News
Reps Committee frowns at DBN’s disbursement of N130 billion without financial reports
The House of Representatives’ Committee on Public Accounts in its two-year report has frowned at the failure of Development Bank of Nigeria (DBN) to render its annual financial reports to the office of the Auditor General of the Federation (oAuGF) in line with extant provisions of the 1999 Constitution and relevant financial regulations.
According to the report laid before the House prior to the end of the Second Legislative year of the 9th Assembly, the bank came into operations in 2017 after the collaboration between the Federal Government and following Development Partners – African Development Bank, the World Bank, German Development Bank, France Development Bank and the CBN with 75% shares equity.
According to the information obtained by the Committee on Public Accounts, Federal Government owns 75% equity in DBN which makes funding available to 21 Microfinance and Commercial banks in the country and has provided about N130 billion to funding SMEs across the six geopolitical zones of Nigeria.
However, the “bank rendered its audited accounts for 2017 and 2018 in 2020 after CBN approval before rendering them to the Auditor General.
“The Bank tendered letters of evidence of remittance of its audited accounts for sighting by both the Committee and the Auditor General Desk during the hearing. The Bank is said to provide 52% of its loan to women for trading,” the report stated.
In its recommendation, the House Committee on Public Accounts chaired by Hon. Woke Oke cautioned the Bank against delayed rendition of its financial reports.
In its assessment of the audit queries against National Health Insurance Scheme (NHIS), the Committee disclosed that “NHIS has not rendered its audited accounts for past 13 years.
“The Executive Secretary of the Scheme lamented that this was due to frequent turnover of chief executive officers of the Scheme which become so difficult to keep financial records of the Scheme and dissolution of its governing councils by succeeding governments over the years. He (Executive Secretary) said the audited accounts for 2014 and 2015 had been signed and given to the External Auditors for onward transmission to the office of the auditor general while 2016 to 2018 are at final stage of completion.”
However in its recommendation, the Committee which frowned at the Management of the Scheme for the non- rendition of their audited accounts over the past 13 years which is a total violation of the financial regulations and the Constitution, directed NHIS to furnish its procurement process and give written reasons for the delay which is still being awaited.
In the same vein, the Committee during its investigation into the audit queries against National Information Technology Development Agency (NITDA), observed that the Agency submitted its 2014 audited accounts in October 2015; 2015 in November, 2016; 2016 on 7th February, 2018, and 2018 in November 2019.
Pleased by the timely rendition of its financial reports, the Committee commended the effort by the Agency for rendition, though delayed with few months.
In the report on Petroleum Equalization Fund (Management Board), the Committee observed that the Board submitted its 2014 and 2015 audited accounts duly but rendered that of 2016 in 2020 and is yet to remit those for 2017 and 2018.
To this end, the Committee condemned the delay and refusal by the Board to prepare and remit 2017 and 2018 audited accounts to the Auditor General which infringed on Section 85(3B) of the Constitution. Hence, recommended that: “All officers involved should be sanctioned in line with Financial Regulations No. 3112 (ii).”
In its report on the Nigeria Social Insurance Trust Fund (NSITF), the Auditor General Desk confirmed the Fund last rendered its audited account in 2005, leaving 2006 to 2018 still outstanding.
“On Thursday 20th February 2020 the Minister of Labour and Employment was invited to appear at the hearing on the issue but was represented by the Permanent Secretary, Mr William Aloh as the Minister was away to attend the burial of the late Chairman of Senate Committee on Labour and Employment, Imo State.”
However in its recommendation, the Committee while at this worrisome attitude of the Fund for refusing to render its audited accounts for last 13 years yet benefited from the Federal Treasury, recommended that: “All Director Generals of the Fund and their DFAs as well as various External Auditors from 2006 till now should be handed over to the EFCC in line with FR No. 3129 for further prosecution to compel them to refund all money received and misused by the officers.”
News
Emergency Rule in Rivers: Senators Dickson, Abaribe, Tambuwal walk out of Senate Chambers in protest
As the Nigerian Senate approved the emergency rule declared in Rivers by President Bola Ahmed Tinubu, Senators Seriake Dickson, Enyinnaya Abaribe and Aminu Waziri Tambuwal walked out of Chambers in protest of Senate’s position.
Seriake Dickson representing Bayelsa West Senatorial District (PDP), Enyinnaya Abaribe representing Abia South Senatorial District (APGA) and Senator Aminu Waziri Tambuwal representing Sokoto South Senatorial District (PDP) were unhappy over the declaration of emergency that suspended Governor Siminalayi Fubara out of office.
Senators Seriake Dickson and Aminu Tambuwal who was also a former Speaker of the House of Representatives are lawyers and said, the declaration was unconstitutional and would not have their support.
Notwithstanding, their objections, the Senate presided by the Senate President, Godswill Obot Akpabio through a voice vote overwhelmingly supported the president’s move, shutting down an open debate on the matter.
Senator Dickson expressed his gratitude to colleagues who supported his stance and acknowledged the presidency’s modifications to the original declaration. However, he emphasized that the introduced oversight mechanisms did not address the core constitutional concerns.
