Ali Chiroma, a former president of the Nigeria Labour Congress (NLC), is dead.

Ibrahim Chiroma, a relative to the deceased and secretary of the NUJ in Borno state, announced Chiroma’s death in a statement on Tuesday.

He said the ex-NLC president, who died at the University of Maiduguri Teaching Hospital, will be buried on Wednesday in Borno.

Chiroma served as NLC president from 1984 to 1988.

“It is with deep sorrow that I announce the death of Comrade Ali Chiroma, former President of the Nigeria Labour Congress,” the statement reads.

“The sad event occurred this evening (Tuesday, April 2) at the University of Maiduguri Teaching Hospital.

“The burial for the repose of the deceased will be held tomorrow Wednesday 4pm at the residence of the deceased, No.7A along Galadima Road, near Muhammadu Shuwa Memorial Hospital (Nursing Home), Maiduguri.”

Chiroma’s reign as NLC president came to an end in 1988 after the union was dissolved by Ibrahim Babangida, the former head of state.

In 1993, Sani Abacha, former military head of state, appointed Chiroma as head of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

[TheCable]

Has Nigeria learnt any lessons from the Okuama massacre?  Will the incident repeat itself or offer profound lessons against future experience?  In the journey of life, no individual or nation or country is immune from occurrences thrown up by circumstance, which may be pleasant or painful.  Lessons learnt from such experiences are deployed to prevent possible future recurrence, failing which the same catastrophe repeats itself. In context, the gruesome murder of army officers at Okuama in Ughelli South Local Government Area, Delta State, which transcends ethnic emotions and accompanied by wide condemnations, is a confirmation that Nigeria has not, and does not learn from lessons, otherwise, the calamity would have been avoided. 

The incident was not the first. It happened at Odi, Bayelsa State; Zaki Biam, Benue State; and Gbaramatu, Delta State.

Yet, it appeared neither the federal government nor the Nigerian Army learnt any lessons therefrom.  This is evident from the Okuama saga, a proof of the country’s insensitivity to bloodshed and exposition of poverty in the policy making process.  

This notwithstanding, the Okuama calamity has again thrown up another opportunity for lessons to be learned.  If Nigeria fails again this time around to learn from these happenings, then the country risks further carnage, which may possibly take a more complex form with unmanageable and unpredictable consequences.  It may be too costly for the country’s fledgling socio-economic balance and stability. 

Therefore, the lessons are crucial, and should be identified by the government and harnessed as feedback for proactive purposes to forestall future recurrence.  It is a tragedy for any country with a relapsing experience not to have a codified strategy encapsulated in a template to resolve related matters. In specific terms, what then are the lessons and takeaways from the Okuama disaster?  

Lesson One: To have allowed a land dispute over fishing rights between Okuama and neighbouring Okoloba community in Bomadi Local Government Area, Delta State, to escalate means there were no proactive measures and concerted prompt intervention by the Nigeria Police Force and Delta State Government in response to petitions written by Okuama community. 

The community, through its lawyers, I. Ejedegba and Co., had written a petition to the Commissioner of Police in Asaba, Delta State which was acknowledged on January 31, 2O24, while the petition written by Okuama community leaders and addressed to the Delta State Governor was received on February 2, 2O24.  This was over one month before the gruesome murder of the military officers on March 14, 2O24. 

Since the Police is the first line of defence and statutorily responsible for civil matters, they should have wadded in upon receipt of the petitions to nip the crisis in the bud, aside previous joint meetings among the communities, the Police and the Delta State Government that yielded no solution.  Under this development, the Delta State Governor should have been advised to wield the big stick by acquiring the land in contention for public interest to end the crisis.  

Lesson Two: Inviting the Army for a mediatory and peace mission to Okuama for resolution of land dispute between two communities that were not at war, was an error in judgement. The dispute was civil in nature, and it was only when efforts by the Police and the Delta State Governor had failed, and there was evidence of likely escalation into a dangerous dimension beyond the capacity of the Police, that would have warranted intervention by the Nigerian Army.  It is not the responsibility of the Army to broker peace in a civil matter.

Lesson Three: Central to the killing of the military personnel in Okuama, is presumably oil.  Oil appeared to be the underpinning motive behind the horrendous and senseless killings.  Mere land dispute between two communities could not have led to such a mindless massacre. Soldiers are deployed to the Niger Delta region to protect oil facilities, and in the course of this duty, they might have been marked as “enemy” by those profiteering from illegal oil deals. 

Those involved in crude oil theft and other illegal activities, including processing of locally refined products might see the Army as an obstacle to their business interests.  The military high command should have known this, and prepare the soldiers for possible eventuality and collision with entrenched oil thieves.  The circumstances of their death showed that the military men were taken unawares.  It was likely that crude oil thieves and other vested interests might have planned and taken advantage of the soldiers’ peaceful disposition to unleash mayhem in such a horrific and despicable manner.  

Lesson Four: The mass destruction of Okuama by the Army in response to the death of the soldiers without singling out the culprits, was unhelpful, as innocent children, mothers, elderly, the sick and even pregnant women, were either killed, rendered homeless or died while trying to escape.  To bring pains on an entire community over the action of a few criminals, is indefensible.  Reprisal attack and collective punishment are incompatible with international laws.  

Recalled that after destruction of Odi by the Army, the community resorted to litigation and got a favourable judgement, leading to payment of N15 billion out of court settlement, as compensation.  Justice Lambi Akanbi of the Federal High Court had condemned the government for a “brazen violation of the fundamental human rights of the victims to movement, life and to own property and live peacefully in their ancestral home.”  Since the Okuama experience is reminiscent of the destruction at Odi, it is likely Okuama may seek redress in the law court for compensation over reprisal destruction of lives and properties.  

