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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)

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Uba Sani Attends Christmas Carol, Maulud to Strengthen Muslim-Christian Unity

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By Nasir Dambatta

Governor Uba Sani has once again underscored his commitment to fostering unity among Kaduna’s diverse religious communities, attending both the 2024 Kaduna Unity Christmas Carol and a Maulud celebration in Zaria within the same week.On December 21, the Governor graced The 2024 Kaduna Unity Christmas Carol at ECWA Goodnews Church, Narayi Highcost, an event organized by the Christian Association of Nigeria (CAN), Kaduna Chapter.

The Carol, an annual tradition, brought together Christians from across the state in a celebration of joy, love, and togetherness.
Governor Sani’s presence at the event highlighted his inclusive leadership and his efforts to strengthen interfaith harmony in a state known for its rich religious diversity.
Shortly after, on December 22, Governor Sani attended a Maulud celebration in Zaria, organized by the Fityanul Islam group. Maulud, which commemorates the birth of the Prophet Muhammad (PBUH), is a time for reflection, prayer, and communal unity. The gathering in Zaria was attended by numerous dignitaries and religious scholars who reflected on the Prophet’s teachings of compassion, tolerance, and peace—values that resonate deeply with the Governor’s vision for Kaduna.Observers said the Governor’s presence at both events was a powerful reminder of his dedication to fostering peaceful coexistence between Muslims and Christians in the state. “Through these actions, Governor Uba Sani is leading by example, demonstrating that religious celebrations and dialogue can serve as a foundation for a united, progressive society.”, one of the observers said.

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Abuja Stampede: Wike Directs Free Treatment for Victims

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Federal Capital Territory (FCT) Minister, Nyesom Wike has directed government hospitals to provide free treatment to the people that sustained injuries during a stampede at the Holy Trinity Catholic Church in Maitama, Abuja.Wike gave the directive in a statement signed by his Senior Special Assistant on Public Communications and New Media, Mr Lere Olayinka, in Abuja on Saturday.

No fewer than 10 people including children lost their lives while 10 others sustained injuries to the stampede, during the distribution of food items to less privileged and the elderly by the church.
The sad incident occurred around 6:30 a.m on Saturday.Wike said that the FCT Administration would ensure that the injured received adequate medical attention.
The minister, who commiserated with the victims, also directed that henceforth, police permission should be obtained by individuals or organizations planning public distribution of palliatives, either food items or cash.Describing the incident as “painful”, Wike prayed for the repose of the souls of the lives that were lost and fortitude for their families to bear the irreparable loss.He commended the Police and other security agencies for their prompt intervention, saying, “the promptness in which security agencies responded to the incident was commendable.”In a related development, the FCT Emergency Management Department (FEMD), equally commiserated with the victims of the stampede.The acting Director General of the department, Mr Abdulrahman Mohammed, in a statement said that nine out of the 10 injured persons earlier taken to Maitama District Hospital, have been treated and discharged.Mohammed also appealed to organisations that intended to give out food items to the less privileged to involve security agencies or FEMD for adequate planning to ensure safety of beneficiaries.He also advised the use of coupons and segregation of the beneficiaries into groups to avoid crowd and rowdiness that could lead to stampedes.Similarly, the Police Command in the FCT has ordered organisations, religious bodies, groups, or individuals to notify the police when planning public events, charitable activities, or large gatherings in the territory.In a statement by the Police Public Relations Officer in the FCT, SP Josephine Adeh, said that the notification was to enable the police to deploy adequate security measures for public safety.According to her, failure to comply with the directive will result in the organisers being held liable for any incident or loss of life resulting from negligenceMeanwhile, the Nigeria Police Force has issued a warning against the unorganised distribution of palliatives and funfairs, which have led to stampedes and fatalities among vulnerable citizens.The Force Public Relations Officer, ACP Olumuyiwa Adejobi, gave the warning during a media briefing on Saturday in Abuja.Adejobi explained that the warning came in response to the increasing number of stampedes resulting in injuries and deaths, particularly during palliative distributions. (NAN)

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NDA Records Successes in Military Training, Academics in 2024

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The Nigerian Defence Academy (NDA), says it has recorded a lot of successes in military training and academic activities in 2024.

The Commandant of NDA, Maj.-Gen. John Ochai, said this at the Nigerian Defence Academy Social Activities (NDASA), held at the headquarters of the academy Afaka  on Friday in Kaduna.

Ochai said the essence of NDASA was to end training activities of the year.

He said the 2024 NDASA was unique because the academy marked 60 years of existence from 1964-2024.

Also of significance, Ochai said,  NDA had passed out the largest number of officers commissioned into the Armed Forces of Nigeria in 2024.

Equally, he said, in the same year (2024), the academy had the largest number of officers trained outside the country.

He emphasised that the NDA does not only train leaders for the Nigerian Armed Forces, but those for the Nigerian nation and humanity at large.

“After five years of training, we imbibe in officers leadership qualities that are everlasting.

”The traditions, ethos, characters that we instill in our cadets follow them forever and become very useful in all spheres of human endeavors,” Ochai said.

Mr Martins Amaram, Country Security Manager, Nigeria Breweries, PLC , who was the Special Guest of Honour, said the event fostered unity, cultural awareness and comradeship among the cadets and the larger community.

Amaram said, “The academy has always been a beacon of excellence in producing military leaders  for integrity, resilience and capacity to face in a dynamic and complex world .

“Beyond academics and military training the academy still values cultural respect and social engagement, recognising the diversity of our great country. Nigeria.”

He commended NDA for creating the platform where cadets can appreciate the rich cultures and build bonds that transit borders.

Amaram added, “The Armed Forces of Nigeria are playing a critical role in ensuring the stability and progress of our nation. “

He urged the academy to continue to record more successes in its mission of excellence and service to the nation.

Report says that awards were given to deserving soldiers who distinguished themselves in 2024.

report says that 22 soldiers were decorated from Warrant Officer(WO) to Master Warrant Officers(MWO). (NAN)

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