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Senate to amend CBN’s act, reduce the governor’s powers

Harrison EDEH
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Senate to amend CBN’s act, reduce the governor’s powers

THE Senate President, Godswil Akpabio, has revealed the plans of the National Assembly to amend the acts of the Central Bank of Nigeria (CBN) as a measure to curtail what he described as ‘overbearing’ powers of the bank’s governor.

Akpabio gave this information on Tuesday, August 1, 2023, while he screened a Ministerial nominee from Oyo state, Adebayo Adekola Adelabu.

Adelabu, a former deputy governor of the apex bank, while being screened, said the country could be saved from some economic decisions of the Central Bank if minority opinions of deputy governors other than that of the governor are considered in its core decisions.

Adelabu’s submission came while he responded to a question from the Senate President who asked that “some of the decisions of the Central Bank  appear to be as if they are a government within a government, for instance, the naira redesign policy.”

Adelabu, in response to the question, said,”There are three highest decision-making bodies in the Central Bank of Nigeria- the committee of governors, the monetary policy committee and the board of Directors. The CBN governor is the chairman of these three committees.”

For Adebayo, CBN’s governance structures has to be reviewed

He noted, however, that the governor is just first among equals.

“We have a Governor and four deputy governors. The governor is like the first among equals. The appointment of the four deputy governors must be independent of the Central Bank Governor so that they wouldn’t be subservient to the governor himself,” Adelabu said.

Adelabu pointed out, that another key concern with the CBN structure was that the reporting line on some key decisions is between the governor and the Presidency.

He stressed the importance of the opinions of the deputy governors in key decisions of the apex bank.

“There should be occasions where the Country’s President needs to get see the entire committee of governors, which comprise of the deputies and hear from their own opinions,” Adelabu said.

He added, “Most of the controversial decisions in the CBN are either taken by three out of five governors. There is always a minority vote, and they should be allowed to have their say.”

He further said that the Presidency should be able to go through the minority opinions of the board of governors and even sound out some deputy governors in some key decisions.

He suggested that the economic management team of the nation, which comprises the fiance Minister, the Minister of National Planning, the CBN governor and the Accountant-General of the Federation, must have some subtle oversight of the CBN in terms of interrogating some of the decisions of the bank.

“If the CBN knows that it has to be interrogated about some of its key decisions on Forex allocation, how it arrived at monetary policy decisions, and the volume of money in circulation, it would be careful in its dealings.”

Akpabio lauded the nominee and regretted poor oversight of the apex bank by the Central Bank, which has plunged the nation into some avoidable economic decisions.

“This is a food for thought for the distinguished Senators, and that means we must revisit the Acts that set up the CBN.”

Akpabio said the nation would have been free from some of the economic hardships it faced if there was proper oversight and monitoring of the CBN through the Acts of Parliament and proper supervision.

The ICIR has earlier reported how the CBN violates the provision of its Act and lent to the Federal Government to the tune of over N25 trillion has increased Nigeria’s inflationary surge while putting the country in debt mess.

Akpabio insists the review of the Act would also check the excesses of the apex bank governor.

Drug trafficking: Nigerian court jails South American 13 years

Bankole ABE
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Drug trafficking: Nigerian court jails South American 13 years

A FEDERAL High Court in Port Harcourt, Rivers State, has sentenced a South American man from Suriname, Dadda Lorenzo Harvy Albert, to 13 years in prison for drug trafficking.

The ICIR reported that operatives of the National Drug Law Enforcement Agency (NDLEA) arrested 34-year-old Lorenzo at the Port Harcourt International Airport, Port Harcourt, Rivers State, for bringing into Nigeria 117 parcels of cocaine concealed in extra-large latex condoms packed inside bottles of 100ml body spray.

His arrest was announced in a statement by the spokesperson of the NDLEA, Femi Babafemi, on Sunday, April 9.

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According to the NDLEA, “The suspect claimed he departed his country, Suriname, located in the North Eastern coast of South America on April 2 for Sao Paulo, Brazil and from Sao Paulo, he came to Nigeria on Friday, April 7, on board a Qatar Airways flight in search of his long-lost Nigerian father whom he called Omini.”

