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FRC; Strategic Repositioning through Performance Bond

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BY ABUBAKAR YUSUF

Since the assumption of duty of the Executive Secretary,Chief Executive Officer, Financial Reporting Council FRC, Dr Rabiu Onaolapo Olowo the introduction of internal mechanism to promote performance had been the core of his activities.

Coming from the huge experience of handling some sensitive part of the cosmopolitan state of Lagos , private sector exposure, it became alot easier to drive the needed change in the council without hitches.

Before then , the new Executive Secretary, Olowo has introduced an annual reward system to staffers as an encouragement for performance through dedication to duty , extra ordinary contributions to the success of the program of the council.

This activities was carried out to encourage staffers and management staff towards redirecting and reordering the agency in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

The Renewed vigour championed by the leadership of the council under Dr Rabiu Onaolapo Olowo has started yielding results with series of Improvement’s in its activities through major reorganisation that had crystalized the regulatory and monitoring programs of the Financial Reporting Council FRC in recent time.

This is in addition to staff welfare through a concerted policy thrust and framework that had emboldened hard work , dedication to duty and quality performance.

Having solidified and improved on internal mechanism of productivity in the council, the idea wholisticaly adopted by the parent Ministry of Trade and Investment, which supervises the activities of the council among other agencies under it , by engaging in the activities introduced as ‘Performance Bond ‘ capable of affecting the Ministry and it’s agencies positively was no longer difficult for the council.

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With the commitment to the economic transformation under the Renewed Hope Agenda, the new Minister , Mrs Oduwole did not mince words and actions in engaging the versatile, energetic and proactive leadership under Dr Rabiu Onaolapo Olowo, the Chief Executive Officer, of Financial Reporting Council FRC.

With the promise to turn the tide in the council with the signing of ‘Performance Bond ‘, it is obvious that going forward, the new wave introduced by the new leadership in the Ministry driven by both private and public exposure will no doubt begin to yield positive results as it trickled down to the council.

No doubt the amendment of its act , among many other policy decisions to harness maximum performance introduced by the Rabiu Onaolapo Olowo led Financial Reporting Council FRC has distinct its activities.

Translating the ceremonious public endorsement and new parlance of ‘Performance Bond ‘ that will on the long run coalesced into improved revenue, improved performance, improved and introduction of new policy thrust in line with the best practices and international requirements will be the core of the leadership of the council.

Having been tested and trusted and with the renew zeal in the last 16 months of assumption of duty, the new policy thrust introduced by the Ministry to improve performance will no doubt be implemented in Financial Reporting Council FRC.

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Edo APC accuses PDP of planning to sponsor protests against Okpebholo

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The All Progressives Congress (APC), Edo Chapter, alleged on Wednesday that it had uncovered a planned protests across the state to destabilise the government of Sen. Monday Okpebholo.

The APC State Chairman, Jarrett Tenebe, claimed that the protests were being orchestrated by members of the Peoples Democratic Party (PDP).

Tenebe alleged that intelligence reports indicated that the demonstrations were not driven by genuine public concerns, but rather a deliberate attempt to incite unrest.

“We have observed a pattern of misinformation and falsehoods leading up to these planned protests.

“Their real goal is to create tension, sow discord, and undermine the progress made under Gov. Monday Okpebholo,” he said.

While reaffirming Gov. Okpebholo’s commitment to citizens’ constitutional rights to peaceful assembly, the APC chairman warned that any attempt to disrupt the state’s peace and stability would not be tolerated.

He said that law enforcement agencies had been placed on high alert, to prevent any breakdown of law and order.

“We will not allow any individual or group to derail the progress of Edo State,” Tenebe said.

He urged Edo residents to be vigilant and avoid being used as pawns in politically motivated protests.

According to him, the government remains open to addressing genuine concerns, through appropriate channels.

“We encourage citizens with grievances to engage with government agencies, rather than partake in protests designed to serve selfish political interests,” he said.

The APC chairman reaffirmed commitment to supporting Gov. Okpebholo in delivering good governance and urged residents to remain calm, law-abiding, and focused on development efforts.

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Reacting, PDP’s Publicity Secretary, Chris Nehikhare, said that APC must learn to differentiate itself from the government.

Nehikhare said that the party could not assume the authority to issue security alerts, unless the government had officially transferred its security responsibilities to the party.

“We are, however, not surprised by this development, as Edo State is currently under siege.

“The government has provided no clues or indications that it can address the state of insecurity it has imposed on Edo State.

“Unfortunately, in Edo, we have a case of a butterfly that thinks of itself as a bird,” he said. (NAN)

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Senate Probes Abuse Of Federal Character Principle In Recruitment, Promotion

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The Senate, on Tuesday, resolved to look into the systemic abuse of Federal Character principle in recruitment, promotion, and political interference in all Ministries, Departments, and Agencies of government (MDAs), and the uneven infrastructural development across the country.

The lawmakers also resolved to determine the level of compliance with Sections 14(3) and 14(4) of the 1999 Constitution (as amended) by the MDAs.

The lawmakers consequently mandated its Committee on Federal Character and Inter-Governmental Affairs to conduct thorough investigative hearings on all MDAs of the Federal Government with a view to immediately ascertaining their degrees of compliance with the provisions of Sections 14(3) and 14(4) of the 1999 Constitution (as amended), ensuring fair and equitable representation across all regions and ethnic groups in appointments, promotions and recruitment and report back in four weeks.

The resolutions of the lawmakers were sequel to the adoption of a motion sponsored by the Senate Minority Whip, Senator Osita Ngwu, at plenary on Tuesday.

