COVER
Fuel Subsidy: Workers’ Protests Spread Nationwide
By Mathew Dadiya, Ubong Ukpong (Abuja), David Torough (Makurdi), Jude Dangwam (Jos), Dan Amasingha (Minna), Alice Onukwugha (Port Harcourt), Yagana Ali (Yola), Longtong Yakubu (Kano) & Mike Tayese (Yenagoa)
Nigerian workers under the leadership of the Nigeria Labour Congress (NLC), yesterday made good their vow to embark on a nationwide rally to protest the anti-pep0ple policies of the President Bola Tinubu administration.
Labour leaders also vowed to continue with the strike today despite holding a truce meeting for the first time with President Tinubu yesterday over the fuel subsidy fallout.
The organised labour, on Tuesday said it was going ahead with the proposed national protest on Wednesday, stressing that the palliatives rolled out by the President in his nationwide broadcast on Monday night were very insignificant to cushion the effect of sufferings in the country.
Briefing newsmen on the outcome of the meeting, Trade Union Congress (TUC) President, Festus Osifo said, “We told Nigerians that we’ll be meeting today by 12 noon, so we came here much later. We had the conversation, and again the government team told us that what the President has put on the table is more or less like a starting point, and it’s a baseline.
“So we on our path also said yes, that we would have been surprised if that is everything that will be put forward because for us we felt that there are some gaps. For us, we felt that the President has said that N1 trillion has been saved in the last two months that what has been proposed is not far-reaching.
“And for us, you know, as part of the principle of negotiations, when anything is put on the table, you accept, but you push for more. So, on our path, we said that what has been put on the table is not sufficient, it’s not enough, and that they can do more.
So part of what we put forward was that, we will look at those things that the President highlighted. We think, for example, that 3000 buses are not sufficient, we think it is not sufficient. By the time you divide 3000 by 37, you can see how many they can come up to so it’s not sufficient, it’s grossly inadequate.
“We also think that some of the measures put on the table are not far-reaching. So we are also going to demand for what we think will do, so if we think 30,000 buses could do it or 40,000 buses could do it in the immediate”.
In Benue State, workers under the umbrella of the Nigeria Labour Congress (NLC), and its counterpart in the Trade Union Congress (TUC), as well as other civil societies in the state yesterday joined their counterparts across the country to protest against the fuel subsidy removal by the Federal Government of Nigeria.
The protest which began at NLC’s Secretariat in Makurdi, the state capital, moved round some major roads to government house with protesters chanting solidarity songs and carrying placard with various inscriptions such as; “Workers now spend 70% of their salary on transportation, Enough is enough, Let the poor breath, Nigerians have now become trekkers while the president and his cohorts use hundreds of cars as convoy” amongst others.
Presenting their message to the President through the Benue state governor, Hycinth Alia, chairman of NLC in the state, Comrade Terungwa Igbe said that workers can no longer cope with the salaries paid to them as a result of the high cost of living in the country occasioned as a result of the fuel subsidy removal.
Comrade Igbe while commending governor Alia for starting well on the issue of salary of workers in the state, emphasized that the essence of the protest was not against the state government in particular but the directive from the national Secretariat to protest against the fuel subsidy removal by the federal government.
He urged the federal government to establish refineries to solve the problem of unnecessary fuel hike in the country and immediately put in place the necessary infrastructure, as well as other measures to cushion the effect of hardship being faced by the masses.
On his part, Chairman committee for the organised rally, Comrade Umaja Aloysius expressed that; “We are all aware that subsidy has been removed, and we heard a lot of juicy promises by the presidency that after the removal of the subsidy all will be well for us and when the subsidy was removed, we were all happy and jubilating but before we know, we begin to see that there is no way we could even transport ourselves to our work places again, people cannot even breath because things have gone higher and majority of the people have now developed high BP.
“So, it is on that premises that the national Secretariat have directed that we should embark on a peaceful protest to the government house to send our messages to the President,” Comrade Umaja expressed.
Addressing the protesters at the government house, governor Alia who was represented by his Chief of Staff, Hon. Paul Biam on behalf of the state government expressed pain over the hardship presently experienced by Nigerians and assured the protesters that their messages would be delivered to the President accordingly.
He appreciated the state NLC for conducting themselves in orderly manner during the peaceful rally and urged them to maintain the temple even in the face of tribulation, expressing hope that the situation will soon be over.