He was arraigned before the Federal High Court 2, Port Harcourt, on June 1 on two counts of importation and unlawful possession of 9.9kgs cocaine in charge number FHC/PH/181C/23.

He, however, pleaded guilty to the two-count charge. But after the review of the facts of the case on Thursday, July 20, he was convicted and sentenced to 13 years imprisonment on both counts without an option of fine. 

In his ruling, the judge, E. A Obile declared, “You, Dadda Lorenzo Harvy Albert, is hereby sentenced to 13 years imprisonment without option of fine on Counts 1 and 2 also. And both shall run concurrently.”

The trial judge also ordered the forfeiture of the sum of ninety United States Dollars and ten Brazilian Real recovered from the convict at the time of his arrest to the Federal Government.

The court equally refused the application by Lorenzo’s Counsel for him to be deported back to his country. 

As a result, the convict is now serving his term of imprisonment at the Correctional Centre, Port Harcourt, Rivers State.

NDLEA, in a statement by its spokesperson Femi Babafemi on Wednesday, August 2, said the successful prosecution and conviction of Lorenzo is one of the many drug cases concluded at the Federal High Court across the country between January and June 2023 by the Directorate of Prosecution and Legal Services of NDLEA.

 “Out of the 1,445 convicts, 221 of them are female, while the balance of 1,541 are male.

“Of the 11,166 pending cases, 10,626 of them are men while the rest, 540 are women,” the Agency stated.

The anti-narcotics agency added that the 1,445 convicts and 11,166 suspects who are still facing trial were arrested and charged to court over the seizure of 555,953.70 kilograms of cocaine, heroin, methamphetamine, cannabis, tramadol and others linked to them between January and June 2023.

Labour protest: DSS operatives deployed at Lagos assembly

Beloved JOHN
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Labour protest: DSS operatives deployed at Lagos assembly

OPERATIVES of the the Department of State Services (DSS) have occupied the Lagos State Assembly complex, where members of the Nigeria Labour Congress (NLC) are currently protesting.

This protest is part of a nationwide demonstration against the removal of petrol subsidy by the Federal Government. Fuel prices and cost of transportation tripled after the President, Bola Tinubu, said his administration would no longer subsidise gasoline for citizens in June. 

As a result, on July 26, the NLC threatened to stop work in protest should the Federal Government refuse to reverse all anti-poor policies, such as the recent petrol pump price hike, within seven days.

The ultimatum expired on Monday, July 1. Labour union members have taken to the streets across states in protest as planned.

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DSS operatives in Lagos were seen at the state assembly premises as the demonstrators converged at the entrance gate.

The ICIR earlier reported that police officers were deployed in Ilorin to prevent a breakdown of law and order as workers in Kwara State join the nationwide protest.

In Abuja, aggrieved protesters pulled down the National Assembly Complex’s first gate after security operatives stationed at the legislative building refused to open the gates to allow the angry workers to express their displeasure.

Senate sets up committee to dialogue with protesters

Ijeoma OPARA
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Senate sets up committee to dialogue with protesters

THE Senate has set up a three-man committee to dialogue with members of Organised Labour who stormed the National Assembly on Wednesday, July 2, to protest against economic hardship occasioned by the removal of petrol subsidy.

The committee is led by Senate Chief Whip Ali Ndume and included senators representing the Federal Capital Territory (FCT) and Anambra North Ireti Kingibe and Tony Nwoye.

While the Chief Whip addressed the protesters, a letter of protest was handed over to the Senate by the President of the Nigeria Labour Congress (NLC) Joe Ajaero.

The letter demanded an end to the arbitrary increase in the cost of fuel and education. It also called for a reduction in transport costs and the fixing of the non-functional refineries in the country.

Members of the NLC and Trade Union Congress (TUC) took to the streets of Abuja and other states across the country on Wednesday in protest over hardship faced by Nigerians following the Federal Government’s decision to discontinue subsidy on petrol.

The demonstrators have not clearly stated how long the protests would last. However, NLC President suggested on Wednesday that the demonstration could go on for as long as the Congress decides.

“It is equally in our own enlightened self-interest, based on the interest of the state, to determine whether the protest will be for today or tomorrow or next or till thy kingdom come. It is not by mere using forces to stop people from expressing their views,” Ajaero said.

