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Senate Confirms Aliyu As ICPC Chairman …To Ban Local FX Transactions, CBN Gov From Partisan Politics
The Senate has confirmed Musa Aliyu as the substantive chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
His confirmation followed a screening exercise at the Senate plenary, yesterday.
The screening started around 11:50am after the leader, Bamidele Opeyemi, raised a point of order to suspend relevant senate rules to allow strangers into the chamber.
Aliyu, a lawyer and Attorney-General of Jigawa State was screened at the Committee of a Whole chaired by the Deputy President, Jibirin Barau.
President Bola Tinubu had written to the Senate on Wednesday seeking confirmation of Aliyu as chairman of the agency.
Meanwhile, a bill that seeks to bar a serving Governor of the Central Bank of Nigeria from partisan politics and equally reposition the bank for efficiency, scaled second reading in the Senate on Wednesday.
A second bill, seeking to prohibit the use of foreign currencies for local transactions was also considered.
One of the consolidated bills, titled: “Central Bank of Nigeria (Establishment) (Amendment) Bill 2023,” was sponsored by Senator Steve Karimi (All Progressives Congress – Kogi West) while the second one, titled: “A Bill to Amend the Central Bank of Nigeria Act 2007, and for Matters Connected Therewith, 2023,” was sponsored by Senator Darlington Nwokocha (Labour Party – Abia Central).
Recall that the immediate-past CBN governor, Godwin Emefiele, attempted to contest the 2023 presidential primaries of the APC while in office.
The move was widely condemned by Nigerians who wondered how a serving public servant could seek an elective office contrary to extant provisions of the constitution.
Karimi explained, in the explanatory memorandum of his bill, that the proposed legislation was aimed at amending the CBN Act to allow for greater accountability and transparency in the running of the apex bank and to prohibit the use of foreign currency in local transactions in Nigeria.
Karimi’s proposed amendment to Section 9(2) of the CBN Act reads: “Notwithstanding the provisions of this Act or any written law in existence, the Governor and the Deputy Governor of the bank shall not participate directly or indirectly in partisan politics, nor contest any election, during their tenure in office.
The Kogi West lawmaker’s bill also seeks to prohibit the use of foreign currency for domestic transactions in Nigeria.
The bill seeks an amendment to Section 20 of the CBN Act, by inserting Section 20(a).
The proposed amendment reads: “20(a) Prohibition of the use of foreign currency in democratic transactions:
“(1) No person or corporate body shall use any foreign currency as a means of exchange for goods, services and other transactions in markets supermarkets, hotels, restaurants, airports and other places of business in Nigeria except by a bank.
“Licensed Bureau De Change and other financial institutions duly authorised by the Central Bank of Nigeria to trade, deal and use such currency and no individual or business entity in Nigeia shall advertise, denominate or price its goods or services in any currency other than the Nigerian Naira and Kobo.
“(2) Any person who contravenes subsection (1) of this section commits an offence and shall be liable on conviction to: (a) in the case of an individual, to a fine of N250,000.00 or a term of imprisonment, not exceeding six months or both such fine and imprisonment;
“(b) in the case of a corporate entity to a fine of N1,000,000 and a conviction of three months to its officers or directors who authorised or undertook the transaction.”
On his part, Senator Nwokocha, in his lead debate, said, “This bill seeks to address all anomalies that have hindered the advancement of the apex bank to handle the ailing economy of our nation.
“The thrust of this amendment is to create a people-centered Central Bank by delivering 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 unauthorise financial transactions and dollarising the economy.
“This bill seeks to, 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.
“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 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.”
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Let’s Approach Regional Development Issues Differently – Fubara …As S’South Govs Host Fubara To 50th Birthday Celebration
Rivers State Governor, Sir Siminalayi Fubara, has sued for a change in the current approach adopted by South South Governors in their pursuit to achieve holistic regional development and economic prosperity.
The governor insisted on de-emphasis in vested individuals’ political interests while looking at the bigger picture of achieving enduring regional integration that will strengthen unity of purpose to change the trajectory of development in the region.
Fubara made the appeal during the meeting of Governors of South-South States, under the auspices of BRACED Commission, at the Bayelsa State Government House in Yanagoa on Tuesday.
This was contained in a statement by the Chief Press Secretary to the Governor, Nelson Chukwudi.
BRACED is an acronym for Bayelsa, Rivers, Akwa Ibom, Cross River, Edo and Delta.
He said: “I want to appeal that if we have to succeed in this drive, we need to keep our political differences aside and understand that the struggle, as at today, is for posterity, for the development of our region.
“It is really sad that in Niger Delta that is the economic base of this country, the construction of a road that you tagged ‘East-West Road’ could be an issue, that we need to beg, protest, and complain to get it fixed. I don’t think it is proper.”
