Business and Economy
2019 Budget: Senate Uncovers N42 billion fraud by Ministry of Trade and Investment.
The Senate Committee on Trade and Investment chair by Senator Sabo Mohammed on Monday has uncovered a N42 billion misappropriation from the 2019 budget proposals by the Federal Ministry of Industry, Trade and Investment. adsbygoogle || []).push({}); js">
This was revealed when an illegal company, Special Economic Zone Company listed for N42 billion popped up during the presentation of 2018 performance leading to rejection of N15, 633 billion 2019 budget proposals.
Informavores gathered that the Chairman of the Committee Senator Sabo Mohammed, APC member, representing Jigawa North West pointed the attention of the Minister of Industry, Trade and Investment, Dr Okechukwu Enelama to item number 2 on page 7 which has N42.091 billion budgetary allocation for Nigeria Special Economic Zone Company not known to be one of the 17 agencies under the Ministry .
The Minister in his response said “the exercise was established through Presidential initiative and approval given it at Cabinet meeting in May 2018” .
“private partnership is one of the areas that this government is focused for infrastructure, and the second area is industrialization and the two have something in common.” , Dr Okechukwu Enelama continued.
“If the government tries to do it alone, it would be extremely tasking. So the President directed that we should bring other partners that can combine with whatever monies we have to build world class infrastructure which led to the establishment of the company in partnership with other investors. ”
Meanwhile, According to the document containing information on the establishment of the company as obtained from Corporate Affairs Commission (CAC) by Chairman of the Committee, the company was registered as Nigeria Sez Investment Company Limited and not Nigeria Special Economic Zone Company listed the documents presented by the Minister .
He said, “Ownership of the company as clearly stated in the document obtained from CAC on the 26th of last month designated as Directors are Dr Bakari Wadinga , Mr Olufemi Edun and Ms Oluwadara Owoyemi .
“The document clearly States that the company is a private company and that liability of the members are limited by share which as also shown, gives federal government 25% and 75% to the private individuals ” he continued .
Despite the effort of Dr Enelama to convince the chairman and other members of the committee that the initiative was driven by the federal government, they all declared that the process of putting it up “is misnomer and nothing but financial ambush to the Nigeria “.
The committee subsequently instructed the embattled Minister to forward detailed written explanation on how the company crept into appropriation list.
It also directed him to forward its management staff, list of its staff strength and statement of account as pre-requisite for consideration of the 2019 budget proposals .
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Business and Economy
Governor Ododo Endorses GOBO Initiative, Empowering Small-Scale Entrepreneurs and Vulnerable Populations
By Abah Benjamin Eneojoh
The Executive Governor of Kogi State, His Excellency Alh Ahmed Usman Ododo has thrown his weight behind the Governor Ododo Business Outreach (GOBO) initiative, a program aimed at uplifting marginalized groups and providing economic opportunities at the community level.
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During a strategic meeting with the Kogi State Forum of Senior Special Assistants in his office on 06-11-2024, the Governor expressed his support for GOBO, which aligns with his vision of inclusive governance.
Launched on October 31, 2024, GOBO has already shown positive impact, with increased visibility and support among petty traders and small businesses. The initiative provides sustainable business avenues for those previously lacking access to financial resources and market opportunities.
Hon. Yahaya Shehu Ahmed, Chairman of the Kogi State Forum of Senior Special Assistants, thanked the Governor for his encouragement and support.
The Governor commended the forum’s dedication to GOBO and its commitment to improving citizens’ quality of life, assuring continued support and encouraging ways to deepen GOBO’s impact across the state.
The forum also presented an award of excellence to former Governor Alhaji Yahaya Adoza Bello, recognizing his contributions to the state’s growth and effective governance , particularly the choice of Gov Ododo and his Deputy.
This development is consistent with research highlighting the importance of government support for entrepreneurship development in Kogi State.
Shehu noted that Small and medium-scale enterprises have significantly contributed to the state’s economic growth, stressing that the GOBO initiative demonstrates the power of grassroots-driven solutions and inclusive growth, marking a step towards sustainable development in Kogi State.
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Business and Economy
Kogi State Government Suspends Mining Activities Over Security Concerns
By Abdulrahman Obaje
The Kogi State Government has suspended all mining activities in the state due to the influx of bandits and negative elements in the sector.
This decision was reached during today’s October 4th, 2024 Executive Council meeting, presided over by Governor Alh.
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Usman Ahmed Ododo in Lokoja the Kogi State Capital.
While briefing News men after the State Executive Council Meeting, the Commissioner for Information and Communication, Hon. Kingsley Fanwo said the Ministry of Solid Minerals and Natural Resources will profile legal mining companies to ensure genuine mining data. This clean-up aims to minimize criminal activities.
He further noted that the State Government would collaborate with federal mines officers and security agencies to enforce strict compliance. “We urge all mining companies to cooperate, as we prioritize security”.
We implore all mining companies to bear with us in this circumstance, as we prioritize security” he said.
The Kogi State Government reassures of its commitment to security and will not condone any form of infiltration or illegal activities.
The suspension has been welcomed by stakeholders, who hope it will address long-standing security concerns in the mining sector in Kogi State.
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Business and Economy
Infrastructure Upgrade: Zenith Bank Apologizes for Disruptions, Assures Customers on Improved Services
by Abdulrahman Obaje
Nigeria’s leading financial institution, Zenith Bank, has reassured its customers of improved services following recent infrastructure upgrades.
In a message posted on Thursday, October 3rd, 2024 the bank apologised for the service disruptions experienced across its e-channels during the upgrade period.
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The bank clarified that the glitches were a result of routine information and technology maintenance, which is essential for optimizing service delivery.
Zenith Bank emphasized its commitment to ensuring 100% uptime, stating that it takes this responsibility “very personally” and continuously allocates resources to maintain uninterrupted service availability.
In the statement, the bank expressed its sincere apologies for any inconvenience caused to customers during the upgrade process, highlighting that the information technology enhancements are designed to improve the quality of service for its esteemed clientele.
The message reads in part: “Dear Valued Customer, We sincerely apologise for the service disruptions you experienced recently on our banking channels. This was due to an information Technology upgrade aimed at improving the quality of service we provide.
“We have made significant progress with the upgrade and you can now perform transactions conveniently with the following Zenith bank Channels:
Your Zenith Bank Debit Card
The Zenith Bank Mobile App
The Zenith bank Internet Banking Platform
Zenith Agents nationwide (Agent Banking)
“You can also visit any of our branches nationwide to perform your transactions
Please direct all enquiries to Zenith Direct on +234 201 278 7000, 0700ZENITHBANK, 0904 085 7000 Or via email at Zenithdirect@zenithbank.com. Thank you for banking with us”
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