Tag: Stakeholders

  • Kwankwaso to join presidential race

    Kwankwaso to join presidential race

    Kano State Governor Rabiu Musa Kwankwaso may soon declare his intention to contest the 2015 presidential election on the platform of the All Progressives Congress (APC).

    Kwankwaso is to declare his intention before month end.

    A source at the Government House said the governor went on a nation-wide tour and consulted with stakeholders.

    Posters of the governor have been pasted at strategic locations in some states .

    Some political observers said Kwankwaso must be ready to slug it out with General Muhammadu Buhari for the APC’s presidential ticket at the primary election scheduled to hold soon.

  • Stakeholders back ex-commissioner for governor

    Stakeholders back ex-commissioner for governor

    The elders, concerned Bekwarra youths and other stakeholders in Bekwarra community have endorsed Cross River State Commissioner for Works, Mr. Legor Idagbor, for governor, ahead of the 2015 general elections.

    Declaring their support for his aspiration at Abuochiche, the headquarters of Bekwarra Local Government, they said their endorsement was based on his antecedents and track records as two-time chairman of Bekwarra Local Government from 2007 to 2011.

    Speaking on behalf of the elders and stakeholders, Mr. Linus Etalong Adie, a lawyer, said: “Having carefully watched his performance in office and his developmental strides and innovations as the chairman of Bekwarra Local Government from 2007 to 2011, from where he was made the Commissioner for Works by Governor Liyel Imoke, we have no doubt that he is the right and best material for the governorship.”

    He went on: “As a grassroots politician and son of the late judge of the state, Justice Ochikiri Idagbor, he will bring about equity, justice and fairness in the conduct of the affairs of the state. That he was made Commissioner for Works by Governor Imoke speaks of the confidence the governor has in him.”

  • Stakeholders flay delay in Stock Exchange’s annual report, general meeting

    early eight months after the end of the financial year, stakeholders have condemned the inability of the Nigerian Stock Exchange (NSE) to present its annual report and accounts and hold its annual general meeting within the best practice the Exchange enforces for its dealing members and quoted companies.

    Stakeholders, who spoke on condition of anonymity, being subject to regulatory supervision of the Exchange, criticized what they described as double-standard of corporate governance being implemented by the NSE, which sanctions quoted companies and stockbrokers for failing to submit their financial statement and accounts three months after the end of the reporting period.

    Dealing members of the Exchange who are entitled to receive the Exchange’s annual report and accounts and notice of annual general meeting at the weekend confirmed that they have received neither the annual report nor the notice.

    However, a reliable source in the know of the undercurrents at the Exchange said the Exchange has concluded arrangements to publish its annual report and accounts and notice of annual general meeting.

    According to the source, the Exchange will send its audited report to its members and make all necessary public publications before the end of this month in order to comply with the mandatory 21-day notice of annual general meeting. The source hinted that the Exchange’s general meeting has been scheduled for September 24.

    Stakeholders said the Exchange should take the lead in corporate governance noting that while the Exchange enforces the stringent post-listing rules on periodic reporting for quoted companies and its dealing members which have complex operations, it should demonstrate the practicability of its rules by complying with the minimum standards.

    They pointed out that the continuous failure of the NSE to meet the basic best practice that it sets for quoted companies and its members undermines the corporate governance at the market.

    Post-listing rules of NSE states that audited annual accounts of companies should be submitted within three months after the year end while quarterly financial statements are expected to be made available 45 days after the end of the quarter. Stockbrokers, who are members of the NSE, are also expected to comply with similar rule.

    While it does grant extension of a month, the NSE has been tough on implementing the rule on submission of reports. After the expiration of a one-month extension on April 30, 2014, the NSE had imposed a weekly fine of not less than N100, 000 each on all the companies that failed to submit their 2013 audited annual reports and accounts by the expiration of the extended deadline.

