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Kwara assets: Panel recommends Saraki’s trial

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A committee set up to probe the sale of Kwara State assets has recommended the prosecution of former Governors Bukola Saraki and Abdulfatah Ahmed, as well as other former government officials.

This is contained in its recommendations to Governor AbdulRahman AbdulRazaq.

The committee’s white paper accused the ex-governors and other government officials of economic sabotage against the state for allegedly selling public assets to their cronies at giveaway prices.

But Saraki described the claims as incoherent, fallacious and salacious.

“It just shows how low governance has become in Kwara State,” he said in his reaction to the recommendations.

Chairman of the White Paper Panel on the unlawful sales of government’s properties from May 29, 1999 to May 29, 2019, Hussein Buhari, who spoke while submitting the report to the governor, said the panel’s findings unearthed mind-boggling misconducts against the government officials.

The lawyer said only diligent prosecution, possible jail terms and recovery of many of the properties could atone for the “official connivances” of the pilferage.

He said the former governors and many of their aides have questions to answer on how public properties and shares were sold under questionable circumstances, including on the eve of their exits from public offices.

READ  Kwara Gov, AbdulRazaq wins re-election

Buhari said none of the officials honoured the invitations sent to them to clear the air on the deals, adding that the government should prosecute them to ensure justice.

He said: “There are so many rots perpetrated by the past governments, especially in the 16 years before 2019.

“For instance, the rots on Shonga Farms, Satellite Motel, and our properties in Kaduna, Abuja and Lagos were simply inconceivable. They were all sold to themselves at giveaway prices. We saw criminal conspiracies. In fact, Kwara State is now heavily indebted to some people because the past governments mismanaged our properties.

“I just wish Governor AbdulRahman AbdulRazaq will have the courage and political will to implement the report so that everybody found wanting will be brought to book. And the Electoral Act is very clear that anybody who is found guilty of mismanagement of resources be banned for 10 years from holding political office. We wish the government will accept our recommendations and set up an implementation committee.

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“There are so many instances where those in government before used their positions to acquire government properties in questionable circumstances. For instance, the High Court Complex in Tanke, Ilorin. They removed all the steel and allocated the land to themselves. They built hotels and eateries on government properties. All our houses in Kaduna have been sold. Today, apart from our liaison office, we do not have anything in Kaduna.

“Government should take them to court and prosecute them for economic sabotage. If found guilty, the government should ban them from holding political offices for 10 years,” Buhari said.

The chairman said the panel also uncovered several misdeeds by the past government officials and urged the governor to sanction them.

The governor said his administration had noted the recommendations and would take appropriate action.

But Saraki, in a statement by the Press Officer for Local Matters in his media office, Abdulqadir Abdulganiy, said: “It is clear that the so-called investigation being conducted is not about finding facts. It is about throwing mud and staining the predecessor of AbdulRahman AbdulRazaq in office.

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“It should be noted that both Senator Saraki and Alhaji Ahmed will never be shy of giving account of how they managed the assets of Kwara State. In fact, both men took decisions concerning those assets in a manner that will enhance their value and stimulate economic activities in the state, which was hitherto referred to as a civil service state.

“It is also noteworthy that AbdulRazaq’s administration has failed woefully to attract any investment in its two-years in office and has rather resorted to making false claims about how BUA Investments came to Lafiagi. This is an investment that was attracted to the state by both the Saraki and Ahmed administrations.

“It is another one of the tactics of Abdulrazaq to divert the attention of the people from his non-performance and lack of tangible projects that can be showcased during the second anniversary of his administration, which is about 48 hours away.”

 

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‘It’s false, mischievous’ — EFCC denies releasing list of ex-governors under probe for corruption

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The Economic and Financial Crimes Commission (EFCC), on Sunday, denied the report that it released a list of ex-governors being investigated for alleged corruption.

In a statement by Dele Oyewale, EFCC’s head of media and publicity, the agency described the report as “false and mischievous”.

Citing a report titled “EFCC Releases Full List of 58 Ex- Governors that Embezzled N2.187 Trillion”, the anti-graft agency said the commission neither issued the said list nor entertained discussions on investigation of ex-governors with any news medium.

 

“This invariably means that the so-called list is a disingenuous fabrication designed to achieve motives known only to the authors,” the statement reads.

 

“The public is enjoined to ignore the report as it is false and misleading.

“The media is advised to endeavour to crosscheck facts pertaining to matters under investigation with the Commission to avoid misleading the public with false and inaccurate reports.”

READ  Kwara reduces workdays to thrice a week for public servants
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Good Morning! Here Are Some Major News Headlines In The Newspapers For Today: Archbishop, wife, son, three other clergymen kidnapped in Abia

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1. Archbishop Uka Uka Osim of the Brotherhood of the Cross and Star, his wife, Anne Osim and son, Roland Uka Osim, have been kidnapped. They and three other clergymen of Brotherhood of the Cross and Star, were abducted in Abia State on May 1, 2024.

