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FG moves to control churches, mosques, others

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FG moves to control churches, mosques, others
• FRC Executive Secretary/CEO, Dr. Rabiu Olowo
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•Olowo, new executive secretary, unfolds transformation agenda

•Says companies, govt institutions falling short of standards expected under the FRC Act

Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, yesterday, unveiled his agenda for the council, including a plan to re-introduce a corporate governance code for not-for-profit organisations and the public sector.

In an address he presented during a stakeholders’ and media roundtable in Lagos, Olowo stressed that the codes for both the public and not-for-profit sectors were at an advanced stage, with the target to unveil them within the first quarter of 2024.

Not-for-profit organisations include churches, mosques and other non-governmental organisations (NGOs). In 2016, the FRC led by Jim Obazee, who was recently appointed by President Bola Tinubu to investigate the Central Bank of Nigeria (CBN), had ordered not-for-profit organisations, including churches and mosques, to comply with the corporate governance code, which, among others, had stipulated term limits for heads of the organisations. The development, which became controversial, as it was challenged by some of the prominent church leaders in the country, had led to the removal of Obazee.

But speaking during the media roundtable, Olowo explained, “As controversial as it is, it is something that must be done. If you do a risk analysis of entities in any country, the not-for-profit sector is as risky as the profit entities. So, it is very important that we issue codes on how these institutions are covered. It is our responsibility to do that and we will not shy away from that.”

Olowo, who was appointed the FRC boss last month, said the transformation agenda of the council would be hinged on four broad areas tagged, “DOSE, which means Digitisation, Operational Excellence, Stakeholder Engagement and Enforcement.” He said this was in line with Tinubu’s “Renewed Hope Agenda”.

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Olowo pointed out that the “21st Century has seen a massive shift from manual processes into a digital operationalisation of activities. Our transformation agenda is hinged upon the use of technological tool to enhance our activities.

“FRC will leverage on technology to streamline its operations and improve efficiency. This includes the use of technology in the filing and analysis of financial statements, corporate governance reports and other corporate filings, as well as the implementation of online reporting systems to facilitate timely and accurate submission of financial statements.

“Our focus will be to ensure efficient and effective delivery of flawless service to the stakeholders through digitalisation, capacity building, advocacy and thought leadership. Our processes will be automated to ensure quick and timely responses”.

Olowo also stated that financial statements, corporate governance reports and all other corporate reporting requirements expected from relevant stakeholders would be done through the council’s planned Digital Repository Platform as mandated by FRC Act 2011 (as amended).

According to him, “The council commenced the development of the Public Sector Governance Code, which is very close to completion and forms a key part of my agenda. The public sector remains the catalyst of economic growth in not only Nigeria but emerging markets. Institutionalisation of corporate governance in the public sector of Nigerian economy is fundamental towards sound policies and economic growth. This we plan to unveil in the first quarter of year 2024.

“Similarly, the council, seeing the need for proper guidance to Not-For-Profit Organisations, embarked on developing a Governance Code for Not-For-Profit 10 Organisations. The code is at an advanced stage with the target to unveil same within the first quarter of 2024.”

He also said FRC would introduce the Inspection Specialist Programme, which would complement and strengthen its monitoring efforts focusing on a sectorial leadership approach to review of corporate reports.

Olowo stated, “There is need to scale up staff capacity in terms of number of professional staff and skills. As an umbrella regulator in financial reporting and related matters, the current number of professional staff in the Council is grossly inadequate. Their skills are expected to be top-notch and comparable with similar organisations globally.

“Our aim is to raise capacity of staff both in number and skills to the highest desirable level. A gradual increase in the number of staff will be undertaken to progressively raise the number to about 450 staff with appropriate number of professionals included in the next few years.

“Another initiative of capacity building is to undertake twinning arrangements with sister regulators globally. This will help to benchmark and fine tune the Council’s professional resources to international levels. Talents will be sourced both internally and externally to meet the demands of corporate reporting which includes IFRS, IPSAS, Corporate Governance, Auditing Standards and Sustainability Reporting. iv. Establishment of all the Statutory Directorates Section 23 of the FRC Act 2011 (As amended) stipulated 7 directorates for the Council. Unfortunately, after 12 years of the establishment of the Council, only five out of the seven directorates are functional as earlier mentioned.

“However, and in line with our transformation agenda, Council has taken it as a priority to have the full complements of the Directorates in 2024 as stipulated in the Act. The Council is engaging the relevant stakeholders for the establishment of the Directorate of Valuation Standards and Directorate of Actuarial Standards.”

He said the issuance of roadmap report for sustainability reporting in Nigeria would be done before the end of the first quarter of 2024.

While calling for the support and cooperation of all stakeholders, Olowo said, “We have witnessed concerning evidence that numerous entities and government institutions are falling short of the high standards expected under the FRC Act 2011.  Our task therefore is to transform the FRC into a new, robust, independent, and high-performing regulator comparable globally.

