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

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

 

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

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

 

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

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

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

 

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

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

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

[NaijaNews]

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

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

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

 

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

About Tengen Holdings Limited  

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

Access Bank since the demise of Herbert Wigwe 

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

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

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

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

[NAirametrics]

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

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

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

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

The soldiers were identified as:

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

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

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

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

 

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

[Dailytrust]

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

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

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

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

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

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

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

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

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

 

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

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

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

 

 

 

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

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

 

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

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

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

 

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

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

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

 

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

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

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

 

[TheNation]

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

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

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

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

 

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

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

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

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

[Punch]

*Expresses sadness over govt refusal to take its May 1 ultimatum serious

*Regrets inconveniences strike may cause Nigerians

 
 

Organised Labour has declared an indefinite nationwide strike from Monday, June 3rd over the failure of the federal government to conclude negotiations on a new national minimum wage and reverse the hike in the electricity tariff.

Recall that Vanguard Newspaper had Friday exclusively reported that Organised Labour under the aegis of the Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, might declare a nationwide strike from Monday if the tripartite committee on the new national minimum wage failed to meet the expectations of Labour.

At briefing, leaders of NLC and TUC pleaded with Nigerians to bear with them, saying “Apologies for inconveniences but commitment to pursue the cause to its conclusion.”

[Vanguard]

 

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

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

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

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

 

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

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

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

 

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

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

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

[TheCable]

The Attorney-General and Minister of Justice stirred the hornet’s nest again as regards the issue of local government autonomy. The Minister expressed concerns about the mal-administration of local governments’ portion of the Federation Account Allocation Committee (FAAC) by the States Joint Account Allocation Committee (JAAC), the tenure of office of local government Chairpersons that is often times truncated by Governors and this coupled with the subnational governments' failure to conduct local government elections and thus, in many cases, preferring to appoint Caretaker Committees and or Sole Administrators to administer local governments in breach of the constitution.

The Minister is also of the opinion that the responsibility for conducting local government elections should be transferred to the Independent National Electoral Commission (INEC) because of how State Independent Electoral Commissions (SIECs) now come across as bad advertisement for democracy.

We sympathise with the Attorney-General who we believe from his antecedents sincerely desire a truly representative democracy where development will be bottom up as opposed to the top down approach we are currently executing.

However, given the saying that beheading is not the antidote for headache, he can not in the process of trying to solve a challenge that can easily be put right, cause a damage that will have fundamental repercussions to our country and our fledgling democracy. ARG posits that our democracy needs to be strengthened by operating as a truly federal structure where the two tiers of government, the national and subnational, operate as equal partners. Any attempt to create a third frontier in local government autonomy is a call for future chaos and it bodes no good for anyone.

The federal government must completely hands off local government administration- it is the prerogative of the subnational. Let the reforms come from that level through legal means and civic advocacy. That is what will stimulate enduring change. Any other approach like the one being touted will only engender confusion.

While the Afenifere Renewal Group(ARG) commends the sincere intention of the Minister to further trickle down good governance to the people, it is important to clearly state that the construct of local government autonomy, as being ideated, essentially undermines the underpinnings of federalism as a governance template. The proposed alteration is essentially anathemic to the fundamental principles of federalism because it subtly offers the central government power to control activities at local level within the territory of the State. Though, no two federal systems are the same, one of the fundamental principles of federalism is the parity in relationship between the two levels of government established (i.e. central and subnational government). Not being a federating unit, it is an aberration that local governments' administrative costs would be drawn from the federation account, as they are unknown to the central authority as created by the subnational blocks.
Further, the autonomy,as being conceived, focuses more on “rents sharing” as opposed to creating and enhancing productive capacities at the local government level. What is waiting to be accomplished is focusing on optimizing productive capacities of our economy.

