CENTUS NWEZE Reporting
Governors of all 36 states of the federation are to meet with all the economic and financial crime tracking agencies in the country over the nebulous budgetary subhead called ‘security vostes’, but largely responsible for corruption in governance, Truth Live News has learnt.
Designated principally as Contingency Funds, most states in the country under its rechristen status as ‘security votes’ Carry out shady transactions with it, imperiling the country’s financial system’s reputation.
As learnt, the governors are seeking better ways of transparently managing the funds.
The meeting, which is to take place on Tuesday April 4, according to an invitation issued by the Director General of the Nigeria Governors’ Forum, Mr. Asishana Bayo Okauru, will be virtual, to ensure full attendance by all the relevant officers in the matter.
Those invited to the meeting include the Economic and Financial Crimes Commission, EFCC, the Independent Corrupt Practices and other related offences Commission, ICPC, the Federal Inland Revenue Service, FIRS and the Central Bank of Nigeria, CBN.
Furthermore, the meeting will also consider deepening the management and expansion of the cashless policy which took effect from the time of the redesigning of the national currency, the Nigerian Naira, last year, to further the financial inclusion of all citizens in the ensuing scheme of things, going forward.
Abdulrazaque Bello-Barkindo, the Director, Media and Public Affairs Nigeria Governors’ Forum Secretariat, in a statement, noted that the meeting was called at the instance of the Nigeria Financial Intelligence Unit, NFIU, in its letter of 30th March, which was addressed to the Chairman of the NGF and signed by the NFIU Director, Modibbo Hamman Tukur.
“The letter said that apart from the facilities for national financial inclusion, it is also putting on the table the uniform development and cooperation on the national addressing and post code project, which will put Nigeria on the same pedestal as all advanced countries across the globe.
“Also on the agenda is a consensus on harmonizing and updating the national tax collection and business entry standards and its requirements to help respond to the FATF and the EU grey listing in which Nigeria appeare,” the statement added.
Implication of country being gray listed by FATF is the reputational damage to the country.
It’s effectiveness in combatting financial crimes like corruption and money-laundering as well as terror financing are deemed to be below international standards.
The second and related implication arises from consequential action taken with regard to cross-border transactions, particularly possible action taken by foreign banks that provide correspondent banking services.
“All Governors are advised to prioritize the meeting as its contents had been discussed at the NGF emergency meeting of Thursday 30th March, where it was unanimously agreed that a meeting with the afore-mentioned agencies was imperative” it reads in parts,” explained Okauru in the statement.