 

2. The Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar, on Saturday, urged prayers by Nigerians for the country and its leaders to be able to overcome the problems confronting the country. He said the current socio-political problems in the country were not peculiar to Nigeria and would be overcome with prayers and support of the generality of the people.

 

3. Gunmen have killed Malam Kabiru Mohammed, the village head of Marke in Dandamisa Ward, Makarfi Local Government Area of Kaduna State. It was gathered that the gunmen, suspected to be hired killers, entered the residence of the victim at about 12:30 am on Thursday and sent everyone out of the compound.

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4. DStv and GOtv customers in Nigeria have been notified to expect disruption in service from Sunday, May 5, to Tuesday, May 7, due to the ongoing construction project on the Lagos-Calabar Coastal Highway. In a notice shared on social media on Friday, DStv assured customers that its technical team will be working to relocate its facility and minimise service disruptions during the process.

5. A woman, her toddler and a motorcyclist popularly known as Okada rider were reportedly involved in a car accident on the Festac Link Bridge in the Ammuo Odofin Local Government Area of Lagos State on Saturday night. It was gathered that the incident occurred at about 11:00pm. The victims were unconscious when they were rushed to the hospital.

 

6. Gunmen suspected to be bandits have reportedly killed three villagers in the Ogbaulu community of Agatu Local Government Area of Benúe State. A local who disclosed this on Saturday said that the victims were working on their separate farms on Friday afternoon when the bandits attacked them.

READ  Kwara Gov, AbdulRazaq wins re-election

 

7. Organised Labour, weekend, fired back at state governors, warning them against inflammatory utterances that could set the nation’s industrial space on fire over the new national minimum wage. It faulted the statement credited to the governors through the Nigerian Governors’ Forum, NGF, that they were working on what individual states could sustainably pay

 

8. Abia State Governor, Dr. Alex Otti, has said that a “real” airport would soon be built in the state to ease the movement of goods and services. Otti who disclosed this while receiving the Deputy Speaker, House of Representatives, Hon Benjamin Kalu, in his country home, said he had already held a meeting with the Minister of Aviation in this regard.

 

9. The National Secretary of the All Progressives Congress, APC, Dr. Ajibola Basiru, has accused the presidential candidate of the New Nigeria People’s Party, NNPP, Rabiu Kwankwaso of fuelling the purported call for the removal of the National Chairman of APC, Abdullahi Ganduje. Basiru said the call for the removal is a ‘mere circus’ orchestrated by Kwankwaso and his ‘dying’ party, NNPP.

READ  EFCC quizzes Saraki over N26b contracts

 

10. The lawmaker representing Abakaliki North Constituency in Ebonyi State House of Assembly, Hon Victor Nwoke has dumped the Peoples Democratic Party, PDP, for the All Progressives Congress, APC. The lawmaker joined APC with his supporters. He said the intractable crises in PDP forced him out of the party.

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Fitch upgrades Nigeria’s credit outlook to positive, cites economic reforms

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Fitch, a global rating agency, has reviewed Nigeria’s outlook to positive from stable.

A credit rating is a measure of how likely a company or government entity can pay back its debts, based on an independent assessment of its financial health.

Fitch, in a statement on May 3, said the positive outlook partly reflects reforms implemented over the past year to support the restoration of macroeconomic stability and enhance policy coherence and credibility.

 

“Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria (CBN) improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production,” Fitch said.

 

Fitch said the reforms have lessened distortions stemming from previous “unconventional monetary and exchange rate policies,” leading to the return of sizeable inflows to the official foreign exchange (FX) market.

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“Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested,” the credit agency said.

“The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year’s unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed.

 

“Average daily FX turnover at the official FX window has risen sharply from 2H23, and there has been clearance of USD4.5 billion of the backlog of unpaid FX forwards (the validity of the outstanding USD2.2 billion is being assessed by CBN), and weekly sales of FC to bureaux de changes (BDCs) have resumed (having been suspended since 2021).”

‘RETURN OF SIZEABLE NON-RESIDENT INFLOWS’

Fitch said increased formalisation of FX activity and monetary policy tightening has contributed to a notable rise in foreign portfolio investment inflows and a fast appreciation of the naira at the official FX window.

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According to the company, this followed the 71 percent “post-liberalisation depreciation between June 2023 and mid-March 2024”.

 

However, the credit rating agency said the exchange rate remains volatile.

Fitch said the continued lack of clarity on the size of net FX reserves is a constraint on Nigeria’s sovereign’s credit profile.

‘FURTHER MONETARY POLICY TIGHTENING ANTICIPATED’

In March, the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent.

 

Fitch said it expects further increases in the CBN monetary policy rate in the second half of 2024 and “strengthening of monetary policy transmission, after the recent resumption of open market operations at rates closely aligned to the MPR”.

“We project inflation, which rose to 33.2% yoy in March due partly to exchange rate pass-through and rising food prices, to average 26.3% in 2024 and 18.2% in 2025, still well above our projected ‘B’ median of 4.5%,” Fitch said.

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In December 2023, Moody’s, a US-based rating agency, also revised its outlook for Nigeria from stable to positive.

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