Tag: Senate

  • Senate confirms SEC management

    Senate confirms SEC management

    The Senate has confirmed Dr. Emomotimi Agama as the Director General of the Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator.

     The Senate also approved the appointment of Frana Chukwuogor as Executive Commissioner, Legal and Enforcement; Mr Bola Ajomale as Executive Commissioner, Operations and Mrs. Samiya Usman as Executive Commissioner, Corporate Services.

    The confirmation of the appointments followed the presentation of the report of the Committee on Capital Markets chaired by Senator Osita Izunaso, representing Imo West (Orlu) constituency of Imo State.

    Izunaso told the Senate that the nominees met the requirements to be appointed by President Bola Tinubu.

    “That they were eminently qualified for the positions. They passed all security checks and answered relevant questions during the screening,” Izunaso said.

    After his presentation, the Senate voted and confirmed the nominees.

    Deputy Senate President,   Barau Jibrin, who presided at the confirmation, charged the appointees to carry out their jobs diligently for the betterment of the country.

    “They should do their work in the best way they can to turn around the economy of Nigeria. They should try not to let Mr President down or the nation. They should do their best to use that institution to promote the wellbeing of this country,” Jibrin said.

    Tinubu  on April 19  appointed Agama to take over from Lamido Yuguda.

    Agama’s appointment has been hailed by capital market stakeholders who described him as a technocrat that would boost the birthing of the Tinubu administration’s $1 trillion economy.

    Speaking shortly after his clearance by the Committee last week, Agama, said he will accelerate the development of the capital market in a manner that would boost wealth creation, attract investments and create jobs for Nigerians.

    Read Also: Senate urges Fed Govt to review strategies to curb rising insecurity

    According to him, the new team was appointed by Tinubu to change the narrative of the capital market and reposition it to the path that would boost economic growth.

    “We are bringing on board innovation, development. We are going to change the narrative of the Nigerian capital market. We are going to turn it around. That is the essence of our appointed by Mr. President. With this team, we assure Nigerians that we’re going to do the best that the President has the desire to do.

    “So, we should all wait to see what is going to happen. Our desire is to move this market forward. And to help in achieving the President’s $1trillion economy in the shortest possible time,” Agama said.

    He described the capital market as the barometer of the economy, noting that the Commission would implement innovative polices and programmes that will create world-class companies in such a way that will ensure redistribution of wealth.

    “You must understand that the capital market is actually the barometer of any economy. And without a strong capital market, then, of course, the economy will not do very well. The intention of this management is to make sure that we mainstream the capital market in the Nigerian economy.

    “And in doing that, we’re going to be able to provide employment, change the narrative, and create companies that are going to be top world-class companies in such a way that there will be what we call redistribution of wealth.

    “The President has an intention to change the lives of Nigerians. And the capital market is one of the vehicles that the President intends to use to achieve that. That is why the President has set up a team like this to be able to do that,” Agama said.

  • Senate urges Fed Govt to review strategies to curb rising insecurity

    Senate urges Fed Govt to review strategies to curb rising insecurity

    The Senate yesterday decried persistent insecurity in parts of the country.

    It urged government at all levels to immediately review security strategies to curtail the menace.

    The resolution of the Senate followed its consideration and adoption of a motion, titled: “Urgent need to review security approach in addressing banditry attacks in Katsina, Sokoto, Zamfara, Kaduna and Kebbi States in the Northwest of Nigeria” sponsored by Senator Sani Nasiru (APC, Katsina North).

    Following the motion, the Red Chamber sought increased collaboration between security agencies and state governments on security amtters.

    The Senate urged President Bola Tinubu to direct a thorough review and evaluation of the strategies employed by security agencies in the Northwest and the Northcentral.

    It also asked the President to consider the deployment of additional security personnel/special task force to the identified hotspots to ensure the protection of life and properties.

    The Red Chamber urged security agencies to take intelligence gathering more seriously.

    In his contribution, former Senate Majority Leader Yahaya Abdullahi said residents were forced to make financial payments to kidnappers.

