The Economic and Financial Crimes Commission spent N2.8bn on administrative and personnel costs between 2007 and December 31,2008.
But it recovered assets worth N15bn during the period.
Expenses incurred by the agency appreciated to the present level of N2.8bn from N2.4bn incurred 2007.
A breakdown of the expenses revealed that N1.1bn was spent on administrative costs, N1.7 on personnel costs, and N1.3m on bank charges. Of this amount, N206.17m was spent on local transportation and trips while N134.64m was spent on overseas travels.
Uniform and dress code allowance jumped from N10.67m in 2007 to N130.87 in 2008.
These figures were contained in the EFCC’s annual report obtained exclusively by our correspondent in Abuja on Thursday.
The 62 page report, which was signed by the chairman of the commission, Mrs. Farida Waziri, noted that the problem of corruption was huge and had continued to manifest.
This, it said, made the result achieved easily whittled down.
According to the report, “in the last one year, the commission recorded 74 criminal convictions recovered assets worth over N15bn and filed 123 cases in courts of which 30 involved politically exposed persons”.
The level of seizures of funds from suspicious transactions also rose from N3.98bn in 2007 to N9.31bn in 2008.
Of recoveries made by the EFCC in 2008 N2.9bn was deposited in Access Bank Plc and 2.3bn in Intercontinental Bank Plc.
The commission also deposited N139.6m in a domiciliary account in Access Bank; Afribank also has N1.036bn in its vaults for the anti-graft agency.
The sum of N2.5bn was lodged at the Central Bank of Nigeria branch in Lagos and N309.72m at the CBN headquarters in Abuja.
Commenting on the rule of law, Waziri said, “This is a major policy issue which I appeal for consideration at the highest level of government. “We must not espouse the rule of law and open it up for unbridled abuse by the same people who ought not to take advantage of it.
“The application of the rule of law in a manner that gives the common man a reasonable impression that the rule of law is a respecter of certain categories of persons is certainly the rule of gone wrong”.
Waziri, who had earlier opposed the methods employed by her predecessor, Mallam Nuhu Ribadu, admitted that the fight against corruption could not be fought without “Sometimes” adjusting basic right of the accused.
Explaining that it was time for soul-searching on the part of policy makers, she stressed the need for political parties to scrutnise the source of wealth of their candidates.
The EFCC boss admitted that there was still a lot more work to be done.
She said a report by the African peer review mechanism issued in May 2008 referred to Nigeria as a country where “corruption and fraudulent practices are rampant and remains a cause for concern”.
Waziri stressed that the EFCC had substantially overcome some of its initial challenges and observed that some ongoing high profile investigations and prosecutions involving top executives in the public and private sector were yielding results.
According to her, “The commission has so far recovered N108bn from the five banks under bailout by the CBN”.
She attributed the improvement in the nation’s corruption rating to the effort being made by the current administration to fight corruption.
Nigeria, 12 Others To Drive Global Trade By 2030 – Report
A trade research report has indicated that Nigeria and 12 other countries will be responsible for the driving of the global trade to the tune of $30 trillion by the year 2030.
The research, which was commissioned by Standard Chartered and prepared by PwC Singapore posited that Nigeria and 12 other countries would be responsible for driving global trade to $30tn by 2030.
According to the report sponsored by the Singaporean organisation, the global exports would be more than double from $17.4tn to $29.7tn over the next decade, while much of the growth would be driven by 13 markets.
It said Nigeria would be growing at an annual rate of 9.7 per cent, with about $112bn in exports by 2030, through key corridors such as India, Indonesia and Mainland China.
It also stated that Kenya, the second African nation on the list, would be growing by 7.6 per cent annually, with $10bn in exports by 2030 through key corridors namely, Pakistan, Uganda and the United States of America.
The list consists mostly of Asian countries with Mainland China contributing the most at $5.02tn by 2030 and growing at 7.1 per cent annually.
Other countries are Hong Kong ($939bn, 5.7 per cent), South Korea ($972bn, 7.1 per cent), and India ($564bn, 7.6 per cent).
