COVER
FAAC Shares Record N900bn to FGN, States, LGAs in June
…FAAC Share in June
By Mathew Dadiya, Abuja
National Economic Council (NEC) has unanimously resolved to do away with the national social register used by former President Muhammadu Buhari’s administration to implement its conditional cash transfer, saying it lacked integrity.
Vice President Kashim Shettima, who presided over the NEC meeting at the Council Chamber of the Presidential Villa yesterday in Abuja, said that the register had integrity issues as the criteria for its compilation was unclear.
Briefing State House correspondents at the end of the meeting, Anambra State governor, Chukwuma Soludo who spoke alongside governor Dapo Abiodun of Ogun State, Bala Mohammed of Bauchi and the Acting governor of Central Bank of Nigeria (CBN) Folashodun Shonubi, said contrary to what the previous administration projected, it is not possible to digitally transfer money to the poorest of the poor the majority of whom are unbankable.
This is even as the Federal Government has announced that it will distribute 252 thousand metric tons of grains to states at a subsidised rate to cushion the effect of hardship occasioned by the petrol subsidy removal.
He said that it was agreed that states should generate registers that are comprehensive and ensures that it will be for the vulnerable people only.
Soludo, flanked by his Bauchi and Ogun State colleagues, Bala Mohammed and Dapo Abiodun, respectively, noted that beneficiaries of the supposedly transfered cash could not be identified in the villages.
Read Also: FAAC Shares N714.629bn March Revenue to FG, States, LGCs
He said NEC resolved that the states should come up with their own registers using formal and informal means to develop it, assuring that all beneficiaries at the subnational level could easily been accessed that way.
“We need to face the problem of the fact that we don’t have a credible register,” he said.
Soludo affirmed that NEC deliberated on ways to cushion the impact of the recent petroleum subsidy removal.
While fielding questions from newsmen, Soludo said, “The first question that was raised is in relation to cost of governance. I think it’s an omnibus concept, and it’s not something you sit down in a meeting to legislate for each and every state.
“But the fact that the council recognizes that this is an issue that each tier of government should now focus on as an area of concern. That we mustn’t live… even the cost of running the state, the way we even live, so,some gave an example of a state governor going with 20 something vehicles in a convoy and all these have to be fueled, and so on and so forth. And the fact that we’re even amongst ourselves almost like in a peer review, kind of setting talking for ourselves.
“We need to be sensitive to the times, we need to live within the average of the people that we’re governing and so on and so forth. And knockoff the waste and the irrelevance so to speak.
“I will like to give you a simple example, When I assumed office, it was costing about N137 million every month to clean up public offices, and so on. Today, in Anambra we’re doing N11 million a month from N137 million on a monthly basis, just an illustration. And it’s a thing that we’re persuading each and every one of us to look into, check into our books and look ourselves in the mirror and move with the times.
“Second thing I’d like to respond is in relation to the social register that has been mentioned. I think at the council today, there was almost near unanimity among members. That there’s a big question mark about the integrity of the so called National Social Register.
“We have questions about how those names in the register were brought about and I’m sure one question I hear asked is where it is for the most vulnerable group, and so on and so forth.
“Let’s talk about a social register. And them distributing things through the social register by digital means, implying that these people already have account numbers and they have phone numbers. Maybe we are talking about some other people and not Nigerians. The poorest 25 percent of Nigerians are likely, if not totally unbanked, and don’t have access to telephone.
“Now in thinking through that, we felt that sitting in Abuja and calling on somebody in Anambra to compile a list and send it to you and then the person depends on who he brings, and the registers are generated and people go to those villages and ask where are those people and they don’t show up. This is stress testing. And we think that we need to go down back to the drawing board.
“If you are delivering any such national or federal programme from Abuja, it needs to be delivered via the governments that are there using their own format and mechanisms to generate the register that is comprehensive.
“That meets certain criteria, that you can stress test and you can call out the people in the village and everyone will confirm that these are the vulnerable people, if you are targeting vulnerable people, as it were.
“So the integrity test is what is missing with that register. Many have just described what is being counted as National Register as bogus, some describe it as phantom, some in all manner of terms. So we need to face the problem, the fact that we don’t have a credible register and get back to work on this.
“And by the way, there’s something that I think my colleagues missed out as part of those recommendations over the medium, longer term, and that is the possibility of negotiating a new minimum wage. That obviously will be on the table. But that has to be negotiated through the appropriate structures for doing that over time.”