    Read Also: Senate urges Fed Govt to review strategies to curb rising insecurity

    He said: “Tthe entire Northcentral and the Northwest are on fire. There is no security anywhere. We pay kidnappers. This thing has become commonplace.

    “We don’t see it as news again. It is ubiquitous. Are we going to continue to talk? There are no recommendations being made now that haven’t been recommended in the past.

    “We must reach out to the President of this country to look at our recommendations. It is all encompassing. We have wasted a lot of resources at this National Assembly but nothing has been done. We won’t give up on this nation.”

    Also, former Senate Deputy Majority Leader Abdul Ningi urged the President to consider giving a time frame to the appointments of Service Chiefs.

    He accused some senior security officers of compromise, saying: “We need to sit down with Mr. President and give him the information that he doesn’t have. We must give them what they need. There must be a timeline. Once they know that they can lose their jobs, they will sit up.”

    In his lead debate, Senator Nasiru noted that “Katsina, Sokoto, Zamfara, Kaduna, Kano, Jigawa, and Kebbi states have been plagued by escalating banditry attacks, resulting in loss of lives, kidnapping for ransom, displacement of communities and disruption of socio-economic activities”.

    Chairman of the Senate Committee on Army, Abdulaziz Yar’Adua said security agencies should be commended for what they have been doing.

    He said: “I want to support the fact that there is need for a coordinated effort. However, we must realise that our security agencies need the right equipment and what it takes to be able to carry out this coordinated effort.”

  • Senate urges Fed Govt to review strategies to curb rising insecurity

    Senate urges Fed Govt to review strategies to curb rising insecurity

    The Senate yesterday decried persistent insecurity in parts of the country.

    It urged government at all levels to immediately review security strategies to curtail the menace.

    The resolution of the Senate followed its consideration and adoption of a motion, titled: “Urgent need to review security approach in addressing banditry attacks in Katsina, Sokoto, Zamfara, Kaduna and Kebbi States in the Northwest of Nigeria” sponsored by Senator Sani Nasiru (APC, Katsina North).

    Following the motion, the Red Chamber sought increased collaboration between security agencies and state governments on security amtters.

    The Senate urged President Bola Tinubu to direct a thorough review and evaluation of the strategies employed by security agencies in the Northwest and the Northcentral.

    It also asked the President to consider the deployment of additional security personnel/special task force to the identified hotspots to ensure the protection of life and properties.

    The Red Chamber urged security agencies to take intelligence gathering more seriously.

    In his contribution, former Senate Majority Leader Yahaya Abdullahi said residents were forced to make financial payments to kidnappers.

    He said: “Tthe entire Northcentral and the Northwest are on fire. There is no security anywhere. We pay kidnappers. This thing has become commonplace.

    Read Also: Nigeria’s first green superstore, Justrite, PV and Energy storage system officially launched

    “We don’t see it as news again. It is ubiquitous. Are we going to continue to talk? There are no recommendations being made now that haven’t been recommended in the past.

    “We must reach out to the President of this country to look at our recommendations. It is all encompassing. We have wasted a lot of resources at this National Assembly but nothing has been done. We won’t give up on this nation.”

    Also, former Senate Deputy Majority Leader Abdul Ningi urged the President to consider giving a time frame to the appointments of Service Chiefs.

    He accused some senior security officers of compromise, saying: “We need to sit down with Mr. President and give him the information that he doesn’t have. We must give them what they need. There must be a timeline. Once they know that they can lose their jobs, they will sit up.”

    In his lead debate, Senator Nasiru noted that “Katsina, Sokoto, Zamfara, Kaduna, Kano, Jigawa, and Kebbi states have been plagued by escalating banditry attacks, resulting in loss of lives, kidnapping for ransom, displacement of communities and disruption of socio-economic activities”.

    Chairman of the Senate Committee on Army, Abdulaziz Yar’Adua said security agencies should be commended for what they have been doing.

