Ogunsakin said the president’s marching order to the military to end Boko Haram and his insistence on reviewing operational method for effective counter-insurgency war served as morale-booster, even to the cops in the area.
The AIG, who controls Borno, Bauchi and Yobe said policemen in the area are complementing the military to sustain the emerging peace.
“We have brought our experience to bear, insurgents are on the run. The Army and the Police have done an excellent job.
The battle is won, the pockets of insurgents you have now are on the run attacking soft targets. They have been decimated. The attention now is how to re-settle the IDPs and the president is looking up to the Police to take over from the Army for proper re-settlement of the IDPs,” he disclosed.
CBN fraud: Stakeholders seek forensic reform of banking sector
REACTIONS have continued to trail last week’s attempted fraud
at the Central Bank of Nigeria (CBN) involving some of its directors and
a deputy Governor. Some stakeholders who spoke to Daily Sun in Abuja,
regretted that fraud cases in the number one bank in the country smacks
of lack of watertight regulatory environment.A development Economist, Mr. Odilim Enwebara, and the Co-ordinator of Human Rights Writers Association (HURIWA), Mr. Emma Onwubiko, in their separate reactions called for the reintroduction of financial intelligence agency as an independent body outside of the Economic and Financial Crimes Commission (EFCC) to provide oversight supervision of CBN.
For instance, Enwebara said, “while I strongly welcome the proposal to quickly probe the banks (CBN and commercial banks), I still believe that the entire banking and financial sector, starting with CBN, should be completely reformed if we don’t want to continue to allow some mean fraudsters to run down our economy with impunity.”
He advocated the suspension of key CBN officials implicated in the scam and their replacement with a caretaker team to take charge its business pending the completion of both the probe and the reform, stressing that without this step, those running the CBN will obstruct any reform effort.
“For this to happen, the President should urgently set up a powerful ‘Presidential Advisory Committee on Banking and Financial Sector Reform.’ This has become urgent for us to have a credible, quasi-patriotic and professionally pro-real sector banking and financial sector.
“The truth is, there is no way this administration should expect great success in its agenda to turn around and industrialise this economy without having the banking and financial sector pursuing these same goals.
“Franklin Roosevelt’s success in overhauling and reengineering the US economy couldn’t have been possible without his government first embarking on a series of banking and financial sector reforms.
“Like President Roosevelt, President Buhari should conduct a forensic reform of the country’s banking and financial sector (CBN, SEC, NSE, NDIC, commercial and investment banking),” he said.
Also, Onwubiko said: “The fraud that has a far-reaching implication in such a way that foreign investors may be weary of bringing their capital to a country whose central bank is so easily vulnerable to external crimes such as advanced fee fraud. What it shows is the absence of a watertight regulatory environment within the CBN. This calls for a renewed action by the Presidency and the National Assembly to reintroduce the financial intelligence agency as an independent body outside of EFCC to provide oversight supervision of CBN and other financial houses to check the excesses of other directors and governor of CBN and guard against such easy manipulation by international syndicates.”
Meanwhile, the Central Bank of Nigeria (CBN) has made some clarifications on the recent suspension of some of its personnel following the fraud it uncovered and aborted last week.
Answering questions from journalists in Abuja, yesterday the bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, explained that the suspended personnel had to undergo bank’s administrative procedure because they handled the routine processing of the said payment.
Mr. Okorafor, who reiterated that preliminary investigations so far had not revealed any accomplice within the bank, noted that management had to suspend the officers in order to allow unfettered investigation into the matter.
GTBank declares N120.7bn PBT for FY 2015
GUARANTY Trust Bank (GTBank) has said that its financial results for the year ended December 2015 remained impressive as Profit Before Tax (PBT) rose to N120.7 billion representing an increase of N4.3 billion or 3.7 per cent over the N116.4 billion reported in the corresponding period of previous year.
The results released on the floor of Nigerian and London Stock Exchange showed a gross earnings of N301.9 billion and an increase of 8.4 per cent from the N278.5 billion recorded in the same period of 2014.
A review of the 2015 results, however, showed positive performances across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria. In terms of value creation for its shareholders, the bank recorded pre-tax ROAE of 31 per cent and ROAA of 5 per cent respectively.
The bank’s balance sheet remained strong with 7.2 per cent growth in total assets from N2.36 trillion in 2014 to N2.52 trillion in the year under review. Loans to customers grew by 7.5 per cent to close at N1.37 trillion from N1.28 trillion in 2014.
