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FG to Set up Financial Report Review Committee

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The Federal Government says it will set up a technical working group to properly review the annual dues structure for Public Interest Entities (PIEs).

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said this on Wednesday in Abuja, at a stakeholders` engagement on the Financial Reports Council of Nigeria (FRCN) Levy.

According to Oduwole, the review will be carried out under the Financial Reporting Council Act (FRC) (Amendment) 2023.

The minister was responding to the Manufacturers Association of Nigeria (MAN), Nigeria Employers’ Consultative Association (NECA), the Organised Private Sector (OPS), and others’ request that the implementation of the annual levy be suspended.

According to them, the implementation of the levy will affect businesses and the economy of the country, as people will lose their jobs, thereby causing more hardship.

Oduwole, however, explained that the decision was a direct response to the concerns raised by the organised private sector and other key stakeholders.

The minister said that the review and the set-up of the technical working group should happen within the next 60 days with tangible ideas.

`Between the next 60 days, we are going to set up a technical working group comprised of FRCN and organised private sector representatives.

“Because we are a listening government. President Bola Tinubu had been briefed and wanted the private sector to be comfortable.

“We want the economy to thrive. So this is what we are going to do. We want to ensure we come up with the best fit for Nigeria.

`What is clear is that they cannot pay what they used to pay. But they may not pay what they have been asked to pay,” she stressed.

Oduwole, however, reassured the stakeholders that the ministry remained committed to working closely with them to enhance business competitiveness and align with Nigeria’s broader economic transformation agenda.

“I want to thank the Nigerian private sector for their belief in the administration of President Bola Tinubu.

“I want to also thank them for believing in the reforms that have been implemented since May 2023. The ministry and the FRCN are committed to implementing the eight-point agenda.

“I want to thank all the participants and to assure Nigerians that we will get back to them in a similar transparent manner,’’ she said.

Dr Rabiu Olowo, Chief Executive Officer, FRCN, said that the 2023 amendment, according to records, was brought to reduce the size of the board to address some issues of conflict of interest.

Olowo, who opposed the proposal for the suspension, said that the amendment was brought to highly defined PIEs.

He argued that the amendment had helped to define, claim, and define public interest entities to avoid ambiguities.

`It has helped to protect typical private entities from failure and to make the council more effective in discharging its mandates and to expand the enforcing powers of the council.

“The FRCN, in spirit, should be an independent regulator, robust and fair, in order to deliver on its mandate,’’ Olowo said.

Report says that FRCN was established by Act, No. 6, 2011, under the supervision of the Federal Ministry of Industry, Trade and Investment.

The FRCN is responsible for, among other things, developing and publishing accounting and financial reporting standards and other related matters in Nigeria.

The law, which amended the FRCN Act 2011, was signed into law on May 3, 2023.

It aims to enhance transparency and accountability in financial reporting and strengthen corporate governance in Nigeria.

Section 33 (1)(c) of the FRCN Act 2023 stipulates that quoted companies/PIES are to pay annual dues based on 0.002 per cent of their market capitalisation or N25 million. (NAN)

General News

Navy Arrests 2 Suspects Trafficking Pangolin Scales Worth N25m in A’Ibom 

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The Nigerian Navy Forward Operating Base (FOB), Ibaka, Akwa Ibom, has arrested two suspects trafficking 500 kilos of pangolin scales worth N25 million from Cameroon to Nigeria.

The Commanding Officer, Capt. Aliyu Abdullah, stated this while handing over the suspects and the items to the Nigeria Customs Service (NCS), in Ibaka on Saturday.

Abdullahi said that the suspects were arrested on routine patrol around Tom Shot Island on Thursday.

“The arrest was made during routine-stop-and-search of boats transiting from Cameroon to Nigeria,” he said.

He stated that Pangolins are a critically endangered species protected under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).

Abdullahi noted that smuggling of products derived from endangered animals, such as pangolin scales, across International maritime borders constituted a serious violation of both International and domestic legal frameworks.

“They play a vital role in their ecosystem, however, their population has been decimated due to high demand for scales and meat particularly in black markets across Asia and Africa,” Abdullahi said.

The commanding officer said the shipment of scales was believed to be destined to a port in Lagos for smuggling out of Nigeria to markets in Asia.

“It breaches the convention on CITES, which prohibits the commercial trade of endangered species and their derivatives.

“Both Nigeria and Cameroon are signatories to this convention.”

Abdullahi said that the Navy, under the leadership of the Chief of the Naval Staff, Vice Adm. Emmanuel Ogalla would continue to tackle all forms of illegal activities within the waterways, thereby improving the National image of Nigeria Internationally.

