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Saturday, 01 June 2024 08:23

[OPINION] NDLEA’s Continued “Root and Branch” Onslaught - Okey Ikechukwu

Picture the international and national illicit drug and narcotic trade as a tree. The roots are buried in the perverted demands, and needs, of an ever-growing population of the young, old, rich and poor of both sexes. Here in Nigeria, the percentage of rural youths and women who are now totally beholden to aphrodisiacs and opioid derivatives benumbs the imagination. Worse still, some variants of psychotropic drugs are now so cheap, so readily available and so easily addictive. Thus, the problem which the Nigerian Drug law Enforcement Agency (NDLEA) has to deal with goes way beyond the matter of seizing drug consignments, arresting drug peddlers or burning down Indian hemp farms.

The trunk, or stem of the drug tree, which carries water and nutrients to the branches and the leaves, is the international and national drug superhighway. It is this highway that facilitates and projects the drug trade universe. Like a typical tree trunk, it grows ever bigger, as it develops Cambium Cells, just like the process commonly known as Secondary Thickening in the biological sciences. With secondary Thickening, a trunk gets sturdier, and becomes less susceptible to the blast of strong winds and the paltry endeavours of scraggly machete-wielding persons who try to cut it down.

The drug business is a wide universe, with strong and deep enablement from the deep Dark Web. The Dark Web, for those who may not know, is the Alternate Reality that has more cash, more capacity for devilry and even more capacity for perverting and subverting the 10% reality we, law abiding do-gooders, mistake for the actual reality of human life on earth today. Everything, including human body parts and high-end security information of the most secretive of nations, is available on the Deep Dark Web, once you can pay. It is a world better not visited, because a permanent tab is kept on you once you make any form of contact with it.

It is easy to see that the branches of our drug tree are the international, regional and national cartels. The twigs, or branchlets of the tree are the village dealers, city lounges, side street hawkers and neighbourhood facilitators that service various strata of the clientele. The leaves of the tree are the consumers, while the flowers and fruits are distribution, consumption, addiction and disorientation.

As fruits and flowers of the drug tree, the mentally deranged of all ages are all over the place. They spare no efforts, including selling off precious personal or stolen property at giveaway prices, to satisfy their craving. The growing population of disoriented youths who adopt desperate measures, including determined criminality, to keep their drug supplies going, are now a major social problem that should not be there in the first place.

It is against the background of the foregoing that we are to look at the latest exploits of the Nigerian Drug law enforcement Agency (NDLEA). This is not about an officer of the Agency, Francis Ameh Igonoh, who got a special motion yesterday and who emerged the 2024 winner of the prestigious International Law Enforcement Academy (ILEA) with an outstanding success Award, no. It is about the latest report of NDLEA’s deconstruction and asphyxiation of a massive drug cartel, including substantial sections of its tributaries and clientele.

The agency, last week, announced the successful bursting of an elaborate cocaine trafficking cartel. The two successful operations were in Lagos and Ogun States. Multi-billion-naira worth of illicit drugs were seized and a couple, Bolanle and Olayinka Dauda, were apprehended by operatives of a special operation unit of the NDLEA. They were arrested while attempting to cross the land border to deliver the consignment in Ghana. Some 42 blocks of the Class A drug weighing 47.5 kilograms was found on them and a swift follow-up operation at their residence led to the recovery of another eight blocks of the same drug, this time weighing 10kg

The major points to note here are that: (1) NDLEA operations are intelligence-led, (2) Collaboration with international network or capacities is always part of the cocktail of measures leading to a successful raid, and (3) The recent success stories came through joint operations involving NDLEA officials and the Drug Enforcement Administration of the United States.

Also, another stint of the Special Operations Unit, which led to the recovery of about 1,100 ampoules of the lethal synthetic opioid, fentanyl, was intelligence-led. The 6.48kg of the opioid was recovered from a member of a drug trafficking syndicate at Idumota Market in Lagos. The story is the same for about 790 ampoules of the dangerous opioid weighing 5.273kg seized from another member of the fentanyl syndicate at the same Idumota in Lagos.

As was said on this page on March 9, under the title, “Buba Marwa’s NDLEA, “All the arrests and seizures of illegal drug consignments and sundry successes of Marwa’s NDLEA have been very heavy on preemptive intelligence work. There is also overwhelming evidence of thorough going demographic analysis. Within this you find, also, the conscious mapping of drug production, transportation, distribution and consumption patterns. Marwa’s NDLEA is one of the few examples of an organization that is paying deliberate scientific attention to the physical and human geography of drug-related issues today”.

The current exploits also confirm what was said here on the article under reference, namely: “There seems to be, in all of this, a structured collaboration with the international anti-drug network, with focus on predictive, and predictable drug-related activities”.

