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Nigeria May Slide To Another Recession -CBN …16 Banks Fail To Remit N1.6bn To FG -Reps

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The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has expressed fears that Nigeria may slide into another recession, if measures are not taken to tackle the high rate of unemployment and other economic crises.
Emefiele said this, yesterday, at the University of Benin, while delivering a lecture titled “Beyond the Global Financial Crisis: Monetary Policy Under Global Uncertainty”.
According to him, Monetary and Fiscal Policy Authority must rise up to the challenge to begin to think of what can be done to tackle the situation.
The CBN governor said: “From some of my concluding remarks, you may have observed, whether you like it or not, there is global uncertainty that will unfortunately, most certainly, lead to another crisis.
“The question could be; how are we, as Nigerians, particularly our leaders, I am talking of Monetary and Fiscal Policy Authority, how are we preparing our country for the next set of crisis?”
He said, “We have luckily exited recession. We have seen inflation pending downward from about 18.72 per cent in 2017 to about 11. 37 per cent, today. We see reserve moving up, exchange rate stabilizing but unfortunately, we still have issues and those issues border on unemployment rate.”
He assured that CBN would continue to take proactive approach in mitigating the likely adverse effects that may emanate from external headwinds.
Meanwhile, the House of Representatives has asked the Central Bank of Nigeria (CBN) to sanction 16 commercial banks for under-remitting stamp duty revenue to the tune of N1.6 billion.
It also asked the CBN to ensure the banks pay the outstanding revenue with interests.
The House reached the decision after adopting the report of the ad-hoc committee which investigated the non-remittance of the stamp duties yesterday.
Leaks.ng, a collation of media houses, had reported that the agencies refused to disclose details of the stamp duty revenue whose status has been shrouded in secrecy over the years.
Following the report, the House set up an ad-hoc committee to investigate the matter and report its findings.
CBN officials had told the committee the total stamp duty revenue since January 2016 stands at N35.2 billion.
The committee’s report, as presented by its chairman, Abubakar Ahmad, listed the indicted banks with highest under-remitted stamp duty revenues as Diamond Bank, with N545.87 million; Zenith Bank, with N265.63 million, and Stanbic IBTC, with N231 million.
The other banks indicted include Guaranteed Trust Bank (N196.3 million); Standard Chartered Bank (N3.65 million); Citi Bank (N1.86 million); and Providus Bank (N646,650).
Others are Fidelity Bank (N32.88 million), Keystone Bank (N24.47 million), United Bank of Africa (N81 million), and ECOBANK (N78.52 million)
Also indicted are Unity Bank (N40 million), Jaiz Bank (N2.43 million), Access Bank (N66 million), Skye Bank (N11 million), and Polaris Bank (N2.9 million).
The House, however, called for further investigation into four banks which it said failed to honour their invitations. The banks include First Bank of Nigeria, First City Monument Bank, Wema Bank and Suntrust Bank.
Apart from penalising the 16 banks, the lawmakers also asked CBN to strengthen its supervisory role over the stamp duty revenue to ensure they are collected promptly.
It also called for a machinery to allow for the recovery of under -remittances “after further reconciliation is carried out with the banks concerned.”
Other recommendations include:
That all banks that were found not to have made full disclosure on stamp duties collections and remittances should be further investigated.
That financial institutions, especially the deposit money banks (DMBs) should remit all collections with respect to government revenues promptly and correctly, and where remittances are not promptly done, the DMBs should be sanctioned.
That the relevant agencies should give maximum cooperation to the School of Banking Honours (SBH) to enable it realise the goal of the assignment given to it.
That other forms of stamp duty should be explored “to increase the revenue base of various tiers of government in accordance with the provisions of the Stamp Duty Act, 2004

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RSU, IAUOE Join Varsity Workers Strike. Today