Professor Soludo explained packages to serve as palliatives were marshalled out to encourage the tiers of government to implement in accordance with their respective fiscal space and fiscal capacities.
“The federal, state and local governments. I want to highlight as well, but that is quite some fiscal surplus that will be coming to the states and local government and the federal government and we suggested that it will be nice that you can implement cash transfers, subject to your financial capacity based on peculiarities.
“Some might be able to do one, some might be able to do 10. Some might be able to do 20 as the case maybe. It depends on their own capacity. Maybe a state, maybe some that are not even in a position to do that now.
“For example, if you have a state that has been owing salary arrears, workers have been owed for three years, or for four years. The priority now is to even start paying some of the salary arrears or where pensioners have been owed their pension and gratuity for seven years for example, the priority now might be to use part of the surplus to pay them.
“Then, there are also states that are with bumper harvests and that will say you know what I want to deploy a chunk of this to implementing cash transfer and several of the other immediate programs and that is why we couched this point, that this is ultimately still a federation. And the various states and local governments and federal government are at different levels in terms of their fiscal space and fiscal capacity. So states, local government, federal government, depending on the resource if the federal government decides to do the same cash transfers for example, we are recommending that they should do so using the framework of the states and local government that are nearer to the people so to speak. That’s basically that. We didn’t sit down there to begin to say, oh, okay, this one your transfer will be like what is being bandied around in the media, whether it’s 8000 or 10,000, or 1000, or whatever. It will depend on what the state… if the state can afford it, and what they can afford. And I guess it’s very important that we communicate this clearly,” he said.
The Bauchi State governor, Senator Bala Mohammed said that the Federal Government will distribute 252 thousand metric tons of grains to states at a subsidised rate to cushion the effect or subsidy removal.
Mohammed said that the National Emergency Management Agency, NEMA, will also make available to the people its package.
On his side, Governor Dapo Abiodun of Ogun State said that though the hardship the masses are facing as a result of the removal of fuel subsidy was not the doing of the government as the market forces determines the price, efforts were being made to cushion its effect.
Some of the packages include cash transfer to the poorest of the poor by the states, cash award policy for all public servants which should be implemented for six months in first instance, payment to public servants on outstanding liabilities such as pension, allowances among others.
He also said that the government is looking at the possibility of funding Micro Small and Medium Enterprises (MSME), which he said are the engine room of business.
He further said the government plans immediate implementation of energy transition plants, converting mass transit buses to Compressed Natural Gas, CNG, adding that the long term vision was to establish electric automobile plants.
On his part, the acting Governor of Central Bank of Nigeria, CBN, Folashodun Shonubi said the Federal Inland Revenue Service, FIRS, briefed the council and announced that it was ahead of the half year target.
“Chairman of the Federal Inland Revenue making a presentation on what they have done so far, the level of collections. It was nice to know that they are ahead of their target for half year. And we expect that before or by the time the year ends they would exceed.
“They also gave us some idea of what next year should be like from them. And from this year, we hope to make some N10 trillion. It is planning that next year, we should be able working with all the agencies provide N25 trillion as their contribution to the national coffers,” Shonubi said.
By Mike Odiakose, Abuja
Immediate past governor of Kogi State, Yahaya Bello will spend the 2024 Christmas and 2025 New Year days in Kuje prison, Abuja, following refusal of his bail application by the Federal Capital Territory High Court.
Justice Maryann Anenih yesterday adjourned the case until Jan.
29, Feb. 25, and Feb. 27, 2025 for the continuation of the hearing.The former governor is standing trial, along with two others, in an N110 billion money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Anenih had refused to grant a bail application filed by Bello, saying it was filed prematurely.
The judge admitted Umar Oricha and Abdulsalam Hudu, to bail in the sum of N 300 million each with two sureties.
Justice Anenih, while delivering a ruling said, having been filed when Bello was neither in custody nor before the court, the instant application was incompetent.
“Consequently, the instant application having been filed prematurely is hereby refused,” she said.
Recalling the arguments before the court on the bail application, the judge had said, “before the court is a motion on notice, dated and filed on Nov. 22.
“The 1st Defendant seeks an order of this honourable court admitting him to bail pending the hearing and determination of the charge.
“That he became aware of the instant charge through the public summons. That he is a two-term governor of Kogi State. That if released on bail, he would not interfere with the witnesses and not jump bail.”
