News
We Need Measures To Check Loopholes In TSA Implementation – CITM Boss
Published
3 years agoon
By
Editor
The Registrar, Chartered Institute of Treasury Management (CITM), Olumide Adedoyin, on Wednesday insisted that there are no proper safeguards in place to ensure the effective implementation of the Treasury Single Account (TSA).
Adedoyin, who addressed reporters in Abuja also called for continuous training and retraining of personnel handling the process as some saddled with the responsibility do not understand it effectively.
Also as a means of checking wastage in the system, he urged that laws governing procurement be further domesticated.
He said, “Like every government policy, the TSA as it is a function of just an account. It is not an app, it is not a policy, it is just an account. What the TSA tries to do is to make sure that the government has its resources in place and are able to know what they have at any given time.
“Now the first step the government was supposed to take was to do what we call cash pulling. Call up your resources from every bank into one single account. Once you do so, those bank accounts you have should not be closed down, rather you try to moderate them into receiving banks. They receive on your behalf but you cannot disburse from those banks, while at the end of the day you just have an online real time balance to make sure that what comes in is being accounted for.
“That was supposed to be the function. But what we discovered at the end of the day was that there are some little processes and challenges within that platform because the back end for the audit was not adequately secured. So if you did not secure the back end, despite being able to make resources and bring those resources, then there is a little bit of opening in the back that could lead to hemorrhaging of resources and so on.
“I think as it is, we have actually reached out to the government on different fora, trying to make them understand that the importance of putting these back ends in check is quite important. Secondly we want to believe too that there must be an orientation of the continuous training and retraining of individuals. You would be surprised that some that are saddled with these responsibilities do not actually understand the process effectively.
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“The problem as it is is that there are no safeguards in place. We talked about preventive mechanisms. That as it is is lacking. We talked about allowing treasury management to impact your cash management processes. That too is lacking. So these are those fundamental areas that we are concerned about. So that once you are able to make sure, for example, if X amount is budgeted for a project, how do you approach that project? For example you want to build roads, bridges, culverts, now you cannot release the funds for the completion of that road all at once, because it has a process of design, a process of building the culverts, bridges, your overlays and every other thing.
“What you need to do first and foremost, is to be able to design those projects with timelines. Once you design with timelines, release the funds that are responsible. Once those funds are released make sure they are tied to individual aspects of those contracts. While we are doing that, whatever you have as excess, invest those monies in very short term investment processes that would assist the process, either even if it is just on commercial papers or government bonds for that period, so that invariably the value of the money would not be lost.
“Once you do this effectively, it would be difficult for anybody to come back and start looking for variation on those jobs. these things you can put in place as one. Number two, if you need to make things work, you need to be radical about it. radical in the sense that the laws governing procurement and other things have to be further domesticated. What do I mean? You make sure that equipment and items that are bought on yearly basis that are being wished away could have a much longer lifespan.
“For example, in the office you keep buying photocopiers on a yearly basis. Of course you discover that the copier can even last you five to 10 years, when properly maintained. so those monies on those recurrent things that can be used beyond the length of those life-shares could be ploughed back into the system. What happened to those monies? They get stolen and diverted.”
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The Joint Admissions and Matriculation Board (JAMB) has released the results of the mop-up Unified Tertiary Matriculation Examination (UTME) held on Saturday, June 28, 2025.
According to a statement issued on Sunday evening by JAMB’s spokesperson, Dr. Fabian Benjamin, results have been released for 11,161 candidates who sat for the exam out of the 96,838 candidates scheduled for the mop-up exercise.
The board, however, noted that some candidates who are unable to access their results failed to comply with the prescribed instructions.
READ ALSO:2025 UTME Mop-Up: 85,790 Candidates Haven’t Printed Exam Slips – JAMB
“Candidates who are not able to access their results have been found not to have fully complied with the instruction to send ‘UTMERESULT’ (as one word text) to 55019 or 66019 using the same phone number (SIM) used during registration for the UTME,” the statement read.
JAMB urged all affected candidates to follow the correct procedure in order to access their results.
News
FG Lists Two Presidential Jet For Sale In Switzerland
Published
5 hours agoon
July 6, 2025By
Editor
The Federal Government has place on sale about two-decade-old Boeing 737‑700 Business Jet (BBJ) with the listing hosted by AMAC Aerospace in Basel, Switzerland.
