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    •CBN reads riot act to bank directors with toxic loans

    Just like last year when it ordered chief executive officers (CEOs) and chairmen of banks who failed to publish their annual financial statements of account 12 months after the end of the financial year to be fired with immediate effect, the apex bank has again read the riot act to those privileged top guns in the financial services industry.

     However, this time around, the order is on directors with non-performing insider-related facilities. They are required to step down immediately from the board.

    The affected banks are also directed to “commence immediate remediation of the loans through the recovery of the collaterals, including the shareholdings of the affected directors.” The circular, dated February 17, was signed by the bank’s acting director of banking supervision, Adetona Adedeji. It says the new measures are in line with its moves to strengthen corporate governance and risk management within the banking sector.

    Without the apex bank necessarily admitting that much, the measures, taken together, touch upon the roots of the widespread abuses for which the nation’s financial services industry has long acquired global notoriety.  For, just as the failure to publish annual financial statements on due date not only sustains the illusion of performance and thus allows inept management to carry on as they please, the reckless culture of insider-borrowing with absolute disregard for laid-down rules

    has bred the open license, free-for-all bazaar that has somewhat defined the financial services sector.

    And, just as the debate on which of the breaches is more toxic might well be an open one, their undeniable impacts in undermining the integrity of the financial services industry are certainly beyond disputations.

    Surely, there is nothing in the new directive that could be said to be outside of the bank’s remit as the guarantor of the monetary system stability. However, if our understanding that the guidelines which the bank now seeks to enforce are already in the books, is right, raising questions about the pervasiveness of the malady, more so at this time, would, more than being appropriate, be absolutely necessary. For a problem that has become historic, somewhat, it is clearly a measure of how ingrained that elite pathology of mindless impunity has refused to go away.

    Read Also: Nigeria, China sign 7.6b Euros clean energy deal

    Now that the CBN has gone beyond admitting the problem to escalating it as a matter of grave concern, Nigerians wait to see what happens next. Surely, it is hard to imagine that the apex bank does not already have the list of the actors involved. So, what could be wrong with the CBN directing the ignoble lenders to do the public duty of publishing the list of those individual directors known to have breached the sacred rule?

    And what about the other actors that watched while those grave violations took place? Wouldn’t they be just as complicit? This takes us to the routine circular from the apex bank, directing the exit of the offenders from the banks’ boards.

    Considering that the issue at stake touches on corporate governance and the institutional integrity in the financial services industry, the text might have been well directed, albeit inoffensively so, given the typical conservatism of the sector; on the whole however, it appears to have generally understated the dire implications of a pathology that has so undermined our critical institutions to such point that leaves pretty little left for salvage.

    Now that the apex bank has kicked off the process, Nigerians can only wait to see the extent to which the banks will comply. Hopefully, the next time around will see the CBN act proactively and decisively, as against tepid appeals on banks for compliance. Given how far and how deeply such corporate malfeasances have festered, the time for the latter should be seen as long gone. 

  • I’ve no plan to step down for Buhari, Atiku, says Olawepo-Hashim

    PEOPLE’S Trust (PT) presidential candidate Mr. Gbenga Olawepo-Hashim has debunked that he has plan to step down for either the All Progressives Congress (APC) presidential candidate Muhammadu Buhari or People’s Democratic Party’s (PDP) flagbearer Atiku Abubakar.

    He was confident that the two candidates are beatable with their parties’ alleged woeful performances since 1999.

    According to a statement through his media team signed by Hassan Ibrahim, the Presidential hopeful spoke during campaign in Akure, the Ondo State capital, to solicit votes of the people.

    He urged Nigerians to support his candidacy for rapid economic growth that will lift the masses out of abject poverty.

    He said 70% of Nigerians voters are yet to decide who to vote for among the presidential candidates less than 11 days to the 2019 election.

    Olawepo-Hashim advised the electorates to reject the two political parties that had failed them and the country in the last 20 years.

    The presidential candidate, who was accompanied by his Campaign Director-General and former Transport Minister, Mr. Habu Fari, said the country was too endowed with natural resources for the citizenry to be wallowing in poverty and vowed to introduce policies that would end insecurity and economic hardship, if elected the president.

    He advised eligible voters to secure their future by voting for his People’s Trust party in 2019 election.

    Olawepo-Hashim assured Nigerians, especially youths and graduates that he would create jobs and make the environment conducive for businesses to flourish.

