All Posts in "Day: September 20, 2022"

How I Raped,Killed My Victim Inside Church-Robbery Suspect

The Oyo State Police Command have paraded a 20 years old suspected murderer, Kolade Tosin,who disclosed how he raped and killed one Ifeoluwa Apanpa inside a church at Olodo area, in Ibadan.

The suspect said after he forcefully raped his victim, he stangulated her to death for giving him wrong password for her phone.

Speaking with journalists on Tuesday at the Oyo State Police Command headquarters, Eleyele, Ibadan, Tosin said he was able to commit the crime with the knife which he used to scare his victim.

He said: “On 17th September, 2022, i went back home around 1pm from work because we didn’t have work that day, we are just sleeping at shop, I told my boss that I wanted to go and ease myself, my boss said I shouldn’t stayed long.

“When I got home, i took the key of our church because my mum is the cleaner of the church and went to the church, I packed all the chairs in the church together, I already know the time Ifeoluwa will pass through our church to her own church, she eventually passed and I asked her to assist me to carried some of the chairs I packed.

“I took out knife from my pocket and told her not to shout, I wanted to attack her to collect her phone but she dragged the knife with me and the knife fall down, she fell down and hit her head on ground while trying to escape, she got weak and I raped her, I took her phone and requested for her password, she gave me wrong password, when I discovered that, I strangulated her.”

The Police Commissioner in the state, Adebowale Williams said operatives attached to Iyana-Offa Divisional Police Headquarters were intimated about the sudden disappearance of Ifeoluwa, a (17) Seventeen year old female who according to report left for church at about 1600hrs and was yet to return home.

“A search party was immediately organized to know what caused her disappearance, while this was ongoing as a call was placed to the Parents of the deceased by an unknown caller stating clearly the deceased had been abducted.”

He said preliminary investigation reveals that the lifeless body of the deceased who was later found beside a Bible School at Olodo Area, with a bloody genitalia, coupled with signs of struggling might have been manhandled before her eventual untimely death, adding that investigation continues as the case have been transferred to the State Criminal Investigation Department (CID).

The Commissioner also said that the Command Monitoring Unit also arrested one Abolaji Alese and Adewale Abolarinwa at their respective hideout for kidnapping, adding that two pump action riffles, three live cartridges, an ML-350 Mercedes Benz Jeep, a Toyota Corolla Vehicle which they used for the criminal activities and cash sum of Two million, five hundred thousand naira which was part of the ransom they collected from their victim was recovered from them.

He added:”Six additional vehicles; one Honda Element Jeep, One Lexus 350 Car, Nissan Cabster, one Honda Accord Car, One Toyota Matrix Car and a Nissan Micra Car which they later confessed to have purchased from the proceeds of the criminal venture were also recovered from the suspects.Upon questioning, the suspects confessed to the crime and other series of high profile kidnapping incidents previously executed in Oyo State.

One of the suspected kidnappers, Afeez Abolaji said their target was big cars on roads, adding that they have made over N30m from five operations in less a year of the illegal job.

“People should desist from illegal job because they will be caught one day, there is nothing in life that has no expiring date, my friend lure me into it, nobody is requesting money from me in the family, I just get married, I’m from Ago-iwoye, Ogun state.”

admin by — September 20, 2022 in Crime/Metro 0
2023: INEC Publishes Final List Of Presidential, VP National Assembly Candidates

The Independent National Electoral Commission,Monday,published the final list of qualified candidates for general elections next year.

Atiku Abubakar ( PDP) Asiwaju Bola Ahmed Tinubu(APC), Peter Gregory Obi (LP) and Rabiu Kwankwaso( NNPP), were listed alongside their running mates to fly the flag of their different political parties at the polls.

Also listed for the presidential election include Imomolem Irene Christopher (A),
Almustapha Hamza (AA), Sowore Omoleye Stephen (AAC), Sani Yabagi (ADP) Umeadi Peter Nnanna (APGA), Ojie Princess Chichi, (APM),Nnadi Charles Osita,( APP) and Adenuga Sunday Oluwafemi (BP)

Others are: Osakwe Felix Johnson (NRM), Abiola Latifu Kolawole (PRP), Adebayo Adewole Ebenezer (SDP), Ado Ibrahim Abdulmalik (YPP) and Nwanyanwu Daniel Daberechukwu (ZLP).