    He said: “I want to support the fact that there is need for a coordinated effort. However, we must realise that our security agencies need the right equipment and what it takes to be able to carry out this coordinated effort.”

  • Senate urges FG to review strategies to curb rising insecurity

    Senate urges FG to review strategies to curb rising insecurity

    The Senate on Thursday, June 6, decried persistent insecurity in parts of the country and urged governments at all levels to immediately review security strategies to curtail the menace.

    The resolution of the Senate was a sequel to its consideration and adoption of a motion titled: “Urgent need to review security approach in addressing banditry attacks in Katsina, Sokoto, Zamfara, Kaduna and Kebbi States in the Northwest of Nigeria.”

    The motion was sponsored by Senator Sani Nasiru (APC – Katsina North).

    Following the motion the Red Chamber also sought increased collaboration between security agencies and state governments on matters of security.

    The Senate urged President Bola Tinubu to conduct a thorough review and evaluation of the strategies employed by Security Agencies in the North West and North Central region.

    The Senate also asked the President to consider the deployment of additional security personnel/special task force to the identified hotspots to ensure the protection of lives and properties.

    It urged security agencies to take matters of intelligence gathering more seriously.

    It specifically sought “the establishment of a task force to evaluate the effectiveness and implications of negotiating with bandits, conducting a thorough analysis of the short-term gains versus the long-term consequences of such actions.”

    Apart from this, the upper chamber also called on the Military/Security Agencies to be proactive and innovative in their strategies to secure farmlands so that farmers may return to their farms to ensure increased food production and food security.

    Former Senate Majority Leader, Senator Yahaya Abdullahi, in his contribution to the debate, opened up on how residents were being made to make financial payments to kidnappers.

    He said: “The entire North Central and North West are on fire. There is no security anywhere. We pay kidnappers. This thing has become commonplace.

    “We don’t see it as news again. It is ubiquitous. Are we going to continue to talk? There is no recommendations being made now that haven’t been recommended in the past.

    “We must reach out to the President of this country to look at our recommendations. It is all-encompassing. We have wasted a lot of resources at this National Assembly but nothing has been done. We won’t give up on this nation”, stressed.

    Also, former Senate deputy majority leader, Senator Abdul Ningi, said the president should consider giving a time frame for appointments of service chiefs

    “The President is the appointing authority. I think he must give a time frame for his Service Chiefs when appointing them.

    There must be a timeline for IGP and others when they are being appointed. 10,000 bandits can’t be holding over 250 million Nigerians to ransom.”

    Ningi accused some senior security chiefs of compromise, saying “We need to sit down with Mr. President and give him the information that he doesn’t have. We must give them what they need, there must be a timeline. Once they know that they can lose their jobs, they will sit up.

    “I have my fear that one of these days, if care isn’t taken, one of these states will be taken over by bandits.”

    In his lead debate, Senator Nasiru noted that “Katsina, Sokoto, Zamfara, Kaduna, Kano, Jigawa and Kebbi States have been plagued by escalating banditry attacks, resulting in ‘loss of lives, kidnapping for ransom, and displacement of communities and disruption of socio-economic activities”

    He also drew attention to the need for collaboration and coordination among State governments, Security Agencies and relevant Stakeholders to develop holistic and sustainable solutions to the challenges posed by banditry in Northwest Nigeria.

    He expressed concerns that incessant banditry attacks on communities in the Northwest region have significantly affected food production and agricultural activities.

    Chairman of the Senate Committee on Army, Senator Abdulaziz Yar’adua said our security agencies for what they have been doing should be commended. At the same time, knowing how they have been losing their lives, in the fight against insurgency.

    Read Also: Senate probes death of 30 miners in Niger

    He said: “I want to support the fact that there is a need for a coordinated effort. However, we must realise that our security agencies need the right equipment and what it takes to be able to carry out this coordinated effort.

    “So it is important that we realise that whenever the security agencies come to us here seeking to get this equipment it is very important for us to realise that we have to pass their budgets. One of the impediments they are having is the issue of this envelope budget.