    The NSE had in a response to exclusive media enquiry by The Nation, stated that it has no intention to grant further extension of the April 30, 2014 deadline. The NSE stated that barely half of companies with December 31, 2013 year-end met the deadline and that defaulters will be sanctioned in line with Appendix 111 of the NSE Greenbook, which contains listing requirements.

    Section 14 of the Appendix 111 states that “any late submission of accounts shall attract a fine of N100, 000 per week from the due date until the date of submission” while “a listed company who contravenes any of the provisions of the Listing Rules and General Undertaking and fails to pay the penalty imposed on it for such contravention on or before the due date shall be liable to a further fine of N300, 000 in addition to N25, 000 per day for the period the violation continues”.

    Besides, the sanctioned companies are expected to state in their subsequent annual report details of contraventions and the sanctions imposed for such contraventions.

    According to the NSE, there were 136 companies with December year-end but only 71 companies had submitted by the close of working hours.

    “The Exchange has granted a one month extension to all listed companies irrespective of their year-end to submit their audited accounts and reports. There is no present intention to grant any further extensions,” the NSE had stated.

    The Nation’s check indicated that the NSE then tagged 80 companies with its “Below Listing Standard” (BLS), which confirmed their failure to submit their audited annual reports within the deadline and also confirms the imposition of sanctions. The 80 companies included 65 companies with December year-end and some 15 companies with year-end within the previous year.

    The sanctioned companies included  Dangote Flour Mills Plc, National Salt Company Nigeria Plc, UTC Nigeria Plc,  Continental Reinsurance Plc,   Royal Exchange Plc, Capital Oil Plc,  Aso Savings & Loans Plc,  John Holt Plc, Deap Capital Mgt & Trust Plc and Juli Plc.

    Also, a report on sanctions and fines for similar defaults in 2013 showed that the Exchange slammed about N105.9 million on 48 companies that delayed their results. The fines ranged between N200, 000 and N6.8 million.

    The NSE had slammed some N60.2 million as fines on 34 companies for failure to meet deadlines for 2011 audited reports. With a range of N3.8 million and N100, 000, average fine for the year was N1.77 million.

    When The Nation first exclusively reported concerns about the non-availability of the annual report of the NSE in May, NSE had responded that it has nine months to present its annual report and hold a general meeting of its members.

    Head, Legal and Regulatory Department, Nigerian Stock Exchange, Ms. Tinuade Awe had noted that “under the Companies and Allied Matters Act (, Section 345), The Exchange is required to lay its financial statements before a general meeting of its members no later than nine months after the year end covered by the statements. Our plan is to convene the AGM for our 31 December 2011 year end, ahead of the 30 September 2012 deadline.”

    Market operators however had described the position of the NSE as unacceptable escapism noting that while the same CAMA and Investment and Securities Act (ISA) applied to all corporate entities, NSE had relied on its rules to impose sanctions on companies. They said NSE should be held to the same standards it set for quoted companies and market operators under its regulations.

  • Training for shea nut stakeholders, others begins

    Training for shea nut stakeholders, others begins

    •$2.1b lost to smugglers

    Training for stakeholders involved in the production, processing, packaging, marketing and export of shea nut has begun.

    The programme was inaugurated by the Minister of State for Industry, Trade and Investment,Dr. Samuel Ortom, in collaboration with the National Shea Products Association of Nigeria (NASPPAN) and the Federal Ministry of Agriculture and Rural Development at the ministry’s headquarters in Abuja.

    Ortom said: “The Federal Government has realised their coming together as stakeholders in the Shea Nut industry will, no doubt impact positively on the output in the shea nut industry, enhance job and wealth creation, improve employment generation, and act as means of fighting poverty and also enhancing the diversification of the nation’s foreign exchange inflow.

    “This is in line with Mr. President’s transformation agenda in the country. Likewise, it is the mandate of this Ministry therefore, to create policies that will positively drive quality certification of the nation’s agricultural commodities prior to processing and export.”

