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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”.

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.

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“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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Troops rescue Widow of late Major General Rabe Abubakar

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Troops of the Nigerian Army’s 17 Brigade have rescued Mrs. Abubakar, the widow of the late Major General Rabe Abubakar, who was abducted by bandits shortly before the retired senior military officer died in captivity.

According to military sources, the rescue operation was carried out in Tunga Village, where troops encountered the armed bandits holding her captive. During the exchange, the kidnappers reportedly shot Mrs. Abubakar before fleeing as soldiers advanced on their position.

The troops immediately secured the area, rescued her and administered emergency first aid.

Military authorities said Mrs. Abubakar sustained gunshot wounds and was bleeding when she was rescued. She is currently receiving medical treatment.

The rescue comes days after the burial of Major General Rabe Abubakar, whose death while in captivity sparked widespread outrage and renewed concerns over insecurity in parts of the country.

Following Major General Abubakar’s death, the Defense Headquarters’ Joint Task Force North West, under Operation Fansan Yamma, launched a major offensive operation, codenamed Operation Clean Sweep III, targeting terrorists and bandits operating in Matazu Local Government Area and neighbouring communities in Katsina State.

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According to the military, the operation commenced on 14 June 2026 to locate and neutralise those responsible for the attack, dismantling criminal networks, and restoring security across the affected communities.

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Popular Businessman dies in captivity despite ₦5 million ransom payment

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Alhaji Bala Sani Kawo
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Residents of Dandume Local Government Area of Katsina State have been thrown into mourning following the killing of a prominent businessman and farmer, Alhaji Bala Sani Kawo, by suspected bandits despite the payment of a N5 million ransom for his release.

Kawo was reportedly abducted alongside one of his workers on June 11 near Dantakari town in Dandume LGA when armed men intercepted them and whisked them away into a forest.

Sources close to the family disclosed that the kidnappers later contacted relatives of the victim and informed them that he was ill while in captivity. They subsequently demanded N5 million as a condition for his release.

According to the source, the family raised the money and delivered it to the abductors as instructed. However, after receiving the ransom, the criminals reportedly directed family members to a designated location where Kawo’s lifeless body was discovered.

The killing has sparked grief across the community, with residents lamenting the loss of a businessman widely known for his contributions to agriculture and his role in providing employment opportunities for many youths in the area.

The incident comes amid renewed security concerns in Katsina State and follows the recent death of a former Director of Defence Information, Major-General Rabe Abubakar, who reportedly died while being held captive by terrorists.

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In response to rising insecurity in the North-West, troops of the Joint Task Force North West under Operation FANSAN YAMMA have launched a fresh offensive against terrorist and bandit groups operating in parts of Katsina State.

The task force’s Media Information Officer, Lieutenant Colonel Aliyu Danja, said in a statement on Monday that the operation, code-named “Clean Sweep,” commenced on June 14 as part of efforts to dismantle criminal enclaves and restore security in the region.

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Over 50 Bandit Attacks Recorded in a Week as FG Spends N57.78bn on Security

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The Federal Government spent N57.78bn on security-related projects and operations in the first four months of 2026, despite worsening insecurity across the country, with no fewer than 98 criminal incidents including 51 attacks and abductions recorded nationwide in just one week.

Data obtained from the Open Treasury Portal showed that the spending, which covered defence equipment procurement, security infrastructure, military barracks, police facilities and other security-related projects, represented a 127.97 per cent increase from the N25.35bn spent during the corresponding period of 2025.

The expenditure comes amid persistent attacks by terrorists, bandits, kidnappers and armed criminals across several states, raising concerns among security experts over the effectiveness of government efforts to tackle the crisis.

Analysis of the Treasury Portal data showed that N57.78bn had been spent as of April 2026 from a total security allocation of N4.66tn, indicating that only 1.24 per cent of the approved budget had been utilised within the first four months of the year.

The largest share of the expenditure, N21.39bn, was spent on defence equipment procurement, accounting for about 37 per cent of total security spending during the period.

