President Bola Tinubu says his government is making sacrifices and working assidously to build a prosperous Nigeria.

Tinubu made this known on Wednesday in Abuja when he broke Ramadan fast with the Speaker of the House of Representatives, Tajudeen Abbas, and the leadership of the House.


He stated that there was light at the end of the tunnel, imploring the legislators not to forget their constituencies and to take advantage of the holy month of Ramadan to show love and support the less privileged in society

Tinubu, who expressed confidence in the ability of the National Assembly to uphold good governance, lauded the existing cordial relationship between the executive and the legislature.

He said the harmonious working relationship had resulted in the expeditious passage of several bills to improve the welfare of Nigerians.


”We are making sacrifices for the country, and we are assuring citizens that there is a very bright light at the end of the tunnel.

”We must have faith, and please do not forget your constituencies and remember what they are going through.

”I cannot thank you enough for what you are doing, but it is for our country. There is nothing personal about this. It is for Nigeria, and we have no other country but Nigeria,” the President stated.

On the recent dastardly killing of soldiers on national duty in Delta State, the President while expressing his heartfelt condolences to the families of the bereaved, pledged that the sacrifices of the fallen heroes would never be in vain.

The President announced that the officers would be given a befitting burial and national honours.

”In responding to distress calls, they met the end of their lives in a savage manner. Let us work to sympathize and symbolize the fact that they are worth the sacrifices they have made for Nigeria.

”We salute all our men and women in uniform, and we sympathize with them. I will soon make further pronouncements, but they must have a befitting burial and national honours,” the President said.

Last modified on Thursday, 21 March 2024 13:29

The Senate has proposed imposing sanctions on parents who fail to provide formal education for their children in Nigeria.

This proposal emerged during a session where Senator Adebule Idiat Oluranti (representing Lagos West) introduced a motion addressing the pressing issue of out-of-school children in the country.


Central to the discussion was the suggestion to establish mobile courts dedicated to enforcing the compulsory education mandate outlined in the Universal Basic Education Act.

Senate President, Godswill Akpabio, emphasized the need for all states, as well as the Federal Capital Territory (FCT), to adopt effective measures similar to those implemented during his tenure as governor of Akwa Ibom State. He referenced a policy that prescribed six months’ imprisonment for parents or guardians of school-age children found loitering during school hours.

Senator Ahmed Lawan (APC, Yobe North) underscored the severity of the out-of-school children crisis, labeling it both a social and security concern. With an estimated population exceeding 20 million, the issue presents a significant obstacle to national development and security.

Echoing Lawan’s sentiments, Deputy Senate President, Barau Jibrin, expressed deep concern over the potential security implications posed by uneducated youth. He highlighted the disproportionate impact of the issue in certain states, particularly those in the northern region of Nigeria, and called for concerted efforts across all levels of government and society to address the problem.

Senator Adams Oshiomhole (APC, Edo North) echoed the sentiment, urging relevant agencies to disclose state-by-state data on the prevalence of out-of-school children transparently. This transparency, he argued, would hold governors accountable for addressing the issue and safeguarding the future of Nigerian youth.

Last modified on Thursday, 21 March 2024 15:46

The 2023 presidential candidate of the Labour Party (LP), Peter Obi, on Wednesday, visited the Barkin-Iku Suleja Central Mosque, located along the Suleja–Kaduna road in Niger State.

In a statement via his official X handle on Thursday, Obi said his visit to the mosque is a continuation of his nationwide tour to identify and share with the Muslim faithful during this sacred Ramadan season.

Obi said during the visit, he was able to offer aid to about 100 individuals, break the Ramadan fast with about 1000 individuals, and share a meal with the devout Muslim community.

He wrote: “In continuation of my nationwide tour of identifying and sharing with the Muslim faithful during this sacred Ramadan season, I made a stop at the Barkin-Iku Suleja Niger State Central Mosque, located along the Suleja – Kaduna road in Niger State.

“It was a privilege to offer aid to about 100 individuals, break the Ramadan fast with about 1000 individuals, and share a meal with the devout Muslim community, fostering a spirit of togetherness and solidarity, while also addressing a critical societal need by installing a borehole.

“During this visit, I had the honour of listening to a Tafsir by the Chief Imam, who revealed the pressing needs of the community that has been deprived of a basic necessity for over three decades—a reliable source of clean water.

“I am thankful that this act of support was able to meet their need for the last 30 years and exemplify the core values of our movement—empathy, inclusivity, and a commitment to uplifting the lives of all citizens, regardless of creed or background.”

