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Experts Want FG To Reconstitute Financial Institutions’ Boards

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Some financial experts in Lagos have decried the Federal Government’s delay in constitution of new boards for regulators of financial institutions.
They told newsmen in an interviews that the delay was negatively affecting investors’ confidence in the capital market and the general economy.
The Tide reports that President Muhammadu Buhari on July 16, 2015 sacked Mr Peter Obi, Chairman of the Board of the Securities and Exchange Commission (SEC), and some other board chairmen and members.
Prof. Sheriffadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said that the board of any organisation played the role of formulating and approving policy measures for implementation by the managers of such an organisation.
“Absence of the board means a big lacuna, as the organisation can become inefficient and ineffective, operating on static rules and regulations.
“Financial activities take place in a dynamic environment that requires rapidly evolving rules and regulations.
“Thus, the absence of boards for regulators of financial institutions such as SEC, NDIC, NAICOM cannot augur well for proper functioning of these institutions, ‘’ she said.
The professor said that the absence of their boards of directors might be the reason for noticeable inefficiency in some of the organisations in recent times.
“Whenever the government has no immediate replacement for a board, it should not dissolve the existing one.
“If a board is not necessary, it would not have been part of the arrangement of organisations globally,’’ Tella told newsmen.
T he Head of Banking and Finance Department, Nasarawa State University, Keffi, Dr Uche Uwaleke said that the delay was slowing down economic activities.
Uwaleke noted that certain decisions and approvals in an organisation could only be taken by its board of directors, saying that such decisions or approvals would remain pending until constitution of the board.
“This is often the case with recruitment of top staff members into these agencies, or whenever there is need to approve a expenditure beyond the approval limit of the chief executive,’’ he said.
the Managing Director, APT Securities and Funds Ltd., Mallam Garba Kurfi, said that the delayed constitution was reducing investors’ confidence in the market, with over 144 cases pending at the Investment and Securities Tribunal (IST).
He told newsmen that no case had been treated by IST since June, 2016.
The Tide reports that a total turnover of 4.32 billion shares worth N7.38 billion were traded by investors in 9,330 deals last week against 405.94 million shares valued at N3.72 billion exchanged in 6,363 deals in the preceding week.
The Financial Services Industry (measured by volume) led the activity chart with 4.18 billion shares worth N5.31 billion traded in 5,047 deals.
The oil and gas industry followed with 65.83 million shares worth N594.52 million transacted in 1,385 deals.
The third place was occupied by conglomerates sector with a
turnover of 26.49 million shares worth N48.16 million in 299 deals.

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Adeniyi’s Impersonator Faces Trial, Knows Fate, July 3

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The Federal High Court sitting in the Central Business District of the Federal Capital Territory, Abuja, has conducted a hearing of one Ibrahim Shu’aibu, a 50-year-old man, for assuming the character of the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, among other distinguished personalities in Nigeria, to commit fraudulent activities.
The Nigeria Customs Service (NCS) had in January addressed the media about the suspect’s apprehension by the Service’s Police Unit following his involvement in fraudulent activities, which included luring numerous citizens to pay him money for the issuance of job appointment letters.
During the court hearing, the lead Counsel of the NCS, Abidemi Adewumi-Aluko, said the accused was arraigned on a nine-count charge to which the defendant pleaded not guilty.
Justice Binta Nyako, the Presiding judge, adjourned the hearing to Wednesday, 3 July 2024, and ordered that the accused be remanded with the Nigerian Correctional Service pending the fulfillment of bail requirements.

By: Nkpemenyie Mcdominic, Lagos

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Trans-Border Trade Setback: Shippers’ Council Pledges Support For ITC 

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The Nigerian Shippers’ Council (NSC) has expressed readiness to support the International Trade Centre (ITC) as part of measures toward resolving challenges faced by trans-border traders and trade facilitation.
Executive Secretary, Nigerian Shippers’ Council, Barr. Pius Akutah, disclosed this in Lagos last Friday, when  delegates of ITC, paid a working visit on a fact finding mission.
While harping on the role of the Council as an ombudsmen in port operations, Akutah emphasized that trade facilitation is a major initiative of the NSC, pledging to provide the necessary support to ensure the success of the study brought forward by the ITC team.
He noted that the study will strengthen the Council’s ability to formalize informal trade at border areas, gather statistics, and plan for trade volumes.
Akutah stated that the focus of the study is on agricultural products, as a significant area of potential for Nigeria, not only in the African region, but also globally.
He expressed optimism that the study will help develop skills and improve operations at the Border Information Centre (BIC) managed by the Council.
“Trade facilitation is one of the major aspect of what we do so we are going to give you the necessary support to achieve the success that is desired.
“The study will help us to plan and develop more skills in terms of what we do at the Border Information Centre. Shippers Council is a partner and I want us to take our partnership to the next level that will focus on engagement with our stakeholders”, Akutah noted.
Speaking earlier during the courtesy visit to the NSC headquarters, Associate Programme Officer, ITC, Richard Eke- Metoho, who led the delegation, said the visit to the Council was part of the team’s ongoing study to identify areas for improvement in trade facilitation, particularly at border crossing points.
He stated the importance of collecting data from the Nigerian Shippers’ Council, which manages a border information center at Seme-Krake border.
According to him, some of the identified challenges faced by traders and truck drivers using the Seme-Krake border, a key trade route is the number of checkpoints and lack of scanners.
He said information collected by the team will not only identify existing trade facilitation measures that are working effectively, but also lead to the development of new trade facilitation measures that address the challenges faced by traders
He said, “We are here to collect experience from the Nigerian Shippers Council.
“From our interactions with the Shippers Council, we keep finding similar problem faced by traders, most especially on the number of checkpoints and scanners that are really needed especially for transporters and truck drivers.
“It is still an ongoing study. The more information we collect right now, the more it will help us to make more informed decision process. At the end of the study, we will be able to develop a report that will pinpoint all the main obstacles that traders are facing”.

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Customs Condemns Attack On Officers In Katsina

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The Nigeria Customs Service (NCS) has condemned the brutal attack on its officers and men at the Gamji Makaho checkpoint in the Dankama area of Katsina State on April 17, 2024, which claimed the life of Customs Assistant II Auwal Haruna.
The Service vowed that it would stop at nothing in securing justice for the victims of the attack.
NCS also said it would rejig its anti-smuggling operations while strengthening collaborations with other sister security agencies as part of measures to reinforce the fight against smuggling.
Speaking on the resolve of the management to pursue the matter to its logical conclusion, Comptroller General of Customs, Bashir Adewale Adeniyi extended his heartfelt condolences to the family and colleagues of CA II Auwal Haruna.
He disclosed that the service, in close collaboration with other security agencies, is tirelessly working towards “apprehending the perpetrators of this reprehensible act and ensure they face the full consequences of the law.
“Violence against our officers is utterly unacceptable, and we will pursue every avenue to bring those responsible to justice.
“The safety of our personnel and the security of our borders remain paramount. We are committed to working with traditional rulers, government bodies, and sister agencies to combat this heinous crime against our personnel”.
He further reaffirmed the unwavering commitment of the service under his watch to combating smuggling and other cross-border crimes, adding that the Service will not falter in its mission to uphold the laws of the land and protect the interests of the Nigerian people.
The CGC said: “Intelligence available to us indicates that certain unpatriotic community members are harbouring suspected accomplices involved in this heinous crime.
“We implore these individuals to embrace patriotism by aligning with the laws and refraining from condoning illegality. It is in the best interest of our communities and nation to collaborate with law enforcement agencies to root out criminal elements and ensure that justice prevails”.

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