Lesson Five: As the President and Commander-in-Chief of the Armed Forces of Nigeria, Bola Tinubu’s order to the Army was too hasty and reactionary without taking into consideration innocent lives in Okuama that were caught up in the web.  Granting “full authority” to the military to bring anybody found to have been responsible for the attack to justice, was an obvious blanket licence for the military to invade Okuama. 

Instead, the President should have ordered the security agencies and the Police to specifically intervene, identify and arrest the criminal elements in the community, while instituting an independent high-powered panel of enquiry to unravel the causes of the mayhem.  A future restraint on the part of the President is imperative to douse tension and minimise further collateral damage.

Lesson Six: The Army’s decision to lock down and lay siege to Okuama without granting access to the Delta State Governor, the Police, humanitarian agencies, and even the press to assess the situation on ground, has given rise to speculations about the plight of the members of the community, particularly the innocent, helpless and indigent persons.  This is unhelpful to the image of the Army. 

By not allowing access, the Army has, unwittingly, opened its operations to speculations. For example, it was alleged that the Army killed over 50 persons in Okuama, with other survivors hiding in the bush, including old women, children, the elderly ones and even the sick, with no food to eat and water to drink.  This is a gross violation of their fundamental human rights.

To avoid being put on the spotlight, it is imperative for the military to grant access into the community to enable humanitarian agencies and volunteer groups to extend help and assistance to the innocent ones to prevent further fatalities. This will also serve the interest of the Army’s reputation.

Lesson Seven: After the destruction of Odi, initial public sympathy for the military waned.  Same is replicating itself at Okuama over the conduct of the Army.  The Army, like other federal government agencies, is not a supreme institution that is above the Constitution and the Nigerian State, neither is the civilian population subject to military laws.  Indeed, the Army is subject to civil authority under Democracy. Therefore, it must change its current tactics at Okuama where it has refused access to the community, assumed sole information provider on goings-on, and subjected civilians to investigation, arrest and detention.  

It is hoped that these lessons will serve as reference and guide for the state governments, the Police, the Army and the federal government in handling related crises to avert future disaster.  

. Dr. Owhoko, a Lagos State-based public policy analyst, author and journalist

Looking at Africa’s future through the lens of progress, evidence, foresight, and optimism – although it’s difficult to predict the future with certainty, several African countries have shown great potential for development. Countries like Ethiopia, Rwanda, Ghana and Botswana have made significant strides in economic growth, infrastructure development, and social progress. 

Egypt, South Africa and Nigeria are the top most powerful countries in Africa, according to US News and World Report’s 2019 power ranking. 

Several African countries, including Mauritius, Botswana, Cape Verde, Seychelles and Rwanda, are known for good governance. These countries have made significant progress in political stability, rule of law, and control of corruption. Speaking of issues of uniqueness, diversity, duration of existence, and variety, I would say, that Africa is sufficiently primed for greatness.

Let me continue with the profound words of Joshua J. Marine. Marine posited: “Challenges are what makes life interesting and overcoming them is what makes life meaningful” Yes! Leadership cum politics are phenomenal realities – as a continent, we sure need to get our art together. For example, each country faces unique challenges and opportunities, and their development paths will likely depend on different factors including governance, economic policies, education, and international partnerships. Suffice it to say that It is still rudderless as far as many of the countries in the continent of Africa is concerned.

Succinctly put, to view Africa solely as a hotbed of disease and hunger is to ignore the significant strides that countries and communities have made. There is still much work to be done. But looking to the past can provide some hope for the future: Rwanda, once known primarily for its tragic genocide, is now known as a model of stability and economic growth, while Eritrea and Ethiopia signed a peace agreement this year to end two decades of war and enmity. African countries must push for further peace initiatives while they continue to support refugees and populations affected by conflict to improve stability and growth on the continent further.

Before I proceed, I want to be clear, don’t get me wrong, Africa lacks selflessness in  leadership. Unarguably, Africa is the most resourceful continent and the naturally wealthiest in the world. Despite the amazing advantage of having nice weather, massive forests with fruit, vegetation and plantations, wildlife, gold, diamonds, Uranium, various metals, and manpower willing to work hard for low wages, Africa is the poorest economically in the world. Because leadership is everything and due to corruption, stupidity, and greed, nearly all African leaders are failing with some few exceptions.

Collectively, the continent has more to gain pulling together and harnessing its vast natural resources to finance the development agenda towards greater prosperity. It must also ensure that future growth and exploitation of natural resources is results-oriented, climate resilient, and sustainable. Nearly half the world’s gold and one-third of all minerals are in Africa. 

Here’s a look at the resources African countries have below:

Africa area = 30,37 million km2

China area = 9,6 million km2

US area = 9,8 million km2

Europa area = 10,18 million km.

– Africa has 60% arable land.

– Africa owns 90% of the raw material reserve.

-Africa owns 40% of the global gold reserve.

– Africa, 33% of the diamond reserve.

– Africa has 80% of Coltan’s global reserve (mineral for telephone and electronics production), mainly in the Democratic Republic of Congo.

– Africa has 60% of the global cobalt reserve (mineral for car battery manufacture).

– Africa is rich in oil and natural gas.

– Africa (Namibia) has the world’s richest fish coastline.

– Africa is rich in manganese, iron, and wood.

– Africa has thirty-half million km2 (30 875 415 km2).

-Africa has 1,3 billion inhabitants (China has 1,4 billion inhabitants in 9,6 million km2).

Which means Africa is SUB-POPULATED.

– The arable lands of the Democratic Republic of Congo can feed all of Africa. And Africa’s arable land is a cord to feed the whole world.

– The Democratic Republic of Congo has important rivers that can illuminate Africa.

The problem is that the CIA, western companies, and some African puppets have destabilised the DRC for decades.

– Africa is a culturally diverse continent with dance, music, architecture, sculpture, etc.

– Africa accommodates 30.000 medicinal recipes and herbs that the West modifies in its laboratories.

– Africa has a young global population that should reach 2,5 billion by the year 2050.

