FRSC promotes 2 ACM to DCM from north central - ITREALMS

ITREALMS:

The Federal Road Safety Commission Board has promoted two Assistant Corps Marshals (ACM) from the North Central geopolitical zone to the rank of Deputy Corps Marshal (DCM) with immediate effect, reports ITREALMS.

This, ITREALMS gathered was the outcome of the board's meeting of 3, July 2020 after due consideration of the report submitted by the Establishment Committee in respect to the 2019 promotion.

According to the Corps Public Education Officer, Bisi Kazeem, the promotion was conducted to fill up the slot for the North Central geopolitical zone occasioned by the retirement of DCM Julius Asom on 1 July, 2020. He gave the list of the promoted Officers as; Assistant Corps Marshal ( ACM) HZ Fomsuk who until his promotion is the ACM in charge of Command Administration and Strategy and ACM Samuel Obayemi, the Zonal Commanding Officer in charge of Zone RS 2 Lagos who is to proceed on terminal leave immediately.

The Board Chairman, Mallam Bukhari Bello expressed his satisfaction with the high level of transparency and objectivity that heralded the whole process and urged the promoted Officers to show more commitment and rededicate themselves to achieving the Corporate mission of the Corps which is to eradicate road traffic crashes and create a safer motoring environment in the country.

He stated that the promotion exercise is part of the Commission's drive towards rewarding excellence, and hard work in line with the administrative philosophy of the present leadership of the Corps.

Kazeem added that the Corps Marshal, Dr Boboye Oyeyemi, equally congratulated the newly elevated Officers for their excellent performances during the exercise.

While noting that every promotion comes with greater responsibilities, Oyeyemi charged them to put in their best in the course of their duties as their new ranks call for more focus and dedication.

Oyeyemi admonished those who were not fortunate this promotion year to keep hope alive for the best as opportunities still abound for promotion in the future.

Speaking further, the Corps Marshal promised to improve the general welfare of the personnel of the Corps to the satisfaction of all. As such, he beckoned on all personnel to be of good cheer and put in greater efforts towards the realisation of the Corporate mandate of the Corps.

The Corps Public Education Officer disclosed that the promotion exercise began with medical examination, physical fitness test, computer based examination, and oral interview.

On decorating the newly promoted Officers, the Corps Marshal immediately directed that the two affected Officers are to be decorated in strict compliance with Presidential directives and NCDC guidelines on physical distancing and other preventive measures against the dreaded coronavirus pandemic.

Uboshe Uboshe/Editor

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Ebonyi NUJ chairman arrested by Police - ITREALMS

ITREALMS:

The Ebonyi State Council of the Nigeria Union of Journalists was in the early hours of Saturday thrown into confusion as its Chairman, Comrade Tony Nwizi, was arrested by operatives from the Nigeria Police Force Headquarters in Abuja, purportedly on the orders of the Inspector General of Police, Mohammed Adamu.

The number one journalist in Ebonyi, following vague information available at the time of this report, was said to have been arrested as a result of an undisclosed petition against him from yet to be known quarters.

When contacted over the disturbing development, spokesperson of the Ebonyi State Police Command, DSP Loveth Odah, said she could not precisely say the location the policemen came from.

Odah, however, noted that some policemen came into Ebonyi State on Friday from the Anti-Kidnaping Unit of the Lagos State Police Command, requesting for endorsement to enable them effect an arrest.

Odah further noted that it was not clear whether they came for Nwizi as visiting policemen do not disclose the identity of their target.

“I know some Policemen came into Ebonyi yesterday from Anti-Kidnaping Unit of Lagos State Police Command. They wanted their papers to be signed, so that an arrest can be effected," she said.


Additionally, she said, “We are still on the matter, in order to confirm if he was the one that they came for.

“The identity of who ever they came for is not usually disclosed.”

The NUJ said on press statement Saturday: “Nwizi is a perfect gentleman and we wonder why the Police could order his arrest at this time.

“At this time, nobody can completely state the location of Comrade Tony Nwizi, the content of the petition and the allegations leveled against him.

“We are very sure he will be released. Tony is one of the most reliable persons to deal with.”

Meanwhile, a cross section of the Journalists in the State have decried the arrest, describing it as both panicky and embarrassing, especially as there was no known crisis within the Council in particular and the State in general involving the Chairman.

They called on the Police to ensure the safety of the journalist who they unanimously described as a peaceful man with admirable attributes.

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Edo Decides 2020: 'Am still in the race' Omorogban, explains why NCP dragged INEC, Malami to court - ITREALMS

ITREALMS:

The National Conscience Party (NCP) and its flagbearer in the forthcoming Edo governorship election, Pastor Peters Osawaru Omoragbon, have explained why they dragged the Independent National Electoral Commission (INEC) and the Attorney General of the Federation, Abubakar Malami, to court over the omission of the party in the provisional list recently released, reports ITREALMS.

