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Author: Oluwadamilare Emmanuel

  • PHCN: Court orders interim forfeiture of N6bn, 12 houses owned by six allies of ex-president Jonathan

    Justice Nnamdi Dimgba of the Federal High Court sitting in Abuja on Tuesday ordered temporary forfeiture of N6,584,785,000; $222,000 and Aso Savings Limited shares valued at N2,028,800,000 believed to be proceeds of the sale by Power Holdings Company of Nigeria (PHCN) to the Federal Government.

    The judge gave the order while ruling on an ex-parte motion by the Economic and Financial Crimes Commission (EFCC).

    He also ordered an interim forfeiture of 12 houses and plots of land located in Lagos, Ibadan and Abuja believed to be corruptly acquired.

    The EFCC alleged that the forfeited property is part of assets allegedly acquired by some former aides to former President Goodluck Jonathan.

    They are Brigadier General Arogbofa (retd), chief of staff; Jonah Otunla, former accountant-general of the federation and Godknows Igali, former Permanent Secretary in the Ministry of Power.

    Others are Robert Azibaola (Jonathan’s cousin); Benjamin Dikki, former Director-General of Bureau for Public Enterprises and Mohammed Wakil, a former Minister of State for Power.

    They are accused of diverting N27, 188,232,208.20 proceeds of the defunct Power Holding Company of Nigeria severance insurance premium.

    The seized assets were discovered during “investigations into PHCN Severance Insurance Premium.”

    The judge granted the motion in chambers on Tuesday after it was moved by EFCC’s lawyer, Ben Ikani.

    In his ruling, Justice Dimgba directed the EFCC to publish the orders in any national daily within 14 days, following which any persons or organisations interested in the assets would be entitled to challenge the court orders.

    He, thereafter, adjourned to February 6 for further hearing, a statement by Samin Amaddin, acting head of media & publicity for the EFCC said.

  • FG denies smuggling suspicious items in 2018 budget

    The Federal Government on Wednesday denied including strange items in the 2018 budget as widely circulated in some quarters.

    Debunking the claim, the Ministry of Budget and National Planning said there were no expenditure items in the fiscal document that were wasteful in nature.

    Recall that there have been suggestions that some line items and projects in the budget are wasteful and unclear, and as such, do not have any developmental impact on the people

    But responding to the allegations, the ministry in a statement issued by the Special Adviser on Media to the minister, Mr. Akpandem James, explained that the items in the budget were well conceived and provided for by the respective Ministries, Departments and Agencies of government.

    It said allocations such as N10bn for settlement of liabilities to contractors; N22.6bn for research and development; and N308.42bn for procurement of riot control equipment for police formations, among others, that were claimed to be suspicious were genuine provisions that had been explained by the relevant government agencies.

    The statement read in part, “It is common knowledge that the Federal Government owes many contractors for certified works dating back as far as 10 years.

    “Thus, provisions are made in the annual budgets to offset some of these contractor liabilities. A good portion of these debts is domiciled in the Federal Ministry of Power, Works and Housing, and so the ministry made a provision of N10bn in the 2018 budget proposal for settlement of liabilities.

    “In the Government Integrated Finance and Management Information System, research and development is a programme description that encapsulates various projects.

    “In this case, a check of the budget of the Federal Ministry of Industry, Trade and Investment will show that this includes the N19.3bn for the Export Expansion Grant.”

    It added, “For several years, the EEG scheme was suspended on account of its dubious outcomes. However, in its bid to incentivise non-oil exports, the FGN reformed and reinstated the scheme with effect from 2017.

    “The budgetary provision for this scheme will therefore be recurrent, year after year. Indeed, as the non-oil sector picks up, the amount of provision is expected to increase.”

  • Shigon Threads Launches 2017 Agbada Collection 

    Shigon Threads Launches 2017 Agbada Collection 

     

    Nigerian fashion powerhouse, Shigon Threads, has just unveiled its latest Agbada collection, drawing inspiration from the opulent heritage of Southwestern Nigeria. This collection ingeniously reinterprets traditional attire, elevating it to contemporary style heights.

    The visionary creative mind behind this ensemble, Olagbaju Segun Olatunbosun, has masterfully crafted pieces that epitomize timeless sophistication. Each garment is a manifestation of artistic excellence, adding an exquisite touch of grandeur to any special occasion.

    Comprising three meticulously coordinated pieces in harmonious color palettes, these creations are expertly tailored from a blend of premium cotton, synthetic fabrics, and luxurious crepe. The designs are then lavishly adorned with intricate traditional motifs. This sartorial masterpiece is not limited by size, offering options for stylish men of diverse proportions, all of whom aspire to exude an air of regal elegance.