    “As I’m talking to you, the supplementary budget of the army, the capital project appropriation is yet to be released to them. So how do you expect them to fight this battle?

    “It was longed in the recurrent expenditure and yet they have not gotten what they need to fight this battle. So I think it is very important for us to understand.

    “The issue of coordination, I think I even raise the motion here on the need for them to improve in their synergy. And if we remember, we invited them here and they won’t conform to us that there is a great effort in ensuring that the synergy among them.”

  • Senate probes death of 30 miners in Niger

    Senate probes death of 30 miners in Niger

    …mourns victims

    The Senate on Thursday, June 6, directed its committee on solid minerals to conduct an on-the-spot assessment of the gold mining site in Niger state where a rockslide killed 30 miners.

    The committee was mandated by the red chamber to ascertain the remote and immediate cause of the rockslide and accelerate the passage of the Mine Ranger Bill currently before the Senate.

    This is even as the Senate observed a minute silence in honour of the victims.

    It commended the minister of solid minerals, Dele Alake, for his swift and proactive response in monitoring the situation at the Mining site.

    The Red Chamber also urged the federal government to “come out with strict safety measures and regulation on mining activities in Nigeria in line with international best practices and deploy adequate security apparatus to the mining communities to maintain vigilance around mining areas to prevent further incursions and intrusion by informal miners.”

    Besides, the Senate urged the National Emergency Management Agency and other relevant agencies of government to expedite actions on the recovery of the remains of the deceased in the catastrophe to ensure that the bereaved families can have final closure.”

    These resolutions by the Senate followed its consideration and adoption of a motion titled: “Urgent need to address the incident of the rockslide that buried alive over 30 informal miners in a gold mining site in Farin Doki Community, Shiroro local government, Niger State” during plenary.

    The motion was sponsored by Senator Sani Musa (APC -Niger East).

    Senator Musa in his lead debate said the Senate: Notes that on Monday, 3rd June 2024, a catastrophic rockslide occurred at the open-pit gold mine, which led to at least over 30 local/informal miners being buried alive in the Farin Doki Community, near Erena in Shiroro Local Government, located within the Niger East Senatorial District of Niger State.

    He said the miners, in their quests for gold and lithium minerals, met their untimely deaths, as the avalanche caved in, burying them under tons of rubbles.

    Musa said that the unfortunate and tragic incident underscored the urgent need for comprehensive and holistic action to be taken in order to frontally address the dangers faced and posed by local mining activities taking place across the country;

    He noted that in view of the vast mineral resources in the region, “it is imperative to secure the mining site in order to forestall future occurrence and avoid further loss of life.

    “This will go a long way to ensure that mining activities are conducted safely and legally to prevent future tragedies and improve the overall well-being of miners across the country.

    “Worried that the bodies of the deceased, who are victims of this unfortunate event, are yet to be recovered for proper and dignified burial by their respective families.

    “To this end, conscious efforts should be made by relevant agencies of government for the recovery of the bodies of the deceased for burial.

    “Aware that at a time like this Nigeria is desirous of diversifying its economy, the mining sub-sector is lucrative enough and should be adequately exploited for the socio-economic development of this country.

    Read Also: Senate steps down action on N98.5b FCT Supplementary Budget

    “At such, the appropriate authorities should as a matter of urgency and necessity, initiate a thorough investigation into the circumstances surrounding the incident so as to identify any existing lapses as they relate to safety regulations and enforcement in the sector.

    “And as part of remedies to bring sanity to the system, strict regulations should be introduced to protect the lives of those who depend on this industry for their livelihood.

    “It is also apt for the relevant Committees of the National Assembly to step up the oversight mining activities taking place across the country, for the purpose of harnessing the benefits that abound in the mining sector.”

    Senators in their contributions supported the motion and approved the prayers when they were put to voice vote by Deputy Senate President Barau Jibrin.

