Tag: board

  • Below board

    Below board

    • Corruption in EFCC: who polices the moral police?

    Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede recently deplored what he called “craze and quest for gratification, bribes and other compromises” by some of the agency’s investigators in the course of their work. He said he had set a process in motion to fish out and penalise such operatives.

    In an address to staff members of the commission at the headquarters in Abuja, the chairman said public opinion about EFCC investigators was low, a situation he described as embarrassing to the anti-graft agency. He warned that corrupt tendencies would not be tolerated under his watch, and threatened the big stick against investigators caught in such act. Olukoyede said: “Public opinions about the conduct of some of our investigators are adverse. The craze and quest for gratification, bribes and other compromises by some of our investigators are becoming too embarrassing and this must not continue. Let me sound a note of warning in this regard. I will not hesitate to wield the big stick against any form of infraction by any staff of the commission.” He added that “the Department of Internal Affairs has been directed to be more ardent in its work and monitor every staff in all their engagements. The image of the commission is too important to be placed on the line by any corrupt officer.”

    Not that the staff are expected to uphold unblemished morals without commensurate incentives, as steps are already being taken to improve their welfare. “I may not talk about specifics. However, the new year promises to bring smiles on the faces of staff across all the commands. We will continue to do our best to put all of you at your best. However, to whom much is given, much is expected,” Olukoyede said.

    It is instructive that the EFCC boss acknowledged corruption within the agency whose raison d’etre is to root

    out corruption from the Nigerian society. The red flag he raised fell in line with his long avowed leadership agenda to ensure the staff of the anti-graft agency live above board, so they would have a solid moral ground to tackle corruption in the body politic.

    In December, last year, he vowed to punish officers of the commission for infractions traceable to unethical practice. In an address in Ilorin, Kwara State, during a walk to mark the 2023 International Anti-Corruption Day, he stressed that professionalism, as well as adherence and commitment to the rule of law would enable Nigerians to contribute to the country’s economic growth, and EFCC staff must lead the way in that regard. “I want every EFCC operative to be more diligent and resourceful concerning our assigned tasks. My leadership will punish infractions traceable to unethical practices. We will ensure that the right things are done at all times,” he said.

    Earlier on, in October, shortly after he took the helm at the commission, Olukoyede directed staff members to immediately declare their assets in line with civil service regulations and procedures, saying fighting corruption required those at the vanguard to be above board. “All of us are going to declare our assets, from Level 17 downwards. I did mine, so there’s no reason for anyone to be afraid to do the same. Even the commission’s secretary did. You all may also have done it in the past, but there’s a need for all of us to do it again. We will declare our assets, and we are going to investigate them,” he told senior staff members of the commission in Abuja, adding: “We must live above board by setting the pace with good examples. As anti-corruption fighters, our hands must be clean.”

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    Olukoyede was right in demanding exemplary conduct from EFCC personnel, because an age-long maxim says he who comes to equity must come with clean hands. It is a sad irony that operatives of the anti-graft agency are under suspicion of fighting corruption with hands soiled with corruption. This has been such that about all of past chief executives of the commission – perhaps with the sole exception of the pioneer chairman – were forced out of office under a cloud of controversy relating to graft allegations. It’s been a case of the society’s moral watchdog needing a watchdog over itself.

    Now that the new sheriff has raised the alarm, we must hope there will no more be hiding place for corrupt elements in the anti-corruption commission. The agency also needs a rebound in its integrity quotient. One way of ensuring this is for Olukoyede to report back on findings from those investigations he talked about, and follow through with diligent prosecution of any EFCC personnel found culpable.

    There is a morale booster for the nation’s anti-graft drive in Nigeria’s improved ranking on Transparency International Corruption Perception Index (CPI) for 2023 published last week. The index shows the war on graft can be won if harder fought, only that those leading the charge must have high integrity asset to be effective.

  • IT firm gets new board

    IT firm gets new board

    ActivEdge Technologies, has announced a new board to replace its retiring directors. This is in line with the company’s strategic expansion drive into key markets across Africa.

    The Managing Director and CEO, George Agu, explained that ActivEdge Technologies is “positioned for a new phase of growth under the new board, building on the solid foundation of integrity and consistency in service delivery of the previous board”.

    “The newly inaugurated non-executive board members have pledged to support ActivEdge Technologies with their wealth of experience into a new phase of growth with effective corporate governance benchmarks and a focus on delivering excellent market-friendly business policies”, he stated.

    Agu, is an experienced IT professional and entrepreneur with a track record in fintech, emerging markets and strategy.

    Speaking on the new board members, Agu assured collective commitment to taking the company to greater heights. He also emphasized that the newly inaugurated board is standing on the solid foundation of a strong legacy of excellence and good market position.

