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Tag: extension

  • Civil servants reject perm sec’s tenure extension

    Civil servants reject perm sec’s tenure extension

    The Association of Senior Civil Servants of Nigeria (ASCSN) is miffed over the one-year tenure extension the Federal Government granted to the Permanent Secretary in the Federal Ministry of Petroleum Resources, Mrs. Jamila Shu’ara.

    In a statement, ASCSN National President Comrade Bobboi Bala Kaigama and Secretary-General Comrade Alade Bashir Lawal said  the extension of the tenure violated Public Service Rules (PSR) 020810, which states: “The compulsory retirement age for grades in the service shall be 60 years, or 35 years of pensionable service whichever is earlier.”

    ASCSN said the PSR emphasised that no officer shall be allowed to remain in service after attaining the retirement age of 60 or 35 years of pensionable service, whichever comes first.

    It said recently, some permanent secretaries were retired on the ground that they were not good enough; yet, Mrs Shu’ara, who was supposed to retire with them, had her tenure extended by one year, adding, “the fact of the matter is that the permanent secretary concerned is neither a petroleum engineer nor an expert in energy matters.”  So what qualifies her for this notorious extension? the union queried.

    Mrs. Shu’ara retired from service on February 17, 2016, seven days later, her service was extended to February 16, 2017 by the Office of the Head of  Civil Service of the Federation (OHSCF).

    The ASCSN regretted that the culture of impunity that characterised the federal administration since 1999 had re-emerged in full force and had become even more brazen.

    “This woman is 60 years of age. She should therefore go. This extension is offensive, vexatious and unacceptable. In the interest of industrial peace and harmony in the civil/public service, this woman should be eased out of the system unless those behind this extension have a hidden agenda somewhere,” the Union insisted.

    ASCSN said if this tenure extension was not reversed, the 36 state governments might be tempted to follow the footsteps of the Federal Government on this ill- advised policy and when that happens, the entire civil services in the country would be thrown into anarchy.

    It added that Mrs. Shu’ara should be disengaged from service since she had attained the retirement age to create room for other permanent secretaries who are floating in the system.

    The Union stressed that if Mrs. Shu’ara is indispensible to the presidency, then, Mr. President had the prerogative to appoint her as his special adviser or even a Minister of the Federal Republic instead of subverting the cherished norms and values of the civil service.

  • Activists warn Jonathan against tenure extension

    Activists warn Jonathan against tenure extension

    President: Interim Govt is treasonable

    Day of action Feb 28

    Activists warned yesterday against another shift of the general elections.

    They will stage a nationwide protest should the elections be postponed.

    The elections fixed for March 28 and April 11 must hold, Nigerians United for Democracy (NUD) said.

    The group’s leader, Mr. Femi Falana (SAN), spoke at a news conference in Lagos.

    With him were Malachy Ugwumadu, Olarenwaju Suraj and Mr. Debo Adeniran, among others.

    They listed attempts by President Goodluck Jonathan’s administration to derail the elections, saying there would be a national day of action on February 28, where Nigerians would stand hand-in-hand to send a strong message to the government that the citizenry will not tolerate any attempt to interfere with the elections.

    The group called on the National Assembly to compel the Service Chiefs to extract an undertaking that the elections would not be shifted.

    President Jonathan promised yesterday the dates would not be changed. Besides, he dismissed the rumour of an interim government — an idea he described as treasonable.

    Falana said Nigerians were worried about the statement of the Independent National Electoral Commission (INEC) Chairman, Prof. Attahiru Jega, that the new election dates were not sacrosanct.  The elections were originally fixed for February 14 and 28.

    “We are compelled to call on the National Assembly to extract a form of undertaking from the National Security Adviser (NSA) and the security chiefs that the general elections would not further be postponed or disrupted,” Falana said, adding:

    “The undertaking ought to be made publicly by the service chiefs, in view of the categorical statement of the Court of Appeal that the Armed Forces have no role to play in the electoral process.”

    Saying there was need to prevent a slide into anarchy, Falana said: “We need to take our destiny into our hands. We need to ensure that darkness does not once again descend on our country and we are insisting that nothing must change the new dates of March 28 and April 11.”

    He added that the postponement of the elections at the instance of the Service chiefs could not be justified in law.

    “It was a plot to undermine the democratic process and prevent Nigerians from exercising their rights of franchise.

    “Having fought the war on terror for six years, there is no indication that the Boko Haram sect would be wiped out in six weeks.

    “Since the operations was limited to 14 local governments, there is no basis for not holding elections in the remaining 760 local government areas in the federation and the six area councils in the Federal Capital Territory (FCT),” he said.

    Falana noted that more than two decades ago, the citizenry, led by the progressives extraction of the civil society, protested the manipulation of political transition from military dictatorship to democratic rule.