In the meantime, countries such as China are moving quickly to invest in Africa’s future, while the United States and other Western nations have taken more passive roles.

After weeks of anticipation, the Central Bank of Nigeria last Thursday released a circular reviewing the minimum capital requirements for all commercial, merchant, and non-interest banks operating in the country. The review came exactly two decades after a former Governor of the CBN Prof Chukwuma Soludo raised the minimum capital requirements for banks from N2 billion to N25 billion, and three months after the current governor Yemi Cardoso, gave banks a heads up that they would have to raise fresh capital to serve as buffers against risk assets on their balance sheets, prevailing economic headwinds, and bolster their ability to handle big ticket transactions.

Under the current review, commercial banks with international banking licences would have to raise their minimum capital to N500 billion, national banks to N200 billion, regional and merchant banks to N50 billion, non-interest national banks to N20 billion, while non-interest banks will have to meet a new minimum threshold of N10 billion. To meet the new capital requirements in two years, the CBN directed banks to consider the injection of fresh equity capital through private placements, rights issues and/or offer for subscriptions. They could also consider mergers and acquisitions and/or upgrades or downgrades of their licences.

However, the clincher in the circular was the central bank’s definition of what it meant by minimum capital. It said minimum capital shall comprise of paid-up capital and share premium only and shall not be based on shareholders’ funds. CBN further excluded Additional Tier 1 (AT1) Capital for the purpose of meeting the new minimum capital requirements by banks. Shareholders’ funds refer to the net worth of a company after all its liabilities have been deducted from its assets. It comprises the share capital and retained profits or earnings that have been reinjected into the business by its shareholders. AT1 Capital, on other hand, are debt securities or instruments that have no fixed maturity. They usually comprise preference shares or high contingent convertible securities.

By excluding shareholders’ funds and AT1 Capital, the CBN prioritised direct cash injections into the banks over accounting entries to satisfy recapitalisation requirements. Also, though not a member of the Bank for International Settlements (BIS) in Basel, Switzerland, whose mission is to support global central banks’ monetary policies and financial system stability, the CBN by its recapitalisation guidelines deviated from the Basel III criteria for regulatory capital.

Basel III reforms were introduced in December 2010 after the global financial crisis of 2007-2009, which revealed several weaknesses in the capital bases of existing banks, as definitions of capital varied widely between jurisdictions, regulatory adjustments were generally not applied to the appropriate level of capital, and disclosures were either deficient or non-comparable. These factors contributed to the lack of public confidence in capital ratios during the global financial crisis. To address these weaknesses, the Basel Committee on Banking Supervision (BCBS) published the Basel III reforms with the aim of strengthening the quality of banks’ capital bases and increasing the required level of regulatory capital. In addition, the BCBS instituted more stringent disclosure requirements.

Under Basel III, components of regulatory capital for banks comprise Common Equity Tier 1 (CET1) Capital made up of common shares and stock surpluses, retained earnings, other comprehensive earnings, qualifying minority interest and regulatory adjustments; as well as Additional Tier 1 (AT1) Capital, which is the sum of capital instruments meeting the criteria for AT1 and related surplus, additional qualifying minority interest and regulatory adjustments. CET1 and AT1 are classified as Tier 1 Capital for banks on a going concern basis. Then there is Tier 2 Capital which is gone-concern capital and applies to banks that have failed. Tier 2 instruments must absorb losses before depositors and general creditors do so.

While it must be acknowledged that Basel III is not legally binding in any jurisdiction, and as earlier indicated, the CBN is not a member of the BIS in Switzerland, Basel III was intended to form the general basis for national or regional rulemaking for regulatory capital. Nonetheless, as with Basel I and II, even BIS members have taken different approaches to implementing Basel III. Some regulators have even gone as far as arguing that the rules apply to banks with $100 billion in assets or more. This in effect addresses any concerns raised by some market analysts at the weekend that the CBN was not complying with Basel III reforms in its latest recapitalisation programme. Besides, no Nigerian bank can boast of a balance sheet size of $100 billion in assets. Despite all their sound and fury, not one of them comes close!

Basel III aside, no Nigerians banker worth his or her salt can say that they did not see the recapitalisation programme coming. They did not need a Cardoso (or Cardi-B as he is often called in social media circles) to tell them that their banks had to initiate measures to raise fresh capital. For instance, Access Holdings Plc, in its 2023 financial accounts that was released 24 hours before the CBN circular, announced its intention to raise N365 billion through a rights issue in 2024. There was also speculation among market analysts two weeks earlier, that Guaranty Trust Holdings Plc (GTCO), which is yet to release its 2023 accounts was toeing the same path with a capital raise of N350 billion to N500 billion.   

Effectively, bankers who did not have their heads buried in the sand already knew that the naira devaluation and spiralling inflation had wreaked havoc on their risk assets, notwithstanding the supernormal profits that they declared in the second half of 2023 due to FX revaluation gains. Buttressing this, Cardoso last December revealed that due to the impact of the forex unification policy and efforts to remove the subsidy on petrol by the federal government, banks had breached some of the key metrics such as single obligor limits, resulting in the erosion their capital. It also led to a deterioration of their asset quality that could easily clog up banks’ balance sheets with non-performing loans. And as any banking system regulator knows, low asset quality affects banks’ capital and therefore their soundness.

But what the banks did not anticipated was that the CBN would not allow them to use their shareholders’ funds, which has retained earnings as a key component, as the basis for computing revised capital requirements. Unsurprisingly, since the release of the circular, there’s been disquiet in the banking sector as Nigerian lenders and their shareholders absorb the enormity of the daunting task over the next two years. Add to this a seminal WhatsApp group dedicated to all things markets that I belong to, which almost blew a gasket at the weekend as members heatedly debated the merits and demerits of the non-inclusion of retained earnings in the new capitalisation requirements for banks.