For senatorial candidates, the Independent National Electoral Commission did not publishing the name of the serving Senate President, Ahmed Lawan for Yobe North senatorial district and Alhaji Machina ,the alleged winner of the nomination.

The same thing happened in Abia Central Senatorial district where the commission refused to publish the name of Hon Sam Onuigb, winner of the party’s nomination nor Emeka Atuma , who was imposed on the district by APC leaders.

Barrister Festus Okoye, INEC national commissioner and chairman of the Information and Voter Education Committee, said the approveal and publication of the final list of candidates for national elections (Presidential, Senatorial and Federal Constituencies) was “pursuant to section 32(1) of the Electoral Act 2022 and item 8 of the timetable and schedule of activities for the 2023 general election”.

According to him ,the published list contains the names of candidates validly nominated for national elections at the close of party primaries and the period earmarked for withdrawal and substitution of candidates”

He also said the final list of candidates for State elections (Governorship and State Constituencies) will be published on 4th October 2022 as already indicated on the timetable and schedule of activities for the 2023 general election.

He added:”In summary, all the 18 political parties have fielded candidates and their running mates for the Presidential election. For legislative elections, 1,101 candidates are vying for 109 Senatorial seats and 3,122 candidates for Federal Constituencies i.e. House of Representatives seats, making a total of 4,223 candidates contesting for 469 legislative positions.

“In terms of gender distribution, 3,875 candidates are male, made up of 35 for Presidential and Vice Presidential, 1,008 for Senate and 2,832 for House of Representatives. Similarly, 381 females comprising 1 for Presidential, 92 for Senate, and 288 for House of Representatives are contesting. There are also 11 Persons with Disability (PWDs) in the race”.

admin by — September 20, 2022 in Politics 0
Nigeria’s CSOs Need Uniform Regulations’

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Stakeholders in the country’s civil society space have emphasized the need for the government to address the issue of the multiplicity of regulations for the civil society organizations sector in Nigeria.

This,they advised, will include addressing the issue of multiple reporting demands on the CSOs by ensuring uniform reporting to the regulatory bodies in the country.

They gave the suggestion at a National Conference on Civil Society Operational Environment in Nigeria hosted by the Steering Committee on Civil Society Regulatory Environment with the support of the European Union Delegation to Nigeria

The three- days event brought together various actors from the civil society sector, and government including regulatory agencies and legislators, as well as donors and other stakeholders, to discuss pertinent issues that affect the effectiveness and impact of the civil society sector from the point of view of enabling a conducive regulatory environment for CSO operations in the country.

A communique issued at the end of the confab,said statutory regulation for CSOs should be complementary to self-regulation for the sector as the latter provides a veritable instrument for regulating CSO operations in the country.

It advised that regulators must prioritize effective engagements with civil society organizations in order to promote mutual understanding.

It added: ‘’CSOs in Nigeria have always been regulated but recently introduced regulations such as amended CAMA 2020 and the proposed NGO Regulation Bill have provisions that cast doubt on the intentions of the government. These kinds of regulations are what continue to put both regulatory agencies and civil
society actors at loggerheads.

‘’Item 32 Part 1 of the second schedule of the 1999 constitution that deals with
incorporation, regulation and winding up of bodies corporate must be moved
from the exclusive list to the concurrent list of the constitution to empower state governments with the legal backing to deal with such issues as the provision currently impedes the country resilience and innovation index’’.

According to the communiques,there was an urgent need for the government to drive incentives for companies operating in Nigeria to make donations to the nonprofit sector and such
donations are to be deducted from the company’s tax liability as stipulated by the company income tax regulation.

It also advised relevant government agencies must ensure CSOs have access to needed
information on existing guidelines and obligations of the non-profit sector to
ensure total compliance with such regulations.,adding that regulators should constantly engage the CSOs sector with a view to providing updates and providing needed assistance in compliance with the seemingly multiple regulations including complying with the Financial Reporting Council.

