News
Stakeholders kicks against bill seeking to modify CBN’s autonomy
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.
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.
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.
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.”
News
Port Harcourt refinery: NNPCL disowns recruitment notice
The Nigerian National Petroleum Company Limited (NNPCL) has disclaimed a purported recruitment announcement for the Port Harcourt Refining Company (PHRC), warning the public against falling victim to fraudulent schemes.
In a statement released on its official X handle (formerly Twitter) on Friday evening, the oil company clarified that no separate recruitment process was ongoing for PHRC beyond the one initiated in 2024.
The statement, titled “NNPC Ltd Disclaims Purported Recruitment Announcement for PHRC,” was signed by the Chief Corporate Communications Officer, Olufemi Soneye.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged members of the public to discountenance purported recruitment announcement for the Port Harcourt Refining Company (PHRC) circulating in certain online platforms,” the statement read.
NNPC Ltd further explained that its recruitment process, which commenced last year, covered all its subsidiaries, including PHRC. The company noted that candidates who passed the Computer-Based Aptitude Test were proceeding to the interview stage.
“The purported recruitment link being circulated in various online platforms is the handiwork of fraudsters who are keen on taking advantage of the newly revamped Port Harcourt Refinery to fleece unsuspecting members of the public with a phantom recruitment announcement. We, therefore, call on members of the public to be wary of the ploy and not fall for it,” the statement warned.
News
Hajj 2023 refund: Pilgrims from Adamawa get N61,080 each
The Adamawa State Muslims Pilgrims Welfare Commission has disbursed N61,080 to each of the 2023 pilgrims from the state over poor services rendered to them by the service providers while in Saudi Arabia.
The executive secretary of the pilgrims commission, Malam Abubakar Salihu, disbursed the refunded money, saying it was a step of accountability.
The disbursement was paid into the account of the pilgrims or, for those without account numbers, through the local government schedule officers of the 21 local governments of the state.
Responding on behalf of the beneficiaries, Alhaji Shuaibu Musa Mele appreciated the commission for ensuring that each pilgrim gets his rightful refund.
The Kingdom of Saudi Arabia had earlier refunded money through the National Hajj Commission of Nigeria, for sharing among the 36 states of the country.
News
Security operatives destroy Bello Turji’s food storage facility
A school building in Fakai village, reportedly used as a food storage facility by the notorious bandit leader Bello Turji, has been destroyed.
The facility, which had been stocked with large quantities of food supplies, was completely razed, leaving the structure in ruins.
According to local sources, the school was repurposed by the bandits to support their operations in the region.
It served as a key logistical hub for storing essential supplies, ensuring the group’s ability to sustain its activities over time.
The destruction of the stockpile is seen as a major setback for Bello Turji’s network. By eliminating a critical resource hub, the operation is expected to disrupt the group’s supply chain and hinder their ability to operate effectively in the area.
Counter-terrorism expert Zagazola Makama reported that the incident underscores ongoing efforts to counter the influence and operations of bandit groups in the region.
Residents of Fakai village and surrounding areas hope this effort signals further strides toward restoring peace and security.
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