Connect with us

National

Senate Moves To Ban CBN Governor, Deputies From Partisan Politics

Published

on

The Senate has commenced a move to ban the Governor of the Central Bank of Nigeria (CBN) and the Deputies from participating in partisan politics.

This is coming just as the senate has passed two bills into second reading, seeking to bar the CBN governor and the Deputies from partisanship.

The bills were sponsored by the Senator representing Kogi West, Sunday Karimi and his counterpart from Abia Central, Darlington Nwaokocha.

During the debates on the bills, the lawmakers proposed that Section 9 of the CBN Act be amended to insulate the CBN Governor and the Deputies from participating in politics while in service.

The two legislators also proposed that the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS) and the Chartered Institute of Bankers in Nigeria (CIBN) be represented on the board of the CBN.

Presenting his lead debate, Nwaokocha said the Bill would ensure that the banking system was repositioned to play its primary role of financial intermediation for the benefit of investments and economic growth in Nigeria.

He said: “Mr. President. Distinguished Colleagues, permit me to lead the debate on the general principles for the amendment of the Central Bank of Nigeria Act, 2007. This Bill was read for the First Time in this Hallowed Chamber on Tuesday, 10th October, 2023.

“This Bill seeks to amend Sections 6(1), (2); 8(1) (2) (3) (4) (5), 12 (1) (2) (3),13 (1)(2) (3) (4) and paragraph 8 of the first schedule to the Act to strengthen the Bank and make provision for the appointment of a chairman of the board, provide for responsibility to quicken and deepen execution of the Bank’s mandate. This Bill seek to address all anomalies that has hindered the advancement of the apex bank to handle the ailing economy of our nation.

ALSO READ:  NCYP Protests Christian Exclusion from NWDC Board

“Mr. President, Distinguished Colleagues, the thrust of this amendment is to create a people-centered central bank by delivery price and financial system stability and promoting sustainable economic development. As the nation grapples with economic issues, we need to reposition the CBN to grow the economy, regulate the exchange rate and unauthorized financial transactions and dollarizing the economy.

“This Bill seeks to provide for among other things: separate the head of Management from the head of the governing Board in line with national and international good corporate governance practices;

“Establish a proper governance architecture for the monetary authority for optimal policy and operational effectiveness; Enshrine real-time controls and effective accountability in the conduct of central banking in Nigeria

“Reposition the CBN towards pursuit and advancement of its core mandates given the Bank’s pivotal role in the economy; and 44) Position the CBN as an apolitical entity that will become a worthy example in national and international monetary policy, banking sector regulation, currency management, and supervision.

“Mr. President, Distinguished Colleagues, Specific ways of achieving the above objectives contained in the Amendments being sought is to: Establish the position of the Chairman of the Board of the CBN with cognate qualifications and experience suitable for achieving the renewed objectives of the Bank;

“Establish an effective and efficient Board for the CBN with enhanced independence and neutrality for comprehensive policy and operational Board oversight; Provide for an additional position of a Deputy Governor to achieve due balance in geo-political representation of all zones comprising Nigeria and robust engagements in the administration and policy of the CBN;

ALSO READ:  South-South Forum Lauds Defence Minister for Tackling Oil Theft , Insecurity

“Guarantee internal and parliamentary oversight besides credible accountability to the Nigerian people; and clearly emphasize the ubiquity of Financial Reporting and Corporate Governance as key responsibilities of the Board and Management of the CBN.”

However, in his contribution, Senator Adams Oshiomhole, opposed the second reading of the bill, arguing that the case of the immediate past Governor of the CBN, Godwin Emefiele, which was the case in reference was a consequence of the absence of governance and the will to enforce the extant laws.

The Deputy President of the Senate, Senator Barau Jibrin, who presided the plenary, said: “It is important that we reposition our laws and the CBN Act to make sure that the apex bank is put in the best position to perform its function.

“An integral part of the arrangement of every country is making sure that every country has a Central bank that will be in control of its monetary policies, because if one is not able to get right there, then that will be something that will be described as catastrophic.

So, the two bills that are been brought to the Senate are commendable and the robust debates that took place showed the passion in the minds of every Senator here in making sure that all is done to put the apex bank in the best position to perform its function in a way that the country’s interest will be well protected.

Accordingly, Barau referred the bill to the Senate Committee on Banking, for further legislative input and to report back to the Chamber within two weeks.

ALSO READ:  Why fuel queues persist – Osifo 
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National

Nigerian Air Force Appoints Ehimen Ejodame as New Spokesperson

Published

on

The Nigerian Air Force (NAF) has officially appointed Air Commodore Ehimen Ejodame as its new spokesperson, as announced in a statement on Thursday by Kabiru Ali, the deputy director of public relations and information.

