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LASG Reveals Strategies That Kept Lagos Economy Booming

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4 years ago

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Lagos State Governor, Babajide Sanwo-Olu has said that the State withstood the attendant effects of the Coronavirus pandemic through strategic planning and rejigging of the economy to meet the demands of its residents.

The Governor made the submission on Thursday, through the Honourable Commissioner for Economic Planning and Budget, Mr. Sam Egube, at the 10th Annual Public Lecture of the Institute of Chartered Accountant of Nigeria (ICAN), Lagos State Public Service Chapter, themed: “The Global Economic Realities of COVID-19 Pandemic: Lagos State as a Case Study”.

According to him, “The State Government realised early that the pandemic was not going to be about health alone in the long run but that of the economy. We understood that the economic pandemic, which COVID-19 will be bringing was going to outlast the health pandemic, as such, we had to make necessary adjustments where necessary”.

“Our administration had already taken cognisance that the world economy is going to be affected as a result of the pandemic, as supply chain and production was going to be adversely affected, which will in effect put a clog in the wheel of the government’s drive to keep up employment”, he added.

Sanwo-Olu stated that the government had to intervene by ensuring that food security was tackled as a strong response to the pandemic, creation of safety nets, economic intervention in the area of businesses as sources of livelihood are going to be hit and the empowerment of vulnerable, among others.

He stated that the administration had to review the budget in order to stimulate the economy and mitigate the effect of the pandemic by focusing more on infrastructure development as construction requires labour, which encourages employment as well as massive investment in the agricultural sector.

The Governor said the review of the budget was not a direct cut down of budget but redirecting the budget to create an effect and outcome to stimulate employment, to support small and medium businesses and to ensure that the pandemic is being tackled effectively.

Also speaking at the event, the Accountant-General and Permanent Secretary, State Treasury Office, Dr. Abiodun Muritala, noted that the State Government was already proactive before the advent of the COVID-19 pandemic, stressing that the administration of Governor Babajide Olusola was very forward-looking and strategic in its positioning and plans.

He added that the State Government already had a contingency plan in place in case of any emergency, hence the impact of COVID-19 was minimal on all the sectors of the State.

In his words: “The level of preparedness on the part of the present administration enabled the government to make a lot of quick decisions, with the aid of technology and the full backing of the cabinet members, to salvage the State’s economy”.

The President of the Institute of Chartered Accountant of Nigeria (ICAN), Dame Joy Adewuyi, in her goodwill address at the lecture, stated that the theme of the public lecture is timely as it will help to readjust to the economic realities of COVID-19, adding that it might take a long time for business to return back to normal.

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Justice Okamgba is journalist at Grassroots.ng

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Finance

AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

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5 days ago

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April 27, 2024

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The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.

In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.

AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.

“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.

Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.

We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).

No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”

In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.

‘’The money has been paid into public account,” Dele Oyewale was quoted as saying

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Finance

Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge

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1 week ago

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April 23, 2024

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The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu

Counts one to four of the charge, read,

“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

This and three other charges were stated against him. They read;

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

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Finance

Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

2 weeks ago

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April 19, 2024

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The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

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