BINANCE FALSE CLAIM ON BRIBERY DIVERSIONARY . (PHOTO). #PRESS RELEASE.

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 FEDERAL MINISTRY OF INFORMATION AND NATIONAL ORIENTATION  PRESS STATEMENT  BINANCE FALSE CLAIM ON BRIBERY DIVERSIONARY  The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations. In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.  This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria. The facts of this matter remain that Binance is being inve
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LAWMAKERS BACK USE OF CONCRETE FOR ROAD CONSTRUCTION. (PHOTO).

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Lawmakers Back Use Of Concrete For Road Construction

House of Representatives Committee on Works says it will adopt the use of concrete for road construction against the use of asphalt.

The Chairman, Mr Akin Alabi, during the inauguration of the Committee at the National Assembly claimed that the use of asphalt had led to the deplorable state of road infrastructure in the country.

Additionally, Mr Alabi stated that the committee was prepared to provide sufficient supervision of the Federal Ministry of Works and its parastatals, guaranteeing that any money allocated for road building and repair would be worth it.

He observed that with effective oversight, there would be visible transformation in the nation’s road infrastructure.

“Order 8 (B) Rule 109 of the House Rukes gave the House Committee powers to oversight the Ministry of Works and its parastatals and agencies to ensure that there is value for funds expended on road construction and rehabilitation. Some of the agencies that the House Committee would ensure proper oversight include the Office of Surveyor-General of the Federation (OSGOF), Council for the Regulation of Engineering in Nigeria (COREN), School of Surveying Oyo State and the Regional Centre for Training in Aerospace Survey RECTAS amongst others”.

He continued by saying that because of the difficulties facing the road industry, the committee which has representatives from all the 36 States and the Federal Capital Territory FCT needs to be more effective and focused.

Reps Pass Nigeria Audit Service Act
The House of Representatives has passed the Nigeria Audit Service Bill, repealing the outdated Audit Ordinance of 1956.

The new bill establishes the Federal Audit Service and grants additional powers and functions to the Auditor-General of the Federation.

The bill, officially titled the “Federal Audit Service Act, 2023,” aims to bring Nigeria’s audit practices in line with current constitutional provisions and eliminate remnants of the country’s colonial past.

The Majority Leader of the House, Professor Julius Ihonvbere, who moved for the passage of the Bill, emphasized the necessity of the changes to enhance the independence and impartiality of the Federal Audit Board, enabling it to effectively carry out its statutory responsibilities.

Before the passage of this bill, Nigeria was the only country out of the 54 African nations without an audit law, highlighting the urgency to address this gap in the country’s governance framework.

Under the new law, the Federal Audit Service will function as a board rather than a commission.

Following its passage in the House of Representatives, the Nigeria Audit Service Bill will be transmitted to the Senate for concurrence, bringing Nigeria closer to a more robust and modern audit system that promotes transparency and accountability in public financial management.


 

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