The House of Representatives has distanced itself from a trending bill seeking to restore the regional system of government in Nigeria.

Naija News reports that the bill, which has gone viral on social media, is titled, “A Bill for an Act to substitute the annexure to Decree 24 of 1999 with a new governance model for the Federal Republic of Nigeria.”

The Bill is said to have been drafted by one Dr Akin Fapohunda as a private bill as the individual is not a lawmaker.

The draft seeks, among other things, new extant laws to be cited as “The Constitution of the Federal Republic of Nigeria New Governance Model for Nigeria Act 2024.”

However, the spokesperson of the House of Representatives, Akin Rotimi, has denied knowledge of the bill. He added that the said bill is not before the lawmakers and is not under consideration before the House.

“The Committees on Rules and Business and Constitution Review have confirmed that there is no such bill before them,” he told Punch in a telephone conversation.

Similarly, the Chairman, House Committee on Rules and Business, Francis Waive, said the bill is not before the committee.

He said, “There are two routes to making presentations for constitutional amendments. One is by members proposing an amendment bill during the plenary. The second is by memoranda from individuals and groups to the Constitution Review Committee

“Please, note that memoranda submitted should eventually come by way of bills sponsored by a member of the committee.

“On this specific memo (draft bill) under reference, I doubt if it has come before the Rules and Business Committee for listing. I speak as chairman of the committee.”

[NaijaNews]

Since May 28, 2024, the Mauritian-incorporated company, Tengen Holdings (Mauritius) Limited, has acquired approximately 59.403 million shares of Access Holdings, valued at roughly N1.012 billion.  

According to corporate disclosures on the NGX website, Tengen Holdings initially purchased 45 million units of shares at N17 per share on May 28.

The company then purchased an additional 14,402,633 units at N17.20 per share on May 30.  

Aigboje Aig-Imoukhuede, the Non-Executive Chairman of Access Holdings Plc and Herbert Wigwe jointly founded Tengen Holdings in December 2013, after Aig-Imoukhuede’s exit as the CEO of Access Bank.  

About Tengen Holdings Limited  

• Before his demise, Access Holdings’ Group Managing Director, Herbert Wigwe was the largest individual shareholder of the group with a 3.72% shareholding in the group. While the erstwhile CEO, Aigboje Aig-Imoukhuede held no direct shareholding in the group.  
• The second largest substantial shareholder in the group, following Stanbic Nominees, is “Coronation Trustees Tengen Mauritius”. This entity, associated with Tengen Holdings (Mauritius) Limited, holds a 7.11% stake acquired in 2023. 
• Tengen (Holdings) Limited is a part of the Tengen Family Office, co-owned by both Herbert Wigwe and Aigboje Aig-Imoukhuede, the partners who took over Access Bank in 2002.  
• According to a directory of Nigerian companies, Tengen Family Office was incorporated in Nigeria in 2017, with Herbert Wigwe and Aigboje Aig-Imoukhuede identified as the shareholders in the company.   

Access Bank since the demise of Herbert Wigwe 

• Since the demise of Herbert Wigwe, Access Holdings has undergone leadership changes, with Ms. Bolaji Agbede stepping in as the Acting Group Chief Executive Officer and Aigboje Aig-Imoukhuede stepping in as the group’s Chairman.  
• In Q1 2024, Access Bank posted a 148% year-on-year growth in pre-tax profit to N202.7 billion, from N81.7 billion as of Q1 2023. The group’s net income within the period hit N159.3 billion, marking a 123% YoY growth from the N71.8 billion net income posted in 2023.  
• Less than two months after Wigwe’s departure, the Central Bank of Nigeria (CBN) announced new minimum capital requirements for banks, thereby imposing the responsibility of recapitalization on Access Bank’s new leadership.  
• Access Bank needs to raise at least N248.2 billion in new capital to meet up with the N500 billion capital requirement before March 2026.
• During the institution’s Annual General Meeting in April, the shareholders approved the bank’s move to issue 30 billion new shares.  

