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Independent Corrupt Practices and Other Related Offences Commission (ICPC) Recovers 301 Houses From Two Public Officers

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered 241 houses from a public officer and 60 from another in the Federal Capital Territory (FCT).

The commission also recovered an advance of N51billion promissory notes from various real estate developers in the nation’s capital.

Despite the deficit of 22 million housing units in the country, where 70 per cent of its citizens are said to be living in ghettos and slums, mostly in decrepit houses despite huge investments in the housing sector over decades, two Nigerians alone in a country are owned 301 houses.

Prof Bolaji Owasanoye, ICPC chairman disclosed this when he appeared before the House of Representatives ad-hoc committee on the operations of real estate developers in the FCT.

He said the findings came through efforts of the commission to unravel the owners of the ever-increasing unoccupied luxury estates in Abuja.

According to him, public office holders top the list of fraudulent investors in the real estate sector in the nation’s capital, adding that they are well involved in illicit financial flows in the country.

He said such public officers acquire estates in pseudonyms to conceal the illegal origin of funds, explained that a tour round Abuja, especially the metropolis and the central area, would show a lot of estates that are built up but empty.

“This was made possible by the absence of proper documentation, registration of titles to land and estates in the country and the non-enforcement of beneficial ownership standards.

“If they had been constructed with funds that were borrowed at market rates, I don’t think any investor would allow such properties to be empty. One way or the other they would put them to use. So, it is suspected that some of those estates have been used to launder ill-gotten public funds.

“The commission has for example in one case recovered 241 houses from a public officer and another one in which we recovered 60 buildings on a large expanse of land from another public officer.

“Major culprits and criminals who are encouraging the problem are staff of the Federal Capital Development Authority (FCDA) and their land collaborators.

“Some members of the Real Estate Development Association of Nigeria (REDAN) are accessing funds from the Federal Mortgage Bank (FMB) for mass housing and diverting same to construct private estates.”

“By the original concept of the mass housing policy of the government, developers are supposed to profile and forward names of allottees to FCDA to issue certificates of occupancy. But in practice developers do not comply with these policies and subscribers are often left at their mercy, holding only letters of allocation without a proper title to land,” he said.

Owasanoye noted that the private estates are sold at exorbitant prices to the general public, excluding public officers, who are the main and intended beneficiaries of the projects and structures.

He noted that the intervention of the ICPC in the sector has led to recoveries on behalf of some allottees for FMB, FCDA and sometimes for other stakeholders.

 

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NLC protests: Why Nigeria’s economy is in such a mess

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Nigeria is currently experiencing its worst economic crisis in a generation, leading to widespread hardship and anger.

The trade union umbrella group, the Nigeria Labour Congress (NLC), held protests in the main cities on Tuesday, calling for more action from the government.

A litre of petrol costs more than three times what it did nine months ago, while the price of the staple food, rice, has more than doubled in the past year.

These two figures highlight the difficulties that many Nigerians are facing as wages have not kept up with the rising cost of living.

Like many nations, Nigeria has experienced economic shocks from beyond its shores in recent years, but there are also issues specific to the country, partly driven by the reforms introduced by President Bola Tinubu when he took office last May.

How bad is the economy?

Overall, annual inflation, which is the average rate at which prices go up, is now close to 30% – the highest figure in nearly three decades. The cost of food has risen even more – by 35%.

However, the monthly minimum wage, set by the government and which all employers are supposed to observe, has not changed since 2019, when it was put at 30,000 naira – this is worth just $19 (£15) at current exchange rates.

Many are going hungry, rationing what food they have or looking for cheaper alternatives.

In the north, some people are now eating the rice that is normally discarded as part of the milling process. The waste product usually goes into fish food.

Widely shared social media videos indicate how some are reducing portion sizes.

One clip shows a woman cutting a fish into nine pieces rather than the average four to five. She is heard saying her goal is to ensure her family can at least eat some fish twice a week.

What is causing Nigeria’s economic crisis?

Inflation has soared in many countries, as fuel and other costs spiked as a result of the war in Ukraine.

But President Tinubu’s efforts to remodel the economy have also added to the burden.

On the day he was sworn in nine months ago, the new president announced that the long-standing fuel subsidy would be ending.