Had the CBN allowed the banks to use shareholders’ funds as a basis for the new capital base, most, if not all banks, would have carried on with business as usual because the retained earnings on their balance sheets already exceeded their paid-up capital and share premium combined by several hundreds of billions of naira. As things stand, some Tier 1 bank holding companies and banks have retained earnings in excess of N500 billion – the new capital base threshold for international banks. These are Access Holdings – N715.13 billion, FBNH Plc – N608.73 billion, UBA Plc – N750.81 billion and Zenith Bank Plc – N894 billion, while GTCO at N424.50 billion is not far off. By implication, if banks’ retained earnings are added to their current paid-up capital and share premium, they would meet and exceed the new minimum capital requirements stipulated by the CBN.

Another concern that came up was that with the exclusion of retained earnings, the options given by the CBN for fresh capital injection through either private placement, the issuance of new shares (or public offers) and/or through mergers and acquisitions was dilutive for existing shareholders of the banks. One of the first persons to throw the first salvo over the new recapitalisation guidelines released by the CBN was Mustapha Chike-Obi, Chairman of Fidelity Bank Plc and Chairman of the Bank Directors Association of Nigeria ((BDAN), who was quoted on Arise News Channel on Friday morning as stating that the non-inclusion of retained earnings would not work and called on the CBN to provide additional clarification on the issue.

Similarly, Johnson Chukwu, CEO of Cowry Assets Management Limited, faulted the exclusion of retained earnings and advised the CBN to align the new capital requirements with industry dynamics to facilitate a seamless transition. According to him, the exclusion of retained earnings will result in banks incurring recapitalisation costs, adding that this would force banks to declare cash and bonus dividends for their shareholders and undertake rights issues.

Other market analysts further posited that the exclusion of retained earnings from new capital requirements for banks would put them under pressure, given the huge amounts lenders would have to raise in an environment where capital is already constrained. According to one such analyst, “You have a situation where the CBN has adopted a contractionary monetary policy stance with high interest rates and is issuing OMO bills at 27%. This was done to curb inflation, attract foreign portfolio investors into the market and thereby improve FX liquidity. As such, capital is constrained in the country due to the tight monetary stance of the CBN. So how are banks expected to raise an estimated N3 trillion to N4 trillion to meet the new capital thresholds? This is just contradictory.”

He also wondered what the of objective of the CBN was, asking if it is to improve capital buffers of banks and strengthen their ability to fund big ticket transactions to grow the economy, how will this be achieved with the high interest rates on treasury bills that have crowded out the private sector? “In addition, with the Cash Reserve Ratio (CRR) at 45% and Liquidity Ratio at 30%, how are the banks expected to lend money to their customers. So, if the banks raise fresh equity capital, are they going to continue lending to government?” he asked.

Though it is true that the CBN’s contractionary stance is at variance with its decision to compel banks to raise fresh equity capital, it will be short-sighted for anyone to think that the current monetary tightening will be remain in place for an eternity, as the policy measures are short-term in nature. Like any central bank, once the CBN determines, say12 months from now, that inflation is beginning to recede and FX stability has been achieved, it will begin to lower interest rates and loosen its stance on CRR and the liquidity ratio, by which time the banks will be recapitalised or nearing recapitalisation and ready to create new risk assets for economic growth. Yet, for the CBN’s monetary policy to succeed, a lot of action will still be required from the fiscal side which has continued to run an expansionary budget and has failed to implement measures to address structural bottlenecks that are adding to Nigeria’s economic woes.

But even as bankers and market analysts at the weekend were losing sleep over the exclusion of retained earnings, CBN officials countered that there was either an absence of sincerity on the true position of things in the banking sector or there was pervasive ignorance. A CBN official who spoke to this writer off the record, dismissed the retained earnings of several banks, calling them mere accounting entries that are not worth the paper on which they are written. According to him, a lot the banks had been granted forbearances over the years and if the forbearances are withdrawn by the CBN, their retained earnings will be wiped out. He said total forbearances in the industry were roughly the capital the central bank is asking the banks to raise.

Providing further insight, he said almost all banks in the country have massive exposures to defaulting debtors, particularly in the energy sector (power sector and oil and gas loans), that they have scant hope of recovering. “These are loans that were given out 10 years ago to power sector investors during the privatisation exercise that have not been recovered. Then there are loans that were given to local oil and gas companies to acquire the assets of oil multinationals. All these loans are impaired, and the banks have little or no hope of recovering them. Yet, the CBN kept rolling over the forbearances to give the semblance of financial system soundness and stability. This was what Cardoso inherited from his predecessor Godwin Emefiele who was very lax with the forbearances that he gave to the banks, and they were too many of them,” the official disclosed.

The official said that save for the foreign banks – Citi Bank, Standard Chartered Bank and Stanbic IBTC – and to a lesser extent a few local banks such as GTBank, Zenith Bank and perhaps Access Bank, all the other banks have significant exposures to bank debtors whose non-performing loans (NPLs), running into trillions of naira, have not been written off against their income. He added that withdrawing the forbearances in one fell swoop would be injurious to the system, so the best route is for banks to raise fresh capital and for the CBN to allow them to bite the bullet in a phased manner.       

However, a few market analysts who sensed that the CBN has no confidence in the retained earnings of several banks, are questioning why the regulator cannot simply isolate banks that are under forbearance and allow the few without forbearance to count their retained earnings against capital. They were of the view that the blanket decision to disregard a significant portion of the book value of the banking system would amount to discrediting the financial statements of banks that external auditors and CBN examiners had approved over the last couple of years. They also felt that the CBN should tighten and monitor the calculation of risk weighted assets (RWAs) of banks so that they are not fictional, and once this is done, the CBN should focus on capitalisation of ratios. (RWAs are bank loans and other assets, weighted according to risk.) Furthermore, they recommended the exclusion of some part of retained earnings such as unrealised gains on assets and FX revaluation gains.   

