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Tag: Nigeria newspapers

  • SEC urges Nigerians to shun Ponzi schemes

    NIGERIANS have again been urged to desist from investing their hard-earned resources in investment schemes that have not been registered to carry out fund management functions.

    Securities and Exchange Commission (SEC) Acting Director-General Ms. Mary Uduk gave the advice in the face of various unregistered schemes luring unsuspecting Nigerians with unreasonable returns.

    Enjoining investors to be wary of any investment with suspicious and unreasonably high return level proposals, Ms. Uduk also advised investors to always be sure of the status of such fund managers to know if the products they offer are registered with the SEC.

    According to her, the capital market is properly positioned to attract Nigerians and provide benefits to investors.

    She said the SEC has been doing a lot in terms of investor education to assist people understand whatever issues they have around the capital market.

    “But besides that, there are new products coming up every day in the Nigerian capital market. We have a lot of ethical funds, one of the safest areas to invest in is in Mutual Funds, Collective Investments Schemes and we encourage Nigerians to be part of these and others,” she said.

    The SEC, she said, has introduced initiatives to make the capital market more user-friendly such that people can participate in it with greater ease, comfort and convenience.

    She said: “There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.

    “The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.

    “These fraudsters or promoters of Ponzi Schemes are the false prophets of the investment environment, they are the ill wind that blows no good and at whose sight you must flee; they are to be avoided. This is one message you must keep spreading to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard–earned money”.

    Read Also: Beware of Loom ponzi scheme, SEC warns Nigerians

    Uduk therefore advised the general public to distance themselves from such schemes, adding, “Please note that anyone that subscribes to these illegal activities does so at their own risk.”

    She also informed investors that the SEC is currently leading the entire capital market industry in an effort to migrate all shareholders to an e–Dividend regime.

    The essence of the e-Dividend Mandate Management System she said, was to eradicate or reduce to the barest minimum the incidence of unclaimed dividend.

    “Unclaimed dividend is an undesirable feature of the Nigerian capital market which denies investors/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

    “It is a consequence of the bottlenecks which are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others,” she added.

    Ms. Uduk stated that the e-Dividend regime bypasses these limitations by ensuring that dividends which do not exceed 12 years of issue are credited directly to an investors account after declaration by the paying company and within a stipulated payment period through simple interbank transfer.

    Recall that the e-Dividend registration exercise started on November 23, 2016.

    Other initiatives by the SEC to ensure that Investors get the benefit from investing in the market, according to Uduk include, Multiple Subscription Regularisation, Direct Cash Settlement, dematerialisation, National Investor Protection Fund, Recapitalisation of capital market operators, corporate governance scorecard, new rules for products innovation, development of commodity exchange, Collective Investment Schemes among others.

  • Aubameyang seals victory for Arsenal at Newcastle United

    Steve Bruce’s reign as Newcastle United manager began in disappointing fashion as Pierre-Emerick Aubameyang’s second half goal sealed a 1-0 victory for Arsenal at a subdued St James’ Park on Sunday.

    After a largely forgettable first half in which Newcastle United were slightly the better side, Arsenal eased to a comfortable three points thanks to Aubameyang’s 58th minute strike.

    Newcastle United handed 40 million pounds record signing Joelinton a debut up front and he showed some flashes of intent in the first half but the hosts fizzled out after the break.

    The Gunners had to wait until April to keep their first away clean sheet in the English Premier League (EPL) last season.

    But they looked solid as they opened their campaign in far better fashion than a year ago, when consecutive defeats marked the start of Unai Emery’s tenure following the end of the Arsene Wenger era.

    The closest Newcastle United came to scoring was in the first half when Jonjo Shelvey’s powerful shot glanced the upright.

    “It is always positive for all the squad to win the first game. Everyone is happy to get three points and we’re looking forward to winning more games,” Aubameyang said.

    The Gabonese frontman has now scored 33 goals in 50 Premier League appearances since joining Arsenal from Borussia Dortmund in February 2018.

    Read Also: Europa League: My goal will be important – Aubameyang

    Only Liverpool’s Mo Salah (36) scored more league goals in that period.

    Heavy pre-match rain and dark skies matched the mood around the stadium which was nowhere near its 52,000 capacity.

    Some disgruntled fans had answered the call for a boycott as disenchantment at Mike Ashley’s ownership continues.

    While Newcastle United have spent in the transfer window, for many fans it all counted for nothing.