INEC, ITREALMS reports has tentatively fixed the Edo governorship election for September 19, 2020.

Confirming this to ITREALMS, Pastor Omoragbon, said his party has filed a suit challenging INEC alongside the AGF at the Federal High Court in Lagos.

“… With Suit Number FHC/L/CS/544/20, we have challenged INEC’s current decision to omit our Party’s name from the political parties fielding candidates for the Edo State elections,” he said.

Omoragbon insisted that he is fully still in the race to salvage the people of Edo State, declaring “I am still in the race, no retreat, no surrender,” and urged his supporters not to despair, especially since the list is provisional and not final.

The defendants in the current case, ITREALMS gathered are the Attorney General of the Federation and, and the Independent National Electoral Commission.

In this suit, NCP is seeking reliefs to declare INEC action without an order of a court of competent jurisdiction, as “unlawful, arbitrary, oppressive, repressive, partisan, undemocratic, an abuse of power and office, and a breach of the Plaintiffs’ right to fair hearing guaranteed in section 36 of the 1999 Constitution of the Federal Republic of Nigeria.

The party also described INEC’s action as crooked, recalling that if NCP had not gone to court in 2002 and was denied registration without first applying to INEC, there would have been no locus standi for them to go to court in the first place.

“This is the crux of my resolve to continue participating in this election,” he told ITREALMS, stressing that the suit would serve as evidence of NCP commitment to political participation in Nigeria.

By extension, Omoragbon pointed out that INEC’s action amounted to disenfranchisement and denial to exercise his freedom to associate.

This action is not mine alone but also of leadership of the Party led by the national chairman Mallam Tanko Yunusa, who is the second Plaintiff in the above suit under the coordination of the party secretariat.

“We communicated with INEC, the State Security Service, the Nigerian Police as required by Law. We have our evidences. We conducted our primaries and it was duly recorded before the deadline for party primaries,” he said.

The NCP gubernatorial candidate maintained that his campaign is continuing in earnest and would advance with the people’s programme under the 10-Care initiative of the party manifestoes, both vigorously and vehemently.

“We shall not retreat, nor shall we surrender our struggle to the corrupt tendencies of the ruling class,” he asserted.

Further, Omorogban emphasised that the court action by him and NCP is “a battle for the enthronement of the Rule of Law in Nigeria using the Edo State governorship election in September as a litmus test.”

Uboshe Uboshe/Editor

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AFRICMIL berates AGF Malami over depressing statement on whistleblowers - ITREALMS

ITREALMS:
The African Centre for Media and Information Literacy (AFRICMIL) has restated its call for an honest implementation of the federal government's whistleblower policy as a way of ensuring the success of the war against corruption, reports ITREALMS.

The Centre highlighted fair and upright application of the rules as one of three key areas in engaging the whistleblowing policy. Other areas are creating awareness and advocating effective whistleblower protection.

A press statement signed by Chido Onumah, Coordinator of the Centre, AFRICMIL said the signals from the office of the Attorney General of the Federation and Minister of Justice which give the impression of unfair treatment of a whistleblower, John Okupurhe, were “disturbing”. “The outcome of the reported interactions between the whistleblower and officials in the AGF's office is depressing,” the statement said. “You do not expect a whistleblower to be so shabbily treated that the only conclusion an unbiased observer would reach is that there is a grand plot to deny him his due.”

AFRICMIL described as worrisome the statement credited to the AGF to the effect that beyond providing information or exposing stolen public funds, whistleblowers would have to recover the funds and lodge them in stipulated accounts before they are rewarded.

The Centre accused the AGF of misreading the whistleblowing policy document released by the federal government in December 2006, adding that there is nowhere in the document that says whistleblowers have a responsibility to recover fund after providing information to the relevant authorities.

Section 12 of the whistleblowing policy FAQ document available on the website of the Federal Ministry of Finance, Budget and National Planning say: “A Whistleblower responsible for providing the Government with information that directly leads to the voluntary return of stolen or concealed public funds or assets may be entitled to anywhere between 2.5%-5.0% of amount recovered. In order to qualify for the reward, the Whistleblower must provide the Government with information it does not already have and could not otherwise obtain from any other publicly available source to the Government. The actual recovery must also be on account of the information provided by the Whistleblower.”

“According to Onumah, “That document only says whistleblowers would get their reward following the supply of information that leads to the voluntary return of stolen or hidden funds or assets. It did not say whistleblowers must recover the funds or assets as the AGF is interpreting.”