As one of his first tasks upon returning to leadership, Aig spoke nostalgically about his experience as Group CEO of Access Bank Plc during the last recapitalization exercise. 

He noted during the AGM, “The amount we have mentioned today, is large and significant, and the capital raising efforts we’re pursuing is a significant step in your company’s history and future.”  

“However, I’d like to remind shareholders that between August 2004 and 2007, you may recall that cumulatively, in a period of two and half years, we raised $2 billion in equity together. So, it is not new for us to come to you like this and for us together to succeed in such capital raising effort.”  

[NAirametrics]

Details of the soldiers gruesomely murdered by members of the outlawed Indigenous People of Biafra (IPOB) have emerged.

Our correspondents had earlier reported how vehicles and tricycles (popularly known as Keke Napep) were also set ablaze by the rampaging IPOB terrorists while the attack lasted on Thursday.

The military high command had earlier on Friday confirmed that no fewer than 5 of its troops deployed at Obikabia Junction Checkpoint in Obingwa Local Government Area adjourning Aba metropolis in Abia State were killed.

In a signal sighted by Daily Trust on Friday, those killed included two Sergeants, two Corporal and one Lance Corporal while 6 civilians, according to the military were killed in the cross fire.

The soldiers were identified as:

• Sergeant Charles Ugochukwu (94NA/38/1467)
• Sergeant Bala Abraham (03NA/53/1028)
• Corporal Gideon Egwe(10NA/65/7085)
• Corporal Ikpeama Ikechukwu (13NA/70/5483)
• Corporal Augustine Emmanuel (13NA/70/6663)

Then signal read, “On 30 May 24, at about 0830 hrs, troops of 144 Battalion deployed at Obikabia Junction Federal School Road, Ogbor Hill in Obingwa LGA were attacked by unknown gunmen suspected to be IPOB/ESN members.

“Gunmen who were enforcing Sit-At-Home order numbering about 30, stormed troops location in 3 black Toyota Land Cruiser Jeeps and opened fire during which 5 x Soldiers were killed.”

It further disclosed that the assailants also carted away 5 AK47 rifles, burnt down 2 military patrol hilux vehicles and injured 2 civilians.

The signal noted that the current situation in Aba is generally tensed while monitoring continues as further details will be forwarded as situation unfolds.

[Dailytrust]

Arsenal legend Paul Merson has predicted Real Madrid to beat Borussia Dortmund in Saturday’s UEFA Champions League final.

Merson believes the LaLiga Champions have too much firepower, adding that Carlo Ancelotti’s side will beat Dortmund 3-1 at Wembley Stadium.

“Real Madrid have way too much firepower in their squad, but it’s not to say Dortmund won’t have a trick or two up their sleeves.

“I think it will be an open game, but Carlo Ancelotti and Co. know how to get the job done on the grandest stage, so I think they will get their hands on the trophy for the 15th time in their history.

“Borussia Dortmund 1-3 Real Madrid,” Merson stated.

The kick-off time for the match is 8 pm.

[DailyPost]

Since leaving the White House in January 2021, Donald Trump has been plotting a return to power — unfazed by the legal tangle his life has become.

With four criminal charges, the former president’s conviction on May 30 was the latest addition to his collection of firsts, making him the first former president in US history to be convicted of a felony.

The businessman is also the first former US president to have a mugshot, to face federal charges, and the first presumptive Republican nominee to become a convicted felon. 

With his third presidential bid underway, the stakes are indeed high for Trump and country.

A QUICK GLANCE AT THE CASES

Hush money trial

The case against Trump was also a novel application of state and federal fraud and campaign finance laws, predicated on a hush money payment to adult film star Stormy Daniels before the 2016 presidential election.

Daniels said she was paid $130,000 to remain quiet after having sex with Trump. The former president denies the encounter took place.

Hush money is not illegal. The technicality stems from how Michael Cohen, Trump’s former lawyer who disbursed the money to Daniels, had his reimbursement recorded in the former president’s accounts.