    It has failed to make up for the loss of popular manager Rafa Benitez who left in June having failed to agree to a new contract.

    Sunday’s gate was 4,000 down on last season’s home average.

    The experienced Bruce’s appointment has not exactly sparked the passion of the fans either, and there was little energy coming from the stands throughout a cagey clash.

    Bruce’s team at least tried to lift the mood in a largely uneventful first half.

    Brazilian number nine Joelinton showed flashes of menace, heading one effort wide and then wriggling through to fire in a shot saved by Bernd Leno.

    Shelvey also struck the woodwork with a deflected shot as Arsenal struggled for tempo.

    Arsenal looked more eager after the break and took the lead with a goal of clinical simplicity.

    A sloppy pass was intercepted by Ainsley Maitland-Niles inside his own half and he burst forward before picking out Aubameyang.

    The Gabon international took a sublime touch before guiding a cool finish beyond advancing goalkeeper Martin Dubravka.

    Newcastle United offered nothing in response and the Gunners introduced three of their close-season signings off the bench.

    They are on-loan Real Madrid midfielder Dani Ceballos, Cote d’Ivoire striker Nicolas Pepe and Brazilian teenager Gabriel Martinelli.

    With such an influx of exciting talent now available to Emery, Arsenal will move forward full of optimism.

    But for Newcastle United, and local boy Bruce, it already appears as though it could be a long, hard season.

    NAN

  • Insecurity: Nigeria Army, Police extremely Ill-equipped, says ex-US Marine

    A security expert and retired Captain in the United States of America Army,  Mr. Sunday Adebomi, has said the Nigerian Army and Police lack the equipment necessary to combat the rising wave of kidnapping, insurgency and banditry being witnessed across the nation.

    This, Adebomi, said was responsible for the under performance of the security architecture in combating the men of the underworld terrorizing the country.

    He called on the Federal Government to provide necessary military hardware required and ensure proper funding of the nation’s security formation, adding that all hydra- headed security threats could be easily surmounted if federal police structure is decentralised to give way for the creation of a state police.

    He said a nation-state with wide territorial expansion and dense population like Nigeria can only guarantee the safety of lives and property of the citizens, if it spreads the dragnet of security to the grassroots.

    Adebomi, a chieftain of the All Progressives Congress, gave the advice in a chat with newsmen in Ado-Ekiti on Sunday, calling on members of the public to be conscious of their environment and report suspicious persons and movement to security agents.

    Adebomi, who tasked the security operatives, particularly in Ekiti to step up surveillance and patrol in order to nip the rate of insecurity in the bud, said such can only be achieved if those with the deep knowledge of the terrain are integrated into the security architecture to gather information for proper actions.

    He commended the various efforts of Governor Kayode Fayemi towards stopping criminal activities and called on the people of the state to always support the government in this regard.

    “I want to express concerns on the alleged killing of about 23 people at a funeral ceremony in Borno State last weekend by suspected Boko Haram sect. The news was disturbing and traumatising to me.

    Read Also: Police foil bus hijack in Rivers

    “Our government must do more in providing necessary facilities and sophisticated weapons that would be enough to its security personnel to tackle insurgency and Nigerians to be united to fight this battle.

    “The various interventions of government at all levels toward solving the challenges of insecurity had yielded little results, so we need to be sincere with ourselves by doing what is right.

    Adebomi, who was a governorship aspirant in the state, described the recent meeting of Traditional rulers across the country with President Muhammadu Buhari on how to end the various security challenges in the country as a welcome development, saying that the traditional rulers have greatet roles to play in securing the society.

    “The decision of the federal government to install CCTV cameras on major highways across the country was commendable .But such must be done with high sense of security intelligence, so that there won’t be any reason for sabotage”.

     

  • Boko Haram… 10 years of humanitarian crises in Northeast

    The Boko Haram insurgency has taken a toll on the Northeast in the last 10 years. Rabiu Sani examines how this humanitarian crisis has been handled.

     

    On Thursday July 25, dozens of Boko Haram insurgents attacked the Dalori Internally Displaced Persons (IDPs) camp in the outskirt of Maiduguri. The insurgents killed two residents, looted food items and razed shops.

    The insurgents had on July 18, abducted six aid workers of a non-governmental organisation, Action against Hunger, while travelling on Gubio-Damasak Road, in northern Borno.

    The workers were in the area to provide humanitarian support to people affected by the decade-long conflict.

