Connect with us


Reps probe alleged fraud of W’Bank funds for assets insurance



The House of Representatives has urged the Federal Ministry of Finance, Budget and National Planning, the National Insurance Commission and all ministries, departments and agencies of the Federal Government to ensure proper actuarial valuation and adequate provision for insurance premium in the 2022 and subsequent national budgets.

The House also mandated its Committee on Insurance and Actuarial Matters to ‘investigate the irregularities, misapplication and alleged misappropriation of funds of World Bank special intervention funds for insurance of government assets and report back within four weeks for further legislative action.”

These resolutions were sequel to the unanimous adoption of a motion moved by a member, Ahmadu Jaha, titled, ‘Need to Safeguard Critical National Assets through Budgetary Provisions for Insurance Premium by Ministries, Departments and Agencies’.

Jaha said critical national assets and infrastructure were assets, systems and items of value that supported efficient public service delivery, economic, political and social sectors of nation.

The lawmaker also noted that adequate budgetary provisions of insurance premium to safeguard the existing and ongoing Federal Government’s massive investments in the development and construction of various infrastructure would reduce avoidable government expenditure, engender value for money and support quick asset recovery, public service efficiency, employment generation and wellbeing of Nigerian people.

He further noted that the administration, allocation and utilisation of the World Bank special intervention funds on the insurance of Federal Government’s critical national assets had been ‘shrouded in secrecy, lack of transparency, misapplication and allegations of misappropriation as well as not being captured in the Appropriation Act’.

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Click to comment

Leave a Reply

Your email address will not be published.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

Business News53 seconds ago

Outstanding Debts: Be Patient With us—NDDC Begs Contractors

News3 mins ago

Rivers man attempts suicide for losing savings to forex scam, police arrest victim

Politics3 mins ago

Umahi set to establish two more universities in Ebonyi

Local21 mins ago

Persons with disabilities protest at Lagos Assembly

Business News23 mins ago

FG to Make TIN Compulsory for Bank Account Holders

News27 mins ago

Concern as vaccinated participant tests positive, organisers trace contacts

Local43 mins ago

Gov. Zulum bans NGOs from giving food to Borno resettled communities

News51 mins ago

FG plans to acquire N1.8bn telecom facilities to block fraudsters

Entertainment1 hour ago

Lady defies all odds to emerge the best graduating student of her department

Local1 hour ago

36,000 litres of adulterated diesel seized in Anambra: NSCDC

News1 hour ago

Man found with 2,863 ATM cards arraigned in Lagos

Entertainment1 hour ago

Niyi Lawal’s priceless reaction after receiving early Christmas gift from his wife (Video)

Entertainment1 hour ago

Dowen College staff wear t-shirt with Sylvester’s face (Photos)

News2 hours ago

Some judges sell judgments, retire to escape NJC sanctions – Jega

Entertainment2 hours ago

Police arrest three suspects over children’s mysterious death inside SUV

Local2 hours ago

Policeman Simon Lough sworn in as SAN

News2 hours ago

Gunmen shoot dead Nollywood actress in Delta, police pledge probe

News2 hours ago

Conflict, displacement hindering food production in Nigeria, nine others –World Bank

News2 hours ago

Buhari mourns victims of bandits’ attacks in Sokoto

Entertainment2 hours ago

Singer, Seyi Shay flaunts her growing baby bump in new dance video (WATCH)

News18 hours ago

2023: Group cautions against fresh plots to defame Osinbajo

Business News18 hours ago

EFCC Declares MBA Forex Owner Wanted Over N231bn

News24 hours ago

Man commits suicide after losing company N150,000 bet

Politics22 hours ago

3800 civil servants to write promotional exams in Bauchi

Sports22 hours ago

Rio Ferdinand And Michael Owen Have Agreed That Mohamed Salah Was An Average Finisher When At Chelsea

Entertainment22 hours ago

“She had plastic surgery without informing him, she was seeing another man” – Ned Nwoko’s media team spills ‘truth’ about his separation with Moroccan wife, Laila

Local3 hours ago

Nigerian Army honours 52 generals

Politics22 hours ago

Oyo NIPR holds 2021 dinner, honours Tribune, Ayefele, Onireti, others

News22 hours ago

Man kills neighbour over alleged witchcraft in Akwa Ibom

Business News14 hours ago

Stanbic IBTC Pension Managers Rewards Customers

Business News21 hours ago

FG to Inject N381trn into Economy to Create Job, Tackle Poverty

Business News22 hours ago

NGX RegCo to Engage Issuers on Post-Listing Requirements

Politics14 hours ago

Dowen College parents mourn, demand justice over death of Sylvester

Business News18 hours ago

How Retirement Can be Enjoyed, Not Endured: The Imperatives!

Entertainment23 hours ago

#JusticeForSylvester: Nigerian women stage protest in front of Dowen College (photos)

News21 hours ago

80 Nigerians to graduate from Business School Netherlands

World16 hours ago

ZOA Accuses Yad Vashem of ‘appalling’ censorship of Jerusalem Mufti’s ties to Hitler

Politics21 hours ago

Reps probe N91.873bn Anchor Borrowers loan

World17 hours ago

Pope Francis on Lesbos: Europe ‘torn by nationalist egoism,’ neglect of migrants is ‘shipwreck of civilization’

News21 hours ago

1m doses of COVID vaccine expires in Nigeria – Reuters