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Bill To Amend CBN Act Of 2007 Scales Second Reading

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13 years ago

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The bill for an Act to

amend the Central Bank of Nigeria (CBN) Act of 2007 passed the second reading at the Senate on Wednesday.

The bill seeks to amend the act to compel the bank to submit its budget to the National Assembly for approval every financial year as expected by law.

The sponsor of the bill, Sen. Ita Enang (PDP- Akwa Ibom), said that the Fiscal Responsibility Act of July 2007, mandating CBN to submit its budget to the National Assembly, superseded the CBN Act.

“The Fiscal Responsibility Act is later in time and therefore supersedes any provision of the CBN Act.

“But the CBN has relied on the provision in its Act to refuse to submit her budget to the National Assembly for consideration and approval, hence this bill,’’ Enang said.

He said the CBN Act of May 2007 gave the CBN Board the power to consider and approve the annual budget of the bank.

He said that it was “an affront’’ for the CBN to claim that the National Assembly had donated its authorisation to the bank by virtue of the provision of the CBN Act.’’

Sen. Enyinnaya Abaribe (PDP- Abia) said the Senate must take appropriate measures to ensure that the existing laws were obeyed by government agencies.

“We have powers to make laws for the CBN. The CBN cannot on its own choose which law to obey.

“This matter was overlooked while enacting the fiscal responsibility law. There’s no other way we can help the country than to ensure that this ambiguity is corrected,’’ Abaribe said.

Also contributing, Sen. Abdul Ningi (PDP- Bauchi) said that the amendment was fundamental and deserved the support of all the legislators.

“This is an amendment that had been canvassed before 2004. The amendment calls for the support of all legislators.

“It has nothing to do with the personality of the CBN governor. This matter has been there since 1999,’’ Ningi said.

Sen. Victor Lar (PDP- Plateau) said that the amendment was not aimed at undermining the core duties of CBN.

“We are saying that whatever funds accrue to the CBN or any amount it wants to expend should go through the scrutiny of the National Assembly,’’ Lar said.

The Deputy Senate President, Sen. Ike Ekweremadu, referred the bill to the Banking and Judiciary committees for further legislative action before returning it to the floor of the Senate within two weeks.

 

Vivian-Peace Nwinaene

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NPA Assures On Staff Welfare 

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5 days ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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5 days ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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5 days ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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