    Dalori IDPs camp attack, coincided with the 10-year remembrance of the clash between security forces and Islamic extremist group, formally called “Yusufiyya Movement,” in Maiduguri metropolis on July 26, 2009.

    Reports indicated that about 700 members of the group, including its spiritual leader, Mohammed Yusuf, were killed in the encounter.

    The violent clashes of that day sowed the seed of Boko Haram insurgency, which engulfed major cities in northern Nigeria and spilled into Cameroun, Chad and Niger republics.

    Boko Haram insurgency had led to one of the world’s biggest humanitarian crises, while the atrocities of the terrorists continued unabated on civilian population, in spite successes recorded by military counter insurgency operations.

    The group attracted international attention in 2014, with the abduction of over 200 Chibok school girls, while thousands of women and children were abducted, maimed, raped or forcefully conscripted into foot soldiers and human bombs.

    Also, Boko Haram fighters on March 1, 2018, attacked Rann town in Kala Balge Local Government Area of Borno, killed three male health aid workers providing life saving humanitarian assistance to thousands of internally displaced persons in the area.

    The insurgents equally abducted three female aid workers: Saifura Hussaini Ahmed Khorsa, Hauwa Mohammed Liman and Alice Lokshah. Khorsa and Liman were executed by their captors in September 2018 and October 2018, respectively.

    Similarly the insurgents abducted over 200 school girls at Dapchi in Yobe in 2018, though all the girls with the exception of Leah Sharibu were freed.

    According to the United Nations statistics, the insurgency triggered displacement of about eight million people, while over 20, 000 others were killed in the past 10 years.

    In 10 years, about two million persons are currently displaced with over 80 per cent of them seeking refuge in camps and host communities in Maiduguri, they are also in dire need of life saving assistance.

    To most of the affected persons, life has not been the same, as the conflict exposed them to unbearable conditions such as homelessness, poverty, hunger, starvation and lack of protection.

    One of the displaced persons, Ali Mai, said he escaped to Maiduguri and stayed in the camp, after the insurgents sacked his village in Marte Local Government Area of Borno.

    Recounting his ordeal in the hands of the insurgents, Mai said that the terrorists killed his two children and razed his house.

    The 55-year-old farmer added that he now stays in a makeshift tent with his wife and three daughters.

    “I hope the conflict will end soon, so that I can go back home and resume my normal life.”

    Another displaced person, Kaka Sanda, said the insurgency subjected them to difficult conditions and dashed their hopes of a better life.

    “I lost my livelihood and left with nothing to live on, in spite the resilience, I still find it difficult to move on,” Sanda said.

    Eric Batonon, the Director, Norwegian Refugee Council (NRC) in Nigeria, observed that people have continued to flee on weekly basis because of violence and insecurity in the North-East.

    He said that many of the displaced persons settle along roadsides or on empty strips of land, with poor sanitation and no access to potable water.

    Batonon said: “Ten years on, it is harrowing to see families still crowding into make-shift shelters with inadequate drainage systems.

    “People in Nigeria need safe pathways back to their homes and much better living conditions.

    “In the meantime, displacement sites are dangerous, chaotic and entirely unsuitable for children. It is critical to decongest these overcrowded sites, provide people that have been forced to flee with safe, dignified facilities and prevent another deadly cholera outbreak.”

    Read Also: How Boko Haram killed 68 mourners in Borno

    He appealed to the global humanitarian community, local and national authorities to do much more to improve the lives of the displaced persons.

    To address the humanitarian challenges, the UN in collaboration with International Non-Governmental Organisations (INGOs), humanitarian actors, Federal and Borno State Governments initiated various interventions to support and alleviate the sufferings of persons affected by the conflict.

    The UN through its Office for Coordination of Humanitarian Affairs (OCHA), launched  835 million US dollars fund in 2019 to fast track interventions in areas of food, shelter, healthcare services, education, water and sanitation, as well as livelihood, security and protection for the displaced persons.

    A number of programmes are also being implemented to alleviate the sufferings and improve the lives of persons in need, in spite of challenges posed by inadequate funding, fresh displacements triggered by the ongoing conflict between the security forces and insurgents, as well as attacks on humanitarian workers.

    Mr Edward Kallon, the UN Humanitarian Coordinator in Nigeria, while commenting on recent abduction of aid workers in northern Borno, said that 7.1 million people still need humanitarian assistance.

