The House of Representative Public Accounts Committee has given an opportunity to the Securities and Exchange Commission and Fiscal Responsibility Commission to amicably settle the differences on the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.

Bamidele Salam, the Chairman of the Committee, gave the directive on Monday in Abuja during the Committee’s public hearing on leakages of government revenue.

The FRC had alleged the SEC did not respond to its report issued in 2022 where N45b unremiited operating surplus was recorded against the Commission from 2007 to 2021.

The Director General of SEC, Lamido Yuguda, while reacting to the allegation said the Commission had reconciled its operating surplus with the office of the Accountant General of the Federation.

“I think if the FRC had actually done a little more work, they would have seen from the OAGF all the efforts that we have made to reconcile the surplus figures from 2007 when FRSC came into being, “ the Director General told the Committee.

The SEC Team had evidences of the remittances it had made in the past as proof to back its argument of not being culpable of the allegation and it is ready to provide every document that was required of it by the Committee. The SEC report revealed.

According to the report, a review of the documents submitted by the SEC to the Committee reveals that they have actually made all submissions and payments and this was corroborated by the representative of the Office of the Account General of the Federation who also informed the Committee of the regular reconciliation exercise between it and SEC.

“Fact reveals that the Lamido led Management has transformed the account of the Commission from deficit balance recorded over the years to operating a surplus as a result of the transformations and policies introduced into the capital market”, the report stated.

After much defence from both parties, the Committee unanimously told the SEC and FRC to go and reconcile the differences then revert back to the Committee after 21 days for a final resolution on the issue.

Dangote Petroleum Refinery has further slashed diesel prices, from N1,200 to N1,000 per litre, aiming to mitigate the escalating inflation rates in Nigeria.

This reduction follows a previous price cut three weeks ago when the refinery initially decreased its diesel price by over 30%, down from N1,600 to N1,200 per litre.

The refinery has described this decision as a strategic move expected to “this significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

During an interview with newsmen, the Executive Director of the Dangote Group, Devakumar Edwin, emphasized the refinery’s robust output capabilities.

“We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up one after another to load diesel and aviation jet fuel. Ships load a minimum of 26 million litres, though we try to push for 37 million litres vessels, for ease of operations,” Edwin stated.

The announcement comes days after an APC chieftain in Osun State, Olatunbosun Oyintiloye, called on President Bola Tinubu to address what he termed excessively high diesel prices at the Dangote Petroleum Refinery.

In a press conference in Osogbo, Oyintiloye argued that, “as a domestically produced commodity, diesel prices should be significantly lower than those of imported counterparts.”

Ecobank Nigeria Limited, a subsidiary of the Ecobank Group, has entered a strategic partnership with Nigeria Chess Federation (NCF) to host the 2024 National Schools’ Team Chess Competition.

The competition is scheduled to hold between 24th – 28th May 2024 at the Ecobank Pan African Centre (EPAC) in Victoria Lagos. It Is open to students from primary, Secondary and Tertiary education level with prizes of over N10 million to be won.

Representatives of the Ministry of Education, Sports and Youth Development, parents, teachers, embassies and several others are expected at the event. Registration and participation are free, and School’s team can register by sending an email to: nationalschoolsteamchess@gmail.com

Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, said the decision of the bank to sponsor the Chess competition was to further showcase Ecobank’s commitment to supporting intellectual and sports development in Nigeria, being part of Ecobank’s strategic human capital development drive.

“Children and youth empowerment is part of our shared objective as the pan-African Bank. It aligns with our overall long-term vision of building a world class Pan African bank that contributes to the economic and financial integration of the continent. We are also using the opportunity of this competition to introduce and empower them with convenient, affordable, and accessible digital financial services they can access anytime and anywhere they are. Arrangements are in place to make the competition exciting and fulfilling for both the children and undergraduate students”. He stated.

Vice President, Nigeria Chess Federation, Prince Adeyinka Adewole said Chess, the game of Kings and Queens, has proven to be more than just a pastime, stating that it is an educational tool that enhances critical thinking, concentration, and problem-solving skills. While commending Ecobank for being a good ‘corporate citizen’ for sponsoring the competition, he noted that the competition will promote and showcase the skill and talent of chess players from Nigerian schools, while promoting teamwork, fostering a spirit of sportsmanship among participants, and providing networking opportunities to players.

He enjoined all the institutions to take advantage of this opportunity to participate in the prestigious event, adding that participation will undoubtedly contribute to the championship’s success and provide an enriching experience for the participating students.

Ecobank has embarked on several initiatives to develop youths in the country. The bank through a collaboration with the International Institute of Tropical Agriculture (IITA), is currently providing training and support services on Agribusiness which includes aquaculture, horticulture, poultry, and value addition to 16,000 youths in Nigeria. Also, Ecobank recently partnered with Learntor to provide capacity building for youths through Agile, Scrum, Data Analytics, Business Analysis, Cyber Security, and Scrum Master Certifications. The bank has also refurbished and donated learning equipment, provided digital training for students and promoted financial literacy in several schools across the country.

About Ecobank

Ecobank Nigeria Ltd. Is a subsidiary of the Ecobank Group, the leading Pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 60,000 agency banking locations.

About Nigeria Chess Federation

The Nigeria Chess Federation (NCF) is the national governing body for chess in Nigeria. It was established in 1975 and is responsible for promoting, regulating and developing chess in Nigeria. The NCF is a federation under the Federal Ministry of Sport Development, and it is affiliated with the International Chess Federation (FIDE) and follows its rules and regulations.

The objectives of the NCF include organizing national and international chess tournaments, training and selecting chess players to represent Nigeria in international competitions, and promoting the game of chess at all levels, from grassroots to elite.

The NCF organizes various chess events throughout the year, and has also been successful in producing strong chess players who have represented Nigeria in international tournaments. These players have achieved notable successes, including winning medals in African Chess Championships and participating in Chess Olympiads.