City Crime

Improve Regulatory Capacity, LCCI Urges CBN

Published

17 years ago

July 13, 2009

The Lagos Chamber of Commerce and Industry (LCCI) has said that due to the significant growth in Nigeria’s banking industry in recent times, that there was need for the apex regulatory body, the Central Bank of Nigeria (CBN) to also scale up its supervisory capacity.

This it said is necessary if the Central Bank would do its work of supervision well.

The Chamber, which spoke through Asiwaju Solomon Kayode Onafowokan, its President, said the accompanying sophistication in the operation of the bank, disversity and complexity of their operations require that the CBN also raises its bar of supervision.

According to him, the CBN should as a starting point, examine critically capacity issues within its operations while also ensure improvement of in- house capacity through training and related programmes.

He said the bank should also ensure recruitment of experienced hands from the industry; and engagement of consultants through outsourcing.

He observed an astronomical growth in the rate of credit, alongside rise in non-performing loans over the last five years, saying this has credited serious difficulties for banks in accessing assets used as collaterals for most of the non-performing loans.

He said it has created serious risk management for many banks, adding: “The legal processes involved in debt recovery are cumbersome, awkward and frustrating. The new CBN leadership, in collaboration with the National Assembly, should put in place enabling legislations to protect creditors from debtors who deliberately want to avoid repayment of loans. The CBN should be part of the courts that would deal swiftly with debt recovery issues, among other commercial disputes.”

He made reference to the current global financial meltdown, saying the huge exposure of Nigerian banks to the capital market and resultant adverse impact on asset quality was mainly a failure of risk management.

Onafowokan said the chamber is pleased to note that risk management is an area of core competence of the new governor of the CBN and that they were expecting him to bring this to bear on the quality and standards of risk management in the industry.

He said compliance with the best practice standards outlined in the Basle 11 Acord should be rigorously enforced for operators in the industry, and that the CBN should ensure full disclosure by banks with regard to their exposure and also full provisioning.

According to the LCCI President, this will help preserve the stability of the financial system, protect the depositors’ funds and safeguard the investments of the shareholders.

He said the pressure on the financial sector at times like this is quite high, and that the capital market window for the boosting of capital and liquidity is no longer as robust as it used to be.

He said given that investors’ confidences had dwindled considerably, there is need to create a conducive environment for market driven consolidation to create accommodation for the weak banks.

According to him, this would encourage voluntary mergers and acquisition which would result in stronger banking institutions and a more stable financial system.

“One of the major initiatives to lessen the impact of toxic assets on the financial system was the move to create asset management company to manage toxic assets. This has been in a drawing board for over five years. We appreciate that there should be an enabling legislation for this to happen. We urged the governor to work closely and quickly with the national assembly to fast-track the process for the creation of the asset management company to bring relief to banks which are burdened with loans” the LCCI President said.

City Crime

Tinubu Appoints Ex-Tide Staff Registrar Of Chartered Chemists

Published

3 days ago

August 10, 2026

The Tide

A former staff of the Rivers State Newspaper Corporation, publisher of The Tide Newspapers, Idongpee Akwaowo Reuben, has been appointed the Acting Registrar/Chief Executive Officer of Chartered Chemists of Nigeria (ICCON) by the Federal Government of Nigeria.

Akwaowo’s appointment follows the expiration of the second tenure of the former Registrar, Chemist Jwalshik Wilford.

According to a letter released from the office of the Minister of State for Health and Social Welfare dated August 5, 2026, the Minister of State for Health and Social Welfare, Dr. Iziaq Adekunle Salako, said the appointment was with immediate effect.

The minister had earlier announced Akwaowo’s appointment during a meeting with the Permanent Secretary, Heads of Departments, and Directors in June 10, 2026 in the Minister’s Conference Room.

He said the appointment was automatic and effective 1st June, 2026 following the satisfactory handover that followed the succession procedure.

The Minister nullified the earlier process put in place for a substantive appointment, citing it as a contravention of the provision of the ICCON Act.

He further directed that the appointment letter be issued without further delay.

The Minister admonished the new ICCON Chief Executive to take charge and ensure that the Institute is on the path of peace and progress to deliver her mandates.