    Violence, insecurity and inaccessibility to remote areas of Borno continue to hamper response to urgent needs, he added.

    “These acts of violence affect the very individuals, families, and communities that we support, and deprive vulnerable people of vital services. All parties should protect and facilitate the delivery of aid.

    “In spite of constraints, the humanitarian community remains committed to do its utmost to provide life-saving assistance and help the people in the North-East to rebuild their lives,” Kallon said.

    Also, the Federal Government in a deliberate move to end the conflict and restore peace to the war-torn region,  initiated and implemented an amnesty programme, code named: “Operation Safe Corridor.”

    Operation Safe Corridor is designed to encourage Boko Haram insurgents to surrender, undergo de-radicalisation and rehabilitation and facilitate their reintegration into the society.

    Maj-Gen- Bamidele Shafa, the Coordinator of the programme, revealed that hundreds of the repentant insurgents have been reintegrated into the society in Adamawa, Borno and Yobe states, in the past one year.

    In the same vein, the Borno Government had initiated a comprehensive Reconstruction, Rehabilitation and Resettlement programme, to facilitate resettlement of displaced persons and restoration of civil authorities in resettled communities.

    More than 10, 000 residential homes, schools, classrooms, clinics, markets, water facilities, offices and other public infrastructure were constructed under the programme.

    Batonon reiterated the need for donor countries to increase their support to families trying desperately to survive in one of the world’s most volatile region.

    “The world needs to scale up the relief work and send a message of hope to the more than seven million people in need of humanitarian assistance in North-East Nigeria. After a decade of conflict, we need to show them that they have not been forgotten.”

     

    • Sani is of the News Agency of Nigeria (NAN)

  • A new beginning

    The vice president, Professor Yemi Osinbajo, on a visit to Anambra State recently, called for a new beginning in the relationship between the All Progressive Congress (APC) and the people of the Southeast. This column on many occasions, called for that rapprochement, arguing that the Southeast has no reason to put all her eggs in one weak basket, placed on the unbalanced head of the Peoples Democratic Party (PDP), whose legs have been wobbling since 2015.

    In his remarks, published by his media aide, Laolu Akande, the vice president reminded south-easterners that President Muhammadu Buhari on two occasions he ran for the presidency, had as vice-presidential candidates, two eminent Igbo sons. One was Dr. Chuba Okadigbo, and the other was Chief Edwin Ume-Ezeoke, and both of them were no minnows in politics.  So, when PDP agents say that historically President Muhammadu Buhari hates the Igbos, I wonder where they get their facts.

    The vice president also reeled out projects that the Buhari presidency has undertaken in the south-east, to include the on-going second Niger Bridge, completed Zik Mausoleum, Onitsha-Enugu expressway rehabilitation, electrification project at Nnamdi Azikiwe University, and of course the social investment programmes very dear to the vice president’s heart. While the Southeast deserves more projects, this column commends those projects as potentials, a détente between the zone and the Buhari presidency could generate.

    The vice president also noted that Anambra State is one of the seven states that have two ministerial nominees. While the state has always had that privilege, perhaps because of her per capita contribution to the party, it is noteworthy that under the Buhari government, the special favour is maintained. Of course, the returning minister and former Governor Chris Ngige, is a juggernaut in the party.

    Going forward, what Igbo elites should do, is to work for the interest of the region in any party they are in, while not negating the overall interest of Nigeria. For instance, they should take a stand on the boiling issue of insecurity in the country, and push for amendment of the constitution to allow for state and local police authorities. While opponents of the ruling party are entitled to disagree with the party, it is retrogressive to associate membership of APC with sabotaging of the region’s interest.

    After all, the PDP government could not gift Nigeria any significant restructuring, while in power for 16 years. So, it is untenable to give the impression that APC’s inability to address the problem is because a Buhari who has an axe to grind with the Igbos is in power. Therefore, since the faulty national security structure predates Buhari, a bipartisan approach would be more productive that smear campaigns.

    While Buhari’s opponents can claim that insecurity has arguably worsened or has created a dangerous mutant under his watch, the solution would only come under a bipartisan approach to the challenges. So, instead of the Igbo elites wasting energy demonising their kit and kin who feel comfortable in the APC government, they should concentrate their energy in finding solution to the hydra-headed problems bedevilling the nation. As I have said, the fundamental challenges can only be solved via a bipartisan approach.

