The Nation Newspaper

Tag: governance

  • Governance structure weak in state varsities, says Okojie

    NATIONAL Universities Commission (NUC) Executive Secretary, Prof Julius Okojie, has described the governance structure of state universities in the country as the worst in the world.

    He said state universities were worse off in terms of academic standard, compromise and flouting of the Public Procurement Laws.

    Okojie delivered a lecture with the theme: ‘Embracing Nigeria universities reforms to enhance innovation research and entrepreneurship’ at the University of Benin, Benin City.

    He called for collaborative research and adequate funding for university education that would encourage innovative discoveries and vocational skills development.

    He said researches that are applicable to human and economic development in view of the rising unemployment in the country should be encouraged.

    “Even when you do all those things, and if there is nowhere to work, the problem is half-solved. There is so much space in the system and if you want to do what other people are doing, you won’t make it. Come up with a new idea.

    “At the international level, we are very lowly ranked on economic and human development. So, research innovation and entrepreneurship development are very important,” he said.

    UNIBEN Vice Chancellor, Prof Faraday Orumwense, hailed Okojie’s intellectual depth. He assured that the lecture would be of immense benefits to the development of universities.

     

  • Why Nigeria must seek God for good governance

    To effectively tackle the socio-economic vices constraining the delivery of good governance in all tiers of government,  it is pertinent that Nigerians seek God and revere His principles for a lasting solution, Chief Imam, Ogba Central Mosque, Ikeja, Sheik Saadulah Bello has said.

    The cleric who was the guest speaker at the 3rd Ramadan Lecture of Anwar-Ul- Islam College Old Students’ Association (ACAOSA) said the deviation from God’s tenets and failure to adhere to His dictates are responsible for the country’s woes.

    The Imam said the desired change for a better Nigeria can only be achievable if the system allows God to take the lead in all sectors.

    He said: “Change cannot happen until we change our individual mindsets and approach to things in our various domains. We have to go back to God before things can fall into the right perspective. People should observe what is said in the Holy Quran and fear Allah. If you look at Mecca, they put God first in all their engagements which is one of the reasons why they are advancing. In order to provide good governance, we have to ensure good followership from the grassroots. We have to start from our homes, to the community and our immediate environments.”

    ACAOSA President Alhaji Lawal Pedro (SAN) said apart from being a time to bond with Allah, Ramadan is also a time of celebration as it encourages the communion of faithful to reflect on the teachings of Prophet Mohammed.

  • Missing factor in our governance

    SIR: Most of the challenges bedevilling governance in Nigeria at federal, states and local government levels are traceable to lack of critical thinking.

    Isaac Newton was asked how he was able to propound the Law of Gravity and he responded “by thinking about it all the time”.

    It is high time appointment to public offices be based on the track record of solution-driven thinking.

    For instance despite Donald Trump’s limitations in the nuances of diplomacy and technocracy,

    two critical electioneering imperatives, he continues to dominate in most opinion polls in the U.S.A.

    Most American voters are fed up with pro-establishment leadership stereotype assuming power without a denouement traceable to a demonstrable personal success.

    Trump’s teaming supporters cannot but establish a nexus between his personal success story in commerce and industry and the anticipated American greatness.

    Our domestic politics have little or no such symbiotic imperative between candidate’s track record of success and contest for political office.

    The state of anomy prevailing in practically all the states of the federation shows a pathetic declivity in cerebral engagement.

    The lazy cerebral inclusion in governance is more apparent in Ekiti State with its garrulous governor finding solace in leading a rebellious opposition to a one year old federal administration whilst leaving his state to wallow in crass maladministration. In Ekiti, workers are on strike, Internally Generated Revenue is stagnant and has taken a southward trajectory from Fayemi’s transitional threshold.

    Fayose’s lead balloon is an aggregation of what obtains in other states with exception of Lagos.

    Change remains a rocket science where thirty six states are cerebrally detached from the challenges of the moment.

     

    Bukola Ajisola,

    Victoria Island, Lagos.

  • Physically challenged and Lagos’ inclusive governance

    SIR: At a political rally in January 2015, Lagos State Governor, Akinwunmi Ambode made a solemn pledge to stand by the physically challenged if elected as governor. True to his promise, he has sent out a positive signal that his government has a special place for the physically- challenged. At a recent event at the Lagos House, Ikeja, tagged ‘Ability in Disability’, he launched the N500million Disability Trust Fund for physically challenged persons in the state.