Trump was accused of falsifying his business records by saying the payment was for legal fees and faced 34 counts of fraud under campaign finance laws. 

Falsifying business records charges come with up to four years behind bars.

Prosecutors have not said whether they intend to seek imprisonment, and it is unclear if the judge — who earlier in the trial warned of jail time for gag order violations — would impose that punishment even if pressed. 

Trump’s sentencing on the guilty verdict is scheduled for July 11.

Classified documents

Trump was indicted in June 2023 by a federal grand jury in Miami for taking classified national defense documents from the White House after he left office.

According to prosecutors, Trump resisted the government’s attempts to retrieve the materials.

An indictment released by the US department of justice showed that the former president is facing 37 criminal counts over retaining national defence information, nuclear secrets, exposing information, and obstruction of justice.

The former president has denied the allegations.

Aileen Cannon, presiding judge, indefinitely postponed the trial on May 7, citing “significant issues” around classified evidence that would need to be worked out before the federal criminal case goes to a jury.

Election interference

Trump is being investigated for attempts to overturn the results of the 2020 election.

The indictment alleges that Trump and a co-conspirator “attempted to exploit the violence and chaos at the Capitol by calling lawmakers to convince them… to delay the certification” of the election. 

It also alleges another co-conspirator pushed then-Vice President Mike Pence to “violate the law” to delay President Joe Biden’s victory. The Trump campaign issued a statement shortly after the indictment denying the allegations. 

A date for the trial has not been fixed.

Election interference (again)

Last year, an Atlanta-based grand jury indicted Trump and 18 others on state charges, stemming from their alleged attempts to overturn the former president’s 2020 electoral defeat. 

Fani Willis, Fulton county district attorney, charged the former president on accounts of false statements and filing false documents.

In March, Scott McAfee, superior court judge, dismissed six of the 41 counts from the indictment, including three that applied to Trump. 

A date has not been fixed for the trial.

CAN TRUMP STILL RUN FOR PRESIDENCY?

According to the US constitution, a candidate is only required to be a natural born citizen, at least 35 years old, and a resident of the US for at least 14 years, to have their name on the ballot for the presidency. 

Trump ticks all boxes.

In theory, he could be sworn in from jail if he were to unseat President Joe Biden from the ballot. 

Whether being convicted is enough to dissuade voters and ‘Trumpists’ is subject matter for another day. 

A recent poll of registered voters found 67 percent as saying that convicting Trump for hush money will not be a factor in how they vote. 

While 15 percent said a guilty verdict could more likely make them vote for Trump, 17 percent said it would make them less likely to vote for him come November.

In a significant move to reshape the financial landscape, the Senate has proposed a bill to strip the Central Bank of Nigeria (CBN) of its final decision-making power in setting interest rates.

According to a copy of the bill obtained by The Nation, this authority is to be transferred to a newly proposed Coordinating Committee for Monetary and Fiscal Policies, which will be headed by the Minister of Finance.

The bill, titled “An Act to Amend the Central Bank of Nigeria Act No. 7 of 2007,” is sponsored by Senator Tokunbo Abiru (Lagos East) with 31 co-sponsors.

Senator Abiru emphasised the necessity of the amendments, stating: “This bill is a pivotal step towards modernising our financial regulatory environment. By aligning the CBN’s operations with contemporary best practices, we aim to foster a more robust and transparent economic framework for Nigeria.”

He added that the primary objective of the amendment was to enhance the effectiveness of the CBN in line with current realities and best practices.

One of the significant amendments proposed is the recapitalisation of the CBN from its current capital of N100 billion to N1 trillion.

This change aims to strengthen the financial stability and operational capacity of the Bank.

On interim board, the bill grants the President the power to constitute an interim board from the existing directors of the CBN.

This board will operate for a period not exceeding sixty days, ensuring continuity in the Bank’s functions during transitional phases.