The protesters pulled down one of the National Assembly Complex gates during the protest and gained access to the premises in defiance of security operatives, who earlier denied them entry.

The protests took off after negotiations between members of Organised Labour and the Nigerian government ended in a stalemate.

While Nigerian President Bola Ahmed Tinubu assured the country that measures will be put in place to mitigate the hardships during an address on Monday, July 31, NLC insisted that the promises made were not in tune with the hardships confronting citizens.

They also stated that Tinubu failed to speak to the problem of nonfunctional refineries in the country, considered to be the solution to the problems confronting the oil sector in Nigeria.

Working refineries, only solution to fuel crisis — Former NLC President Ayuba Wabba 

Bankole ABE
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Working refineries, only solution to fuel crisis — Former NLC President Ayuba Wabba 

A FORMER President of the Nigeria Labour Congress (NLC), Ayuba Wabba, has stated that the only solution to the country’s lingering fuel crisis is for the refineries to begin production.

Ayuba spoke during the ongoing protest by the organised labour in Abuja on Wednesday, August 2.

He blamed the crisis on the few elites deliberately refusing to fix the refineries.

“It has been a vicious cycle, and it will continue to be a vicious cycle and will continue to affect our economy and therefore government must come up with three plans immediate, medium and long-term plans; I have not seen that on the table. 

“It’s a fire brigade approach, it’s a weak pill that will leave only pain for now, but the pain will remain with us perpetually. 

“What will address this issue is, is actually the issue of production, but the elites, not more than 10% of them, don’t want production; they want importation because why they benefit from importation, this is the real issue, and therefore we must insist, we must continue to insist that our refineries must work. Those elites must tell us when our refinery will work,” Ayuba stated.

He said past governments have promised to fix the refineries to no avail.

“They told us if we are refining, the price will not be more than, the price will not be more than N8 per litre; that is the last solution that can resolve this issue.”

He claimed that the palliatives promised by President Bola Tinubu will only serve as a temporary solution and urged the government to look more into the fuel price increase issue.

“Here we are today in the same vicious cycle, and Nigerians are suffering, we are suffering, every worker on fixed wages is feeling the impact, I didn’t see how the palliatives will address this problem because the palliative is only a temporary measure, but the issue of the price increase will be a permanent solution.

“I am telling you, once the exchange rate goes up and continues to go up, the price will increase; once the price of crude oil at the international market goes up, they will continue to increase because these are the two variables,” Ayuba added.

The ICIR reported that the protests declared by organised labour, comprising the NLC and the Trade Union Congress (TUC), over economic challenges in the country occasioned by the removal of petrol subsidy commenced in Abuja on Wednesday, August 2.

On Wednesday morning, NLC President Joe Ajaero told journalists at the Unity Fountain in Abuja that the protests have also commenced in other states nationwide.

Ajaero said the Police have tried to stop the protests in some states.

But the labour leader vowed that nothing will stop the exercise.

“The protest is on; it has taken off in all the states of the federation, barring some constraints, including police efforts to equally stop it in some areas.

“But to be candid with you, nothing is stopping the protest. Not even an overture or promise of commitment or offer from the government. So I don’t understand why people feel that it will not hold. The protest is on, and it will hold,” Ajaero said.

The NLC President did not clearly state how long the protests would last. He suggested that the demonstration could continue for as long as the Congress decides.

Ajaero noted that the protest was necessary because negotiations between the Federal Government and labour have not yielded any positive results.

“It is equally in our own enlightened self-interest, based on the interest of the state, to determine whether the protest will be for today or tomorrow or next or till thy kingdom come.

“It is not by mere using forces to stop people from expressing their views.

“So we are here for the protest and to make a statement to Nigerians that since we started even negotiations, there is nothing we have in our hands,” he said.

The protesters, including the NLC and TUC affiliate unions, gathered at the Unity Fountain in Abuja, where the protest kicked off on Wednesday.

The acting Inspector General of Police, Kayode Egbetokun, had on Tuesday, August 1, warned labour against embarking on protests that could be hijacked by hoodlums.

