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CBN assure commitment to boost investment, economic development

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Mariam Abeeb

The Central Bank of Nigeria (CBN) has announced that it is implementing policies aimed at enhancing investment in the economy, particularly within the banking sector.

The Apex Bank, also disclosed that it is putting in place strong verification processes to ensure that illicit funds do not destabilise the banking sector.

The Bank made this known during the 36th Seminar for Finance Correspondents and Business Editors held in Abuja, Nigeria.

CBN Director of Banking Supervision, Dr. Olubukola Akinwumi, stated that the Bank is encouraging financial institutions to explore flexible sources of capital.

“We have outlined flexible avenues through which banks can quickly raise capital, including initial public offerings, rights issues, private placements, mergers and acquisitions, strategic foreign investments, and, for banks that may find it necessary, the option to scale down—for example, from an international to a national bank. That is also a viable path,” he said.

Dr. Akinwumi emphasized that a bank choosing to adjust its operational status, such as transitioning from an international to a commercial bank, does not indicate a weakening of its capacity.

“Let’s be clear on this. Such a decision does not diminish the strength of the bank. If a bank decides to review its strategy in response to the recapitalization process, say, by moving from being an internationally active bank to a national or commercial bank, it does not mean the bank is any less strong. What is essential is that all banks continue to comply with the regulatory provisions set by the Central Bank of Nigeria.

” Furthermore, banks are required to maintain transparency in their reporting and to provide regular updates to the CBN on the progress of their recapitalization.”

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He added that to enhance investor confidence and promote corporate governance in the banking system, the CBN remains committed to combating illicit financial flows.

“As more foreign investors enter Nigeria’s financial system, they will naturally demand stronger corporate governance. In line with our standards, we already have clearly established corporate governance rules in place, and we are committed to enforcing them.

“Additionally, we take issues such as anti-money laundering, combating the financing of terrorism, and the proliferation of weapons very seriously. As part of our efforts to ensure proper bank capitalization, we conduct thorough verification of all incoming funds. We do not admit unverified funds into the banking system, as illicit funds can destabilize the financial sector.”

He maintained that the Nigerian banks are standing on sound footing when it comes to liquidity and they can meet depositors’ requirements as when necessary adding that the recapitalization process currently going on will promote consolidation and innovation.

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Judicial Corruption Remains High – HEDA

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The Human and Environmental Development Agenda (HEDA Resource Centre), has lamented the high level of corruption in Nigeria’s judicial system.

HEDA, a non-governmental organisation, stated this as part of findings contained in the fifth edition of the Leadership Approval Rating (LAR).

The report titled, “Voices for Justice: A Civic Lens on Nigeria’s Judicial System – Documenting Public Experiences, Opinions & Reform Demands,” and unveiled by the Human and Environmental Development Agenda (HEDA Resource Centre), on Tuesday in Lagos.

It said about 65.4 % of the public rate judicial corruption as high or extremely high.

It also said the report showed that only 42.3% believed that court decisions are based on merit while 64% believed that lawyers contribute to judicial corruption.

The Executive Secretary of HEDA, Arigbabu Sulaimon, told journalists present at the event that the report was a nationwide analysis of public perception regarding the Nigerian judiciary and built from the responses of 1,357 participants across all 36 states and the FCT.

“The demographic of those who took part in the survey for the report were fairly balanced with 53.9% male and 46.1% female; 57% of the respondents were aged 18-35, reflecting a strong youth engagement and every Nigerian state had over 30 responses with Yobe State having over 50 responses.

“The findings reveal widespread concerns on judicial accessibility, corruption, political interference and the erosion of human rights protections,” he said.

Sulaimon explained that 80% of participants to the report said they had never interacted with the courts, and only 12.6% rated the courts as highly accessible while 36.5% rated accessibility very low.

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He said, “Legal visits to the courts were mostly for documents such as affidavits and agreements as well as for settlement of land and marital disputes and enforcement of rights.

“On the corruption perception index, 49% of court users surveyed admitted to “sorting” court officials while only 29% consider judges impartial.

“55% believe lawyers promote justice while 45% disagree. 62% also felt that judges were not upholding the principle of being “heard and not seen.

“On political influence, “63.4% say political/high profile cases expose judges to corruption while 48.9% said political cases get prioritised causing delay for other matters”.

The report also identified political, financial crimes, land and human rights cases as being most vulnerable to undue influence.

On judicial independence and oversight, HEDA said “only 17% of the participants trust the National Judicial Council (NJC) to discipline erring judges while 70% say they are unaware of the reporting channels for corruption or misconduct”.

It also said “59%, however, agreed that financial autonomy moderately boosts judicial independence”.

On human rights and law enforcement, it said, “60 % of the participants say courts enable police abuse and impose rights-violating bail conditions”.

“Major recommendations made include strict judicial oversight, enforcement of constitutional rights and prose of abusive officers.

“While courts and corruption cases are reported regularly, only about half of the respondents say these stories reach the general public consistently while only 9% of Nigerians say that they actively follow NJC related news.”

Key reform suggested include full judicial autonomy and transparent appointments, better salaries and security for judges, strong anti corruption mechanisms, use of technology for transparency (e.g. live -streams, body cams, et cetera, during court sessions), public awareness and legal education as well as creation of special human rights courts.

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Crisis Rocks Zamfara Assembly, Parallel Sittings Hold

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The Zamfara State House of Assembly has been factionalised with the emergence of two parallel Assembly sittings being conducted by its members, all urging Governor Dauda Lawal to represent the 2025 appropriation bill and address insecurity in one month.