    Ortom stated that Food and Agriculture Organisation (FAO’s) findings indicated that Nigeria’s Shea trees produced 57 per cent of the shea nuts across the shea belt in Africa.

    “It is, however, unfortunate to inform you that Nigeria hardly process five per cent of its shea nuts to butter neither do we pick nor export up to 20 per cent of the entire Shea Nuts produced annually in the country. The remaining 80 per cent is left to rot away un-utilised. The output of the shea industry in Nigeria has the potentials of being equal with other agricultural commodities like cocoa, sesame seeds, soya and a host of others.”

    In his contribution, the representative of the Minister of State for Agriculture and Rural Development, Mr. Charles Ezinma (Shea Desk Officer) said that Nigeria has lost $2.1 billion to activities of smugglers from expected $3.8 billion per annum from foreign exchange, adding that his ministry is addressing the issues of long gestation of the crop, poor storage facilities and smuggling.

    Earlier, the Acting President, NASPAN, Mrs. Nelly Osagie Ndaguba urged the Federal Government to encourage the regeneration of Shea Tree Woodland Park across the Shea belt, improve quality control assessment for shea nut and shea butter, quality and provision of modern laboratory as well as provision of ware houses.

  • Adamawa stakeholders endorse Ribadu

    Peoples Democratic Party’s (PDP’s) stakeholders in the 21 local governments have endorsed the governorship ambition of the former chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu.

    Ribadu got their nod yesterday in Yola as the stakeholders said only he would be elected.

    At the event, convened by the Concerned Youths for Good Governance in Adamawa, held at the conference hall of Muna Hotel, the stakeholders extolled Ribadu for his incorruptible stance.

    The group’s leader, Alhaji Isa Ibrahim Toungo, said: “Our clamour for Ribadu is an honest and patriotic effort to entrench good governance, following the decay, which pervades the state as a result of poor leadership.”

    He added that Ribadu has earned a reputation of being a fearless, dedicated and patriotic citizen.

    Ribadu’s representative thanked the people for their support.

    He said if elected, the former EFCC chairman would restore the state’s lost glory.

    Stakeholders at the event included the former Speaker of the House of Assembly, Alhaji Abubakar Abdullahi, ex-Commissioner for Local Government, Saleh Kinjir, former member of the House of Assembly, Rhoda Bugi and others.

  • INEC, stakeholders hold voter  re-validation

    INEC, stakeholders hold voter re-validation

    Anambra State Governor Willie Obiano has said government would partner anybody who could create jobs for youths.

    He spoke yesterday at the Women Development Centre, Awka at the sensitisation of stakeholders on voter registration and re-validation.

    The one-day exercise was organised by the Independent National Electoral Commission (INEC).

    Obiano was represented by his deputy, Dr. Nkem Okeke.

    The forum was aimed at sensitising the people on the the permanent and continuous voter card distribution and registration, which start tomorrow.

    Obiano hailed INEC for organising the forum, saying it was timely. He urged eligible voters to participate in the exercise.

    The Resident Electoral Commissioner (REC), Prof. Chukwuemeka Onukaogu, said the commission remained resolute in ensuring a credible election.

  • Industry boss pledges constructive engagement with stakeholders

    From the newly elected chairman, Committee of E-banking Industry Heads (CeBIH), Mr.  Tunde Kuponiyi has come a pledge to stakeholders:  ‘There is need for constructive engagement with stakeholders to facilitate growth of electronic payment in the country.’

    Speaking shortly after his election, Kuponiyi, who is also the Head of E-banking Ecobank Plc, appreciated the immediate executive for working very hard to project the image of and advance the cause of CEBIH. He also appreciated all members for the trust reposed in him and his team to lead the committee.

    He promised the new executive will continue to build on the good foundation laid by the outgoing executive and earn more recognition for CEBIH.  He said the team will also embrace advocacy which is the focal point of CEBIH and also engage all industry stakeholders constructively.  He thereafter appealed to all members for their cooperation with the new executive.

