financial News

The federal government said it has released a total of N336billion from the 2017 budget to federal ministries, departments and agencies (MDAs) for funding of capital projects in the first quarter of 2017. “The balance of N14billion is being processed, pending resolution of some formalities within the agencies concerned,” deputy director of information in the ministry of finance, Patricia Deworitshe, said in a statement yesterday. Power, works and housing received the largest allocation of N90 billion, followed by defence and security which got N71 billion, while transport got N30 billion. Furthermore, agriculture received N30 billion and water resources got N12…
For seven times, the Akwa Ibom State Government has blocked the Economic and Financial Crimes Commission (EFCC) from investigating former Governor Godswill Akpabio. The Minority Leader of the Senate is under probe for alleged diversion of public funds and corrupt practices reported to the EFCC through several petitions by Leo Ekpenyong, a lawyer. He is expected to be quizzed on how N108.1 billion state funds were allegedly to have been diverted. Akpabio was also alleged to have in 2013 paid N566, 883, 728.66, N441, 808,081.90 and N392, 631,943.37 as gifts to a new generation bank. The investigation is being handled…
The Economic and Financial Crimes Commission (EFCC) has commended recent move by the judiciary to prioritise corruption and financial crime cases brought before it. The commendation is in a statement by Spokesman of the EFCC, Mr Wilson Uwujaren in Abuja on Wednesday. Uwujaren quoted the commission’s Acting Chairman, Mr Ibrahim Magu, as saying the development was right step in the right direction. The Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, announced the initiative at the opening of the 2017/2018 Legal Year in Abuja on Monday. Onnoghen directed all heads of courts to compile and farward comprehensive lists of corruption…
Kano State Government, said on Wednesday it has uncovered a salary fraud amounting to N12.7 million in two parastatals in the state. A statement by Malam Mustapha Fagge, the Public Relations Officer, office of the state Head of Service, said the fraud was uncovered in the State Hospital Management Board and Senior Secondary Schools Management Board. According to the statement, the discovery followed an investigation ordered by the Head of Civil Service, Alhaji Muhammad Na’iya. “As a result of the investigation, a case of alleged connivance involving some Computer Centre staff and two others on posting from the office of…
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