In Niger State, the state chapter of Nigeria Labour Congress yesterday joined its national body in protest to press home their demands sequel to the impact of fuel subsidy removal as directed by the union headquarters.
The State Chairman of NLC, Comrade Abdulkareem Idris Lafane while leading the protest procession commenced from the labour house in Minna, said they are an organized body not hooligans hence they must ensure peace and tranquility.
Comrade Idris Lafane maintained that they will be peaceful in their protest and called on all members of labour and other affiliate bodies to come out en-mass so as speak with one voice because everyone is feeling the suffering occasioned by the federal government recent economic policy.
He emphasized that the security agents especially the Nigeria Police can identify them considering their various uniforms they are wearing, charging the police to carry out their mandate of protecting lives and property of the citizens not going contrary.
Comrade Lafane reiterated that the NLC have itemized its demands of palliative package as suggested to the Niger state government and the state assembly which include N50, 000 minimum as palliative to cushion the effect of the fuel subsidy removal.
The peaceful protest commenced from the Niger state labour house to the Niger State House of Assembly comprising of various union bodies who unanimously agreed to inform the lawmakers on their plight and way forward.
Also yesterday, the organized labour and civil societies in Rivers State joined the nation-wide protest to drive home their demand over economic hardship brought about the removal of fuel subsidy by President Bola Ahmed Tinubu.
The protest began at about 10:12am from the NLC secretariat at Igboukwu Street, D/Line, Port Harcourt through some major streets in the state capital, including Kaduna Street, Okija Street, Ikwerre Road and Station Road before getting to Government House with over 2000 workers and members of Civil Society Organisations (CSOs) participating.
Addressing the workers before the commencement of the protest march, NLC Chairman in the state, Ikechukwu Onyefuru, said since May 29, 2023 when Tinubu announced the removal of fuel subsidy, nothing has been done to cushion the effect of the government action.
“Since May 29, 2023 when President Bola Ahmed Tinubu, announced the removal of fuel subsidy, nothing has been made available to Nigerians and Nigerian workers.
“That is why we are here today. As a people united in the faith that we will liberate ourselves. The Nigerian government must appreciate the fact that Nigerian workers are suffering,” Onyefuru said.
Meanwhile over 10 patrol vehicles and over 30 security operatives drawn the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC) and the Department of State Services (DSS), accompanied the workers during the procession.
The Bayelsa chapter of the Nigeria Labour Congress (NLC), also joined their counterparts across the country yesterday for the peaceful protest rally against the anti-people policies of the Federal Government.
The peaceful protest rally which took off at OMPADEC field Amarata in the heart of the state capital in Yenagoa area of the state was terminated at the state government House gate Onopa.
Presenting a copy of their protest letter to the state governor, Sen. Douye Diri, the chairman of Nigeria Labour Congress in Bayelsa, comrade Barnabas Simon said, there gathering was in a peaceful solidarity rally with the Union National leadership to present a letter to President Bola Ahmed Tinubu through governor Douye Diri.
“This document is to register our protest to the hardship his policies have brought upon us since he took over leadership of Nigeria. The removal of fuel subsidy was hasty with no thought-out plan to cushion the effects on workers and other Nigerians already at the poverty belt”.
“Today, every family feels the fang of the harsh policies of government which has resulted in the astronomical increase in transportation, food, goods and services, tuition fees, rising cost in accessing quality healthcare just to name but a few”.
According to Barnabas, government ought to have look out for the wellbeing of it’s citizenry, but we are beginning to lose faith as today reality shows the priority of government has shifted from that direction, saying that it was expected that Labour would have been consulted and bring onboard before the removal of the subsidy.
“Permit me to remind government that organised labour would have been consulted and brought on board the negotiations table to seek the ways and of ameliorating the effects that would have come with subsidy removal on the ordinary Nigerians.
“Consequently, we stand with our national leadership to embark on this peaceful protest rally to register our displeasure over the development in recent months,” Barnabas said.
The statement read in part, this march is for the survival of Nigeria and Nigerians, Nigerians say no to anti people policies, Federal government should adopt CNG as alternative to fuel.
Other includes, Why protect subsidy criminals?, Increase in fuel price = increase in poverty and criminality, N8,000:00 palliative to 12 million household, an insult to Nigerians.