    Also speaking, the immediate Chairman of CeBIH, and former Head of E-Channels, Skye Bank, Mr. Chuks Iku appreciated all members of the group for their cooperation which led to the success of the executive team he led.

    The newly elected executives of CeBIH comprise Tunde Kuponiyi of Ecobank as Chairman, Dele Adeyinka of Wema Bank as Vice- Chairman and Fatai Amoo of Sterling Bank as the Secretary. Others are Bob Nwojo of First Bank as Asst. Secretary, Simi Osinuga of GTBank as Treasurer, Juliet Nwanguma of Zenith as Financial Secretary, Ernest Obi of Keystone Bank as Publicity Secretary, Ejikeme Obiano of Heritage Bank as Asst. Publicity Secretary,

    Benedict Anyalekenya of Unity Bank as Policy Review Secretary and Adeleke Adekoya of Access Bank as Internal Auditor.

  • Stakeholders adopt community policing in Ebonyi

    Stakeholders adopt community policing in Ebonyi

    Stakeholders comprising labour/town union executives, traditional/religious leaders, civil servants, politicians, law makers, human right activists, opinion leaders and indeed the general public in Ebonyi North Senatorial zone have unanimously adopted community policing as the best strategy towards curbing the recent security menace bedeviling the country.

    The adoption followed an intensive campaign on community policing flagged off by the National Orientation Agency, Ebonyi State recently at headquarters of Abakaliki Local Government Area.

    Speaking during the campaign, the State Director of the agency, Dr Emma Abah explained to the people that the programme was a vital national exercise that calls for the attention of patriotic Nigerians, who are to fashion out pragmatic and people-centred approach to strengthen the pillars of peace and security in our society.

    Dr Abah reminded the stakeholders, especially the traditional rulers of their roles in the society prior to the coming of white men. He regretted that the leaders in the society, instead of collaborating with the police, after its creation to oversee that work, left the entire work of policing in the hands of the instituted force. He insisted that such was wrong and detrimental to the peace, security and development of any society.

    In his words: “Before the coming of the colonialists, traditional rulers and other leaders in the community were involved in ensuring security of citizens and their properties. This they achieved by maintaining law and order through their native authority system as well as their vast network of intelligence-gathering system.

    “With the institution of police force during the colonial rule, the community leaders relinquished their responsibilities to the police instead of collaborating with them to ensure a more perfect security system.”

    The director advised the community leaders to go back to the old system where policing was the responsibility of all adults in a community.

    He said: “It is not because the instituted police have failed us completely. No! But because we need all members of the community to become allies in the effort to enhance their safety and the quality of their neighbourhood.”

    Also addressing the people, the chairman on the occasion and member representing Abakaliki/Izzi Constituency at the National Assembly, Hon. Sylvester Ogbaga said the gathering was essential since it sensitises the people on the need to give a zone-to-zone intervention to the issue of security.

    Regretting, he said: “Before now, we have had people display reluctant attitudes towards the police, especially in the area of providing them with adequate information to work with, but today, all Ebonyi North stakeholders are here to correct that attitude by calling on all to rise and respect our security agencies.

    “The message is that you and I have roles to play in the security of our lives and property.  We must be responsive to the happenings around our environs since we can see that nobody is escaping the situation. There is danger everywhere and everybody must be aware of it.”

    Hon. Ogbaga urged all participants at the forum to assist in the proper dissemination of the campaign message to the people in the hinterlands, insisting that they must be involved if the enforcement must take place.

    In a goodwill message, the officer in charge of Servicom, Francis Onyedindu, an ASP who represented the Ebonyi State Commissioner of Police, CP Maigari Dikko FDC, reiterated that security is paramount to the survival and sustenance of any democratic policy in any given society, stressing that “community policing is a philosophy that promotes organisational strategies, which supports the systematic use of partnership and problem-solving techniques to proactively address the immediate conditions that give rise to public safety issues such as crime, social disorder, and fear of crime.”

