who have lost their loved ones and as a father, I share the sentiment of my three daughters who protested in Lagos and London. As a young boy of 16, I participated in the ‘Ali Must Go Protest’ of 1978, so I understand the determination of our youths who rightly want our country to be better. We must all do our part to make Nigeria great! I will continue to do my own quota in providing for those who are most in need of support in our country in these tough times .…F.Ote💲”
See his post below:
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