    The presidential candidate said his party was fine-tuning its strategy in all states of the federation on how to wrestle power from the ruling APC, adding that PT had the highest number of representation in constituency nominations.

    Olawepo-Hashim said: “Some few days to election, more than 70 per cent of the electorates are still wondering, who they are going to vote for. They have been examining the candidates they are going to vote for and what these candidates promised to offer and among all the alternative parties, the PT is the biggest. But I can tell you that this election is still very open, even though its 10 days to the election.

    Fari, in his remark, expressed delight that the people of Ondo State trooped out enmass to receive Olawepo-Hashim, indicating that the people were ready to elect the Third Force, which the PT candidate represented.

  • Buhari/Osibajo supporters urge Atiku to step down

    Hundreds of supporters of President Muhammadu Buhari/ Osibajo re-election converged on the city of Ibadan on Saturday in a mass rally, calling on Nigerians not to allow the People’s Democratic Party ( PDP) to come back in 2019 after 16 years of squander and wastefulness and  plugging the country into pains and untold hardship. They also called on the PDP presidential candidate, and former Vice President Atiku Abubakar to throw in the towel in view of the intimidating credentials of the current administration of President Buhari.

    Present at the event were politicians, members of the academics, political groups from the 33 local government areas of Oyo state including the Unity group, Atunbi, Progressive Group, Professional Forum, Solidarity Group, Bayo Shittu Forum, Amuni Group, Mass Mobilization Group, Fulani Group, Lagelu Group, and  Elders Forum, Idi-Ayunre , Ibadan amongst others. The Chairman and the facilitator  of the coalition, Comrade Ibrahim Bolomope and Barrister Adebayo Shittu respectively at the press conference, said only President Buhari can lead the country into the promised land.

    Bolomope, a former Chairman of the Nigeria Union of Teachers ( NUT), Oyo state chapter said in the areas of workers welfare, agriculture, social investment programmes , education, public utility projects,  and fight against corruption, the current administration of President Buhari surpassed past administrations with unequal records. He said “though faced with the rage of powerful looters, the administration is winning. Recall the millions of dollars that some past looting rulers have been caught with and exposed . Never in the history of fighting corruption in the country have victories been won .

    “I want to assure you that Buhari has already fulfill his promises to Nigerians  . In the area of fighting corruption , about  N400billion has been recovered which the former President Goodluck  Jonathan event attested to , in his  determination to fight corruption from corrupt elements from PDP and others “, he said. He added that  Buhari , within a year of his administration has reclaimed 11 local governments from Book Haram  in the campaign against  insurgency, stating that the battle against insurgents  has been won effectively .

    On the economy , the Minister said , through the diversification  program of Buhari , over 8 million jobs have been created through agriculture , while  over 500,000 new jobs through N-Power have been created.”Apart from that, 9million children are been fed every day . ..Because they eat egg everyday , all those who produce eggs are now having big jobs . And on infrastructure, the current administration has paid over N275billion to contractors on roads in 2017 for abandoned road projects , whose money were pocketed by PDP elements ,” he said.

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    •With the suite of corruption charges against him, Saraki should vacate his seat as senate president

    The concept of a legislative house is to make laws. So, when a major figure in such a house is perceived to have fallen foul of the law, his or her standing as a major lawmaker or even the people’s elect falls into the muck. It matters little even if that person is innocent.

    That is the story with the senate president, Bukola Saraki, who is entangled in a slew of accusations that seem to portray him in the light of a corrupt leader. The accusations have not been proven beyond all reasonable doubts. Yet, it does not make sense in a democracy that one leader should be at the top in an era that frowns at corruption and he himself should appear not to have risen above the scum of that same era.

    Three major charges have been pelted Saraki’s way since he became the senate helmsman. The first has been a perennial case about his declaration of assets with the Code of Conduct Bureau. The charge is that his declarations were at odds with the reality of his assets. If he is found guilty, it is a felony. It has undergone a merry-go-round of procedural somersaults in court. The substantive issue about whether the charges are true has not engaged the legal minds either of the judges or the lawyers, a testament to the judicial rigmarole that has attracted moral umbrage in the land.

