Author: The Nation

The Board of Directors of Wema Bank has appointed Mrs. Oluwayemisi Olorunshola as its new Board Chairman. The bank also assured stakeholders of improved performance.

The appointment is further to the retirement of the current Board Chairman, Babatunde Kasali, who will be proceeding on retirement having attained the retirement age in line with the Bank’s Articles of Association.

In a statement signed by the Company’s Secretary/General Counsel, Johnson Lebile, Olorunshola joined the bank as a Non-Executive Director in 2022 and until her new appointment, was the Chairman, of the Board’s Nomination and Governance Committee.

Read Also : Moruf Oseni takes over as Wema Bank MD/CEO

“Prior to her joining the bank, Olorunshola had worked with Unilever Nigeria Plc for 15 years with experience spanning across supply chain, business re-engineering and process management. She has over 10 years of boardroom experience and business management.

 “She possesses a BSc degree in Education & Economics from the prestigious Obafemi Awolowo University, Ile Ife, a Master of Business Administration degree from the University of Liverpool, UK, and a Doctorate in Business Administration from Walden University, USA”.

“She is a well-trained professional in various aspects of business management and corporate governance practices from various training facilities such as Four Acres Training Facility, Unilever UK, FITC, Leishton Academy, H Pierson, and her work experience spans every aspect of supply chain including Business and Production Planning, Procurement, Distribution, Import and Export, and Logistics Services. She is a lover of education.

Her widely read publication on small business sustainability strategies published in the Journal of Functional Education (JFEAcademia), Proquest.com, and Academia.edu, has been referenced by many scholars”.

“Olorunshola is a Director and a fellow of the International Institute for African Scholars, Fellow, Institute of Management Consultants, Member, Institute of Directors, and a chartered member of the Nigerian Chartered Institute of Personnel Management. An ardent believer in community development and in pursuant of this interest, she is a volunteer in many civic activities where she has contributed greatly to the development of her community and other areas of influence.”

The Chairman of the Police Service Commission (PSC), Dr. Solomon Arase said he has succeeded in creating a cordial working relationship between the Commission and the Nigeria Police Force.

The former Inspector General of Police says he is building a new Police force that will once again be attractive to the Nigerian youths.

He noted that in less than two months, he has: “succeeded in creating a cordial working relationship between the Commission and the Nigeria Police Force where both parties now work not to compete but complement each other.

“There is now respect for the clearly defined responsibilities of the two institutions and they now operate with mutual respect and shared vision, he noted”.

According to a statement issued on Friday by the Head Press and Public Relations, PSC, Ikechukwu Ani, the PSC boss said he had also made a success of his stakeholders’ conversations immediately on resumption of duty at the Commission and is happy that he has united the Civil Society Organisations in support of the Commission and the NPF.

The PSC Chairman said he had continued to engage international donor agencies and other stakeholders in the Police Sector to assist build the capacity of the Commission as an oversight body and that of the Police as the lead Agency in internal security.

Arase said: ” I can report that I am getting listening ears and making a lot of progress; the Police Force we are building will surely be a pride of the nation”.

Arase who took stock of his two months in Office, commended the Inspector General of Police for the massive promotions of the junior Police Officers who had in recent times suffered stagnation in their career progression.

The promotion of junior Officers from Constables to Sergeants is one of the powers delegated to the Inspector General by the Commission.

The Chairman vowed that under his watch, no Police officer, whether junior or senior would be allowed to stagnate in a rank especially when there are no disciplinary issues around the officer.

He disclosed that the Commission since he assumed office had deliberately moved to clear all pending disciplinary matters in the Commission so that Officers can have unhindered career progression.

The PSC Chairman said he is sending Officers of the Commission to the various Police Zonal Command Headquarters to observe Inspector’s promotion  (Departmental Selection Board) interviews starting across the federation on Monday June 5th, 2023.

Arase urged the Staff of the Commission to ensure that they conduct themselves in a manner that depicts the current  high standards prevailing in the Commission.

He warned that he will not condone any form of malfeasance or corrupt practice from any staff on official assignment.

Arase promised to continue to work for the unity and progress of both the Commission and the Nigeria Police Force.