“The bedrock of the transformation agenda of the council going forward is to ensure maximum compliance with the FRC Act 2011 (as amended), and other statutory instruments released by the Council. FRC intends to give full credibility to any financial statements coming out of Nigeria in a way that investors can rely on the information in the statements.

“A new FRC that will be firm and fair in carrying out her mandate; that will hold corporates and individuals accountable; and that will restore confidence in corporate reports and governance in the Nigerian economy thereby enhance the renewed hope of President Bola Ahmed Tinubu.” (THISDAY)

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Mbah Flags Off Enugu Air Maiden Int’l Flight to Douala, Cameroon

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•  Enugu Air CEO: Enugu becoming a gateway

The Governor of Enugu State, Dr. Peter Mbah, has flagged off the first-ever international service by Enugu Air, describing it as a major milestone in his administration’s vision to grow Enugu State into a major aviation hub and make it the preferred destination for investment, business, tourism, and living.

Speaking at a brief ceremony at the Akanu Ibiam International Airport, Enugu, on Wednesday, Mbah, who heaped commendations on the leadership of the state-owned airline for the fast growth of Enugu Air, said it was not an isolated story, but a part of connecting the dots as his administration strives to grow Enugu State into a $30 billion economy.

“Months ago, right here, we watched Enugu take to the skies. In just barely six months after a rigorous regulatory process, Enugu Air obtained her Air Operator’s License. This is not a mean feat.

“Today, 14 months after, we can see that dream flying beyond our expectations, as Enugu Air is one of the fastest-growing airlines in Nigeria, without a doubt.

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“But we did not conceive of Enugu Air as a bragging right or because of the clamour, or to gain some political acclaim. Enugu Air is part of the masterplan to make Enugu State the premier destination for investment, living, business and tourism. For us, Enugu Air is part of connecting the dots,” he stated.

Mbah described Enugu Air as a campaign promise kept, saying the Enugu–Douala service was the beginning of many more international flight operations to many parts of the world.

“What you are seeing here today is performance above promises. So, we ask you to judge us by the things we have promised and have delivered to you.

“Besides, today is Douala, but I am hoping tomorrow, we are not only going to be talking about the continent of Africa, we will be talking about Enugu to the world,” he added.

He thanked President Bola Tinubu “for consistently demonstrating his commitment to aviation infrastructure and for the support he is also giving to the states to enable us to create businesses like Enugu Air,” commending also the Minister of Aviation and Aerodrome Development, Festus Keyama, SAN; and the agencies under him such as the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) supporting Enugu Air’s growth and making Nigeria a standard bearer in the African aviation industry.

Speaking, Enugu Air CEO, Capt. Tolu Ita, said Enugu Air was not merely launching a flight, stressing, “we are launching a new chapter.”

“This is a chapter in which Enugu is no longer simply where a journey begins or ends. Enugu is becoming a gateway.

“Today, much bigger than an aircraft will be moving across our skies. Opportunity will be moving. Business will be moving. People will be moving. Ideas will be moving. And Enugu will be moving with them. This is what makes today so significant.

“Enugu Air was never built with the vision to simply put aircraft in the sky. The vision was to build an airline that connects people, connects markets and connects possibilities.

“We began by strengthening our domestic network — connecting Enugu with Lagos, Abuja, Port Harcourt, Kano, Owerri, Asaba, Benin City and Warri.

“Today, we take our first major step beyond Nigeria. Enugu to Douala. Nigeria to Cameroon. The Southeast to Central Africa. And this is only the beginning.

“Our ambition is to continue building a stronger regional network across Africa, while progressively opening the door to wider international markets,” she said.

In growing Enugu Air, Ita reaffirmed the airline’s responsibility and commitment to authorities, passengers, and all stakeholders, upholding the highest operational and ethical standards.

In her goodwill message, the Managing Director/CEO of the FAAN, Mrs. Olubunmi Onabanjo-Kuku, said Enugu Air’s inaugural international flight was “a strong statement of Nigeria’s growing capacity to connect7 people and businesses across West and Central Africa.”

Represented by Mrs. Onyeka Udenze, the7 FAAN DG said, “Akanu Ibiam International Airport now takes a firm step as a regional hub.”

While congratulating Enugu Air for the fast growth in 14 months, she assured that FAAN remained committed to providing the infrastructure, safety standards and support that make such services possible.

The DG of NCAA, represented by the Director of Air Transport Regulations, FAAN, Mrs. Olayinka Babaoye-Iruobe, said connecting Enugu to Douala directly represented would create opportunities for increased trade, investment, tourism, and movement of people, while strengthening social and economic ties between Nigeria and Cameroon.