    Another less sober but more colourful accusation has targeted him. This involves an expensive car imported into the country, and it seemed it had violated the law. The senate president has denied any wrongdoing, but admitted it had to do with the senate. The questions have not been addressed. Who will drive the car when it arrives? Who was at fault, and who has been punished? Rather, the senate reduced it to a pettifogging issue of the sartorial miscue of the comptroller- general of the Nigeria Customs Service.

    This trivialisation of symbolism was seen in some quarters as a form of comeuppance against the comptroller-general for exposing the materialistic obscenity of the senate leadership. The nation was faced with a drama that even seemed to show the senate in its rights when it showed a customs boss who had contempt for the institution he led. In spite of that, the malice behind the senate leadership’s intervention is not lost on Nigerians.

    But even more dramatic is the latest charge that involves the Paris Club windfall. The news reports show that the Economic and Financial Crimes Commission (EFCC) tars the senate president’s aides in the billions of Naira scandal that has also engulfed several governors as well as the Governors’ Forum.

    These charges are either under investigation or in court. Saraki is the number three citizen in Nigeria, and it does not cast a good image on Nigeria, our democracy and the war against corruption that the first lawmaker of the land is enmeshed in grave corruption allegations. He may be innocent of the charges. And that should be a relief to the nation, if true. He may also be guilty, and that will be a disgrace. But as of today, we know nothing legally of either possibility. But the cloud of these allegations hang over Saraki’s head as he presides at senate sessions.

    In the interest of the dignity of the office and the integrity of this democracy, we advise Saraki to step down as the senate president. It is a service to his fatherland for him to do so.

  • I’m not under pressure to step down, says Makarfi

    I’m not under pressure to step down, says Makarfi

    Peoples Democratic Party (PDP) Caretaker Committee Chairman Senator Ahmed Makarfi has denied that he was under any pressure to step down and withdraw cases he instituted against the Senator Ali Modu Sheriff faction of the party.

    The PDP has been embroiled in a fresh leadership tussle since the Appeal Court in Port Harcourt affirmed Sheriff as the party’s national chairman.

    Following the judgment, Sheriff and his team have taken over the PDP National Secretariat.

    But notable organs of the party, such as the PDP Governors Forum, the Board of Trustees (BOT) and the Forum of former ministers have reacted to the development with a view to find lasting solution to the logjam.

    Former President Goodluck Jonathan had met with key stakeholders of the party and the two factions.

    Reacting to alleged pressure on him to step down, Makarfi told The Nation in a telephone interview that there was no truth in the report, alleging that it was a propaganda from the camp of Sheriff to confuse party members and the country.

    “I am not in the habit of dishing out propaganda as a strategy to confuse party members and Nigerians. I am even surprised that I could not be reached to authenticate the story before it was published. Nevertheless, let me say it categorically that I was not been pressurised by anybody to step down as the chairman of the caretaker committee.

    “There is no iota of truth in the report. I have not been pressurised over any matter and I am not in touch with Bayelsa State Governor Seriake Dickson over any issue,” Makarfi said.

    Makarfi, who was Kaduna State governor between 1999 – 2007, dismissed reports that the alleged pressure on him was a fall-out of the intervention of Jonathan after he met with the party organs, especially the Governors Forum, the Board of Trustees and other stakeholders.

    He insisted that it was not true that he was advised by anybody to relinquish his position as a way out of the crisis, saying it was a figment of the imagination of those employed by the Sheriif camp to cause confusion.

    “Yes. We are aware of the proposals that were made after President Goodluck Jonathan’s meeting with the governors. And Prince Adeyeye has issued a press release on the matter. So, there was nothing like pressure from any quarter,” Makarfi stated.

    Makarfi also washed his hands off the purported plans to register the Advanced Peoples Democratic Party (APDP).

    Makarfi, in a statement yesterday signed by the spokesman of the caretaker committee, Prince Dayo Adeyeye, said neither he nor any of his committee members had any hand in plans to register APDP.

    He said there was no way his committee would abandon structures of the PDP for the Sheriff faction and proceed to register another party.

    The statement said: “We state clearly and without ambiguity that the National Caretaker Committee of the PDP is not in any way involved in the plans to register any party by the name APDP or any other party for that matter.

    “It is unthinkable that the National Caretaker Committee, which without any doubt enjoys the support of all the recognised organs of the party, will contemplate such a move.

    “We, however, acknowledge and recognise the rights of party members to seek alternative platform to actualise their political dreams, which is an inalienable right guaranteed by the Constitution of the Federal Republic of Nigeria.

