Business
Senate Passes Bill to Bar CBN Governor, Deputies, Directors from Partisan Politics
Nigeria’s House of Representatives at plenary on Tuesday passed through second reading, a bill seeking to amend Section 11 of the Central Bank of Nigeria (CBN) Act 2007 to bar the Governor, Deputy Governors or Directors of the apex bank from partisan politics.
The proposed legislation tilted: “Bill for an Act to Amend Section 11 of the Central Bank of Nigeria, Act 2007 to add more Conditions for disqualification and Cessation of Appointment as Governor, Deputy Governor or Director of the Bank; and for Related Matters (HB. 2023),” was sponsored by Hon. Sada Soli (APC, Katsina).
The proposed amendment might not be unconnected with the recent push by some groups for the CBN Governor, Mr. Godwin Emefiele to join the presidential race.
Three groups: Rice Farmers Association of Nigeria, Friends of Emefiele and the Emefiele Support Group had picked the N100 million All Progressives Congress (APC) expression of interest and nomination forms for the CBN Governor.
Though he didn’t join the presidential race, Emefiele had approached the Abuja Federal High Court seeking an order to prevent attempts to stop him from the 2023 Presidency.
Leading the debate on its general principles, the bill’s sponsor, Soli noted that provisions of Section 11 of the principal Act states that: “a person shall not remain a governor, deputy governor or director of the bank if he is a member of any federal or state legislative house; director, officer or employee of any bank and other financial institutions.”
He said the bill seeks to add more provisions to the Principal Act for disqualification of the governor, deputy governors or directors of apex bank who take part in partisan politics.
According to him, the amendment seeks to insert a new sub-section (f) to read that the bank’s chief shall cease to hold office if he or she is a member of a political party or involves in partisan politics.
Soli however said, the bill was intended to restore its credibility from the shock it had suffered in the cause of interpreting the existing law and not against any individual.
He said, “The governor, deputy governor and director shall cease to hold office in the bank if he is (a) incapable of carrying out his duties, (b) convicted of any criminal offense, (c) guilty of any serious misconduct in relation to his duties under this act, (d) disqualified from practicing his profession in Nigeria, (e) becomes bankrupt. Then (e) in the act becomes (g) to add in the principal act by inserting a section 11 (f) “if he’s a member of a political party or a partisan, or involved in partisan politics.
“This amendment is no prejudice to anybody but because the Act was tested and it was found weak, and therefore we need to strengthen the Central Bank of Nigeria (CBN) as the lender of last resort, the bank of federal republic of Nigeria to restore its credibility from the shock it has suffered in the cause of interpreting the law, basically because of the absence of what I am trying to amend.
“Why I am I doing this? Because there was a time CBN Governor went to court seeking for an interpretation whether he can participate in partisan politics. We need to address that. Today the credibility of CBN in custody of sensitive election material is being questioned. It’s not against any individual but to save the integrity of CBN.”
Thereafter the bill was put to a voice vote by the Deputy Speaker, Hon. Idris Wase who presided over the session and it was passed.
Also, Tuesday the House of Representatives urged the Federal Ministry of Foreign Affairs to fully embrace and adopt the report of the ‘Silencing the Guns’ project aimed at silencing all illegal weapons in Africa, and as well ensure relevant Ministries, Departments and Agencies (MDAs) key into the roadmap.
The House also urged the office of the National Security Adviser to fully adopt the report and cascade it down to other relevant security agencies.
The campaign aims to promote prevention, management and resolution of conflicts in Africa, by targeting ways to silence all illegal weapons in the continent.
In December, 2020 the African Union (AU) decided to extend the initiative until 2030.
The resolutions of the lawmakers followed the adoption of a motion sponsored by Hon. Ahmed Munir, at plenary.
Moving the motion, Munir noted that, “Silencing the Guns 2030,” is a flagship roadmap project adopted in Lusaka, Zambia in 2016 by the AU with the aim of realising a conflict-free Africa by the year 2030.