  • Senate okays Agama as DG, Chukwuogor, others as commissioners of SEC

    Senate okays Agama as DG, Chukwuogor, others as commissioners of SEC

    …also confirms Oladele as member of FCC

    The Senate on Thursday, June 6, approved the nomination of Emomotimi John Agama (Bayelsa) for appointment as the director general of the Securities and Exchange Commission (SEC).

    The red chamber also confirmed the nomination of three commissioners for the agency.

    The three nominees confirmed for appointment as commissioners of SEC include Frana Chukwuogor (Enugu), Abimbola Oyebola Ajomale (Ogun), and Samiya Hassan-Usman (Kano).

    Chukwuogor was nominated for appointment as Executive Commissioner (Legal and Enforcement) in SEC, Ajomale as Executive Commissioner (Operations), and Hassan-Usman as Executive Commissioner (Corporate Services).

    The resolution of the Senate followed its consideration and adoption of the report of the Senate Committee on Capital Market that screened the nominees.

    The chairman of the committee, Senator Osita Izunaso presented the report.

    President Bola Tinubu had on May 15, 2024, requested the Senate to screen and confirm the nominees for appointment as director general and commissioners of SEC.

    Izunaso in his presentation said the nominees possess the requisite qualifications to be appointed.

    He therefore recommended their confirmation by the Senate.

    Senator approved that the nominees be confirmed when it was put to voice vote by Deputy Senate President Barau Jibrin who presided over plenary

    Read Also: Senate steps down action on N98.5b FCT Supplementary Budget

    In a similar vein, the Senate also confirmed the nomination of Hon. Kayode Oladele for appointment as a member of the Federal Character Commission (FCC).

    This followed the consideration and adoption of the report of the Senate Committee on Federal Character and Inter-Governmental Affairs during plenary.

    The chairman of the committee, Senator Allwell Heacho Onyesoh, presented the report.

    Senators approved the recommendations of the committee and approved that the nominee be appointed as a member of the FCC when it was put to voice vote by Deputy Senate President Barau.

  • JUST IN: Senate passes anti-doping Bill

    JUST IN: Senate passes anti-doping Bill

    The Senate on Thursday, June 6, passed a bill seeking to prohibit Nigerian athletes from consuming performance-enhancing substances during or after sporting competitions.

    President Bola Tinubu had sent a request to the Senate to enact the law penultimate week through a letter read on the floor by the deputy Senate president, Barau Jibrin, who presided over the plenary.

    The bill was titled “National Anti-Doping Bill 2024.”

    According to the president, the Bill was meant to domesticate and enforce in Nigeria, the international convention against doping in sports ahead of the 2024 Olympic Games in France.

    He said it was also meant to establish the Nigeria anti-doping centre to implement Nigeria’s obligations to the World Anti-Doping Code in conformity with international standards.

    Read Also: Senate steps down action on N98.5b FCT Supplementary Budget

    The passage of the bill followed the consideration and approval of the report of the Senate committee on judiciary, human rights, and legal matters during plenary.

    The chairman of the committee, Senator Mohammed Monguno presented the report.

    Senators adopted the recommendations of the committee and approved that the Bill be read for a third time when it was put to a voice vote by Deputy Senate President Barau Jibrin, who presided over the plenary.

  • Senate steps down action on N98.5b FCT Supplementary Budget

    Senate steps down action on N98.5b FCT Supplementary Budget

    The Senate yesterday stepped down the consideration of N98.5 billion Federal Capital Territory (FCT) Supplementary Appropriation Bill, 2024.

    The Senate’s resolution followed complaints by members that essential details, including the budget performance, sources of revenue, and the specific areas the amount would be expended on, were not included in the Bill.

    Senate Leader Opeyemi Bamidele had presented the Bill for consideration by the Red Chamber.

    In his lead debate, the Ekiti Central senator said this year’s FCT Statutory Supplementary Appropriation Bill sought to authorise the issue from the Federal Capital Territory Administration (FCTA) Consolidated Revenue Fund of the Federal Capital Territory Administration Account the total sum of N98.5 billion only “to accommodate additional inflow from Internally Generated Revenue (IGR), resulting to a revised total FCT-IRS 2024 Statutory Revenue Appropriation to the sum of N348.720 billion only”.