    “We also wish to state clearly and without ambiguity that the National Caretaker Committee is holding leadership power in the parry in trust for the millions of party faithful, who instituted the committee at the National Convention.

    “Whatever decision that will be taken on the PDP brand shall be taken by the owners of the party, for example, the party members at a properly constituted national convention and not by a few individuals, no matter how highly placed.”

  • CJN: why we asked judges under probe to step down

    CJN: why we asked judges under probe to step down

    Attorney-Gen. ‘insists on trial’

    Amina Augie, Ejembi Eko join Supreme Court

    Chief Justice of Nigeria (CJN) Mahmud Mohammed yesterday explained why the National Judicial Council (NJC) directed judges under probe for criminal allegations to stop sitting pending when their innocence is established.

    The CJN, who is the Chairman of the NJC, explained that the council’s decision was informed by the insistence of the Minister of Justice and Attorney-General of the Federation (AGF), Abubakar Malami (SAN), on prosecuting the judges arrested by the Department of State Services (DSS).

    He said the Judiciary, being a responsible arm of the government, chose not to interfere with the AGF’s exercise of his statutory powers to prosecute.

    Justice Mohammed, who will retire on Thursday, spoke in Abuja yesterday while swearing in Amina Augie and Ejembi Eko as Justices of the Supreme Court.

    He said the Judiciary was mindful of the powers ascribed to each organ of the state under a constitutional democracy. He said the Judiciary was resolute in upholding its independence by adjudicating with utmost fairness and justice as prescribed by the Constitution and the law.

    Said the CJ: “A common thread that runs through all Judiciaries is that judicial officers are traditionally accorded the highest dignity and respect by all. This is because justice is rooted in confidence and where confidence in our judges is undermined and independence eroded, it is the nation that ultimately suffers most while true democracy is fatally undermined.

    “Certainly, the decision of the National Judicial Council at its last meeting reflects our desire to preserve this independence. Hence, we proclaimed to the world that any judicial officer that is standing trial will cease to perform judicial functions.

    “The council took this stand following communications it received from the Hon. Attorney General of the Federation and Minister of Justice that he was embarking on the prosecution of the affected judicial officers for the offences disclosed against them from the evidence on the ground.

    “We must not forget that we operate a constitutional democracy, which clearly prescribes the powers accorded to each organ of the state.

    “I therefore wish to state without fear of contradiction that the third arm of government will remain resolute in its commitment and resolve to uphold its independence and to adjudicate with utmost fairness and justice as prescribed in our Constitution and law.”

    Justice Mohammed, who noted that Justice Augie and Justice Eko were joining the Supreme Court bench “at a time when there are a lot of challenges”, said he trusted their capacity to cope.

    The CJN urged the new Justices to, more than ever before, “firm, honest and steadfast in the discharge of your duties, while striving to emulate the greats of this court by enthroning the rule of law and respect for our courts.

    “I charge you to continue to be diligent in the discharge of your duties. You must remain blind to personality and status and remain the hope of all men, whether common or uncommon.

    “Hence, the integrity and impartiality of our court must not be in question or compromised. I am confident that, with the institutions and initiatives that we have put in place, the Nigerian Judiciary will evolve to meet the high standards demanded by our citizens,” the CJN said.

  • Two UPP aspirants step down

    •party holds primary today

    Two aspirants of the United Progressive Party (UPP), Godwin Osiramhe and Johnson Aigbodumhe, have stepped down from the governorship race.

    The stepping down of the aspirants have left popular musician, Adviser Shedrack Nowamagbe, as the only contender for the ticket.

    The party primary holds today.

    No fewer than 400 delegates will vote at the primary.

    The Chairman of the party, Omorodion Oregbe, who said only Adviser Nowamagbe bought the nomination form for N5m.

    Omorodion said that three national officers of the party led by Chief Ogbuefi Dike were expected to conduct the primary.

    Speaking on the 490,000 PVCs yet to be collected, Omorodion said the party has been educating the masses on the need to collect their PVCs.

  • Step down, group tells Saraki

    Step down, group tells Saraki

    A group, Nigerian Diaspora Alliance for Good Governance, (NiDAGG), has called on Senate President Bukola Saraki to step down pending the outcome of corruption cases against him.

    It said Saraki must be ready to account for all the allegations levelled against him by stepping down as it is done in developed democracies.