In his welcome address, the Commissioner for Trade, Investment, and Industry, Dr. Sam Ogbu-Nwobodo, said the new service to Douala marked a monumental leap forward in the state’s trade, investment, and economic integration strategy.

“For decades, the vibrant traders, manufacturers, and entrepreneurs of Enugu and the broader region have navigated complex transit routes to access Central African markets.

“Today, that barrier is dismantled. This direct link directly advances our goal of transforming Enugu State into a premier regional hub for commerce and industrial development. We are now effectively bridging markets, shortening supply chains, and unlocking unprecedented opportunities for cross-border commerce across Central and West Africa,” he said.

The Maiden flight, which departed Akanu Ibiam International Airport in the early hours of the afternoon, touched down safely at the Douala International Airport where it was well received by the Cameroonian authorities in a brief ceremony before it returned to Enugu on the history trip.

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Mbah, SEDC Flag Off South East Agro-Development Programme in Enugu

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…As SEDC, Enugu begin development of 200-Hectare Integrated Model Farm at Nomeh Unateze

Governor of Enugu State, Dr. Peter Mbah, on Tuesday, officially flagged off the South East Agro-Development Programme (SEADP), a 200-hectare pilot integrated model farm by the South East Development Commission (SEDC) at Nomeh Unateze, Nkanu East Local Government Area (LGA) of Enugu State.

The historic event, which marks a significant transition from planning to physical implementation by the Commission, was witnessed by the Minister of Regional Development, Engr. Abubakar Momoh; Chairman of SEDC, Dr. Emeka Wogu; Managing Director/CEO of the Commission, Mr. Mark Okoye; Secretary to Enugu State Government, Prof. Chidiebere Onyia, as well as traditional and community leaders and other stakeholders, and community members.

Speaking, Governor Peter Mbah, who was represented by the Deputy Governor of Enugu State, Barr. Ifeanyi Ossai, described the project as an important example of what strategic collaboration between South East states and the Commission can achieve, particularly at a time when food production and economic diversification had become increasingly important.

He noted that the Agro-Development Programme fitted perfectly into the state government’s decision to build 200-hectare modern farm estates in the 260 wards of the state, saying the state’s investment in agriculture connects perfectly with other government projects and the commitment to eradicate poverty in the state by 2031.

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“When we invest hugely in education, when we invest hugely in expanding our road infrastructure, when we invest in security, health, and transportation, it is to create access to enable investors and partners like the SEDC to have access to land, have access to development opportunities.

“History has also taught us all over the world that communities, states and governments that invest in agriculture with a geometric progression are able to migrate their people faster from poverty to middle-class economy. And what the South East Development Commission is doing today is an example of one of those efforts and the result we can get working together. But that is not more.

“So, we believe that this project can become an important part of the economic development of not just Nomeh Unateze and Enugu East Senatorial Zone, but the entire South East region within the context of Nigeria,” he said, urging the people of Nomeh to also own the project.

The Managing Director/CEO of SEDC, Mr. Okoye, explained that the project was deliberately designed as a development project to redefine how the region approaches agriculture.

“The South East Agro-Development Programme is about building productive capacity of the region. We want to demonstrate what agriculture can look like when land, technology, mechanisation, production, processing, training and markets are brought together in one,” he stated.

Okoye said the project would ultimately be measured by its impact beyond the physical boundaries of the 200-hectare site, stating that the Nomeh Unateze project is intended as a starting point and practical template for the Commission’s wider agricultural and agro-mechanisation interventions across the five states of the South East.

“The real impact is what happens around the farm and beyond the farm. It is the young person who acquires a practical skill here and starts a farm elsewhere; the farmer who supplies maize or soya to the feed mill; the dairy farmer who gets technical support and access to a reliable market, and the smallholder farmer who is able to increase production because the ecosystem around them has improved,” he said.

He commended Governor Mbah for his visionary and proactive approach to governance, also expressing his pleasure at the uncommon level of buy-in and support so far demonstrated by Nomeh Unateze.

Speaking on behalf of the Federal Government, the Minister of Regional Development, Engr. Momoh, said the objective of the project transcended mere food production.

“We must build an agricultural system that is productive, resilient and capable of creating value across the entire chain. We must produce. We must process. We must create markets. We must reduce post-harvest losses. We must improve productivity and incomes. And we must create opportunities for young Nigerians to participate meaningfully in modern agriculture,” he emphasised.

Chairman of the SEDC, Dr. Wogu, assured that the Commission would continue to work with state governments and other stakeholders to ensure that SEDC’s interventions complement existing development efforts.

“Regional development requires partnership. The Commission cannot and should not work in isolation from the state governments, communities, the private sector and development partners. Our responsibility is to create platforms that connect these stakeholders around opportunities that can generate sustainable economic value for the people of the South East,” he stated.