    The event, which afforded physically challenged persons the opportunity to showcase their talents, readily highlighted the saying that ‘there is ability in disability’. Governor Ambode used the occasion to enjoin Nigerians to encourage and show love rather on physically challenged persons.

    Without a doubt, the Lagos state government is fast adjusting to the needs of physically challenged persons in order to give them a sense of belonging. Governor Ambode is on record to have urged corporate organizations to collaborate with the state government in its efforts to make life more comfortable for People Living with Disabilities by fulfilling their own part of the obligation.  It is, perhaps, in keeping to his promise of standing by the physically-challenged, that the Ambode government has initiated Special People’s fund. The establishment of the people with disabilities fund was to create the right environment for them to live life more meaningfully. This is really an initiative capable of closing the structural nature of the wealth gap between those who are able bodied and people living with disabilities.

    Another show of care on the part of Governor Ambode is the order given to Bus Rapid Transit and LAGBUS operators on free ride for physically-challenged. In our clime, where it is difficult for the physically-challenged to get on and off a bus, the governor has directed that all physically-challenged should ride free, on all Bus Rapid Transit (BRT) and LAGBUS buses. Hitherto, they wait endlessly on the benevolence of good hearted compatriots to get into the bus. The newly introduced BRT busses have facility for the physically challenged.

    Equally, the Ambode administration has strengthened the Lagos State Office for Disability Affairs (LASODA) which was created “to safeguard people living with disability against all forms of discrimination. Through the Office, the governor recently awarded scholarships to 60 students of the School of the Blind, Oshodi.

    The Ambode’s example has, indeed, given hope to the physically challenged in the society. What people the physical challenged need is enabled environment and not discrimination. It is disheartening that in Nigeria, discrimination against physically challenged persons has been prevalent. Here, the reality of being physically-challenged affects not only the physicality of a person but also how others judge them culturally, spiritually, financially and emotionally.

    The point here is that we ought to learn from what a nation like America has achieved with its Americans with Disabilities Act, ADA. Thanks to the Act in USA, transportation, public facilities and many services in the United States are more accessible to all. Thanks to ADA, for example, many city buses and trains have lifts or ramps for wheelchairs, priority seating signs, handrails, slip-resistant flooring, and information stamped in Braille. Emergency call centers are equipped with telecommunications devices for the deaf (TDDs), and federally funded public service announcements have closed captioning. Most importantly, ADA prohibits discrimination against people with disabilities in job recruitment, hiring, promotions, training or pay. ADA’s provisions have enabled many people to live independently, despite any physical or mental disability, and have helped protect their rights.

    At least, the law and the office created to implement it as well as special people fund established by the Lagos State government are stepping stones to achieving what exists in decent nations. Overall, emphasis should be on fuller “inclusion” within the community. It is imperative that we put in place a National Disability Rights Commission with innovative deal and commitment to enable and not disable people with deformity to attain their God-given potentials. With that in place, physically challenged people will walk through life with hope.

     

    • Rasak Musbau

     Lagos State Ministry of Information and Strategy, Ikeja.

  • ‘Corporate governance key to good performance’

    ‘Corporate governance key to good performance’

    Managing Director, FBN Merchant Bank Limited, Mr. Kayode Akinkugbe, has underscored the importance of sound corporate governance as a cornerstone for good and sustainable corporate performance in the banking sector.

    He said sound corporate governance must go beyond compliance and check-lists; it must become a way of life and all stakeholders have the duty to ensure that sound corporate governance permeates the length and breadth of Nigerian banks.

    Akinkugbe, who delivered a keynote speech at the monthly meeting of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), noted that the principles of corporate governance must form the basic framework for ensuring that stakeholders are able to enjoy long term benefits and value from banks.

    He added that sound corporate governance also serves as strong pillars that ensure overall market confidence in institutions.

    According to him, the institution of corporate governance, backed by legislative, economic and financial reforms intended to promote transparency, accountability and the rule of law in the economic life of the country, are critical in assuring the banking public retains trust and confidence in such essential of bodies.

    He pointed out that good corporate governance not only ensures compliance with legal and ethical standards, but helps in building the strength of financial institutions within an economy.

    He noted that in recent years, corporate governance has attracted considerable interest, particularly following the global financial crisis and other corporate scandals, which have led to the promulgation of rules and directives aimed at creating strong internal systems and controls that are comparable for financial institutions across the globe.

