The Nation Newspaper

Tag: stiffer

  • SEC mulls stiffer sanction for fund diversion

    Nigeria’s apex capital market regulator-Securities and Exchange Commission (SEC) yesterday indicated that it has started the process of amending its rules and regulations to impose additional monetary sanctions on companies and governments that divert or misapply funds raised from the capital market.

    Under the proposed amendment, any company or government that diverts or misapplies funds raised from the capital market will pay additional penalty equivalent to two per cent above the subsisting monetary policy rate (MPR). The MPR is currently at 14 per cent, implying a proposed penalty of 16 per cent at the current rate.

    In a circular issued yesterday, SEC noted that it had received reports on instances of misapplication of issue proceeds, referring to the practice by some issuers to use funds raised for a specific purpose for another purpose without recourse to the Commission for a variation of the use of the net proceeds.

    “To curtail such diversion and misapplication of issue proceeds, it became necessary to propose a stiffer penalty,” SEC stated.

    Also, the Commission is considering amending its rules on publication of interim financial statement to provide exception to companies listed on the Alternative Securities Market (ASeM) of the Nigerian Stock Exchange (NSE) from mandatory publication of their reports in a newspaper.

    Under the existing rules, all public companies are required to publish their “signed” quarterly balance sheet, income statement and cash flow statements in at least one national daily newspaper. However, the accounting policies, notes and other relevant information shall be posted on the company’s website which address shall be disclosed in the newspaper publication.

    The amendment will exclude companies on ASeM from the requirement to publish in a national daily. The amendment provides that “public companies listed on the AseM may publish their “signed” quarterly balance sheet, income statement and cash flow statements, accounting policies, notes and other relevant information on the company’s website only”.

    According to SEC, the proposed rule will reduce the cost of publication for small companies listed on the AseM.

    The Commission also plans to amend the rule on shelf registration. “A shelf Prospectus shall be effective for a period of three years from the date of its issue and shall be subject to renewal as may be approved by the Commission. Provided, that the Shelf Prospectus of supranational agencies shall be effective for an indefinite period until determined by the Commission,” the proposed amendment stated.

    Also, in the case of a shelf prospectus which is effective for an indefinite period, information in the shelf prospectus shall be updated prior to the issuance of any tranche or series, the shelf prospectus shall be updated by the filing of an addendum to the shelf prospectus with the Commission while the addendum may include an information statement and any other relevant information and shall be incorporated by reference in any tranche or series to be issued.

    SEC explained that the shelf life of a shelf programme by Supranational Agencies was made effective and valid indefinitely by a 2013 Rule amendment, to allow supranational agencies unfettered and quick access to the capital market in view of the fact that their status made for little change in their material information.

    However a 2015 amendment which sought to extend the shelf life of the shelf programmes of other issuers from two years to three years –in line with international best practice, inadvertently substituted the word ‘Supranational Agencies’ with ‘Sub-nationals’.

    “It is necessary to urgently correct this error to avoid perpetuating an irregularity since the regular changes in the material information of sub-nationals should make it imperative that their shelf programme have a fixed life as material information of Sub-nationals quickly becomes stale or of no effect,” SEC stated.

  • Rape and the need for a stiffer penalty

    Recently, women across the world celebrated International Women’s Day. Part of the agenda for the celebration includes older women setting priority for the younger generations; the review of challenges facing women and charting a way forward. Women were encouraged to be involved in governance, fight for fairness, equality and full protection for women and the girl child. However, the main issue discussed at the celebration was child rape which is one of the most traumatizing forms of violence against children.

    Rape is sexual assault involving sexual intercourse or other forms of sexual penetration perpetrated against a person without their consent. The act may be carried out through physical force, coercion, abuse of authority or against a person who is incapable of valid consent, such as one who is unconscious, incapacitated, or below the legal age of consent.

    Though, there are different types, Drug-Facilitated Sexual Assault (DFSA), forcible and statutory rapes are the most common in Nigeria. DFSA is a sexual assault carried out after the victim has become incapacitated due to having consumed alcoholic beverages or other drugs. Statutory rape is an intercourse between an adult and a minor, adult can be found guilty of statutory rape even if the minor was willing partner. Forcible rape is an intercourse carried out against a person’s will by that of physical force a person could only be charged with rape if force was used to subdue the victim. The age of consent for sexual intercourse varies depending on state law but is not higher than 18years in any state.

    Perpetrators of rape show signs of dominance, power and hatred to humiliate victims. They get their own pleasure through rape since it is insecure to approach women openly so they force them. This brings psychological effects for life on the victims because it is horrible and pervasive to defile a woman forcefully. In some cases, drugs and alcohol are used to minimize the resistance and memory of the victims of sexual assault.

    Over the years, there has been high record of suicide cases which can be traced to long- term health impact and trauma from sexual abuse, resulting to depression, mental health problems, Stress and sleeping disorders. The victims of rape go through psychological trauma, if not controlled they become threat to the society by committing crimes. These victims lose self esteem and find it difficult to concentrate on their education thus becoming drop out. They get involved in prostitution, drug abuse, violence and other crimes especially kidnapping. While some are still suffering from the trauma of rape as a minor, teenager or adult but unfortunately our society seems to be passive in taking proper measures for rehabilitation of victims.

    Today, the rape epidemic in our society reflects the extent to which women’s human rights are threatened. Our laws and collective attitude toward rape call to question not only our sense of justice but our civilization. Like a scourge, the regular cases of reported rape in the country’s media and confirmed statistics from some states are threatening to smother the essence of the society. Nobody, not even infants, is safe from the evil rampage of these randy felons on the prowl preying on their victims with relish.