Responding, the central bank official said CBN examiners had been acutely aware of the problem of rising NPLs and made recommendations to several banks to raise fresh capital in their respective examination reports, but their recommendations were ignored by both the banks and CBN executives. “Instead of being a proper regulator, the CBN became an enabler by not enforcing its own prudential guidelines,” he said. The CBN official added that the hot air being blown by banks over retained earnings was misplaced because the bulk of it was not cash and the objective of the central bank is to inject fresh cash into the balance sheets of banks.

“If they have confidence in their retained earnings, the banks should pay them out as dividends to their shareholders. But realistically, they cannot do so because a lot of these retained earnings have gone into various aspects of their balance sheets and are probably part of their risk assets which are impaired, they are also probably part of their fixed assets which you cannot immediately liquidate. So, it is difficult to include such retained earnings as part of their capital because it’s not actually cash. And since it is the CBN’s objective is to create new risk assets by way of loans, this can only be achieved through fresh cash injections,” he explained.

In addition, CBN is not unaware that the supernormal profits arising from FX revaluation gains that a lot of banks will declare for the 2023 financial year are not cash backed, so for them to pay dividends, they would have to do so from depositors’ funds. Banks can get away with it, according to Ugochukwu Obi-Chukwu, Founder/CEO of Nairametrics, “Because banks’ cashflow statements include depositors’ funds, so it is fungible and often impossible to know what funds the banks are paying out.” This interchangeability of shareholders’ funds with depositors’ funds on the financial statements of banks, renders it difficult for the public to know when a bank is distressed just by looking at its financials. It is for this reason, Obi-Chukwu noted, that central banks can only detect looming bank failure when they conduct stress tests. This, he added, reinforces Emefiele’s position when he oversaw the CBN that banks are not owned by their shareholders but by depositors because they have a significantly higher stake in banks and must be protected at all cost. In essence, without depositors, shareholders have no banks.

Well, as the banking sector recapitalisation exercise slowly but surely kicks off from today, it is expected that so many issues will be thrown up for the CBN and banks to wade through. Although it is uncertain that the central bank will back off from the non-inclusion of retained earnings to the revised capital base for banks, it will be advisable for the regulator to revisit the 30-day deadline given to banks to submit their implementation plans for recapitalisation.

For one, the Companies and Allied Matters Act (CAMA) renders the 30-day target unrealistic, as the Act stipulates that any changes to a company’s equity structure must get the approval of its shareholders. Two, a company’s shareholders can only meet by way of an annual or extraordinary general meeting after its board of directors must have met and considered the alterations to the equity structure. Three, to convene an AGM or EGM, at least 21 days notice must be given, to enable shareholders attend and approve or reject the changes to the capital structure.

Spokesperson of the Nigeria Police Force, Olumuyiwa Adejobi on Tuesday revealed that the force would give post-humous awards to the families of six police officers killed in Delta State.

Announcing the development while speaking on Channels TV’s Politics Today, Adejobi detailed that  the police would be there for the families of the deceased soldiers during the difficult time.

Naija News reports that the police spokesman further disclosed that this would be the first time that the the IGP would be organising an event of this nature.

”The IGP has decided to give post-humous awards to the six and our fallen heroes will also be honoured. We are going to move with their families shoulder to shoulder and navigate these difficult moments,” he said.

Naija News had earlier reported that six officers killed while investigating the disappearance of three colleagues in Delta State.

Adejobi had while announcing the development disclosed that  six other officers are still missing and five suspects have been arrested in connection with the killings.

The statement released by Adejobi after the development read,  “The Nigeria Police Force is profoundly saddened by the devastating loss of six courageous officers in Delta State who exhibited exceptional valour in the face of adversity.

“These brave officers tragically fell victim to a cowardly ambush by armed assailants while undertaking a mission to investigate the disappearance and rescue of three of their colleagues in the Ohoro Forest, Delta State, while six others are currently missing-in-action.

“Our hearts extend to the families, friends, and colleagues of the fallen officers during this period of profound sorrow. We stand in solidarity with them, offering our deepest condolences and earnestly praying for the peaceful repose of the departed souls.”

[NaijaNews]

There is an urgent need to address the neonatal mortality in Nigeria, the General Manager of External Relations and Sustainable Development, Andy Odeh, has said.

Odeh spoke at the public presentation of the winning work of Prof. Hippolite Amadi to the industry community.

The event was organised by the Nigeria LNG (NLNG) Limited, sponsors of won by Prof. Amadi, in collaboration with the Lagos Chamber of Commerce and Industry (LCCI). 

Represented by the Acting Manager of Corporate Communication and Public Affairs, Yemi Adeyemi, the General Manager noted that Nigeria, as per a 2023 World Health Organisation (WHO) Report, ranks second globally in maternal, neonatal, and child deaths.

According to him, Professor Amadi’s innovations offer a beacon of hope in the face of this alarming statistics.

“The ground-breaking innovations of Professor Amadi, as recognised by The Nigeria Prize for Science, are not merely a step forward for our nation but a beacon of hope for the countless new-born lives that hang in the balance. We cannot afford to let the cries of our newborns fade into the background of our daily lives.

“The urgency to combat neonatal mortality is a solemn duty to safeguard the future of our nation’s children, and we must answer that call with unwavering determination and immediate, decisive measures.

“NLNG is very proud of Professor Amadi’s discoveries through The Nigeria Prize for Science.

“Our vision of helping to build a better Nigeria is the core of the prize, and we believe strongly that the 2023 winning entry speaks in unambiguous terms as one of the ways we can achieve this vision. NLNG remains committed to the prize and will not relent in finding solutions to the nation’s development issues,” Odeh said.

The event not only celebrated Prof. Amadi’s achievements but also served as a platform to encourage collaboration between the researcher and industry investors.

[TheNation]

Federal Capital Territory Minister, Nyesom Wike, has said some officials were conspiring with land grabbers to work against the federal government on the issues of lands allocation in Abuja.

