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Court Grants Sanusi Power To Sack Bank Chiefs

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Justice Mohammed Idris of the Federal High Court in Ikoyi, Lagos ruled that the Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, has the statutory power to appoint and remove any bank chief executive or director.

Some aggrieved shareholders of Union Bank Plc had challenged the propriety of the appointment of executive directors into the board of the bank by the CBN governor.

The court ruled that Section 35 sub-section (2) (d) of Banks and other Financial Institutions, Act (BOFIA) gave the CBN governor the power to remove or appoint, not withstanding anything in any written law or contained in the memorandum and article of association of the banks.

The shareholders, who include Danson Izedonmwen, Edith Izedonmwen and Osato Edo-Osagie, had dragged Union Bank and its Managing Director, Funke Osibodu (who was sued on behalf of herself and others appointed into the board of the bank by Sanusi) before the court, seeking for a declaration that their appointment was fraudulent.

The shareholders had urged the court, in their final submission, not to allow Sanusi to get away with the “harm” he has done to the banking sector”, arguing that the CBN boss had already set a dangerous precedent that must not be allowed to stand.

However, in his ruling, Justice Idris held that: “In my view by, virtue of the combined effect of the provisions of Section 33 and 35 of BOFIA, the CBN governor is empowered to order a special examination into the books and affairs of a bank.”

“He can also intervene in the operation of a bank by removing and replacing the directors of a bank found to be in a grave situation. to hold otherwise is to impair the legislative intent underpinning the provisions, which is the ability of the CBN governor to provide a failing bank with necessary managerial and operational support to facilitate the bank’s turn around,” he held.

He also ruled that the law empowers the CBN governor to appoint any person to advise the CBN in relation to the proper conduct of its businesses and provided in the order for the person or persons so appointed to be paid by the bank such remuneration as may be set out in the order.

The judge also stated that: “It is clear from the word “or” used in the law, and it is also settled law that the word “or” is a distinction word used to express alternative or to give a choice of one or many things.”

“On the whole, I hold that this originating summons lacks merit and is hereby dismissed, and N20, 000 cost is awarded in the favour of the respondent,” he ordered.

It would be called that the shareholders had gone to court to get an order restraining Union bank from parading Osibodu and her colleagues as managing director and executive directors respectively.

They also wanted the court to nullify all the steps taken so far by Osibodu on behalf of the bank, most especially the Annual General Meeting (AGM) of the bank held on December 15, 2009.

The plaintiffs further wanted the court to hold that the appointment of executive directors and not non-executive directors into the board of the bank was a fraud, and that the position of the law was that those people (Osibodu and her colleagues) should be held for criminal offence.

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FG Ends Passport Production At Multiple Centres After 62 Years

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The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.

Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.

He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.

“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.

He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.

“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.

 “We promised two-week delivery, and we’re now pushing for one week.

“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.

He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.

Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.

He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.

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FAAC Disburses N2.225trn For August, Highest In Nigeria

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The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.

This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.

The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.

Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.

The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.

From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.

From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.

Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.

From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.

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KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus

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The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.

The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.

The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the  Polytechnic, recently.

Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.

He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.

This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly,  Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.

The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.

Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.

He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.

The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.

Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.

 

Chinedu Wosu

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