Choosing the right type of retirement account is an essential part of preparing to invest.
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Your Investing Life™: Step 3—Saving for retirement
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Your Investing Life™: Step 4—Opening a nonretirement account
Different accounts can help you reach different goals. Here’s a breakdown of the most common options for saving for college, a minor, and everything else.
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Justice For Sambo Abdullahi, Victory For Whistleblowers In Nigeria By Chido Onumah and Godwin Onyeacholem
Whistleblowers are the first line of defence against corruption, crime and cover-ups, according to a 2019 paper by the All–Party Parliamentary Group (APPG) on whistleblowing in the UK.
For Sambo Abdullahi, head of internal audit at the Nigerian Bulk Electricity Trading (NBET) Plc, it has been one long tortuous journey. Over the past two years, he has been at the receiving end of the retaliation whistleblowers around the world, including in Nigeria, face for shining the light on malfeasance around them: denial of wages, job losses, expensive court cases, abuse, psychological trauma, blacklisting across their sector, and sometimes death.
Abdullahi has been denied his salary and other allowances since December 2017, threatened, blacklisted, arrested and sued. All of this for acting professionally and responding patriotically to the call of the Nigerian government asking citizens to join the fight against corruption by blowing the whistle on corrupt practices and other forms of wrongdoing in the country.
In two separate courts, in Ifo, Ogun State, and Okitipupa, Ondo State, where in a most brazen abuse of judicial process, Abdullahi was summoned to answer charges of defamation levelled against him by his boss, Dr. Marilyn Amobi, Managing Director of NBET, he easily walked through the doorway of victory. Both cases were struck out on account of Dr. Amobi’s lack of seriousness in prosecuting.
The crisis of corruption in NBET has been going on for almost three years and the government appears not to have any solution. The appointment of Dr Amobi as the second substantive MD/CEO of NBET signified doom not only for Abdullahi as head of internal audit but also for the entire staff of the company. The MD withheld Abdullahi’s salary and other emoluments just because he exercised the right to decline participation in her fraudulent activities and rejected an unwarranted deployment to a new department unilaterally created by the MD to continue to perpetrate fraud.
Abdullahi, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), graduated in Accounting from a reputable university and has over two decades of experience. He acquired experiences from both the private and public sectors before joining NBET. He was the pioneer Head of Internal Audit of NBET in 2012; a position he held till 2016 when Dr Amobi joined the company.
Within one month of Dr. Amobi’s assumption of office, Abdullahi discovered the illegal over-payment of N2 billion to two generating plants, Omotosho Power Plc and Olorunsogo Power Plc, both of which have no Gas Supply Agreement (GSA) and Gas Transportation Agreement (GTA) as required by industry agreement. The implication of this fraudulent transaction is that electricity consumers on a monthly basis pay N2billion in excess of what they ought to have paid if this fraud is averted. It is on record that the very first month the fraud was detected, Dr Amobi assumed the role of internal auditor by signing off the payment vouchers.
Her defence for this unlawful violation was that the mandatory GSA and GTA had been waived. The questions for her are, who approved the waiver? Why was the waiver not extended to other thermal plants? And why did the waiver idea come only after the head of internal audit had uncovered the fraud?
Other transactions that made Abdullahi to incur the wrath of Dr. Amobi was his refusal to endorse other payment vouchers for illegal procurement of alcohol using taxpayers’ money, proposed monthly payment of N2.5million to one Engr. Achinaya (an ex-staff of both NEPA and PHCN) without procurement process, procurement of legal advisory services of Azinge & Azinge and Aelex law firms in gross violation of the Procurement Act, and payment for return flight ticket from London for Dr Amobi to resume work in NBET in violation of the NBET Board-approved benefit compensation packages just to mention a few.
