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FG Begins Investigation into US Security Alert Source

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By Ubong Ukpong & Laide Akinboade, Abuja

Defence Minister, Maj-Gen Bashir Magashi (rtd), yesterday disclosed that the nation’s defence and intelligence community was verifying the source of security threat alert in the country, recently issued by the United States government.

Magashi made the disclosure when he appeared before the House of Representatives Committee on Defence, to defend the 2023 budget proposals of his ministry.

Only on Oct. 23, the US Mission in Nigeria had issued a security alert over the risk of terror attacks in Nigeria, especially in the Federal Capital Territory, (FCT).

However, the minister, who assured that the ministry would not take the threat lightly, said, “the ministry is trying to verify the source of the threat as well as countries that are also interested in the remarks made by the U.

S. government,” he said.

He promised not to take the current security alert threat lightly, saying security in Abuja is being beefed up in the FCT and other neighboring states of Nasarawa and Niger.

“We believe that there is no smoke without fire and in that regard, we were able to subject the details to our intelligence organisations and they have provided answers to those areas which the government demands,” he said.

Magashi said government realised that what it needed was to be extra vigilant to prevent any activities of bandits and where the threat was likely to come so that it could be neutralised.

The minister urged the U.S. government to always provide such information to the ministry instead of going public to avoid causing confusion among the people.

On his part, Chairman, House Committee on Defence, Hon Babajimi Benson, said the house had embarked on enacting innovative legislations designed to strengthen the defence sector.

He expressed satisfaction with the level of successes recorded so far in the fight against insecurity in the last five months.

This according to him is a proof with the level of professionalism displayed by the military, while assuring that adequate funds would be allocated to the defense sector in the 2023 budget.

FCTA Assures Abuja Residents of Safety

The Federal Capital Territory Administration (FCTA) Executive Committee, has reassured residents of the Abuja of their safety, insisting that adequate security arrangements have been made to maintain law and order in Abuja.

The EXCO, which issued this promise during its 12th Meeting in Gwarinpa I District, Abuja, said the government has made all necessary arrangements in collaboration with security agencies to protect lives and property of all people.

The EXCO noted that though the Advisory has generated tensions, fear, and panic among residents, the security agencies are combing the nooks and crannies of the Territory to fish out criminals and other persons wishing to truncate the peace and tranquillity of the FCT.

“Even before the issuance of the advisory, the security agencies have maintained and upscale surveillance through their personnel within the Federal Capital City to ward off any security breach,” the EXCO stated.

It reiterated that the procurement and distribution of sixty operational vehicles fitted with state-of-the-art equipment to security agencies by the Administration are strategically done to assist and enhance their performance.

The EXCO recalled that the Minister of the Federal Capital Territory, Mallam Muhammad Musa Bello, had earlier convened an emergency security meeting were issues concerning the security alert given by some embassies in Abuja, to their citizens were exhaustively discussed and measures are taken to sustain the current state of security and prevent any breach.

The meeting, however, urged residents to cooperate at all times with the security agencies by volunteering useful and timely information that will assist in nipping any form of criminality in the bud.

The Committee, therefore, enjoined residents to install Close-Circuit Television (CCTV) in public places and buildings, to complement ongoing efforts by the government at tackling the prevailing security challenges in the country in line with National Security Council advice.

The installation, will no doubt, enhance surveillance and deter criminal activities around the Federal Capital City, Abuja,” the EXCO emphasized.

The EXCO noted that the first phase of the joint security operation by G-7; being states that are contiguous to the FCT, which ended on the 25th of October, this year, recorded a remarkable success, especially with the arrest of bandits and rescue of kidnapped victims.

Today’s FCT EXCO meeting was presided over by the FCT Permanent Secretary, Mr Olusade Adesola, who represented the FCT Minister, Mallam Muhammad Musa Bello and attended by the Chief of Staff to the FCT Minister, Mallam Bashir Mai-Borno, Secretaries of Mandate Secretariats, AMMC Coordinator among others.

It would be recalled that last week, there were series of security advisories issued by some embassies in Abuja warning their citizens to avoid public places in the nation’s capital.

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Yahaya Bello to Spend Christmas, New Year in Kuje Prison

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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.

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Middle Belt Group Tasks FG on Resettlement, Safety of IDPs

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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.

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Recapitalisation: SEC Charges Banks to Strengthen Corporate Governance

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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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