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Reps investigates  25 Insurance Coys on alleged Financial Infractions

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House of Representatives in Session

 

By Our Correspondent

Disturbed by the level of corruption in the nation’s financial institutions, the House of Representatives has vowed to investigate some identified companies with a view to bring them to book.

Chairman of the House of Representatives Sub-Committee on Capital Market and Institutions, Hon. Laori Kwamoti has disclosed that twenty-five insurance companies are being investigated for allegations of financial Infractions.

Hon Kwamoti who made  thisrevelation on Monday  during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja.

According to him, the Committee scheduled the meeting based on petition based on infractions by the insurance companies which has led to the Nigerian government losing significant revenue from the companies.

The lawmaker further stated that the companies were invited to agree or debunk those liabilities.

“This Committee is saddled with the responsibility of a petition based on infractions from these insurance companies in respect of the operations and non compliance with certain statutory provisions.

“And of course, those infractions has resulted into federal government losing hundreds of billions of revenue from these insurance companies. That is why they are being invited and each of them have been served and given the extent of their liability and for them to come in and agree or debunk those liabilities.

“That is the essence of all these things we are doing here to ensure that what is due to the federal government comes to it through the operations of these private entities”. Kwamoti said.

He said that it is the duty of the National Assembly to track revenue that should accrue to the federal government.

He said that the companies are expected to investigate and put a stop to revenue leakages.

He noted that the companies are expected to appear before the Committees to explain their financial standings, whether they have paid or not.

He however lamented that some of the companies ran to court prevent the siting of the committee.

“Some of the companies ran to court and have served the House with court process. It’s for us and the House to sit down and look at the process.

“If it in no way goes to the basis of what we are doing here, we would definitely proceed but if it does, then we have to await for the decision of the court in respect of that,” he said.

He pointed out that heading for the court would be an attempt by the companies to “throw a spanner into the works of the National Assembly”.

He said that the Committee would continue to insist that Chief Operating Officers of the companies appear before the Committees rather than sending unqualified representatives.

“We have insisted that the Chief Operating Officers appear in persons so that they can answer some of the questions. Like you can see, one of the COOs sent somebody that could not answer any of those allegations that are before the committee, that is not good.

That is why the Committee still makes the order that only the COOs will appear in person, so, that they can come and answer for these allegations that are against them,” he said.

He noted that it is the same people that will complain that the National Assembly is not doing it’s job.

Kwamoti indicted the National Insurance Commission for not doing their job.

“NICON, of course has a supervisory role in respect of that and I’m not holding brief for them. But, I think if they are doing their job, we will not be here talking about this. So, I expect them to sit up.

“It’s because there are certain lapses somewhere, that is why today we are doing what we are doing here in terms of investigation,” he added

A total of seventeen of the companies who went to court, sent their attorney, Mr. Abimbola Kayode to represent them at the hearing.

END

Business & Economy

Slaboh Lauds NCDMB For Skill Aquisition of Ex – Agitators, – Participants Extol Leadership Style of National Chairman Third phase,PAP

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Beneficiaries of the skill aquisition training on digital analysis and marketing

 

By David Owei,Bayelsa

The National Chairman of the Third phase Ex- Agitators of the presidential Amnesty program, PAP, General Elaye Dollar Slaboh had given kudos to the Management of the Nigerian Content and Monitoring Board ( NCDMB ) for the privilege it gave by selecting sixteen delegates to participate in the five day youth empowerment on high selling self reliance skill digital marketing and data analysis program organized for Niger Delta Youths, just as he pleaded for more of such programs for it’s members which he has been advocating as such trainings will go along way to augument their monthly stipends.

The initiative was held in collaboration with the leadership of the PAP under General Elaye Dollar Slaboh,which has equipped participants with valuable skills to navigate today’s digital economy.

An elated Slaboh, stated this while welcoming the beneficiaries to his office, at Azikoro and commended them for being worthy ambassadors that conducted themselves orderly without misbehaving and for their exemplary conduct throughout the duration of the training and urged them to put to use the knowledge they received.

According to him, during several engagements with corporate bodies he had always agitated for for the training and retraining of the ex – Agitators under his leadership and applauded NCDMB and called on other corporate bodies to emulate NCDMB in providing opportunities for Niger Delta Youths to enable them become self reliance and shun youth restiveness for peace to reign and attract investors to the region.

He appealed to those not selected to be patient as they would be opportune in subsequent training programs which his leadership assured them to provide whenever the opportunity beckons and also warned them against selling their starter pack ( laptobs)

” To those not selected , be patient, as there are other trainings in the offing , as everyone can’t benefit at the same time”

Am proud to say members represented us very well as there was no negative reports of misbehaviour and misconduct about you throughout the five day training”

Speaking in their separate interviews, the participants who were randomly selected by the National Chairman, third phase , presidential Amnesty program, General Elaye Dollar Slaboh, had applauded and commended his leadership style for considering them worthy to be Beneficiaries of the skill aquisition training on digital analysis and marketing .

According to Alex Gift, he said he felt excited and considered it a rare privilege to be randomly selected by the national Chairman , Third phase of PAP , General Elaye Dollar Slaboh and prayed to God to continue to enlarge his coast, saying the knowledge he received about digital marketing and data analysis will equip him to advance the ever changing digital economy.

And being , gender friendly, Miss Stella said the training and knowledge was impactful and has increased her horizon on digital marketing and data analysis.

” With this training am now opportune by the exposure that my products can now be marketed globally instead of within the Niger Delta region ”
She poured Ecomiums on General Elaye Dollar Slaboh, for giving her this rare opportunity and wished him well in his current leadership position.