    “We are proud to be part of a larger Group, FBN Holdings Plc,  which has a strong heritage of promoting corporate governance practices that have resulted into over 120 years of uninterrupted service and continued growth,” Akinkugbe said.

    He restated the commitment of FBN Merchant Bank towards maintaining a strong posture on sound practices.

    He urged all chief compliance officers to engage, review and update policies and procedures to meet evolving business needs, and ensure familiarisation amongst all stakeholders, noting that this is critical to ensuring that the goal of running sustainable banking institutions is achieved.

  • Stock Exchange to delist 17 firms for poor governance

    Stock Exchange to delist 17 firms for poor governance

    The National Council of the Nigerian Stock Exchange (NSE) has approved delisting of 17 companies from the market.

    A report obtained by The Nation indicated that 18 companies have been slated for delisting, including 17 companies that have been earmarked for compulsory delisting and a company that had opted for voluntary delisting over its inability to comply with listing requirements.

    Finding’s at the weekend indicated that the delisting will shave of more than N33 billion from the market capitalisation, implying direct loss of similar value to investors who may not be able to unlock such value in the absence of a regular stock exchange.

    Already, the Quotation Committee of the National Council, which presides over listing and delisting of companies, has approved final delisting of seven of the companies while it has also approved final delisting process for 10 other companies.

    The final delisting approval implies that the Exchange has concluded and complied with the regulatory requirements in the delisting process, including issuance of necessary notices, forbearances, fair hearing and probation without any rectification from the affected company.

    The final delisting process outlines the step-by-step delisting process and implies ongoing engagement of the affected company on the timeline for compliance with listing requirements in default.

    Under compulsory delisting, the authorities at the NSE will at a specified date, after completion of the delisting process and approvals, delist the shares of the affected company without any further recourse to the position of the board or shareholders of the affected company. Voluntary delisting is the deliberate withdrawal of the shares of a company from the Exchange by the board of directors, acting on the mandate of the statutory majority of the shareholders.

    Companies which final delisting has been approved by the council included Aluminium Manufacturing Company of Nigeria Plc, Adswitch Plc, Jos International Breweries Plc, G Cappa Plc, IPWA Plc, West Africa Glass Industries Plc and Investment and Allied Insurance Plc.

    Companies which final delisting process has been approved included Rokana Industries Plc, Navitus Energy Plc, formerly Union Ventures & Petroleum Plc; International Energy Insurance, Costain (West Africa) Plc, Lennards (Nigeria) Plc, Deap Capital Management & Trust Plc, Evans Medical Plc, P.S Mandrides & Company Plc, Nigerian Ropes Plc and Premier Breweries Plc.

    A source in the know said the companies were being delisting for recurring and possibly irredeemable inability to comply with the listing requirements of the Exchange, especially in the areas of timely and accurate rendition of operational and financial accounts and other corporate governance issues.

     

  • PenCom, FMDQ sign deal for improved governance 

    PenCom, FMDQ sign deal for improved governance 

    FMDQ OTC Securities Exchange has entered into Regulatory Supervision Collaboration Agreement with the National Pension Commission (PenCom). 

    In a statement yesterday,  PenCom Director-General, Mrs. Chinelo Anohu-Amazu, said the agreement would enable the realisation of PenCom’s investment objectives of pension assets and maintenance of fair returns on investment (RoI).

    Chair, Board Regulation and Risk Management Committee, FMDQ, represented by independent non-executive Director, Ms. Daisy Ekineh, its Managing Director/CEO, Mr. Bola Onadele and representatives of the Central Bank of Nigeria (CBN) Banking Supervision and Financial Markets Departments and other key representatives from FMDQ and PenCom.

    Mr. Onadele said the partnership “will seek to achieve, among other things the Commission’s objectives (as outlined in the Pension Reform Act, 2014), through data access and visibility of its supervisees’ (Pension Fund Administrators (PFAs)) transactions on FMDQ; improved transparency of all PFAs’ transactions in the Nigerian fixed income market, as well as the money market through the applicable system(s); capacity building sessions for relevant PenCom staff on the use of the applicable system(s); and the development of performance benchmarks for fixed income asset classes: bonds (sovereign, sub-national and corporate), money market securities (treasury bills, commercial papers and others) and fixed deposits.”