Former Governor of Abia State and the immediate-past Senator who represented Abia Central district in the 9th Senate, Senator Theodore Orji, has flatly denied receiving any dime from Abia State Government as pension since his exit as Governor in 2015.


Senator Orji spoke exclusively with Vanguard on the heels of the recent abolition of the Abia State Governor’s and Deputy Governor’s Pensions Law by the State House of Assembly.

The Bill entitled:”H.A.B 11: The Abia State Governor’s and Deputy Governor’s Pensions Law Repeal Bill 2024″ was sponsored by the Majority Leader and member representing Arochukwu state constituency, Hon. Okoro Uchenna Kalu.

Speaking through his former Chief Liaison Officer, Hon. Ifeanyi Umere, Senator Orji, said nobody had paid him any pension as former Governor, adding that he has also never asked for it as a matter of morality since he moved to the Senate immediately after leaving office as Governor.

He said:”Since T. A Orji left office as Governor, he has not received any penny as pension.

” He transited from Governor to Senate and he made it a point of morality that he will not, and he didn’t ask for any pension or question anybody about it because he is not interested in it.”

READ ALSO: NASS: Tinubu seeks more restraint in exercise of oversight functions

The former Governor who noted that the House of Assembly has the constitutional powers to review any laws of the state, said he was not part of the scrapped pension law.

“The House of Assembly has the prerogative to periodically review the laws of the state. It’s in their powers to do so but nobody should link Senator Orji with the said pension law because nobody has paid him any pension after leaving office as Governor.


“Senator Orji has not received any pension as former Governor, and as a statesman he has not asked for any. He didn’t receive any pension from Okezie Ikpeazu and he didn’t pay anybody too.”

Leading the debate on the floor of the House, the Sponsor of the Bill, argued that if passed into law, it would help to reduce the cost of governance.

According to him, the humongous amount used in paying the former Governors and their Deputies, would have been channelled into other better uses.

He said that it was not fair for the welfare of the majority of the citizens to be sacrificed on the altar of the comfort of only few individuals who are already comfortable.

The Labour Party lawmaker, therefore, urged his colleagues to give the Bill accelerated hearing, and to consider it for passage.


Other members of the House spoke in favour of the bill, and later it was passed into law.

Announcing the passage of the bill, the Speaker, Rt. Hon. Emmanuel Emeruwa, commended his colleagues for their forthrightness, understanding and maturity in supporting the passage of the Bill.

The Speaker who said the passage of the bill was in tandem with the yearnings of the majority of Abians, said the current Assembly would always make people-centric laws.

Last modified on Sunday, 24 March 2024 14:15

The Delta State Police Command said its personnel have not been able to access the troubled Niger Delta community of Okuama because of an ongoing military operation.

The Delta State Commissioner of Police, Olufemi Abaniwonda stated this in an interview on Arise Television.

The commissioner said, “We have not been able to move into this community. Yes it is our responsibility as the primary line of defense in internal security. But when you have another sister agency conducting an operation, the reasonable thing to do is to wait for them to finish.

“We have not been able for now to get into Okuoma because of the volatile nature of what is presently ongoing around that environment.”

Abaniwonda further stated, “They are working hand in hand with other security agencies to make sure that those who murdered 16 soldiers are caught.

“In the Okuama incident, we have an ongoing military operation there. We have been on ground, we have been supportive. We have not been missing in action. Technology has been an integral part of present day policing. These individuals are being tracked.

“Effort is being made to ensure that the perpetrators of this heinous crime are brought to book. We are working in conjunction with other security agencies and I can assure you that we are making progress.”

Speaking on the current situation within the Okuama community, he said, “Most of the places are deserted. I would not like to say more than that. It’s an ongoing military operation. I think when these things are ongoing, it is better that things are not said that might aggravate or pass information to those who are looking for.”

However, the commissioner assured that the police are offering their full support toward ensuring the safety and protection of life and property in the state.

“I can assure you that very very soon, we will be able to get in. For us to get to Okoloba and Okuoma, you would need to get clearance. So we are working on this so that we can also ensure the safety of our people who are in those environments.

“But we are on the ground, we are in our divisions, we are in our outpost, we are in our various formations. We are rendering our services, which is what the mandate of the inspector general of police is. Protection of lives and property. We are doing this. Not just in this community but all over Delta state,” he said.

Vice President Kashim Shettima has said posterity will remember President Bola Tinubu for being a decisive leader.