New Telegraph Economic Summit holds March 17
The maiden edition of New Telegraph Economic Summit will hold in Lagos on March 17, a statement by the organisers said yesterday.The summit, organised by New Telegraph Newspapers, has as its theme: ‘Nigeria: Beyond the Oil economy.’ The one-day event, which will hold at Sheraton Hotel and Towers, Lagos, is to be attended by top political officeholders, captains of industry and other major stakeholders.
Lagos State Governor, Akinwunmi Ambode will open the event. Speakers, including Edo State Governor, Adams Oshiomhole; Minister of Solid Minerals, Dr. Kayode Fayemi; Minister of Agriculture, Chief Audu Ogbe and Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele and former Director General, Nigerian Tourism Development Board, Chief Olusegun Runsewe, are expected to proffer suggestions on how the nation’s economy could be diversified to break the age-long reliance on oil revenues.
Fayemi and others, at the one-day event, are expected to deliver papers on how the Federal Government can diversify the nation’s economy as a way of broadening the federal revenue stream, especially in the area of earning of foreign exchange. The guest speakers will look at other sectors of the economy the Federal Government could grow to make them viable as alternatives to oil and how to achieve the objectives.
The New Telegraph Economic Summit is being organised as part of New Telegraph newspapers’ contribution to finding solution to the nation’s economic crises triggered by falling prices of oil, Nigeria’s chief source of foreign exchange.
Falling crude price: African oil producers meet in Abuja
PRESIDENT Muhammadu Buhari has challenged African oil
producing nations to develop and build domestic refineries to be able to
add value to their product globally.
The President who gave the charge Monday at the opening of the 6th African Petroleum Congress and Exhibition (CAPE VI) holding in Abuja, Nigeria, noted that if Africa must substantially achieve value addition in the exploitation of its natural resources, APPA must recognise that the development of domestic refining capacity in oil and gas is critical to sustainable economic growth.
Buhari, who was represented by Vice President Yemi Osibanjo challenged African Ministers of Energy to further explore cooperation mechanisms to expand regional refining capacities in an efficient and cost-effective manner.
“If Africa must substantially achieve value addition in the exploitation of its natural resources, APPA must recognise that the development of domestic refining capacity in oil and gas is critical to sustainable economic growth,” he stated.
He said Nigeria would be ready to provide manpower support development for the indigenous technology to build refineries in the region.
“Let me assure that Nigeria is ever ready to provide support in manpower development through the Federal University of Petroleum Resources, Effurun, and the Petroleum Training Institute (PTI), Warri.
The 6th African Petroleum Congress and Exhibition (CAPE VI) is coming a day to the 33rd Ordinary Session of the Council of Ministers of African Petroleum Producers Association (APPA) opening in Abuja on Tuesday.
The APPA was inaugurated as a regional economic association in January 1987 and it has grown from the initial eight member countries to eighteen, namely Ghana, Cameroon, Algeria, Mauritania, Gabon, Cote D’Ivoire, Equatorial Guinea, Congo DR, Congo Brazzaville, Chad, Benin, Niger, Libya, Egypt, Sudan, Angola, South Africa and Nigeria. Nigeria has been a member of APPA since inception and is currently its President.
President Muhammadu Buhari has appointed Dikko Radda as Director-General of Small and Medium Enterprises Development Agency of
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
appointment, he was
Chief of Staff to the Katsina State Governor.
Radda owns a Bachelor’s Degree in Agricultural Economics and Extension
from Abubakar Tafawa Balewa University, Bauchi.
He obtained two Master’s Degrees in Agricultural Extension and in
International Affairs and Diplomacy; and also doctor of philosophy in
Agricultural Extension and Rural Sociology, all from the Ahmadu Bello
University, Zaria, between 1998 and 2015.
A statement from the office of the Secretary to the Government of the
Federation, Babachir Lawan, said the appointment is for a period of five
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
President Muhammadu
Buhari has appointed Dikko Radda as Director-General of Small and Medium
Enterprises Development Agency of Nigeria, SMEDAN.
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
Buhari appoints CoS of Katsina gov, Dikko Radda as D-G SMEDAN
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
Read more at: http://www.vanguardngr.com/2016/03/buhari-appoints-cos-of-katsina-gov-dikko-radda-as-d-g-smedan/
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