She said the Defendant’s Counsel, JB Daudu, SAN, had told the court that he had submitted sufficient facts to grant the bail.
He urged the court to exercise its discretion judicially and judiciously to grant the bail.
Opposing the bail application, the Prosecution Counsel, Kemi Pinheiro, SAN, argued that the instant application was grossly incompetent, having been filed before arraignment.
He said it ought to be filed after arraignment but the 1st Defendant’s Counsel disagreed, saying there was no authority
“That says that an application can only be filed when it is ripe for hearing.”
Justice Anenih held that the instant application for bail showed that it was filed several days after the 1st defendant was taken into custody.”
Citing the ACJA, the judge said the provision provided that an application for bail could be made when a defendant had been arrested, detained, arraigned or brought before the court.
Bello had filed an application for his bail on November 22 but was taken into custody on November 26 and arraigned on Nov. 27.
From Jude Dangwam, Jos
Conference of Autochthonous Ethnic Nationalities Community Development Association (CONAECDA) has called on the federal government to intensify efforts in the resettlement of displaced persons in their ancestral homes.
The organization made this call at the end of its conference held in Jos, the Plateau State Capital weekend.
Thirty resolutions were passed covering security, economy, politics, governance, culture, languages, human rights and indigenous peoples’ rights among others.
The Conference President, Samuel Achie and Secretary Suleman Sukukum in a communique noted that the conference received and discussed reports from communities based on which resolutions were reached on securing, reconstruction, rehabilitation and returning communities displaced by violence across the Middle Belt.
“After considering the reports from communities displaced by violent conflicts, conference resolved, and called on government to focus on providing security to deter further displacements.
“Call on government to provide security to enable communities to return. Government and donor partners should assist in reconstructing and returning displaced communities,” the communique stated.
The GOC 3 Armoured Division Nigeria Army represented by Lt Col Abdullahi Mohammed said the Nigerian Army is committed to working closely with communities to achieve a crime-free society, urging communities to support them with credible information.
“Security is a collective effort, and we cannot do it alone, the community plays a crucial role in ensuring safety.
“We urge everyone here not to shield or protect individuals involved in criminal activities. Transparency and collaboration, together, with maximum cooperation, we can achieve peace, security, and prosperity for our society,” the GOC stated.
The National Coordinator of CONECDA, Dr. Zuwaghu Bonat in his address at the gathering noted that the theme of this year’s program, Returning, Resettling, and Rehabilitating Displaced Communities, was chosen as a wakeup call on the federal government.
He maintained that the organization is aware that President Bola Tinubu has expressed a commitment to ensuring that displaced communities return to their ancestral lands.
He said similarly, some state governments, including Plateau State, have set up committees to address the lingering matter.
The coordinator however cautioned, “It is critical that we avoid generalizations or profiling. For instance, Not all Muslims are involved in terrorism. The overwhelming majority of Muslims in Nigeria are peaceful and reject extremist ideologies.
“We also know that some terrorists exploit religion to mobilize support or rationalize their actions. However, their atrocities – slaughtering women, cutting open pregnant mothers, and killing children show a profound disregard for humanity and God. Normal human beings would not commit such acts.
“We must also be cautious about lumping banditry with terrorism. While statistics indicate that many bandits and kidnappers may share similar ethnic backgrounds, kidnapping has now evolved into a profit-driven enterprise. This distinction is vital to address the root causes effectively,” he stated.
The Governor of Plateau State, Caleb Mutfwang represented by his Senior Special Assistant (SSA) on Middle Belt Nationalities, Hon Daniel Kwada noted that the conference was apt to addressed the various underlying issues bedeviling the region and its people.
“We in the Middle Belt have long been standing at the crossroads of Nigeria’s complex history. Despite our tireless efforts to stabilize this nation, we have faced immense challenges, including underdevelopment, security issues, and marginalization.
“Often, we are unfairly maligned, but gatherings like this offer a chance to change the narrative.
“Such conferences set the tone for better discussions. They allow us to drive processes that bring development, ensure security, and elevate our people to greater heights,” Mutfwang noted.
Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.
Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.
The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.
Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests
He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.
The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.
In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”
He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.
To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.
According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.
He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.
“Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.
“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.
Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.
He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.
“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.
“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”
Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.
He stated that the commission is committed to transparency and being mindful of the benefits and risks associated with technology adoption.
Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.
On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.
He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.
He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.
In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.
Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.
She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.
The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN
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