Egbetokun said the warning was issued due to recent unpleasant experiences with such protests in most of the country’s main cosmopolitan cities.

Protesters pull down National Assembly gate

Bankole ABE
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Protesters pull down National Assembly gate

MEMBERS of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) protesting against the hardship in the country caused by the removal of petrol subsidy have pulled down the entrance gate of the National Assembly.

The protesters, led by the leaders of organised labour, Joe Ajaero of the NLC and Festus Osifo of the TUC, had asked security operatives stationed at the entrance of the National Assembly to open the gate for the angry workers to enter the complex and express their displeasure to the lawmakers.

The security operatives refused and the protesters entered the complex by pulling down the gate while chanting solidarity songs.

As of the time of filing this report, the protesters are gathered in the premises of the National Assembly complex as stern-looking security personnel look on.

The NLC commenced the protests on Wednesday, August 2, amid biting hardship caused by President Bola Tinubu’s decision to discontinue petrol subsidy.

On Wednesday morning, NLC President Joe Ajaero told journalists at the Unity Fountain in Abuja that the protests have commenced nationwide.

Ajaero said the Police have tried to stop the protests in some states.

But the labour leader vowed that nothing will stop the exercise.

“The protest is on; it has taken off in all the states of the federation, barring some constraints, including police efforts to equally stop it in some areas.

“But to be candid with you, nothing is stopping the protest. Not even an overture or promise of commitment or offer from the government. So I don’t understand why people feel that it will not hold. The protest is on, and it will hold,” Ajaero said.

The NLC President did not clearly state how long the protests would last. He suggested that the demonstration could continue for as long as the Congress decides.

Ajaero noted that the protest was necessary because negotiations between the Federal Government and labour have not yielded any positive results.

“It is equally in our own enlightened self-interest, based on the interest of the state, to determine whether the protest will be for today or tomorrow or next or till thy kingdom come.

“It is not by mere using forces to stop people from expressing their views.

“So we are here for the protest and to make a statement to Nigerians that since we started even negotiations, there is nothing we have in our hands,” he said.

The protesters, including members of affiliate unions of the NLC and TUC, gathered at the Unity Fountain in Abuja, where the protest kicked off on Wednesday.

The Inspector General of Police had on Tuesday warned labour against embarking on protests that could be hijacked by hoodlums.

Kwara govt deploys police as workers join NLC protest

Beloved JOHN
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Kwara govt deploys police as workers join NLC protest

POLICE officers have been deployed in Ilorin to prevent a breakdown of law and order as workers in Kwara State join the nationwide protest declared by the National Labour Congress (NLC) over removal of fuel subsidies.

Members of the labour union have taken to the streets across the state in protest, seven days after the national leadership of the NLC threatened a nationwide strike over the hike in the cost of living caused by the removal of petrol subsidy.

The umbrella body for civil servants and public sector workers issued a seven-day ultimatum for Federal Government to reverse all anti-poor policies, such as the recent petrol pump price hike.

“Yes, we issued the Federal Government a seven-day deadline to conclude all negotiations with labour or risk industrial action by the Central Working Committee,” said Hakeem Ambali, the NLC’s national treasurer.

In Kwara, the protesting workers were seen on Ahmadu Bello Way, Ilorin, Wednesday, August 2. At the same time, police officers have been deployed to strategic locations in Ilorin to maintain peace during the protest.

The NLC continued with the protest despite the Senate’s appeal to suspend the exercise. The action is also against the order of the Industrial Court of Nigeria, which prohibited the congress from going on strike.

A protest against subsidy removal was once planned in June. However, it was suspended after the leadership of the NLC met with government officials.

Labour protests in Kano, Kaduna, Bayelsa, others

Mustapha USMAN
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Labour protests in Kano, Kaduna, Bayelsa, others

THOUSANDS of workers in Kano, Kaduna, Bayelsa and other states across the country on Wednesday, August 2, joined the protests declared by the Nigeria Labour Congress (NLC) over economic challenges faced by Nigerians following the removal of petrol subsidy.

In Kano State, workers from various sectors, dressed in red and green caps, and carrying placards with different inscriptions, marched through major streets, chanting slogans and ‘aluta songs’ to demand improved welfare and an end to the current economic hardship.