    Agu commended the effort of the past chairmen and non-executive directors who served the company. According to him, in the formative years, the board led by then Chairman, Emmanuel Ikazoboh with over 40 years of experience in senior leadership roles in Africa had laid the groundwork for ActivEdge Technologies ascent in the technology space, alongside other directors, Chilo Offiah a retired banker and founding Managing Director of First Bank Merchant Bank.

    He disclosed that the next in line as chairman of the board is Prof Chris Ogbechie, a Professor of Strategic Management and Dean of the Lagos Business School (LBS) alongside directors, Prof Yinka David West and Charles Nwodo whose tenure just ended paving the way for the current board.

    He noted that alongside the various chairmen of the board at different times, other members contributed significantly to shaping the company’s growth over the years.

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    “The new board members bring a wealth of experience and expertise, setting the stage for a dynamic apex leadership team that will provide strong impetus for ActivEdge Technologies in its ambitious expansion plans while reinforcing its commitment to corporate governance”, he expressed.

    Agu assured that the new board is committed to steering the company towards sustainable growth, and innovation, maintaining its position as a key technology pacesetter in the industry as well as poised to lead a new revolution across key markets in Africa.

    “Our non-executive board members bring a wealth of experience and diverse expertise that will be instrumental in driving ActivEdge Technologies expansion strategy and we are confident that their leadership will further strengthen our commitment to innovation, corporate governance, and sustained growth since the collective experience of the board spans key sectors, ensuring a holistic approach to driving ActivEdge Technologies towards achieving its objectives in an evolving technology landscape,” he said.

    The newly inaugurated chairman of the board, Okey Nwuke, a finance and corporate governance expert joins the board with over three decades of experience having served in various roles in top corporates and leading commercial banks before retiring.

    Other members of the board in a non-executive capacity are Neil Beckley, Eddy Ogbogu, and Anya Edmund Duruoha, while Ngozi Agu and George Agu are returning as directors in active executive capacities.

  • Board, NLNG seal $1b local content deal for Train 7

    The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigeria Liquefied Natural Gas Limited (NLNG) will today in Abuja sign the Nigerian Content Plan (NCP) for NLNG’s Train 7 project, estimated to cost $1billion.

    The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote and the Managing Director of NLNG, Engr. Tony Attah met at the Board’s headquarters in Yenagoa, Bayelsa State yesterday and finalised arrangements for the signing ceremony.

    The Train 7 project is expected to ramp up NLNG’s production capacity by 35 per cent from 22 million tonnes per annum (MTPA) to 30 MTPA.

    The NCP sets out the work scope to be executed in-country in each project, based on the provisions of the Nigerian Content Act and existing capacities. The document would form the operating guide for project execution and monitoring.

    It would also aid the maximisation of Nigerian content deliverables in the project by giving first consideration to indigenous goods, services and human resources as well as opportunities to Nigerian companies.

    Under the NCP for Train 7, the NCDMB introduced a provision that would ensure that a lead engineering, procurement and construction (EPC) bidder that has built capacity in-country is not disadvantaged with regards to cost.

    The overall scope of work on Train 7 project include in-country and out of country work. They are “design, engineering, procurement, expediting, transportation, management, construction, installation, pre-commissioning and start up support and acceptance testing of an expansion to the existing NLNG facility.”

    The timely finalisation of the NCP is a key outcome of the Service Level Agreement (SLA) the Board signed with the NLNG in May 2017. The SLA committed the two organisations to timely approvals and compliance with the Nigerian Content.

    The scheduled signing of the NCP is expected to enable timely execution of other activities that would culminate to the planned issuing of tenders in third quarter of 2019.

     

  • Resort Savings & Loans board explains delay in capitalisation

    The board and management of Resort Savings & Loans Plc, has explained delay in the capitalisation of the company, assuring its stakeholders of a strong comeback.

    The board in a statement said ‘the bank had executed binding agreement and first draw down agreement of $10.0 million with a provision for immediate release of $1.0 million.

    The release of the fund is being delayed by the valuation of the bank’s shares through market forces.  The shares are presently on technical suspension and we believe that this will be lifted on provision of constant and required information to the market’.

    The company, through its Chairman, Senator Sunday O. Fajinmi, who said he is not leaving any stone unturned to restore the glory of the company,  added that the bank has a major investor in Messers Milost Global Incorporation, expressing optimistic that the ‘suspension’ will be lifted very soon.

    He added that the management had equally engaged various regulators towards capital injection and in view of that, and towards achieving quick results to resolving issues raised by various regulators,  a lot has been done.