This had kept petrol prices low for citizens of this oil-producing nation, but it was also a huge drain on public finances. In the first half of 2023, it accounted for 15% of the budget – more than the government spent on health or education. Mr Tinubu argued that this could be better used elsewhere.

However, the subsequent huge jump in the price of petrol has caused other prices to rise as companies pass on transportation and energy costs to the consumer.

One other factor that is pushing up inflation is an issue that Mr Tinubu inherited from his predecessor, Muhammadu Buhari, according to financial analyst Tilewa Adebajo.

He told the BBC’s Newsday programme that the previous government had asked the country’s central bank for short-term loans to cover spending amounting to $19bn.

The bank printed the money, which helped fuel inflation, Mr Adebajo said.

Chart showing the changing food prices

What has happened to the naira?

Mr Tinubu also ended the policy of pegging the price of the currency, the naira, to the US dollar rather than leaving it up to the market to determine on the basis of supply and demand. The central bank was spending a lot of money maintaining the level.

But scrapping the peg has led the naira’s value to plunge by more than two-thirds, briefly hitting an all-time low last week.

Last May, 10,000 naira would buy $22, now it will only fetch around $6.40.

As the naira is worth less, the price of all imported products has gone up.

When will things get better?

While the president is unlikely to reverse his decisions on the fuel subsidy and the naira, which he argues will pay off in the long run by making Nigeria’s economy stronger, the government has introduced some measures to ease the suffering.

Nigeria’s Vice-President Kashim Shettima announced the establishment of a board charged with controlling and regulating food prices. The government also ordered the national grain reserve to distribute 42,000 tonnes of grains, including maize and millet.

This is not the first time the government has said it is distributing aid to poor and vulnerable Nigerians, but labour unions have often criticised the government’s method of food distribution, saying much of it does not reach poor families.

The government has also said it is working with rice producers to get more of it into markets and customs officials have been instructed to cheaply sell off bags of the grain that they have seized. In a sign of how bad things are, on Friday this led to a crush in the biggest city, Lagos, which killed seven people, local media report. These hand-outs have now been halted.

The rice was seized under the previous government, which banned imports of rice to encourage local farmers to grow more. That ban was lifted last year in at attempt to bring down the cost but because of the fall in the value of the naira, that has not worked.

Around 15 million poorer households are also receiving a cash transfer of 25,000 naira ($16; £13) a month, but these days that doesn’t go very far.

Culled from the BBC

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Africa

Nangolo Mbumba Sworn In as Namibia’s Interim President

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Nangolo Mbumba has been sworn in as the interim president of the southern African country of Namibia.

He was installed Sunday, following the death of President Hage Geingob earlier in the day at a hospital in Windhoek.

Geingob announced in January that he had cancer.

Mbumba said Sunday that he does not plan to run for president in elections later this year.

That means newly-installed Vice President Netumbo Nandi-Ndaitwah could seek the presidential office. If she won, she would be first female president in southern Africa.

However, she may face some challengers from within SWAPO, her political party.

The South West Africa People’s Organization or SWAPO has been in power in Namibia since it gained independence in 1990.

President Geingob recently upbraided Germany for supporting Israel against genocide charges at the International Court of Justice.

Geingob said Germany committed genocide in Namibia in the 1800s, killing tens of thousands of Africans.

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Horrible images of massive blast in Nigeria caused by explosives

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ABUJA, Nigeria (AP) — Three people died and 77 others were injured overnight when an explosives rocked more than 20 buildings in one of Nigeria’s largest cities, authorities said Wednesday, as rescue workers dug through the rubble in search of those feared trapped.

Residents in the southwestern state of Oyo’s densely populated Ibadan city heard a loud blast at about 7:45 p.m. Tuesday, causing panic as many fled their homes. By Wednesday morning, security forces cordoned off the area while medical personnel and ambulances were on standby as rescue efforts intensified.

Preliminary investigations showed the blast was caused by explosives stored for use in illegal mining operations, Oyo Gov. Seyi Makinde told reporters after visiting the site in the Bodija area of Ibadan.

3 killed and 77 injured in massive blast caused by explosives in southern  Nigerian city - Bharat Express

 

Nigeria explosion leaves 3 dead, 77 injured as rescue workers frantically  dig through rubble to search for survivors

 

3 killed, 77 injured in massive blast caused by explosives in southern  Nigerian city - ABC News

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