  • Boost for Akwa Ibom women’s, youths’, disables’ participation in governance

    Boost for Akwa Ibom women’s, youths’, disables’ participation in governance

    A Non-Governmental-Organisation (NGO) under the aegis of ‘Women United for Economic Empowerment’, (an NGO for women economic empowerment) working in partnership with an international Agency in Nigeria, ActionAid Nigeria, has taken further their drive to  increase effective political participation among  women, the youths and the disables in Akwa Ibom State.

    In a two week event titled “Strengthening Citizens Engagement on Electoral Processes” ( SCEEP) in Akwa Ibom State, which took the groups to 18 communities in six local government areas in the State covering the three Senatorial Districts, the groups also officially launched and presented to each of the 18 communities the WUEE/ActionAid Community Development Charter.

    The Programme Officer, Aniema S. Nyong said the collaboration is to last for four years, 2015 to 2018 and  slated to cover a total of 180 communities in 10 States of the Federation.

    She said,”before the 2015 general elections, the Women United for Economic Empowerment (WUEE), an NGO with the mission to promote women/children rights, human development to the rural and urban poor and other vulnerable groups through empowerment programs, stormed randomly selected 18 Akwa Ibom Communities in six local government areas of the state with the project tagged “Strengthening Citizens Engagement on Electoral Processes (SCEEP).

    “With Actionaid Nigeria as implementing collaborator in Akwa Ibom State, WUEE came with the mandate to work with women, youths and persons with disabilities with the objective of not only enhancing citizens participation during electoral processes, but to also promote inclusiveness in the Nigerian electoral system by understanding duties owed communities by politicians and how to go about getting political office holders to fulfil those obligations”, the Program Officer stated.

    She said the programme which was  directed at 18 Akwa Ibom communities drawn from six equally randomly chosen local government areas of Abak, ?Ikono, Nsit Ubium, Uruan, Okobo and Ikot Abasi local Government areas of the state, WUEE, before the 2015 general elections organized training workshop where participants brainstormed to identify challenges communities are confronted with during elections.

    The forum provided the select communities the opportunities to identify and tackle issues mitigating against peaceful elections. Having gathered insight into how to present needs of the communities to politicians seeking votes, the communities were better prepared not only to participate during the election but on how to bring political office holders accountable to the people.

    Since non of the select communities had any written document which identify the people, who they are, their resources, occupation, means of earning a living, income/expenditure, health, number of persons with disabilities, education, origin, constituent families, rulership, community map, social conditions, assets, climate / weather, challenges and other things that could aid easy identification and presentation of their needs and expectations to politicians in return for votes. This therefore provided need for what WUEE tagged “The Village Book”.

    Aniema explained that after the 2015 general election, WUEE and Actionaid once again stormed Akwa Ibom communities earlier educated on electoral processes to brainstorm and come up with the Village Book, tied to the need of individual community.

    To achieve this goal, the NGO said it  selected 15 members from each community for a focused group discussion and were able to come up with the map of such community, resources, challenges, festivals, seasons and what obtains during each season.

    Explaining the rationale behind such investigations, the Executive Director of WUEE, Mrs Iniobong Frank, during the official launching of Community Development Charter (CDC)/Village Book at Abak Local Government Secretariat said the intention was to empower and give insight into the challenges facing communities.

    “It is that empowering process that also equips them with the right skills to bring about solutions to these challenges and subsequently built their active agency as a people and recognising the inherent power they possess as a group to bring about transformation in their respective communities”.

    “The near absence of accountability has often characterized Nigeria’s electoral democracy. The community charter is an attempt ?to initiate an accountability spectrum that transcends the pre-election period into the period of the public officer when elected and in office. Often, promises made by politicians are almost forgotten as soon as they are elected.

    Drawing from the engagement platforms, the Community Charter/Village book has provided a structured approach towards ensuring that the needs of the people are at the core of development interventions at their level of priority”, she said.

    With the community challenges clearly articulated, the Executive Director said it had become very easy for policy makers to key into the people’s development plans and actually use them to engage different levels and tiers of governance and different arms of government.

    The representative of Actionaid Nigeria, Mr. Effiong Obo said the target of the SCEEP project was to discourage citizen’s mentality of merely participating in electoral processes and thereafter leave politicians unaccountable to the people. He expressed optimism that with  the village books, communities were  better equipped to identify their problems and know how best to tackle the most pressing ones, using political office holders.