The Presidency source said with over 19 years in service, the BBJ has become increasingly expensive to maintain and subject to safety scrutiny, particularly after a mechanical incident during an official trip to Saudi Arabia in April 2024.
This disclosure for the sale of the Boeing 737‑700 Business Jet (BBJ) was made via a US-based aircraft listing site, The Controller: https://www.controller.com/listing/for-sale/244434099/2005-boeing-bbj-jet-aircraft
The aircraft, used during the administration of former President Olusegun Obasanjo, and acquired for $43m in 2005, is being sold months after President Bola Tinubu transitioned to a refurbished Airbus A330-200 last August amid economic concerns and public scrutiny.
The plane had undergone inspections and maintenance in preparation for sale, according to aviation marketplace Controller.com.
Nigeria’s presidential air fleet, overseen by the Nigerian Air Force and the Office of the National Security Adviser, has about 10 aircraft.
These include fixed wings such as a 13-year-old Gulfstream Aerospace G550, Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605.
Three of the seven fixed wings are reportedly unserviceable.
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The rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser.
Both the Muhammadu Buhari and Tinubu administrations had earlier pledged to streamline the PAF for cost-efficiency.
Until August 2024, the BBJ-737 with tail number 5N-FGT, ferried the President until the administration acquired the refurbished Airbus A330-200, registered 5N‑FGA.
The aircraft, acquired for roughly $100 million (approx. ₦150bn) from a repossessed German bank asset, arrived in France for initial maintenance and reconfiguration in mid-2024.
However, since February 2025, the President has been using a San Marino-registered BBJ (REG: T7-NAS).
Sources in early May 2025 confirmed that the new A330-200 had been flown to South Africa to change its livery to reflect the Nigerian colours and the office of the President.
“The last I heard is that they took it abroad, I think to South Africa, to change the body design. You know it doesn’t have the green white green,” one source had said, asking to remain anonymous.
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“It’s not only the body paint. I learned they are doing some refurbishment on it,” a second official stated.
The Swiss private aviation firm which facilitated the acquisition of the Airbus A330, it was gathered is also preparing the BBJ-737 for sale.
With over 19 years in service, the Presidency said the BBJ became increasingly expensive to maintain and subject to safety scrutiny, particularly after a mechanical incident during an official trip to Saudi Arabia in April 2024.
Despite a partial refurbishment in July 2024, including upgrades to its first-class seating, new carpeting, and completion of C1-C2 inspections, the presidency is retiring the jet and listing it for sale.
Also, the aircraft is not enrolled in any engine maintenance programme, while both of its CFM56-7BE engines remain “on condition” that is, they are not subject to guaranteed performance coverage.
According to the listing, interested buyers may contact AMAC Aerospace for the asking price privately.
Configured to carry 33 passengers and 8 crew, the listing said the aircraft offers a 5-zone seating layout.
Zone 1 is dedicated to crew rest, including two crew rest seats and two cabin attendant seats. Zone 2 features a VIP stateroom equipped with a bed, a two-place divan, and a private lavatory. Zone 3 includes a VIP lounge configured as a four-seat conference room.
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In Zone 4, passengers will find nine forward-facing first-class seats. Finally, Zone 5 offers eighteen forward-facing business-class seats.
The aircraft underwent a partial interior refurbishment in July 2024, including new carpeting through 90 per cent of the cabin and a full refurbishment of the first-class seating area.
Full-service galleys are located both forward and aft, featuring a steam oven, microwave, chilled compartments, storage areas, and warming drawers.
Other features include four enclosed lavatories—one for crew use, one within the VIP stateroom, one serving the first-class cabin, and another in the business-class section.
Connectivity is provided via Ka-Band Wi-Fi powered by the Honeywell MCS-7000 system.
Entertainment options include a 32-inch monitor in the master bedroom, another in the VIP lounge, one more in the first-class cabin, and two 21-inch monitors in the business-class cabin.
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The BBJ is equipped with cutting-edge avionics systems. It includes three VHF communication radios by Gables Engineering, two VHF navigation radios by Rockwell Collins, and two HF transceivers. Safety and situational awareness are enhanced by an L3 Comms DFDR, a CVR, and Honeywell’s EGPWS.