As a retaliation against Abdullahi for doing his job professionally, which to Dr Amobi connotes standing in her way, she colluded with the Office of the Accountant General of the Federation to get rid of Abdullahi and his colleague Waziri Bintube. Both were removed from their duly appointed and NBET Board- approved functions as head of internal audit and Chief Finance Officer respectively. While Abdullahi’s salary was stopped, Bintube was sacked.
In response, the duo wrote a petition to the Ministry of Power in 2017. The ministerial committee report was released in March 2018 and vindicated them, while indicting Dr. Amobi. But despite the minister’s (Babatunde Fashola) directives that Abdullahi’s salary should be restored and Bintube reinstated immediately, and in fact that both workers should enjoy the rights of NBET staff, Dr. Amobi refused to comply with the directives.
Till date, she denies Abdullahi his salaries and Bintube has not been called back. Dr. Amobi heads a government agency supervised by a Ministry, but her insolent defiance of a Ministerial order is unprecedented in the history of public sector administration in Nigeria. And it is strange that this is happening under a government that claims to prioritize due process and accountability in the public sector.
As if the stoppage of salaries and sacking were not enough, Dr Amobi got Abdullahi and Bintube detained in the facility of the State Security Services (SSS) for more than twenty-four hours. Several directives by Babatunde Fashola, then Minister of Power, were rebuffed by Dr Amobi who insisted that as an appointee of President Muhammadu Buhari she would only take directives from the president.
While the issue of salary suspension remained unresolved in spite of interventions from the Ministry of Power, Office of the Secretary to the Government of the Federation and the office of the Vice President, among others, Abdullahi approached the National Industrial Court in December 2018, twelve months after the unlawful stoppage of his salaries, with Nigerian Bulk Electricity Trading Plc, Dr Marilyn Amobi (MD/CEO), Hon Minister of Power and the Ministry of Power as defendants.
On March 11, 2020, Abdullahi (the claimant) once again walked the path of victory with the court delivering judgement in his favour. According to Hon Justice O. O. Oyewumi, the act of the suspension of the claimant’s salaries from December 2017 till date was wrongful; the denial of the claimant’s 2017 and 2018 leave was wrongful; the 1st and 2nd defendants, contrary to its terms and conditions of service, withheld the claimant’s salary and other emoluments wrongfully. The judge ordered the payment of Abdullahi’s salaries and other allowances, noting, “All sums awarded in the judgement is to be paid within 30days of the judgement, failure upon which it attracts 21% interest thereon per annum.”
While the case lasted in court, the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Auditor General of the Federation and the Bureau of Public Procurement all issued reports indicting Dr Amobi while recommending her immediate prosecution. Sadly, some higher powers are preventing this from happening.
Governance problems are commonly found in federal government agencies due to either lack of a Board or total collapse of the governance structure. The Director General of the Bureau of Public Enterprises, Alex Akoh, noted in a letter to the Minister of Finance, Budget and National Planning, Zainab Ahmed, dated January 7, 2020, that “for the past 14 months, no Board meeting of the company (NBET) was held, a situation which has serious consequences on the corporate governance of the company”. Truth is, no Board meeting of NBET has held since August 2018 when Professor Yemi Osinbajo, then Acting President, ratified the reconstitution of the NBET Board of Directors recommended by Kemi Adeosun, the immediate past Minister of Finance.
The governance collapse in NBET has entrusted the fate of about 80 million electricity consumers in Nigeria in the hands of Dr Amobi who sees herself as not only untouchable, but also a sort of “Alfa and Omega.” She formulates and executes policies at will, such as changing the company organogram whenever she sees any staff as standing in her way. The entire senior management has passed a vote of no confidence in Dr Amobi but despite this and other fraudulent activities traceable to her, no action was taken by the government to ameliorate the problem in the power sector and curb the continuous fraud being perpetrated in NBET.
The Minister of Power of Power Engr. Sale Mamman, in December 2019, made a daring move to respond to the situation by suspending Dr. Amobi from office indefinitely. But curiously, he was overruled by President Muhammadu Buhari in less than two weeks and Dr. Amobi was returned to office.
