News
Alleged embezzlement: Fashola finally replies Dino Melaye
The Minister of Power, Works and Housing, Babatunde Fashola, has condemned what he described as ‘unverified allegations’ raised by a senator against his ministry.
Dino Melaye, the senator representing Kogi West, had accused the ministry of mismanaging funds to the tune of $35 million and another attempt to break away with $350 million Eurobond.
Reacting to the allegations, the minister in a statement personally signed on Thursday, said he would cooperate with the Senate as he and his staff has done nothing wrong in management of the said fund.
“With all emphasis, I state that there is no factual basis for the allegations,” he said.
“The ministry, my staff and I have done nothing wrong and we will collaborate fully with the investigating committee when called upon,” he added.
He alleged an ulterior motive in the presentation of the allegations, as the senator made different allegations while raising it as a petition, and later as a motion.
“The Nigeria Sovereign Investment Authority (NSIA) had on Monday, 6th November 2017 issued a statement on the front page of The Nation Newspaper explaining that the money was not missing, stating also that the $350 million had been invested and that interest had even accrued on the money.
“If there was no ulterior motive for the allegation, this was enough reason for a reconsideration of the presentation of the motion on the floor of the Senate on the 8th of November 2017.
“But the story seemed to have changed from “missing money” last week, to a “desperate attempt to retrieve the money “, this week.”
“They offered to do this by providing Nigeria with mobile turbines of 600MW if we could find a location with Gas and Transmission evacuation infrastructure. The Afam Power Station fitted because it had transmission and evacuation facilities but all its turbines had been virtually run down.
“The investment was contingent on paying $27,990,000 million which was 15% of 8 (eight) units of 30MW turbines each totalling 240MW valued at about $186,600,000:00.
“This payment of $27.9m was made without breaching any law.
“At this moment, the turbines have arrived Nigeria and currently at the Onne Port. This is verifiable just as works are on going on the site – civil and engineering – preparing to receive the turbines , and install other equipment already at site.”
Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.
In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.
“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.
He added, “I wish you many more years of God’s grace in your life.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
-
Opinion4 days agoTinubu’s Naira Miracle: Abracadabra or Economic Wizardry? | By Adeniyi Olowofela
-
Politics4 days ago
Why Oyo State cannot afford another 3 years of Makinde’s mismanagement of council funds
-
Politics1 week ago
APC Urges Fairness in Oyo LG Election
-
Politics5 days ago
Oyo LG Poll: APC Chairmanship candidate, Omotoso promises purposeful leadership