Governor Fubara stated that it is not that the federal authorities do not understand that Niger Delta needs the road but quickly added that they have seen that even the people of the region do not take themselves seriously.
The governor said the moment Niger Delta people stopped playing to the gallery, and place value on themselves, outsiders will have no option than to accord the region and its people due regard.
Fubara said: “On my part, I want to say this: This is not the first time we are meeting. For me, I followed the course of the region meeting in a forum that we tagged “BRACED Commission.”
“BRACED Commission is also one of the bodies that was constituted at that time to support and work out development strategies for this region. But what I am seeing today is just limiting this meeting to only BRACED COMMISSION.
“We need to widen the scope where other leaders of the region should be part of the discussion of the development of the region, and I think this is the direction that will help the region.”
Reading the Communique of the meeting, the new Chairman of the Forum of Governors of South-South States, and Governor of Bayelsa State, Senator Douye Diri, said they support the Federal Government Tax Reform Bills, and urged President Bola Tinubu to extend the Value Added Tax (VAT) sharing percentages to oil and gas derivation.
He stated the Forum’s request to the Federal Government to urge relevant stakeholders and agencies to extend remediation of polluted environment ongoing in Ogoni land to other impacted communities and States in the region.
Governor Diri also said that the Forum resolved to establish a structural regional security network to enhance safety and security, foster stable Niger Delta region conducive for economic growth and prosperity.
Highlight of the event was the hosting of Governor Fubara to a surprise 50th Birthday celebration by the Governors of South-South States at the Government House in Yenagoa.
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Fubara Lauds Tinubu For Setting Up Education Load Fund … Vows To Ensure Rivers Benefit Maximally From Scheme
The Rivers State Government has applauded President Ahmed Bola Tinubu for conceiving the idea of setting up the Nigeria Education Loan Fund (NELFUND) which has opened up opportunities for youths to acquire tertiary education irrespective of their financial status.
Rivers State Governor, Sir Siminalayi Fubara, gave the commendation while playing host to a delegation from NELFUND who came on an advocacy visit to the Government House in Port Harcourt on Tuesday.
Represented by his deputy, Prof. Ngozi Nma Odu, Governor Fubara said in developed countries it is common for people to go through school with loans which they sometimes pay all throughout their lives, noting that “for us, it is more accessible and more friendly because you would be required to pay back the loan two years after your National Youth Service.
“It is a win-win situation; it is a situation where the youths in Nigeria should not say because my parents are poor or passed away I cannot improve on my educational growth. This offers them a golden opportunity and I am glad you came for this advocacy.”
The governor urged NELFUND to intensify its advocacy to let the people know how they can benefit from it, adding that it is more important when talking about vocational institutions.
“If you look at the developed countries it is people that went to the vocational schools that make so much money, because it is pricey to get somebody to do anything, we need to instil this into our people, our youths, because people sometimes tend to look down on people that went to vocational schools, it should not be,” he said.
Fubara expressed delight with the NELFUND programme and assured that the State Government would do whatever it can to ensure Rivers State benefits maximally from the scheme.
In his remarks, the Managing Director and Chief Executive of NELFUND, Dr. Akintunde Sawyer, informed the governor that they were in Rivers State to seek the support of the State Government towards the loan, stressing that President Tinubu has directed them to ensure no Nigerian student who has the ability and desire to get educated at tertiary level is denied the opportunity due to lack of funding.
He explained that the scheme provides interest-free loans to students who apply, adding that these loans are not repayable until two years after their Youth Service when they must have gotten a job.
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UK Appoints British-Nigerian As Trade Envoy To Nigeria
A British-Nigerian politician, Florence Eshalomi, has been appointed as the United Kingdom’s trade envoy to Nigeria.
Her appointment makes Eshalomi the second Nigerian to hold the position.
Confirming her appointment on X on Tuesday, she wrote: “It is an honour to have been appointed as the United Kingdom’s Trade Envoy to Nigeria.
“I’m looking forward to building on my close ties with Nigeria to promote a strong and flourishing economic relationship between our two great nations.
“I am looking forward to strengthening the UK’s relationship with Nigeria to explore shared growth and opportunities for both countries.”
Announcing the appointment in a statement on Tuesday, Jonathan Reynolds, the UK’s Business and Trade Secretary, said the decision was aimed at attracting investment into the UK and boosting economic growth.
“I’ve launched a new team of trade envoys who will use their experience, expertise, and knowledge to unlock new markets around the world for British businesses, attract investment into the UK, and ultimately drive economic growth,” Reynolds said.
Eshalomi, 44, is an MP representing the Vauxhall and Camberwell Green constituency.
She holds a Bachelor of Arts (Hons) in Political and International Studies with Law from Middlesex University.
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