He also noted that the concept of silencing the guns was borne out of the observation that the Africa remains the scene of numerous violent conflicts that make the desired economic and political integration of the continent difficult.
“As part of the AU’s Agenda 2063, the AU sought to ensure that Africa is characterised by peace, political tolerance and good governance; concerned that initially, the roadmap was to be achieved by 2020 of which the continent fell short and the goal was further extended to 2030.
“Cognisant that peace and security matters across Africa are interwoven and the continent cannot afford to further miss the 2030 set target,” he said
Adopting the motion, the House mandated its Committees on National Security and Intelligence and Foreign Affairs to ensure compliance.
The House of Representatives also called on telecommunications companies to regulate the system of the blocked SIM cards due to the non-availability of National Identity Number (NIN), which still works perfectly when the sims are taken beyond the shores of Nigeria.
The resolution of the lawmakers, was sequel to the adoption of a motion sponsored by Hon. Ahmed Munir.
Moving the motion, Munir stated that since the reason for blocking SIM cards not linked to NIN was to curtail their use for unscrupulous purposes, measures needed to be put in place to ensure the cards do not work when they are roamed abroad.
He said SIM cards had been found to function perfectly when they are taken to as close as Benin Republic, Niger or Chad and roamed.
He urged the telecommunications companies to block the loopholes that make this possible as the reason for the blocking was apt and should not malfunction in this manner, allowing kidnappers and terrorists to take advantage of the loophole. He also urged the Office of the National Security Adviser to ensure this is dealt with forthwith.
The House of Representatives also yesterday extended the mandate of its Ad-hoc Committee on Petroleum Products Subsidy Regime to cover the period of 2013 to 2022, as well as subsidy payments and forex allocations from 2013 to date as against its earlier scope that the investigation should cover from 2017 to 2021.
This was sequel to the adoption of a motion on the ‘Need for Extension of the Mandate of the Special Ad-hoc Committee to Investigate the Petroleum Products Subsidy Regime (Pursuant to Order One, Rule1(2) of the Standing Orders of the House of Representatives moved by Hon. Abubakar Hassan Fulata.
Fulata noted that the Ad-hoc Committee on Petroleum Products Subsidy Regime was constituted on June 31, 2002, with the mandate to investigate the Petroleum Products Subsidy Regime in Nigeria to cover the periods from 2013-2021.
“Between January to June 2022, the government has spent about N1.545 trillion on subsidies, a period some of these industry players are involved in the DSDP contract.
“The Committee cannot extend the time to cover the periods outside its mandate,” he said.
Business
Businesses count losses amid power outage in Bauchi, Gombe, and Jigawa
Business owners in Bauchi, Gombe and Jigawa are recording losses due to week-long blackout ocassioned by vandalism of the power transmission line in parts of northern Nigeria.
The sudden disruption in electricity supply in the past days, also affected essential services such as water, sanitation, street lighting and healthcare delivery as most hospitals have been operating without light.
Some of the affected businesses including shop keepers, millers and artisans, who spoke while reacting to a survey by the News Agency of Nigeria (NAN), described the situation as “pathetic”.
The survey examined the perennial collapse of national grid and the need for alternative power supply in the country.
Rice millers in Gombe had decried the impact of the erratic power supply on their businesses.
A Miller, Musa Arab, at Nassarawo Industrial Layout in Gombe, said the trend was crippling their operations as they relied on electricity supply from the grid to process paddy.
He said the mills were not operational power outage as they could not afford exorbitant pump prices of petrol or diesel to run their machines.
This, he said, reduced the volume of rice supply to the market and posed serious challenge to food security.
“We must invest in power because it is the biggest determining factor for industries to thrive.
“I have over 20 workers in my mill, and we have 100 mini rice mills here, so you can imagine those who have no jobs for the past 10 days.
“Government must go tough on those responsible for the perennial grid collapse because some persons may be benefitting from it,” he said.
Also, Yusuf Ibrahim said the situation might trigger the already fragile inflation, as prices of local varieties would shot up ocassioned by the diminish supply.
He said that some had jerked up their charges to cover the expenses on diesel thereby affecting rice prices.
