News
Court Grants Sanusi Power To Sack Bank Chiefs
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.
News
I’m Committed To Community Dev – Ajinwo
News
RSG Tasks Rural Dwellers On RAAMP …As Sensitization Team Visits Akulga, Degema, Three Others

Rivers State Head of Service, Dr (Mrs) Inyingi Brown, has called on rural communities in the State to embrace the Rural Access and Agricultural marketing project (RAAMP) with a view to improving their living conditions.
This follows the ongoing sensitization campaign by the State Project Implementation Unit (SPIU) visits to Degema, Abonnema, Afam headquarters of Degema, Akuku Toru and Oyigbo Etche and Omuma local government areas respectively.
Dr Brown who was represented by the Deputy Director, Special Duties in her office, Mrs Dein Akpanah, said RAAMP was initiated by the Federal Government and World Bank to economically empower rural dwellers.s
She said the World Bank understands the plights of rural farmers and traders in the State, and therefore came up with the programme to address them.
According to her, RAAMP will improve the conditions of farmers, traders and fishermen, and therefore, behoves on every rural communities in the State to embrace the programme.
The Head of Service also said the programme would support the youths to be gainfully employed while bridges and roads will be built to link farms and fishing settlements.
Also speaking, the State project coordinator, Mr Joshua Kpakol, said the programme has the potential of creating millionaires among farmers and fishermen in the State.
Kpakol who was represented by Engr. Sam Tombari, said RAAMP would help farmers and fishermen to preserve their produce.
According to him, the project will build cold rooms and Silos for preservation of crops and fishes while access roads will also be created to link farmers and fishermen to the market.
He, however, warned them against any act that will lead to the suspension of the projects by the World Bank.
Kpakol particularly warned against acts such as kidnapping, marching ground, gender based violence and child labour, adding that such acts if they occur may lead to the cancellation of the project by the World Bank.
During the visit to Oyigbo local government area, Mr Joshua Kpakol, said the team was there to let them know how they will benefit from the Raamp.
The coordinator who was personally at Oyigbo said the World Bank introduced the project to check food insecurity in the State.
He said already 19 states in Nigeria are already benefitting from the project and called on them to embrace the project.
Meanwhile, stakeholders in the three local government areas have commended the World Bank for including their areas in the project.
They, however, complained over the incessant attacks by pirates on their waterways.
At Degema, King Agolia of Ke kingdom said land was a major problem in the kingdom.
King Agolia represented by High Chief Alpheus Damiebi said many indigenes of the kingdom are willing to go into farming but are handicapped by lack of land.
Also at Degema, the representative of the Omu Onyam Ekeim of Usokun Degema kingdom, Osoabo Isaac, said Degema has embraced the programme but needed more information on the implementation of the programme.
Similarly, while High Chief Precious Abadi advised that the project should not be narrowed to only crop farming, a community women leader, Mrs Orikinge Eremabo Otto, called for the construction of cold rooms in all fishing settlements in the area.
At Abonnema, Mr Diamond Kio linked the problem of the area to incessant piracy along waterways.
He also expressed fears over the possibility of the project being hijacked by politicians.
Also at Abonnema, a stakeholder, Ikiriko Kelvin, called on the World Bank to design an agricultural project that will suit the riverine environment, while at Oyigbo, HRH Eze Boniface Akawo expressed satisfaction with the project.
John Bibor
News
Senate Replaces Natasha As Committee Chairman

The political mudslinging between the Senate leadership and Senator Natasha Akpoti-Uduaghan continued yesterday as the Senate named Senator Aniekan Bassey as the new Chairman of the Committee on Diaspora and Non-Governmental Organisations.
Senate President, Godswill Akpabio, announced the appointment during yesterday’s plenary, confirming Bassey’s replacement of Senator Natasha Akpoti-Uduaghan, who is currently on suspension.
Akpoti-Uduaghan was reassigned to the Diaspora and NGOs Committee in February after she was removed as Chair of the Senate Committee on Local Content during a minor reshuffle.
Bassey is the senator representing Akwa Ibom North-East Senatorial District.
Although no reason was given for her removal yesterday, the change is believed to be connected to her unresolved suspension.
In May, Justice Binta Nyako of the Federal High Court ordered her reinstatement and directed her to tender an apology to the Senate.
However, the Senate has insisted it has not received a certified true copy of the court judgment.
Akpoti-Uduaghan who represents Kogi Central, has yet to resume her legislative duties despite a recent court ruling that voided her suspension.
In a televised interview on Tuesday, Akpoti-Uduaghan said she was awaiting the Certified True Copy of the judgment before officially returning to plenary, citing legal advice and respect for institutional process.
Although the Federal High Court described her suspension as “excessive and unconstitutional”, a legal opinion dated July 5 and attributed to the Senate’s counsel, Paul Daudu (SAN), argued that the ruling lacked any binding directive to enforce her reinstatement.
Akpoti-Uduaghan, one of only three female senators in the current assembly, said the continued delay in allowing her return was not only a denial of her mandate but also a blow to democratic representation.
“By keeping me out of the chambers, the Senate is not just silencing Kogi Central, it’s denying Nigerian women and children representation. We are only three female senators now, down from eight,” she said.
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