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More trouble for Patience over fresh $175m loot, CBN moves against banks, paper review

The newspapers for Monday, November 14, focus on the fresh $175m loot linked to former first lady, Patience Jonathan and the plans by the CBN to move against banks over poor services among others.

Former first lady, Patience Jonathan is in the spot light of the Economic and Financial Crimes Commission (EFCC) over alleged $175m deposit in the account of Pluto Property and Investment Limited, one of the firms linked to her.

The Nation reports that the EFCC has launched a manhunt for two suspects, Toru Wonyeng Ibuomo and Friday Davies, linked to the curious deposits in four tranches within 14 months – between February 21, 2014 and April 1, 2015.

Nation

The anti-graft agency is investigating how the cash was withdrawn from the domiciliary account with Skye Bank Plc without any trace of where it was diverted to.

The deposits are different from the $15.5million over which the ex-First Lady sued the EFCC, which placed No Debit Order on four accounts.

But the company is one of the four convicted on November 2 for laundering the $15.5million, which Mrs. Jonathan insists belongs to her.

Meanwhile, the Central Bank of Nigeria (CBN) has threatened to sanction the nation’s banks over poor services.

The Guardian reports that the caution followed a series of complaints by customers of frustrations in completing their transactions at various branches or at Automotive Teller Machines (ATMs), most associated with system failures or poor network connectivity.

Guardian

The director of banking and payment system department of the CBN, Dipo Fatokun, threatened to sanction any bank found wanting.

He urged the public not to withhold such complaints, but speak out against inefficiencies.

Amid the economic recession country, the Punch newspaper reports that members of the House of Representatives have started receiving the delivery of 360 exotic cars.

Punch

Investigations by the paper revealed on Sunday, November 13, that 28 units of the Peugeot 508 series had already been delivered to lawmakers in Abuja.

Citing a top National Assembly, the paper reports that the arrangement with Peugeot was that the company would supply the vehicles in batches because of the huge number of members involved.

On news on the economy, the Sun reports that funding of the 2016 budget may suffer a further setback, as the country, recorded yet another sharp drop in its oil and gas export.

Sun

The drop in export fell from $212.25 million in July to $180.93 million in August, representing 17 percent drops in proceeds.

The worrisome news in the country’s oil, gas revenue profile is contained in the latest group financial report for the month of August, released by the Nigerian National Petroleum Corporation (NNPC) recently.

In a related development, the federal government has proposed to consolidate Nigeria’s oil industry regulatory authorities into a single agency to be known as Petroleum Regulatory Commission, (PRC).

This new plan will entail the scrapping all other regulators, including the Nigerian National Petroleum Corporation, (NNPC) Department of Petroleum Resources, (DPR) and Petroleum Products Pricing Regulatory Agency, (PPPRA) among others.

Vanguard, citing a document released by the ministry of petroleum resources, last weekend, reports that the new regulator will incorporate the activities of the existing petroleum regulatory authorities and also cover some new regulatory activities not currently covered.

Vanguard

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