EXPOSED! SEE THE BILLIONS OF NAIRA INEC LOST FOR RESCHEDULING FEBRUARY 16 ELECTION | Fastest Delivery Of Magazine
Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Published

on

Investigations has revealed that the Independent National Electoral Commission (INEC) rescheduling of the Presidential and National Assembly elections to Saturday, February 23 has cost the electoral body about N7 billion.

It was gathered that INEC had set aside N32.2bn for the elections which should have taken place on February 16, and the N7 billlion loss represents over 20 per cent of the budget for the elections.

 

EXPOSED! SEE THE BILLIONS OF NAIRA INEC LOST FOR RESCHEDULING FEBRUARY 16 ELECTION INEC Card readers 1

 

The breakdown of INEC’s presidential budget, which was obtained by newsmen showed that N31.3bn was budgeted for operational cost while N88.9m was budgeted for administrative cost and N786m for miscellaneous expenses.

Calculations has revealed that nearly a quarter of the budget had already been spent on transportation of over one million ad hoc staff; deployment of sensitive election materials, including over 150 million ballot papers and result sheets; and charges paid to the Central Bank of and the Nigerian Air Force.

These expenses will also be incurred in today’s Presidential and National Assembly election.

 

EXPOSED! SEE THE BILLIONS OF NAIRA INEC LOST FOR RESCHEDULING FEBRUARY 16 ELECTION INEC 324x160

 

It was gathered, for instance, that N2.7bn was budgeted for hiring 12-seater at the rate of N22, 500 per bus for transporting 1,376, 473 ad hoc .

The sum had already been expended as of last Saturday and would have to be spent again ahead of February 23.

In addition, N247m had been spent on the deployment of ICT technical support staff to registration areas, supervisory area and polling units.

The sum covers duty tour allowance for the deployment of men and materials to all the registration areas during the presidential election.

 

EXPOSED! SEE THE BILLIONS OF NAIRA INEC LOST FOR RESCHEDULING FEBRUARY 16 ELECTION NAF airlifts INEC materials 1024x768

 

About N1.9 billion had been spent on movement allowance for over 1.3 million polling officers and assistant polling officers for election duties.

Also, about N1.8 billion had also been spent on election logistics, which included the movement, deployment and retrieval of men and materials for elections. The money covered the provision for distribution of sensitive materials for the election and the provision of logistic support to states as well as the distribution of non-sensitive materials.

The sum of N424m was paid for the transportation, accommodation and internal movement of 33, 950 return officers and collation officers.

 

EXPOSED! SEE THE BILLIONS OF NAIRA INEC LOST FOR RESCHEDULING FEBRUARY 16 ELECTION inec voting

 

INEC has also paid N525m to the CBN and the Nigerian Air Force for the storage and movement of election materials.

However, it remains unclear if the commission will again make full payment for these services to the CBN and air force or will be given concessions by the apex bank and the air force.

If the charges are paid again, it will bring the total sum to over N7.5bn

 

EXPOSED! SEE THE BILLIONS OF NAIRA INEC LOST FOR RESCHEDULING FEBRUARY 16 ELECTION inec edo

 

Meanwhile, the National Commissioner for Voter Education and Publicity, Mr Festus Okoye, has stated that he did not know how much the commission had lost to the postponement.

“I cannot say for sure how much was spent. I don’t have the statistics,” he said.

Feel free to leave your comment on the story

Loading...

Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

Advertisement //pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({ google_ad_client: "pub-7404936528073869", enable_page_level_ads: true });
8 Comments

8 Comments

  1. gamefly free trial

    May 3, 2019 at 12:51 am

    Why users still make use of to read news papers when in this technological globe
    the whole thing is accessible on web?

  2. gamefly free trial

    May 3, 2019 at 11:07 am

    Hey there! I know this is kind of off topic but I was wondering which blog platform are you using for this site?
    I’m getting fed up of WordPress because I’ve had problems with hackers and I’m looking at alternatives for another platform.

    I would be awesome if you could point me in the direction of a good platform.

  3. minecraft free download

    May 10, 2019 at 7:31 am

    This is my first time visit at here and i am actually happy to read everthing
    at one place.

  4. g

    May 10, 2019 at 11:27 pm

    This article is in fact a fastidious one it assists new web viewers, who are
    wishing for blogging.

  5. g

    May 12, 2019 at 12:17 am

    If you would like to improve your knowledge only keep visiting this
    web site and be updated with the hottest news update posted here.

  6. g

    May 13, 2019 at 1:24 pm

    Hello, i read your blog from time to time and i own a similar one and i was just wondering if you
    get a lot of spam feedback? If so how do you prevent it,
    any plugin or anything you can recommend? I get so much
    lately it’s driving me insane so any assistance
    is very much appreciated.

  7. how to download minecraft

    May 16, 2019 at 12:57 am

    Very nice post. I definitely love this website.
    Keep it up!

  8. download minecraft for free

    May 17, 2019 at 12:01 pm

    Hi there, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam comments?
    If so how do you prevent it, any plugin or anything you can suggest?
    I get so much lately it’s driving me insane so any help is very
    much appreciated.

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Buhari meets Dangote, Otedola, others in Aso Rock

Published

on

By

Buhari meets Dangote, Otedola, others in Aso Rock IMG 20190524 215018 1024x742

President Muhammadu Buhari on Friday hosted members of the Business Community and officials of the All Progressives Congress (APC) to Iftar (Ramadan breaking of fast) at the State House, Abuja.