It said:’’ It is expedient to accentuate that although CSOs are exempted from paying
Company Income Tax (CIT), where they do not engage in any trade or business, they are however mandated to file CIT returns, Value Added Tax (VAT) returns and Withholding Tax (WHT) returns where taxes of corporate service providers have been withheld, whether or not they access grants or
carry out projects.The Federal and State Inland Revenue Services must as a matter of obligation
constantly engage the non-profit in providing an understanding of the existing tax responsibilities as well as comprehensive guides to aid compliance.

‘’It is not only relevant but imperative to have harmonization of extant laws
regulating CSOs operations in Nigeria, especially at the sub-national level.The unjust clamping down on CSOs on mere suspicion of non-compliance to certain regulatory demands ought to be a last resort after such CSOs must have been given more information on compliance by the regulators’’

It said the requirement for CSOs compliance should be backed by the obligation of the regulators to build the capacity of the sector to fully understand all its requirements in the face of the multiple regulatory demands,adding that the peculiarities of the Nigerian society must be put into consideration when developing statutory or self-regulation for CSOs because the sector does not operate in isolation of the host community.

It advised that donors/development partners should not work with only Corporate Affairs Commission’s -registered CSOs, but must be open to working with those registered with other bodies, including
those registered with states/local governments.

Civil Society Organisations,it said, must help correct /improve donors’ perception of the civil society
regulatory frameworks by CSOs themselves getting to know and understand
properly the relevant regulatory frameworks and their requirements.

The communique advocated the need to review the Pension reforms Act 2014 and other relevant
labour law to clearly define who volunteers and interns are for the purpose of determining their pension and tax status.

The Steering Committee on Civil Society Regulatory Environment will drive the process of a coordinated CSO engagement on constitutional amendments to move item 32 Part 1 of the 2nd schedule of the 1999 Constitution of the Federal Republic of Nigeria from the exclusive legislative List to the concurrent legislative List

It will also set up a team to scrutinize the African Commission on Human and Peoples’ Rights’
Freedom of Association Guidelines to measure its current adoption within the domestic framework and offer suggestions as to enhanced implementation at the national and sub-national levels.

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According to the communique, civil society organizations in Nigeria should drive a coordinated engagement with the National Assembly, the Corporate Affairs Commission (CAC), the Federal
Inland Revenue Service (FIRS) and other regulators on establishing a clear categorization mechanism for CSO/NGOs in Nigeria for compliance purposes, based on suggested and agreed thresholds.

It added that the Steering Committee on Civil Society Regulatory Environment should engage
all stakeholders within the Open Government Partnership (OGP) process to
ensure civic space commitments in the National Action Plan (NAP) II which are not
fully implemented are included in NAP III and bring the recommendations from the
National CSO Conference to the attention of the government and civil society Co￾Chairs of the OGP so that issues of enabling environment for the sector are grounded in a binding commitment both locally and internationally.

It will work closely with development partners to institutionalize the National CSO Conference as an
annual event to track progress made within the sector and should mobilize relevant stakeholders to train CSOs on how to relate well with the government.

It said: ’’ The Steering Committee on Civil Society Regulatory Environment should facilitate
the formation of a forum of donors/development partners interested/supporting
initiatives on enabling environment for CSO operations to serve as a platform to regularly update/ educate donors on appropriate regulatory frameworks while also avoiding duplication of initiatives working to promote civil society enabling environment.The donor community must deliberately support the legislative Committees on Civil Society and Development Partners to strengthen their capacities to engage with civil society and move for oversight appropriate regulatory reforms’’.

admin by — September 20, 2022 in News 0
Makinde Harps On Modernization Of Oyo Civil Service

Oyo State governor, ‘Seyi Makinde, on Tuesday, says his administration would continue to modernise the civil service in the state, by providing tools required to run an efficient system in the state.

The governor gave the assurance at the 2021 productivity and merit award ceremony, held at the Emeritus Professor Theophilus Ogunlesi Hall, UCH, Ibadan, where he also appreciated civil servants for their support and commitment to the service, and by extension, the state.

A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, quoted the governor as explaining that his administration will continue to give priority to the welfare of the workers in order to ensure optimum service delivery in the state.

