NEWS
Bill to Amend CBN Act Scales Second Reading in Senate
The Senate at plenary on Tuesday passed for second reading, a bill for an act to amend the Central Bank of Nigeria(CBN)Act 2007.
The bill was sponsored by 41 members of the Committee on Banking,Insurance and other Financial Institutions.
Leading debate on the general principles of the bill,Chairman of the Committee, Sen.
Adetokunbo Abiru,(APC-Lagos)said the bill was read the first time on Jan. 30th.He said the mandate of CBN was derived from the 1958 Act of Parliament as amended in 1991, 1993, 1997, 1998 and 2007.
Abiru said the current act of 2007, which empowers the bank with the overall control and administration of the monetary and financial sector policies of the federal government, has not been amended for over 16 years, despite growing changes to the bank’s balance sheet.
He said there was also challenges in monetary policy implementation occasioned by fiscal dominance and the rapidly changing financial landscape.
Abiru said the proposed amendments were therefore aimed at strengthening the bank to discharge its primary mandate of maintaining monetary and price stability in support government’s economic growth objectives.
He said the amendment was designed to align its governance mechanisms with global best practices.
According to him, the current act made no provision for coordination of monetary and fiscal policies which accounted for the reason monetary policies of the bank often diverge from fiscal policies to the detriment of the economy.
He said the bill introduces for the purpose of co-ordination of the monetary, fiscal and trade policies, a Coordinating Committee for Monetary and Fiscal Policies.
He listed the functions of the committee to include:
“Setting internally consistent targets of monetary and fiscal policies that are conducive to controlling inflation and promoting financial conditions for sustainable economic growth.
“Applying caps to any fiscal deficit at a level that can be financed without having recourse to direct monetary financing from the Bank, that is Ways and Means.”
He said membership of the proposed committee shall consist of, Minister of Finance who shall be the Chairman, Minister of Budget and Economic Planning,Minister of Industry Trade and Investment, Minister of Agriculture Governor of the Central Bank of Nigeria.
Others,according to Abiru are the Chief Economic Adviser to the President, the Director General of the Securities and Exchange Commission.
The senator said the bill also proposes to amend the provision to provide a single non-renewal term of six years for the Governor and the Deputy Governors.
This, he said was the practice adopted by many independent Banks such as the United States Federal Reserve and the European Central Bank, where their Chief Executive Officers serve only one non-renewable term.
According to him, empirical evidence showed that a single term for the members of the executive and board members of central banks helps to reduce political influence on monetary policy decisions and the time inconsistency problem associated with non-independent central banks.
“The bill proposes that where a vacancy is created by the death or resignation of a CBN Governor or Deputy Governor, the President can appoint an acting Governor in the interim pending the appointment of a substantive Governor or Deputy Governor.
“Where a substantive appointment is made, such appointment will be for a fresh term rather than serving the tenure of the previous Governor or Deputy Governor.”
He said the bill proposes the establishment of the office of a Chief Compliance Officer for the Bank, of the rank of a Deputy Governor, who reports directly to the Board and may occasionally be summoned to appear before the relevant committee of the National Assembly.
This,he said was to help to strengthen the internal control systems put in place by the management of the Bank.
He said the primary role of Chief Compliance Officer was to ensure that the bank complies with all the public accountability and transparency requirements contained in extant laws under which the bank operates.
The bill was referred to Committee on Banking Insurance and other Financial Institutions for further legislative inputs and to revert back to plenary in two weeks by Deputy President of Senate Sen Barau Jibrin (APC-Kano).(NAN)
NEWS
Fire Guts Shop Destroys Goods, Monies in Ilorin
From Samuel James, Ilorin
Goods worth millions of Naira with huge cash from sales have been burnt into ashes during a midnight inferno that occurred at Akerebiata area of Ilorin metropolis in state capital.
It was gathered that an unfortunate incident happened around 12am during the weekend at a shop where engine oil, brake fluid motor and other associated products are sold.
Ahmad Toyib, the owner of the affected shop who shares the same building with his wife who is also into tailoring materials business lost all the tailoring equipment in the severely burnt.
In addition, all the cash sales made a day before the incident and POS machine were also completely razed down.
NEWS
CNS Says Forensic, Investigative Operations Key to National Devt
From Attah Ede, Makurdi
The Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ogalla, has charged officers and men of the Nigerian Navy to uphold professionalism by continuously improving their skills and aligning with global standards in forensic and investigative practices.
CNS Ogalla assured that the Nigerian Navy is committed towards adopting global best practices in forensic and investigative operations to support national development.
He stated this during the combined graduation ceremony for three courses for the Advanced Provost Officers Course, the Advanced Detective Investigation Course, and the Outriders Course—held at the Nigerian Navy Provost and Regulating School in Makurdi, Benue State,
Ogalla, who spoke through Rear Admiral Noel Madugu, highlighted the importance of the training, explaining that the courses were designed to enhance the competencies of the officers and ratings graduating from the Provost and Regulating Department.
CNS however commended the graduates, particularly those from the newly introduced specialist programs, as pioneers in advanced forensics and investigative fields.
“As pioneers, the Nigerian Navy is proud of the milestone you have achieved as custodians of forensics and specialist investigators within the Service.
“Our hope is that you will build on the knowledge gained here through dedication and professionalism in your assignments, striving for greater excellence” he maintained
Earlier, Navy Captain Henry Ejeh, Commandant of the School, detailed the rigorous 10-week training program, emphasizing its focus on instilling best practices in law enforcement within and beyond the military. He noted that the program employed diverse methods, including classroom lectures, practical demonstrations, and training attachments, to ensure the students were well-prepared for their roles.
The ceremony underscored the Navy’s unwavering commitment to excellence and its role in advancing national security through cutting-edge forensic and investigative training.
NEWS
Kwara NSCDC Organises Medical Outreach, Award Night
From Samuel James, Ilorin
The Kwara state command of Nigeria Security and Civil Defence Corps (NSCDC) has organized a Medical Outreach, Security Summit and Award Night to mark its end-of-year activities in the state.
The event which was organized by the Tanke Division highlighted the Corp’s commitment to community service, security enhancement and the recognition of excellence.
The event started with a Medical Outreach that aimed at improving health and well-being of elderly residents in the Tanke community, as free medical tests were conducted to demonstrate the Corps’ dedication to social responsibility and care for the welfare of citizens.
The Security Summit, which followed, focused on strategies to enlighten neighborhood safety and foster greater collaboration among stakeholders. It also centered its discussions on proactive measures to tackle security challenges and to enhance collective efforts toward ensuring a safe society.
The event also culminated in an Award Night to celebrate officers and stakeholders who have shown outstanding dedication, professionalism, and contributions to public safety.
While addressing the gathering, the State Commandant, Dr. Umar J.G. Mohammed, who was represented by the Area K Commander, ACC Kehinde Adebayo, extolled the officers for their unwavering commitment to duty, and explained that recognizing hard work and dedication is not only to motivate personnel but also to inspire excellence and strengthen service delivery.
In his remarks, the Tanke Divisional Officer, SC Oyinloye Yinka, explained the importance of the event, describing it as a platform to appreciate officers for their resilience and to encourage stakeholders’ involvement while reinforcing the Corps’ mandate of safeguarding lives and property.
Oyinloye further appreciated the stakeholders for their unwavering support, acknowledging that the division’s achievements were made possible through the collaborative efforts and partnerships.
The State Command however reassured of its readiness to sustain these initiatives and to deepen community engagement, and enhance operational efficiency in the years to come.