Two separate assembly sittings were held on Wednesday. Ten out of 24 members of the state assembly whom the State Speaker purportedly suspended, Hon Bilyaminu Ismail Moriki, were conducted under Hon Bashar Aliyu Gummi as factional speaker. At the same time, the other side was also held under the state speaker, Hon. Bilyaminu Ismail Moriki.

During the sitting, all the members contributed to the issue of insecurity, Governor Dauda Lawal’s breach of the nation’s constitution, and the indiscriminate dismissal of state civil servants without actual reason.

The lawmakers who reinforced the selection of Hon Bashar Aliyu Gummi as Speaker when the whole house impeached Speaker Moriki early last year for alleged highhandedness and misconduct, among other things, sat in Gusau today, Wednesday, to make far-reaching decisions of public interest.

After deliberations that lasted about two hours, the factional Speaker, Hon. Bashar Aliyu Gummi, representing Gummi 1 State constituency, announced that the members have issued a one-month ultimatum to Governor Dauda Lawal, within which all issues surrounding armed banditry, kidnapping, and other heinous crimes must be resolved.

The factional members, who cut across the political parties of the APC and the PDP, lamented how the state government seemed to be comfortable with the unfortunate security situation in the state.

They accused Governor Dauda of spending vast sums of money on trivial matters. At the same time, poverty and insecurity have taken over the whole 14 local government areas of the state, at a time the state government refused to show sympathy to victims of either bandits’ attack or those who lost their loved ones to the bandits.

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They recalled that their purported suspension followed their refusal to remain silent while the carnage by bandits continued unabated in the state.

The lawmakers urged the state government to change its attitude of not supporting security agents who sacrifice their lives to defend citizens by ensuring that it gives them all the necessary support.

Similarly, the lawmakers who expressed sadness at the poor support of the Dauda Lawal-led administration to the security, blamed the government for not adequately equipping its own Security Protection Guards (Askarawa), which they also said led to the killing of over half of the squad in their numerous confrontations with criminals.

They noted that the governor could comfortably assist families of slain members of the Security Protection Guards who lost their lives in the line of duty, “even from his N2 billion monthly Security vote.” They urged him to immediately address that, even with N10 million for each affected family.

They implored the state government to immediately rescind its decision, which saw the sacking of over 4,000 civil servants without due process, noting that this was detrimental to the state, particularly owing to Zamfara’s insecure posture.

The factional law makers argued that if so-called friends of the governor, particularly those coming from Niger, Kaduna and Adamawa states could be building multi billion naira mansions and buying properties in their respective states shortly after visiting their Zamfara governor friend, the governor would not have any moral right nor justification to downsize the state workforce with the flimsy excuse of inadequate resources.

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Accordingly, they maintained that all those sacked should be returned to their duty posts and their denied salaries and other entitlements should be paid in arrears. They also described their suspension as “illegal, misleading and unfounded. Saying how can an impeached speaker, by 18 out of 24 members, suspend other members

With this development, a new political development emerged with two parallel House of Assembly sittings.

Members who attended the parallel sittings include: Hon. Aliyu Ango Kagara, Member Representing Talata Mafara South, Hon. Ibrahim Tudu Tukur Bakura, Member Representing Bakura, Hon. Nasiru Abdullahi Maru, Member, Representing Maru North. Hon. Faruk Musa Dosara, Member representing Maradun 1, Hon Bashar Aliyu, Member representing Gummi 1, Hon Barrister Bashir Abubakar Masama, Member representing Bukkuyum North, Hon Amiru Ahmed, Member representing Tsafe West, Hon Basiru Bello, Member representing Bungudu West and Hon Mukhtaru Nasiru, Member representing Kaura Namoda North.

 

 

 

 

 

 

 

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Wike summons Julius Berger, AIC, FCDA, over contract discrepancy

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Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has expressed displeasure over contract discrepancy in the execution of the rehabilitation of the Abuja International Conference Centre (AICC).

The News Agency of Nigeria (NAN) recalls that the contract for the total rehabilitation of the AICC was awarded to Julius Berger in April 2024.

Wike, while inspecting the project in Abuja on Wednesday, however expressed surprise that the supply of furniture for the conference hall had been given to another company.

The minister, thereafter, summoned the heads of Julius Berger, Abuja Investment Company Ltd (AICL), and the Federal Capital Development Authority (FCDA) to explain what happened.

Wike, who commended Julius Berger for the quality of job so far, however, queried how the contract for the furnishing of the conference hall was taken away from it.

“The work was going as expected, the only problem we identified this afternoon has to do with the furniture that will be in the conference hall.

“I was surprised to hear that there is a different contractor for that which is unacceptable to us. The job was given to Julius Berger entirely. I cannot have different qualities.

“That is why I summoned the officials to come and tell us who did that, and on whose approval; because I approved the contract, I know the amount of money involved.

“So, when they say Abuja investment is the one, who is going to pay for it?

“I am not going to accept that, and of course, you know, if anything shoddy went on, you will hear that I have applied the big stick. Nobody will be a sacred cow,” he said.

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Wike stressed that he would not have two different contractors furnishing the same edifice.

This, he said, could affect the quality of the delivery.

“We cannot say that the gallery was furnished by Julius Berger and the conference hall furnished by another company. It is unacceptable to me.

“Nobody should do something that he knows is not in tandem with what we have agreed,” Wike said.

The minister also inspected the ongoing construction of Interchange at NICON Junction and the construction of Shehu Shagari Way (N16) to connect with Wole Soyinka Way.

He expressed satisfaction with the pace and quality of the project, stressing that the project would be ready for inauguration in May.

Wike assured the people living in the area that the FCTA would continue to do all it can to make sure that the projects were completed on schedule.(NAN)

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