Wike said some of the people calling themselves investors bought hectares of land and start reselling to Abuja residents, with the connivance with legal and land secretariat.

The minister said this during a press briefing with select journalists in his office in Abuja, while reacting to the allegations by the Chairman and Chief Executive Officer of the SNECOU Group Limited, Chief Nicholas Ukachukwu, that he wanted to deal with Igbo people.

Ukachukwu had said FCT minister ordered the demolition of investment on 214 hectares of land in the Asokoro district of the Federal Capital Territory, Abuja.

The Anambra-born businessman accused Wike of ordering the demolition without any court order despite pending valid two court orders from separate courts restraining him and the FCT administration from tampering with the property.

In his media chat with journalists, Wike said such cases on his desk were numerous, and thriving because of the corrupt civil servants aiding and abetting the property investors he called “land grabbers”.

He said they were defrauding people and the government by buying land in large quantities and reselling to residents, after they might have told the government that the lands were for investments.

“They are conniving with the legal secretariat here. Do you know we can sack them? Sack the land administrator? Have you seen the court judgement? Go and read the court judgement and see whether the court says the land is their own?” Wike asked.

“They went to tell the court to say tell FCTA to return our documents they are holding. I met these matters here. They were over 1000 cases on lands. As the court says ‘FCTA release their documents’ , does that show that you’re entitled to the land? There is no way they would go in there. It is our property!”

Speaking about the conspiracy of how they get court judgement, Wike said, “Do you know after they filed a suit against us, they made a deal with the law secretariat. They brought an external lawyer, and the external lawyer will agree with them, and the judgment will be served. I’ve never seen how corrupt human beings can be.

“The point I’m making is that all sentiments that I’m revoking people’s lands (is) by law. Nobody has said you revoked the land because I’m a Yoruba man. Nobody has said you revoke the land because I’m a Hausa man. What has this gotten to do with Igbo? What kind of a crazy, childish sentiment is that? He said.

[DailyTrust]

Real Madrid legend Marcelo has named his all-time best XI players that he has shared the pitch with in his glittering career.

The Brazilian left-back accomplished everything in his career with Real Madrid and the Brazil national team.

Marcelo included current and former football stars like Cristiano Ronaldo, Neymar and Ronaldo Nazario in the list.

He went with Keylor Navas as the goalkeeper and picked Chelsea’s Thiago Silva to partner former Real Madrid captain Sergio Ramos in the centre-back position.

In the midfield, Marcelo went with the likes of Casemiro and Luka Modric.

Marcelo’s all-time best XI (via Madrid Xtra):

Ronaldo Nazario, Neymar, Cristiano Ronaldo, Luka Modric, Toni Kroos, Casemiro, Roberto Carlos, Sergio Ramos, Thiago Silva, Rafinha and Keylor Navas.

[DailyPost]

The Minister of Education, Prof. Tahir Mamman, on Tuesday, said security agencies will go after individuals with fake university certificates in the country.

According to the minister, the individuals will be tracked after the committee set up by the Federal Government to investigate the activities of university certificate racketeers in the country submits its report.

The Federal Government had set up an Inter-Ministerial Investigative Committee on Degree Certificate Milling to probe the activities of certificate racketeers following an investigative report published by Daily Nigerian which exposed the activities of degree mills in the Benin Republic.

The Daily Nigerian reporter, Umar Audu revealed how he obtained a degree within six weeks and even proceeded to embark on mandatory youth service under the National Youth Service Corps scheme back in Nigeria.

The investigative report, which exposed the illegalities perpetrated by some tertiary institutions in the West African countries, led to the Nigerian government placing a ban on the accreditation and evaluation of degrees from Benin Republic and Togo.

The committee set up by the Federal Government was also tasked with investigating Nigerian private universities established in the last 15 years.

Recently, the committee invited memoranda from the public. Selected members of the committee also visited institutions in the Benin Republic.

While speaking at the first quarterly citizens engagement in Abuja on Tuesday, the education minister, Mamman, said, “On the issue of the fake degrees, we set up a committee and we expect them to submit their reports soon. Once the report is submitted, I can assure you that individuals with fake certificates will be apprehended. They will be tracked by security agencies.”

Also speaking at the engagement, the Minister of State for Education, Dr. Tanko Sununu, noted that the quarterly citizenship engagement was aimed at creating awareness of the activities of the ministry.

He noted that the engagement would “ also promote mutual understanding with stakeholders and citizens, build and sustain public trust, and improve transparency and accountability in the sector.”

“Worthy of mention is that this engagement also aims to improve efficiency and streamline government operations by identifying and addressing bottlenecks,” Sununu said.

[Punch]

Senior Advocates of Nigeria, SANs, and retired judges, yesterday said the Nigerian Police Force, NPF, ought to handle investigations into the recent murder of 17 soldiers, and an unconfirmed number of villagers at Okuama in Ughelli South Local Government Area of Delta State.

The legal luminaries, who faulted the handing over of the traditional ruler of Ewu Kingdom, Delta State, HRM Clement Ikolo, one of the eight persons declared wanted by the Defence Headquarters, DHQ, Abuja, over the incident, by the Police to the Army, said it is not the constitutional duty of the Army to investigate the murder.

They advised the Army to return the monarch to the Police for proper inquiries into, and prosecution of the the murder cases.

Among those who spoke to Vanguard were former chairman of the Special Investigation Panel for the Recovery of Public Property, Okoi Obono Obla, SAN, Cosmos Enwelizor, SAN, Chief Magistrate E. O. Eferakoro, retd, former Attorney-General of Akwa Ibom State, Uwemedimo Nwoko, SAN, a retired President of the Delta State Area Customary Court, Miakpor Emiaso, and Hon. Justice Jonathan.E. Shakarho, retired Judge of the Federal High Court.