This forced the Minister to fire a letter dated January 8, 2020, to Boss Mustapha, Secretary to the Government of the Federation, detailing investigations by the ICPC, EFCC and the reports of the Auditor General of the Federation which implicated the NBET boss “for breach of due process in the award of contracts and several financial wrongdoings.” In that letter copied to President Buhari, the Minister reminded the SGF of “the additional baggage which the suspended MD carries in the light of the anti-corruption stance of the Federal Government.”
If this government wants to be seen as genuinely fighting corruption, the NBET case is a golden opportunity to faithfully demonstrate that conviction. Dr. Amobi has been indicted for corruption by government anti-corruption agencies. The place for her, therefore, is the courtroom, not a cushioned seat of a government agency.
Meanwhile, before Dr. Amobi’s prosecution, government should direct her to obey without delay the judgment of a court of competent jurisdiction in the suit filed by a whistleblower, Sambo Abdullahi, the head of internal audit of NBET.
In addition, government should realize that all whistleblowers deserve full and effective protection from all kinds of retaliation, without which its whistleblowing policy will not succeed as an instrument for reducing corruption in the country.
Onumah and Onyeacholem are with the African Centre for Media & Information Literacy (AFRICMIL)
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N3.6bn Fraud: NDDC Confirmed Genuineness Of Contract Leading To Omatsuli’s Trial —EFCC Witness
An investigator with the Economic and Financial Crimes Commission, Adamu Usman Yusuf, has disclosed that the contract leading to the trial of a former Director of the Niger Delta Development Commission, Tuoyo Omatsuli, was genuine.
He told Justice Saliu Saidu of the Federal High Court in Lagos that the authenticity of the contract was confirmed by the NDDC in its response to an enquiry sent to it by the anti-graft agency.
Yusuf made the disclosure while testifying in the on-going trial of Omatsuli and three others over alleged N3.6bn fraud.
The EFCC investigator had earlier in his examination-in-chief told the court that investigations by his team revealed that about N12bn was paid to a firm known as Starline Consultancy Services, which was engaged by the NDDC to recover three per cent statutory allocation from oil and gas companies operating in the Niger Delta.
He said a document received from the NDDC revealed that Starline was paid 10 per cent of the money recovered as its commission.
However, while being cross-examined by Omatsuli’s lawyer, Prof Amuda Kannike (SAN), the witness was asked to throw more light on the contents of the NDDC’s document on the contract that led to the charge filed against Omatsuli.
Responding, the witness said, “NDDC’s response to our request for the award of contract to Starline Consultancy Services said that the contract was genuine.
“The House Committee on NDDC also played a crucial role by performing their oversight function in the execution of the contract.”
Further hearing in the trial has been adjourned until June 8, 2020.
The anti-graft agency had on Monday re-arraigned Omatsuli alongside Don Parker Properties Ltd, Francis Momoh and Building Associates Ltd before Justice Saidu on a 52-count amended charge of alleged N3.6bn fraud.
In the charge, Omatsuli was said to have procured the third and fourth accused (Momoh and Building Associates) to utilise a total sum of N3.6bn paid by Starline Consultancy Services Ltd into an account operated by fourth accused.
The prosecution said that they ought to have known that the said sums formed part of the proceeds of their unlawful activities including corruption and gratification.
The offences, which were allegedly committed between August 2014 and September 2015, were said to have contravened the provisions of Sections 15(1), 15(2), 15(3) and 18 of the Money Laundering Prohibition Act 2011, as amended by Act No 1 of 2012.
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BREAKING: Coronavirus Cases Hit 40 In Nigeria
The Nigerian Center for Disease Control has confirmed four new cases of Coronavirus in the country.
This was announced via the official Twitter account of the agency on Monday night.
The four new cases takes the total cases in the country to 40.