Ejodame succeeds Olusola Akinboyewa in this pivotal role. The statement highlights his extensive background and expertise in logistics, strategic planning, and defense management.

Ejodame is a distinguished member of the 45th Regular Course at the Nigerian Defence Academy. He possesses a Bachelor’s degree in Mechanical Engineering, a Master’s degree in Transport and Logistics, and a PhD in Information Systems and Management Studies from the University of Sheffield, United Kingdom.

His professional trajectory includes participation in numerous advanced military and strategic training programs, such as logistics training at the United Nations International Peace Support Operations Centre in Kenya and the Optimisation and Decision Making in Supply Chain Course through the Erasmus Intensive Programme in Portugal. He also excelled at the Armed Forces Command and Staff College in Jaji and the Air Force War College in Makurdi, graduating as the Best Graduating Participant. Furthermore, he has been recognized with the Chief of Defence Staff and Chief of Air Staff Awards from the National Defence College in Abuja.

Ejodame has held several significant positions, including directing staff roles at both the Armed Forces Command and Staff College and the National Defence College. He was the pioneering Dean of the Faculty of Social and Management Sciences at the Air Force Institute of Technology (AFIT) in Kaduna, as well as the Director of Procurement at the same institution. His diplomatic experience includes serving as Nigeria’s Defence Adviser at the High Commission in Malaysia, where he was also accredited to nine other countries, fostering Nigeria’s defense relationships in the region.

ALSO READ:  Tinubu writes senate, seeks confirmation of Oluyede as COAS

A noted scholar, researcher, and public relations expert, Air Commodore Ejodame is affiliated with the Nigerian Institute of Public Relations (NIPR) and the Nigerian Institute of Management (NIM). He is also a Fellow of the Air Force War College, National Defence College, the Chartered Institute of Logistics and Transport, and the Chartered Institute of Purchasing and Supply Management of Nigeria.

Ejodame’s appointment is anticipated to significantly bolster the NAF’s public relations and strategic communication initiatives.

Continue Reading

National

Okphebolo Commends tribunal Judgment Affirming His Election

Published

on

Monday Okpebholo, governor of Edo, has commended the judgment of the state governorship tribunal that affirmed his victory in the September 21, 2024, election.

On Wednesday, a three-member panel of the tribunal led by Wilfred Kpochi, a judge, ruled that the Peoples Democratic Party (PDP) and its candidate, Asue Ighodalo, failed to prove the allegations against the respondents.

The tribunal held that “no competent witnesses were called” by the petitioners to prove the averments in their petition.

The Independent National Electoral Commission (INEC) had declared Okpebholo, candidate of the All Progressives Congress (APC), as winner of the election.

Okpebholo polled 291,667 votes to defeat his closest challenger, Ighodalo of the PDP, who got 247,274 votes.

Ighodalo and PDP had approached the tribunal to challenge the outcome.

In a statement released by Fred Itua, his chief press secretary (CPS), Okphebolo asked Ighodalo and other members of the opposition parties to join hands with him for the progress of Edo state.

The governor commended the people of the state for their support and “belief in his vision for a prosperous and united state”.

He added that his administration “remains focused on delivering on its campaign promises and will not be distracted by frivolous litigation”.

“This victory is not mine alone, but a victory for every citizen and resident of Edo State,” the statement reads.

“It is a mandate to continue the work we have started, to build a state where everyone has the opportunity to thrive. We remain committed to our promise of good governance, transparency, and inclusive development.”

ALSO READ:  No Plaza Was Demolished On Lobito Crescent, Abuja
Continue Reading

National

Arik Air Airlifted 2.23m Passengers In 2024, Says AMCON

Published

on

The Asset Management Corporation of Nigeria (AMCON) says Arik Air airlifted 2,239,176 passengers in 2024, accounting for a 19.3 percent market share.

Arik Air has been under the receivership of AMCON since 2017.

Citing a report by the Nigeria Civil Aviation Authority (NCAA) on international and domestic flight operations in 2024 in a statement on Wednesday, AMCON said Arik Air operated 10,699 flights between January and December 2024, making it the second most active airline in terms of passenger traffic and flight operations after Air Peace.

Breaking down the figure, the corporation said the report showed that Arik Air recorded 1,112,358 inbound passengers and 1,126,818 outbound passengers.

“According to the report, the total number of air travellers in the domestic scene in 2024 was 11, 549,443 with inbound at 5,727,700 and outbound passengers at 5,821,743. This figure shows that Arik Air captured 19.3 per cent of the total passenger traffic for 2024, while it had 15.1 per cent of the total 70,543 flights operated by the 15 domestic airlines in the year under review,” the statement reads.