AFRICMIL said the duty of ensuring recovery is statutorily that of the security agencies working with the administrators of the whistleblowing policy. The organization cited, for example, the Ikoyi apartment incident where upon the exposure of funds concealed in the apartment, security agents moved in and recovered the looted funds. “That recovery was not made by the whistleblower but by security agents. And the whistleblower was rightly paid what is due to him even if after some embarrassing official delay,” the statement added.

The organization advised the AGF to promptly retract the portion of his statement that has apparently distorted the facts in the whistleblowing policy document, warning that failure to do so will be a costly disincentive to the patriotic duty of whistleblowing. According to the statement, “no reasonable citizen will blow the whistle on stolen or hidden public funds if he is also the one to recover the funds and deposit in a bank.”

AFRICMIL said instead of appearing to cut the image of a huge stumbling block in government's anti-corruption efforts, the office of the AGF should focus on redirecting its purpose toward desirable societal ends by working harmoniously with the Presidential Initiative on Continuous Audit (PICA) and other anti-corruption agencies to ensure a faithful implementation of the whistleblower policy.

The statement called on President Muhammadu Buhari to show commitment to genuine anti-corruption war by ensuring that whistleblowers get the protection they deserve. It urged him to ensure swift investigation of the petition sent to him by lawyers of John Okupurhe, the whistleblower in the alleged fraud in the Nigerian Ports Authority (NPA), both in the interest of justice and the survival of whistleblowing as an important tool for fighting corruption in Nigeria.

Uboshe Uboshe/Editor

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FOI request: HEDA questions N30b CBN contract awarded to Isa Funtua - ITREALMS

ITREALMS:

Leading anti-corruption group, the Human and Environmental Development Agenda, (HEDA Resource Centre) has raised questions over the award of N30b contract to Bulet International Limited, reports ITREALMS.

HEDA had obtained details indicating that the Central Bank of Nigeria, (CBN) awarded a contract to Bulet International Limited, a company alleged owned by Ismaila Isa Funtua, at a whopping N30billion in 2019 for the expansion of its parking lot.

HEDA made a request under the Freedom of Information Act 2011 demanding the CBN provide details of the contract and evidence that the award of the contract passed through due diligence and process. HEDA gave CBN seven days to supply details about the contract. The rights group also promised to monitor the implementation of the process using a retinue of its technical experts.

'Given the volume of transactions, It is in the interest of the public to know the processes that led to the award of this contract and to know whether there was appropriate bidding in line with laid down principles", HEDA said.

The group said Nigerians also deserve to know the state of the project, how much has been paid to the contractor and whether the contract is being executive in good faith.

"As the apex bank in Nigeria, the CBN has the constitutional and moral responsibilities to ensure due process, transparency and diligence in all its dealings and transactions. Unfortunately, we have not seen evidence to support this in some instances. Information about who gets what contract and how much should be public knowledge which the CBN should make available through its various organs including but not limited to providing details of such huge contract on its website. This has not been done. It is important to ensure that transparency remains the guiding principle of the CBN," HEDA said.

HEDA in the request filed by its legal officer, Rebecca David asked the CBN Governor to supply information on when was the contract for the renovation of the parking lot awarded, who was it awarded to and how much was the contract sum.

The group also requested for the details on the procurement procedure employed in awarding the contract.

"The CBN as the apex bank should set standards for all other financial institutions. The wave of transparency blowing across the world needs no visa to enter any country, including Nigeria. We expect the CBN to be the standard bearer in transparency and accountability. This is why the HEDA's request is very important" David said.

Nenye Dom/Editor

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Lagos discharges 40 COVID-19 patients - ITREALMS

ITREALMS:

The Lagos State has discharged some 40 COVID-19 patients who have fully recovered from the virus, reports ITREALMS.

COVID-19 Incident Commander, Mr. Babajide Olusola Sanwo-Olu disclosed this to ITREALMS in Lagos on Thursday evening, during his daily updates on the pandemic.

Those discharged includes 17 females and 23 males as well as 2 foreign nationals.

"Today, 40 #COVID19Lagos patients; 17 females and 23 males including 2 foreign nationals were discharged from our Isolation facilities today to reunite with the society," he said.

Sanwo-Olu also pointed out that the patients comprised 19 from Onikan Isolation Centre, 7 from Gbagada, 3 from Mainland Infectious Disease Hospital, Yaba, 8 from Agidingbi and 3 from LUTH Isolation Centres.

According to him, they were discharged after full recovery and testing negative to COVID-19.

He enjoined Lagosians to continue to adhere strictly to #PhysicalDistancing and #handhygiene principles #ForACOVID19FreeLagos.

Ayo Midele/Editor

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Lagos NUJ crisis: Elders Committee intervenes - ITREALMS

ITREALMS:
Crisis rocking the Lagos State council of the Nigerian Union of Journalists (NUJ) may have escalated to reach a group of elders who are now calling for truce, reports ITREALMS.

