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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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10th Anniverssary: Borno Government Gives Update On 89 Abducted Chibok Girls Still In Captivity

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Borno State government has said 89 out of 276 abducted girls of Government Girls Secondary School, Chibok, are still in captivity.

The state Commissioner for Information and Internal security Affairs, Prof Usman Tar, disclosed this at a press conference to commemorate the 10th anniversary of the ugly event.

April 14, 2014, would mark the tenth year of the abduction of the school girls.

“So far, 187 of the 276 abducted Chibok girls have been rescued and reunited with their families; 89 are still missing,” he said.

Tar, who spoke alongside his counterpart of Women Affairs, Zuwaira Gambo, noted that the 187 girls rescued over a period of ten years, include the 57 that escaped on the day of abduction.

He revealed that 108 were rescued by the security agencies and already reunited with their families.

He said the 187 rescued girls were enrolled in Capacity-building centres and Second Chance Schools initiative to make them self-reliant.

“Also, a number of the rescued girls have been enrolled for various scholarship programmes” he said.

He called on the parents of the girls that are still missing to be patient, saying government would do everything possible to get reunited with their children.

“We really understand the pain and anguish that the families of those still in captivity are going through, and government is committed to rescuing the remaining girls in captivity; we are working very closely with the federal security agencies along this line,” he said

He expressed hope that with the combined efforts of the security forces, intelligence agencies and communities, all the remaining girls in captivity would return home.

“With about 100 still in captivity, I can say that we are still in mourning period, and we still in prayer session in Mosques and Churches for their rescue.”

“This is not a moment of celebration and joy, but a moment for prayers and commemoration,” he stressed, assuring, “We will celebrate when all have been rescued,” he said.

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Abductors of former Gov Ortom’s CoS, wife, cook, contact family demand N100 million

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From Attah Ede Makurdi

The suspected armed Fulani herdsmen who reportedly attacked chief of staff (CoS) to former Benue State governor Samuel Ortom, Mr. Terwase Orbunde and abducted his wife and house maid, have contacted the victims’ family and demanded for the sum of N100 million as ransom for their release.

Orbunde served the immediate past Governor of the state, Chief Samuel Ortom as chief of staff between 2015 to 2022 and contested for governorship of the State under the platform of APC in the 2023 general elections.
The former governorship aspirants who is being treated for gunshot injuries in undisclosed hospital in Makurdi, said that the men contacted him this morning (Saturday) at about 8:30am through their victims.
The former Chief of Staff said his wife and cook were very calm when they spoke with him.He revealed that during the attack which took place at about 6pm yesterday, the gunmen spoke Fulani among themselves and communicated with him in Hausa saying they would contact him on phone.He maintained that his wife and the house help told him to be prepared to send the money to them and that if he failed to do that they would kill his wife and cook.Daily Asset had earlier reported that the former chief of staff was attacked yesterday (Friday), April 12, 2024, close to the Genocide Cemetery along Mobile Barracks-Welfare Quarters Road in Makurdi, the state capital at about six pm.Orbunde reportedly escaped with a gunshot on his right arm while the attackers whisked away Mrs Abigail Kashimana Orbunde, and her house help, Patience Ogute.It was said that Orbunde, his wife and the house help had gone to inspect the weeding of their farm located close to the road.They said after the inspection of the work and payment of the workers five gunmen suddenly attacked their victims as they walked back to their car.It was reported that they opened fire and Honorable Orbunde received a bullet on the right arm while they ordered him and the women to follow them to an unknown destination.The shooting was said to have caused villagers and passersby to scamper for safety in different directions.”As they marched along, the former Chief of Staff was said to be bleeding profusely and unable to walk quickly.”The leader of the group ordered him to walk away while the gunmen took the women to an unknown destination while good Samaritans conveyed Mr Orbunde to hospital”, an eye witness watched from afar narrated.

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Kukah Advises Nigerians to use Power, Authority to Impact Humanity

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Bishop Mathew Kukah, Archbishop of the Catholic Diocese of Sokoto, has advised Nigerians to use positions of power and authority to impact, and add value, to humanity.

Kukah gave the advice on Friday in Abuja at the 2nd Annual Impact and Legacy Lecture of Late Innocent Chukwuma, Founder of Cleen Foundation.

The foundation is known for promoting public safety, security and accessible justice through the strategies of empirical research, legislative advocacy and publications.

Kukah who spoke on: “Power of One: Dreams and Nightmares”, said that it was important to strive to change negative narratives, live impactful lives and leave lasting positive legacies.

“I begin this lecture by telling you about people like Pope John Paul, Malala Yousafzai, Martin Luther King and a host of others who have used powers positively.

“I used this to illustrate the choices that people have made in life and how they have used powers in their hands, either for good or bad.

“The late Innocent took up a passionate commitment and we must continue to push the frontiers that brought greatness to Nigeria,” he said.

The Bishop said that memorials are only for those who make impacts.

He urged everyone with ideas on curbing crimes and enhancing policing to strive to make impact irrespective of age and location for the betterment of the country.

Contributing, Mr Solomon Arase, Chairman, Police Service Commission (PSC), said the whole idea of community and intelligence policing could be attributed to the efforts of late Chukwuma.

According to him, it was through Chukwuma’s efforts that the trends and patterns of crime and its terminology were introduced into Nigeria’s policing vocabulary.

“Intelligence policing in Nigeria can be attributed to late Innocent Chukwuma because most people may not know about this and how this whole thing came about.

“The efforts of this man brought people from the metropolitan police and conveyed about 500 police officers from Nigeria to study what they were doing in the United States.

“His efforts and those of Prof Etannibi Alemika, Kemi and the MacArthur Foundation also brought into Nigeria one of the best police officers in the world who started talking about community partnership in deepening internal security management.

“The man Innocent Chukwuma has left things that are imperishable and should be sustained,” he said.

Reports says that former Minister of Solid Minerals, Obi EzEzewkesil, representatives of Ford Foundation, Civil Liberty Organization, YIAGA Africa and others at the event commended the convergence of great minds to foster continued development in policing. (NAN)

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