“We call on Federal Government to implement people centered agreements reached with Organized Labour,” the statement further said.
Receiving the letter on behalf of Governor Douye Diri, the commissioner for Labour, Employment and Productivity, Hon. Stanley Braboke said, governor Douye Diri government is people oriented policy to create conducive environment for workers and welfare.
He said the launching of Prosperity Tax was to cushion the effects of the fuel subsidy removal. “The transport system is not for profit making, but for Bayelsans to have affordable transport fare along the street and along the road of Bayelsa.
“Fuel subsidy removal is not the making of the state government. Petroleum Act is in an exclusive list, so states have no control the price of fuel,” he added.
The organised Labour in Plateau State has joined the national protest declared by the leadership of the Nigerian Labour Congress (NLC) over the removal of fuel subsidy by the federal government of Nigeria.
Union leaders and their members assembled under the State Secretariat Bridge in the early hour of Wednesday morning amidst the cold weather in Jos fully kitted out for the national protest with Police personnel giving guidance and protection to the protesters and to avoid being hijacked by hoodlums.
The NLC Chairman Plateau State Chapter, Comrade Eugene Manji said the protest is as a result of poor policies of the federal government, adding that government must listen to citizens of the country who elected them and come up with policies that have human face.
“What we’re facing and what we are going to face in the future nobody can understand. Now September is close by and I wonder how parents are going pay the school fees of their children, is part of the danger of what we are facing.
“The increase in pump price is another part of it, when we were talking, people thought we are antagonizing government. Shortly before you know we were at N537 and with a skyrocketed moves to N617.”
Manji alleged that Nigeria’s economic policies are dictated by foreign policies and is not meeting with the realities on ground. “The economy is driving by foreign policies and we have advised government to look into this by putting measures before the removal of subsidy because this is the consequences we were talking about. People refused to see reason with the position of labour, here we are practically facing.
“What we are saying is that while you removed the subsidy, fix our refineries, refined our petrol and ensure everything is sold in Nigeria naira and kobo. Once you buy today you will be rest assured of what price you’re going to buy tomorrow. But because you take the crude oil and refined it in the international market, bringing it and selling it in hard currencies, Nigeria pay the prize,” he lamented.
The Trade Union Congress (TUC) Chairman in Plateau State, Comrade Kenneth Shamma disclosed that the sector he is coming from remains the most hit sector by the policies of the Federal Government which is not sustainable.
“This is a rally, sincerely when it get to protest, the government will feel the heat. We say let the poor breath, how do we go about that? We have very simple template for them to follow it because we know this system and we understand the system. The sector I’m coming from is the most very hit by these policies but they’re going behind criticizing this template.
“This is the first time in the history of Unionism where Labour was able to put a chatter of demands with solutions attached to it and we sent our demands to government and we ask them because we gave them a practical and holistic approach in which they can be able to fixed these things.
“Instead government should make use of what we presented, they went behind to obtain Court injunction restraining Labour from going on strike.
“And we say no problem, we are not going on strike but let everybody who feel he is being suffocated by the policies of the government that want to breath should come out let us protest, is not about NLC or TUC but about Nigerians, let us breath and breath together, this is our country we have no any other country than this,” Shamma further stated.
A member of the Civil Society Organization in Plateau State, Comrade Stev Aluko also faulted the intervention policies of the Federal Government roll out by President Bola Tinubu on Monday this week.
“This outing is just the beginning; it is in the interest of those in glass houses to learn how to throw stones so that they will know that is breakable.
“Is not enough for anybody to seat in the comfort of government Offices and legitimate certain things. The legitimacy of any government is base on your policies and programs! are they realistic? are they implementable? are these in the interest of the poor? are they in the interest of the masses when you have a palliative that over 70% is going back to those in government?.
“Nigeria does not need palliative, all we need is get our refineries to work, you say you are going into mechanized farming, have you secure the land? You must first secure the farmland, you say you’re giving stipends to the manufacturing industry in an economy that is not manufacturing, that cannot go anywhere,” Aluko said.
He suggested that what government should do is to create the enabling environment, “you don’t inflict people with policies that will further impoverish them or programmes that will make people lose the essence of living.
“No food Security, no integration, no light, you want people to live in slavery, these oppressive programmes and policies must stop.”
He noted that until the Federal Government is “sensible and nationalistic, this protest will surely continued, intervention is not in paper is in action. You shouldn’t wait and allow people to die before you do something, is not about speech making, the era of speech making is over,” he stated.