    He said anti-democratic forces had always been defeated, noting that in this case, it would not be an exception.

    “Nigerians will stand hand-in-hand to speak with one voice against electoral terrorism, against any further polls’ shift, against the introduction of an Interim Government, against any military incursion in politics, against corruption and against the devaluation of the national currency.

    “We call on Nigerians to come out in large numbers to assert and take control of their destiny,” he stressed.

  • No tenure extension for SEC’s DG Oteh

    No tenure extension for SEC’s DG Oteh

    President Goodluck Jonathan has rejected a request for the extension of Securities and Exchange Commission (SEC) Director-General Ms Arunma Oteh’s tenure, it emerged yesterday.

    He has approved the appointment of a Commissioner in the Commission, Mr. Mounir Gwarzo, as acting Director-General.

    The President rejected a memo from the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, seeking a second term for Oteh.

    The memo was said to be based on the Secretary to the Government of the Federation SGF) Anyim Pius Anyim’s recommendation.

    Ms. Oteh’s controversial tenure ended on January 6.

    Although she lobbied to return, the President was said to have thought otherwise.

    It was learnt an evaluation showed that her performance was “neither sterling nor spectacular.”

    The government found that the stock market has not recovered from the 2008 financial crisis.

    The President, findings showed, rejected her return to resolve the lingering “Executive-National Assembly face-off” over her tenure.

    A source said: “Despite intense lobbying by some government officials and business players, the President stood his ground that Ms. Oteh should not come back.

    “Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh  on a strong recommendation by the SGF, Anyim Pius Anyim.

    “To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.

    “No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.

    “The evaluation of her tenure indicated an average performance because she was rated as ‘neither sterling nor spectacular. The President chose to look beyond ethnic sentiments and stood on the side of truth and the public yearning for a change in SEC.

    “Stakeholders in the Stock Exchange Market, workers and others alike wanted a fresh breath of air in SEC. You will recall that at the peak of SEC crisis in 2012, Ms. Oteh’s commissioners even disowned her.

    It could not be ascertained if Ms. Oteh will remain a member of the President’s Economic Management Team (EMT).

    “Another source added: “She earned First Class in Computer Science from  the University of Nigeria, Nsukka, the nation might still engage her elsewhere.

    “No nation will allow a First Class brain and respected intellectual to waste away. Definitely, the Presidency may accommodate her elsewhere.”

    Gwarzo, the Executive Commissioner for Operations, graduated with a Bachelor’s Degree in Economics from Bayero University, Kano in 1987.

    He obtained a Post-Graduate Degree in Development Finance from the University of Birmingham in 1999.

    He is a Fellow of the Chartered Institute of Stockbrokers.

    A third source said: “Gwarzo will act pending the appointment of a substantive DG. The President has the discretion to appoint a DG in line with Section 5(1 and 2) of the Investments and Securities Act 2007.

    The section says: “The DG and the three full time commissioners shall be appointed by the President upon the recommendation of the Minister and confirmation by the Senate.

    “The DG shall hold office for a period of five years in the first instance and may be reappointed for a further period of five years and no more.”

    Ms. Oteh was suspended on June 12, 2012 and was recalled via a letter by the SGF.

    The reinstatement followed an audit report on SEC by PricewaterhouseCoopers.

    Her recall created bad blood between the Presidency and the House of Representatives because she was reinstated on the eve of the presentation of the Ad Hoc Committee on Capital Market’s report on the SEC’s activities.

    The crisis between the House and Ms. Oteh followed a public hearing into the capital market operations.

    During the hearing, the then Chairman of the House Committee on Capital market and Other Institutions, Mr. Herman Hembe, alleged that Ms. Oteh was not qualified to be DG.

    He said the committee also discovered how Ms. Oteh allegedly spent N850, 000 on hotel accommodation in a day and N85, 000 on a meal.

    But Ms. Oteh took exception to the allegations, saying: “This has been a Kangaroo court. Not even in Idi Amin’s Uganda did we have this type of public hearing. You had implied that as a regulator, that by having people on secondment from the private sector, it could undermine the capacity of the regulatory functions of the commission.

    “In asking the SEC to contribute N39m for this public hearing, don’t you think that you are undermining your capacity to carry out your duties?”

  • VC urges govt to increase funding for research, extension services

    THE Vice Chancellor, Ahmadu Bello University, Zaria, Prof Abdullahi Mustapha, has  urged the Federal Government to increase funding for agricultural research and extension services, to keep pace with advancement in the sector.

    Mustapha made the call at the ongoing 14th National Irrigation and Drainage Seminar, holding in Minna, Niger State, with the theme, ‘Advancing the Frontiers of Irrigation and Drainage for Agricultural Transformation’.