During the sensitization and advocacy programme for women and youths in the Federal Capital Territory (FCT) in Abuja, a collaborative engagement with Dr Aminu Gusau organized under the platform of WADA, Brig. Gen. Buba Marwa (rtd) said that drug abuse among Nigerians was one of the main drivers of insecurity in the country. He was concerned that the phenomenon had taken a life of its own all over the nation; and was no longer an urban phenomen.

It is a matter or record, born out by our collective experience, that many rural communities play host to a disturbingly large drug consuming population. Marwa has had cause to draw public attention to the fact that the problem of drug abuse among the youths has now become everyone’s problem, which calls for synergy and joint endeavours at all levels. Federal and State Governments, traditional and religious leaders, parents, schools, Non-Governmental Organizations (NGOs), Community Based Organizations (CBOs), among others, must work together as a single societal force working for the good of all.

As was said here, “One of the essential takeaways from Marwa at the aforementioned event is his observation that the youths constitute the engine room of every society, which must be in the right shape mentally and physically to drive a better future. But that will not happen if they are damaged by psychotropic drugs. This is a universal problem of humanity, irrespective of tradition, culture, and religion”.

He also said, further, on that occasion; “The youths exhibit attitudes both for the development of society and, at the same time, for the creation of problems in society. Drug abuse leads to criminal offences, and this fuels insecurity, such as armed robbery, murder, kidnapping, and banditry, among others. This also leads to burglary and sex work. Evidence shows that young people use drugs for various reasons, which include relaxation, experimental/curiosity, and enhancing performance, among others”.

His charge of “Go all out for drug barons and cartels”, to NDLEA commanders, when he set targets for Commanding Officers in his 2024 Tasking Orders, which was also his charge to Zonal Commanders, State Commanders and Area Commanders of the Agency, continues to yield visible results. The dismantling of the cartels, distribution networks and other facilitating platforms of the drug universe by NDLEA can best be described as a deliberate, well-designed, structured and intelligence-driven, root and branch onslaught against the burgeoning drug tree.

Today, there is visible evidence of a decline in the availability of illicit drugs. This is largely because of the NDLEA’s progressive asphyxiation of illegal drug supply channels and facilitators. We see the Agency constantly engaging stakeholders within and outside the country. We see the agency taking administrative and other steps that will progressively enhance its operational efficiency and effectiveness. We see, also, that the job of the Agency is a thankless one, and that it cannot rest on its oars.

The NDLEA’s existing collaborations and linkages should be strengthened and deepened. All relevant state and non-state actors must team up as Strategic Partners to drive both the effort and the narrative. Once we burst cartels, cripple distribution channels and undermine drug availability, much would have been gained in the war against illicit drugs. This will naturally impact drug abuse, drug addiction and opportunistic youth criminality.

In the aforementioned article referenced above, Marwa was quoted as saying thus to his Commanders: “This year, we want to raise the bar of our performance and this calls for commanders who are up to the task to be up and doing on the job”, it means that the NDLEA should be helped to “… clean our streets and communities of illicit substances… recently, there is another demand by kidnappers and bandits aside money, which is drugs. In that sense, it means NDLEA is working because they don’t ask for it before, meaning that they’re no longer as available as they used to be and the prices of those available have gone beyond their reach.”

As was said at the beginning of this article, the roots of the illicit drug and narcotic trade is like a tree. “The roots are buried in the perverted demands, and needs, of an ever-growing population of the young and old of both sexes. For us here in Nigeria, the percentage of rural youths and women who are now totally beholden to aphrodisiacs and opioid derivatives benumbs the imagination. Worse still, it is all now so cheap, so readily available and so easily addictive that the problem is no longer a matter of seizing drug consignments, arresting drug peddlers or burning down Indian hemp farms”.

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The fruits and flowers of the drug tree, the mentally deranged of all ages … spare no efforts, including selling off precious personal or stolen property at giveaway prices, to satisfy their craving. The growing population of disoriented youths who adopt desperate measures, including determined criminality, to keep their drug supplies going, are now a major social problem that should not be there in the first place.

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Saturday, 01 June 2024 08:21

Statement on the Gruesome Killing of Soldiers in Abia State: ALPI Demands Justice and Calm

The Abia League of Professionals Initiative (ALPI) strongly denounces and condemns the recent brutal killing of soldiers in Abia State by unidentified gunmen. We urge the military high command to kindly restrain from retaliatory actions that may result in more innocent lives being lost. Instead, we recommend a comprehensive investigation to identify and apprehend all individuals directly or remotely responsible for the heinous murder of these soldiers, whose duties are to protect the nation's territorial integrity.

ALPI calls for peace and condemns the disturbing trend of targeting soldiers and other security officials. This criminal behavior must be unequivocally condemned in all its ramifications.