    So, abuse qua abuse, will not lead to the Promised Land, which the country badly needs to stave a total breakdown of law and order. With former Governor Rotimi Amaechi returning hopefully to the Ministry of Transportation, the new beginning should include, adding the Southeast to the Northeast railway, in the federal government’s railway modernisation programme. Cutting a deal on that major infrastructure project can only come via a deft rapprochement with the central government.

    The leaders of Southeast in government must therefore wake up and make hay while the sun shines. It is not fair to take the benefits due to leaders of the party in the zone, but fail to work to build the party in the zone and ensure the people benefit from the government. Luckily, the constitution ensures every state has a minister. The occupier of that coveted position must use the visibility conferred by it, to grow the party and ensure what is due to the state gets to it.

    In some states, there were protests over the re-nomination of former ministers. My home State Enugu, was one of them. The state chairman of the party protested that the party was not consulted before Geoffrey Onyeama was re-nominated for the new federal cabinet. While the president could choose not to consult with the party in making his choice, the chosen one owes a duty to nurture the party, as a representative in the cabinet.

    Even when the president is doing his final term in office, it is in his interest the party is sustained and if possible returned to power, if the legacies of the president is to be sustained. So, the survival of the party is as much in the interest of an outgoing president, as it is in the interest of a budding successor. Unfortunately, the drawback caused by the absence of cohesion amongst party officials in southeast states, is made worse by the failure of their representatives to use their visibility to promote the party.

    For instance, this writer severally called upon former Governor Rochas OKorocha to use his position as the only APC governor to build the party in the zone, but he squandered the opportunity. Now he is running from pillar to post, with neither party nor the people supporting him, as Governor Emeka Ihedioha is turning him and his family into an endangered specie in the state. While as Imo State governor, Okorocha was beclouded by an ill-mannered determination to foist his son-in-law on the state at all cost. As happens in such silly endeavours, he is left to lick his wounds, alone.

    One project that should also form a cornerstone of the new beginning, preached by Vice President Yemi Osinbajo is the upgrading of the Akanu Ibiam International Airport to full international status. Recently, the federal aviation authority reeled out the airports they are working on their landing instruments, and no mention was made of the only international airport in the Southeast. If Buhari’s government wants a cohesive country, it must disregard partisan detractors and ensure a fair distribution of national resources across the geo-political zones.

    Perhaps, it is good the immediate past Minister of Aviation, Hadi Sirika, is returning to government, most likely his former ministry. The action governor of Enugu State, Hon. Ifeanyi Ugwuanyi, must ensure a good working relationship with whoever emerges as Minister of Aviation, to contribute his quota for the Enugu airport to be upgraded to full international status by the federal government within the next four years.

  • Foundation awards scholarship to 121 students at ATBU

    The Nura Manu foundation established by philanthropist Alh. Nura Manu Soro  has paid the  tuition  of 121 students at the Abubakar Tafawa Balewa University (ATBU),  Bauchi.
    Alh.  Nura Manu Soro who is the Chairman of the foundation disclosed this on Monday,  while interacting with the beneficiaries who paid him a  visit at his residence.
    He explained that 116 out of the beneficiaries are degree students while the remaining five were supported to enroll into masters degree programs.

    Read Also:Minimum wage: FG can’t cheat workers – Labour

    He said the foundation has also received 70 applications from students of the federal Polytechnic Bauchi.
    He promised the gesture would not be restricted to only tertiary institutions in the state but will be extended to all needy indigents of the state studying in various schools across the country.
    Soro stated that the scholarship being awarded by the foundation is purely for tuition fees.
    He noted it is meant for students that secured admissions into tertiary institutions but cannot pay tuition fees.
    ” Both applications, selections and verification will be carried out through a local committee. At the tertiary level, it includes students, religious leaders and a representative from students affairs office. Applicants should write the names of their three referees who must be known people in their localities”.
    ” Further verification is to be carried out at the foundation Secretariat. The foundation is purely cashless and makes payments directly to schools accounts and not individuals”. He said.
    He said forms have been distributed to emirs, district heads, local government Secretariats and students affairs offices of schools across the state for the less privileged students.
    One of the beneficiaries, Jabir adamu Abdulhamid of the ATBU university, who spoke on behalf of the others, expressed gratitude to the foundation.
    He said having struggled to get to university most of them engage in menial jobs to pay for their tuition.