Moreover, the State tier, by virtue of its legislative mandate over development management enjoys the most effective and efficient coordinators precept over its territory. At a time when the mitigation of the ravages of climate change, rapid urbanisation, land grabs and the associated insecurity and food poverty are increasingly being intertwined with efficacious management of land and biodiversity, the quest for autonomy being envisaged further undermines the capacity of federating unit governments to seamlessly plan comprehensively across their territories. The putative autonomy of local government, most importantly undermines the capacity of state governments to manage vulnerable rural areas that are now melting pots of different security risks. What could be more complicating, when higher authorities from the Centre hold strategic interests that run contrary to those of the sub-nationals or the federating units; and they hold the fiscal life-line of the autonomous local governments!

While it is most unacceptable that some State Governors are holding onto resources that should percolate to municipal authorities under them, the standard procedure should be enabling the appropriate legal and financial institutions of state to confront and stymying the unwholesome act and affecting punishment as may be appropriate. To that extent, the focus for our country at this point in time should be optimal unleashing of regional potentials rather than investing energies towards outright eradication of the vestiges of Nigeria's federalism still operational and manifesting in the control being wielded by States over the affairs of the local government areas within their jurisdictions.

Further, the heist on local government resources or any other resources for that matter, as being the crux of current agitations, should rather as highlighted earlier be deemed a corruption issue, and an extension of tier-inclusive governance failure.

It would be recalled, that, President Bola Ahmed Tinubu (GCFR), himself, as a Governor in Lagos State, had running battles with the Federal Government, first and victoriously, with respect to the prerogative reserved by States when it comes to land management and control, and second, with respect to the powers of States to create local governments, an endeavour that would be stonewalled by the reactionary and unitary standpoint of the government of that era. This second endeavour would project him as a quintessential champion of true federalism.

Now that he is in charge, and considering the current circumstances of our nationhood that make optimal unleashing of regional resources and blockage of any form of haemorrhage even more pressing and expedient, the sustenance of the prebendalist order where Local Governments that were created by military fiats and indeed by mere delineation of swathes of lands into jurisdictions to confer on certain regions' gerrymandering and fiscal allocational advantages, without recourse to whether they have the resources and means to attain autarky, can no longer be acceptable.

Our federal system would stand strengthened when the local governments construct as currently available in the constitution is delisted, with the States reinvigorated to determine what administrative structure suits them.

However, while we maintain that the federating units or States reserve the right to subdivide its territory into suitable adminstrative structures and determine their powers and responsibilities, the ARG strongly favours elective autonomy for any so envisaged local government structure. This, however, would not justify why INEC should be responsible for organising elections of adminstrative structures for any State tier that is an equal opportunity partner with the central government in a federal arrangement. INEC, over the years, has equally not proven to be independent enough to guarantee fairness. Similarly,as currently constituted,the SIECs have also not shown capacity and have rather come across as bad advertisement for democracy. But they can be and should be reformed and rejigged to bequeath flawless elections therefrom.

It is based on the foregoing that the ARG has voted not to support the autonomy being proposed for the local governments. It must however be clearly and firmly stated that this position was informed by the altruistic quest to protect the sovereignty of our States cum Region in line with the fundamental principles of federalism.

Nevertheless, we are not oblivious of the rightful agitation of a segment of our society for what has been described as local government autonomy because of the seeming lack of governance or effective service delivery in our local communities.
Therefore, we strongly appeal that current sub national governments not already doing so, should immediately take deliberate steps towards addressing some of those concerns, particularly the issue of democratic local government Councils and full and effective discharge of financial obligations to local governments under their jurisdiction.

For Afenifere Renewal Group

Hon. Olawale Oshun.
Chairman

Chief Ayo Afolabi
Secretary

As counsel to the family of late Joshua Ejigbo, we are deeply appalled by the recent insensitive and callous statements made by Mr. Ben Agande, the spokesperson for Veritas University, Abuja, regarding the tragic death of our client's son, Joshua. Mr. Agande's dismissive remarks about the family acting on a "phantom autopsy" and his insinuation that they are spreading falsehoods are not only untrue but also deeply hurtful to a family grieving the loss of their child.

It is evident that Veritas University, rather than expressing remorse for their negligence, has chosen to defame and attack the grieving family of Joshua. This behaviour further demonstrates their lack of empathy and accountability in this matter.