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Workers of Nigerian universities will begin a nationwide “warning” strike today following the expiration of the 14-day ultimatum given the Federal Government to address issues of Earned Allowances, sacked workers of university staff schools and other issues affecting their members and the university system.
President of Senior Staff Association of Nigerian Universities (SSANU) and Chairman of Joint Action Committee of NASU and SSANU, Samson Ugwoke, told newsmen that the strike would be “total and comprehensive”.
Ugwoke pointed out that already, their members have been mobilised, while all the non-teaching staff in the university system across the federation have been directed to stay at home from today.
The SSANU president, however, said it would last for five days, from Monday to Friday, to serve as a warning to the Federal Government.
“Yes, the strike will start on Monday, and it will be comprehensive and total. It will last for five days – Monday to Friday. To ensure its success, we have already mobilised all our members, and they have been directed to stay away from work from Monday,” Ugwoke said.
The unions, under the Joint Action Committee of NASU and SSANU, had issued a 14-day ultimatum to the Federal Government to meet their demands or face a nationwide strike.
The unions said the strike had become imperative as the government failed to response to their demands.
In a circular issued after the JAC meeting penultimate Thursday, and sent to all branches, the unions warned that at the expiration of the 14-day ultimatum, they would be left with no other option than withdrawing their services and closing down the universities if the government fails to address all their grievances.
Entitled: “Notice of Industrial Action,” the circular, which was signed by Ugwoke and the General Secretary of NASU, Peters Adeyemi, lamented the non-challant attitude of the Federal Government towards addressing their grievances and obeying court judgment.
The circular read: “That a 14-day ultimatum of industrial action be given to the Federal Government to address the pending issues with effect from Monday, August 5, 2019. During the period of the ultimatum, all branches are hereby directed to carry out peaceful protest on Tuesday, August 6, 2019 and Thursday, August 15, 2019.
“At the expiration of the 14-day ultimatum, Sunday, August 18, 2019, without any positive response from the Federal Government, members shall proceed on a five-day warning strike in all branches from Monday 19 to Friday, August 23, 2019, inclusive.
“You are, therefore, directed to properly mobilise our members for this action. All defaulting branches shall be sanctioned accordingly.”
However, academic and other official activities would be paralysed in the two state-owned universities, the Rivers State University (RSU) and the Ignatius Ajuru University of Education (IAUOE) following the nationwide industrial strike embarked upon by the Non-Academic Staff Union (NASU) and the Senior Staff Association of Nigerian Universities (SSANU) under the aegis of Joint Action Committee of NASU and SSANU, today.
Speaking to The Tide on the decision to join the strike in the state, the Chairman of Senior Staff Association of Nigerian Universities (SSANU) at the Rivers State University (RSU), Nkpolu-Oruworukwo, Port Harcourt, Comrade Azuma Cheta said members of the union would join the strike beginning from today because of alleged government’s insensitivity to the plight of their members working at the university staff schools as well as its inability to comply with the national directives of the union.
Cheta disclosed that the state government had refused to pay their members working at the staff schools and the international schools their salaries for the past four years.
The chairman said they would have relaxed the strike but for the interest of those members now languishing in pains over the government’s refusal to pay them salaries since February, 2016.
“We will comply with the directive but for our members at the international schools and staff schools, who the state government has refused to pay salaries for the past four years”, he stated.
Also at the Ignatius Ajuru University of Education (IAUOE), the Chairman of SSANU, Comrade Chisa Egwu could not be reached for comments, but a senior staff working at the administration department, who spoke to our correspondent on condition of anonymity, said they held a congress meeting on the proposed strike, last Friday, at the union’s auditorium.

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Police Confirm Three Deaths In Khana Fresh Violence …LG Boss, Ex-Youth Leader’s Houses Razed

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The Rivers State Police Command has dispelled ‘fake news’ making the rounds that more than 36 persons were killed by suspected cultists in a raid on two Khana communities of Opuoko and Lumene in Rivers State, yesterday.
In a statement, yesterday, the Police Public Relations Officer, DSP Nnamdi Omoni, confirmed that only three persons were actually killed during the attacks on the communities in Khana Local Government Area.
The statement reads, “The attention of the Rivers State Police Command has been drawn to the above ‘caption’ making the rounds on social and traditional media on the state of affairs in Opuoko and Lumene communities in Khana LGA.
“Ordinarily, this distorted news should have been ignored as the command is not given to frivolities and fake news capable of stirring disaffection and causing panic and tension in the state.
“However, in order that the public will not be immediately misinformed and hold erroneous impression resulting from the fake news, we have, therefore, deemed it necessary to put the records straight, and state as follows: That today 18/8/19 at about 0630Hrs, information got to us that a group of cult boys invaded two communities in Khana (Opuoko and Lumene) where they attacked and killed one person in Opuoko and two in Lumene, altogether three persons died.
“The houses of the LGA chairman and the former youth leader came under attack.
“The attackers on sighting the police took to flight but were chased and two of them arrested, while the trail for others is still on.
“The two suspects are Damwua Karagbara, 33 years (alias Spider); and Dinee Prince, 23 years.
“Exhibits recovered from them include: Assorted phones and military camouflage.
“So far, calm has returned in both communities.
“The CP has ordered Investigation into the incident with a view to ascertaining the remote and immediate causes of the attack and to bring perpetrators to justice.
“We are again appealing to the public to help us with useful information that can lead to the arrest of these mindless criminals, via the following security numbers: 08032003514, 08098880134, and 08182157778”, the statement added.

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Lawyer Petitions UK, DSS To Probe Buhari’s Cambridge Documents

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The Department of State Services and the London Metropolitan Police Service have received petitions to investigate the documents said to have been obtained from Cambridge University and tendered by President Muhammadu Buhari at the presidential election petition tribunal.
Copies of the separate petitions dated August 14, 2019, were signed by a Nigerian lawyer, Kalu Kalu Agu.
It would be recalled that the president’s Chief of Staff, Abba Kyari, had told the tribunal that he obtained the President’s ‘assessment’ documents from Cambridge University.
He was quoted as saying he personally signed for and collected the documents on behalf of the President.
The UK-based examination body oversaw the conduct of final year secondary school examination in Nigeria and placement into foreign universities in the 1960s.
In the two petitions forwarded by Agu, the lawyer questioned the authenticity of the ‘certifying statement’ said to have been obtained from the Cambridge Assessment International Education.
He asked the UK police and the DSS to launch an investigation into the circumstances leading to the procurement.

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