Governor diverts N500m from London-Paris Club loan refund for personal use
Major Nigerian newspapers for Tuesday, March 28, are focused on various issues such as a former governor diverting the sum of N9.79billion, detectives recovering N500million allegedly diverted by a governor from the London-Paris Club loan refund and how CBN pegged one dollar to N360 at the market.
The Nation reports that N500million allegedly diverted by a governor from the London-Paris Club loan refund has been recovered by detectives.
It was learnt that the governor diverted the N500million (out of his state’s share of the N19b first tranche) to a mortgage bank where he was indebted to the tune of N800million. He was said to have used the “cash-at-hand” to defray his debts with a waiver by the mortgage company.
However, it was tracked and secured by the Economic and Financial Crimes Commission (EFCC).
A source close to the investigation said: “Of the N19billion, we discovered that a consultant brought by the North-West governor was paid N2.2billion. From the N2.2billion, the governor got N500million."
The source disclosed that the mortgage bank decided to refund the N500million to the EFCC.
The Punch reports that a former governor of Benue state, Gabriel Suswam, and two others were accused by the federal government of diverting the sum of N9.79billion, part of which was meant for police reform programme and Subsidy Reinvestment and Empowerment Programme (SURE-P).
The two others were identified as a former commissioner for Benue state under the Suswam’s administration, Mr. Omadachi Oklobia; and the then accountant, Benue state government house administration, Mrs. Janet Aluga.
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The funds were allegedly diverted by three defendants between 2012 and 2015 while Suswam was the governor of the state.
According to report, the money was taken “from the Benue State SURE-P account number 0116099195, domiciled in Guaranty Trust Bank, into various illegal accounts with the aim of concealing the money.”
The defendants are being accused of conspiracy, conversion of property derived directly from corruption; collaboration to conceal property derived from corruption; obtaining by false pretences and accepting cash payments, exceeding the amount authorised by law.
The allegations were contained in the 32 fraud and money laundering charges filed against Suswam and two others on Monday.
Meanwhile, Senate president Bukola Saraki and Senator Dino Melaye are at the centre of a vehicle racketeering and fake certificate scandal.
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Vanguard reports that both men defended themselves, vowing not to give in to organised blackmail against the legislature.
On Monday, an official of an automobile marketing firm disclosed that the controversial Range Rover SUV which was said to belong to Saraki, was actually imported by his company on behalf of an oil major and subsequently sold to the National Assembly.
The Senate president has denied any role in the importation of the N298 million Range Rover.
On the certificate scandal involving Melaye, the vice-chancellor of the Ahmadu Bello University, Zaria, Prof. Ibrahim Garba, confirmed that the senator graduated with a third class degree from the university in year 2000.
He disclosed this at the investigative hearing conducted by the Senate Committee on Ethics and Public Petitions at the Senate building in Abuja.
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In other news, the Central Bank of Nigeria (CBN) has approved an exchange rate of N360 to one dollar in line with its liberalisation policy for the retail segment unveiled five weeks ago, The Guardian reports.
The apex bank offered $85 million to banks at the rate of N357/$ to commence the new policy and $100 million to boost liquidity for players in the manufacturing sector.
Financial institutions have been directed to immediately advertise the new rates at their banking halls nationwide as the apex bank will begin selling to them at N357/$.
All banks have also been directed by the CBN to immediately begin the sale of forex for Business Travel Allowance (BTA), Personal Travel Allowance (PTA), tuition and medical expenses at the new threshold.
Legit.ng was on the streets to get reactions from Nigerians about who is a better leader between President Buhari and his vice Yemi Osinbajo.
Source: Legit.ng
