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Tinubu Launches Cash Transfer Programme for 15m Households
By Our Reporter
President Bola Tinubu has officially ordered the commencement of the Renewed Hope Conditional Cash Transfer programme intended to deliver financial intervention to 15 million households in the country and to mark the commemoration of the international Day for the Eradication of Poverty.
Recall that the National Bureau of Statistics (NBS), had in November last year announced that about 133 million Nigerians are multidimensional poor, and the government said about 62 million Nigerians are expected to benefit from the programme which is geared towards poverty eradication.
The President, who was represented by the Secretary to the Government of the Federation (SGF), Senator George Akume at the Presidential Villa, Abuja, said the occasion was significant for Nigeria and for his administration as it presented him the opportunity to restate his administration’s commitment to poverty alleviation as expressed in his 8-point Agenda.
He noted his government’s plans for food security, ending hunger, poverty eradication, economic growth and job creation, were all means to fight poverty and help the most vulnerable members of the society.
These, Tinubu said, include restructuring of the ministry of humanitarian affairs to include poverty alleviation and providing the policy framework for an aggressive poverty alleviation drive in Nigeria; developing the Renewed Hope Agenda for humanitarian response and poverty alleviation, and expanding the National Social Register to capture Nigerians living below one dollar per day.
Other steps, he noted, are restructuring the National Social Investment Programme and repositioning it for quick and efficient delivery that is transparent and accountable and partnering with the World Bank Group and other development partners to implement conditional cash transfers, business grants and other forms of support for the most vulnerable households.
While noting the theme of this year’s commemoration; “Decent Work and Social Protection: Putting dignity in practice for all,” Tinubu said that it was no doubt in perfect alignment with the Renewed Hope agenda.
“My government will lead from the front in seeking to ensure that all Nigerians have decent opportunities for dignified work and sustained social protection.
“Today, my administration is launching the Renewed Hope Conditional Cash Transfer Program for vulnerable groups as an immediate intervention to cushion the effects of fuel subsidy removal and other economic shocks.
“However, the government is working to develop and deploy several more solutions and interventions to help Nigerians of all walks of life,” he explained.
The president called on stakeholders to continue to contribute their own quota in partnership with the ministry of humanitarian affairs and poverty alleviation, saying that “It is only via a sustained collaborative approach that we can win this war against poverty in Nigeria and the world at large. Hope is here.
“I ask the Nigerian people to please ensure that they key into all the available programs because they are here to help. Our objective is to lift millions of Nigerians out of poverty. Yet, this will only be possible that with the cooperation of the people we seek to help.
“Let us continue to work together to achieve our collective goal of eradicating poverty in Nigeria,” he added.
Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, warned that to ignore poverty alleviation in the country will amount to sitting on a keg of gunpowder.
The minister observed that the N75,000 already announced by the president for disbursement to vulnerable households in the country was enough to successfully run small scale businesses.
“Beyond this, the government will be providing low-cost shelter for the poor and internally displaced persons as a form of providing that cover for them. Several other interventions, including the rural vocational skills Intervention will be carried out at mass scale. All of these are targeted at the various dimensions of poverty in the country.
“As a nation, we must come together to fight poverty. Poverty is that scourge, poverty is that hydra headed cobra in the room that if not tackled, would consume everyone.
“Sitting and ignoring poverty at any level, will only seem or equate to sitting on a keg of gunpowder and that’s why today, the president is taking it headlong.
“We want to encourage Nigerians, we want to encourage the private sector, we want to encourage our development partners that are here, it’s time to step up to the occasion.
“We have a clear-cut roadmap, an action plan for implementation of the eradication of poverty from Nigeria. Everyone must key in and be part of it,” Dr Edu said.
She assured that Tinubu will eradicate poverty in the country by the year 2030.
Also speaking, the Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun said the 63 percent statistics of Nigerians living in poverty representing 84 million Nigerians is unacceptable to President Bola Tinubu
He said, “Clearly to Mr. President, it is totally unacceptable as it is to the rest of us. And that is why it is perhaps his number one priority, tackling poverty and he has a program to stabilize the economy and grow the economy in general.
Edun added that cash transfer program will help reduce poverty in a significant way.
The World Bank country representative, Shubham Chaudhuri confirmed that cash transfers are a method widely acknowledged and universally accepted.
Chaudhuri stressed that the method has proven to be one of the most effective ways to provide assistance to citizens, particularly the impoverished and vulnerable who have been impacted by economic shocks or rising living costs.
“This aid is crucial in helping them overcome the initial period during which they might otherwise be compelled to make decisions with long-term consequences.
“For instance, these decisions might include reducing daily meals to just one or withdrawing their children from school. The type of cash transfer referred to as “shock-responsive cash transfer” that is currently being implemented is utilized by countries worldwide to offer temporary relief in such situations, the World Bank representative stated.
The President presented symbolically cheques of N25,000 each to beneficiaries who were present at the flag off ceremony: Larai Suleiman, Shuaibu Hassana, Sariki Bala Gamu,Okor Jonah and Hameed Kosemani Isiaka.
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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.
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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.
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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