Sonny Iroche
Director General
Abia League of Professionals Initiative
(ALPI)
May 30, 2024

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Friday, 31 May 2024 20:45

[OPINION] Who Is A Leader? - Richard Odusanya

Who is a leader? Simply put, a leader leads by example. My idea of a leader can see what an entire populace can not see, and whose vision is far greater than that of the nation. A leader can think outside the box while everyone around him is scared out of their pants. Therefore, the road to a prosperous Nigeria and the leader that will lead Nigeria to the dawn of that new day of economic growth, technological advancement, and Political stability, will not come from Mars but from within the people who so wish to pay the full price.

Leadership is an action-oriented process involving influencing and motivating people to achieve goals. Leaders have a vision for the future and inspire others to follow them. There are many ways a leader can be seen as good or bad. It all depends on the person and their goals. Leadership is contagious. If you hang out with a great leader, you'll become a leader. Great leaders don't "lead", they inspire people to become leaders with their actions. Actions speak louder than words. I was fortunate enough to work closely with some great leaders. I learned a lot from them -- just by observing them. With profound humility, in my little world, I know others who learned from me, just by observing. So leadership spreads.

I'd like to digress here by pointing out the obvious and stark reality of hunger, poverty, and dissatisfaction -- the harsh realities of President Bola Tinubu's first year in office. Hopefully, our dear President will painstakingly address such issues that will alleviate the pains on June 12 DEMOCRACY DAY. Nonetheless, there are fundamental issues that must be addressed. As such, effective leaders don’t avoid hard truths or difficult challenges. Instead, they take responsibility for their decisions, maintain optimism, and focus on charting a new course of action.

President Bola Tinubu (PBAT), signed into law the bill to revert to the old national anthem. PBAT, assented to the bill on Wednesday '29 2024. The newly re-adopted anthem, which begins "Nigeria, We Hail Thee," was written by Lillian Jean Williams in 1959 and composed by Frances Berda. The anthem symbolizes Nigeria's diversity. "...Help Us to Build A Nation, Where No Man is Oppressed.." is a powerful line. Historically speaking, several countries have changed their national anthems over time for various reasons. Hence, my preference for the then-former national anthem, 'Nigeria, We Hail Thee’ over ‘Arise Oh Compatriots’:

1. South Africa: Changed in 1994 to reflect the country's transition from apartheid to democracy.

2. Germany: Changed in 1990 after reunification, replacing the East German anthem.

3. Canada: Changed in 1980 to make the lyrics more inclusive.

4. Australia: Changed in 1984 to replace the British national anthem with a more Australian-focused song.

5. New Zealand: Changed in 1977 to include Maori language and culture.

6. Russia: Changed in 2000 to replace the Soviet-era anthem.

7. Poland: Changed in 1926 and again in 1991 after the fall of communism.

8. India: Changed in 1950 from "Vande Mataram" to "Jana Gana Mana" to promote national unity.

9. Sri Lanka: Changed in 1951 to include Tamil language and culture.

10. Rhodesia (now Zimbabwe): Changed in 1980 after gaining independence from British colonial rule.

These changes often reflect significant political, social, or cultural shifts in a country's history. My stand: as an unrepentant advocate of restructuring and having written series of articles on "Mind Restructuring" I can conclude that we need to rebuild our beloved country Nigeria together. Therefore, I have concluded that; it is a lack of, and inadequate, education including our mindsets. That Africans, particularly Nigerians, in our mentally lazy state, and expectation of magical happenstance, believe we can live in a society that we did not create because we are dissatisfied with the one we have made! People who want to live well must work 100% to achieve that yearning; no shortcut to this reality!

Let me conclude by stating that, I have the utmost respect for the person of Marcus Tullius Cicero, of the blessed memory; a Roman statesman, lawyer, scholar, philosopher, writer, and Academic skeptic, who tried to uphold optimate principles during the political crises that led to the establishment of the Roman Empire. His extensive writings include treatises on rhetoric, philosophy, and politics. Cicero was the one who said: "Vox Populi, Vox Dei," literally meaning the voice of the people is the voice of God or the voice of the divine. Therefore, I crave our compatriots' indulgence at home and abroad in voicing out, more particularly, to revisit the issues of our constitution and electoral process/laws.

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Friday, 31 May 2024 20:24

House Of Reps Declare Position On Viral Bill Seeking To Return Regional Government In Nigeria

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]

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Friday, 31 May 2024 20:21

Aig-Imoukhuede company, Tengen Holdings purchases N1.01 billion worth of Access Holdings shares

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]

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Friday, 31 May 2024 20:00

REVEALED: Identities Of Soldiers Gunned Down By IPOB Terrorists

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]

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Friday, 31 May 2024 19:57

UCL final: ‘They know how to get the job done’ Paul Merson

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]

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Friday, 31 May 2024 19:55

[OPINION] What does Trump’s conviction mean for his presidential bid? - Claire Mom

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.

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Friday, 31 May 2024 19:50

Senate to strip CBN of powers to set interest rates

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.

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]

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Friday, 31 May 2024 19:19

‘Whatever happens is predestined from God,’ says Emir Sanusi

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]

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