He said Tinubu has played an important role in guiding the country towards economic prosperity and stability.

The Vice President’s remark was disclosed on the X handle of the Presidency.


According to Shettima, Tinubu does not apportion blame over the current economic situation in the country.

He said: “We have crossed the Rubicon, and the nation is on the path to sustained growth. Some nations have gone through worse cases in the annals of their history than us.

“The President means well for the nation. He has a good heart for the nation and we have the moral imperative to support him in whatever way we can to salvage the ship of the state.

“The President doesn’t subscribe to the idea of apportioning of blame, the buck stops on his desk and he has not shied away from taking those decisive actions.

“Be rest assured that in the fullness of time, posterity will be very kind to him.”

Last modified on Sunday, 24 March 2024 14:15

A report by the Central Bank of Nigeria (CBN) has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost and another N418.9 billion remains doubtful.

According to the report, which was last updated in September 2023, detailed the breakdown of the bank’s intervention funds over the years.

A doubtful loan is one for which full repayment is questionable and uncertain. The degree of repayment of loans in question ranges from a complete loss to an uncertain loss unless corrective actions are taken.

According to the report, out of the N10.3 trillion in intervention funds, N4.4 trillion has been repaid, while approximately N5.8 trillion remains outstanding. Some of the loans are tenured, meaning they only fall due when the principal repayments mature.

However, only N969.8 billion of the outstanding amount was past due, as some loans had repayment tenures extending years beyond 2023. Based on this, the report claimed the percentage of repayments to amounts due was 75.8%.

The apex bank report also indicates that N289 billion of the loans are performing, N67.9 billion is substandard and N418.9 billion is doubtful and N193.9 billion of the loans are lost.

The apex bank governor, Yemi Cardoso, has repeatedly criticised the intervention funds carried out under the leadership of Godwin Emefiele, claiming that the bank could not implement the interventions appropriately.

FBN Holdings Nigeria oldest bank has appointed three new directors for the HoldCo and two more for the Bank marking the beginning of billionaire investor, Femi Otedola’s, tenure as chairman of the holding company.

The directors appointed by the bank all have intimidating resume’s suggesting a new direction for one of Nigeria’s largest financial institution.

  • The holding company announced the appointment of Mr. Olusola Adeeyo, and Mr. Viswanathan Shankar as Non-Executive Directors of FBN Holdings Plc respectively.
  • The bank (a subsidiary of the HoldCo) also appointed Mrs. Remilekun Adetola Odunlami as Non-Executive Director and Mr. Anil Dua and Mrs Fatima Ibrahim Ali as Independent Non-Executive Directors of FirstBank .

All the appointments are subject to the approval of Central Bank of Nigeria and the shareholders at the next Annual General Meeting of the Company.

Recommended reading: Femi Otedola appointed as new chairman of FBN Holdings

Profile of the elite directors

Until February 2023, Mr. Adeeyo was the Chairman, AXA Mansard Insurance Plc and had previously served on the board of other reputable companies Including, Central Securities and Clearing Company Plc and Viathan Engineering Limited, among others.

  • Mr. Adeeyo’s banking career started at the Corporate Banking Department of the Nigerian International Bank (Citibank) and was later moved to the reconstituted Treasury and Foreign Exchange Unlt of the same bank where he had a remarkable stint.
  • He capped his banking career as part of the founding management team/owner group that built and nurtured Investment Banking & Trust Company Limited (IBTC), now Stanbic IBTC Bank Pic, as Director/Group Head, Treasury, and he was credited with significant contributions in formulating and Implementing the strategic direction of the bank.

Viswanathan Shankar, a vastly experienced personality is  Co-founder and Chief Executive Officer of Gateway Partners, a private equity and alternative investments manager focused on investing in the dynamic growth markets of Africa, Asia and the Middle East.

  • He previously served as CEO – Europe, Middle East, Africa and Americas, and member of the global board of Standard Chartered Plc.
  • Prior to that, he served as Head of Investment Banking for the Asia Pacific at Bank of America. Mr. Shankar is currently a Non-Executive Director on the board of the following companies; Dangote Industries Limited, Nigeria; Vision Blue Resources, Guernsey; Gateway Real Estate Africa, Mauritius; and, Fund for Export Development in AfrIca, Egypt.
  • Hls past appointments in Non-Executive roles include the boards of the Inland Revenue Authority of Singapore; Enterprise Singapore; Majid Al Futtaim Holdings, and Vice-Chair of the Future of Banking Global Agenda Council of the World Economic Forum.

