The Speaker of the House of Representatives, Femi Gbajabiamila, has threatened to issue a warrant of arrest on the Governor of the Central Bank of Nigeria, Godwin Emefiele if he fails to honour the invitation by its committee for umpteenth timeAccording to the Speaker the House would reconvene on Tuesday to take an action against Emefiele and other bank chiefs who fail to show up rather than adjourning plenary till February 28 for the elections as planned earlier.
Though the Speaker, admitted that Emefiele is his friend, however, he pointed out that he would not hesitate to demand the Inspector-General of Police to effect the CBN governor’s arrest and forceful appearance before the House.
The House had set up an ad hoc committee to investigate the scarcity of the new naira at the Deposit Money Banks, also known as commercial banks, leading to tension over the January 31 deadline set by the CBN for the exchange of the old notes with the newly designed ones.
The Chairman of the committee, Alhassan Ado-Doguwa, at the plenary on Thursday, had notified the House about the refusal of the CBN chiefs to appear before it on Wednesday.
He noted that the committee had rescheduled the meeting to 1 pm on Thursday.
However, Gbajabiamila also informed the House that the CBN had written to the Clerk, informing the House of Emefiele’s inability to appear before the committee on Thursday.
The Speaker said the House would exercise its powers as contained in Section 89 of the 1999 Constitution.
Gbajabiamila also noted that the CBN Act allows the admittance of an old naira note by banks, even after it had ceased to be legal tender.
The House had on Tuesday called on the President Muhammadu Buhari, over the brewing crisis occasioned by the January 31 deadline.
Apart from asking the CBN to extend the window for swapping the old notes with the newly redesigned one by six months, the House had invited the banks to a meeting on Wednesday over the scarcity of new naira notes.
The Managing Directors/Chief Executive Officers of the banks, under the auspices of the Bankers’ Committee, were to meet with an ad hoc committee of the House to be chaired by the Majority Leader, Alhassan Ado-Doguwa.
The House had particularly resolved that the banks should be invited to explain the alleged supply shortage from the CBN, after which the lawmakers would invite the leadership of the apex bank for questioning.
The House “called on President Muhammadu Buhari to intervene in the insistence of the CBN on the tight deadline for the implementation of the cashless policy and currency swap.”
The lawmakers also urged the CBN to extend the implementation of the cashless policy “to at least six months as well as review the daily withdrawal limit and the charges therefrom.”
The resolution follows the unanimous adoption of a motion of urgent public importance moved by a member of the House from Katsina State, Sara Soli, at the opening of the plenary on Tuesday.
Senate panel quizzes Bakari as NFIU Boss
The Senate Committee on Anti-Corruption and Financial Crimes has on Monday quizzed Hafsat Bakari as the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit, (NFIU).
President Bola Tinubu last week appointed Bakari as the head of the Financial Intelligence Unit, pending her confirmation by the Senate.
By the appointment Bakari is to replace Modibbo Tukur who was relieved of his job by President Tinubu in June 2023.
Bakari is a lawyer and financial intelligence expert with years of experience in anti-money laundering, counter-terrorism financing, and counter-proliferation financing said she has “enough experience to discharge he duties”
Before her appointment as the Chief Executive Officer of the NFIU, she served as Deputy Director at the Nigerian Financial Intelligence Unit, and was at different times the Head of the General Services Unit; Head of the Strategy and Reorientation Unit, and Head of the Board Secretariat of the Economic and Financial Crimes Commission.
In a chat with newsmen after the screening, the Chairman Senate Committee on Anti-Corruption and Financial Crimes, Senator Emmanuel Menga Udende expresses that Ms. Bakare will bring her wealth of experience and expertise to bare in the discharge of her mandate in this critical role, especially in view of the President Bola Tinubu’s war against illicit financial flows and other sharp practices currently prevalent in segments of the nation’s foreign exchange markets”
The Nigerian Financial Intelligence Unit (NFIU) a creation of the National Assembly is the Nigerian federal agency responsible for collecting and analyzing disclosures from reporting organizations, in order to produce financial intelligence to other agencies combating money laundering, terrorism, and other financial crimes.
The NFIU was established in 2004 as an autonomous unit within the central coordinating body for the country’s Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (AML/CFT/CPF) framework of Central Bank of Nigeria, (CBN).
It also operates as part of Economic and Financial Crimes Commission.
Imo North senator advocates for regional Governmment, police
**Wants each regional Government to oversee its development commission
The senator representing Imo North Senatorial District Ndubueze Patrick Chiwuba has advocated for Regional Government and Regional Police Force as against the cloud for State Police.
Speaking on the heels of the passage of the bill for the establishment of the South East Development Commission senator Chiwuba described the politics of Regional Development commissions that has become a cash cow for some Nigerians as a welcome development as it will soon lead him to sponsor a bill for Regional Government
According him when each region is given its own Developmwnt Commission, it is another form of restructuring
“I’ll be happy, I’m supporting that 100%. After that I can bring up my bill.