In his response, Akwaowo thanked the the Federal Government for the appointment which, he said, has laid every uncertainty surrounding the leadership of the Institute to rest.

He pledged his unalloyed loyalty to the Federal Government and the Minister and promised to work with his Management Team to align with the policy directives of the Ministry as well as the renewed hope agenda of the Federal Government.

Akwaowo joined ICCON in 2005 as a pioneer staff, rose through the ranks and served in many capacities transcending virtually all the departments in the Institute including HOD, Administration/Accounts & Finance.

Most recently, he served as the pioneer Team Lead and the Registrar/CEO Representative in the National Chemical Personnel Audit excercise to Chemical companies and Chemistry Departments in Tertiary Institutions as part of the Institute’s regulatory mandates.

He has attended several courses and workshops and represented the Institute at various conferences and fora.

Akwaowo is a Chartered Chemist and also a member of a number of professional bodies.

He rose to the rank of Director, Scientific in 2025, and was until his appointment, the Coordinator, Zonal Offices of ICCON.

City Crime

Bayelsa Water Coys Raise Alarm Over Business Threats …Set To Resist Multiple Levies Amid High Production Cost

Published

4 days ago

August 10, 2026

The Tide

The Bayelsa State branch of the Association of Table Water Producers of Nigeria(ATWAP), have raised alarm over what it described as existential threats to doing business in the State.

Speaking with newsmen in Yenagoa, the State capital last week, Chairman of the State’s branch of ATWAP who is also the National Public Relations Officer(PRO) of the Association, Mr Chris Erefinyo said due to high cost of raw materials and other engineering components needed for packaging of finished products, many firms in the State have shut down operations in the past.

Erebinyo the Producer of St. Ace Table Water alleged that more firms may soon join the closed down water producing industries in the coming weeks due to multiple levies imposed on them by government ministries and departmental agencies(MDAs) of the State.

The Bayelsa ATWAP boss said member firms of the association were major contributors to Government’s revenue, adding that table water producers are integral employers of labour and support government in reducing unemployment problems.

While further linking the bane of water firms to the recent Federal Government’s plan to ban the use of ‘single-use-plastics’ for packaging products, including table water, the State Chairman contended that if Government’s planned action takes effect it would aggravate unemployment crisis nationwide as well as increase the spate of water-born diseases, among others.

“Table Water production business in Bayelsa in particular and Nigeria in general is facing existential threats. In Bayelsa State our greatest problem is multiple taxation from various MDAs of the State Government.

“But one thing these multiple tax collectors don’t put into consideration is that we’ve curb the problems of joblessness and unemployment. The smallest ATWAP firm has no fewer than 20 staff members working to earn a living.

“Apart from paying tax to the Bayelsa State Internal Revenue Board, others have also imposed levies on water factories in this state. When the late Deputy Governor, Senator Lawrence Ewhrudjakpo was alive, we made him know our challenges, but our complains haven’t been attended to before he died”, he said.

Reacting to the ongoing attempts by some State Governments to outlaw the use of single-use-plastics in line with the Federal Government’s proposed ban, the State’s ATWAP helmsman restated that the national leadership of the association would continue to resist the plan, while also engaging stakeholders on the socioeconomic implications of the intended action.

He reaffirmed the commitment of water producers in the State towards the production of standard, portable and clean water for consumption, noting that most firms deploy a technology called ”Reversed Osmosis” for purification, treatment and production of their products due to the high content of iron and saline in the State’s water bodies.

The association leader said in addition to the kind of equipment firms deploye in producing water in the State, ATWAP leadership periodically embarks on routine inspections of firms based in the State to enforce what is known as ‘Good Manufacturing Practice (GMP).

“As an association, just like we’ve resisted attempts by the Federal, the Lagos and Oyo States’ Governments in destroying Table Water business with their planned bans, we’ll also do the same in Bayelsa State if the Government doesn’t call their MDAs to order with a view to directing them to desist forthwith from imposing multiple levies on us”, he added.

