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Senate Gives CBN Governor 72 Hours Ultimatum To Appear Before Them

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The Governor of Central Bank of Nigeria, CBN, Godwin Emefiele has been given an ultimatum of seventy- two hours to appear before the Senate over the alleged missing of $9.5m interest accrued from Petroleum Profit Tax (PPT) investment.

Vanguard reports that the summon is the sequel to the consideration of a report by the Auditor-General for the Federation, which probed the spendings of federal government agencies.

According to Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South led Senate Committee on Public Accounts, the principal sums deposited, the tenor, and rate of interest were shrouded in secrecy.

The Chairman of the Senate Committee on Public Accounts, Senator Urhoghide who noted that there are many issues the CBN Governor needs to respond to corroborate some statements of account, said that Apex Bank Governor has till Thursday this week to appear to address those issues before the Committee.

Petroleum profit tax (PPT) is a tax applicable to upstream operations in the oil industry.

It is particularly related to rents, royalties, margins, and profit-sharing elements associated with oil mining, prospecting, and exploration leases.

It would be recalled that the committee had two weeks ago summoned the officials of the apex bank over the alleged disappearance of the fund.

The Apex Bank however failed to appear before the Senators.

The report read, “During the examination of transfers to Foreign Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totaling $6 million and $3.5 million were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds investments.

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“The authority for placing the funds which yielded the above interests totaling $9.5 million in a deposit account, the principal sums deposited, the tenor and rate of interest were not made available for audit verification.

“This observation had also been a subject of my reports since 2017 without any positive response from Central Bank of Nigeria.

“Records made available for audit further revealed that the balance in the foreign PPT/Royaltt and Foreign Excess Crude accounts as of 28th December 2016 were USD0.00 and USD251,826 respectively.

“This suggests the foreign PPT/Royalthy was depleted before the year-end.

“The Accountant General has been requested to provide the authority for the funds invested, the tenor of the investment, rate unrest payable, certificate for the funds invested and forward same for audit verification.”

Source: The Vanguard

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Ojogwu Godwin Chukwudi hailed from Delta State. A young talented personality, Alumnus of Delta State university,Abraka Studied Library and information science. He is an intellectual cyber communicator expert and a prolific blogger professional.

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JUST IN: Son Of Chad President, Named Interim Head Of State

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General Mahamat Kaka, the son of the deceased Chadian president, Idriss Deby has been named the interim Head of the State of the country.

Army Spokesman, General Azem Bermandoa Agouna announced this minutes after the death of Idriss Deby.

General Azem had earlier confirmed that the late President of Chad “has just breathed his last defending the sovereign nation on the battlefield”.

Deby won his sixth term in provisional election results released on Monday.

The late President was shot dead at the war front while confronting some rebels.

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READ ALSO:  We Have Deployed Ebubeagu, Other Security Personnel To Troubled Areas - Gov. Umahi
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Chad President Shot Dead

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Chad President, Idriss Deby is dead.

Deby rmdied on Tuesday from injuries he sustained at the war front against some rebels.

He had led a brigade against rebels in the North of the country.

His death is coming after he won his re-election for a 6th term.

Army spokesman, General Azem Bermandoa Agouna confirmed his death on Tuesday.

A statement he read on state television said Deby “has just breathed his last defending the sovereign nation on the battlefield”.

Deby, 68, won a sixth term in provisional election results released on Monday.

The late President postponed his victory speech and went to visit Chadian soldiers in the war front.

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READ ALSO:  CBN Is Maintaining Its Stand On Banning Cryptocurrency Says It Is Used For Financing Terrorism , Money Laundering - CBN Governor, Godwin Emefiele Tells Senate
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Why I Am Shocked And Saddened Over Killing In Chad – President Buhari

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President Muhammadu Buhari has revealed that he is shocked and saddened in the wake of the ethnic clashes in the South Eastern Region of Salamat, Chad that claimed several lives.

Recall that ethnic tension in the central African country of Chad left at least 55 people dead and more than 40 injured as three villages were burned to the ground.

The clashes in the south-eastern region of Salamat erupted between different ethnic groups on Wednesday night in the villages around the provincial capital of Am Timan, according to Salamat governor Abel Yamabaye Massira.

However, Buhari extended heartfelt condolences to President Idriss Deby Itno of Chad over the incident.

“I am shocked and saddened by the incident that shattered decades of relative peace and stability in Chad,” Buhari said.

He added that “ethnic and tribal clashes is a threat to African unity and stability and Nigeria joins the rest of Africa to deplore the latest eruption of violence in Chad.”

The president underscored the need for African leaders and people to manage their diversity with tolerance and understanding.

He noted that “a threat to stability in one part of Africa is a threat to the rest of us.”

According to Buhari “given Africa’s economic and social challenges, we cannot afford mutual destruction that makes our challenges more complicated.”

Meanwhile, President Buhari also commiserates with President Abdel Fattah al-Sisi, the government and people of Egypt over the train accident in Northern Cairo that killed dozens of people and injured 98 others.

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