Chartered Institute
Femi Falana charges Nigerian government to dialogue with agitators, secessionists
Nigeria’s foremost human rights lawyer, Mr Femi Falana (SAN) yesterday challenged the federal government to dialogue with various groups agitating for secession from the federation. Falana justified this demand on the premise that it “is on the roundtable the grievances can be sorted out” in the interest of peace, security and development He made this at the 25th anti-corruption situation room, which the Human and Environmental Development Agenda (HEDA) organised in Lagos yesterday. Speaking on the subject, “Assessing The Fight Against Corruption,” said it was the promise to fight corruption that made Nigerians vote for President Muhammadu Buhari. The human right lawyer said it was the corruption in the system that culminated in agitating for secession, noting that it “is better for the fe...
Presidency: Nigeria adopting best practices on debt management
The Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang, has said that Nigeria is adopting the best practices of sustainable loan debt management as the repayment plan of the debt is tied to the projects for which the loan is taken. Senator Ita Enang disclosed this while presenting the keynote address at the Chartered Institute of Taxation of Nigeria 2021 Fellow Conferment Ceremony recently in Lagos. Speaking of the topic “Nigeria Adopting Best Practices in External Borrowing and Debt Sustainability” the Presidential Aide noted that “all the terms and conditions of the loan are laid before the National Assembly and approved in details before execution. According to him,” this is to avoid the terms being approved by the National Assembly after th...
President Buhari appoints Adolphus Aghughu as the Auditor-General of the Federation
President Muhammadu Buhari has nominated Adolphus Aghughu for appointment as the Auditor-General of the Federation pursuant to Section 86(1) of the Constitution of the Federal Republic of Nigeria (as amended). In a statement by by the Senior Special Assistant to the President of National Assembly Affairs (Senate), Senator Babajide Omoworare, said Aghughu has been acting as the Auditor-General since the voluntary retirement of Mr. Anthony Ayine from service upon attainment of the mandatory retirement age of 60 years on 25th October 2020. The Auditor-General designate hails from Edo State and, holds a master’s degree in economics; he is a Fellow of the Association of National Accountants of Nigeria, Member of the Nigerian Institute of Management and Associate member of Chartered Institute of...
Minister: Over 60 workers contracted coronavirus during Lagos-Ibadan rail project
Over 60 workers, who were working on the Lagos-Ibadan rail, tested positive for coronavirus while trying to complete the project, the Minister of Transportation, Rotimi Amaechi, has said. Mr Ameachi disclosed this, on Monday, on a Nigeria Television Authority (NTA) programme, Good Morning Nigeria. The rail project, which was delivered recently, and had since been in use, is the second rail project completed in 2020. The Itakpe-Warri was the first and was commissioned on September 29, 2020. The minister had disclosed at the inauguration of elected members of the Chartered Institute of Transport Administration of Nigeria (CIoTA) that the Lagos-Ibadan rail will be commissioned by President Muhammadu Buhari, in January 2021. He, however, said the commissioning will be put on hold, due to the u...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Yemisi Edun appointed acting FCMB chief
First City Monument Bank Limited (FCMB) has appointed Yemisi Edun as the acting Chief Executive Officer of the bank. This followed the decision by the Chief Executive Officer, Mr. Adam Nuru, to proceed on voluntary leave as the board investigates allegation of paternity scandal against him. The bank disclosed this on Wednesday. Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Cont...
CIBN urges banks to strengthen cyber-security
The Chartered Institute of Bankers of Nigeria (CIBN) has urged the banks to strengthen their cyber-security architecture in order to prevent attacks by fraudsters. President/Chairman of Council of the institute, Mr. Bayo Olugbemi, made the call while delivering his remarks at the 2020 CIBN Fellowship Investiture in Lagos, at the weekend. The CIBN at its investiture formally conferred its honorary fellowship awards on 19 distinguished bankers in recognition of their contributions to the banking industry and the economy; 77 associates as elected Fellows while 105 senior management staff of banks and the academia became Honorary Senior Members of the institute at the event with the theme: ‘Financial Services in a post COVID 19 Environment: Strategic Imperative’. Some that were conferred with ...
Bible Society appoints new CEO-designate
The Bible Society of Nigeria (BSN) on has announced the appointment of Pastor Samuel Sanusi as its new General Secretary/ Chief Executive Officer-Designate. BSN Manager, Media and Public Relations, Mr Benjamin Mordi, disclosed in a statement on Saturday in Lagos. Newsmen report that Bible Society of Nigeria is a not-for-profit interdenominational Christian organisation. It translates the Bible into local languages, publishes, distributes, raises funds for the Bible work and organises life-transforming programmes. So far, it has translated the full Bible into 26 Nigerian Languages, while translation revision is on-going in 10 Nigerian Languages. According to him, Sanusi will be taking over from the incumbent General Secretary/CEO, Dr Dare Ajiboye, who will be retiring in June 2021. He said ...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Understanding the strength of small businesses
The number of small businesses keeps growing in the formal and informal sectors of the Nigerian economy, due to the role of small businesses as the live-wire of any economy and the backbone of major developed economies the world over. Though Nigeria rely majorly on oil and revenues derived from it, from context observation the economy is largely supported by small businesses covering almost all spheres of activities within the country, ranging from Nano, kiosk, and Micro businesses most importantly. A visible reference usually includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business center operators, restaurants, market women, and men in the various open markets, among others. and the formal operations such as the law firms, accounting firms, con...