Four new cases of #COVID19 have been confirmed in Nigeria. 3 are in Lagos State and 1 in FCT
Two of these cases are returning travellers
As at 11:00pm on the 23rd of March, there are 40 confirmed cases of #COVID19 in Nigeria. 2 have been discharged with 1 death recorded pic.twitter.com/cR94MO6xnC
— NCDC (@NCDCgov) March 23, 2020
“Four new cases of COVID-19 have been confirmed in Nigeria. Three are in Lagos State and one in FCT.
“Two of these cases are returning travellers.
“As at 11:00pm on the 23rd of March, there are 40 confirmed cases of COVID-19 in Nigeria. Two have been discharged with one death recorded,” the NCDC said.
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Electric cars better for climate in 95% of the world
Fears that electric cars could actually increase carbon emissions are unfounded in almost all parts of the world, news research shows. Media reports have regularly questioned whether electric cars are really “greener” once emissions from production and generating their electricity are taken into account. But a new study by Radboud University with the universities of Exeter and Cambridge has concluded that electric cars lead to lower carbon emissions overall, even if electricity generation still involves substantial amounts of fossil fuel.
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Google strengthens security system for all users
Google announced today that it is bolstering its malware protection system for Google account holders. It will broaden the protective web provided by its Advanced Protection Program (APP) that has been offering additional security for high-profile users who face greater risks of intrusions. Such users include celebrities, journalists, political figures, activists and business leaders, although anyone may access the program.
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Govt to bear RM662m electricity bill discount
KUALA LUMPUR: The government will bear the cost of an electricity discount for selected sectors amounting to RM662 million, of which RM122.5 million is for Sarawak and RM37.2 million for Sabah, this year, Energy and Natural Resources Minister Datuk Dr Shamsul Anuar Nasarah said.
He said the cost would be borne through the Kumpulan Wang Industri Elektrik’s (KWIE) fund for Peninsular Malaysia, and by the federal government for Sabah and Sarawak, he said in a statement today.
The electricity discount of 2% and 15% for six months beginning April was specified under the Economic Stimulus Package 2020, which was aimed at reducing the cash flow problem faced by tourism-related businesses, as well as commercial, industrial and agriculture users affected by Covid-19.
A discount of 15% is given to six selected business sectors under the Trade Tariff category and is expected to result in a reduction of electricity bills for the period amounting to RM40 million in the Peninsula, RM20 million in Sabah and RM8.5 million in Sarawak.
Shamsul Anuar said the 15% discount would involve 10,000 accounts in the six sectors, namely hotel operators, travel and tourism agencies, shopping complexes, convention centres, theme parks, and local airlines offices.
On the other hand, commercial, industrial and agriculture users would get 2.0% discount.
“This would benefit about 1.6 million Tenaga Nasional Berhad (TNB) account holders with electricity bill savings estimated at RM370 million for the six-month period,” he said.
For Sabah, it would benefit 99,322 account owners with an estimated cost of RM11.5 million, while for Sarawak, it involves an estimated cost of RM107.2 million for 100,000 account owners.
Shamsul Anuar said domestic or residential category users would enjoy electricity bill savings through a 2% discount on the electricity consumption for the April 1-Sept 30, 2020 period.
“This means that the people will enjoy a 2% discount during the period, in addition to the 6% discount already enjoyed by domestic consumers for the Jan 1-June 30, 2020 period,” he said.
This is expected to provide estimated electricity bill savings of RM92 million to about 7.5 million TNB account holders for the six-month period.
“For Sabah, it will benefit 520,378 domestic consumers at an estimated cost of RM5.7 million, while for Sarawak, it will benefit 585,637 domestic consumers at an estimated cost of RM6.8 million,” Shamsul Anuar said. – Bernama
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Bung Moktar said Finance Minister recommended RM150m investment: Witness
KUALA LUMPUR: A member of the Felcra Berhad Board of Directors told the sessions court here today that Datuk Seri Bung Moktar Radin informed the then Finance Minister to recommend Felcra to invest RM150 million in Public Mutual Berhad Unit Trust in 2015.