Dickson also criticized Senate President Godswill Akpabio, accusing him of attempting to silence opposition. “The Senate is a meeting of equals, and no lawmaker should be censored for speaking on national issues,” he stated.
The walkout by the three senators highlights the deepening divisions within the Nigerian Senate and raises concerns about the implications of the state of emergency on the country’s democratic institutions.
Rugby School Nigeria, the newest international school of the esteemed Rugby School Group, is set to open in September 2025 in Eko Atlantic City, Lagos.
To celebrate this significant milestone, an exclusive launch event was held at the British Deputy High Commissioner’s residence in Lagos, attracting over 100 distinguished guests and key stakeholders from the education, government, business sectors, and diplomatic communities.
At the official launch event on March 19, 2025, the British Deputy High Commissioner, Mr Jonny Baxter highlighted the significance of Rugby School Nigeria stating:
“Rugby School Nigeria exemplifies one of the best of UK-Nigeria collaborations, bringing another world-class British education institution to the heart of Lagos. Situated in the dynamic Eko Atlantic City, a symbol of Nigeria’s ambition and innovation, this school is poised to further shape future leaders in a rapidly evolving global landscape.”
Rugby School Nigeria will initially open its doors for Sixth Form students (ages 16-18) in September 2025, with boarding facilities set to be available from September 2026. The Senior School (ages 11-16) will launch in September 2026, offering a broad and engaging curriculum that prepares students for IGCSEs and future academic success.
Founding Principal of Rugby School Nigeria, Dr Adam England expressed his enthusiasm:
“Rugby School Nigeria will offer an exceptional education that nurtures both intellectual growth and character development guided by the Rugby School ‘Whole Person, Whole Point’ philosophy. Students will benefit from a comprehensive A-Level programme, preparing them for top universities worldwide, alongside the Rugby 360 programme, which fosters leadership, community engagement, and personal development.
Our state-of-the-art facilities will include science labs, creative arts spaces, and world-class sporting facilities.”
Founded in 1567, Rugby School is one of the world’s most prestigious UK boarding schools, renowned for its commitment to academic excellence, innovation, and character development. With established sister schools in Thailand, Japan, and now Nigeria, Rugby School continues to expand its global impact, offering transformative educational experiences to students worldwide.
Dr England added, “We are excited by the substantial interest we have already received, with numerous parents’ meetings taking place daily at our offices.”
Senator representing Ondo North Senatorial District, Olajide Ipinsagba Emmanuel has scored himself high in terms of constituency projects deliveries to his constituents.
Speaking in an exclusive interview in his office with journalists, he said “he facilitated Agricultural Training Programs for youths and existing farmers, equipping them with modern techniques to enhance productivity, distributed fertilizers to farmers to address critical agricultural challenges, ensuring increased output and improved local food security.
“Constructed and fully equipped a modern health centre in Akunnu-Akoko, ensuring access to quality healthcare for the community, distributed health equipments and materials to the State Specialist Hospital, Ikare-Akoko, thereby strengthening healthcare infrastructure and improving health outcomes.”
“Trained and Empowered Women and Youth in Confectioneries. He organised training in cake baking and other confectioneries, followed by the disbursement of start-up grants to empower beneficiaries to establish their businesses. Training of women on soap making with start-up funds.
In the same vein, he organized ICT training programs for youths, distributed HP Core i7 laptops, and provided start-up grants to promote innovation and employment in the tech sector.
“Trained youths in tailoring, provided sewing machines, and disbursed start-up grants to enhance self-reliance and job creation. Constructed a 1.5-kilometer road in Oka-Akoko, improving connectivity, facilitating economic activities, and easing transportation for farmers and traders. Spearheaded the construction of the Ikare Modern Civic Center, which serves as a hub for cultural, social, and civic engagements. Facilitated the construction of 28 lock-up shops in Oka -Akoko, providing a conducive environment for entrepreneurs and boosting local commerce.
Dist. Sen. Olajide who is passionate about education, distributed free JAMB forms to students across the Senatorial District, enabling many young people to pursue higher education without financial barriers.
Also, he sponsored a bill for the establishment of the Information and Communication Technology (ICT) University in Ikare-Akoko. A public hearing was successfully held on December 28, 2024, reflecting progress toward establishing this vital institution for skill development and education. Lighting up towns and villages with Solar Panels including Adekunle Ajasin University.”
These achievements underscore his commitment to fostering development in agriculture, education, health, and infrastructure. As Chairman of the Senate Committee on Public Procurement, he also prioritizes accountability and efficiency in national projects, which directly impacts the equitable allocation of resources to Ondo North Senatorial District and Ondo State at large.
Moreso, he empowered Small Businesses through skill acquisition programmes and provision of lock-up shops, he has laid the groundwork for entrepreneurship to flourish within the district. Strengthening Youth Engagement, by bridging the gap between education, technology, and employment. He is equipping youths with the tools necessary to thrive in the modern economy.”
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