    He added: “The FCT 2024 Supplementary Budget is to consolidate on the magnitude and scope of the ongoing projects simultaneously within the City Centre and across the six Area Councils in the territory to ensure that the vision of the Renewed Hope mantra for a befitting Capital City for Nigeria and Nigerians is accordingly achieved.”

    Bamidele said the N98.5 billion proposed represents the total proposed expenditure of N98.5 billion.

    Ede Dafinone (APC, Delta Central) raised concerns over the unavailability of a breakdown of the budget.

    He called for further clarifications to be made before the Bill would be passed for second reading.

    Responding, Senate President Godswill Akpabio said: “The Leader of the Senate, you have heard these observations. There is nothing before us to debate.”

    This subsequently led to a brief rowdy session.

    In calming the tension in the chamber, Bamidele moved that the Bill be temporarily stood down pending when copies of the breakdown would be made available to all senators.

  • Senate passes Bill to prescribe salaries, allowances of judicial officers

    Senate passes Bill to prescribe salaries, allowances of judicial officers

    The Senate yesterday passed a Bill seeking to prescribe 300 per cent increase in the salaries, allowances, and fringe benefits of judicial office holders in Nigeria.

    The resolution of the Senate followed its consideration and adoption of the report of its Committee on Judiciary, Human Rights and Legal Matters at plenary.

    The report was presented by Committee Chairman Mohammed Monguno (APC, Borno North).

    The House of Representatives had, on March 20, passed the Bill, which provides a monthly package of N5.39 million for the Chief Justice of Nigeria (CJN).

    Read Also: Binance will face due pocess on financial crimes charges – FG

    The Executive Bill also provides for a total package of N4.21 million for Justices of the Supreme Court, while the President of the Court of Appeal is to earn a total monthly package of N4.48 million.

    Besides, Justices of the Court of Appeal are to earn a total monthly package of N3.73 million, while the Chief Judge of the Federal High Court, President of the National Industrial Court, Chief Judge of the FCT High Court, Grand Khadi, FCT Sharia Court of Appeal, President of Customary Court of Appeal, Chief Judge of State High Court and Grand Khadi of State Sharia Court of Appeal and President of State Customary Court of Appeal are to earn a monthly package of N3.53 million.

  • Senate moves to boost Nigeria’s global gold market

    Senate moves to boost Nigeria’s global gold market

    • Passes bill on gold reserves for second reading

    The  Senate yesterday passed for second reading, a bill which seeks to provide a robust legal framework for harnessing, exploitation and marketing of gold which is about 600, 000 tonnes in reserves in the country worth $45 billion.

    The bill titled: “Nigerian Gold Reserve Bill, 2024” was sponsored by Senator Natasha Akpoti-Uduaghan, PDP-Kogi Central.

     Akpoti-Uduaghan in her lead debate said: “The proposed legislation presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in the gold sector, that can attract both domestic and foreign investors, stimulate job creation, and boost revenue streams for the government.

    Read Also: Senate passes Bill to increase judicial officers’ salaries by 300 percent

    “It incorporates stringent regulations to minimize the ecological footprint of gold mining and processing activities.

    “By adhering to international best practices in gold mining and trading, the Nigerian Gold Reserve Bill positions Nigeria as a reliable and responsible player in the global gold market which will enhance our competitiveness on the international stage and strengthen investor confidence in our gold industry.

    “Specifically, the bill seeks to establish the Nigeria Gold Authority (NGA) that will be charged among other things, with the administration of Nigerian Mining Act with regard to our gold resources.”

    Most of the Senators who contributed to the debate on the bill, supported it saying the proposed legislation would unlock the full value of Nigeria’s Gold Reserve for the benefit of all Nigerians.

    Senator Solomon Adeola (APC – Ogun West) in his contribution said the bill when passed into law, would help shore up the value of the Naira which according to him, could even appreciate tremendously without foreign investment.