    According to him, the following has been settled. ‘Audit of the Bank’s Financial statements for the year 2015, 2016 and 2017 by Messers BBC   Professionals; appointments of parties to the issue in view; execution of Escrow Agent Agreement with the Milost Global Inc. and the Escrow Agent in Nigeria Mr. Kunle Adegbite; forwarding of the Audited Accounts to Central Bank of Nigeria for approval before being transmitted to the regulators, stakeholders, general public in line with  operating guidelines of the  Central Bank of Nigeria and other regulators; securing approval for the 2015 Financial Statements from Central Bank of Nigeria and transmitting of same to Nigeria Stock Exchange and transmission of quarterly financial statements on the basis of approved 2015 Financial statements’.

    He indicated the readiness of the management at transmitting other Financial statements as soon as they are approved.

    The Managing Director of the bank, Olayemi Rabiu, also assured the stakeholders that all assets of the Bank will be put into good use while recovery will be made of recalcitrant ones.

  • Board urges pilgrims to register before June 22

    The Bauchi Muslims Pilgrims Welfare Board has called on all intending pilgrims in the state to complete their registration before June 22, saying that there would not be room for extension.

    Its Executive Secretary, Alhaji Abdulahi Hardawa, said that the June 22 closing date for the registration of this year’s pilgrimage remained unchanged.

    Hardawa also said the National Hajj Commission of Nigeria, (NAHCON) had announced a reduction in this year’s Hajj fare, adding that intending pilgrims from the state would pay N1,476,000, as against the N1,523,000 paid in 2017.

    He assured those that had deposited N1.5m would be refunded their balance.

    “If you recall, we started collecting deposits from intending pilgrims from December last year, with the minimum deposit of N300,000.

    “But for those that have paid N1.5m, they are to receive a refund of N23,671. I therefore advised those who have paid up to that amount, to go to their respective registration points from next week, Tuesday, and collect their refunds accordingly,” Hardawa said.

    The executive secretary also said that the 2016/17 pilgrims from the state had refunds to collect from the board.

    “We made general refunds for the 2016 and 2017 pilgrimage; still, there are people who are yet to come and collect their refunds.

    “For 2016 Hajj, we have about 443 people who are yet to collect their refunds and 57 people for the 2017 Hajj,” he said.

  • UBA, Access Bank join NSE’s premium board

    UBA, Access Bank join NSE’s premium board

    Authorities at the Nigerian Stock Exchange (NSE) have approved the migration of leading commercial banks-United Bank for Africa (UBA) Plc and Access Bank Plc to the Exchange’s premium board. The migration of the two banks will increase the number of companies on the top-rated board to six.

    A regulatory report at the weekend indicated that the NSE had approved the migration of UBA and Access Bank from the main board to the premium board, which was designed as a market for the most capitalised stocks with the best corporate governance and liquidity. The premium board was meant to showcase Nigeria’s best stocks to the global market.

    The Nation had earlier reported the approval for the migration of Lafarge Africa Plc to the premium board. There are currently three companies listed on the NSE’s premium board including Dangote Cement, FBN Holdings and Zenith Bank International.

    The Exchange had indicated that the premium board is aimed at providing a platform for greater global visibility for eligible Nigerian entities, which will make it easier for them to attract global capital flows and reduce the cost of borrowing.

  • Passenger accused of stealing N1m on board faces trial

    The Lagos Airport Police Command will today arraign a male suspect, who allegedly stole N1, 008,000 aboard an Air Peace flight from Abuja to Lagos.

    Command spokesman Joseph Alabi told News Agency of Nigeria (NAN) yesterday in Lagos that the suspect would be arraigned at an Ogba Magistrates’ Court, Lagos for stealing.

    He said the suspect, who lives in Port Harcourt, Rivers State, allegedly stole N504, 000, N350, 000 and N154,000 aboard the flight.

    Alabi said the money belonged to Messrs. Olaniye and Abubakar Jimoh, his co-passengers.

    He said the suspect was apprehended by vigilant passengers and crew while pilfering from luggage aboard the flight, about 11am on Saturday.

    Alabi said the suspect was thereafter handed over to the command upon landing in Lagos for investigation and prosecution.

  • Hajj fare: Board cautions intending pilgrims

    Hajj fare: Board cautions intending pilgrims

    Intending pilgrims for this year’s Hajj have been warned to be cautious of some greedy tour operators, who are determined to use unrealistic fare to attract customers.

    Executive Secretary of Lagos State Muslim Pilgrims Welfare Board (LSMPWB) Muftau Okoya yesterday said some tour operators have devised a method of using low deposit to attract customers only to put unnecessary pressure on them when the National Hajj Commission of Nigeria (NAHCON) finally declared the actual fare.

    This, he said, usually leads to a wide gap between the prices.

    He said though NAHCON is yet to fix price but LSMPWB came up with the N1,350,000 as initial deposit fixed for this year’s hajj after considering all necessary financial indicators.

    “The fare has not been decided by NAHCON. We will work hard to maintain our clean record as the best state board in Nigeria,” he said.

