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THE Central Bank of Nigeria (CBN) has told the House of Representatives that it opened two domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) following a directive from the Office of the Accountant-General of the Federation (OAGF), contradicting earlier claims that no operational accounts existed. The apex bank, however, clarified that although […]
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THE Auditor-Generation of the Federal (AGF) has accused the Independent National Electoral Commission (INEC) under Prof Mahmood Yakubu of awarding contracts worth N41.3 billion without due process, alleging that the contracts were illegally awarded to importers, oil and gas companies and civil engineering firms. According to the 2022 AGF Report seen by Economy Post on […]
A NIGERIAN government agency kept public funds in staff’s private bank accounts, thereby violating Paragraph 713 of the 2009 Financial Regulations. It is very common for government officials to keep public funds in their own personal accounts. However, it runs foul of the law and can even send culprits to jail. This explains what the […]
.EFCC holds Malami’s passport as investigation deepens The Economic and Financial Crimes Commission (EFCC) has seized the international passport of former Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, as part of an ongoing investigation into the management of millions of dollars recovered from the Abacha loot. Malami, who was interrogated for […]
The Office of the Auditor-General of the Federation has accused the management of the National Insurance Commission (NAICOM) of deliberately understating revenue to the tune of N4.047 billion, while also making questionable payment for vehicles. According to the AGF’s 2022 report seen by Economy Post, NAICOM reported N9.241 billion as revenue in 2022 on its […]
THE Federal Capital Territory (FCT) Police Command booked 42 AK-47 rifles and pistols as well as 737 live ammunition in 2 years, but it neither returned nor re-booked them, according to the Auditor-General of the Federation (AGF). The AGF said police personnel under the command booked live ammunition and firearms from the FCT CID between […]
THE National Assembly Service Commission inflated a contract worth N11.647 billion and paid a contractor without approval, according to the 2022 Auditor-General of the Federation Report. The report said N11.647 billion was paid to a construction company on August 11, 2020, for the construction of the National Assembly Service Commission within 24 months, but contract […]
THE Auditor-General of the Federation (AGF) has accused the National Pension Commission (PenCom) of paying N7.261 billion to 2,863 unidentified beneficiaries of deceased Federal Government employees in 2022 through different Pension Fund Administrators (PFAs). This was disclosed in the 2022 Auditor-General of the Federation Report seen by Economy Post, which also alleged that the data of […]
THE Economic Community of West African Court (ECOWAS) Court says in a recent writ of execution addressed to the Nigerian government that blasphemy law and other similar laws stand abolished throughout Nigeria, not just in Kano State. In a writ signed by Chief Registrar of the Community Court of Justice, ECOWAS, Dr Yaouza Ouro-Sama, the […]