This is coming as planned congress on Saturday, July 4, 2020 may not equally hold to give the committee time to harness all peaceful interventions.

A press statement made available to ITREALMS endorsed by the duo of former Council Chairman, Mr. Lanre Arogundade, and former President, National Association of Women Journalists (NAWOJ), Mrs. Toro Oladapo on behalf of Elders' Committee, their attention have been drawn to the crisis brewing in the council in Lagos State.

"We urge the different sides to the dispute to exercise restraint and refrain from any act of omission or commission that may bring the State Council and indeed the Union into disrepute.

"Pursuant to the need to ensure a peaceful atmosphere under which the matters at stake can be addressed and amicably resolved, we have invited the Chairman, the Vice Chairman, the Secretary and all other members of the State Executive to a crucial meeting on Saturday, July 4 at 12pm in the temporary Secretariat of the union at LTV/Radio Lagos premises.

"We have also appealed to them that the Congress planned for this Saturday, July 4, 2020, following an earlier rescheduling, be further postponed to July 11 to give room for the intervention of members of the committee," they submitted.

They equally requested for peace in the press statement entitled: Crisis in Lagos NUJ: A call for caution by Elders' Committee.

ITREALMS recalls that in the last dispensation of Lagos NUJ, its activities were fleeced with fraudulent activities include a housing scam led by Mrs. Ifenyinwa Omowole and Mr. Deji Elumoye under the NUJ-NAWOJ PenJewel Housing Estate with millions of Naira unaccounted for till date.

Ayo Midele/Editor

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Whistle-blowers: AfDB Governors sets up Independent Experts - ITREALMS

ITREALMS:

Rising from its meeting of July 1, 2020, the Bureau of the Boards of Governors of the African Development Bank Group has set up three-member independent experts in response to Whistle-Blowers complaint against the President of the bank, reports ITREALMS.

Also, the Bureau recalled its communiqué issued on June 4th 2020 informing the general public of its decision to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations made by Whistle blowers. ITREALMS gathered from the Communique that the Bureau agreed on the Terms of Reference for the Independent Review at its meetings of 18 June 2020 and 1st July 2020 and selected three persons namely, Mrs. Mary Robinson, Mr. Hassan B. Jallow and Mr. Leonard F. McCarthy to constitutea High-Level Panel of Independent Experts to conduct the said Review – individuals with unquestionable experience, high international reputation and professional integrity. The panel will be chaired by Mrs. Robinson.

Equally, ITREALMS recollects that Mrs. Mary Robinson is a Barrister by profession and is a former President of the Republic of Ireland. She was also the United Nations High Commissioner for Human Rights. She, among other numerous global and national responsibilities, is the Chairperson of the Elders, a global body of wise persons concerned about the wellbeing of the world.

Justice Hassan B. Jallow is a former Attorney General (https://bit.ly/3irnkEb) and Minister of Justice (https://bit.ly/2VGG5K7) of the Republic of the Gambia as well as a former Justice of the Supreme Court of the Gambia (https://bit.ly/3irnxXZ). In 2003 he was appointed as a Judge of the Appeals Chamber of the Special Court for Sierra Leone (https://bit.ly/2YSr75N) and later that year as the Prosecutor of the United Nations’ International Criminal Tribunal for Rwanda (ICTR). On 5 February 2017, Justice Jallow was sworn-in as the Chief Justice of the Gambia.

Leonard F. McCarthy is a former Director of Public Prosecutions, a former Director for the Office of Serious Economic Offences, and a former Head of the Directorate of Special Operations of South Africa. He served as the Integrity Vice President of the World Bank for nine years. Mr. McCarthy is currently the President of LFMcCarthy Associates, Inc., an integrity risk management company based in Washington, D.C, USA.

Further, the panel is expected to submit its report to the Bureau within a period of two to four weeks maximum.

“The Bureau expresses its utmost trust and confidence in the Panel’s ability to successfully carry out this important assignment and reaffirms its commitment to fully assisting the Panel in the process,” the communique signed by the Bureau chairperson, Ms. Niale KABA, Governor for Côte d’Ivoire; First Vice Chairperson, Mr. Christian ASINELLI, Alternate Governor for Argentina, and Second Vice Chairperson, Mr. Penda ITHINDI, Temporary Governor for Namibia.

Chuks Egbune/DoP

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FG hikes fuel pump price - ITREALMS

ITREALMS:

The Federal Government (FG) has hiked the pump price of Premium Motor Spirit (PMS) also known as petrol to N143.80 per litre, reports ITREALMS.

Disclosing this through the the Petroleum Products Pricing Regulatory Agency (PPPRA) on Wednesday, FG said a new price between N140.80 to N143.80 per litre would apply for petrol with effect from this month.

The agency, in a circular dated July 1, 2020 to marketers, said:

“After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80-N143.80 per litre for the month of July 2020.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”

This is coming as Nigerians lamented that barely four months of lockdown, that the federal government maliciously wicked by introducing any increase in oil at this time instead of bailout and palliatives.

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FIRS: Making stamp duty, new black gold - ITREALMS

Commentary@ITREALMS:

This matter of making the Stamp Duty (and by implication tax revenue) the next black gold has occupied my mind even long before I was appointed the Executive Chairman of the Federal Inland Revenue Service. 

I have thought that given the way the Nigerian economy has been experiencing some difficulties due to unpredictable shocks in the competitive international oil market, it would be economically wise that the country begins to activate its latent tax potentials such as the stamp duty which has long been neglected. For me, the key to Nigeria's economic prosperity is the tax revenue driven by Stamp Duties in the face of dwindling oil revenue.

Although, the Stamp Duty Act has been in place since 1939, not much attention is paid to it. Yet, if properly harnessed and administered it can be a goose that will lay the golden egg for the Federal Government. My optimism stems from the fact that Stamp Duty has the potential to yield tax revenue in the region of trillions of naira per annum. For instance, after we carried out an analysis of transactions in the banking sector, we discovered that in 2019 alone the total volume of transactions both chargeable and non-chargeable was over N52 billion of which the total value of transactions was over N613 trillion. If you compute N50 Stamp Duty on the chargeable transactions, of course, your guess is as good as mine. Presently, feelers from certain quarters have it that if the records of stamp duties on chargeable transactions from the year 2000 to present were to be scrutinised it would be discovered that trillions of unremitted stamp duty revenue are realisable.

Thus, I feel excited when recently the President and Commander-in-chief of the Armed Forces of the Federal Republic of Nigeria, Muhammadu Buhari inaugurated the Inter-ministerial Committee on the Audit and Recovery of Back Year Stamp Duties. This is an important step towards diversifying the Nigerian economy.

It is obvious that oil revenue has contributed greatly to the various infrastructural developments so far achieved in the country. These developments are noticeable in all sectors of the economy, and they are too many to be accounted for in this short piece. Yet, despite this seeming developmental leap, Nigeria has progressively slid into an import dependent economy from its prime position as an export economy prior to the discovery of oil in 1958.

For me, therefore, it is reassuring that Stamp Duty is an enduring tax type that can withstand any economic shocks because of the varied instruments on which it can be charged. The table below highlights the various instruments on which the Stamp Duty is payable.



In addition to these instruments, any electronic receipt or electronic transfer, money deposited in any bank or with any banker or any type of account of an amount from N10,000 upwards shall attract a singular or one-off duty of the sum of N50. In the same way, Stamp Duty is payable on receipt (written, printed or in electronic form) for transactions or between corporate bodies or between a Corporate body and an individual, group or body of individuals, which value amounts to N10,000 and above.

This then is the hub of my optimism about making the Stamp Duty the next black gold for the Federal Government. Of course, this is not without its challenges. However, I am upbeat that my team and I are poised to scale the huddles, and to, as a matter of national interest and patriotic zeal, ensure that tax revenue, in deed, the Stamp Duty becomes the next black gold.



*Contributed by Muhammad, Nami, Executive Chairman,

Federal Inland Revenue Service.

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2020 JAMB: Anambra-born Egoagwuagwu Anges Maduafokwa emerges highest scorer, wins NSE's N16m prize - ITREALMS

ITREALMS:

The Anambra-born student, Egoagwuagwu Agnes  Maduafokwa, has emerged the highest scorer in the 2020 Joint Admission and Matriculation Board (JAMB) examination after scoring 365, just as she went home with the N16 million prize, reports ITREALMS.

The N16m prize, ITREALMS gathered was institued by the Nigerian Society of Engineers (NSE).

ITREALMS also gathered that Agnes scored 72 in the Use of English, 99 in Mathematics, 99 in Physics and 95 in Chemistry to emerge the candidate with the highest UTME score for the year 2020 with aggregate to 365 out of 400.

Agnes, who is the first Assistant Head Girl, Louisville Girls High School Ijebu-Itele in Ogun State was presented with the cheque of N16m and a book at the official unveiling ceremony of UTME examination for engineering candidates on June 30.

Further, ITREALMS gathered that Agnes was the President of the Maths Club, and the first Assistant Head Girl of her Ijebu-Itele based Louisville Girls High School.

Even as she revealed that she wanted to study Industrial Production Engineering at the prestigious University of Ibadan, Oyo State.

Uj. N. Dominic/Editor

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Nigeria's Okigbo, 17 others appointed Senior Fellow @Harvard University - ITREALMS

ITREALMS:

The Harvard Kennedy School of Government has appointed a Nigerian, Mr. Patrick Okigbo III as a Senior Fellow of the Mossavar-Rahmani Center for Business and Government (M-RCBG) for the 2020-2021 academic year.

Okigbo will join 17 other distinguished professionals from business and government to address issues at the interface of public and private sectors.

This was disclosed in a statement on Wednesday by Ms. Victoria Omachi of Nextier Capital Limited, saying the Senior Fellows roles will strengthen the connection between theory and practice, offering both faculty and students insights to the nature of social problems and their most practical solutions.

As a Senior Fellow, Omachi stated, Okigbo's research will be on “Rebuilding the Falling House: Technology Innovations and Africa’s Renaissance”. She said his faculty sponsor is Harvard Professor John Haigh who is the Co-Director of the M-RCBG with Larry Summers and is a Lecturer at the Harvard Kennedy School.

According to her, this research underpins Okigbo's conviction that Africa can leapfrog to the next frontier of development by leveraging ubiquitous technology innovations to address many of her governance and development challenges. Alongside his research engagement, she said, the Harvard Fellow will lead study group sessions with other Senior Fellows, lecturers and students at the Harvard Kennedy School in his area of research.

Part of the statement read: "Okigbo is the Founder of Nextier Advisory, a public policy advisory firm with a focus on improving governance and development outcomes in Africa. Nextier works with major government institutions and international development partners. It is the local implementing partner of two of the most extensive infrastructure-focused development programmes in Nigeria. Nextier manages grants from top foundations including the John D. and Catherine T. MacArthur Foundation and George Soros-funded Open Society Initiative for West Africa.

"Okigbo holds a Bachelor of Agriculture degree from the University of Nigeria, a Masters in Business Administration from the Goizueta Business School of Emory University in Atlanta, and an Executive Masters in Public Administration from the London School of Economics and Political Sciences. He sits on the board of Tenece, a technology services firm with operations in four African countries and the United Arab Emirates. He is a Global Advisor to Energy for Growth Hub, a Washington D.C.-based energy solutions institution. Okigbo serves on several Federal and State government committees and is a trusted advisor to several senior public sector actors. Earlier in his career, he was a consultant with Accenture, Vice President with Citigroup in New York and Washington DC, Chief Financial Officer at Transcorp Plc., and a Senior Special Assistant to President Goodluck Jonathan. Okigbo writes a regular blog on public policy and is widely-published in newspapers."

Chuks Egbune/Editor

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Oma Djebah, Debo,39 others make Buhari's ambassadorial list - ITREALMS

ITREALMS:

Two senior journalists, namely a former Editor of Thisday, Oma Djebah (Delta) and Mr. Debo Adesina (Oyo) of the Guardian were listed among 39 others for screening before the Senate for non-career ambassadors list sent by the President, General Muhammadu Buhari, retired, reports ITREALMS.

The Senate on Wednesday received the request which include Suleiman Sani nominated as career Ambassador-designate for the Federal Capital Territory.

The President’s request was contained in a letter read on the floor by the Senate President, Ahmad Lawan.

The letter reads: “In accordance to Section 171(1)(2)(c) and sub-section 4 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I have the honour to forward for confirmation by the Senate, the appointment of Suleiman Sani as career Ambassador-designate for the FCT.”

In a separate letter on the floor, President also requested the upper chamber to confirm the appointment of 41 Non-Career Ambassador-designate.

The complete nominees include:
Engr Umar Suleiman (Adamawa); L.S. Mandama (Adamawa); Oboro Effiong Akpabio (Akwa Ibom); Chief Elejah Onyeagba (Anambra); Abubakar D. Ibrahim Siyi (Bauchi); Philip K. Ikurusi (Bayelsa); Hon. Tarzcor Terhemen (Benue); Paul Oga Adikwu (Benue); Al-Bishir Ibrahim Al-Hussain (Borno); Brig Gen. Bwala Yusuf Bukar (Borno); Prof. Monique Ekpong (Cross River); Oma Djebah (Delta); Ominyi N. Eze, Ebonyi (Ebonyi); Yamah Mohammed Musa (Edo); Maj. Gen. C. O. Ugwu (Enugu); and Dr. Hajara I. Salim (Gombe).

Others are: Obiezu Ijeoma Chinyerem (Imo); Ali M. Magashi (Jigawa); Prof. M. A. Makarfi (Kaduna); Hamisu Umar Takalmawa (Kano); Imam Galandanci (Kano); Amina Ado Kurawa (Kano); Amb. Yahaya Lawal (Katsina); Dare Sunday Awoniyi (Kogi); Ibrahim Kayode Laaro (Kwara), Abioye Bello (Kwara); Zara Maazu Umar (Kwara); Ademola Seriki (Lagos); Henry John Omaku (Nasarawa); Chief Sarafa Tunji Ishola (Ogun); Mrs. Nimi Akinkube (Ondo); Adejaba Bello (Osun); Adeshina Alege (Oyo); Debo Adesina (Oyo); Ms. Folakemi Akinyele (Oyo); Shehu Abdullahi Yibaikwai (Plateau); Hon. Maureen Tamuno (Rivers); Faruk Yabo (Sokoto); Adamu M. Hassan (Taraba); Alhaji Yusuf Mohammed (Yobe); Abubakar Moriki (Zamfara).

