A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Favour & Akinola Ajibade
Godwin Emefiele, the Governor of Nigeria’s Central Bank was suspended because he could not present the audited accounts of the bank from 2019 up to date, InsideBusinessNG investigation has revealed.
An audited account is a financial record that have been checked by a chartered accountant as being a true and correct record of the financial operations and position of an organisation .
Emefiele’s suspension which sources within the Aso Villa, Nigeria’s seat of government, the intelligence community, and the apex bank said is a raging fire, is currently making many in both the private and the public sectors uncomfortable, and may also affect the new CBN Acting-Governor, Folasodun Shonubi whom they alleged, does not merit the position.
They alleged Shonubi is at the center of the recent Stamp Duty scandal that rocked the apex bank. The new Acting-Governor is also alleged to be involved in the jumbo insurances of the CBN which premiums were allegedly inflated by billions of Naira during Emefiele’s tenure.
They also alleged that Shonubi favoured some insurance brokerage firms that are involved in the cover for the apex bank’s risks. These are minuses for Shonubi according to people that are familiar with the issues.
Findings by InsideBusinessNG showed that in the first week of this new administration and during the heat of the subsidy removal, President Bola Tinubu had asked Emefiele for a comprehensive report of his administration from 2016 to 2023.
Query That CBN Governor, Godwin Emefiele Could Not
The Central Bank of Nigeria ( CBN) Governor, Godwin Emeifiele was suspended because he could not present the audited accounts of the bank almost four years( 2019 till date), News Mirror investigation has revealed.
Audited accounts are financial records of institutions( quoted and unquoted) which have been verified by chartered accountants and also found to be true and correct financial status of the organisations.
Reliable sources within the Aso Villa, Nigeria’s seat of government, the intelligence community, and the apex bank issues about the audited and unaudited accounts of companies are raging currently in both the private and the public sectors, and that the new CBN Acting-Governor, Folasodun Shonubi whom they fingered as one of the key suspect does not merit the position.
The sources alleged Shonubi is at the center of the recent Stamp Duty scandal that rocked the apex bank, adding that the new Acting-Governor is alleged to be involved in the jumbo insurances of the CBN which premiums were allegedly inflated by billions of Naira during Emefiele’s tenure.
They also alleged that Shonubi favoured some insurance brokerage firms that are involved in the cover for the apex bank’s risks. These are minuses for Shonubi according to people that are familiar with the issues.
Findings by News Mirror showed that in the first week of this new administration and during the heat of the subsidy removal, President Bola Tinubu had asked Emefiele for a comprehensive report of his administration from 2016 to 2023.
Although a report was submitted for the period, it was, however, said to be exclusive of some vital information required for the presidency to take a decision on the measures to cushion the impacts of subsidy removal.
News Mirror investigations further revealed that another query was issued, bothering on the apex bank’s financial status between 2019 and 2022 with a specific request for the CBN’s audited accounts for the period. These are parts of the vital information which the first report by Emefiele omitted.
This query, it was gathered, threw the entire CBN management off balance because both KPMG and Ernst & Young, the two auditors to the CBN, had in January confessed to the Department of State Service (DSS) during its investigation of the apex bank, that the audited accounts from 2016 to 2021 were all fraudulently prepared and should not be relied on for any decision. Consequently, they had allegedly agreed that the financial statements of the CBN from 2016 to 2021 be withdrawn and all be re-issued.
News Mirror in February reported that the apex bank has no audited account for the Year 2022 despite the N300 million part-payment of fees to the two auditors.
The inability to present the financial statement was gathered to have created problems for Emefiele, who, allegedly told the Presidency that the documents were in Lagos and so was excused to go and get them. It was during this period that sources in the CBN said he wanted to flee the country, leading to his arrest.
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