Critical stakeholders in the Niger Delta region have commended the leadership qualities of the immediate past Minister of Niger Delta Affairs, Mr. Umana Okon Umana, describing his stint at the ministry as “full of impact in the key areas needed to bring accountability and stability to the Niger Delta Development Commission and the Ministry of Niger Delta Affairs.”

Led by the President-General of the Conference of Ethnic Nationalities in the Niger Delta, Professor Benjamin Okaba, the all-Niger Delta delegation of leaders which visited the former minister in his office during the weekend said they came to express the appreciation of their people to Mr Umana “for his short but very impactful” tenure at the ministry.

Okaba said the Niger Delta people are grateful to the former minister for the constitution of the board of the Niger Delta Development Commission (NDDC), and for his style of leadership that was devoid of undue interference in the affairs of the NDDC.

Chief Anabs Sara Igbe, chairman of the Critical Stakeholders Executives, who also spoke during the visit, described the relationship between the NDDC and its supervising ministry under the leadership of Umana as a remarkable departure from the past.

Igbe extolled Umana’s “understanding and leadership that have made all the difference,” urging leaders of the region to maximise the opportunities which the Ministry of Niger Delta represents because it may not be there forever.”

Another member of the delegation, President of Oron National Forum, Chief Ita Ante,  , described Umana as a compassionate man.

Other members of the delegation included T.K. Ogoriba, chairman of Mosiend Elders Council; Rosebella Jackson, Mosiend member of Mosiend Elders Council; Chief R.F Thompson, president of NDPFF; Omusuku Charles of MEND; Comrade Kennedy T. West, president of Mosiend; Bishop Victor Thomas, national chaplain; and Marshall Kunoun, vice- chairman of Mosiend Elders Council.

Umana, who thanked President Buhari for the entire positive changes that took place in the NDDC and the Ministry of Niger-Delta Affairs, said he was humbled by the kind words from his guests over his contributions as minister.

He explained that at the outset of his assignment as minister he needed to address a few issues, top of which was the constitution of the board of the NDDC. “I knew the commission could not function properly without a board,” he said. “Even the International Oil Companies (IOCs) were not willing to deal with the commission because of the board issue.”

He explained that without a board the commission, which is a creation of the law, could not be functioning according to law.

Umana said that as a deliberate policy, he informed the chief executive of the NDDC that he was in charge of running the commission and that the minister would only supervise. “For me, there is a difference between supervision and interference,” Umana said.

He said the government needed to put in place and execute a policy of accountability and transparency to bring to an end the rancour in the region.

He said the interest of the region was of paramount consideration for the government which made it go ahead with the constitution of the board despite unrelenting pressure to the contrary.

A Federal High Court, sitting in Gusau, Zamfara State has ruled that the Economic and Financial Crimes Commission (EFCC) lacks the power to invite serving and past officials of the State Government for the purpose of explaining how public funds are utilised.

 The power to audit the public accounts of the state, it also declared, is not vested in the anti-graft agency or any authority, person, body or organisation other than in the state’s Auditor General.

Delivering judgment Wednesday on a suit instituted by the Government of Zamfara State and Attorney General of Zamfara State against the EFCC and the Attorney of the Federation, Justice Aminu Bappa Aliyu also set aside the agency’s letter of invitation to the past and serving officials of the Zamfara State Government, dated 28th September 2021, or any other date, noting that such letter, “being ultra vires the powers of the 1st Defendant”, was null and void and of no effect whatsoever.

Justice Aliyu granted all the prayers of the Plaintiffs, stressing that only the Zamfara State House of Assembly and the Auditor General of the state are vested with the constitutional authority of seeking an explanation or inviting public officials on how the state’s money is being spent and not the EFCC or the AGF.

The Zamfara State Government had also prayed the court to bar EFCC from inviting; arresting or detaining any government officials as regards the appropriation of public funds in the state as such contradicts the power of the anti-graft body.

The presiding judge granted all the Plaintiffs’ prayers, saying, “A declaration is made that, having regard to the provisions of Section 120, 121, 122. 123, 124, 128, and 129 of the Constitution of the Federal Republic of Nigeria, 1999, as amended, the 1st Defendant (EFCC) does not have the powers to invite (by letters, telephone calls, or any other means of communication) serving and past officials of the Plaintiff for the purpose of explaining how funds meant for security votes, estacodes, and travelling allowances were utilized, or are being utilized, when such funds are such that the Auditor General and the Zamfara State House of Assembly have the constitutional authority to conduct investigation and exercise powers and control over same.