Police should handle investigations – Enwelizor, SAN

Cosmos Enwelizor, SAN, who spoke on the phone in Rivers State, said: “My take is that the Army should allow the Police do the investigation and punish whoever is found culpable in the crime committed.

“Every criminal matter should be handled by the police as enshrined in the constitution. Our constitution does not give power to the Army to declare any Nigerian wanted. The constitution does not also empower the Army to arrest and prosecute anybody. It is not their responsibility. It is only in Nigeria that you see the Army doing everything and this is not good for our constitution.

“The Army should refrain from committing a constitutional breach by declaring citizens wanted for criminal offences. It is only the Police that has the constitutional right to arrest, prosecute, and or declare anybody wanted and not the Army. If there is any crisis anywhere, the Police have the power to wade in and arrest the situation, not the Army.

“If you go to other countries, even in Africa, you can never see a soldier on the streets. The role of the Army is to protect the country’s territorial integrity, not to declare citizens wanted. How can the Army invade a community, Okuama, destroy everything, and then declare a king wanted?

“While I sympathize with the families of those 17 soldiers killed by hoodlums, I want to say that the killers of those soldiers might not necessarily be indigenes of the community.”

Army not empowered to probe murder – Obla, SAN

Also reacting yesterday, constitutional lawyer and former aide to ex-President Muhammdu Buhari, Obono Obla, SAN, told Vanguard in Cross River State: “The Army has no scintilla modicum of constitutional or statutory duty to investigate a case of murder.

‘’The constitutional or statutory responsibility of the Army is to defend the country against external aggression or anything that would compromise the country’s territorial integrity.

“The allegation against the suspects is that they murdered 17 soldiers. The army can arrest them. However, after that, they have to hand them over to the Nigeria Police Force which has the constitutional and statutory responsibility to detect and prosecute those who have committed crimes.

“Section 4 of the Nigeria Police Force Act 2020 lists the duties of the Police force to include prevention and detection of crime, apprehension of offenders, and preservation of law and order.

“The Army is part of the Armed Forces of the Federal Republic of Nigeria by Section 3 of the Armed Forces Act 2004. By section 3 (3), the Armed Forces shall be charged with the defence of the Federal Republic of Nigeria by land, sea, and air and with such other duties as the National Assembly may, from time to time, prescribe or direct by an Act.

Army has no right to declare anybody wanted – Eferakoro, retired judge

Speaking in Delta State, a retired Chief Magistrate E. O. Eferakoro, said it is an aberration for the Army to have declared the king wanted, advising his lawyers to file for fundamental human rights applications.

His words: “The Army does not have the right to declare anybody wanted. It is a function of the Police. Then, the Police in Delta State should not have handed the king over. The best they could have done is to hand him over to the Inspector-General of Police, and not the Army.

“At this stage, the king’s lawyers should go to court and file fundamental human rights applications. Ordinarily, as a citizen, since he heard that they declared him wanted, he did the right thing by submitting himself to the Police in charge of civil authority, not the army.

“I believe the lawyers should go to court. If they can be rehabilitating riff-raff in the north, why will they be declaring our own dead or alive and then putting a bounty on their head?

“Then, what was the Army’s mission to that place? There are conflicting stories. They should investigate these things; the Police should do the investigation. There are allegations by the youths that the Army came for an illegal operation and that some persons were using the Army. I believe they should investigate these issues.”

Army shouldn’t be involved – Emiaso, retired Customary court president

Similarly, a retired President of Delta State Area Customary Court, Miakpor Emiaso, said: “I do not think it is much of a constitutional issue, it is simply what the law is. It is not everything go to the constitution; there are things we do in our common world that are regulated, not necessarily on direct provisions in the constitution.

“We have different sources of law, the constitution is one of them. Of course, we have judicial precedence and then we have statutes.

“We run a country governed by law and the law spells out the limit where each person belongs, where your authority lies, and where it stops. We need to straighten out these things in the country.

“The military getting involved in the Okuama thing is in itself against the cannons of natural justice because here, they are the accusers and the prosecutors and apparently, they are going to be the judges.

“They are aggrieved, they are the ones that have been hurt. It is bad, it is terrible that people should kill our soldiers, persons who are in military uniform, raised hands against them, not just hit them, but kill them, snuff life out of them; it is highly condemnable.

“But we are saying that having happened that way, the military who are aggrieved are the accusers, they are now investigating what has happened, they have taken over the whole scene of the crime in Okuama, not allowing any other person to come into the place, not even the Police. You can, of course, predict the outcome of whatever investigation they are carrying out.

“Their decision eventually would match their preconceived notion of who did what in Okuama. In this situation, an independent neutral body stands some chance of being objective in what they do, and the outcome of what they would do, l align myself with that position. You cannot be a judge in your case.”

What the military is doing is illegal- Justice Shakarho, retd

On his part, Hon. Justice Jonathan. E. Shakarho, a retired Justice of the Federal High Court, said: “It is the Police that have powers to investigate and prosecute, all the Army is doing is illegality from beginning to end. If people come to my house to attack me, then I will bring my family people to fight them.

“You do not do that, you report to the Police, they will investigate, and those found culpable will be arrested and prosecuted. The Army is taking laws into its hands. They have killed civilians in so many states.

“The king did the right by saying, look I am innocent, let me hand myself over to the police, and he did that. Police were wrong to have handed him over to the Army. The Police hierarchy was wrong to allow it; the Inspector-General of Police should stop it. That is anarchy.

“You kill a naval officer, you give him a warrant to go and attack, you kill Air Force personnel, Air Force will go and attack, you kill an Army officer, and Army will go and attack? It is not done like that. Police should retrieve the king and carry out their investigation; they should be the ones to charge the matter to court.

“If they feel it is a murder case, then they will file information through the Ministry of Justice in the necessary High Court, not the Army. The Army has no right to prosecute any matter. Holding the king is illegal, even from the start of destroying Okuama and everything, it is illegal.