A check by NAN at the Gombe Main market showed that a 100 kilogramme of rice was sold for between N120,000 and N160,000, as against N110,000 and N150,000, before the blackout.
Mr Usman Sani, a rice dealer, attributed the hike in price to low supply of the produce to the market in spite of the number harvest recorded this cropping season.
He said the prices had decreased slightly at the onset of the harvest, however, it showed sprawling increase due to power outage.
“The price of rice is already dropping as a result of harvest but the trend reverse since the blackout in the past days “ he said.
Ugochukwu Daniel, a bartender in Bauchi, decried the epileptic power supply in the country, adding that lack of durable energy supply would retard Nigeria’s quest to attain social and economic greatness.
Daniel said that she spent much on fuel to run power generator for refrigrator and lightening the beer parlour, to enable her to keep the business running.
He said that businesses could only thrive in an enabling environment with stable electricity supply, to enhance wealth creation and reduce poverty among Nigerians.
“My trade is about chill drinks and it survives on electricity to operate otherwise you will out of bussiness.
“Without electricity there is nothing you can do, and not only business but about everything. We depend on it,” he said.
Similarly, Samuel Adamu, said the persistent power outage had forced him to patronised charcoal for ironing clothes in spite of its high cost and cumbersome processes.
He said that most cleaners in the area had resorted to fabricated iron charcoal in spite of hike in its prices which suddenly jumped from N5,000 to N15,000.
Adamu said the situation also encouraged division of labour in laundry to cut cost and make some gains.
“Presently, I do wash the cloth, and engage someone for ironing. The charge is N300 per set as against N150”.
While advocated development of renewable energies to enhance power supply in the country, Adamu urged security agencies to entensify efforts towards electrical installations in the country.
In the same vein; Mr Muhammad Adamu, Chairman, Jigawa State House Assembly Commitee on Power and Energy, said the Jigawa Electricity Law 2024, made sound provisions to improve power generation and distribution in the state.
This, he said, was an offshoot of the devaluation brought about by the 5th alteration of the constitution, where removed power from the executive legislative list and to the concurrent list.
“It empowered the state houses of assembly to enact laws on power.
“The committee has also carefully pursued the bill and reviewed its structure and the promise it holds for the state power sector, infrastructure and the overall economy of the state.
“The new law will pave way for the establishment of Jigawa Electricity Commission, to regulate the state’s electricity market,” he said.
According to Adamu, the law will protect residents and investors in the energy sector through ensuring prepaid meter installation and possibility of recouping investor’s funds as well as address vandalism.
“The law will lead to provision of reliable, affordable and sustainable power, essential for development of all sectors of the economy, particularly in rural areas,” Adamu said.
“Vandalism will be over because we pay Kano Electricity Distribution Company (KEDCO) money for powered supplies, but whenever there is problem of damages or broken down transformers, it is either the communities or individuals that pay for the repairs”.
Business
Mercedes urges delay of EU tariffs on Chinese electric vehicles
The head of German luxury carmaker Mercedes-Benz, has called for the European Union to de-escalate the dispute with China over tariffs on electric cars.
“We need more free trade instead of new trade barriers.
“That is why it is important to find a solution that suits both the EU and China,” chief executive Ola Källenius told the Monday edition of Bild newspaper.
“The negotiations for this take time. In order not to jeopardise them, the EU should postpone the enforcement of the planned tariffs,’’ he said.
At the start of the month, a majority of EU countries paved the way for additional tariffs of up to 35.3 per cent on battery-powered electric vehicles imported from China.
Germany, however, voted against the measure amid concerns over retaliatory actions which could hurt the country’s giant car industry.
The European Commission had pressed for extra tariffs after an investigation accused Beijing of subsidising domestic electric car manufacturers, and thus distorting the market in the EU.
But whether the import tariffs would actually come into force at the beginning of November is still up to the commission.
The plans can still be dismissed if Brussels reaches a solution with China at the negotiating table.
Business
ACCI moves to promote business connections, balance work-life
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
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