  • How my wife died of wrong diagnosis, by Oshiomhole

    National Chairman of the All Progressives Congress, Comrade Adams Oshiomhole, has called for a review of Nigeria’s medical system so that doctors treat patients only in that aspect in which they have competence.

    Comrade Oshiomhole said wrong diagnoses could be prevented by governments if it provides robust regulation on the health system.

    Oshiomhole who spoke at the Founders Day and Launching of Endowment fund of the University of Bénin Teaching Hospital (UBTH) said his late wife, Clara, died of wrong diagnoses.

    The APC National Chairman said he would have sued the doctors if it were in another terrain because his wife was a victim of quack medical doctors.

    Comrade Oshiomhole said, “You visit a hospital, one doctor is gynaecologist, psychologist, pediatric, and the doctor treats everything. My wife was unfortunate to have been diagnosed as having something different while the cancer in her breast was growing.

    “This generalized system of medical system is what we must review. It is not the task of government that things are not working. People elect government to make things work. That was why I decided to build what I called Five Star hospital to replace the decayed Central Hospital. I do hope that one day that hospital will open and you will see the equipment.

    “One thing we need to do is appropriate compensation. When we have the right policy framework, the other level of compensation, people are paid according to, I believe doctors working outside the country will come back.”

    Former Nigeria’s Head of State, General Yakubu Gowon hailed late Dr. Samuel Ogbemudia and late Prof. T Bello-Osagie for ensuring local people get access to tertiary health services instead of traveling to Lagos or Ibadan.

    General Gowon expressed joy that the UBTH has served the people well.

    He said, “In terms of training and research, the UBTH has performed excellently well in collaboration with UNIBEN.

    Read Also: Oshiomhole, other APC leaders behind my ordeal, says Okorocha

    Minister of State for Health, Dr. Osagie Ehanire. commended the UBTH management for conceiving the endowment fund.

    Dr. Ehanire challenged Nigeria hospitals to aim higher and compete for excellence internationally.

    Ehanire noted that the problems in hospitals in the country were not due to lack of equipment or expertise but a challenge of trust.

    His words, “Improvement is urgently needed in all aspect from environmental upgrade to tip-top house keeping; from prompt and polite attention to patients at first point of call especially registration..

    “It goes simply pumping more and more money into operations. It requires rededicating yourselves to fight wastage, leakage and damage; to better optimization of resources and assets.”

  • LG funds: NFIU faults comments, warns against breach of new guidelines

    For the umpteenth time, the Nigerian Financial Intelligence Unit (NFIU) on Wednesday faulted isolated comments against new guidelines on the management of the finances of the nation’s local governments.

    It described the comments as willful misinterpretation of the 1999 Constitution.

    It clarified that the guidelines were also on the account of legitimate powers provided by the NFIU Act 2018.

    The NFIU which made the clarifications in a statement in Abuja by its Chief Media Analyst, Mr. Ahmed Dikko, warned that any violation of the said guidelines will be sanctioned appropriately.

    The statement said: “The Nigerian Financial Intelligence Unit (NFIU) is using this second press statement on the above subject to reiterate its position that the 1st June effective date of the guidelines to all financial institutions and public officials on the local government funds stands.

    “The Unit also maintains its understanding of the 1999 constitution that no debit is allowed on any local government funds unless and until the funds are credited to and reach the bank accounts of a local government in any state of the federation.

    Read Also: Imo lawmakers serve Speaker impeachment notice

    “The provision of the cumulative cash withdrawal not exceeding N500, 000 per day is also firmly in place effective 1st June 2019.

    “We observed isolated comments to the contrary in the past few days which in our assessment only amounted to willful misinterpretation of the 1999 constitution and therefore, of no consequences to the operations of the entire financial system.

    “The provision of the guidelines to the financial institutions was also on account of legitimate powers provided by the NFIU Act 2018 and any violations of the said guidelines will be sanctioned appropriately.

    The NFIU last Monday unveiled the new guidelines in Abuja.

    The complete copy of the guidelines has been released to the Governor of the Central Bank of Nigeria, the Chairman, Economic and Financial Crimes Commission (EFCC), the Chairman, Independent Corrupt Practices Commission (ICPC) and Chief Executive Officers of all Banks and other financial institutions.

    A statement by the agency explained in details the steps taken to protect local government allocations.

    The statement said: “The NFIU requests all financial institutions, other relevant stakeholders, public servants and the entire citizenry to ensure full compliance with the provisions of the guidelines already submitted to financial institutions and relevant enforcement agencies including full enforcement of corresponding sanctions against violations from 1st June, 2019.