In a related development, President Buhari requested the upper chamber to confirm the appointment of Engr. Usman Mahmoud Hassan as Commissioner representing Kaduna State in the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

The President while relying on Section 154(1) of the 1999 Constitution as amended, also sought the confirmation of another nominee, Idahagbon Williams Omoregie Henry, as Commissioner representing Edo, Ekiti and Ondo states in the Federal Civil Service Commission.

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Ecobank holds 32nd AGM, shareholders approve resolutions - ITREALMS

ITREALMS:

The parent of the Ecobank Group, the leading pan-African bank with banking operations in 33 countries, Ecobank Transnational Incorporated (ETI), has concluded its 32nd Annual General Meeting (AGM) and Extraordinary General Meeting in Lagos, Nigeria, reports ITREALMS. 

For the first time in the history of ETI and in line with preventive measures to curb the spread of COVID-19, attendance at the General Meetings was mainly by proxies in accordance with the Articles of Association of the Company.

Ecobank Group Chairman Emmanuel Ikazoboh said: “We are in the final lap of our five-year ‘Roadmap to Leadership’, having laid and achieved much improved business and operational foundations, leadership in digital products with scalability, strong corporate governance and continued expense discipline. We continue to focus on making substantial strides towards ensuring a return on equity above the cost of capital across the Group despite the challenging economic conditions especially with the COVID-19, whilst also maintaining our commitment to driving economic development and financial integration across Africa. 

"This was my last AGM, as I have now completed my tenure as director and Chairman. As I retire, it has been a privilege for me to have served this great institution and I am particularly proud of what we have achieved. I am further assured and confident that my able successor as Chairman, Mr. Alain Nkontchou will continue to lead the Board in our journey to leadership. The world has its eyes on Africa, and we are positioning our Bank in a way that continues to ensure its commitment to, and development of the continent. I will remain a strong ambassador of this great institution and its ideals”.

Ade Ayeyemi, Chief Executive Officer of Ecobank Group, said: “I must first and foremost, pay tribute to our outgoing Chairman, Mr. Emmanuel Ikazoboh, who has served the group diligently during his tenure. 

"On behalf of Management, I extend our immense admiration for the invaluable stewardship, counsel, strategic expertise and oversight that he so willingly provided. I also seize the opportunity to congratulate and welcome on board our incoming Chairman Mr. Alain Nkontchou and look forward to working with him as he leads the Board. 2019 was a year of substantial progress for the Group on multiple fronts as we broadened our innovative product range with our upgraded core banking application platform, increased customer numbers, established new partnerships and initiated programmes to transform customer experience and embed the desired conduct, culture and ethics throughout the organisation. Each of our three business lines improved their profitability and positioned Ecobank for sustainable long-term success. Post-year end, the effectiveness of our digital ecosystem came into sharp focus amid the current global challenges of the Covid-19 pandemic, enabling us to provide seamless continuity of service to our customers. The virus is having devastating effects and is causing severe disruption to families, businesses and economies across our sub-Saharan footprint and we continue to provide our unwavering support in these unprecedented and extremely challenging circumstances.”

Shareholders were pleased with ETI’s progress in 2019 and approved all the resolutions at the AGM, which included the election of two new directors - Professor Enase Okonedo and Mr. Simon Dornoo. Professor Enase Okonedo will replace Ms Arunma Oteh who has resigned from the Board.

Shareholders also ratified the co-option of Mr. Deepak Malik, a nominee of Arise B.V, Ms. Zanele Monnakgotla, a nominee of Public Investment Corporation and Dr. George Agyekum Donkor, the representative of Ecowas Bank for Investment & Development as directors,

The mandates of the firms - Deloitte & Touche, Nigeria, and Grant Thornton, Côte d’Ivoire as Joint Auditors were renewed.

The AGM was followed by an Extraordinary General Meeting at which Shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.

Shareholders also voted for the amendment of Articles of ETI including a provision for the option of electronic general meetings going forward.

Chuks Egbune/DoP

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COVID-19: WTO team-up on trade finance support - ITREALMS

ITREALMS:

The World Trade Organisation (WTO) has team-up with other development financial institutions to provide support over COvID-19, reports ITREALMS.