The News Agency of (NAN) reports that the Secretary to the Government of the Federation, Mr. Boss Mustapha and the Chief of Staff to the President, Malam Abba Kyari were among the government functionaries at the fast-breaking event.

Members of the business community in attendance of the fast-breaking meal included Alhaji Aliko Dangote, Femi Otedola, Tony Elemelu, Alhaji Isiaka Rabiu and Chief Emeka Offor.

Others were the Chairman of the Sahara Group, Kola Adesina and the Chairman of the National Union of Road Transport (NURTW), Alhaji Najeem Yasin.

The National Chairman of the APC, Comrade Adams Oshiohmole, immediate past national chairman of the party, Chief John Odigie Oyegun; the party’s National Vice Chairman, North West, Inuwa Abdulkadir and other party officials also joined the president to share the fast-breaking meal.

Loading...
Continue Reading

News

Real owners of MTN Nigeria revealed

Published

on

By

real owners of mtn nigeria revealed Real owners of MTN Nigeria revealed screenshot2019 05 24 10 48 35

 

 

 

Last Thursday’s listing of MTN shares on the Premium Board of the Nigerian Stock Exchange (NSE) has made it possible to identify the shareholders of the telecoms firm.

Many Nigerians believed the Nigerian government owned part of the South African firm through an unspecified equity holding by the Nigeria Sovereign Investment Authority (NSIA).
But a review of the listing memorandum filed by MTN Nigeria in support of its application for the enlistment of its shares on the NSE revealed the profiles of the shareholders of the company.
The list did not include either the Nigerian government or the NSIA. PREMIUM TIMES learnt that the NSIA investment “is very small” and could not have been listed among those of the big players.
The document dated May 15, 2018, showed 11 owners of MTN Nigeria. They own the entire 20,354,513,050 Ordinary Shares of the company valued at about N407.1 billion as at the time MTN applied to be listed.
They include the majority shareholder, MTN International (Mauritius) Limited, which has the controlling 76.08 per cent equity, or 15,485,544,050 shares valued at about N309.71 billion, and Stanbic IBTC Asset Management Limited with 9.77 per cent stake or 1,988,269,050 shares valued at about N39.77 billion.
Also included are six Nigerians, who are non-executive directors of the board. Each represents various foreign interests in the company.
Victor Odili, a Nigerian, and Chairman of Aeromaritime Group of companies, a group specialising in the maritime and oil and gas sectors of Nigeria’s economy, is a member of the board. He holds 806,886,900 shares, or 3.96 per cent interest, valued at about N16.14 billion indirectly on behalf of Hermitage Overseas Corporation.
Also, Pascal Dozie, a Nigerian and founder of the defunct Diamond Bank PLC, is the Chairman of the Board of Directors. He holds 340,409,900 shares, or 1.67 per cent equity valued at N6.67 billion, indirectly, on behalf of Celtelecom Investment Limited, NISPVLimited.

 

 

Another Nigerian, Sani Mohammed Bello, a co-founder of AMNI Petroleum, an indigenous oil and gas exploration companies, is the vice chairman of the board. He holds 265,092,150 shares (1.30 per cent equity) estimated at about N5.3 billion indirectly on behalf of One Africa Investment Limited.
Babatunde Folawiyo, a Nigerian and Chairman/Chief Executive Officer of the Yinka Folawiyo Group, holds 218,815,100 shares, or 1.07 per cent equity, valued at N4.01 billion on behalf of Universal Communications NISPV Limited.
Similarly, Gbenga Oyebode, a Nigerian and founding partner of Aluko & Oyebode law firm, represents the interest of N-Cell NISPV Limited. He holds 181,776,250 shares, or 0.89 per cent equity, valued at N3.27 billion.
Ahmed Dasuki, a Nigerian and founder of Quaditect Consultants, represents NISPV Limited/ SASPV Limited, which controls 177,717,850 shares, or 0.75 per cent equity valued at about N2.89 billion.
Government Employees Pension Fund (Represented by Public Investment Corporation SOC Limited) were also listed as owners with 355,281,650 shares (1.75 per cent equity) valued at about N7.11 billion.
Also, Mobile Telephone Network N.I.C.B.V holds 559,720,150 shares, or 2.75 per cent, valued at about N11.19 billion.
Robert Shuter, Ralph Mupita, Jens Schulte-Bockum, Ferdinand Moolman, Paul Norman and Karl Olutokun Toriola serve as representatives of MTN Group on the Board of Directors of the company.
With the listing of the company’s shares on the NSE, MTN Nigeria becomes the first privately owned telecoms company in Nigeria to attain that status.
The listing of the company on the premium board of the NSE on April 18, , resulted in the change of the company from a private company to a publicly quoted telecoms company on the NSE.
MTN Nigeria, a subsidiary of MTN International (Mauritius) Limited, was incorporated in the Republic of Mauritius, with its ultimate holding company, MTN Group.
The company was incorporated on November 8, 2000. But, it did not commence operations until 2001. Since then, the company has remained in operations for almost 18 years in Nigeria.
MTN Nigeria is reputed to be Nigeria’s largest telecoms operators, with about 67 million subscribers, controlling about 39 per cent mobile market share.

Loading...
Continue Reading
Advertisement
Advertisement

Inspirational Tips

Advertisement
Loading...

Trending

WhatsApp Join Our WhatsApp Chat
%d bloggers like this: