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EFCC presents N76.586 billion budget to House of Reps
The Economic and Financial Crimes Commission, EFCC, presented a budget of N76.586 billion (Seventy-Six Billion, Five Hundred and Eighty-Six Million Naira) for 2024 to the House of Representatives’ Committee on Financial Crimes on Tuesday.
According to a release by Dele Oyewale, the commission’s Head of Media and publicity, the proposed budget reflects a 53.48% increase over the Commission’s 2023 appropriation of N49.901 billion (Forty-Nine Billion, Nine Hundred and One Million Naira). In the budget estimate, a total of N37.074 billion (Thirty-Seven Billion, Seventy-Four Million Naira) was proposed as personnel cost, N14.513 billion (Fourteen Billion, Five Hundred and Thirteen Million Naira) as overhead cost, and N25.000 billion (Twenty-Five Billion Naira) as capital cost.
Presenting the budget to the House of Representatives Committee on Financial Crimes, the Executive Chairman of the EFCC, Ola Olukoyede, stated that the 2024 proposed estimate of N76.486 billion represented a significant increase over 2023’s N49.901 billion budget, owing to additional funds needed for overhead, personnel, and capital costs.
“This increase is solely attributable to the rise in personnel cost from N36.834 billion to N37.074 billion in 2024, overhead cost from N10.535 billion to 14.513 billion in 2024, and capital cost from N2.531 billion to N25.000 billion in 2024,” he said.
Commenting on the 2023 budget performance, Olukoyede explained that the sum of N36.835 billion was appropriated as the Commission’s personnel cost for the year. “Out of this figure, the sum of N28.452 billion representing 77% has been released for the payment of salary and allowances of staff on the Commission’s payroll between January and November 2023. Additionally, the sum of N7.024 billion representing 67% of the N10.535 billion appropriated for the Commission’s overhead cost in 2023 has so far been released.”
The EFCC Chairman further stated that the Commission’s request for additional funds for overhead is due to the high cost of air travel tickets, motor vehicle fuel costs, diesel costs, and the high cost of maintenance of buildings, operational vehicles, and office equipment in the headquarters and fourteen Zonal Commands.
He appreciated the Committee’s support for the Commission in the discharge of its duties and the successes it is achieving in the fight against economic and financial crimes and other acts of corruption.
Responding, Chairman of the House Committee on Financial Crimes, Ginger Obinna, stated that financial crimes pose a significant threat to the stability and progress of any economy. “In recent years, our nation has witnessed a surge in sophisticated financial crimes that demand our immediate attention and robust defense mechanisms. From money laundering to cybercrimes, the challenges are multifaceted and ever-evolving. We must stay ahead of these threats, adapt our strategies, and equip ourselves adequately to counteract the forces that seek to undermine our economic well-being and that of our nation.”
He stated that the budget’s defense and discussions on issues related to it were a reflection of the Committee’s commitment to creating an environment where citizens can trust the financial institutions that drive the economy and empower the EFCC to carry out its vital duty. “It is a pledge to provide the necessary resources to empower the Economic and Financial Crimes Commission to carry out its vital mission effectively,” he said.
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NNPCL Refutes Shutdown Claims: Port Harcourt Refinery Fully Operational
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports suggesting that the recently resuscitated old Port Harcourt refinery has been shut down, labeling such claims as baseless and misleading.
In a statement issued in Abuja on Saturday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, clarified that the refinery, with a capacity of 60,000 barrels per day, is “fully operational.”
The facility resumed operations two months ago after years of inactivity.
“We wish to clarify that such reports are totally false, as the refinery is fully operational, as verified a few days ago by former Group Managing Directors of NNPC,” Soneye said.
He added that preparations for the day’s loading operation are currently underway, emphasizing that the public should disregard the claims.
“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip off Nigerians,” Soneye stated.
The old Port Harcourt refinery is part of the country’s efforts to revive its local refining capacity. Three years ago, the Federal Government approved $1.5 billion to rehabilitate the plant, which was initially shut down in 2019 due to operational challenges.
Despite being one of the largest oil producers globally, Nigeria has long relied on fuel imports to meet its domestic needs, swapping crude oil for petrol and other refined products. This dependency, coupled with government subsidies, has strained the nation’s foreign exchange reserves.
The recent return of the Port Harcourt refinery to operation follows the commissioning of the Dangote refinery, which began petrol production in September 2024. These developments are expected to reduce Nigeria’s reliance on imports and address long-standing issues in the petroleum sector.
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Bank Robberies Now History in Lagos Since 2014 – IGP
The Inspector General of Police, Kayode Egbetokun, has declared that the era of armed and bank robberies in Lagos State is a thing of the past, attributing the success to the collaborative efforts between the police and the state government.
Egbetokun made this statement on Thursday during the 18th Annual Town Hall Meeting on Security organized by the Lagos State Security Trust Fund (LSSTF). He noted that since 2007, only one bank robbery had been successfully executed in the state, which occurred in 2014.
“There was a time when armed robbery and bank robbery were common in Lagos. However, I can confidently say that since 2007, only one bank robbery succeeded, and that was as far back as 2014. The days of armed robbery and bank robbery are gone,” he said.
The IGP commended the Lagos State Government for its consistent support, emphasizing the critical role it has played in maintaining security in the bustling economic hub of the nation. He highlighted the challenges posed by the state’s continuous internal migration, with thousands of people moving into Lagos daily, creating additional security demands.
“What we are doing here today is the usual assistance the state government has been giving to the police. Without this, we would have been overwhelmed with insecurity in Lagos State,” Egbetokun added.
At the event, Governor Babajide Sanwo-Olu further demonstrated his administration’s commitment to security by donating over 250 brand-new patrol vehicles, along with hardware, communication gadgets, and protective gear to the police.
In his address, Sanwo-Olu outlined the government’s efforts to scale up the use of technology and data for improved security and traffic monitoring. He revealed plans to deploy drone technology for surveillance of waterways and densely populated areas.
“The EGIS component of our mapping and digitalization has almost been completed. Lagos is now properly mapped, and drone technology will be deployed to enhance monitoring, crowd management, and traffic assessment. This will ensure real-time responses to incidents,” the governor explained.
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Chad Terminates Military Partnership with France
Chad announced Thursday that it was ending military cooperation with former colonial power France, just hours after a visit by French Foreign Minister Jean-Noel Barrot.
“The government of the Republic of Chad informs national and international opinion of its decision to end the accord in the field of defence signed with the French Republic,” foreign minister Abderaman Koulamallah said in a statement on Facebook.
Chad is a key link in France’s military presence in Africa, constituting Paris’s last foothold in the Sahel after the forced withdrawal of its troops from Mali, Burkina Faso and Niger.
“This is not a break with France like Niger or elsewhere,” Koulamallah, whose country still hosts around a thousand French troops, told AFP.
At a press briefing after a meeting between President Mahamat Idriss Deby and Barrot, Koulamallah called France “an essential partner” but added it “must now also consider that Chad has grown up, matured and is a sovereign state that is very jealous of its sovereignty”.
Barrot, who arrived in Ethiopia on Thursday evening, could not immediately be reached for comment.
– ‘Historic turning point’-
Chad is the last Sahel country to host French troops.
It has been led by Deby since 2021, when his father Idriss Deby Itno was killed by rebels after 30 years in power.
The elder Deby frequently relied on French military support to fend off rebel offensives, including in 2008 and 2019.
It borders the Central African Republic, Sudan, Libya and Niger, all of which host Russian paramilitary forces from the Wagner group.
Deby has sought closer ties with Moscow in recent months, but talks to strengthen economic cooperation with Russia have yet to bear concrete results.
Koulamallah called the decision to end military cooperation a “historic turning point”, adding it was made after “in-depth analysis”.
“Chad, in accordance with the provisions of the agreement, undertakes to respect the terms laid down for its termination, including the notice period”, he said in the statement, which did not give a date for the withdrawal of French troops.
The announcement comes just days after Senegal’s President Bassirou Diomaye Faye indicated in an interview with AFP that France should close its military bases in that country.
“Senegal is an independent country, it is a sovereign country and sovereignty does not accept the presence of military bases in a sovereign country,” Faye told AFP on Thursday.
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