“The Executive Summary on International and Domestic Flight Operations 2024, as captured by the NCAA, indicated that Arik Air had 1,112,358 and 1,126,818 as inbound and outbound passengers for 2024, respectively, making it a total of 2,239,176 passengers ferried in 2024.

“Monthly breakdown of the passenger traffic indicated that Arik Air had 37,772 inbound passengers and another 38,987 as outbound passengers in January 2024, totalling 76,759 passengers.

“For February, the airline recorded 38,217 as inbound and 39,209 as outbound, totalling 77,426; March, 37,183 as inbound and 37,642 as outbound, making it a total of 74,825; April, 31,326 as inbound and 31,971 as outbound, making 63,297.

ALSO READ:  2025 budget: N13trn deficit to be financed through borrowing – Edun

“The airline in May 2024, also recorded 39,006 as inbound and 39,765 as outbound passengers, totalling 78,771 for the month, while the month of June had 37,710 as inbound and 38,617 as outbound, totalling 76,327.

“July, 156,146 as inbound and 159,044 as outbound, totalling 315,190; August, the airline recorded 153,080 as inbound and 144,259 as outbound, making it a total figure of 297,339 within the period.

“For the month of September, Arik Air recorded 143,396 as inbound and 145,096 as outbound, making it a total figure of 288,492; October, 129,506 as inbound and 133,330 as outbound, totalling 262,836.

“November, 252,448 as inbound and 255,578 as outbound, making it a total of 508,026, while December had 56,568 as inbound and 63,322 as outbound, making it a total of 119,890 passengers ferried within the period.”

The NCAA report, according to AMCON, indicated that Arik Air recorded only one overbooking or denied boarding incident in 2024, which occurred in October.

“Also, a month-by-month breakdown of flights operated by Arik Air in 2024 showed that the airline had a total number of 380 flights in January 2024; 419 flights in February and 468 flights in March 2024,” the agency said.

“Further breakdown showed that for the month of April, the airline operated a total number of 340 flights; May, 374; June, 350, while it peaked in July, going as high as 1,403 flights in just one month.

“Besides, in August, the airline operated 1,320 flights; in September, 1,352; in October, 1,266; in November, 2,442, while it operated a total of 585 flights in December 2024. The airline within the period also had a total number of complaints among the air travellers, with just 190, with the majority being resolved by the airline.

ALSO READ:  No law prohibits prosecution of minors in Nigeria –AGF

“The further breakdown of complaints indicated that for the month of January, there were no single complaints from any of its air passengers ferried within the period, had just two complaints in February, while March recorded only one complaint.

“April had four complaints; May, two; June, one; July, three; August received seven complaints; September, 28; October, 50; November, 67, while December 2024 recorded only 25 complaints from the flying public.

“Besides, Arik Air did not record a single baggage miss in 2024, with all 84 delayed baggage items, as indicated by the NCAA statistics, handed over to their owners.”

Olumide Ohunayo, general secretary of the Aviation Safety Round Table Initiative, described Arik Air’s 2024 performance as exceptional, transporting 2.23 million passengers, which he said reflects the airline’s resilience and strategic management under challenging conditions.

“With a 13.4 percent market share out of the 11.5 million total domestic passengers, Arik Air’s sustained dominance highlights its strong operational efficiency,” Ohunayo said.

“This result demonstrates Arik’s operational stability under receivership. Despite financial constraints, distractive litigations, fleet limitations, and regulatory challenges, the airline continued to deliver reliable air travel services, showing effective route management and passenger demand optimisation.

“It should be noted that Arik Air suffered severe disruptions due to a high court order grounding some of its aircraft last year when mediation was a better option to the instantaneous grounding by the executive.”

Also, Roland Iyayi, managing director of Top Brass Aviation Limited, praised Arik Air’s feat, stating that securing the second position in Nigeria’s domestic market ahead of Ibom Air (1.3 million passengers), Max Air (915,918), and Aero Contractors (964,900) is a “huge and massive achievement” given its receivership challenges.

ALSO READ:  South-South Forum Lauds Defence Minister for Tackling Oil Theft , Insecurity

“Arik Air’s performance is remarkable given its limited access to fresh capital, ageing fleet, and regulatory hurdles tied to its receivership status,” Iyayi said.

“The Asset Management Corporation of Nigeria (AMCON) strategic support deserves recognition for its crucial role in stabilising Arik Air, ensuring its continued operations, and maintaining confidence among passengers.”

Iyayi credited AMCON’s intervention for Arik Air’s continued relevance in Nigeria’s aviation industry, preserving jobs, economic contributions, and ensuring safe services for travellers.

In January, the corporation said Arik Air and its affiliate companies had racked up debts exceeding N455 billion as of December 31, 2024.

Continue Reading