    The Executive Secretary urged Nigerians to emulate the Asians’ style of saving in advance for hajj exercise and desist from last minute rush, which puts more pressure on them in paying the fare.

    “The saving culture will bring relief to intending pilgrims especially when the hajj fare is on the high side as a result of the exchange rate of naira to dollar,” he stated.

    According to him, submission of forms has commenced to aid early registration.

    “We are praying that God should bless the intending pilgrims because the agency will close registration soon as the required number is achieved,” he said.

    Okoya reminded those pilgrims who were part of 2015, 2016 and 2017 hajj exercise to budget extra 2,000 Saudi Riyal as additional cost on the hajj fare as it is the new policy of the Saudi Arabian government.

     

  • Dead board members: Party not involved in final vetting- Oyegun

    Dead board members: Party not involved in final vetting- Oyegun

    National Chairman of the All Progressives Congress (APC), Chief John Odigie Oyegun has said the party  was not involved in the final compilation of the list of Board appointees recently released by the federal government.

    Oyegun who spoke at a dinner for journalists in his residence said even though the party was involved in the initial compilation of the list, it was not involved in the process of vetting the list before it was made public.

    According to him, the party would have insisted that a proper check be carried out before the list is made public if given the opportunity to do so. 

    He said that at the inception, the party asked for the nomination of 50 people from each state  and the list was submitted to the Presidential committee.

    “We have followed the issue of board appointments and I think that issue has raised a lot controversy already.  The only thing I want to add is that it is pretty obvious that the party was not involved in the final stages of the compilation of that list.

    “Yes, we sent at the initial stage and I am talking of a period of two years ago. We demanded for every state to make 50 nominations which were sent to the committee in charge of the list for the purpose. They completed the initial exercise that time but since then a lot has happened.

    “People have changed parties, people have died, we have three new governors that were not there when the list was compiled. Therefore it was clear that there was obvious need for us to look at the final outcome of the exercise.

    “But we are not fortunate to participate in that final stage otherwise it is quite clear such would not have occurred. It is my sincere hope that we will be fully involved in the  review that has to now take place and any other exercise moving forward from this date,” he noted.

    The party pointed out that considering the fact that this year will be the build up to the 2019 general election, it will start preparing for the exercise. 

    “I will resume on Monday and we are going to hit ground running. We all know that this year is obviously going to an active year for elections.”

    The dead nominees include Senator Francis Okpozo, who passed on at 81 in 2016 but  was named Chairman, Nigerian Press Council (NPC); Deputy Inspector General of Police and elder statesman, Donald Ugbaja (retd), appointed member of Consumer Protection Council  and the founder of Fidei Polytechnic, Very Rev Fr Christopher Utov appointed a member of the board of the Nigerian Institute of Social and Economic Research.

    Fr. Utov was until his death, the proprietor of Fidei Polytechnic in Gboko, Benue State, the first private polytechnic in northern Nigeria. He died on March 17, 2017 in India after battling with an undisclosed disease was buried on April 13, this year, in Gboko. 

    Umar Dange Sokoto, former emir of Katagum in Bauchi state, who died on December 9th, was picked to join the board of the Federal Medical Centre, Azare, also in Bauchi.

    Also dead but appointed are Garba Attahiru Kaduna; Dr. Nabbs Igbokwe of Rivers State, Comrade Ahmed Bunza from Kebbi State and Miss Magdalene Kumu from Taraba.

    The APC chairman also gave an indication that a new leadership for the party will emerge before the end of June 2018, with the process beginning soon  with the National Caucus and National Executive Committee meeting, culminating in the national convention.

    Oyegun said the NEC which is expected to hold either before the end of January or early February will fix the date for the elective national convention which is expected to produce a new leadership for the party. 

  • Akintola hails Ajimobi on Oyo board appointees

    Akintola hails Ajimobi on Oyo board appointees

    Lawyer and aspirant for Oyo State governorship ticket Chief Adeniyi Akintola (SAN) has congratulated Governor Abiola Ajimobi for appointing indigenes and members of the All Progressives Congress (APC) into boards of federal agencies.

    Among those appointed into boards in the state are: former Deputy Governor Iyiola Oladokun (National Environment Standards and Regulations Enforcement Agency); Alhaji Fatai Ibikunle (National Lottery Regulatory Commission); Prof Adeolu Akande (Nigerian Information Technology Development Agency) and former President of Central Council of Ibadan Indigenes, (CCII), Chief Bayo Oyero (Federal College of Agriculture, Akure).

    In a statement yesterday, the APC chieftain lauded the initiative of Governor Ajimobi for rewarding men and women of impeccable integrity from the state.

    He said the appointments “reflect the governor’s character as a man of principle, non-vengeance-seeking fellow who believes in fairness, merit and appreciation of the political and geographical arithmetic of our most noble and largest state in the South of Nigeria”.