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Reps Committee says sale of Polaris Bank followed due process

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Reps Committee says sale of Polaris Bank followed due process

Mr Henry Nwawuba, Chairman of, the House of Representatives Ad hoc Committee investigating the sale of Polaris Bank, on Thursday, said the ongoing sale of the bank followed the dues process.

The lawmaker said this at a news conference at the National Assembly in Abuja.

He allayed investors’ fears about the status of the financial institution, adding that there was evidence of substantial compliance with the process.

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According to him, out of the 35 companies invited to bid for the bank, the regulatory agency shortlisted the bidders to 15 and later seven and afterwards got Presidential approval to proceed with the sale of the bank.

“Before we broke up from plenary sessions to work on the budget, there was a motion on the floor asking the CBN to suspend the sale of Polaris Bank, I happened to have emerged to Chairman of the committee.

“The Committee has started work and we have looked at the documents and that is the beauty of investigation in Parliament.

”The beauty is that regardless of what comes on the floor, it is only when we started looking at the documents before us that we start getting a clearer picture,” he said.

He said the committee had so far found evidence of substantial compliance in the process of selling the bank, adding that about 35 companies were invited to bid and it went down to 15 and finally to 7.

He said the recommendation was made and a presidential approval given, adding that the committee was happy with the process and intended to conclude the investigation and lay the report before the resumption of plenary.

According to him, so far, everything looks good and there is no cause for concern, adding that for the stability of the financial systems in Nigeria, the committee called on Nigerians to know there was nothing wrong with Polaris Bank.

“What the House is looking at is the process of the acquisition or the sale and so far, we are confident from what we are seeing.”

He said until the investigation was concluded, he would not be able to speak authoritatively on the matter but added that from what the committee could see, there seemed to be substantial compliance.

According to him, Nigerians are enjoined to continue to relax and leave their deposits with the bank and continue their business with the bank.

“We feel that as a responsible House, we would look at the process and that is how we oversight the sector and that is what we are looking at.

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Agriculture

Borno establishes Ministry of Livestock, Fishery Development

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Gov Zulum Initiates Efforts to Revive Transborder Trade with Chad

The Borno Government has announced the creation of Ministry of Livestock and Fishery Development to align its

Development strategy with Federal Government initiatives, and boost the state’s economic potential.

Gov. Babagana Zulum made the announcement on Tuesday during the swearing in of two commissioners at the council chambers of the Government House.

Zulum underscored the importance of livestock and fisheries as vital sectors with untapped revenue potential.

He emphasised that the new ministry would focus on high-yield livestock breeds, milk production and fisheries, targeting both domestic consumption and export opportunities.

The governor said that “no state government can make substantial money in livestock alone, but we believe with the right investment and political will, the sector can generate significant revenue.”

He said that the growing demand for milk by yogurt companies and the proximity of Maiduguri to Asian and Arab markets, are great opportunities for dairy exportation.

The governor, therefore, assigned the Deputy Governor, Dr Umar Kadafur, to oversee the activities of the new ministry, citing his practical experience and passion for livestock development.

He said “livestock development is not just about academic qualifications, it is about practice and the deputy governor has demonstrated capability in that regard.”

According to him, the ministry will prioritise procuring high-yielding livestock varieties, enhancing milk production and creating sustainable rural projects to support

Local communities.

He said that projects in Mafa, Gajiram and in Southern Borno will soon be launched under the new ministry’s purview.

The governor urged civil servants and ministry personnel to take ownership of the new initiative, adding that the ministry’s success would contribute to the states

Long-term economic stability and self-reliance.

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British High Commissioner seeks military, civilian efforts in tackling insecurity

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The British High Commissioner to Nigeria, Mr Richard Montgomery, has called for the combination of military and civilian efforts in tackling the complexity of security challenges in Nigeria and globally.

Montgomery made the call at a two-day Security and Justice Symposium organised by the Office of the National Security Adviser (ONSA) in Collaboration with the British High Commission, on Tuesday in Abuja.

He commended the efforts of the Nigerian military in promoting civil-military collaboration and adoption of kinetic and non-kinetic action in addressing the menace of terrorism and insurgency in the country.

“At the heart of all this is recognition of the importance of upholding the rule of law, human rights, humanitarian law and international humanitarian law.

“We need to consider the different legal principles and frameworks that apply to criminal violence or to violent conflicts and how we deal with them in protracted conflict zones.

“We had a legal frameworks roundtable with the Nigerian military officers earlier this year, and a really good debate about how we adapt to different situations.

“I am hoping today we will help progress that dialogue on which Nigerian legal frameworks are appropriate in which circumstances,’’ he said.

Montgomery highlighted the positive and open relationship between the UK and Nigeria, noting that both countries were learning from each other’s experiences in tackling security challenges.

He expressed his appreciation for the opportunity to continue this productive dialogue and hoped that the symposium would result in actionable insights and further strengthen the partnership.

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Zulum swears in 2 new commissioners

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Gov. Babagana Zulum of Borno on Tuesday presided over the swearing-in of two new commissioners to replace those who died while in active service.

The State Chief Judge, Justice Kashim Zannah, administered the oath of office at the ceremony held at the Government House in Maiduguri.

The new commissioners are Muhammad Lawan-Dalorima for the Ministry of Finance and Isa Haladu for the Ministry of Reconstruction, Resettlement and Rehabilitation (RRR).

In his speech, Zulum expressed gratitude to the Borno House of Assembly for their prompt scrutiny and confirmation of the nominees.

He urged the commissioners to uphold the principles of integrity, transparency, and accountability in their new roles, while emphasising the administration’s strategy of periodically rotating commissioners to different ministries to promote fresh ideas and effective governance.

“You have been chosen for your exceptional qualities and expertise. I have no doubt you will make valuable contributions to our administration,” he said.

The governor also paid tribute to the late commissioners who previously held the portfolios, reflecting on their contributions to the development of the state.

Responding on behalf of the commissioners, Haladu thanked the governor for finding them worthy of the appointment, and promised him of diligent service delivery.

 

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