Speaking on behalf of the community, President General of Nomeh Unataeze, Dr. Chukwudi Anyianuka, described the project as a restoration of the glory of the community, assuring the total community support and ownership of the project.

“We welcome this project because we see it as an investment in the future of Nomeh and our people. Our community understands that a project of this scale requires cooperation, responsibility and a shared commitment to its success. We are ready to work with SEDC, the state government, contractors, investors, and all the partners involved to ensure that the project delivers the opportunities that our young people, farmers and community deserve,” he said.

Community leader and media aide to Enugu State Governor Mbah appreciated President Bola Tinubu for answering the age-long prayers of the people of the South East through the creation of the SEDC to coordinate and speed up the region’s development post-civil war.

“Now our place as the host of the pilot project of the SEDC is not lost on us. Because we play the politics of development, our gratitude will translate to votes for President Tinubu, our Governor, and the APC come 2027,” Anichukwu assured.

The Executive Director, Natural Resources, Agriculture, and Rural Development (NRARD) at the SEDC, Dr. Clifford Ogbede, reiterated the Commission’s commitment to reviving the agro-industrial revolution that placed the defunct Eastern Region as the fastest-growing economy between 1954 and 1964, courtesy of the late Dr. Michael Okpara’s visionary leadership.

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ADC: Tinubu, Shettima’s absence leaves Nigeria in constitutional crisis

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President Bola Tinubu and French President, Emmanuel Macron during a courtesy visit in Paris
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The African Democratic Congress has described the continued absence of President Bola Ahmed Tinubu, while Vice-President Kashim Shettima is also outside Nigeria, as a dangerous disregard for the Constitution.

The party, in a statement by Mallam Bolaji Abdullahi, the ADC National Publicity Secretary, said that Section 145 of the Constitution requires the President, when proceeding on vacation for a period of up to 21 days, to transmit a written declaration to the President of the Senate and the Speaker of the House of Representatives, after which the Vice-President performs the functions of Acting President.

“President Tinubu left Nigeria on 30 August and has now been away for more than 21 days. We therefore demand to know whether the required declaration was transmitted by the President. If he did not, we would like to know why the National Assembly has ignored Section 145 of the Constitution,” the ADC said.

The opposition party also rejected the Presidency’s explanation that the President was on a “working vacation” or that the Secretary to the Government of the Federation, Senator George Akume, would represent President Tinubu at official events, dismissing it as “an absurdity that raises more questions than it answers.”

“Representing the President at events and ceremonies does not confer constitutional powers. The Secretary to the Government of the Federation is a mere appointee of the President. He may attend events or deliver speeches on the President’s behalf, but he cannot exercise the constitutional powers of the President or Acting President,” the party said.

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Shettima arrives New York for UN general assembly
Vice President Kashim Shettima is received on arrival in New York by Lagos State Governor Babajide Sanwo-Olu, Minister of Foreign Affairs Ambassador Bianca Odumegwu-Ojukwu, Deputy Chief of Staff to the President (Office of the Vice President) Senator Ibrahim Hassan Hadejia, Minister of Women Affairs Imaan Sulaiman-Ibrahim, Minister of Solid Minerals Development Dele Alake, Nigeria’s Permanent Representative to the UN Ambassador Jimoh Ibrahim, and other officials.

“Representation is not governance. Attendance at official functions is not presidential authority. Nigeria cannot be governed through ceremonial proxies, telephone calls and press statements issued from foreign capitals.”

The party added that the claim that the President has continued to direct national affairs from abroad only “compounds the absurdity”, saying that a so-called “working vacation” does not remove the President’s constitutional obligations under Section 145.

“There is no constitutional category known as a ‘working vacation’. Presidential authority cannot be transferred by convenience, protocol or press statement. Nigeria is a constitutional democracy, not a private enterprise to be managed remotely from a holiday destination.”

The ADC said it was particularly troubling that the President and Vice-President were simultaneously absent while Nigerians confronted worsening insecurity, unemployment and an unbearable cost-of-living crisis.

In a similar vein, the ADC also described as a “national disgrace” the fact that President Emmanuel Macron of France is in New York attending the United Nations General Assembly, while President Tinubu is vacationing in Paris, the capital of France.

“The irony would be amusing if it were not a national disgrace. At a time when world leaders are advancing their countries’ interests at the United Nations General Assembly, Nigeria’s President is holed up in the French capital while his host has left to pursue his own country’s national interest.

“President Tinubu cannot be vacationing in Paris while President Macron is in New York representing France and expect Nigerians to accept that it is okay for their President to continue to hang around in a country after the host has left to attend to more important things. This is not merely poor optics. It is a national embarrassment.”

The party called on the Presidency and the National Assembly to provide a direct answer to one question:

“Who presently exercises the constitutional powers of the President of the Federal Republic of Nigeria, and under what provision of the Constitution?”

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