Connect with us

latest

CBN Act Amendment Bill, Including Limit On Ways and Means, Advances After Second Reading In Senate

Published

on

CBN Act Amendment Bill, Including Limit On Ways and Means, Advances After Second Reading In Senate....KINDLY READ THE FULL STORY HERE▶

The bill seeking to amend the Central Bank of Nigeria (CBN) Act 2007 has passed its second reading on the floor of the Nigerian Senate, signaling progress in potential reforms, including the imposition of limits on ways and means……..CONTINUE READING

Spearheaded by Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, the bill garnered support from forty-one committee members and aims to enhance the apex bank’s capacity to fulfill its mandates effectively.

In his presentation, Senator Abiru highlighted the necessity of updating the Act to address emerging challenges and align monetary and fiscal policies more effectively. He emphasized the need for a Coordinating Committee for Monetary and Fiscal Policies to ensure internally consistent targets conducive to controlling inflation and promoting sustainable economic growth.

Among the proposed amendments, the bill recommends a six-year single-term tenure for the CBN governor and deputy governors, along with a term limit of five years for external directors. Additionally, it suggests promoting at least one career staff member to the position of Deputy Governor from within the bank.

The bill also seeks to establish the office of a Chief Compliance Officer for the CBN, reporting directly to the board and ensuring regulatory adherence.

Regarding ways and means, the bill proposes limiting advances the CBN can grant to the Federal Government to 10% of average government actual revenues over the preceding three years. It specifies that such temporary loans should be repaid in full within three months and excluded from revenues derived from asset sales.

Furthermore, the bill outlines measures to minimize default risk, stipulating that outstanding sums at the end of the credit period should be recovered from the Federal Government’s Federation Account Allocation Committee (FAAC) receipts.

In addition to legislative deliberations on the amendment bill, the Senate Committee on Banking, Insurance, and Other Financial Institutions screened four directors of the CBN, underscoring a comprehensive approach to regulatory oversight and governance within the banking sector.

The bill’s progression signals a concerted effort by lawmakers to modernize financial regulations and enhance the effectiveness of monetary policy in addressing Nigeria’s evolving economic landscape.

latest

UNICEF Breaks Silence! The Truth Behind The Viral Photos Of Messi And Baby Lamine Yamal!.

Published

on

UNICEF has officially authenticated the viral images of Lionel Messi bathing an infant Lamine Yamal, confirming they are not digitally altered.....KINDLY READ THE FULL STORY HERE▶

  • Origin: The images were captured over 18 years ago by Spanish photographer Joan Monfort during a UNICEF charity calendar photoshoot intended to raise funds.

  • Participants: The shoot featured a young Lionel Messi, the infant Lamine Yamal, and Yamal’s mother, Sheila.

  • Clarification: UNICEF addressed public skepticism and rumors of image manipulation by explicitly confirming the authenticity of the photos on their platform.

  • Current Roles: Both Messi and Yamal now serve as UNICEF Goodwill Ambassadors, utilizing their respective platforms to advocate for children’s rights globally.

  • Symbolism: Many fans view the resurfaced images as a symbolic “passing of the torch” between two football generations, a sentiment highlighted as Messi’s Argentina prepares to face Yamal’s Spain in an upcoming FIFA World Cup match.

Continue Reading

latest

Ambassadorial Nomination Under Fire: Frank Tie Tie Exposes ‘Mistake’ Regarding Ex-FUOYE VC Fasina!.

Published

on

Human rights lawyer Frank Tietie has criticized the nomination and subsequent confirmation of Professor Abayomi Fasina, the former Vice-Chancellor of the Federal University, Oye-Ekiti, as a non-career ambassador designate.....KINDLY READ THE FULL STORY HERE▶

  • Prior to his confirmation, a coalition of civil society organizations protested at the National Assembly on July 7, 2026, opposing Fasina’s nomination due to pending court cases involving allegations of sexual harassment, human rights violations, and victimization.

  • Despite these protests, the Nigerian Senate officially confirmed Fasina’s appointment as a non-career ambassador on Thursday.

Frank Tietie’s Position

  • During an interview on ARISE Television, Tietie argued that nominating an individual with such “baggage” was a mistake, emphasizing that ambassadors represent Nigeria in the same capacity as the President.

  • Tietie stated that the government should have sent the “right signals” by avoiding such controversial appointments, especially given the current state of governance.

  • He argued that even in the absence of a final court judgment, the allegations themselves have “tainted” Fasina’s reputation, and the Senate should have delayed the confirmation until the legal matters were resolved.

  • Tietie also suggested that the National Assembly’s decision overlooks significant social changes regarding how such allegations are now viewed by society.

Continue Reading

latest

“They Want Me Gone!” Peter Obi Speaks Out Amidst Mounting Assassination Fears!.

Published

on

Peter Obi, the 2027 presidential candidate for the Nigeria Democratic Congress (NDC), has publicly claimed that there was an orchestrated plan to assassinate him in April 2025 during a scheduled humanitarian trip to Benue State. He detailed these allegations during a high-level roundtable discussion in Berlin, Germany.....KINDLY READ THE FULL STORY HERE▶

  • The Venue: Obi made the disclosure while participating in the “Nigeria in 2027 and Beyond” roundtable, an event organized by the European Council on Foreign Relations (ECFR) in Berlin.

  • The Benue Incident: The former Anambra State governor explained that his planned outreach in Benue State was initially halted after the state government issued a cautionary directive advising him against making the trip.

  • The Attack: Obi claimed that a shootout actually occurred when he attempted to visit the location, confirming his fears of an active plot against his life.

  • Frustration Over Skepticism: Expressing deep disappointment over the state government’s handling of the situation and the public’s doubt regarding his safety, Obi challenged the skepticism. He emphatically asked, “What else do you need? Do you need somebody to die before you believe it? There was already a shootout when I tried to visit the place. Once they said, ‘Don’t come here.’ What else do you want me to tell you about the attempt on my life.”

Continue Reading

Trending