    Being a cosmopolitan city, Lagos has its own fair share of rape incidences but the State Government through the Ministries of Women Affairs and Poverty Alleviation (WAPA), Youth and Social Development Domestic, Sexual Violence Response Team (DSVRT), Office of Public Defender (OPD) and the Directorate of Public Prosecutions (DPP) among others, have ensured that victims of rape were rescued, counseled and provided new shelter in a safer environment.

    According to records, the DSVRT has handled a total of 192 cases comprising 89 domestic violence cases, 62 defilement cases, 18 rape cases, six attempted rape, 10 child neglect and seven child abuse cases while Ninety-two (92) cases are presently being heard in court. It is also on record that 4,035 cases of sexual and child abuse was recorded in the last one year.

    However, the stance of the law towards rape has not really helped in any way. Women and girls who are raped in Nigeria have little hope of obtaining justice and reparation.   Prosecutions for rape are brought in only a small number of cases. Victims are sometimes pressured into withdrawing the case or parents of victims prefer financial settlement out of court to a criminal prosecution. Where cases are brought to court, prosecution sometimes fails because police refer cases to a court lacking appropriate jurisdiction and progress is then obstructed by the slow administration of the judicial system. In some cases, the alleged perpetrator is charged with a different and less serious criminal offence.

    Perpetrators of rape have continued to enjoy the crime because the onus of proof lies only with the victims. The victim is the one that must provide the bed sheet used to rape her. She must provide her underwear and not clean herself before going to the police station and the hospital even when it is sure that there would be delays in getting and presenting the report of medical tests because of nature of our health facilities. She must not urinate, drinks liquid or takes any other bodily action as these could threaten her evidence.

    Digging into the provisions of the Law on rape and sexual abuses, it is clear that a lot still has to be done if we must achieve a rape/sexual abuse-free society. A bothersome issue is the idea of giving culprit option of paying fine of such amount as ridiculous as N250, 000 which can be easily afforded by the culprit and his family. Of what use is the fine compared to damage caused the rape victims?

    It is, therefore, essential that all stakeholders put up a common front to ensure that necessary things are done to rework the laws of the land so that rapists could face stiffer penalty. Everything must be done to ensure that rape isn’t treated with levity. Rape is a crime against humanity, it must be discouraged now!

    • Oguntadeis of the Ministry of Information and Strategy, Alausa, Ikeja

  • ‘Corrupt Nigerians need stiffer punishment’

    A patron of the Economic and Financial Crimes Commission (EFCC), Chief Charles Nwangwa, has called for a stiffer law and improved execution machinery to punish corrupt persons to reduce the menace in Nigeria.

    Nwangwa addressed reporters in his home in Umuomei Autonomous Community in Obingwa Local Government.

    He decried the “eating of cake and having it back syndrome” among some Nigerians.

    The EFCC patron noted that unless the trend is curtailed, the war against corruption would be ineffective.

    Nwangwa said: “The worst thing we have in Nigeria is because it is a society where people eat their cake and have it. If people can realise that if they eat their cake, they won’t have it, then this (corruption) will stop.

    “We need laws, we need their enforcement. We need to end corruption in our society.”

     

  • NEMA recommends stiffer actions for tanker drivers, others

    The National Emergency Management Agency (NEMA) has decried the flagrant abuse of extant traffic laws by trucks, large, slow moving vehicles and others. It called for stiffer actions against reckless road users.

    NEMA said the drivers’ indiscipline, recklessness, impatience and flagrant disobedience to traffic laws have caused accidents, leading to the death of many people.

    A statement by the agency’s information officer, Mr. Ibrahim Farinloye, quoted the Zonal Coordinator, Southwest Zone, Mr. Iyiola Akande, as saying: “From today (Sunday) till the next five days, traffic will increase, especially immediately after the New Year celebrations.

    He said: “The Federal Government has been doing its best in the repairs and rehabilitation of the major highways as an essential impetus for safer road, which is part of the United Nations’ requirements for reduction of road crashes and injuries.

    “From today till the next five days, traffic will increase, especially immediately after the New Year celebrations.

    “This will result in one-way traffic flow. So, it is necessary for these classes of road users to be cautious, comply with traffic rules and regulations against what we have observed in them, especially their reckless driving.”

    According to NEMA, Highway Code Section 15 says: “It is an offence for a large and slow moving vehicle to allow smaller or fast moving vehicles queue behind it whenever the driver can pull over safely to make way for other vehicles.”

    The agency lamented that there has been no compliance with the provision.

    “Henceforth, we will ensure that this rule is enforced without minding whose ox is gored. This will be after the appraisal of efforts and activities of the related agencies that have the mandate to enforce traffic rules.

    “NEMA has several times met the leadership of the associations of the drivers, highlighting the observations and excessiveness of their members. Promises were made to enlighten their members on the need to obey traffic rules.

    “Our appeal to the drivers is to contribute their quota to safer road as they won’t know whether their relatives, friends or family could be victims of their nonchalant attitude that are detrimental to other road users.

    “Speed has been identified as a key risk factor in road traffic injuries, influencing the risk of road traffic crashes and the severity of the injuries that result from crashes.

    “Road crashes create social costs for individuals, families and society. Road traffic injuries place a heavy burden on health services and economies.

    “As motorisation increases, road traffic crashes will continue to be a fast growing problem. The situation is becoming more worrisome due to the refusal of these classes of our road users to abide by the extant rule, as the efforts of the agencies to enlighten the drivers have not yielded results,” Mr. Akande said.

    NEMA hailed the Ministry of Works for the implementation of Section 25 of the extant codes, which kicks against indiscriminate parking of trailers and tankers on the highways.