Remi Odunlami has served In various management and board leadership positions such as the Director/Country Risk Manager in CitiBank Nigeria Limited where she managed the credit portfolio and enterprise risk management processes within the bank, and she was the first female in Citibank across Africa to serve as an Independent Risk Senior Credit Officer.

  • She also served as the Executive Director, Chief Risk Officer in FirstBank, managing a credit portfolio in excess of N1.5 trillion, and simultaneously, as a Non-Executive Director across other FirstBank affiliated entities and subsidiary such as FirstBank UK, FBN Capital and Kakawa Discount House.
  • She currently sits on the Board of Access Pensions Limited as an Independent Non-Executive Director and on the Board of Rand Merchant Bank Limited as a Non-Executive Director.
  • She Is a fellow of the Chartered Association of Certified Accountants (FCCA), honorary member of the Chartered Institute of Bankers in Nigeria (CIBN), and member of the Institute of Directors (loD).

Mr. Anil Dua has sat on the boards of Standard Chartered Bank Limited in Ghana, Nigeria, Cameroon, and Cote D’Ivoire.

  • He also served on the Board of Dangote GSP Offshore FZE, Seychelles International Mercantile Banking Corporation, Heirs Holdings Oil and Gas Limited, Matador Investment Management Limited and Africa Property Development Managers.
  • Anil currently sits on the Board of major institutions Including, African Export-Import Bank (Egypt), Network International Plc (United Kingdom), Geregu Power Plc (Nigeria), Gateway Holdings Limited and its several other operating partners.

Mrs Fatima Ibrahim All founded Santi Food and Beverage Limited In 2015, drove the company’s strategic direction and orchestrated business development efforts that yielded over 300% growth in consumer retail and supply channels within the first five years of establishment.

  • Prior to that, she co-founded Adcity Limited, establishing strategic partnerships and spearheading operational processes that expanded the business footprint across multiple regions.
  • She also co-founded magnet Limited where she brought to bear her skill in policy formulation to set standards for the company’s operations thus delivering strong performance in the financials.
  • She currently sits on the Board of Reconnect Health Development Initiative International, a mental health charity organisation and she also partners with other government and non-government organisations to champion the course of education for less privileged children across Nigeria.

Otedola’s influence

FBN Holdings Plc announced the appointment of Mr. Olufemi Otedola as its new Chairman of the Board of Directors in January succeeding Alhaji Ahmad Abudullahi.

His appointment as sets off a new chapter in the 130 year history of the bank.

  • Collectively, these appointments suggest that FBN Holdings is moving towards a governance model that values diverse, cross-sectoral experience.
  • The caliber of these professionals points to a strategic thrust for better oversight, risk management, and corporate governance, aiming to enhance the bank’s operational resilience and strategic agility.
  • This new era at FBN Holdings, steered by Mr. Otedola and supported by the expertise of the appointed directors, seems set to foster an environment of prudent management and strategic growth, bolstering the bank’s standing in the Nigerian and international banking sectors.

FBN Holding Share Price closed at N39.6/share 10% shy of its year high of N43.95/share. The stock is up 68% YTD and one of the best performing banking stocks.

[Nairametrics]

Last modified on Friday, 22 March 2024 08:27

President Bola Tinubu has banned public funded international trips for ministers, officials and heads of agencies.

Chief of Staff to the President, Femi Gbajabiamila, conveyed the directive in a letter to the Secretary to the Government of the Federation, George Akume.

The letter cited the “current economic challenges and the need for responsible fiscal management” as reasons for the temporary ban on international travel funded by taxpayers.

Tinubu said exemptions would need presidential approvals which must be sought two weeks ahead of the planned trip.

The letter read in part, “Mr. President has concerns about the rising cost of travel expenses borne by Ministries, Department and Agencies of Government as well as the growing need for Cabinet Members and heads of MDAs to focus on their respective mandates for effective service delivery.

“Considering the current economic challenges and the need for responsible fiscal management, I am writing to communicate Mr President’s directive to place a temporary ban on all public funded international trips for all Federal Government officials at all levels, for an initial period of three (3) months from Is April 2024.

“This temporary measure is aimed at cost reduction in governance and intended as a cost-saving measure without compromising government functions.

“All government officials who intend to go on any public funded international trips must seek and obtain Presidential approval at least two (2) weeks prior to embarking on any such trip, which must be deemed absolutely necessary.”