He stated that the selection of awardees for the 2021 productivity awards was based on merit.

He explained that under his leadership, the government will continue to insist on equity and merit as the guiding principles propelling his administration.

He said: “First, I would like to thank the Merit Award Organising Committee for a job well-done, in the sense that I signed all the award letters in the early hours of this morning.While signing, I was able to recognize about three names who have worked closely with me. So, for the rest of the awardees, it was a decision taken without any influence from anybody.

“I am thanking them for validating that this is our Oyo State. It is the state where you do not need to lobby for whatever belongs to you.So, I want to, on behalf of all of us, say thank you. And for my colleagues, the reward for hard work is more work. We will keep pushing you to even do more.

“I listened to some of the speakers’ goodwill messages. They were showing appreciation for prompt salary payment, timely promotions and all of that. Well, I wish I could do that with my money but the answer is no. It is our commonwealth, because the money belongs to all of us.So, we have to utilise it for the benefit of the majority of our people. I will always say that we are in this together, and we have to do what is needed for the benefit of all of us.

The governor warned the people of the state to be wary of individuals, who out of their desperation to take over power, forget that no matter what happens, the state would outlast everyone and feed the public with falsehood and fake news.

Earlier , the Head of Service, Mrs. Amidat Agboola, acknowledged that Makinde was passionate about workers’ welfare, thus making him have a fantastic and harmonious relationship with civil servants and pensioners in the state.

She said since the inception of the administration, no worker has been retrenched or laid off since 2019, adding that no governor has ever been magnanimous to the Civil/Public Servants like Governor Makinde in the history of Oyo State.

She admonished the awardees to remain good ambassadors of the state’s civil/public service, expressing optimism that the awards would motivate them to prepare for greater and tougher challenges in their respective careers.

admin by — September 20, 2022 in News 0
NCDMB Trains  Ogbomoso Youths On Phone Repair

Nigerian Content Development and Monitoring Board (NCDMB) has commenced training of Youths in Ogo Oluwa/ Surulere Federal Constituency on mobile phone repairs and software installation and development.

The program which was  part of the empowerment policy of President Muhammadu Buhari led administration was facilitated by Senator Teslim Folarin, lawmaker representing Oyo central Senatorial district at the upper chamber of the National Assembly.

About 500 youths, including undergraduate, artisans and secondary school leavers are beneficiaries of the empowerment scheme in the state.

Addressing the participants,Alhaji  AbdulMalik Halilu, the General Manager of Research, Statistics and Development of NCDMB  while addressing the participants said that the reason for choosing  mobile  repair was hinged on the fact  that Nigeria tele-density has crossed the hundred percent threshold.

He added, “We have structure the GSM technician training to create technical skills for youths to understand the anatomy of GSM how to repair phones, how to install software and to also have basic foundations on software development and it is our expectations that once we are able to take 500 youths on the streets of Oyo state, we would have contributed to the federal government aspirations to empower youths and create employment.’

‘’By the time we finished classroom and the apprentice phases we will set them up as business entity through registration with corporate affairs Commission(CAC) and the state cooperative board so they can be able to stand on their own as business entities.In addition to that, we are also providing them with furnished shops because we want to close the gap between the technical skills and ability to operate as business entities, so the shops will provide  them the environment to operate and we are also providing them with the starter packs which is the working tools and also the laptops to enable them to operate their businesses.

‘’Also just as we normally do in other states, we do write to the state government to provide local incentives for new businesses, as you aware the issue of taxation, the issue of alternative power supply crippling businesses so we seek support from the state government to ensure that they are protected and if they are able to succeed with the first 3 years then it means they can last more than 10 years, but if you don’t create an enabling environment for them to thrive in their businesses then that means that whatever we have invested in terms of training and empowerment will not see the light of the day.”

Senator Folarin,who was represented at the training by  Hon Olusayo Afolabi, All Progressives Congress House of Assembly candidate in the constituency,explained that the training is one of the way to create jobs and empower the youths.

admin by — September 20, 2022 in Business 0
Oil Thieves Deserve Stiffest Penalties -Gbajabiamila

Femi Gbajabiamila, Speaker of the House of Representatives, has expressed disgust over the spate of crude oil theft and other acts of economic sabotage have led to massive decline of government revenue.