Dr Habibah Suleiman, 72, said she did not know that the amount of investment sought was RM150 million as the sum approved at the board meeting was only RM50 million.
Bung Moktar was then the non-executive chairman of Felcra.
“The board did ask YB Datuk Bung Moktar about the difference in amount that was invested in the Public Mutual Trust Fund. YB Bung had stated that he took along a Felcra application letter to meet the Finance Minister for his approval. YB Bung told the board that the Finance Minister recommended to him to invest RM150 million.
“I assumed that he (Bung) had changed the amount of RM50 million to RM150 million after that recommendation,” she said during a key examination by deputy public prosecutor Roslan Mat Nor at a corruption case trial involving by Kinabatangan MP Datuk Seri Bung Moktar and his wife Datin Seri Zizie Ezette A. Samad.
The fifth prosecution witness said that based on the reply from the Minister of Finance Incorporated (MKD), it (MKD) had no objection to Felcra’s application to invest RM150 million.
“Other details (in the letter) also stated that the board of directors (Felcra) had to ensure that Felcra Berhad continuously monitored the investment’s performance so that early risk mitigation can be carried out in the event of any clear decline in the equity market,” she said.
She said a letter was submitted to the board after the investment had been made and the board also knew nothing about the amount (RM150 million).
Asked by Roslan as to when she first knew that the investment had been increased from RM50 million to RM150 milion, Habibah said “During the board of directors’ meeting in April 2005.”
Roslan: Why didn’t you object against the decision?
Habibah: The decision to raise the investment sum to RM150 million was made by the (then) Finance Minister, so who am I to object to it?
Lawyers M. Athimulan and Datuk K. Kumaraendran are representing Bung Moktar and Zizie Ezette, respectively.
According to the first charge, Bung Moktar, 60, who was at that time the non-executive chairman of Felcra, was accused of taking a bribe of RM2.2 million in cash from Public Mutual’s investment agent Madhi Abdul Hamid, 38, through his wife Zizie Ezette.
He was accused of committing the act as a reward for obtaining approval from the Minister of Finance II for Felcra to make a RM150 million investment in Public Mutual unit trust products.
The offence was allegedly committed at Public Bank Berhad, Taman Melawati Branch, No. 262-265, Jalan Bandar 12, Taman Melawati here, between 12.30pm and 5pm, on June 12, 2015.
For the second charge, Bung Moktar was accused of taking for himself a bribe of RM262,500 in cash from the same individual (Madhi) through an account of the bank’s investment product Public Islamic Treasures Growth Fund (PITGF) numbered 044797816 and registered under the name of Zizie Izette for the same purpose.
Bung Moktar was also accused of taking for himself a bribe of RM337,500 from Public Mutual’s investment agent, Norhaili Ahmad Mokhtar, 42, through a Public Ittikal Sequel Fund (PITSEQ) account numbered 044797824 registered under the name of Zizie Izette for the same purpose. Both offences were allegedly committed at the same location at 12.16pm and 12.28pm, on June 19, 2015.
The charges are framed under Subsection 17(a) of the MACC Act and punishable under Section 24(1) of the same Act which provides for imprisonment of not more than 20 years and a fine of not less than five times the amount of the bribe or RM10,000 whichever is higher, if convicted.
Zizie Izette, 41, a former actress, pleaded not guilty to three counts of abetting her husband on the same offences, at the same places, dates and times under Section 28(1)(c) of the MACC Act and punishable under subsection 24(1) which provides for imprisonment of not more than 20 years and a fine of not less than five times the amount of the bribe or RM10,000 whichever is higher, if convicted.
The hearing continues before judge Rozina Ayob tomorrow. – Bernama
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Planning to open a 529 plan account for someone you love? It’s a smart move for education—and for your estate.
See how to use a 529 plan as an efficient way to save for education and a powerful estate planning strategy.
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