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Stakeholders kicks against bill seeking to modify CBN’s autonomy

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By Francesca Hangeior.

 

Stakeholders in the capital market have voiced reservations about the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences.

In a statement signed by Joseph Kadiri, Team Lead, Public Relations and Internal Engagement, Group Communications and Partnerships of the NGX on Tuesday, the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) expressed concerns that the bill could undermine the independence of the CBN.

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The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the CBN’s autonomy by subjecting its budget to National Assembly approval and establishing a new coordinating committee for monetary and fiscal policies.

Critics argue that these changes could introduce political interference in monetary policy decisions, hampering the central bank’s ability to manage the economy effectively and objectively.

The President and Chairman of the Council of CIS, Oluropo Dada, emphasized the pivotal role of the CBN in maintaining economic stability and preserving international credibility.

“Safeguarding the independence of the Central Bank of Nigeria is crucial for aligning with global economic best practices and ensuring decisions are driven by sound financial principles, free from undue influence,” Dada stated.

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Similarly, the Chairman of ASHON, Sam Onukwue, highlighted the potential impact on investor confidence.

He said, “An independent central bank is a cornerstone for maintaining the country’s standing in the global financial community, which directly affects investor confidence, credit ratings, and the overall economic outlook.”

While both organizations acknowledged the merit of some proposed amendments aimed at enhancing corporate governance and compliance, they stressed the importance of considering the broader ramifications.

“It is imperative to ensure that fiscal authorities do not encroach upon the central bank’s operational independence, as this is vital for effective and timely monetary policy responses,” Dada emphasized.

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As the public hearing approaches, financial market participants, economists, and analysts will closely monitor the proceedings and subsequent legislative actions.

“The outcome will have far-reaching implications for Nigeria’s economic policy framework and its position in the global economic landscape.”

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Gov Adeleke Speaks On Death Sentence For Chicken Thief

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Osun State Governor, Ademola Adeleke, has stepped in to call for immediate action in the case of Segun Olowookere, an indigene who was sentenced to death for stealing a fowl.

Recall Segun’s mother, Folashade Olowookere, emotionally shared the story of her son, who is currently imprisoned, during an interview on Nollywood actress Biola Adebayo’s YouTube podcast. The video gained significant attention, including from Governor Adeleke.

Naijablitznews reports this was contained in a statement from the Governor’s spokesperson, Olawale Rasheed, Adeleke directed a swift investigation and ordered that steps be taken for a potential pardon in Segun’s case. The Governor further instructed the Attorney General to ensure Segun is considered for the prerogative of mercy before the year ends.

The statement read, “I have reviewed the case and acknowledge the importance of the separation of powers in our democracy. In this instance, I have instructed the Commissioner for Justice to begin the process of granting mercy to this young man.

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“Osun is a state of justice and fairness. We must uphold the protection of lives and ensure equity.

“I want to assure the public that this matter is receiving my personal attention, and we are acting with urgency as a responsible government.”

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Delta Assembly pardons two suspended members

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The Delta State House of Assembly, on Tuesday, recalled two of its members that were suspended in November over alleged gross misconduct.

The News Agency of Nigeria reports that the recall was announced during plenary in Asaba by the Speaker, Mr Dennis Guwor.

Recall that the Assembly had on November 6 suspended Mr Dafe Chukudi (PDP-Ukwuani) for 14 legislative days over alleged gross misconduct, while Mr Oboro Preyor (PDP-Bomadi) was also suspended for 14 legislative days for the same offense on November 12.

“Dear colleagues, following the allegation of gross misconduct against our suspended members and subsequently, a committee on investigation headed by the Deputy Speaker, Mr Arthur Akpowowo, was set up.

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“The committee has commenced investigation. However, the 14 days that they were suspended has elapsed. And by the confidence you all reposed in me as the Speaker of the state House of Assembly, and now that the 14 days of their suspension has elapsed, there is need to recall Mr Dafe Chukudi and Mr Oboro Preyor to resume their duties as members going forward.

“The suspended members are hereby recalled pending on the outcome of their investigative committee.”

Meanwhile, the Deputy Speaker, Mr Arthur Akpowowo, expressed joy over the recall of the lawmakers, saying, “I am very happy that we have lifted their suspension.

“The Speaker has recalled them so that they can celebrate the Christmas with joy and even enter the New Year with some relief of happiness. For me, this is a party gift for me even though I’m not affected.”

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Heavy Security Presence at National Assembly as President Tinubu Presents 2025 Budget

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By Gloria Ikibah

Ahead of President Bola Ahmed Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the Senate and House of Representatives at 12 noon today, there is tight security at the National Assembly Complex in Abuja.

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As early as 6.00 a.m., operatives of the Department of State Security (DSS) and other security agencies, including the Police, Civil Defence, Federal Road Safety Corps, and Sergeant-at-Arms, were stationed at the gates and within the premises to ensure order and safety during the event. 

Naijablitznews.com reports that staff of the National Assembly were directed to stay home, except those required for the event, who were instructed to report before 8.00 a.m., according to a memo issued by the Director of Human Resources and Staff Development. 

Senators and House members were seen arriving at the Green Chamber, where the joint session is scheduled to take place. On Tuesday, during a closed-door plenary, the House of Representatives followed the tradition of moving a motion to allow non-members into the chamber for the session. 

Naijablitznews.com recalled that the Federal Executive Council (FEC) approved an estimated expenditure of N47.96 trillion for the 2025 fiscal year during its meeting on Monday. 

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Meanwhile, business activities within the National Assembly complex, including banking and food services, have been suspended following directives from the Assembly’s management. Only those on an approved list, including staff, media personnel, and members of the press corps, are allowed access after identification at the gate. 

 

The joint session will be presided over by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas.

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