Let us be clear: Veritas University, while acting in loco parentis, had a legal and moral duty to ensure the safety and well-being of Joshua while he was under their care. They failed in this duty on multiple fronts:

  1. The gymnasium where the incident occurred was unsupervised, leaving students vulnerable to potential hazards.
  1. The delay in attending to Joshua's injuries and the lack of basic first aid in the gymnasium and emergency care facilities at the university's clinic undoubtedly exacerbated his condition.
  1. The university allowed an underage student to use gym facilities without obtaining express written consent from his parents.

These failures amongst several identified constitute a clear breach of the duty of care owed to Joshua, and we intend to hold Veritas University fully accountable for their negligence.

Furthermore, Veritas University, as the owner and occupier of the premises where this tragic incident occurred, bears an undeniable responsibility under the legal principle of owner/occupier liability. The university had an inherent duty to ensure that its premises were safe for all students before inviting them onto campus. It is unconscionable that an institution that collects substantial fees from its students failed to provide the most basic protection to the young people entrusted to its care.

This negligence is not only a legal liability but also a moral failing of the highest order.

Moreover, the university's version of events surrounding Joshua's death is blatantly contradicted by the medical certificate of cause of death. While the school attempts to portray the incident as unexplainable, the certificate clearly indicates that Joshua died a violent death under their watch. This discrepancy raises serious concerns about the university's transparency and cooperation in helping the family uncover the truth. It is evident that Veritas University is more concerned with protecting its commercial interests and maintaining a facade of morality to attract unsuspecting families than with revealing the truth and taking responsibility for their negligence.

We urge Veritas University to retract their insensitive statements, issue a sincere apology to the family, and take immediate steps to address the systemic failures that led to this tragedy. We will not rest until justice is served for Joshua and his family.

For: A&G Solomon®

Ataguba S. Aboje, Esq, CIPP/E, NP FRN, MCIArb, FICAD, FBDFM, FCIGCD

Managing Partner

Barrister and Solicitor of the Supreme Court of Nigeria

Solicitor of the Senior Courts of England and Wales

Notary

President Bola Tinubu has decried the poor delivery of democracy dividends at the grassroots, calling on state governors to prioritize the needs of local communities.

Tinubu, who made the call when he received the leadership of the Arewa Consultative Forum, ACF, at the Presidential Villa in Abuja on Thursday, also spoke on out-of-school children, security, and the economy.

While noting the lack of attention for the grassroots, where he said the highest number of votes come from during elections, the President said the ACF leadership should intervene by imploring governors to urgently pay attention to the needs of people in the councils. 

Tinubu, in a statement by his Special Adviser on Media and Publicity, Ajuri Ngalale, said: “We are running a constitutional democracy. I will appeal to you to summon the governors. I am doing my very best to enhance the revenue base of the country. They must equally be sympathetic and urgently consider the needs of the local people.

“People reside in the local communities. That is where they work, farm, and live. If the local governments are not effective in delivering services; as leaders, we must not hang on to the numbers. We have 774 local government areas, but are they truly effective? Do they solve problems for Nigerians? Do they coordinate development programming with the state and federal governments?

“Who is being held accountable for the performance of the 774 local governments? Maybe we should look at recalibrating. What was good four years ago may not be good today. When we want the votes, we go to the locals; when we get the votes, we move to and focus on Abuja.”

Highlighting the significance of education in nation-building, the President described the situation of out-of-school children in parts of Nigeria as unacceptable.

On security, President Tinubu commended the National Security Adviser, Mallam Nuhu Ribadu, for his efforts, saying: “Everybody wants to be secure, and we need to invest more in technology. We will do it, I promise you. We will put our heart and soul into ensuring that Nigeria is secure and its citizens are protected.”

Tinubu also used the occasion to appeal for national unity and continued support for his government as it makes effort to address challenges confronting the populace.

He directed the establishment of a committee to follow up on the issues raised at the meeting and assigned the Secretary to the Government of the Federation, Senator George Akume, to lead the follow-up efforts.