    He said massive funding of research and extension services would impact positively on agriculture and ensure food security.

    “It is important to let the participants know that our institutes are making great contribution to advancing the frontiers of irrigation in the country.

    “This cannot be achieved without financial support from the Federal Government.

    “In order to keep pace with advancement in technology, it is necessary to increase research and extension funding,’’ he said.

    He said the university was the only institution in the country mandated to conduct research on irrigation, adding that it was collaborating with local and international organisations in meeting its target.

  • Persianas group plans $200m extension

    The Persianas Group is planning a whopping $200 million investment for the extension of the prestigious The Palms shopping mall in the Lekki area of Lagos.

    The move, which will mark the group’s fifth retail centre, having developed The Polo Park shopping mall in Enugu, Kwara shopping mall in Ilorin, Ibadan shopping mall in Oyo, and The Palms shopping mall in Lekki, will further exemplify the huge opportunity in the Nigerian retail sector.

    According to Persianas, The Palms expansion is expected to commence in the second quarter of 2014 and will change the Lekki skyline with its imposing structures, which include a twin office complex, residential apartments, a ferry link to the lagoon, approximately 40,000 square metres of additional retail space and 16,000 square metres of multi-level parking space, and also raise the bar in commercial real estate development in Nigeria.

  • Contract extension: Onazi in talks with Lazio

    Contract extension: Onazi in talks with Lazio

    According to reports , the agent of  21-year-old midfielder Ogenyi Onazi will be in Rome to talk with Lazio about his new contract.

    Onazi suffered a fractured leg in Nigeria’s defeat to France at the 2014 World Cup in Brazil.

    The 21-year-old was stretchered off after a tackle from France’s Blaise Matuidi during Nigeria’s 2-0 defeat to Les Bleus in the last-16 tie in Brasilia.

    However, he recently resumed full training and played some friendly matches for the capital side.

    Onazi had confirmed his wishes to stay at the club this season despite being linked with a move to England.

    He has established himself as a key member of the Aquile, and impressed at the World Cup with the Super Eagles.

    As a result he was linked with a move to the Premier League with Liverpool, Everton and Southampton all thought to be keen on the midfielder, however he has downplayed these links.

    Onazi, who is under contract with Lazio until June 2016 , made 29 Serie A appearances for the Biancoceleste in the 2013-2014 season.

  • Contract extension: NFF gets Keshi’s riot acts

    Contract extension: NFF gets Keshi’s riot acts

    • Big Boss says not business as usual
    • Eagles coach won’t pay for assistants again
    • Glasshouse chiefs prepare letter of intent for him

    Coach Stephen Keshi has told AfricanFootball.com he wishes to finish what he has started and so his desire to extend his contract with Nigeria.

    The Africa Cup of Nations-winning coach speaking from his base in the USA told AfricanFootball.com: “Yes, I met with Deji Tinubu in Lagos before heading out for the US to see my family.

    “It’s my country, I am ready to serve. I have started something I would love to finish.”

    However, Big Boss quickly added the working conditions for his new deal have to be better than what he had previously.

    “But I cannot work the way I worked last time, it’s not possible! All my staff, no!no!!no!! We have to be professional, everybody has to do what they are supposed to do,” he told AfricanFootball.com.

    “I cannot be paying another staff salary, when I am not the Nigeria Football Federation. We will see how it goes. If the conditions are met, we will be there, no wahala.”

    In the meantime, the NFF have disclosed to Africanfootball.com they will forward a letter of intent for contract renewal this week to Keshi.

    Head of a three-man committee for Keshi’s contract renewal, Deji Tinubu, who discussed with Keshi last week in Lagos, said: “We have made tremendous progress.

    “We will first send a letter of our intent for a renewal of his contract and expect a reply from him as quickly as possible.

    “This would allow us to start working on the terms of contract. We would have our terms and we know he would have his terms, but we would be working in such a way that we would arrive at an agreeable term that would suit both parties and then hopefully he signs.

    “We can’t put a time limit on this, but we hope we are done with it as quick as possible considering that we have a game in September.”

  • APC demands extension of date for council poll

    The All Progressives Congress (APC) in Cross River State has asked the State Independent National Electoral Commission (CROSIEC) to respond to its letter of August 22, 2013 from the party’s national secretariat, asking the electoral body to shift the September 21 local government election, to enable it participate.

    The Minority Leader in the House of Assembly, Mr. Alex Irek, in a statement in Calabar yesterday, said the umpire’s decision to disqualify the party on the basis that it was not up to 90 days old after its registration as stipulated by the electoral law, portrayed the body as “a bundle of contradictions.”