The COVID-19 pandemic, ITREALMS recalls, has provoked the deepest economic downturn of our lifetimes. In addition to the ongoing shocks to supply and demand, international trade has been affected by a reduction in the supply of trade finance. 

Risk perceptions about non-payment in international trade are at the highest levels in a decade; banks are increasingly reluctant to take on payment risks in many countries where economic conditions are deteriorating.

Insufficient trade finance threatens to compromise otherwise-viable trade transactions. We share the concerns being expressed in markets, and will work within our respective remits to make trade finance available through this difficult period, just as we did during the global financial crisis of 2008-10.

In many developing countries, particularly the poorest, shortages of trade financing can prevent commercial imports of essential goods like foods, drugs and medical equipment, on the import side. On the export side, it can prevent the sale abroad of crops and other products that provide livelihoods for the poor and are a key source of foreign exchange. Trade finance scarcity disproportionately affects micro, small, and medium-sized enterprises (MSMEs), which account for the bulk of employment.

Since the beginning of the COVID-19 outbreak, multilateral development banks have stepped up trade finance programs to support essential imports and key exports (see Annex), as international correspondent banks have cut lending across many developing country regions. Facilitating trade in medical supplies has been a significant part of these support packages.

More support will almost certainly be necessary in the weeks and months ahead, as the steep decline in the real economy starts to impact the financial system through loan defaults and corporate bankruptcies. Many developing countries were experiencing significant trade finance gaps even before the COVID-19 crisis; they face even tighter access to trade credit. A further decline in trade finance supply would, in the short term, make it harder for imports of food and medical equipment to reach economies where they are urgently needed. In the medium-term, it would impede the ability of trade to help drive economic recovery.

"We, the World Trade Organization (WTO), International Finance Corporation (IFC, World Bank Group), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), African Development Bank Group (AfDB), International Islamic Trade Finance Corporation (ITFC, part of the Islamic Development Bank Group), and the InterAmerican Development Corporation (IDB Invest, part of the Inter-American Development Bank Group) will continue to assess market developments as needs evolve and each of us will act within our respective mandates to reduce trade finance gaps that emerge during this crisis. We prioritize our support to areas in the world where such support is needed most, particularly the poorest countries. We also call on other relevant financial institutions to support essential trade finance transactions.

Since the beginning of the COVID-19 outbreak, multilateral development banks have stepped up trade finance programs to support essential imports and key exports, as international correspondent banks have cut lending in many countries in Africa, Latin America, Eastern Europe and the CIS, the Middle-East, the Southern and Eastern Mediterranean (SEMED) region, and developing Asia. Facilitating trade in medical supplies has been a significant part of these support packages, which include the following:

- As part of the World Bank Group's $14 billion COVID-19 crisis response facility, the International Finance Corporation (IFC) launched a $6 billion trade and working capital finance initiative which comprises $2 billion from each of the Global Trade Liquidity Program/Critical Commodities Finance Program and the Working Capital Solutions program, as well as an allocation of $2 billion from the existing $5 billion Global Trade Finance Program.

- On April 13, the Asian Development Bank (ADB) launched a $ 20 billion comprehensive support package to assist its developing member countries in their fight against COVID-19 through measures such as quick disbursing budgetary support with affordable terms and conditions. As part of this $20 billion package, ADB ramped up its $2.45 billion trade and supply chain programs. Over an eleven-week period from April 1 onwards, ADB supported 1,700 transactions valued at $1.2 billion, addressing shortages and expanding the supply of essential goods, including COVID test kits, medicines and personal protective equipment, through its trade and supply chain programs.

- Responding to the coronavirus pandemic, the European Bank for Reconstruction and Development (EBRD) launched two Solidarity Packages which include a massive increase in trade finance support. In the first five months of 2020 alone, the EBRD has provided amplified financing for trade with a record EUR 1.5 billion.

- With the approval of its $10 billion Covid-19 Rapid Response Facility (CRF) in April 2020, the African Development Bank (AfDB) is providing up to $1 billion in trade finance liquidity and risk mitigation support to local banks in all 54 eligible African member countries.

- The International Islamic Trade Finance Corporation (ITFC) launched a US$850 million intervention, part of the Islamic Development Bank (IsDB) Group’s US$2.3 billion 3Rs (Respond, Restore, and Restart) COVID-19 Economic Recovery Program. The ITFC Response combines financing and technical assistance for governments, financial institutions and SMEs.

- As far as the Inter-American Development Corporation (IDB Invest) is concerned, in March of 2020, the Trade Finance Facilitation Program (TFFP) of IDB Invest has recorded a demand increase of 245% year-on-year. To support clients and the underlying MSMEs that often benefit from trade finance in times of credit shocks, IDB Invest will increase its guarantee and lending program by $1.5 billion for a total of $3 billion under the TFFP.

Nenye Dom/Editor

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