Under the new provisions, the CBN’s budget will be subject to the approval of the National Assembly, aligning with the Fiscal Responsibility Act, 2007. This move is aimed at increasing transparency and accountability in the Bank’s financial management.

Abiru said a new position, Chief Compliance Officer (COO), will be introduced.

The COO is required to prepare quarterly reports on the Bank’s compliance with the Act’s provisions. These reports will be submitted to the Board, the President, and relevant committees of the National Assembly.

Also in the bill, the CBN Governor, Deputy Governors, and Chief Compliance Officer will now be appointed for a single term of six years with no possibility of reappointment.

This change, he said is intended to ensure fresh perspectives and reduce the potential for entrenched interests.

Another significant shift proposed by the bill is the establishment of the Coordinating Committee for Monetary and Fiscal Policies.

This new body will comprise the Minister of Finance as Chairman; the Minister of Industry, Trade, and Investment, the Minister of Budget and Economic Planning; Governor of the CBN; Two external board members of the CBN; Chief Economic Adviser to the President; Director-General of the Securities and Exchange Commission and the Director-General of the Debt Management Office.

Read Also: 107,646 passports ready to pick up nationwide, says Immigration boss

The committee’s goal is to set targets for monetary and fiscal policies that align with controlling inflation and ensuring sustainable economic growth.

On experience and pedigree, the bill stipulates that the Governor and Deputy Governors must have at least 15 years of recognized financial experience, while the COO must have at least 15 years of experience in auditing or legal practice in Nigeria.

Abiru explained that this requirement aims to ensure that only highly qualified individuals hold these critical positions.

The bill also calls for gender balance in the composition of the CBN Board and mandates a one-year notice before any changes to Naira notes are implemented.

Additionally, the bill mandates severe penalties for those who refuse to accept the Naira as payment or engage in the buying or selling of Naira notes at a markup.

These penalties include a minimum prison term of six months or a fine of no less than N500,000.

[TheNation]

The reinstated Emir of Kano, Muhammadu Sanusi, has said God predestined his reinstatement.

Speaking during the Friday prayers at the Kofar Kudu Central Mosque in Kano, Sanusi II emphasised that everything that happens is according to God’s will and cannot be questioned by anyone.

He urged people to remain steadfast in their faith and focus on the deeds of Allah during both good and bad times.

“Whoever believes that Allah alone gives everything must take the decision of Allah wholeheartedly. No one asks Allah’s reasons for anything.

“We were told that whoever did not accept destiny is from Allah, his belief is not complete. One should be thankful in times of good and bad situations. We must believe that whatever happens to us is predestined from God and what we couldn’t have is from Him.

“We are fast approaching Zhul Hijja which is very beneficial and we must observe supplications these days,” he stated.

Sanusi II was reinstated as the 16th Emir of Kano by the state Governor, Abba Yusuf, noting that Sanusi’s reappointment was “based on his competence, credibility and popularity.”

He had initially ruled as the 14th Emir but was deposed in 2020 when he had a fallout with the former state governor and present National Chairman of the ruling All Progressives Congress, Abdullahi Ganduje.

[Punch]

IT is a very serious matter for the United States of America, USA, the most powerful country in the universe, to place a country on the list of states “sponsoring” terrorism. So, when on May 15, 2024 it placed Cuba in this category, it was bound to attract attention. However, this will be for those who have not been following the cat and mouse game between both countries since November 3, 1961 when President John Fitzgerald Kennedy signed “The Cuban Project.”

Otherwise called ‘Operation Mongoose’, it was a project by the US authorising the use by all means, including terrorism against Cuban civilians, to overthrow the Cuban government. At inception, the operation was jointly led by US Air Force General Edward Lansdale and William King Harvey of the Central Intelligence Agency, CIA.

The Kennedy administration had begun with the invasion of Cuba by exiles backed by the American military in what became known as the ”Bay of Pigs Invasion”. There were other attacks, including hundreds of attempts to assassinate former Cuban President Fidel Castro Ruiz.