Also speaking , another participant who was overwhelmed by the opportunity given to him to participate in the program, Sammy Vincent, said he was very happy for being selected for the NCDMB five day skill aquisition programe on digital and data analysis for the opportunity impacted in him on the knowledge about graphic design and the gift of laptobs.

From Tonbara. W. Bai” Am so elated and lacked words to thank the National Chairman Third phase of PAP, General Elaye Dollar Slaboh and may God to bless and enlarge his coast”

He said he will not take this opportunity for granted and applauded the NCDMB management for it’s efforts in empowerment of Niger Delta Youths in the region.

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Business & Economy

Senate Approves Tinubu’s $21.5bn External Borrowing Plan

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Senate in session in the chamber

 

By George Mgbeleke

The Senate, on Tuesday approved an external borrowing plan of $21.5 billion for the 2025–2026 Medium Term Expenditure Framework (MTEF) designed to finance key projects in critical sectors including infrastructure, security, education, health, agriculture, and human capital development.

The Red chamber also approved a ¥15 billion Japanese loan, a €65 million grant, and additional domestic borrowing of ₦757 billion through federal bonds to offset pension arrears as of December 2023.The lawmakers further gave approval to an exec request to raise up to $2 billion through foreign-currency denominated instruments in the domestic market.

These approvals, which came on Tuesday, followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC-Sokoto), at plenary. Wamakko said the loan request was in line with the already approved Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025/2026 budget cycle. According to him, him, the committee recommended the approval, as the borrowing plan is within the framework already passed by the National Assembly.

Chairman, Senate Committee on Appropriation, Senator Solomon Adeola (APC-Ogun) while supporting the motion srated that the loans were embedded in the 2025 Appropriation Act, adding that with the approval, all revenue sources, including loans, were now in place to fund the budget.
Similarly. Chairman Senate Committee on Finance, Senator Sani Musa (APC-Niger) stressed that the loans would be disbursed over six years and assured that Nigeria was in a good position to utilise the loan and pay back as agreed with the creditors. Musa ruled out the fears in some quarters that Nigeria’s debt profile was becoming too burdensome, stressing that Nigeria had never defaulted on any of its liabilities.
However, Senator Abdul Ningi (PDP-Bauchi) raised concerns over the absence of repayment details and how the loans would directly impact constituents.
“We must tell Nigerians exactly how much is borrowed in their name and for what purpose,” Ningi said.
inclusiveness.

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Business & Economy

N- Power : Senate Intervention rekindles hope for beneficiaries on outstanding N81billion Allowance

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Deputy President of Senate, Barau Jibrin

 

The Senate Tuesday rekindled the hope of beneficiaries of N- Power programme across the country on payment of outstanding N81billion monthly allowance by the Federal
Government.

Intervention of the Senate came through its Deputy President, Senator Barau Jibrin who brokered understanding between the Federal Government , aggrieved beneficiaries of the scheme who are still being owned 2022, 2023 monthly allowances totalling N81billion and their counsel, Barrister Abba Hikima .

After about two hours tripartite meeting in his office , the Deputy President of the Senate told journalists that the beneficiaries being owed months of unpaid allowances which were inherited by the current administration , have agreed to stop their intended litigation against the federal government .

He said : ” The beneficiaries came here to the Senate to seek for my intervention. And then I called the Minister, and the Minister was very responsive.

“He came on board, and there was a fruitful discussion that led for them to understand that the Minister had already gone very far in making preparation for the money to be paid.

“So having gotten convinced that there is a clear intention on the part of government to get the money paid they now decided to back down and stay action on the legal route to get the money paid and I showed them that this is a government that is responsive and really up and doing in terms of making sure that nobody suffers in terms of getting what is due to them in line with the renewed hope agenda of President Bola Tinubu .

“Though the problem is inherited but the present government as clearly stated and assured by the Minister of State for Housing and Urban Development, is doing every thing possible to solve it with payment of allowances owed the beneficiaries”

Also explaining the outcome of the meeting , the Minister said intervention made by the Deputy President of the Senate , yielded positive results for parties concerned which are , the federal government and the beneficiaries of the N – Power programme .

” I want to first thank the Deputy Senate President for convening this meeting for us to treat the case that has been for years now, the issue of payment of the backlog of our end-power beneficiaries, which we are owing, or owing them.

“We acknowledge the fact that we are owing them, and we know we are owing them, but it was actually part of the 2022 and 2023 budget that was not paid to them, and because it was recurrent, it passes along with the year’s budget.

“There was no provision for it in 2024 and 2025, so we sought for it at the service-wide vote. We got approval, but it was late for last year, so we are working on the approval for this year to ensure that once we get the budget implementation for this year 2025, we have to find a way of making those payments to the beneficiaries.

“I think being a responsive government, we’re not denying the fact that we have that as part of the issue we need to resolve and it will surely be resolved before the year runs out “, he said

Confirming the stay of litigation due to the intervention, the counsel of the beneficiaries , Barrister Abba Hikima said : ” As explained by the Honorable Minister, the government is owing my clients about N81billion and he has given us his words that they are working on it and they are waiting for this year’s budget to begin to be implemented, and that as soon as the budget is being implemented, they can get access to their money.

“Although I’m their lawyer, but I really appreciate the effort of the Deputy Senate President who, despite the fact that he is not directly affected by this, took it upon himself to convene this meeting, as well as the Honorable Minister of State and as well as the Humanitarian Minister.

“They are all here and they have all given us their words, and we have taken them for it, and we are confident and hopeful that in the nearest future, within the year, definitely, this money is expected to be paid”.

The Chairman of the N- Power beneficiaries in Nigeria , Kehinde James thanked the Deputy President of the Senate for his intervention and the two ministers for their assurances .

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