    The communities of Ikot Iyire Ukpom, Abia Okpo and Eriam Afaha Obong in Abak LGA, Nkwot Ikot Obok Idem, Ukpap Ikot Idang and Nung Ukim Ikot Etefia in Ikono, Ikot Okoro, Ikot Okwot and Ndiya Ikot Ukap in Nsit Ubium, Idu, Nwaniba and Ibiaku in Uruan, Akanawana, Annua and Akai Ndyo in Okobo and Uta Ewa, Ikot Akpaidiang and Atan Ikpe in Ikot Abasi Local Government Area,  took active parts and appreciated WUEE and ActionAid for the opportunity. They saw the relationship with the WUEE/ActionAid as a huge eye opener.

  • FRC ignores CBN’s contributions to Corporate Governance Code

    FRC ignores CBN’s contributions to Corporate Governance Code

    The war between the Central Bank of Nigeria (CBN) and Financial Reporting Council of Nigeria (FRC) is far from over. The apex bank complained at the weekend that the Council did not consider its recommendations on the ongoing review of the National Code of Corporate Governance.

    In a circular signed by CBN’s Director, Financial Policy & Regulations, Kelvin Amugo, titled: ‘Exposure Draft of the National Code of Corporate  Governance Issued by the Financial Reporting Council of Nigeria,’ he said most of the CBN’s input/observations, submitted during the public hearing which it considered critical to the smooth operation of the banking industry were not considered in the released drafts.

    The FRCN, after a public hearing held on June 30, last year, released drafts on the National Code of Corporate Governance, for Private, Public Sectors as well as Not-for Profit Organisations, on December 29, 2015.

    The CBN said it also observed that other significant contributions from a number of banks and other financial institutions on the private sector code, were not also considered by the FRCN. “We advise on the need to ensure that relevant inputs that would enhance the status of the codes, as well as facilitate the efficient and effective operation of the financial system are factored-in by the FRCN before the codes are finalised,” he said.

    The apex bank is, therefore, asking banks “to forward their input and/or concerns on the National Corporate Governance Codes to the Director, Financial Policy and Regulations Department by March 29, 2016 to enable us articulate a common position for the banking industry and to engage with the FRCN in respect thereof.”

    FRCN Executive Secretary, Jim Obazee, had during the hearing explained that modern society believes that the era of very weak and persuasive corporate governance codes is long gone due to stiff competing environment for foreign direct investment; of which binding regulation is a major factor being considered by investors and stakeholders, hence the need for new code.

    He said provisions have been made for the development and enforcement of a National Code of Corporate Governance in the Financial Reporting Council of Nigeria Act No. 6, 2011.

    He said that Section 50 of the FRC Act, 2011 provides that the objectives of the Directorate of Corporate Governance shall be to develop principles and practices of corporate governance ; promote the highest standards of corporate governance; promote public awareness about corporate governance principles and practices; on behalf of Council, act as the national coordinating body responsible for all matters pertaining to corporate governance  and promote sound financial reporting and accountability based on true and fair financial statements duly audited by competent independent Auditors.

    Obazee said the Council shall enforce and approve enforcement of compliance with accounting, auditing, corporate governance and financial reporting standards in Nigeria.

  • Obiano hails IGR, low cost of governance

    Obiano hails IGR, low cost of governance

    Anambra State Governor Willie Obiano has said that low cost of governance and improved Internally Generated Revenue (IGR) have helped in running the state. The state is one of the few where workers are paid promptly despite the economic crunch. Also, three flyovers being built in Awka, the state capital, will be completed in May.

    The governor said this while inspecting some projects, including the flyovers and the longest bridge in the Southeast under construction at Otuocha in Anambra East council.

    He maintained that the flyovers would be built according to design, complete with flowerbeds, suspenders and other enhancements.

    The site manger of the construction firm (ADC), Mr. Joseph Yusuf, commended the Governor for showing great commitment to the projects.

    While assuring that the bridges would be completed on scheduled, adding that the Kwata flyover would be the biggest of the three.

    Yusuf also, assured that the company would do everything within its powers to ensure that it did not over shoot the deadline.

    At Aguleri-Otu where the longest bridge is being constructed, Obiano said that the 47km Odene-Eziagulu-Aguleri-Otu-Orient Petroleum Road project that hosts the bridge would take two years to complete.

    This according to him was because of the treacherous nature of the terrain, adding that on completion, the road would transform the fortunes of the community and its neighbours.