He stated this on Tuesday while welcoming members back from their annual vacation

He said: ‘’Due to theft and various acts of economic sabotage, we are experiencing a massive decline in the volume of crude oil exports. Our crude oil export of 972,394 bpd for August is the lowest we have recorded in the last two decades. At a time when we are already experiencing severe financial constraints, the perpetrators of this brazen heist threaten our ability to serve the Nigerian people and meet the demands of governance and nation-building. Their actions constitute treason against our country, for which they must be held accountable.”

Assuring that though there are mechanisms in place to curb economic sabotage, the Speaker stressed that the measures in place are inadequate, noting that there was need for a review.

He again emphasized that it was also of particular importance that the perpetrators of these crimes against the state are identified, prosecuted and subjected to the stiffest penalties the law allows.

He added:”Those who seek to impoverish our country in this manner have declared war against the Nigerian people. They are no different from the insurgents and terrorists against whom we are battling in various theatres.I insist that the government’s response must be sufficient to convince them of the error of their ways and deter others who might be tempted to join in their treason. I met with the Finance Minister and the DG Budget and made it clear to them that enough of crude oil theft. Nigerians don’t want to hear that again. What do you intend to do about it? That’s the important question,” he said.

He expressed concern over Nigeria’s ability to meet her long-term debt repayment obligations.

According to him, the interactions between the parliament and Ministries, Departments and Agencies ( MDAs), on the Medium Term Expenditure Framework and Fiscal Strategy Paper( MTEF/FSP), the major concerns have been what will be the scope of deficit financing in the 2023 budget, as well as the decline in crude oil production owing to theft and sabotage.

He noted that in considering the 2023 Appropriation Bill, when it is presented, the House would be guided by the question of how the country can repay loans taken to finance the budget. He also noted that the parliament would also take into consideration provisions of extant laws, especially as it relates to financing budget deficits.

“While the House appreciates that our current fiscal conditions necessitate borrowing to finance budgetary expenditures, we are, nonetheless, concerned about the long-term impact of this burden on the country and our ability to pay what we owe in a responsible and sustainable way. These questions will be central to our consideration of the 2023 Appropriation Bill when presented’’,he said.

Gbajabiamila advised that the House needs be mindful of the provisions of their laws, especially the Fiscal Responsibility Act, as it relates to the scope of deficit financing of the budget. Ministries, departments and agencies of the government should also take note that appropriations for new projects will be influenced by the extent to which existing projects have been funded and their performance in executing these projects as intended.

Noting that electioneering campaigns for the 2023 general elections is billed to start soon, the Speaker admonished members of the House to strike a balance between their legislative work and the campaigns.

He urged that the House must strike a balance as they campaign, because they have a 4-year mandate.

He said:”This is especially true for us in the 9th House of Representatives because of the commitments we made in our legislative agenda. We must ensure that we try to live up to those pledges because we will be assessed on that basis whether we like it or not.

admin by — September 20, 2022 in Uncategorized 0
Nigeria Seeks N402bn New Loans

President Muhammadu Buhari,Tuesday asked the Senate to approve a new set of loans to the tune over N402 billion.

The request was conveyed in the form of issuance of promissory notes was read on the floor of the Red Chamber by the Senate President, Ahmad Lawan. The letter disclosed that of the total sum, N375 billion was meant for settling outstanding claims owed to various exporters.

Other similar debts payment requests to be routed through Debt Management Office (DMO), are N6.706 billion for Kebbi State Government on construction of federal roads in the State and N2.706billion for Taraba State Government for constructing federal roads as well .

Besides,President Buhari asked the Senate to approve the issuance of N18.623billion promissory notes for the Yobe State Government.

The letter said that payment of N18.623billion to Yobe State Government through the Debt Management Office will help the state to offset all monies expended on execution of five different federal road projects in the state.

The President in the separate letter sought for quick consideration of the requests .

He also sought confirmation of the appointment of Mohamed Sabo Lamido as Executive Commissioner, Finance and Accounts of the Board of Upstream Regulatory Commission.

admin by — September 20, 2022 in News 0
National Assembly Did Nothing To Stop Our Strike -ASUU

The Academic Staff Union of Universities (ASUU) Tuesday,said the National Assembly did nothing to stop its ongoing industrial action in the country.