The aircraft is fitted with two ATC transponders, a pair of DME units, and Rockwell Collins radio altimeters.
Additional avionics include three Thales ADC/ADM units, two Honeywell ADIRUs, and Rockwell Collins weather radar and TCAS systems.
Emergency equipment includes an Artex ELT with interface unit. The flight control and guidance systems comprise two Rockwell Collins FCCs, a Flight Dynamics HGS computer, and two Smith Industries FMS units.
Navigation aids include two ADFs and two Rockwell Collins MMR(GLU) units. Cabin pressurisation is managed by two Nord-Micro CPCs.
The aircraft also carries integrated flight and engine monitoring systems, with components by BAE Systems, Hamilton Sundstrand, Oeco, Honeywell, Teledyne Controls, Vibro-Meter, and Avtech.
Controller.com says the aircraft is fully compliant with ADS-B, CPDLC, FANS-1/A, and RVSM requirements.
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The Boeing BBJ is powered by two CFM56-7BE engines, each with 3,821 hours since new and 1,881 cycles.
The engines are on-condition and not enrolled in a maintenance programme.
The auxiliary power unit, a Honeywell 131-9B, has logged 5,982 hours and 3,622 cycles.
It says the aircraft is capable of intercontinental range, thanks to eight auxiliary fuel tanks that boost total capacity to 70,000 pounds.
This includes standard tanks of 45,000 pounds, plus auxiliary tanks split between the left wing (8,500 lbs), right wing (8,500 lbs), center (28,000 lbs), forward aux (10,000 lbs), and aft aux (15,000 lbs).
Currently, the BBJ is undergoing B1-B2 inspections at AMAC Aerospace in Basel.
The C1-C2 inspections were completed in July 2024. Maintenance is tracked using the Veyron system.
On the outside, the aircraft retains its original 2005 exterior paint scheme, featuring a white base accented with green highlights to portray the Nigerian colours.
(VANGUARD)
News
NDPC Fines MultiChoice ₦766m For Data Privacy Violations
Published
6 hours agoon
July 6, 2025By
Editor
The Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).
NDPC is a public institution that processes data in furtherance of its mandate as Nigeria’s data protection authority and relies on recognised lawful bases for data processing, such as consent, legal obligation, and contract.
The commission’s Head of Legal, Enforcement and Regulations, Mr Babatunde Bamigboye, disclosed this in a statement issued on Sunday in Abuja.
According to Bamigboye, the fine followed an investigation launched in the second quarter of 2024 into suspected violations of subscribers’ privacy rights and the unlawful cross-border transfer of Nigerians’ data.
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“NDPC found, among other things, that MultiChoice violated the data privacy rights of its subscribers and individuals associated with them who are not necessarily subscribers.
“The commission also discovered that MultiChoice engaged in the illegal cross-border transfer of personal data belonging to Nigerian data subjects.
“The depth of data processing by Multichoice is patently intrusive, unfair, unnecessary and disproportionate.
“This is a grave affront to fundamental right to privacy as enshrined in section 37 of the 1999 Constitution of the Federal Republic of Nigeria,” Bamigboye said.
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According to him, Nigeria is entitled to protect its citizens and data sovereignty under both international and existing municipal laws, as these have far-reaching implications for the rule of law, national security, and economic growth.
Bamigboye added that, in the course of the investigation, in line with the NDPA standard remediation procedure, the commission directed Multichoice to undertake appropriate remedial measures.
“However, the commission found the measures undertaken by Multichoice in this regard unsatisfactory.
“For want of cooperation, the commission has directed multichoice to pay N766,242,500 for violating the Nigeria Data Protection Act.l,” he added.
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The NDPC’s National Commissioner, Dr. Vincent Olatunji, was also quoted as directing that all channels through which Multichoice collects the personal data of Nigerian citizens be investigated for non-compliance.
According to him, any outlet that processes personal data in violation of the NDPA is liable to a penalty under the Act.
NDPC is a public institution that processes data in furtherance of its mandate as Nigeria’s Data Protection Authority and relies on recognised lawful bases for data processing, such as consent, legal obligation, and contract.
(VANGUARD)
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