Another N14.16bn was spent on security equipment, while N5.84bn went to the construction and provision of military barracks. The government also spent N5.17bn on police stations and barracks, N3.26bn on rehabilitation of defence equipment, N2.39bn on defence facilities and N2.16bn on repairs of military barracks.

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For routine operations, N3bn was spent on security services, while N320.94m was disbursed as security votes.

However, no expenditure was recorded under the military operations budget line tagged “Operation Lafiya Dole and Other Operations of the Armed Forces,” despite a N500m provision in the 2026 budget.

Similarly, no funds had been released for the kitting of Armed Forces personnel, although N2.53bn was earmarked for the programme.

A year-on-year comparison showed that spending on defence equipment rose from N9.48bn in the first four months of 2025 to N21.39bn in 2026, while military barracks construction increased from zero to N5.84bn.

Despite the increase in spending, budget implementation remained low across most security projects, with many critical programmes recording execution rates below three per cent.

The spending figures emerged as a police security report obtained by The PUNCH revealed that at least 98 criminal incidents were recorded across Nigeria within the last seven days.

The report showed that the incidents comprised 37 homicide cases, 27 banditry attacks, 24 kidnappings, eight armed robbery incidents and two terrorism-related attacks.

The incidents were reported across Kaduna, Katsina, Zamfara, Kebbi and several other states, involving mass abductions, attacks on rural communities and kidnappings along major highways.

Among the most disturbing incidents was the abduction of 39 residents in Zamfara State after they reportedly travelled into the Fadama Forest to negotiate peace with a notorious bandit leader, Jimo Smally.

In Katsina State, bandits blocked the Katsina-Kankara highway and intercepted a commercial vehicle carrying 11 passengers. Police later rescued nine victims, while the driver and another passenger remained missing.

Reacting to the development, security analyst, Lekan Jackson-Ojo, described the situation as the worst insecurity crisis in Nigeria’s history.

“This is the highest level of insecurity in the military and political history of the Federal Republic of Nigeria,” he said.

“It is an indirect pronouncement that Nigeria is an unsafe territory now. We are having a battered economy, and there is no economy anywhere in the world that thrives under insecurity.”

Jackson-Ojo said the country had suffered unprecedented security losses in recent months.

“During the civil war, I did not remember if a general died. In the war between Ukraine and Russia, a general has not lost his life. In the war between Iran, America and Israel, a general has not lost his life. But within the past three months, we have lost almost four generals — and there is no reprisal attack,” he stated.

The analyst also criticised the reintegration of repentant terrorists into society.

“I’ve never heard it anywhere in the world that terrorists who have terrorised, damaged and killed will be integrated back into society. To me, I think the government is totally helpless — total incapability, lack of political will. Something, or many things are wrong now,” he added.

He further lamented what he described as the political elite’s preoccupation with electoral activities rather than security challenges.

“What preoccupies our political class is campaign, campaign, campaign and campaign. This is a sad situation,” he stressed.

Another security analyst, Chidi Omeje, argued that the military remained overstretched despite increased government spending.

“The military, on their own, are completely overstretched. You can count almost over 30 terrorist operations in this country where military guys are deployed,” he said.

“One MRAP alone is almost N100 billion. If you put an aircraft in the sky to do an operation, do you know how much it costs for just one hour? By the time you put that N56 billion in dollars, it amounts to nothing.”

According to him, military operations alone would not solve Nigeria’s security challenges.

“Unless we are able to deal with the root causes, we will keep going in circles. Most of the issues are born out of bad governance, wrong prioritisation, corruption and pervasive poverty, which has made people see crime and criminality as an option for survival,” Omeje said.

He also blamed porous borders and instability across the Sahel region for worsening insecurity in Nigeria.

“From Mali to Burkina Faso to Nigeria — those places are the epicentre of terrorism. Nigeria is an attractive destination because we have porous borders and poor border management,” he stated.

Omeje urged the government to take decisive action.

“The government seems almost clueless about how to go about this matter. They are paid to find solutions — so they must find solutions,” he said.

The latest figures suggest that while the Federal Government has significantly increased security spending compared to last year, insecurity remains widespread, with violent attacks continuing across the country and a large portion of budgeted security funds yet to be utilised. (PUNCH)

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