    “Having realized through analysis that cash withdrawal and transactions from the State Joint Local Government Accounts (SJLGA), poses biggest corruption, money laundering and security threats at the grassroots levels and to the entire financial system and the country as a whole, decided to uphold the full provisions of section 162 (6) (8)of the 1999 Nigerian Constitution as amended which designated ” State Joint Local Government Account into which shall be paid allocations to the local government councils of the state from the federation account and from the government of the state.”

    “The amount standing to the credit of local government councils of a state shall be distributed among the local government councils of that state” and not for other purposes. As far as the NFIU is concerned the responsibility of the account as a collection account is fully reinstated.

    “In addition, taking such measures was necessitated by prompting reasons on the NFIU to respond to threats of isolating the entire Nigerian financial system by other International financial systems due to deficiencies in our anti-money laundering and counter terrorism financing implementation and measures.

    “Therefore, it is no longer possible to allow the entire system to suffer the deliberate and expensive infractions or violations by public officials and/or private business interests.”

    “In addition, a provision is also made to the effect that there shall be no cash withdrawal from any local government account for a cumulative amount exceeding N500, 000:00 per day. Any other transaction must be done through valid cheques or electronic funds transfer.”

  • Ugborodo Vs Chevron: Community suspends 11-day protest

    After an eleven-day marathon peaceful protest mounted against Chevron Nigeria Limited (CNL), the people of Ugborodo community on Wednesday suspended their protest on the company’s operations.

    Announcing the decision to suspend the protest in a statement, the Director of Strategic Communication of the protest and executive member of the Ugborodo Community Management Committee (UCMC), Mr Alex Eyengho, said the company had agreed to some of the demands, while others would be attended to during ongoing discussions.

    The people of Ugborodo community in Warri South-West council area of Delta state had embarked on an indefinite protest march against the oil multinational over a number of alleged infidelity on the part of the company, against the interest of the community.

    The protesters had mounted camps around the premises of Chevron’s Escravos facilities, which are reportedly located on Ugborodo lands, they took the protest to the Warri corporate offices of the company on Tuesday, barricade accesses.

    According to the statement, the community said “the meeting which went on into late evening could not address all the demands and issues raised due to time. Ugborodo demands 3, 4, 5 and 8 have been treated but not completely to our satisfaction. However, we believe that the meeting with top Federal Government functionaries proposed for Abuja next week will afford us the opportunity to treat the issues/demands well. Chevron seems to be hiding under the Public Procurement Act to run away from most of the demands.

    “On demand number 3, Chevron agreed to address it with a view to restoring normalcy within one month. The company also agreed to engage relevant government agencies with a view to addressing demand number 4.

    “Similarly, Chevron agreed to commence the process of taking on board as permanent staff some of the community workers and also address other issues tied to demand number 5. On demand number 8, Chevron promised to be more open with the UCMC, going forward.

    “Suffice it at this point to inform the general public that we shall end the 11 days old peaceful protest today Wednesday, May 15, 2019 and completely demobilize, even as we continue discussions with Chevron and government at both State and Federal levels. Be it however known that we SHALL not rest until every aspect of our demands are met.

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    “Ugborodo must be taken out of the doldrums and manifest quagmire of underdevelopment, unemployment and poverty in the midst of God-given natural resources making billions of dollars for Nigeria, Chevron Nigeria Limited and other oil companies operating in Ugborodoland. The UCMC under the leadership of Austin Oborogbeyi Esq is committed to this task among others. The struggle certainly continues!

    “May we also use this opportunity to first thank Almighty God that there is no single negative incident all through the duration of this protest. May His name alone be praised. However, we cannot do without thanking Ugborodo indigenes from far and near, the Itsekiri National Youth Congress/Council (INYC), the National Association of Itsekiri Graduates (NAIG), the Itsekiri people from far and near for coming out in their numbers to give the protest the shape and form of mother of all protests. We cannot thank you all enough.

    “Our thanks also go to His Majesty, Ogiame Ikenwoli, the Olu of Warri, the Governor of Delta State, His Excellency, Senator (Dr.) Ifeanyi Okowa, the security agencies and the general public for their understanding and empathy. God bless you all”, it said.

  • Senate links insecurity to inequality, joblessness

    The Senate has identified inequality, joblessness and despondency as some of the main factors responsible for the heightened insecurity across the country.