    His words: “That the chairman of CROSIEC said the basis of our disqualification is because we have not clocked 90 days after our registration speaks volumes about the honesty and transparency on the part of CROSIEC. For your information, what that relevant part of the electoral law applies to is for the election into the offices of the President, National Assembly, Governors, Houses of Assembly as well as Area Councils in the Federal Capital Territory. It does not apply to states. CROSIEC turned the truth upside down when it further asserted that APC did not meet this requirement and so is automatically disqualified.

    “In any case, on July 17, the merging legacy parties (ACN, ANPP and CPC) sent a letter to CROSIEC, which was acknowledged, notifying it on the intention to merge. The merger was consummated on July 31. The questions are: 1. When do you start counting? In this regard, is it from the date of the notification or from the date of registration that the 90-day countdown begins? 2. Is the 90-day for merging or newly-registered parties? 3. Perhaps it is wise to look at Section 84(2) of the Electoral Act (2010) as amended.

  • Companies to seek further extension of earnings report deadline

    Barely 10 days to the expiration of the extended deadline for the submission of audited earnings reports by most companies on the Nigerian Stock Exchange (NSE), indications have emerged that several companies might not be able to meet the May 3 new deadline.

    Less than 20 per cent of companies that are expected to submit their earnings reports within the timeline have submitted, a slowdown that many analysts said have hampered market situation in recent period.

    Post-listing rules at the NSE require that quoted companies should submit their reports, not later than three months after the expiration of the period.

    Most quoted companies including banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year.The business year thus terminates on December 31.

    NSE’s regulatory filing calendar indicates that the deadline for submission of annual report for companies with Gregorian calendar business year is March 31. However, the NSE provides that where a filing due date falls on a weekend or holiday, the filing will fall due on the next business day. Since March 31 fell on Sunday while April 1 was a public holiday in commemoration of Easter Monday, the initial due date for the deadline was Tuesday, April 2, 2013.

    However, less than 10 per cent of companies expected to submit their reports meet the initial deadline. The NSE thereafter extended the deadline for all quoted companies by 30 days as a general concession citing challenges being faced by companies, especially with regards to adoption of the International Financial Reporting Standards (IFRS).

    The extension came a day after The Nation exclusively reported that banks’ results might fall below earnings report due date of April 2, 2013 due to issues around IFRS and Central Bank of Nigeria’s (CBN’s) approval.

    The Nation’s investigation showed most companies which are expected to submit their earnings reports might still fail to meet the deadline as first-time adopters of IFRS struggled with conversion and regulatory challenges.

    The financial services sector, NSE’s largest and dominant sector, is the worst hit with most companies still facing uncertain submission timeline as at the time of filing this report. Besides the scrutiny of the Securities and Exchange Commission (SEC), NSE and Financial Reporting Council (FRC), financial services companies have to undergo prior approval processes of the Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM), which many operators said appeared overwhelmed by the voluminous reports.

    Many companies said they still hope to meet the deadline while some indicated that they would seek for extension after a review of their chances next week.

    In a statement announcing the extension, the NSE had alluded to challenges being faced by companies, which are expected to start comply with the IFRS.

    According to the Exchange, the extension was an intervention to ensure listed companies present their audited and interim repots accurately as well as provide assurance to businesses and advisors affected by the early adoption of IFRS and levels of regulatory approvals which now includes Financial Reporting Council (FRC).

    General Manager, Legal and Regulation Division, NSE, Ms. Tinu Awe, said the Exchange was in consultation with FRC and other primary regulators on ways of enhancing timely and accurate reporting.

    “While we believe that the timely disclosure of financial information is critical to stakeholders in the capital market as well as investors, the challenges which the entities are facing are germane. It is in view of the extenuating circumstances that the Exchange is granting all listed companies an extended filing date of 30 days from the due date of the required periodic financial submissions,” Awe said.

    She pointed out that during the extended period, the NSE would not apply the tag of Below Listings Standard (BLS) on the names of the companies while it would not also impose fines on the companies.

    NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. Under the corporate governance and rules compliance assessment report known as X-Compliance Report, NSE identified four different kinds of tags or symbols to alert investors about the status of each quoted company. These included below listings standard (BLS), the first degree alert level indicating a company that has not complied with post listing rules such as late submission of financial statements, unauthorised publication, management failures among others.

    Also, financial services companies such as bank and insurance companies awaiting regulatory approval will carry the appropriate symbol of awaiting regulatory approval (ARA).

    Companies that are undergoing a capital reconstruction exercise including supplementary issue, share buyback, split, and share reconstruction among others will be tagged with capital reconstruction exercise (CRE) while companies that have indicated that they will be delisting or companies that are being delisted at the instance of the regulator would be kicked off with the Delisting in Process (DIP) symbol.