The Economic and Financial Crimes Commission (EFCC) says it will soon commence prosecution of bank executives found guilty of aiding money laundering in the country.

Speaking at the 17th annual conference of the Chartered Institute Bankers of Nigeria (CIBN), Ola Olukoyede, chairman of the EFCC, said the commission has carried out its investigations and necessary documents are being prepared ahead of prosecution.

“We have also compiled our documents, we have made the necessary investigation. Very soon, you will see some banks being prosecuted, some top officials being prosecuted,” he said.

Olukoyede said findings revealed complicity in money laundering, illegal forex sales and trading, and fraudulent charges imposed on depositors by bank officials.

He emphasised that the lack of penal consequences for criminal infractions in the sector could threaten the integrity of Nigeria’s financial system.

“Operators frequently devise means to circumvent regulations and rules in a desperate bid for higher yields and bottom line,” he said.

“Sharp practices such as forex trading, defrauding of depositors through phantom charges, and complicity in money laundering and illicit financial schemes involving politically exposed persons continue to undermine the integrity of the sector and, by extension, the nation’s economy.

“We need to just do something drastic to bring everybody in line and to make us do the right thing. It’s extremely important. In a system where there is no penal sanction for criminal infraction, that system will never survive.”

Wale Edun, minister of finance, says the federal government has not increased the value-added tax (VAT) to 10 percent.

In a statement on Monday, Edun clarified that the current VAT rate, as stipulated in the country’s tax laws, remains at 7.5 percent.

“The current VAT rate is 7.5% and this is what government is charging on a spectrum of goods and services to which the tax is applicable,” Edun said.

“Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.”

Edun said the tax system stands on a tripod which includes tax policy, tax laws, and tax administration.

The minister said all three elements must work together to create a sound system that gives vitality to the government’s fiscal position.

He said the government’s focus is to utilise fiscal policy in ways that promote sustainable economic growth, alleviate poverty, and promote a thriving business environment.

“The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that government is out to make life difficult for Nigerians,” he added.

“That is not correct. If anything, the federal government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.

“In fact, it is on record that the federal government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs and taxes on rice, wheat, beans and other food items.”

On May 8, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, said there is a need to increase the VAT rate.

Atiku Abubakar, former vice-president, on September 8, criticised the proposed VAT increase.

Atiku described the move as “regressive and punitive policy”, adding that its impact could deepen the domestic cost-of-living crisis.

The federal government has signed a memorandum of understanding (MoU) with two Chinese corporations to improve electricity and water supply in Abuja.

Nyesom Wike, the FCT minister, announced the deal in a statement on Sunday.

Wike said the MoU was signed in Beijing on Saturday with the China Civil Engineering Construction Corporation (CCECC) and the China Geo-Engineering Corporation Overseas Construction (CGCOC) Group.

He said the signing ceremony occurred during President Bola Tinubu’s visit to China, where he attended the Forum on China-Africa Cooperation (FOCAC) in Beijing.

The minister said Tinubu advocated for the projects as part of his agenda to renew the hope of Abuja residents in the government through the execution of people-oriented projects.

Wike assured that the projects would be completed in 2025 and inaugurated as part of activities to celebrate the 50th anniversary of the FCT.

“One key project which is very dear to us and one of the reasons why we are here today is to light up Abuja,” he said.

“We want Abuja to be like other cities, like what we see in Beijing. We have gone round, and we have seen light everywhere; that is how we want Abuja to be.

“Therefore, the whole area of Maitama; the whole area of Asokoro, Wuse, Central Business District, and Airport Road, down to Bill Clinton Drive will be handled by CCECC, while CGCOC Group would handle the districts of Mabushi, Katampe and Garki.

“On the need to equally ensure water supply in the satellite areas of the FCT, we are keeping up with the idea that there is a need to have satellite town water supply in Gwagwalada, Kwali and Kuje as directed by Tinubu.

“We have now signed the MoU with CGCOC Group for them to carry out this assignment.”

Wike said the greater Abuja water works project, handled by CGCOC Group, has reached 75 percent completion, expressing confidence that it would be completed by December this year.

Thanking Tinubu for granting the FCT administration approval for the projects, the minister urged the CGCOC Group to ensure quick delivery of the project.

This, he said, would ensure that water supply in satellite towns becomes a reality.

In their remarks, Chen Sichang, president of CCECC, and Lan Meizhong, chairman of CGCOC Group, thanked Wike for his confidence in their companies and promised to deliver the projects on schedule and with high quality.

Other government who witnessed the signing were Adamu Wanki, the permanent secretary of treasury; Mohammed Dan Hassan, executive director of rural water and sanitation agency; Musa Idris, director of procurement; and other senior officials.