 

 

 

 

The development comes after a recent overseas trip by the Office of the Accountant-General of the Federation (OAGF) sparked reactions.

The OAGF held a workshop on Public Financial Management and International Public Sector Accounting Standards in London, UK.

It held at Copthorne Tara Hotel, Kensington London, between March 4 and March 9, 2024.

The workshop, titled “Public Financial Management and IPSAS,” brought together state commissioners of finance and officials from the OAGF.

Nigerians had expressed reservation over the workshop at a time the country is battling forex crisis.

[DailyTrust]

Last modified on Sunday, 24 March 2024 14:14

What you need to know about the Student Loan Bill passed today -  Businessday NG

 

The National Assembly, on Wednesday, passed the Students Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024. This comes after separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund

DAILY POST recalls that less than one year after President Bola Tinubu signed the Students Loan Bill into law, the legislation was returned to the National Assembly for a complete overhaul.

For eight months, President Tinubu, who campaigned on providing loans to students, struggled to implement the law with several missed deadlines.

 

The president faced criticism over the several missed deadlines for the implementation of the policy.

However, Mr Tinubu on Thursday forwarded a bill to the National Assembly seeking a repeal and re-enactment of the bill.

According to the president, some of the provisions of the law made it difficult to kickstart the project. He, therefore, urged lawmakers to do a complete overhaul of the legislation.

“The bill seeks to address the challenges relating to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources and disbursement and repayment procedures,” the president said in a letter addressed to the National Assembly.

In this report, DAILY POST reviews some of the changes President Tinubu is proposing in the law.

Inclusion of all students

One of the major issues the proposed amendment seeks to cure is the exclusion of some of the group of students because of the wording of the law.

The existing Act provides that the loan is for payment of tuition fees and nothing more. President Tinubu, in the letter, said such provision would prevent federal university students from accessing the loan because they don’t pay tuition.

Under the current legislation, students can only apply for loans to pay tuition fees. Federal tertiary institutions don’t charge tuition fees. However, students must pay other institutional charges.

Also, under the current Act, students would not be able to apply to the Fund for loans to cover those other institutional charges or their other upkeep costs, thus defeating the purpose of the loan, which is to ease access to tertiary education for young Nigerians.

The proposed bill says the fund can “provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary education institutions and vocational and skills acquisition institutions in Nigeria.”

Transfer of operational powers from the CBN governor

In the current Act, the CBN Governor has the responsibility of administering the fund. The administration of the Fund is vested in a Special Committee, with the Governor of the Central Bank of Nigeria (CBN) as the Chairman. The Governor implements the committee’s executive decisions and appoints a Secretary to assist.

If the new bill is passed, the CBN governor will be stripped of the implementation of the fund. The implementation will now be handled by the Managing Director of the Fund.

Mr Tinubu said in his letter: “The Act imposes on the Governor of the CBN management and executive responsibilities outside the core mandate of the CBN, which should be the Governor’s focus.”

Removing Guarantors

The bill by the President is also seeking to remove some of the conditions to qualify students for the loan.

For instance, for any student to qualify for the loan, he must provide two guarantors who shall be a civil servant of level 12 and above, a lawyer with ten years post-call experience, a judicial officer, or a justice of the peace

Also, the current Act allows only applicants with a combined family income of less than N500,000 per annum to apply. Under this provision, the child of a person who earns N45,000 a month is disqualified from applying for this loan.

Children of loan defaulters banned from accessing loan

In addition, the Act contains a provision that bans the children of defaulters from accessing loans.

In the proposed Act, student applicants can no longer be disqualified based on their parent’s loan history.

Payment to commence two years after work

The Act criminalises failure to repay loans obtained from the Fund without consideration for circumstances, including unemployment, death, or disability, that may affect an individual’s ability to pay.

It merely provides that “The Fund shall not initiate loan recovery efforts until two years after the completion of the National Youth Service programme.”

In the letter, the president said beneficiaries of the Fund shall begin repayment as soon as they are employed in any capacity.

Loan forgiveness on event of death

In the proposed bill, the loan ends with the death of a beneficiary.

The president said the bill “makes provision for loan forgiveness in the event of death or acts of God causing inability to repay.”

“A beneficiary may request an extension of enforcement action by the Fund by providing a sworn affidavit indicating that he is not employed in any capacity and is not receiving any income.

“Only a person who provides a false statement to the Fund under this section is guilty of a felony and is liable to imprisonment for three years.”

[DailyPost]

Last modified on Thursday, 21 March 2024 09:20