“You know when people talk of restructuring, people see it in a different way. You understand? God can bless Nigeria from different angles.
“Let us have regional governments to superintend over all these commissions so that nobody will now go and appropriate it to himself.
“So what am I looking for? The restructuring has gotten it. So it is a very wonderful work. For me, when I saw the other regional commissions, I started preparing my bill for regional government.
“So what I’m trying to say is, it is a good omen. Every region should have it. And you are deriving money from the federal. Now, if you derive from the federal, those places where people can augment their own commission, they will go and augment and move ahead. “Others may copy them. And as such, what do we do there will be regional competition so that States do not need to go cap in hand to the Federal Government to share allocation
“So, my next bill, after we have gotten the commissions, will be a bill for us to adopt regional government. And the regional government will superintend over the commissions.
“If any, somebody can be held responsible by the people of the area. But when the chairman of the board is appointed from the federal level, he is not accountable to the area, the region, because he is not appointed by the people. The people don’t have authority to remove them or to replace them.
“So they behave like emperors because it’s only the federal that can call them to order. You understand? And if the federal wants to call them to order, their relations will go to plead on their behalf
“But when the regional government superintend over such and they are elected, you know what it means? So once you are doing bad either they recall you, or they remove you, or they make sure that your tenure is not renewed.
Also speaking on the issue of the state police he said he is not an apostle of state police but Regional.
He said the regional police will not be accountable to any particular governor. No person will use the regional police to fight his enemy, political enemy.
But state police, people can use it to fight their enemy, but regional, nobody can, because the governors of the region will come together to provide funding
When it comes to regional police, it will derive its power from the region there, no single person can use them.
For now, the appointments, both the board and others are coming from the federal. And when they are appointed, they will recognize every state. That’s one. Two, the chairman and the executive members will be rotated from time to time.
On whether President Tinubu will assent to the South East Development Commission bill he said, “&I ’m not seeing any hindrance. Rather, it’s going to improve our politics in a better sense. What we need is development. What we need is freedom to operate. And that’s what the South is asking for – freedom to operate.
“Once we have freedom to operate, the sky is the beginning, it’s not our limit. And every other part of the nation will benefit.
“If you go down the history, you know when we had regional governments? The South East was rated as the fastest growing economy in the world. Go and Google. During the regional government headed by Michael Okpara, the South East was rated as the fastest growing economy in the whole world. Now, since after the civil war, the South East had been abandoned. That’s why you see people crying of marginalization.
“First of all, we thank God for a day like this, that we can be happy, joyful, and glorify Him for the passage of this bill. And we thank the National Assembly for passing the bill as well.
“We are thanking Mr. President in advance for assenting to this Bill, because I know he will assent to the Bill. So it’s a good thing, it’s a good omen, not just for the South East, but for the nation Nigeria.
Beam searchlights on FG over $3.4b COVID 19 loan, subsidy savings, CSOs Charges NASS
The National Assembly has been charged to probe the $3.4billion loan collected by the Federal Government from the International Monetary Fund (IMF), in April 2020 without proof of expenditure on anything, Coalition of Civil Society Organisations (CSOs) has charged
They also faulted unending requests for loans by the Federal Government and expeditious approvals given by the National Assembly with little or nothing to point at, as what the loans were used for.
They added that, savings made by the government from fuel subsidy removal from May last year till date, have not been accounted for by the government as Nigerians are watching and suffering .
The Nine CSOs led by the Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, at a media briefing, alleged that the incessant loan collections by the FG, made the debt profile of the country to hit N87.9tr mark which is equivalent to $114.3b
“The escalating debt burden has profound implications for the well – being of Nigerian citizens , and failure to act quickly could result in an additional 23million Nigerians living in poverty and 80milliion working – age citizens without a full time job by 2030.
“These concerning trends underscore the need for the National Assembly to urgently do the needful by among others, investigate the movement and spending of loans received by the Federal Government in the past and present administrations , including but not limited to the $3.4billion loan obtained from IMF as reported in the 2020 annual audited report published by the Auditor – General of the Federation .
“Stopping borrowing for recurrent expenditure ( personnel and overheads ) and dilatory capital expenditure that adds no value to economic growth, wealth creation and development.
‘Demanding accountability for petrol subsidy savings and sincerity of purpose in fulfilling the government ‘s ‘ promises of renewed hope ‘ to the millions of Nigerians who no longer have belts to tighten”.
Other CSOs represented at the media briefing by their Executive Directors, were Centre for Democracy and Development,
International Budget Partnership, Paradigm Leadership Support Initiative,
Oxfam, Social Action, Christian Aid, Action Aid
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