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Senate probes SEC over spending N8b annually to service staff 

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Senate

Senate Committee on Capital Market has requested for names of the staff of Security Exchange Commission (SEC) that are serviced with N8 billion annually by the commission.

The Chairman of the Committee, Senator Ibikunle Amosun who made the request during the 2022 budget defence of the Commission, vowed to look into what is going on in the organization that will make the annual emoluments for staff to cost N8bn.

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“Your emolument was almost N6 billion out of the N9 billion and other expenses, so clearly you are spending almost all of the revenue that comes to you on staff emolument and other related things.

“You should give us the number of staff that you have in the commission such that we need to look at what is happening. If you generate about  N9 billion and almost N8 billion is purely for servicing the staff.

“You are having a huge deficit of almost N4 billion. When you continuously make this deficit, year in, year out, then something is wrong”, he said

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Director General of SEC, Yuguda Lamido while presenting the budget earlier before the lawmakers, said a total revenue projected for 2021 was N11.5 billion out of which N2.689billion was realised as at June.

Yuguda in his presentation said: “A total of N11.5billion was projected as revenue for   2021 out of which N2.689billion was realised as at June with the hope of making more before the year runs out.

“Total recurrent expenditure for 2021 was budgeted at N13.53 billion but the actual expenditure was N4.063 by the end of June.

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“Our budgeted deficit was N5.173 billion but the actual deficit as at end of September was N2.834 due to funding of it from our reserve.

“Though revenue performance is still weak, series of innovations like newly introduced charges for secondary Investors will boost it up from 2022 fiscal year and beyond.

“In giving room for more financial inflow, we are planning to retire about 152 top management staff with fat salaries in paving way for recruitment of fresh workers with attendant less financial burdensome on the commission.

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“There are measures at reducing expenditure and also measures at increasing revenue of the commission”, he said

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NYSC is here to stay, FG tells critics

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Sunday Dare scaled e1599672195981

The Minister of Youth and Sports Development, Sunday Dare, says the National  Youth Service Corps (NYSC) is here to stay as its contributions to national development are indisputable.

Dare spoke in Abuja on Saturday night at the premiere of an advocacy movie produced by the NYSC entitled “A Call to Service”.

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The movie was produced to increase appreciation for the scheme’s relevance in promoting patriotism, national unity, peace and cohesion.

Some of the movie cast included Nollywood actors such as Pete Edochie, Toyin Abraham, Ali Nuhu, Belinda Effah, Imeh Bishop also known as “Okon Lagos”, and comedian Anita Asuoha also referred to as “Real Warripikin”.

The minister applauded the timely release of the movie as the relevance of the scheme has been under public scrutiny and debate in recent time.

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“The timing of this movie could not have been better after weeks and months of debates about whether the NYSC is relevant or not and whether the scheme should be scrapped or should continue.

“The answer to the critics, to the anti-NYSC is in the premiere of this movie. This movie needs to travel and hit every viewing platform across this country and in the diaspora; it must go viral.

“The message must go out strong and clear, that the NYSC has come to stay. The scheme is more relevant now than it has ever been before,” the minister said.

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Dare said that the release of the movie would assist the ministry with its plans in ensuring that the NYSC Trust Fund is created.

According to him, I believe that before the end of the first quarter of next year when we have done all that is necessary, I will be able to present a memo to the (Federal Executive) Council for the establishment of an NYSC Trust Fund.

Gen. Yakubu Gowon, former Head of State and initiator of the NYSC, urged the legislative and executive arms of the Federal Government to take the necessary steps towards establishing the NYSC Trust Fund.

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Gowon, who was represented by Yusuf Nalado, Member, NYSC Governing Board, said that the gesture would ensure the sustenance of the scheme and the future of the Nigerian youth.

Gowon called on Nigerians to continue to support the scheme to sustain the achievements of its mandate.

Brig.-Gen. Shuaibu Ibrahim, the NYSC Director-General, said that the scheme produced the movie to drive the relevance of the scheme and also to provide a platform for corps members to develop their potential.

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Ibrahim said that the movie also aimed to educate local and foreign-trained graduates that national service is mandatory and failure to comply will attract legal consequences.

“You are all aware that NYSC has for long become a household name in Nigeria owing to its invaluable contributions to national unity and development.

“In particular, its role in the training and mentoring of the youth in preparation for their future leadership responsibilities have been appreciated by all and sundry.

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“The movie we are unveiling today is part of the innovative approaches of the present management to engendering a greater appreciation of the relevance of the scheme.

“It is an advocacy and sensitisation tool that is also expected to influence a greater commitment of stakeholders to their roles and responsibilities as spelt out in the NYSC Act Cap N84 Laws of the Federation of Nigeria 2004 and the NYSC Bye-Laws.

According to Ibrahim, the movie is also produced to encourage local and foreign-trained Nigerian graduates that are eligible for national service to make themselves available upon graduation.

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He said that this would prevent the graduates from being found guilty of absenteeism, absconding, or certificate forgery.

The director-general said that the movie was produced under the schemes movie production platform “NYSCwood” which was established to sensitise the public on relevant issues.

“Some of the actors in the movie were serving corps members at the time of its production. Indeed, the film was produced by a corps member, Jairus Paul Osazuwa.

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“This is in line with our policy of providing opportunities for corps members to develop their potential. It is in this regard that we established the NYSC movie production platform, which we christened NYSC wood.

“Already, we have produced several short films aimed at sensitising the public on issues such as elections, safe blood donation, and campaign against open defecation.

“Apart from deploying our movies as instruments of entertainment and education, the NYSCwood will serve as a training platform for corps members who will be interested in pursuing a career as professional movie actors while also generating revenue for the scheme,” Ibrahim said.

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He said that the scheme had also signed a partnership agreement with the Actors’ Guild of Nigeria (AGN) to further provide a platform for corps members to develop and expand their creativity.

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Sylvester Oromoni: Dowen College reveals actions being taken by the school

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1638705903 Dowen College Statement

Dowen College has revealed actions being taken by the school in the wake of the outrage expressed over the death of a student, Sylvester Oromoni.

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The school, in a statement, revealed that they are assisting the authorities to get to the bottom of the incident that led to Sylvester’s death.

They sympathised with the family of Sylvester Oromoni, all who loved him and added that every child is valued at Dowen College.

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However, nothing was said about the students accused of beating Sylvester to the point of death.

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WITHIN NIGERIA had reported that the deceased’s cousin, Perry Oromoni, has taken to social media to alleged that some senior pupils of the college beat him up in his hostel room for refusing to join a cult.

But the school denied the claim, stating that the boy complained of pain in his legs and hip following an injury he sustained while playing football.

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The Lagos State Government had shut down the school indefinitely to ensure thorough investigation.

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Read the statement below:

Dowen College Statement

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