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Nigeria’s Excess Crude account stands at $2.09bn – NEC

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The National Economic Council (NEC) says Nigeria’s Excess Crude Account stood at over $2.09 billion as at Oct. 16.

Bauchi State Governor, Mohammed Abubakar, said this while briefing State House correspondents after NEC meeting on Thursday at the Presidential Villa, Abuja.

Abubakar said that the Minister of Finance, Zainab Ahmed, gave the update on the Federation Account Allocation Committee (FAAC), Excess Crude Account, Stablisation Fund Account and Natural Resources Development Account.

“She presented a budget estimate for the FAAC meetings of 2018; usually these budgets estimates are prepared by the Office of Accountant General and tabled before the NEC for approval.

“A total budget of N650 million was approved for the conduct of the FAAC meetings for 2018, later on the minister gave update of the Excess Crude Account as at Oct. 16, 2018 which stood at 2.09 billion dollars.

“The Stablisation Fund Account stands at N21.9 billion and then the Natural Resources Development Fund stands at N119. 7 billion.’’

He said that there was also an update on the ad hoc committee set up by NEC to address the problem of crude oil theft and its prevention and control.

Abubakar said that the committee used to be headed by the then Governor of Delta State, Dr Emmanuel Uduaghan, but NEC had approved the nomination of Edo State Governor, Godwin Obaseki, to head the committee.

The other governor members of this committee are governors of Akwa Ibom State, Delta, Bayelsa, Cross River and Ondo.

He listed other members of the committee as the Ministers of Budget and Planning, Finance, Petroleum Resources, and representatives of the all the security agencies in Nigeria.

Abubakar said that the Minister of Youths and Sports, Solomon Dalung, gave a presentation on the sporting activities that were conducted by his ministry.

He said that Dalung spoke specifically on the National Youth Games and the National Sports Festival.

“He indicated that the National Youth Games has been held successfully with 32 states participating and that the next edition of the National Sports Festival is in high preparation.

“The Minister of FCT has agreed to host the 19th edition of the National Sports Festival. He called on governors to support the process by preparing participants on time and supporting their participants to the venue.

“Giving adequate security for the participants including also kitting the participants for the festival as well as paying their participation fees to the organisers of the festival, ‘’ he said

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Sowore: Reps order immediate investigation of DSS’ court invasion

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The House of Representatives, on Tuesday, called for an investigation into the invasion of an Abuja Federal High Court by operatives of the Department of State Services (DSS).

The lower legislative chamber directed its relevant committees to probe the alleged DSS invasion of the court.

Minority Leader of the House, Ndudi Elumelu raised the matter on the floor of the House during plenary. He stated that the occurrence was an abuse of the sanctity of the court.

The lawmaker described DSS action as “one arm of government attempting to overpower another, which will spell doom for the country’s democracy.”

Recall that last Friday, DSS operatives reportedly chased out lawyers from an Abuja Federal High Courtroom, attacked journalists before re-arresting Omoyele Sowore, the convener of RevolutionNow Movement.

The DSS has since denied invading the courtroom

The spokesperson of DSS, Peter Afunanya, had insisted that the activist’s supporters had acted an “orchestrated drama” inside the court.

Afunanya had claimed that none of its officers was involved in the incidents recorded in the courtroom.

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BREAKING: Buhari sacks Muiz Banire as AMCON chairman, appoints Adamu

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Edward-Adamu

President Muhammadu Buhari has sacked Muiz Banire as the Chairman of the Governing Board of the Assets Management Corporation of Nigeria, appointing Edward Lametek Adamu as new chairman of the Corporation.

This was contained in a letter read on the floor of the Senate by the Senate President, Senator Ahmad Lawan.

The letter, dated December 9, 2019, reads: “In accordance with Section 10(1) of the Asset Management Corporation of Nigeria (AMCON) Act, 2010, I hereby present Mr. Edward Lametek Adamu for confirmation as Chairman of the Asset Management Corporation of Nigeria by the Distinguished Senate.

“While hoping that this request will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.

”Banire was appointed as AMCON Chairman in 2018.

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Buhari appoints new FIRS chairman

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President Muhammadu Buhari has appointed Muhammad Nami to replace Babatunde Fowler as chairman of the Federal Inland Revenue Service (FIRS).

Fowler, whose tenure ended on Monday, was confirmed for a four-year tenure by the senate on December 9, 2015.

He is expected to hand over to the most senior director on the board until the senate confirms Nami as FIRS chairman and the new board.

According to a statement by Garba Shehu, the senior special assistant to the president on media and publicity, Nami is a tax, accounting and management professional with three decades of practical working experience in auditing, tax management and advisory and management services.

“He is an expert in rendering advisory support services to investors in respect of new business start-ups and management of existing businesses. He has also continuously rendered outsourced services to clients in trading, service and manufacturing sectors of the nation’s economy,” the statement read.

Muhammad Nami attended Bayero University Kano and Ahmadu Bello University, Zaria, where he obtained a bachelor’s degree in sociology (1991) and a masters of business degree (2004) respectively.

He is a fellow of Chartered Institute of Taxation of Nigeria, Institute of Debt Recovery Practitioners of Nigeria and Associate Member of Nigerian Institute of Management (Chartered) and Association of National Accountants of Nigeria.

He started his career with PFK in 1993 and rose to the position of a senior consultant in charge of tax management and advisory services.

He is currently the managing consultant of Manam Professional Services (chartered tax practitioners and business advisers) based in Kaduna, Abuja, Niger state.

Muhammad was appointed as a member of the presidential committee on audit of recovered stolen assets in November 2017.

The FIRS board is composed of a member representing each of the six geographical zones and statutory representatives from a select number of ministries and government agencies.

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