Earlier, moving the motion, Ngwu noted the persistent challenges in achieving balance and equity within Nigeria’s public service due to limited recruitment opportunities, skewed promotions based solely on years of service, and insufficient avenues for worker mobility outside the public sector.

He also noted that the Federal Character Principle, entrenched in the 1999 Constitution of the Federal Republic of
Nigeria (as amended) mandates fair representation in federal appointments to reflect the linguistic, ethnic, religious, and geographic diversity of the nation.

The lawmaker observed with concern that the process of addressing public sector disparities has been undermined by institutional inertia and a lack of accountability, particularly as recruitment at senior levels is influenced more by internal preferences than by merit and fairness.

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He lamented that the contempt emanating from the foregoing, if unchecked, will continually erode the efficacy of Section 14(d) & (e) ofthe Legislative Houses (Powers and Privileges) Act, 2017, Part.I(1) (2) of the Subsidiary Legislation 23 of 1997 and Sections 11(2) of the Freedom of Information Act, 2011.

He expressed concerns that the Federal Character Commission (FCC), whilst constutionally empowered, remained hindered by chronic underfunding, political interference and limited enforcement capabilities

He said, “Aware that Section 14(3) & (4) of the Constitution, which unequivocally stipulate that “no predominance of persons from a few states or from a few ethnic or sectional groups” should exist within the federal government or its agencies; Also aware that despite a focus on geographical quotas, imbalances persist between institutions, often relocating problems rather than resolving them, while certain regions remain underrepresented.

“Also observes that the quota system has, in many cases, created confusion between merit-based recruitment and equitable state representation, to the detriment of discipline, morale and institutional efficiency; Highlights the constitutional criteria for equitable distribution of employment which requires that each state
contributes its proportionate quota of 2.75% of the national workforce; and the Federal Capital Territory (FCT) to account for 1.00% of the workforce; while catchment areas are to address localized recruitment for junior staff up to 75% of positions.

“Regrets that against the spirit of Order 96(27)(b) of the Senate Standing Orders 2023 (as amended) and Sections 62, 88, 89, 14(3)-(4) and the Third Schedule Part I C8(1) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) which bestowed on its Committee on Federal Character and Inter Governmental Affairs the power of legislative oversight in matters connected to the implementation and monitoring of the policy, it is deemed that various federal institutions including NNPCL and its subsidiaries, NUPRC, NAFDAC, NPA, PENCOM, NDIC, FUTA, NLN, SMEDAN, ECN, SMDE, NNRA have consistently failed to adhere to federal character mandates, often bypassing regulations in their recruitment exercise (evidences abound).”

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KDI Demands Tougher Rules On Political Cash Flow

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A new report by the Kimpact Development Initiative (KDI) has called for stricter oversight of political campaign financing in Nigeria, recommending that the Independent National Electoral Commission (INEC) establish independent finance committees within political parties to ensure compliance with regulations.

The report, which assessed political finance in Edo and Ondo states, was presented in Abuja on Tuesday by KDI’s Head of Research and Strategy, Oluwafemi John Adebayo.

He emphasised the need for grassroots funding models, such as small-donor contributions, to enhance financial transparency in elections.

The KDI report proposed several measures to improve political finance oversight, including:the reintroduction of a data-driven formula for setting campaign spending ceilings, incorporating cost-per-vote share (CPV) analysis, inflation rates, and the number of registered voters.

“Periodic reviews of expenditure limits based on empirical data from previous elections and mandatory real-time reporting of major campaign expenditures and contributions for immediate oversight.

“Requiring political parties to submit pre-election financial reports in addition to post-election audits.

“Strengthening the Campaign Finance Monitoring Unit and the inter-agency committee on campaign finance with clear guidelines and frameworks.

“Collaborating with financial institutions to track political transactions and flag suspicious expenditures and increasing penalties for electoral finance violations to make them financially consequential.

“Mandating media outlets to report the cost of political advertisements to INEC for verification”,he said .

Speaking at the presentation, the Chairman of the Economic and Financial Crimes Commission (EFCC), Olanikpekum Olukoyede, commended KDI’s efforts in promoting transparency and accountability in Nigeria’s electoral process..
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Represented by Effa Okim, he highlighted the risks of financial inducements and other irregularities in elections, warning that they could undermine the legitimacy of electoral outcomes and governance.

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“The way leadership emerges often reflects the standards of the electoral process, and concerns about undue financial influence in elections have been widely discussed,” Okim stated.

The Chairman of the House of Representatives Committee on Electoral Matters, Adebayo Balogun, also reaffirmed the legislature’s commitment to electoral reforms.

“While financial resources are essential for campaign activities, there is a compelling need to ensure that political financing remains within legal limits and does not become a tool for unlawfulness or the subversion of democracy,” Balogun said.

KDI Executive Director Bukola Idowu expressed concerns about the presence of unregulated financial flows, often referred to as “dark money,” in Nigerian politics.

He noted that both major political parties operate under large financial structures with little transparency or accountability.

“This lack of transparency and disregard for legal compliance, particularly concerning Section 221 of the 1999 Constitution and the Electoral Act of 2022, have significant impacts on the electoral and democratic process in Nigeria,” Idowu stated.

He emphasised that addressing political finance issues requires collective action, adding that KDI remains committed to promoting integrity, fairness, and accountability in the electoral system.

The United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) has been a key supporter of KDI’s research.

Speaking at the event, FCDO representative Mathew Ayibakuro underscored the importance of data-driven governance and transparency in political finance.

“As we all know, political finance is at the very heart of democratic integrity. Reports like this provide valuable insights into the mechanics of campaign financing and help guide policy discussions on electoral reforms,” Ayibakuro said.

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