On July 26, the NLC had threatened an industrial action to express its discontent over the rising cost of living, inadequate social amenities, and the general decline in the standard of living of workers and Nigerians at large.

The labour union vowed that it will commence a nationwide strike from August 2, despite the order of the Industrial Court of Nigeria, which prohibited the congress from going on strike.

The ICIR reports that the government asked the industrial court to prevent members of the labour union from withdrawing their services as it can “disrupt economic activities, the health and education sector”.

Despite the court granting the order pending a date that will be fixed for a hearing of the government’s arguments, the NLC directed all its affiliates and state chapters to begin mobilisation of workers and other Nigerians for a protest and an indefinite industrial strike.

Showing their displeasure over the government’s action, some workers and residents in Kaduna State also took to the street to join the labour protest and demanded for a review of policies introduced by the Federal Government.

Some of the protesters voiced their dissatisfaction through solidarity songs and placards. The State chapter of Nigeria Labour Congress (NLC) had on Tuesday, August 1, called on workers and other citizens to come out in mass to protest against the Federal Government’s poor policies. 

In the same vein, workers in Bayelsa State, trooped to the streets, condemning the government’s handling of the economic challenges facing the country. 

The protesters, led by the state NLC chairman Simon Barnabas, marched along the Mbiama-Yenagoa Road to the gate of Government House, Yenagoa.

Meanwhile, the protest across these states have been peaceful so far with security forces monitoring the activity.

Protest in FCT

Earlier today, August 2, The ICIR reported that NLC President Joe Ajaero led the protest in the Federal Capital Territory (FCT). The protesters gathered at the Unity Fountain in Abuja before moving around some streets  to protest against the negative impact of fuel subsidy removal.

Ajaero disclosed that the Police tried to stop the protests in some states, but vowed that nothing will stop the exercise.

“The protest is on; it has taken off in all the states of the federation, barring some constraints, including police efforts to equally stop it in some areas.

“But to be candid with you, there is nothing stopping the protest. Not even an overture or promise of commitment or offer from the government. So I don’t understand why people feel that it will not hold. The protest is on and it will hold,” Ajaero said.

The Inspector General of Police had on Tuesday, August 1, warned labour against embarking on protests that could be hijacked by hoodlums.

NLC president, however, disclosed that the protest was necessary because negotiations between the Federal Government and labour have not yielded any positive results.

“It is equally in our own enlightened self-interest, based on the interest of the state, to determine whether the protest will be for today or tomorrow or next or till thy kingdom come.

“It is not by mere using forces to stop people from expressing their views.”

Labour unions commence nationwide protests

Ijeoma OPARA
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Labour unions commence nationwide protests

THE protests declared by organised labour, comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), over economic challenges in the country occasioned by the removal of petrol subsidy commenced in Abuja on Wednesday, August 2.

NLC President Joe Ajaero told journalists at the Unity Fountain in Abuja on Wednesday morning that the protests have also commenced in other states across the country.

He disclosed that the Police have tried to stop the protests in some states.

But the labour leader vowed that nothing will stop the exercise.

“The protest is on; it has taken off in all the states of the federation, barring some constraints, including police efforts to equally stop it in some areas.

“But to be candid with you, there is nothing stopping the protest. Not even an overture or promise of commitment or offer from the government. So I don’t understand why people feel that it will not hold. The protest is on and it will hold,” Ajaero said.

The protesters, including affiliate unions of the NLC and TUC, gathered at the Unity Fountain in Abuja, where the protest kicked off on Wednesday.

The ICIR observed that the protest is taking place amid heavy heavy security beef up. The Inspector General of Police had on Tuesday warned labour against embarking on protests that could be hijacked by hoodlums.

The NLC President, who did not clearly state how long the protests would last. He suggested that the demonstration could go on for as long as the Congress decides.

Ajaero noted that the protest was necessary because negotiations between the Federal Government and labour have not yielded any positive results.

“It is equally in our own enlightened self-interest, based on the interest of the state, to determine whether the protest will be for today or tomorrow or next or till thy kingdom come.

“It is not by mere using forces to stop people from expressing their views.