The protesters were carrying placards with different inscription such as “NLC/TUC stronger together”, “No to jumbo pay to Politicians”, “The poor can no longer breath” and “Stop suffocating us” among others.
Similarly, in Yola, the Adamawa State capital, NLC and TUC joined the rest of Nigerian workers to protest against the subsidy removal and hike of school fees and other hardship Nigerian are going through.
NLC Chairman in Adamawa State, Comrade Emmanuel Fashe said the peaceful protest is the first step taken by the organised labour to display their dismay on the current hardship Nigerian are currently experiencing.
Fashe said the removal of fuel subsidy had make life difficult to many Nigerian and parent have started withdrawing their children and ward from unity school.
“We have submitted our prayer to the state Governor and hope the Government will listen to our plead, and revise the subsidy removal and provide a proper solution to cushion the hardship we are experiencing,” he said.
Comrade Fashe commended Governor Fintiri for providing ten thousand naira monthly allowances to workers, and food stuffs to the citizens.
He expressed worry about the current hardships workers are passing through such as a hike in fuel and food prices as well as school fees.
Receiving the letter on behave of the Governor, the chief of staff Government House Dr Edgar Amos said the letter will be deliver to the President and commended the NLC for the cordial relationship between it and the government.
Also yesterday, members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) converged at the Kano State Library complex before marching to the Kano State Government House to protest against the removal of subsidy.
The protesters carried placards carrying different inscription such as, “stop Naira devaluation”, “fix our local refineries’, End fuel price increase”, “stop the people’s enemy, and stop the wicked policies”, “so, out of 200 million, 133 Million people are poor. Yet, the rulers are imposing dog-eat-dog wicked economy. August 2nd we Move.”
While briefing the Kano state governor, Engr. Abba Yusuf, Chairman of NLC, Malam Kabiru Inuwa, called for immediate reversal of all anti-poor government policies, including the recent hike in fuel prices, the Value Added Tax (VAT) and school fees in public schools.
He also called for the fixing of local refineries in Port Harcourt, Warri and Kaduna; release of eight months withheld salaries of university lecturers and workers.
Inuwa also called for the immediate inauguration of the presidential steering committee and sub-committees as agreed in previous communications as well as to put a stop to inhuman actions and policies of government.
While commending the protesters for their peaceful conduct, the NLC Chairman also hailed the security agencies for giving them cover and maintaining peace during the protest.
Governor Kabiru Yusuf, represented by the Secretary to the State Government (SSG), Dr Bappa Bichi, assured the NLC government would deliver their demands to the President and the present administration in the state would continue to implement policies that would affect the live of the people positively.
Protests Continue Despite Tinubu, Labour Meeting
President Bola Tinubu, yesterday met with leaders of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) in bid to get workers suspend the ongoing nationwide protest.
The meeting held on Wednesday in the president’s office at the Presidential Villa, Abuja and was the first Tinubu personally have with labour since they declared their intention to embark on protest over the removal of subsidy and the increase in the pump price of petrol.
Presidents of NLC and the TUC Comrades Joe Ajaero and Festus Osifo, respectively, led the labour delegations.
Speaking to State House Correspondents after the meeting, Ajaero revealed that the president addressed the issues already presented in his national broadcast but delved into more details.
He said labour has decided to take back to their members, the issues the president presented at the meeting.
“We met with him. The issues we discussed are the same issues that led to the protest today.
“He has expressed his position, made some commitments, which were taken side-by-side with what the Senate said, and we’re taking it back to the office with our colleagues to review it and release a document on our next line of action,” the NLC president said.
On whether what was presented was any different from the content of the presidential broadcast, Ajaero said: “We have gone deeper into them. The broadcast has broader issues, but there are one or two things that need immediate attention.”
He maintained that the protest will not be called off until the leadership of labour confers with the National Executive Council (NEC).
“No one person can call it off. That’s why I say we’ll have to go back to the office. So that they will look at it the EXCO looks at it before they come up. And by tomorrow, the NLC will equally have their NEC meeting, to look at the bigger picture,” he said.
Asked whether the president requested them to call off the protest, the NLC President said: “The President is a pro-democracy activist. So he understands protests.”
