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Bill to Amend CBN Act Scales Second Reading in Senate

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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

Police Say at Criminal Responsibility Age, Individuals must be Answerable for Their Actions

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The Nigeria Police Force says individuals who have attained the age of criminal responsibility must be answerable for their actions, regardless of biological age.

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, in a statement on Saturday in Abuja said the provision was very clear under the Nigerian law.

He said the provision was in line with global practices, where accountability was upheld for young individuals who commit serious offenses.

Adejobi said the clarification followed public opinion over the arraignment of 76 alleged minors over terrorism, arson and treasonable felony by the Nigeria Police.

According to him, in managing the detention and arraignment of these suspects, the Nigeria Police has rigorously adhered to legal provisions to ensure fairness and accountability under the rule of law.

He said the suspects were initially presented in court, where they were formally charged, with a remand order issued by the court.

“Throughout this process, the police have worked to balance justice with compassion, ensuring that each suspect’s basic rights and privileges are respected, including access to medical care and other necessary provisions.

“An unexpected incident in court saw six of the suspects suddenly rush out and faint on Oct. 1, drawing media attention in a deliberate and scripted manner to draw negative attention.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.

“While committed to upholding justice, the Nigeria Police Force remains sensitive to the rights of all individuals, including young persons,” he said.

According to him, as seen in other jurisdictions, including the United Kingdom, age does not exempt individuals from facing legal consequences.

He said the Nigeria Police was aware of public interest in the case and assured that its officers would maintain professionalism throughout the legal process.

Adejobi enjoined the public to view the case without undue bias, adding that the force remains focused on a transparent pursuit of justice.

He said the force would remain committed to aligning with best practices, upholding both the rule of law and respect for human dignity. (NAN)

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Bells Varsity Honours 91 Students with First Class at 16th Convocation

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Bells University of Technology, Ota, Ogun,  on Saturday awarded 91 students of the institution  First Class (Honours) at its 16th Convocation Ceremonies.

The convocation ceremonies are for the 2023/2024 academic session.

Ojediran said that a total of 969 students graduated in the  academic session.

He said that they comprised the 91 students who made First Class grade, 505 who secured  Second Class (Upper Division), 313 with Second Class (Lower Division) and 60 graduating with Third Class.

The vice-chancellor said that 220 students were graduating in the post-graduate category.

Mr Sally Farouk  from the university’s Department of Architecture emerged the overall best  student with  a Cumulative Grade Point Average of 4.

94, according to Ojediran. 

He said that the institution set out to proffer best solutions from collective knowledge, shared experiences and resources, recognising that education was a lifelong activity.

The vice-chancellor lauded the staff of the university for cooperation and dedication to giving the students  quality education.

“You have joined  hands with the management of the institution to work on this fertile ground,” he  said.

The Pro-Chancellor of the institution, Prof. Bart Nnaji, said that university was the first private university of technology in Nigeria, noting that it was established in 2005.

Nnaji said that the institution had made remarkable achievements in teaching and research as part of its vision to contribute to the growth and development of Nigeria.

“Let me also congratulate the graduating students who have distinguished themselves through their hard work and discipline and are being rewarded today.” he said.

In his remarks, the Chancellor of the institution, Dr Ibrahim Dankwambo, commended former President Olusegun Obasanjo for contributions to education development in the country.

Dankwambo also congratulated a former Executive Secretary of National Universities Commission (NUC), Prof. Peter Okebukola, and the Executive Director of Sahara Group, Mr Temitope Shonubi, for  honorary doctoral degree given them by the university.

Report says that Okebukola and Shonubi were conferred with the degree for their outstanding pedigrees  and services to humanity. (NAN)

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NEWS

Endbadgovernance protest: Suspects not in Custody of NCoS, -Says Spokesman

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The Nigeria Correctional Service (NCoS) has said that  suspects arrested during the #Endbadgovernance protest in August 2024 were not remanded in any of its adult custodial centres in Abuja.

The Service Public Relations Officer (SPRO) Abubakar Umar confirmed this in a statement on Saturday in Abuja.

our correspondent gathered that the suspects arrested for treason during the #Endbadgovernance protest that held in August 2024, were on Friday, arraigned before Justice Obiora Egwuatu at the Federal High Court, Abuja Division.

Umar said that there were misleading reports making the rounds in some sections of the media purporting that the suspects were remanded in one of the adult custodial centres in Abuja.

According to the NCoS spokesman, the said report has no iota of truth.

”The service operates under the best correctional and global practices.

“To set records straight, the NCoS Act 2019 has empowered the Controllers of Corrections as well as Superintendents-in-charge of Custodial Centres not to admit juveniles in facilities meant for adults.

“The Act also mandates the service to reject more intake of inmates where it is apparent that the custodial facility in question is filled to capacity.

“The service wishes to inform the public that the said suspects were rejected and none of them were remanded in adult custodial facilities as insinuated by the said report.

“The service  assures the public that NCoS will continue to emphasise professionalism as well as respect for human rights in line with the United Nations Minimum Standard Rules for the Treatment of Juvenile offenders.

“Furthermore, the general public is enjoined to disregard the said report because it is not the true position of things,”he said.(NAN)

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