Terrorism is essentially the use of violence to further political goals. But the USA has a number of definitions depending on various institutions like the CIA.

However, since we are concerned here with international relations, we can adopt the USA State Department definition which states that terrorism is “an activity that one, involves a violent act or an act dangerous to human life, property, or infrastructure; two, appears to be intended to intimidate or coerce a civilian population; to influence the policy of a government by intimidation or coercion; or, three, to affect the conduct of a government by mass destruction, assassination, or kidnapping.”

Now, Cuba does not involve itself in violent acts that are dangerous to humanity. Its acknowledged acts outside its borders are primarily two. The first, is sending medical personnel in their tens of thousands to various countries, especially Asia, Latin America and Africa, including Nigeria. One of its remarkable successes was helping to contain Ebola in Africa.

But its most spectacular contribution to humanity was during the COVID-19 pandemic. First, it was perhaps the only country in the world that refused to shut its borders against other human beings. When in March 2020, the British cruise ship, MS Braemer with 682 passengers on board ravaged by COVID-19 was left to drift in the Caribbean with no country allowing it to berth, Cuba brought in the ship.

It followed this up by sending 3,700 healthcare personnel around the world to combat the pandemic. This included missions to Italy,Azerbaijan, Qatar, Kuwait, the United Arab Emirates, Honduras, Nicaragua, Venezuela, Peru, Antigua, Saint Lucia, Saint Vincent, Suriname, Jamaica, Haiti, Belize, Barbados, Martinique and Trinidad and Tobago.

Here in Africa, Cuban doctors and nurses helped to Combat COVID-19 in Angola, Togo, Cape Verde, South Africa, Guinea Conakry, Guinea Bissau, Sao Tome and Principe, Equatorial Guinea, Sierra Leone and Kenya. This internationalist intervention by the Cuban doctors called “The White Coat Army” was so overwhelming that in my September 11, 2020 column titled, “Nobel Peace Prize: A case for the White Coat Army.” I joined the campaign that the Cuban internationalist medical teams under the Henry Reeve International Medical Brigade, be awarded the Nobel Peace Prize.

The second intervention the Cubans had engaged in was sending 55,000 troops over 9,000 kilometres to fight and conquer the seemingly invisible Apartheid South Africa military that was invading various African countries and colonising Namibia and South Africa. This led to the independence of these two colonies in Africa.

The Abia government has placed a N25 million bounty on the killers of five soldiers in the state.

On May 30, five soldiers of the Nigerian Army were reportedly killed by suspected members of the proscribed Indigenous People of Biafra (IPOB) while trying to enforce sit-at-home at Obikabia junction in Aba.

The IPOB earlier gave a directive for total compliance with the sit-at-home order to commemorate Biafra Day on May 30.

On Friday, the army said it would avenge the killing of the soldiers.

In a statement on Friday, Okey Kanu, the commissioner for information in Abia, condemned the attack on the soldiers by the suspected separatists.

“The Abia state government considers the event of Thursday, May 30, 2024, a serious affront to its resolve by criminal elements who are hell-bent on returning Abia to the dark days of insecurity and fear amongst citizens, especially in Aba, the economic heartbeat of the state,” the statement reads.

“This is more regrettable in the light of the fact that unprecedented investments have been made in the last one year to restore the city’s public infrastructure and reposition it as an attractive investment destination for local and foreign businesses.

“To underscore its resolve, the state government is offering a N25 million (twenty-five million naira) reward to anyone with useful information that could lead to the location and arrest of any of the criminals connected to the unfortunate killings and the subsequent state of apprehension across the city of Aba and environs.

“The security formations in the state have been directed to treat informants with all the confidentiality required to guarantee their full cooperation and assistance until the criminals are fully apprehended and brought to book.

“Furthermore, the Abia state government will, in line with its commitment to the welfare of the security operatives working within its territory, take up the responsibility of supporting the families of the slain soldiers, including payment of regular stipends to their spouses and the education of their children to university level.”

[TheCable]