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Nigeria to auction N142b Treasury bill

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Written by Maritime First
  • As Police recover N111m Rivers rerun bribe cash from 23 INEC officials

Nigeria plans to raise about N142.43 billion  ($453.60 million) in short-dated Treasury bills at an auction on Feb. 15, the Central Bank of Nigeria (CBN) said in a statement yesterday.

The bank said it would raise N32.43 billion in three-month debt, N30 billion in six-month bills and N80 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.

The country is targeting economic growth of at least seven per cent by 2020, the Ministry of Budget and National Planning said yesterday, as the government seeks to lift the country out of its first recession in 25 years.

The target for gross domestic product (GDP) growth is part of a medium-term economic recovery plan, it said in a statement.

“Our goal is to have an economy with low inflation, stable exchange rates, and a diversified and inclusive growth,” Minister of Budget and National Planning Udoma Udo Udoma said in the statement.

The country issues Treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.

Last week, Nigeria raised a total of N302.4 billion naira in Treasury bills, more than the N242 billion planned due to strong demand for the one-year debt. The CBN at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.

In the meantime, the Joint Investigation Panel, which probed the legislative elections in Rivers State, alleged that the state government bribed officials of the Independent National Electoral Commission with N360m to rig the poll.

The panel stated that it recovered N111.3m from 23 INEC officials, who confessed to have received the money from the Rivers State Government officials to manipulate the December 10, 2016 rerun polls in the state.

The panel, which presented its findings at the Force Headquarters, Abuja, on Tuesday, indicted six dismissed police operatives for misconduct and misuse of arms during the polls, contrary to the provisions of Force Order 237.

The officers – ex-Inspector Eyong Victor, ex-Sgts. Peter Ekpo, Oguni Goodluck, Orji Nwoke, Okpe Ezekiel and Tanko Akor – had been dismissed by the Force.

The errant operatives were said to have stormed the Port Harcourt City Council Secretariat and prevented the movement of election results of Emouha polling unit to the appropriate collation centre designated by INEC in disobedience to senior officers present.

The Inspector-General of Police, Ibrahim Idris, inaugurated the panel on December 22, 2016, following the violence that rocked the poll in which Mohammed Alkali, a Deputy Superintendent of Police, and his driver were beheaded and their heads thrown into a river.

The panel, which comprised 12 officers of the Nigeria Police Force and three from the Department of State Services, was mandated to investigate the various infractions, incidents, and violence that marred the rerun elections in Rivers State and any relevant matter.

The panel attributed the violence during the election to lawlessness and leadership failure.

Speaking during the presentation, the panel chairman, DCP Damian Okoro, said, “The sum of N111,300,000 was recovered from 23 INEC officials.

Okoro said, “Three INEC officials said they met with Wike and that the Rivers State government gave them money. Out of N350m, N15m was given to each of the electoral officers and N5m was added by the government of Rivers to the EOs who were in charge.

“Consequently, the sum of N111,300,000 was recovered by the panel from the 23 electoral officers.”

Okoro said the committee established cases of misconduct against some electoral officers and law enforcement agents, who, according to him, allowed themselves to be compromised in their line of duties.

He stated that violent crimes, such as armed robbery, kidnapping and politically-motivated killings by militants and cult groups enjoyed the funding and protection of desperate politicians in the state.

He said, “These lawless elements target not only the political opponents of their sponsors but also law enforcement agents, especially the police, mostly within the Ogba/Ndoni/Egbema Local Government Area which is the axis of evil of cultism.

“The violence that occurred in Rivers State before, during and after the rerun elections was a reflection of lawlessness and leadership failure of narrow -minded politicians and their gullible supporters.

“Oftentimes, politicians make inflammatory statements that incite their supporters to avoidable violence that leads to the destruction of lives and properties and eruption of violence.”

He complained that Wike refused to cooperate with the panel.

The IG said the panel findings and recommendations report would be forwarded to the Attorney General of the Federation, Abubakar Malami, for implementation, adding that the indicted INEC officials would be prosecuted.

He said, “I see no reason why a rerun election will lead to the beheading of our officers, who were there to do their lawful duties. I believe that the report will go a long way to put an end to individuals seeing election as a do-or-die affair.

“We will take appropriate actions in conjunction with the law officer of the federation, the Attorney General of the Federation, in order to put an end to most of the abuse and electoral violence in this country.”

On the status of those indicted, Idris stated that they would be prosecuted as public officials.

“We are going to forward the report and our recommendations to the Attorney General of the Federation,” he added.

Commenting on the recovered money, Idris said it would be returned to government treasury.

Nation with additional report from Punch

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Maritime First