Category: News

The Federal Road Safety Corps Tuesday vowed to appeal the ruling of the Court of Appeal sitting in Asaba, Delta State, which restricted its operations to only federal roads.

In a statement signed by the Corps Public Enlightenment Officer, Bisi Kazeem, the Corp Marshal, Dauda Ali Biu, said the Corps would also seek a stay of execution.

Biu said the Corps was yet to obtain a certified true copy of the judgement and would appeal to the higher court as soon as it gets the copy.

He said the implication of the judgement was that FRSC personnel would not be able to attend or rescue crash victims on roads other than federal roads.

Daily Trust

President Bola Ahmed Tinubu has directed a review of the proposed N8,000 conditional cash transfer program which is aimed to provide assistance to vulnerable households affected by the recent removal of petrol subsidy.

In a statement by the President’s Special Adviser Dele Alake, it was stated that the Concerns and misconceptions surrounding the program have prompted President Tinubu to take this decision.

Furthermore, the President has authorized the immediate release of fertilizers and grains to approximately 50 million farmers and households across the country.

This move is a move to alleviate the challenges faced by Nigerians during this transitional period.

President Tinubu reassured Nigerians that the approved N500 billion for cushioning the effects of subsidy removal will be utilized judiciously.

He said the relief beneficiaries will encompass Nigerians from all ethnic, religious, and political backgrounds.

Arise News

Presidential candidate of the African Democratic Congress (ADC), Dumebi Kachikwu, has said the government of President Bola Ahmed Tinubu did not start on a good note.

During an ARISE TV interview, the politician gave his take on the N8,000 palliative the government is planning to share to poor Nigerians to cushion the effects of subsidy removal.

He likened the president’s policy on subsidy removal to taking two steps forward and 10 steps backwards.

He said, “I don’t know how to understand a president who wanted the position all his life can afford to act in the manner that suggests he doesn’t have the sense of urgency towards solving problems.”

“I personally expected that the president in the first two weeks would have to put his cabinet list out there for Nigerians to start vetting these people. I expected to hear and see a lot of policy statements in areas that are pressing.

“We saw the removal of subsidy in the petroleum. He campaigned on that. I, too, campaigned on that but I believe that Nigeria should not suffer for the failure of a few people, for the failure of government in its inability to manage subsidy.

“What we should have done was removing or suspending subsidy temporarily while putting in place stronger and more refined processes to ensure that people don’t abuse the subsidy.

“Let’s also look at the cash transfer they are about to do. We saw the last government do that. We saw how it failed. We saw how it was abused. And I expected that the government would come up with a much better plan.

“There are people who believe that the cash transfer will have a multiplier effect on the economy. But in the case of Nigeria, eight thousand naira will do absolutely nothing. And I don’t understand how the president could’ve bought into that.

“A president can only be as good as his advisers. I don’t know his advisers but I believe that they got it wrong. Tinubu takes two steps forward and ten steps backwards.”

Daily Trust

…Sets cumulative tenure limit of directors of the same bank to 24 years 

The Central Bank of Nigeria (CBN) has increased the tenure of the Managing Director/Chief Executive of banks to a maximum of 12 years from 10 years.

This was disclosed in a circular on the new, “Corporate Governance Guidelines for Commercial, Merchant, Non-interest and Payment Service Banks in Nigeria.”

The circular dated July 13, 2023, was signed by CBN Director, Financial Policy and Regulation Department, Chibuzo Efobi, and addressed to commercial, merchant, non-interest, Payment Service Banks and Financial Holding Companies (FHCs).

The central bank also increased the tenure of Deputy Managing Director (DMD/Executive Director (ED) of a bank to a maximum period of 12 years.

The CBN stated that the objectives of the guidelines are to among other things provide additional guidance on the principles, recommended practices, and responsibilities contained in NCCG 2018; outline industry-specific corporate governance standards for banks; and promote high ethical standards amongst operators, while enhancing public confidence.

Also, in line with the Nigeria Code of Corporate Governance (NCCG) 2018, the apex bank further stipulated that no board of a bank shall consist of only one gender.

Hence, to achieve gender diversity and promote a gender inclusive board, banks shall take a practical approach to women’s economic empowerment in line with Principle 4 of the Nigerian Sustainable Banking Principles (NSBP).

The apex bank explained that the guidelines followed the pronouncement of the Financial Reporting Council of Nigeria (FRCN) for sector regulators to issue sector-specific guidelines on corporate governance for institutions under their regulatory purview.

The CBN has therefore, adapted the principles and recommended practices of NCCG 2018 in developing the new guidelines for affected entities, taking into account, the peculiarities of the sub-sectors.

The central bank said the regulation was issued pursuant to the provisions of Section 2(d) of the CBN Act 2007, and Sections 56(2) and 67(1) of the Banks and Other Financial Institutions Act (BOFIA 2020).

Essentially, the regulation noted that where an ED becomes a DMD, a cumulative tenure of 12 years applies and shall not be extended.

Also, Non-Executive Directors (NEDs) (with the exception of Independent NEDs) of a bank shall serve for a maximum of 12 years comprising three terms of four years each.

The CBN stressed that to qualify as a NED in a bank, the proposed NED shall not be an employee of a financial institution except where the bank is promoted by that financial institution and the proposed NED is representing the interest of that financial institution.