“So we are here for the protest and to make a statement to Nigerians that since we started even negotiations, there is nothing we have in our hands,” he said.

However, the organised private sector is warning against prolonged protests.

Speaking in an interview with Channels Television on Wednesday, Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE) Muda Yusuf warned against prolonging the protests to avoid disrupting small businesses and limit the risk of violent outbreaks.

“The nature of protests is such that most times, you cannot predict how it will end because labour was not specific about the number of days and from experience, the longer the number of days, the greater the risk of losing control of the whole protests, and we know what the consequences are for businesses, especially for small businesses.

“So making the protest peaceful and keeping it as short as possible, I think it something that we need to stress in the interest of everybody, both of the economy and the citizens themselves. Of course, that will not diminish the effectiveness of the messaging that labour is trying to put forward,” Yusuf said.

Ahead of the protests, Acting Inspector-General of Police Kayode Egbetokun warned that violent protests would not be tolerated.

In a statement on Tuesday, August 1, Egbetokun expressed concerns over the planned protests and urged parties involved to ensure that the demonstrations remain peaceful.

The protests come after deadlocked negotiations between organised labour and the government over the effects of removal of petrol subsidy.

Although Nigerian President Bola Tinubu assured that measures will be put in place to mitigate the hardships in an address on Monday, July 31, NLC insisted that the promises made were not in tune with the hardships confronting citizens.

Tinubu yet to approve 114% salary increment for public office holders

Kehinde OGUNYALE
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Tinubu yet to approve 114% salary increment for public office holders

PRESIDENT Bola Tinubu is yet to approve the proposed 114 per cent increment in the remuneration of public office holders, one month after the plan generated controversy.

The spokesperson of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Christian Nwachukwu, told The ICIR that the proposed increment has not been approved.

When asked if the Commission has met again with the President on the matter, after the controversy that trailed reports on the increment, Nwachukwu said, “There is nothing to say about it for now.”

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Tinubu appoints Special Investigator to probe CBN

The ICIR reported, in June, how RMAFC announced a 114 per cent increase in the remunerations of President Bola Tinubu, Vice President Kashim Shettima and other political and judicial office holders during a report presentation in Kebbi State. 

The Commission later claimed that the approval had not been authorised by the President, noting that review of public officers’ salaries was last conducted in 2007.

However, mixed reactions trailed announcement which came barely weeks after the President announced the removal of fuel subsidy that skyrocketed the prices of basic goods and services, especially transportation.

In a swift reaction reported by The ICIR, the Special Adviser on Special Duties, Communications and Strategy to the President, Dele Aleke, also refuted the claim by the Commission saying the president has not approved the 114 per cent increment.

“The misinformation was, obviously, contrived to create an ill will for the new administration, slow down the upward momentum and massive goodwill the Tinubu-led administration is currently enjoying among Nigerians as a result of its fast-paced, dynamic and progressive policies,” he said.

A policy expert, Chimezie Anajama, told The ICIR that, while the Commission only carried out its mandate, the timing of the information was wrong as Nigerians were still adjusting to the harsh effects of the new policies introduced by the government. 

She said, “A lot of policy reforms implemented recently are neo-liberal. On one hand, these policy reforms such as the removal of fuel subsidy and the signing of the student loan bill into an Act are commendable, but on the other hand, the fuel subsidy removal also brought a high level of suffering to Nigerians. Citizens are also paying more taxes as some of the new taxes and their rates are very regressive because the wealthy are taxed less compared to the poor.”

Offering palliatives not enough 

In another development, the government also announced plans to give N8000 cash palliatives to vulnerable Nigerians but after criticism, ordered a review. The ICIR captured how feasible this palliative scheme would be.

Meanwhile, Tinubu, in his recent address, listed out plans to ease the hardship of Nigerians as they adjust to the impact of fuel subsidy removal. 

Anajama said that the government needs to be comprehensive in finding the right approach to alleviating the current economic challenges faced by all Nigerians.

“It is not just by offering palliatives but yielding to progressive taxation where the wealthy are taxed more against what we have currently where the poor bear heavy tax burdens, and also creating a conducive environment for the private sector to thrive to suck in the huge population of unemployed Nigerians which will improve economic growth overall”, she added.

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