    Specifically, the upper legislative body traced the spate of killings, kidnapping, armed robbery and banditry to the growing number of poverty-ridden Nigerians, particularly among the youth population.

    Alarmed by the daredevilry of the Boko Haram insurgents, killer herdsmen, armed militias and other criminal groups prowling the land, the senators said urgent and drastic measures must be taken to save the country a looming violent revolution.

    Coming through a motion by Senator Chukwuka Utazi (PDP Enugu North), the lawmakers expressed fears that the extreme inequality and frustration among a large segment of the population might pit the poor against the elite.

    Utazi’s fears were hinged on the trend of attacks in which the elite and their family members are being targeted in cases of abductions and banditry.

    The senator observed that highways across the country are no longer safe, as the likelihood of violent attacks by hoodlums is higher than ever before.

    Utazi said, “The Kaduna-Abuja highway has become a den of bandits and kidnappers so much so that the elite have abandoned the roads and taken to rail, thereby jacking up the cost of rail transportation, forcing poor people, who hitherto patronized the rails, out.”

    According to him, the armed forces and other security agencies are having it tough with insurgents in the Northeast and bandits in the Northwest, a situation which he said, had assumed a war dimension.

    “Every illusion as to the magnitude of what the country is facing in the North Eastern flank should have evaporated by now with the mass killings going on there and the high deprivation it has engendered for citizens”.

    The senator also decried the sustained bloody campaign in the North Central by armed Fulani herdsmen and other murderous gangs, which had forced farmers out of their farms and ancestral lands. The result has been hunger staring everyone in the face.

    Similarly, the lawmaker expressed apprehension over the wave of kidnapping and ritual killings across many states in the Southwest.

    “In the South-South, the nightmare continues as long stretches of roads, like the East-West Road, are declared too dangerous to ply and the police have officially placed an advisory of danger over the road. Gang payoffs have become the new norm”, he lamented.

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    Utazi bemoaned the unrestrained attacks by marauding herdsmen in the Southeast, leaving in their trail devastated farmlands, murders, rape and hostage taking among other ills.

    He observed that the tightening security situation has continued to scare away local and foreign investors as well as tourists, thereby depriving the country of huge revenues that would have come from such investments.

    The senator stated that what is being witnessed in the country is a culmination of long years of neglect of the welfare and future of the younger generations and the failure on the part of the government and the elite to read the danger signals.

    “And today, the chickens have returned home to roost; the downtrodden are revolting, hitherto docile beggars have risen in arms forcing those with powers of patronage to beg for safety.

    The elites are being attacked, we have in our hands a dictatorship of the beggars, fuelled by drugs and poverty”, Utazi said.

    The Deputy President of the Senate, Ike Ekweremadu who agreed with Utazi’s observations, called for proper statistics and concrete steps by government to tackle unemployment in country.

    Also contributing, Senator Shehu Sani decried the absence of priority options for the poor masses in government programmes, saying that as lawmakers, there has been intense pressure from the poor among his constituents.

    Senator Sani noted that the socio-economic pattern of Nigeria was that of master-servant relationship which he said can no longer be sustained. He urged conscious intervention to better the life of the poor.

    Also contributing, Senator Ben Murray Bruce said, “In finding solution to the menace, the country has to grow its economic indices by 15% for the next 30 years to employ everybody”.

    Murray Bruce expressed disappointment with the various levels of government in the country for not investing enough in education. He noted that instead of buying books, they were buying bullets for the teeming youths.

    The Senate Leader, Ahmed Lawan urged his colleagues to speed up the process of introducing the appropriate legislation to arrest the situation despite time constraint on the Eight Assembly.

    Lawan said, “Though, we have three weeks to go, we can do something, particularly that it was common knowledge to all of us that we witnessed the condition of Nigerians when we went on campaign”.

    In the interim, however, the Senate unanimously resolved to ask the Federal Government to declare a state of emergency on unemployment.

    It also urged the government to create more pro-poor social acetylcholine nets, dedicate 20% of recovered loot to fund same and take urgent measures to stimulate production.

    The lawmakers also enjoined the Federal Government to increase its budgetary allocation to education and effectively dedicate 26% of the yearly budget to education, beginning from 2020 budget cycle, calling on the state governments to do same.

    They also urged the Government to setup an unemployment support fund and to establish factories in the 774 local governments to address unemployment.