    A leader of the group, Abdul Ibiyeye, told reporters in Lagos that the trial against Saraki was presenting Nigeria in a bad light.

    According to him: “With the nature of the case against the Senate President, he should stand up for what is right.

    “Nigeria is bigger than an individual or a group’s interest. The Senate should never be dragged in the mud because of political interest.

    “What we saw in terms of support from the Senate when Saraki appeared in court is a shame and turning Nigeria to a laughing stock overseas.

    “Once Saraki knows he has no skeleton in his cupboard as regards the case against him, let him vacate the seat of Senate President.

    “If it should be in the advanced countries, he would have resigned by now.  In no decent society would the occupier of such an exalted position go into criminal dock and still occupy such position. These two seats are simply incompatible.”

  • Igbo group urges Ekweremadu to step down

    Igbo group urges Ekweremadu to step down

    London, United Kingdom (UK)-based Igbo group,  Concerned Diaspora Enugu West,  is worried about the crisis arising from the leadership contest  in the Senate, in which Senator Bukola Saraki emerged as Senate President and Senator  Ike Ekweremadu “put  himself forward for  the post of the Deputy Senate President”.

    The group, in a statement signed by its convener, Ignatius Ozoilo, noted that while it conceded  that Ekweremadu’s interest to become part of the leadership of the  National Assembly  was a legitimate aspiration, it was not a  right political decision for the senator representing Enugu West, asking him to step down “with immediate effect”.

    It noted that Ekweremadu was Deputy Senate President for eight years as a member of  the then ruling Peoples Democratic Party (PDP) with ample opportunity to use that position to improve the political, economic and social  prospects of the country.

    The  UK-based group  said regrettably, “he failed to demonstrate any particular sense of legislative  acumen  for the benefit of his constituency  and  Nigeria”.

    Urging the senator to step down, it  said Ekweremadu should be alarmed  about the “consequences of his opportunism and lack of principle.”

    The statement reads in part: “Nigerians  were  quite eloquent on March 28, 2015, that they needed the country to move in a different direction. It is an affirmation that is prescriptive of a collective desire to have  a new set of leadership at both the Executive  and Legislative arms of government.

    “Senator Ekweremadu’s action is a clear aberration to that  spirit of collectivism and clearly undermines the essence of  opposition as an ingredient of constructive governance. Honourable Leo Ogor, the  former Deputy Leader of the  House of Representatives, was rightly appreciative of that sense of change by  turning down the offer to stand for the post of Deputy Speaker. It was a commendable political move, which Senator Ekweremadu ought  to have emulated.”

    It added: “As his constituents,  we respectfully advise that Senator Ike Ekweremadu should  stand down as Deputy Senate President with  immediate effect. We further advise that he should  devote the next four years to work for the people of Enugu West, whom he has  utterly abandoned because he has been busy pursuing his own interest and personal ambition.”

  • I didn’t step down for Amosun, says Paseda

    I didn’t step down for Amosun, says Paseda

    The governorship candidate of the Unity Party of Nigeria (UPN) in Ogun State, Prince Olatunde Rotimi Paseda, has denied insinuations that he has stepped down for Governor Ibikunle Amosun of the All Progressives Congress (APC).

    Paseda said those spreading the rumour are afraid of his grassroots support.

    He spoke to reporters yesterday at the arrival hall of the general aviation terminal of the domestic wing of the Murtala Mohammed Airport, Ikeja, Lagos, aboard a flight from Kaduna.

    Paseda said he will not step down for anyone because the UPN remains the party to beat.

    His words: “I understand that there are some rumours, hearsays that I have stepped down for Governor Ibikunle Amosun. I’m sure Amosun himself knows that I will never step down for him and in this particular race in Ogun State, he is also aware that it’s between Paseda and Amosun, everyone else is inconsequential. They don’t even have any presence in Ogun State.

    “Every household in Ogun State knows Paseda  and there are lots of tricks that are being played. My posters are being removed; my billboards are being replaced.

    I think they are just being intimidated. They feel that I am a formidable force  and-they think the only way they can do that is to spread ugly rumours that they feel can give them advantage.

    “My message to my people is for them to keep doing what they are doing. They know I won’t step down for Amosun. They will see that Awolowo has been reincarnated and Ogun State will go back to where Awolowo started and left it.”