Receiving the suspects, items and boat, Deputy Superintendent of Customs, Dada Fagbola, said that the suspects would be investigated for necessary prosecution

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Education

ASUU Supports 12 Indigents Students With Scholarships in Bauchi Zone

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The Academic Staff Union of Universities (ASUU) has awarded scholarships to 12  academically outstanding but financially disadvantaged indigents students across its Bauchi Zone.

The Bauchi Zone includes: Abubakar Tafawa Balewa University (ATBU), Sa’adu Zungur University (SAZU) Bauchi.

Others are Gombe State University, Federal University Kashere, University of Jos and Plateau State University Bokkos.

During the presentation held at the ASUU Secretariat, SAZU Bauchi on Saturday, the 12 beneficiaries received cheques worth ₦200,000 each from the national body of the Union.

Prof. Christopher Piwuna, Convener of the ASUU Grant, Research and Publications Committee was represented by Prof.

Lawan Abubakar, the immediate past Zonal Coordinator.

Piwuna explained that the scholarships aimed to support brilliant students who were hindered by financial hardship.

“This initiative was born out of the need to counter the government’s rising imposition of school charges, which continues to burden students and their families,” he said.

Piwuna added that ASUU believed that such financial aid should be a grant, not a loan, noting: “We don’t expect any repayment from the beneficiaries or their parents.”

Prof. Namo Aku, the Zonal Coordinator, said that while the national body supported 12 students, the six universities in the zone collectively sponsored  additional 18 indigenous students.

“ATBU and Gombe State University sponsored five students each, Plateau University and University of Jos sponsored two each, while SAZU and Federal University Kashere sponsored two students apiece,” he said.

Aku emphasized that ASUU’s mission includes supporting the less privileged through collective contributions from lecturers who are passionate about students’ success.

Speaking on behalf of the beneficiaries, Bappa Salisu, a Pharmacy student at SAZU, expressed gratitude to the Union.

“We are deeply thankful for this opportunity. It motivates us to work harder and live up to the expectations of those who believe in us,” he said

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General News

Samuel Re-Elected COSFAN President

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The Commonwealth Scholars and Fellows Alumni Association Nigeria (COSFAN) has elected new leaders, with Dr Ekundayo Samuel re-elected as President for a second term.

Dr Samuel, a lecturer in Veterinary Physiology and Biochemistry at the University of Ibadan, was returned unopposed due to his strong performance during his first tenure.

During Saturday’s virtual Quarterly General Meeting, Samuel and the newly elected National Executive Committee members were sworn in by legal practitioner, Titilope Adeyemi.

The new executives will serve for two years, with the option of renewal for eligible members for another two-year term.

Samuel, known for his academic and community work, is expected to steer COSFAN toward achieving its stated goals.

In his inaugural address, he pledged collaboration with the British Council Nigeria and the government to advance mentorship and development programmes.

Samuel, also Executive Director of Dove-Haven Foundation (DHF), promised to empower COSFAN members to impact their fields and communities meaningfully.

He urged all levels of government, institutions, and organisations to engage COSFAN’s experts and professionals for enhanced service delivery nationwide.

Samuel praised COSFAN Patrons – Prof. Ibrahim Gambari and the Ooni of Ife, Oba Enitan Adeyeye – for their enduring support and encouragement.

Other elected officers include Vice President: Dr Badia Maje-Sayyadi, and Secretary-General; Mr Josiah Owoeye of Tolaram Group, Lagos.

Dr Oluwatosin Igbayiloye, University of Ilorin, was elected Treasurer, while Mr Adewale Adeniyi, Pivot-GIS, Lagos, was named Publicity Secretary.

Regional Coordinators elected include Prof. Rayyan Garba (North-West), Mrs Victoria Shoyombo (North-Central), and Dr Fatimas Baba-Ari (North-East).

Also elected were Prof. Olayinka Nwachukwu (South-East), Prof. Emmanuel Akpabio (South-South), and Dr Adetoun Mustapha (South-West).

Dr Abiola Adimula was elected as the Ex-Officio member of the Executive Committee.

COSFAN is a non-profit association of Nigerians sponsored by the Commonwealth Scholarship Commission for postgraduate studies or fellowships.

The association has over 3,000 members who have benefited from various Commonwealth-funded academic and professional programmes.

COSFAN’s mission is to apply members’ knowledge to societal development, especially in education and the United Nations Sustainable Development Goals (SDGs)

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