Ariwera Ibibo-Howells, Yenagoa

City Crime

Withdraw Social Media Bill Or Face Lawsuit, SERAP Tells NASS

Published

3 weeks ago

July 20, 2026

The Tide

The Socio-Economic Rights and Accountability Project has asked the National Assembly to immediately withdraw the proposed Nigeria Data Protection (Amendment) Bill, 2026, describing it as a backdoor attempt to regulate social media and expand government control over online expression.

SERAP warned that it would institute legal action if the bill is passed in its current or substantially similar form.

The bill, sponsored by Senator Ned Nwoko (APC, Delta North), seeks to compel social media platforms, data controllers and data processors operating in Nigeria to establish physical offices in the country.

It also empowers the Nigeria Data Protection Commission to shut down or prohibit the operations of any entity that fails to comply within 30 days.

In a letter dated July 18, 2026, and addressed to Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, SERAP said the proposed amendment posed a threat to constitutionally guaranteed rights.

The letter, signed by SERAP Deputy Director Kolawole Oluwadare and issued on Sunday, read in part, “Requirements compelling technology companies to establish local offices would increase government leverage over platforms, facilitate political pressure, make censorship demands easier and expose local employees to retaliation.

“The Bill would create sweeping powers capable of shutting down or excluding social media platforms from the Nigerian market and expose millions of Nigerians to serious violations of their constitutionally and internationally guaranteed human rights.”

SERAP argued that the bill revives previous attempts to regulate social media that attracted widespread public opposition.

“The current Bill revives substantially similar proposals previously introduced by Senator Nwoko, raising renewed concerns that localisation requirements are being used as a vehicle for expanding governmental control over digital platforms and online expression,” it said.

The organisation warned that it would challenge the legislation in court if enacted.

“Should the Bill be enacted into law in its current or substantially similar form, SERAP shall promptly take all appropriate legal actions to challenge its legality in the public interest and to ensure that Nigerians’ fundamental rights are fully protected,” the letter stated.

According to SERAP, the proposed legislation would give the Nigeria Data Protection Commission excessive powers to block digital platforms without adequate procedural safeguards.

“The Bill constitutes a backdoor attempt to regulate social media and increase governmental control over online expression through corporate localisation requirements rather than through transparent and constitutionally permissible regulation,” it said.

The group argued that the bill lacks provisions for prior judicial authorisation, meaningful opportunities for compliance beyond the proposed 30-day period, and safeguards to protect the rights of millions of Nigerians who rely on digital platforms.

SERAP also cited the judgment of the ECOWAS Court of Justice on Nigeria’s suspension of Twitter, arguing that the proposed amendment could produce similar consequences by indirectly excluding social media platforms from operating in the country.

“The Bill also risks recreating the very dangers previously condemned by the ECOWAS Court of Justice. In SERAP and Others v. Federal Republic of Nigeria, the Court held that the suspension of Twitter violated the rights to freedom of expression, access to information and media freedom protected under the African Charter.

“Although the present Bill differs from the Twitter suspension in form, it creates the possibility of achieving the same result indirectly by empowering regulators to prohibit digital platforms from operating in Nigeria.

“The National Assembly should not enact legislation capable of producing, through indirect regulatory means, the very restrictions on fundamental rights that regional human rights law prohibits,” the organisation said.

It maintained that while governments have a legitimate interest in regulating digital platforms, such measures must comply with constitutional guarantees and international human rights standards.

The organisation further warned that mandatory localisation requirements would increase compliance costs for technology companies, startups, educational institutions and artificial intelligence developers.

“The proposed amendment conflicts directly with the objectives of the Nigeria Startup Act 2022 and the National Digital Economy Policy and Strategy.

“Mandatory localisation requirements substantially increase compliance costs, particularly for startups, open-source projects, educational institutions, research organisations, AI developers and smaller technology companies, while reducing Nigeria’s attractiveness as a destination for innovation and investment.

“No major democratic jurisdiction requires every social media platform to establish a physical office as a blanket precondition for providing services.”

SERAP added, “The National Assembly should immediately reject and withdraw the Bill, as it is manifestly incompatible with the Nigerian Constitution and Nigeria’s obligations under the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights.”