    He advised the people to adopt community policing as a means of building a close tie between the police and the people, insisting that the police remains everybody’s friend.

    Also speaking, representatives of other security agencies namely Nigerian Immigration Service, State Security Service, Nigerian Army, Nigeria Security and Civil Defence Corps, present at the forum, noted that the philosophy of community policing rested on the belief that the security agencies and the community must work together as partners to solve the contemporary challenges faced in today’s society.

    ”The focus of community-oriented policing is not necessarily on response, but on preventing crime and resolving community problems,” he added.

    Continuing, he said: “Effective community policing has a positive impact on reducing crime, helping to reduce fear of crime and enhancing the quality of life of people within the community. It accomplishes these things by combining the efforts and resources of security agencies, community government and members in search for solutions to communal problems.”

    They also agreed that there was need for security agencies to share information among themselves to facilitate adequate provision of security for the people

    While appreciating that government and community leaders are beginning to recognise the importance of involving themselves in the protection of their areas, the Ebonyi North Zonal Assistant Director of National Orientation Agency (NOA), Mr. Anthony Uguru, maintained that the communities must take a unified stand against crime, violence and disregard for law and must also make a commitment to increasing crime prevention and intervention activities.

    He advised the community leaders to immediately identify critical areas in their communities that need local intervention, institute a community policing committee, as well as a standard operating procedure in conducting community policing in their areas.

    He called on the participants to rise to the challenge of nipping insecurity in the bud.

    He said: “No single agency can solve this complex social problem alone. A combined community cum police effort will definitely restore the safety of our neighbourhood. Let us join hands to make our society safe.”

    The chairman of the Abakaliki Local Government Area, Hon. Batholomew Ottah,, expressed satisfaction that his council was the flag-off point of such an important issue. He urged the residents to adopt the good messages preached by National Orientation Agency, Ebonyi State.

    Hon. Elizabeth Oshianu, Emmanuel Nwuzor, Solomon Ochopa, Simon Edezie and Nwobashi Cornelius who also were at the summit, condemned some security agents, who, on retirement, become threats to their societies instead of continuing with protecting the people. They advised them to desist from such act.

    They further urged the security agencies to ensure that they keep to their promise of keeping them from harm, especially when they disclose vital information to them.

    The Divisional Police Officer (DPO) in charge of Abakaliki Central Police Station, SP Josephat Okoye, thanked NOA for the programme, even as he appreciated the participants for turning out en masse to adopt a strategy for solving this contemporary challenge.

  • NFF board election: Borno stakeholders root for Abiso

    NFF board election: Borno stakeholders root for Abiso

    Football stakeholders in Borno State have put their weight behind the candidature of former chairman of El-Kanemi Warriors of Maiduguri, Bashir Abiso, as board member in the forthcoming Nigeria Football Federation (NFF) election.

    A former Director of Sports, Borno State Sports Council, Kachalla Gana, dropped this hint while briefing newsmen shortly after the stakeholders’ meeting held in the state over the weekend.

    Gana said that Abiso, who headed the affairs of the El-Kanemi Warriors from 1999 to 2003, has the credibility and experience to be an NFF board member.

    Gana expressed the need for the state to be considered in the north east and be allowed to produce a board member from the zone in the forthcoming NFF election scheduled for August 26, this year.

    He said that the state’s stakeholders had already started reaching out to contacts within the zone aimed at rallying round Abiso’s candidature, adding that since the establishment of the NFA in 1945, the state is yet to produce a board member.

    Gana said that Abiso, who served as board member in the state’s football association, will definitely promote the right image not only for the state but the entire zone as well as the country at large.

    He then solicited the support of Governor Kassim Shettima of Bornu State financially and morally with a view to achieving the desired objective.