“Two wrongs do not make a right. Holding the traditional ruler in Abuja in military custody is an illegality, there is no justification in law.’’

Hand Delta monarch back to police after interrogation –Nwoko, SAN

Also reacting, former Attorney-General of Akwa Ibom State, Uwemedimo Nwoko, SAN, advised the Nigerian Army to hand the traditional ruler of Ewu Kingdom back to Delta State Police Command for proper investigation and prosecution.

Nwoko, who admitted that the constitution empowered only the Police to investigate murder cases, noted that the Okuama incident is a little bit complicated because it directly affected the Army, as the Police were not on the ground.

His words: “It is not as simplistic as people would like it to sound. First, they killed soldiers when they went for an operation. Whatever the name of the operation; whatever took them there is another issue, they were soldiers who were murdered.

“Since the soldiers are the direct victims of the attack, and being that they were the security team on the ground, there is nothing wrong with soldiers stepping in to take preliminary steps to apprehend the culprits or persons suspected to be involved.

“After apprehending suspects, they should immediately, after preliminary findings, hand them over to the civil authorities, the police, to now investigate because it is multiple murder cases that are being alleged. It is not within the powers of the Army to investigate murder or punish or prosecute.

“It is within the powers of only the Police to do that. Since the soldiers saw what happened, if they can arrest one or two persons, they should hand them to the police which represents civil authorities for proper investigation and prosecution.
“As of the time that Ewu traditional ruler surrendered himself to the police, do not forget that the army had cordoned off the scene of the crime, they had barricaded the entire community. The police do not know anything that happened there.

“The man that goes out to hand over himself to the police did the right thing. The Police, on the other hand, do not have access to the scene of crime, it is for them to say, soldiers, you were the people on the ground, what happened?

“For soldiers to give a packaged report to the civil authorities that would help in a proper investigation, they should also have the privilege of asking the suspects: who are you? Where do you live?”

Asked if a constitutional aberration is in the making, Nwoko responded: “The only problem we have is that the Army are the direct victims, so, they are the only people that can say this is what transpired.”

“If by tomorrow, that man or any other person arrested in respect of that matter is charged to court, any evidence given by any other person outside the soldiers that were on ground will be hearsay, and not admissible. The police that would prosecute him were not on the ground.

“Formally, since the man has reported himself, the Army should find out who he is and where he was on the day the incident happened, and then, package the report and hand him over to the police.’’

It’s in the army’s interest to hand over to the police- Afolabi, SAN

In Edo State, Olayiwola Afolabi, SAN, said: “The Nigerian Army is the complainant in this matter, so, the Nigerian Army, being the complainant, cannot investigate its case, they are working against themselves, it is wrong and in that way, the case will fail because the constitutional responsibility of investigating a crime is the police’s.

“The case in question is not a coup; it is not a coup plot. If it is a coup, the Nigerian Army has the right to investigate the coup plotters, but in this case, it is a criminal allegation of murder.

“They do not have the right to investigate it because by doing that, they are destroying the case against themselves. The police should investigate, and charge them to the court if found culpable.

“Now, you are the one that is alleging a crime, and you are the one that is investigating the same crime, it is wrong. It will be in their interest to hand over the investigation to the police and any statement they have obtained from those suspects. Constitutionally, it is wrong.

“Police will have to start afresh, there have been similar cases that the courts decided, and once this action by the army is continued, the case will fail from the onset.”

Govt ought to demand monarch’s release – Okpoko, SAN

Also speaking to Vanguard, Chief Thompson J. Onomigbo Okpoko, SAN, said: “The constitutionality of what happened when the police handed over the monarch to the army is neither here nor there. The duty to investigate criminal activities is that of the police, not the army.

“But because the army appears to be the complainant in the matter, the police ought to have been circumspect in handing him over to those who are complaining against the killing.

“The whole nation is complaining about the killing of our soldiers. The killing of the soldiers particularly touches me, if people cannot respect themselves, and do what is right, we should be able to say it.

“The monarch did what was right and surrendered himself to the police. The police ought to keep him and inform the army that the man has surrendered to them.

“Therefore, the police will have custody of the man, but you know the soldiers, they think force can resolve all disputes. If they go to the police and say this man who surrendered to you, we want him; if the police refuse to give him up, it may result in a crisis.

“To save the situation, the police handed him over to the army. The fact that they handed him over to the army is not a license for the army to humiliate the monarch, torture, or detain him beyond the period the constitution prescribes.
“It is a matter of compromise. As I said, the government should demand the release of the monarch and insist on an independent commission of inquiry to find out the truth.’’

Proclaiming monarch, 7 Urhobo natives wanted obnoxious – UPU

Meanwhile, the Urhobo Progress Union, UPU, the apex group of the Urhobo ethnic nationality in Delta State, has expressed displeasure with the action of the Nigerian Army in declaring the traditional ruler of Ewu kingdom, HRM Clement Ikolo, and Urhobo natives wanted over the killing of 17 soldiers, recently, in Okuama community, Ughelli South Local Government Area.

President General of the group in a statement, Chief Ese Gam, said: “The Urhobo nation condemn in its entirety this unprovoked declaration of eight prominent Urhobo sons and daughter wanted by the Nigeria army .

“First, what is the condition for this unwarranted declaration? Did the police or the army invite them? Did they refuse to come? We should not do things to attract media attention…

“This is a country of laws, if a person is to be declared wanted, it should be seen that there was an invitation and if the invitation is turned down, there should be a repeat invitation, but from nowhere, you say a professor, a lecturer in Delta State University, and the president general of Ewu Kingdom is declared wanted

“The police is the only body in this country that is empowered statutorily to arrest, investigate, and prosecute an alleged crime, here is a king (Ovie of Ewu Urhobo Kingdom) because he knows that his hands are clean, surrendered himself to the police, now, the police on their own handed over our royal majesty to the army.”

[Vanguard]