The guidelines further stated that an executive (ED, DMD or MD/CEO) who exits from the board of a bank either upon or prior to the expiration of his/her maximum tenure, shall serve out a cooling period of two years before being eligible for appointment as a NED in the same bank, subject to applicable cumulative tenure limits.

It stated that where an executive (ED, DMD or MD/CEO) of a bank is appointed to the board of its FHC in any role, a cooling-off period of two years shall apply.

The central bank added that the cumulative tenure limit of directors (ED, DMD, MD and NEDs) on the board

of the same bank is 24 years. The cumulative period is calculated from the date of first appointment to the board of the bank.

The regulation among other things, stipulated that banks shall disclose a summary of their risk management policies in their annual financial statements, adding that in the case of a publicly quoted bank, such summary shall be hosted on its website.

NEDs inclusive of the Chairman (excluding INEDs) of an FHC shall serve a maximum tenure of three terms of four years each.

Consequently, the cumulative tenure limit of a NED in an FHC or any other FHC shall be 12 years and shall have unfettered access to corporate information from the MD/CEO, company secretary, internal auditor, and heads of other control functions with direct/indirect reporting lines to the board, while access to other senior management shall be through the MD/CEO.

Furthermore, Independent Non-Executive Directors (INEDs) in an FHC shall have sound knowledge of the operations, relevant laws, and regulations guiding the business of its subsidiaries in the relevant sub-sectors. The INED shall also have proven skills and competencies in his/her field.

However, the term of office of an INED shall be four years and may be renewable only once for another consecutive term of four years.

This Day

…Nobody will harrass citizens for coming out under our watch – Police

Security agencies in Enugu State have assured residents in the state to go about their normal businesses as they were on ground to protect them from any form of attacks and harassment.

Operatives in the State gave this assurance on Sunday in Enugu while reacting to earlier reports by some newspapers quoting residents in the state as saying they were tired of the continuous illegal sit-at-home declared by some faceless criminals popularly called unknown gunmen.

While reacting to the distress call by citizens in the state urging security operatives to end the illegal sit-at-home by bringing those responsible for the enforcement to book, the Police Public Relations Officer (PPRO), Enugu State Command, DSP Daniel Ndukwe, said adequate security measures were on ground to continue to guarantee safety of lives and property.

He stressed that the security agencies in the state were working in synergy to ensure citizens could go out, carry on their businesses without harassment and return back to their homes.

Urging residents to overcome their fear and come out on Mondays as well as other days, the PPRO noted that security operatives have continued to fish out the subversive criminals and bust their illegal camps set up in the State, and were on the lookout for the remaining criminals in their hideouts.

He further appealed to the people to share important information about strange gatherings and unusual movements in their areas, saying that every information and its source would be treated with a highest level of confidentiality.

Meanwhile, there have been heavy presence of operatives patrolling the state as a response to people demanding that they would only come out if they’re sure of sufficient security presence.

Recall that the state governor, Dr. Peter Mbah, had called for an end to sit-at-home, saying it was hurting the livelihoods of the citizens living in the state.

The governor had deployed different security measures, including CCTV cameras in some locations and security drones for intelligence gathering to assist security agents in preventing attacks.

THE Republic of Seychelles has confirmed a travel ban on Nigerian tourists due to criminal activities, including drug trafficking and internet fraud.

According to a report by Seychelles News Agency, the country’s Vice-President Ahmed Afif confirmed the development tp journalists. Afif disclosed that some Nigerians have been linked to activities which the country considers to be dangerous to its economy.

“We have seen a clear link between this with certain people from Nigeria. In the past two weeks, for example, 13 people coming from Nigeria have been arrested when entering Seychelles because they were carrying drugs into the country,” the Vice President said.

He, however, noted that Nigerians with diplomatic passports, resident or valid work permits issued by the country would be granted access.

Most Nigerian tourists coming to Seychelles are part of an organised syndicate

“For the others, the government will keep its eyes open and SEBS (Seychelles Electronic Border System) will analyse much more to find out what reasons they are coming example someone who is coming for a holiday for only one day. We have to ask questions because it is strange and we have seen that happening.

“When we checked the payments made for them to come to Seychelles, it is from only one source. This is for different people coming on different days which shows an organised syndicate,” Afif said.

He added that some Nigerian tourists have duped several establishments of huge funds through the use of false credit cards.

“These people spent free holidays in the country at the expense of the establishment owners and there is nothing that can be done for them.

“There are other online scams originating from Nigeria. We have seen that these people are also coming to Seychelles and doing those scams. We do not have a problem with Nigeria or its people though we do not tolerate such criminal activities in our country.”

Before the confirmation of restrictions by Afif, there were widespread speculations of a possible travel ban on Nigerian tourists following rejection emails received from Seychelles’ Immigration authorities.

The ICIR reported that the ban may have been prompted by growing concerns over the involvement of Nigerian nationals in drug-related activities within the country.

President of the Nigerian community in Seychelles Mathias Adidi also stated that a syndicate in Nigeria is involved in smuggling drugs into the country.

“I am Mathias Adidi the President of the Nigerian community in Seychelles. Please help us inform Nigerians. Someone in Nigeria is sending Nigerians to bring drugs to Seychelles. And is not safe. They are been arrested every day,” Adidi wrote in a post.

Prior to the ban, Nigerian citizens enjoyed a long-standing visa-free agreement with Seychelles, allowing them to enter the country without a visa for up to 30 days.

About just six months ago, Nigeria and Seychelles signed an agreement for direct flights between the two countries.

ICIR