The union wrote the House of Representatives and Senate in September and October 2021 but got no fruitful intervention before proceeding on strike, Professor Ayoola Akinwole, Chairman of the University of Ibadan chapter of the union,said

He also said that the National Assembly also reneged on their promise to the Union before the Union suspended strike in 2020.

Part of what the National Assembly promised was to ensure that the 2021 budget accommodates the demands of ASUU but they failed to do this.

According to Professor Akinwole, being invited by the Speaker House of Representatives is not new stating that even the Speaker Femi Gbajabiamila did not fulfill his promise to add the demands of the Union into 2021 budget.

He stated that the people speaking for government are only feeding Nigerians with lies adding that the union is in court owing to the case the federal government instituted against it.

Akinwole who stated that Nigerians should make government responsible said that those in government are not monsters who cannot be challenged.

Against the statement that 2009 agreements have been renegotiated with previous administration as claimed by Dr Chris Ngige, Professor Akinwole stated that it was total falsehood adding that the Union was on the verge of concluding the renegotiation before government jettisoned collective bargaining which forced the Union to proceed on indefinite strike.

He disclosed that but for ASUU struggles, the leadership of Nigeria would have had easy ride of taking education out of the reach of children of common man in order for them to become slaves to the children of the elite.

Imploring Nigerians to reject the plan of making children of the poor to serve the children of the rich, Akinwole said Nigerians should stand up and make government fund public universities, stop proliferation of Universities without funding existing ones, release white paper of visitation panel and pay lecturers wages commensurate with Africa’s top- rated universities and release revitalization funds to universities.

He lamented that the federal government and some of her Ministers are not dealing with the Union with open minds but deceit adding that the Union cannot be taken for a ride again.

He said government should fund universities to stop capital flight, and sign new agreements that can retain the best brains in Nigeria.

“We wrote the Speaker House of Representatives in September 2021 who is now inviting ASUU to meeting again as if he lived up to the promise he made to us while pleading with us to suspend strike in 2020. We also wrote the Senate through the Senate President in October of 2021. Nothing happened. They all abandoned us. We gave religious body opportunity. It yielded nothing. Most of government people are feeding Nigerians with lies. I have two of my children at home with me. ASUU President does not have children studying abroad. It’s all lies and a strategy to paint him in bad light.

“We were supposed to be reviewing our salaries every three years according to the 2009 agreements but here we are in 2022 still fight to earn something reasonable. When it comes to the masses they will say no money but they increase their own allowances and heaven did not fall.

“ASUU does not want Nigeria to be irrelevant in the area of education. Education is global and that is why we have to give our children global standard education and funding has a major role to play and we need to attract international scholars if we have competitive conditions of service. No one will come to Nigeria and teach with poverty wage and bad working conditions”.

admin by — September 20, 2022 in Education 0

The House of Representatives’ Speaker, Rep. Femi Gbajabiamila, on Tuesday said the legislature cannot allow the existence of deficiencies in the capital market that cause investors to worry about the safety of their investments.

The Speaker stated this while declaring open, a public hearing organized by the House Committee on Capital Market and Institutions.

He said in this new global economy, investors have the option to quickly move money across industries, nations and continents.”

Represented by Peter Akpatason, the House deputy majority leader, Gbajabiamila said capital markets provide access to funding for new and existing businesses to innovate, expand, adapt to market changes and thrive.

The hearing was on two bills seeking to enhance the operation and performance of the capital markets in Nigeria with the overall aim of engendering economic development.

He said: “The capital markets also allow small and large-scale investors to contribute to the growth of enterprises and, by so doing, increase the values of their assets and create wealth. Therefore, it is abundantly evident that the proper and efficient operation of the capital market is essential to sustainable national economic growth.

“Both Bills for consideration today are in keeping with our commitment in the Legislative Agenda of the 9th House of Representatives to pursue far-reaching reforms of critical institutions in our country. Our ultimate goal is to ensure that these institutions are properly grounded to perform their functions, execute their mandates and serve the best interests of the Nigerian people.