Protesters Pull Down NASS Gate, Senate Constitutes Dialogue Panel
The Senate, yesterday, set up a committee to dialogue with protesting unions who broke down the National Assembly Complex first gate.
The protesters in their hundreds had marched from the Unity Fountain in Abuja to the NASS Complex in demonstration against the “anti-poor” people policies of the President Bola Tinubu administration.
Upon their arrival at the NASS Complex, the protesters pull down the first gate of the Complex and marched to the premises.
Senate President Godswill Akpabio immediately entered into a closed-door session with the lawmakers and upon his emergence from the meeting said the red chamber has set up a three-man committee to meet with the protesters at the National Assembly.
The committee was led by Senate Chief Whip, Ali Ndume, from Borno South Senatorial District.
The Senate also resolved that it will in the shortest possible time meet with the NLC and TUC leadership to find an amicable resolution to the current impasse.
Ndume alongside two other lawmakers — Senator Ireti Kingibe and Senator Tony Nwonye — later met with the protesters at the National Assembly.
The Senators were seen engaging Nigeria Labour Congress (NLC) President, Joe Ajaero; and his Trade Union Congress (TUC) counterpart, Festus Osifo.
The Organised Labour including the NLC, the TUC and their affiliate unions, today, kicked off a protest in the Federal Capital Territory (FCT), Abuja, and other states of the Federation including Lagos, Abia, Plateau, Kaduna, Kano, Rivers, Zamfara, Katsina, Cross River, Ebonyi, Enugu, Kwara, Ogun, Imo, Ondo, and Edo.
Tinubu had removed subsidy on petrol during his epic inauguration speech on May 29, 2023, with a litre of the petrol jumping from N184 to over N620 and food prices and general inflation galloping at an unprecedented rate.
Last week, the NLC issued a seven-day ultimatum to the Federal Government and demanded “the immediate reversal of all anti-poor policies of the federal government including the recent hike in PMS (Premium Motor Spirit) price, increase in public school fees, the release of the eight months withheld salary of university lecturers and workers”.
The union also demanded an upward review of the minimum wage from N30,000 to N200,000, saying that since the President’s “subsidy is gone” inauguration speech of May 29, 2023, the peace of mind of Nigerians has gone.
Several meetings between the Presidency and the unions on palliatives for Nigerians suffering hardship in the wake of the petrol subsidy removal proved abortive.
Reps Urge Labour to Shelve Protests
The House of Representatives has appealed to the Nigeria Labour Congress (NLC) to shelve its planned nationwide protests. Rep. Akin Rotimi, the Chairman of the House Committee on Media and Public Affairs, said this in a statement in Abuja.
“We appeal to the NLC and allied labour unions to call off the planned peaceful protest and embrace continuous dialogue. This is in the best interest of hardworking Nigerian workers, without worsening the current hardship they are facing,” he said.
He said that as the representatives of the people, the House was fully aware of and empathized with Nigerians on account of the hardship being experienced as a result of the removal of fuel subsidy.
“We also acknowledge the rights of the NLC to carry out peaceful protests as a means of clamouring for relief for Nigerian workers as we go through these challenging times,” he said.
Rotimi said that, like most Nigerians, the lawmakers knew that building a progressive and prosperous nation required hard and far-reaching decisions which must be taken in the collective interest of the people. He added that there was a need to see reason with the decision of the federal government to take the bull by the horn in the interest of long-term economic growth and stability.
“We will, however, continue to impress it on the executive arm of government to expedite the implementation of the palliative measures announced by President Bola Tinubu,” he said.
He urged the federal government to consider additional measures that would bring immediate respite to the people.
“The gap between the removal of fuel subsidy and the tangible outcomes of palliative measures must be shortened for the sake of poor and vulnerable Nigerians. Accordingly, call on the leadership of the NLC and other labour unions in Nigeria to please divert their energies to join the House of Reps in continuous engagement with the federal government. This is to achieve expedited implementation of the programmes and push for additional immediate measures to provide succor for Nigerians.
“It is our considered opinion that embarking on a protest at this time would, in effect, shut down our economy and further disrupt the lives of Nigerians, and therefore not in our best interest,” he said.
COVER
Yahaya Bello to Spend Christmas, New Year in Kuje Prison
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.
COVER
Middle Belt Group Tasks FG on Resettlement, Safety of IDPs
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.
COVER
Recapitalisation: SEC Charges Banks to Strengthen Corporate Governance
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