Business

N13bn Scam, Land Deal: Reps Summon Anyim, Oduah, Others

Published

13 years ago

November 15, 2013

House of Representatives Committee on Public Accounts, yesterday, summoned the Secretary to the Government of the Federation, Senator Anyim Pius Anyim, Attorney General of the Federation and Minister of Justice, Mohammed Adoke, Minister of Finance, Dr Ngozi Okonjo-Iweala, Minister of Lands and Housing, as well as members of the former and current technical boards over alleged N13 billion scam in Federal Housing Authority.
The committee also fixed 27-29 of this month for an investigative hearing on the various roles of those alleged to have disbursed the funds.
Chairman, House Committee on Pubic Accounts, Rep Adeola Olamilekan made this known in a meeting when the Federal Housing Authority, FHA management team led by the MD, Mr. Terver Gemade could not explain how N13 billion of tax payers money was spent.
The breakdown of how the money was expended is as follows: N7.21 billion granted as loan from the Federal Government for the construction of housing units to accommodate civil servants at the Gwarinkpa 2 Estate in Abuja, between 2007 and 2009 financial years.
But this money according to the Auditor-General to the Federation was allegedly was diverted into the construction of infrastructural facilities which was not budgeted for and the loan remained unpaid despite reminders to the Managing Director of FHA for payment.
Another N1 billion said to be an interest for a period of 24 months which the FHA claimed was not the practice of the Federal Government to give its agencies loans on commercial basis for interests.
The FHA was also accused of another N3.72 billion as deficit operating surplus which the MD of FHA attributed to a large board that had contributed to the high operating cost over the years.
The AGF also unearthed that several payment vouchers amounting to N338million were missing and the management could not give a concrete account of the vouchers.
However, defending the allegations, the MD of FHA, Arc Terver Gemade said that most of the transactions happened before he assumed office in 2009.
Gemade said that the loan of N1billion obtained from FMBN has been fully paid while that of interest of the N7billion was yet to be paid and arrangement has been for its payment.
When asked, whether the agency was set up by a Decree or an Act of NASS, Gemade said he was not aware of the law setting up the place.
This response angered all members of the committee who said that the agency he heads must have been operating illegally based on the answer of the MD.
Consequently, the committee resolved to embark on a 3-day hearing on the activities of FHA to ascertain its continued relevance or otherwise.
Also, the Secretary to the Government of the Federation (SGF), Senator Pius Anyim and the Minister of Aviation, Stella Oduah are to face House of Representatives’ ad-hoc committee probing alleged land racketeering in the Federal Capital Territory (FCT).
They are expected to give reasons for the acquisition of the land to be used for the construction of the Centenary city as well as roles of a company specifically floated for that purpose.
The invitation followed the submission of the FCT Minister, Bala Mohammed, during an investigative hearing held yesterday.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.