“The need to ensure that the operations of the capital markets and the entire industry sector are sufficiently fair and transparent to ensure investor confidence is of particular concern. It is often said that capital is cowardly and will run at the slightest risk.

In his welcome address, Hon. Babangida Ibrahim, the chairman of the committee, said the House and the panel are determined to ensure Securities and Exchange Commission (SEC) which regulates the capital market delivers on its core mandates to ensure due registration of players in the capital market, market integrity, avoid systematic risks, guarantee inspections, amongst others.

“The House Committee on Capital Market and Institutions, which I humbly Chair by the Grace of Almighty Allah and the choice of the House, led by our own Speaker, Rep. Femi Gbajabiamila is indeed proud of these Bills as they seek to ensure a more robust, vibrant, prosperous and accountable Capital Market and also to ensure the Capital Market is well institutionalized and accountable.

“Indeed the House has invested huge time and resources in coming up with these 2 Bills which we hope will ensure the resources of Nigerians in the Capital Market remain safe, accounted for and prosperous. The Capital Market is a laudable tool for wealth creation, and we as representatives of the people will ensure this is true for Nigerians.”

In a presentation, Lamido Yuguda, the director general, Security and Exchange Commission (SEC) said Nigeria needs and deserves an internationally competitive and well-functioning capital market to facilitate the on-going economic diversification and passage, as well as enactment of the Investments and Securities Act 2022 will be a pivotal step in that direction.

“This bill contains an entirely new Part which provides for the regulation of Commodity Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the commodities ecosystem.The Bill contains provisions which address the existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.

“Some provisions in the ISA 2007 pertaining to the Composition of the Tribunal, functions of the Minister, Vacancy, constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the jurisdiction of the Tribunal have been amended in the Bill to enhance the ability of the Tribunal to optimally discharge its mandate.It is a well-known fact that efficient capital markets are indispensable to the functioning of a modern economy. No economy can achieve any meaningful advancement without the important role capital markets play in supplying medium to long term finance,” Yuguda said.

Olawale Adeosun, the President of the Chartered Institute of Stock Brokers who also spoke in support of the Bill said: “In view of our various engagements with the Securities and Exchange Commission with respect to this Bill, the Chartered Institute of Stock Brokers hereby expresses its utmost confidence in the National Assembly and this committee to do utmost to facilitate the expeditious passage of the Bill.”

admin by — September 20, 2022 in News 0
FG Targets Over N500bn Revenue  From  5G Spectrum

The Nigeria Communication Commission (NCC) says  it will generate over N500 billion from auctioning the 5G network, to augment the 2023 budget.
The Executive Vice Chairman of the Commission, Prof.Umar Danbatta at an  interactive meeting with the Senate Committee on Finance, on 2023-2025 MTEF-FSP, said the projected revenue would be realised from the  auctioning of two 5G spectrums..
He said the bidding process for auctioning  of the spectrums  for 2023 had begun,adding  that NCC had generated  N257 billion in the first quarter of 2022, while N195 billion was  remitted to  government coffers.
Danbatta  further said from April to August, N318 billion was generated, while N214 was remitted.The fund realized was occasioned by the auctioning  of  two 5G spectrums at the rates of N263 million and N273 million dollars.
He said  NCC from 2017 to 2021 had also  generated N799 billion and remmited 423 billion to the government.
He said  broadband penetration in Nigeria,  stood at 44 per cent, sthat about 150 million Nigerians have access to the  Internet, with over 80 million having access to high speed internet.
According to him, the target  was to hit 75 per cent penetration in 2025, adding that it was hopeful of achieving 50 per cent penetration by the end of 2022.
He advised Nigerians to make use of the 112 emergency national number to report issues of  emergency  like fire outbreak, accidents,among others and toll free number 622 to lodge complaints on issues relating to drop calls.
The Chairman of the Committee, Sen.Solomon Adeola said the Senate would continue to encourage NCC to improve its revenue generation profile to the Federal Government.
He also advised NCC to continue to help in facilitating  the  process of other revenue generation  agencies via its operations,where necessary.
admin by — September 20, 2022 in Business 0