Bangladesh, Singapore, United Arab Emirates, Indonesia, Malaysia, Vietnam, and Saudi Arabia also featured in the report.
The report is based on an analysis of historical trade data and projections until 2030, as well as insights from a survey of more than 500 C-suite and senior leaders in global companies.
According to the report, global trade will be reshaped by five key trends: the wider adoption of sustainable and fair-trade practices, a push for more inclusive participation, greater risk diversification, more digitisation and a rebalancing towards high-growth emerging markets.
It said almost 90 per cent of the corporate leaders surveyed agreed that these trends would be shaping the future of trade and would be forming part of their five to 10-year cross-border expansion strategies.
The research also found a significant trend towards the adoption of sustainable trade practices in response to climate concerns and a rising wave of conscious consumerism.
It said while almost 90 per cent of corporate leaders acknowledged the need to implement these practices across their supply chains, only 34 per cent ranked it as a ‘top three’ priority for execution over the next five to 10 years.
By: Corlins Walter
Currency In Circulation Rose By N129bn In Oct – CBN
The currency in circulation in the country rose by N129bn to N2.97tn in October from N2.84tn in September, according to the figures from the Central Bank of Nigeria (CBN).
The currency in circulation had fallen to N2.78tn in August from N2.81tn in July.
It stood at N2.74tn in June, N2.79tn in May, N2.79tn in April, N2.8tn in March, N2.78tn in February and N2.83tn in January.
The CBN said, “The currency in circulation increased by N465.47bn or 19.06 per cent to N2.91tn in 2020, compared with N2.44tn in 2019.
“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic”.
The apex bank said to maintain public confidence and ensure integrity of circulated notes in the economy, it developed and unveiled a clean note policy and banknote fitness guidelines in 2018.
The guidelines outlined details of quarterly and yearly activities towards the achievement of this objective.
According to the CBN, the clean note policy encapsulates diverse currency management activities to preserve the integrity and maintain the quality of banknotes in circulation.
The policy provides that every newly printed and existing banknotes should conform to predefined standards before circulation and re-circulation in the economy.
Currency in circulation is defined as currency outside the vaults of the central bank – that is, all legal tender currency in the hands of the general public and in the vaults of the deposit money banks.
The CBN said it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in the country.
It said this approach involved tracking the movements in currency in circulation on a transaction-by-transaction basis.
According to the CBN, for every withdrawal made by a DMB at one of CBN’s branches, an increase in CIC is recorded; and for every deposit made by a DMB at one of CBN’s branches, a decrease in CIC is recorded.
The transactions are all recorded in the CBN’s CIC account, and the balance on the account at any point in time represented the country’s currency in circulation.
CBN’s eNaira Records 600,000 Downloads Within One Month
Barely four weeks after its launch in October, the eNaira app of the Central Bank of Nigeria (CBN) has witnessed about 600,000 downloads.
The CBN Governor, Godwin Emefiele, who disclosed this in a statement at the weekend, said, “In less than four weeks since its launch, almost 600,000 downloads of the e-Naira application have taken place.
“Efforts are ongoing to encourage faster adoption of the e-Naira by Nigerians who do not have smart phones.
“The support of the financial industry will be critical in the ongoing deployment of the e-Naira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry”.
The CBN governor also said that building a robust payment system that would provide cheap, efficient, and faster means of conducting payments for most Nigerians have always been the focus of the apex bank.
According to him, the growing pace of digitization globally makes it essential that they leverage on digital channels in fulfilling this objective.
Emefiele disclosed that total transaction volumes using digital channels were more than doubled between 2018 and 2020, as volumes rose from 1.3 billion to over 3.3 billion financial transactions in 2020.
He added that digital payment channels also helped to support continued conduct of business activities during the lockdown.
The CBN boss noted that the robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria. This, according to him, reflects the confidence people have in the payment system.
He said that between 2015 and September 2021, about US$900 million has been invested in firms being run by Nigerian founders.
“Notwithstanding these gains, close to 36 per cent of adult Nigerians do not have access to financial services.
“Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses,’’ Emefiele added.
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