Finance
LASG Reveals Strategies That Kept Lagos Economy Booming
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.
The Economic and Financial Crimes Commission has declared a former governor of Kogi State, Yahaya Bello, wanted for offences relating to economic and financial crimes.
This was contained in a notice posted on the commission’s official Facebook page on Thursday.
The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88
“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State.
“His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.”
The notice asked anybody with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.
The anti-graft commission had earlier stated that it would, on Thursday (today), arraign the former governor before a Federal High Court sitting in Abuja.
This was after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend the former governor.
Punch reported that The agency’s team of lawyers, led by Kemi Pinheiro, SAN, during the proceedings on Thursday, said that EFCC operatives were prepared to carry out the arrest warrant for the former governor, even if it requires the use of force.
Bello and three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, will be arraigned before Justice Emeka Nwite.
They face 19 counts related to money laundering to the tune of N80,246,470,088.88.
The Federal High Court in Lagos State, on Wednesday, granted businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest, N10m bail with two sureties in like sum.
On Tuesday, EFCC slammed him with 3 count charge over the abuse of naira and asked him to report to court.
In court, The celebrity bar man pleaded not guilty to tampering and abusing the naira during his trial.
Earlier on Sunday, the EFCC revealed that it was probing several celebrities over alleged abuse of Naira notes.
In a statement, its spokesperson, Dele Oyewale, said;
“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.
“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”
Popular celebrity bar man, Pascal Okechukwu well known as Cubana Chief Priest will be arraigned by the Economic and Financial Crimes Commission (EFCC) over abuse of the naira on Wednesday, according to court documents.
He is facing three count charges for allegedly spraying and tampering with the naira at a social event contrary to the provisions of the Central Bank Act of 2007.
Not too long away was crossdresser Bobrisky Sentenced to 6 months in prison over thesame money mutilation. Now it is Cubana Chief Priest.
It seems like the government is taking the naira abuse situation much more seriously now.
Cubana Chief Priest would be arraigned before Justice Kehinde Ogundare of the Federal High Court, Lagos.
A copy of the document filed on April 4th by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission read:
1- “that you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
2 – “that you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
3 – “that you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
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