 “A Declaration is made that upon a calm and proper interpretation of the provisions of Section 125 of the Constitution of the Federal Republic of Nigeria, 1999, as amended, the power to receive a financial statement and annual accounts of Zamfara State from the Accountant General of Zamfara State is not vested in the 1st Defendant or any other authority, person, body or organization other than in the Auditor General for Zamfara State.

“A Declaration is made that upon a proper interpretation of the provisions of Section 125 of the Constitution of the Federal Republic of Nigeria, 1999, as amended, the power to audit the public accounts of Zamfara State is not vested in the 1st Defendant or any other authority, person, body or organization other than in the Auditor General of Zamfara State.

“A Declaration is made that upon a calm and proper interpretation of the provisions of Section 125 of the Constitution of the Federal Republic of Nigeria, 1999, as amended, the Auditor General or any person authorized by him, cannot be subjected to any direction or control of the 1st and 2nd Defendants (EFCC and AGF) or any authority, person, body or organization.

“An Order of Injunction is made retraining the 1st Defendant by itself, agent, servant, detectives, employees, staff, operatives and privies from inviting, or further inviting. arresting and or detaining past or present officials of the 1st Plaintiff (Zamfara State Government) with respect to how funds meant for security votes, estacodes, and travelling allowances were expended by the 1st Plaintiff except through the House of Assembly of Zamfara State and in strict compliance with provisions of the Constitution of the Federal of Republic of Nigeria, 1999, as amended.

“An Order of Injunction is made restraining the 1st Defendant whether by itself, its agents, employees, servants, operatives, detectives, privies, investigating officer(s), and other person by whatever name called, from inviting, or further inviting, intimidating, harassing and threatening to arrest or detain, or from arresting or detaining any past or present official of the 1st Plaintiff on the basis of the same facts or similar facts as herein stated.

“An Order is made setting aside the 1st Defendant’s letter of invitation to the past and serving officials of the Plaintiff, dated 28th September, 2021, or any other date, same being ultra vires the powers of the 1st Defendant, and therefore, null and void and of no effect whatsoever.”

With the assumption of office of President Bola Ahmed Tinubu, the Securities and Exchange Commission has assured of the readiness of the capital market to aid in infrastructure development.

This assurance was given by Director General of the SEC, Mr. Lamido Yuguda during an interview Thursday.

Yuguda expressed the belief that the Nigerian Capital Market, being an organised and specialised financial market that drives capital mobilisation through domestic savings and foreign capital inflows, is well positioned for the realisation of the infrastructure objectives of the nation.

According to him, the benefits of adequate infrastructure in any economy cannot be overemphasised as they help to speed up development and create wealth.

He said, “If we are able to get well-thought-out infrastructure in this country, it will do a lot of things. It will raise the level of economic activities in the country as a whole and these activities will need people to be employed so they can carry out those activities.

“That means the youths and our people will get more employment and as you get more employment, people get more disposable income and need to find outlets to spend that income. That means people can set up small

industries and be able to live decent lives. Also, people will be buying the basic essentials of life and the people who are in the business of producing or selling them will be in business. So you find out that there is a chain effect.”

 The SEC boss recalled that in the past, most famous industries were sited close to rail lines to aid the transportation of heavy machinery and raw materials as well as finished products to consumers.

“You can have several carriages in the train carrying various products. Today, we do not have the rail lines and we need to revive this infrastructure,” he said.

The SEC DG expressed the hope that the nation’s economy would bounce back and thrive with the aid of the capital market.

“I have a lot of hope in our economy. Right now if you do the GDP ranking, Nigeria is about number 30, but I am very confident that if we get our infrastructure right, our ranking will improve tremendously.”

He stated that Nigeria had the population and the market right now, which means that investment in infrastructure can pay back in  Nigeria faster than in other parts of Africa because the nation has more people that can use the infrastructure.

He therefore urged the government at all levels to look towards the capital market for financing such investments which he said would aid the much-needed economic development.

He assured that once the infrastructure is right, the number of users will grow which in turn boost economic activities.

Yuguda said this will all be aided by the capital market as it is unbiased price determination machinery for the economy.