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ECOWAS Parliament Calls for Reforms to Address Multiple Crises In Sub-region

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By Gloria Ikibah 
 
 
The Speaker of the ECOWAS Parliament, Rt. Hon. Memounatou Ibrahima, has called for rapid reforms within the Economic Community of West African States (ECOWAS) to address the multiple crises facing the region.
 
 
Speaker Ibrahima who stated this at the opening of the 2024 Third Extra-Ordinary Session and Second Parliamentary Seminar on Tuesday in Lomé, Togo, emphasised the need to rework the bloc’s operations to better tackle issues such as terrorism, floods, violent extremism, and irregular migration.
 
 
According to her, one of the key focuses of the session would be budgetary provisions to fund solutions for these problems. 
 
 
She said, “Our region is ravaged by floods, terrorism, violent extremism, and irregular migration, affecting thousands of our citizens. ECOWAS at 50 must fast-track reforms to consolidate democracy and good governance to realize the vision of the founding fathers.”
 
 
The Speaker also commended President, Faure Gnassingbe of Togo, for his continuous support of regional integration and the empowerment of women. 
 
 
She acknowledged that her historic role as the first female Speaker of the ECOWAS Parliament was a reflection of the Togolese President’s dedication to promoting female leadership across all levels.
 
 
Speaker Ibrahima further stated that the ongoing session would allow the regional legislature to adopt the 2025-2027 budget, laying out a financial plan aimed at tackling these challenges through “pragmatic measures” designed to promote peace, stability, and progress across West Africa.
 
 
The session will also assess the implementation of the 2023 budget and review the mid-term budget for 2024 to ensure alignment with the region’s developmental goals.
 
 
Delivering his goodwill message, President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, who was Represented by MacDonald Saye Goanue, Director of Research and Strategic Planning, stressed the importance of strengthening infrastructure and investment across West Africa. 
 
 
He noted that regional cooperation and equitable distribution of economic opportunities are critical to unlocking the region’s potential and fostering competitiveness among member states.
 
 
He said, “West Africa must ensure that the benefits of investments are equitably distributed among its citizens, and together, we can realize the vision of the bloc.”
 
 
Also speaking at the event, Togo’s Minister of Human Rights, Citizenship Training, and Relations with the Institutions of the Republic, Barrister Pacome Yawovi Missiame Amenyo Adjourouvi, expressed concern over the human rights situation in the region. He criticized repressive governments for undermining freedom of speech and stifling protests against unfavorable policies, stressing that protecting human rights is essential for peace and opportunity in West Africa. 
 
 
He stated that full implementation of the African Charter on Human and Peoples’ Rights, alongside gender equality, would bring ECOWAS closer to achieving its objectives.
 
 
The Speaker of the Togolese National Assembly, Sevon-Tepe Kodjo Adedze, who officially opened the session, emphasized the need for the region to push forward with development efforts. He stressed that the ‘ECOWAS Vision 2050’ must prioritize social inclusion, economic integration, and stability, echoing the values championed by Togo’s President, Faure Gnassingbe.
 
 
As ECOWAS approaches its 50th anniversary in 2025, having been established on May 28, 1975, in Lagos, Nigeria, its primary goal has been to foster economic cooperation and development across member states. 
 
 
Naijablitznews.com reports that the regional bloc has also worked to address security concerns through the development of a peacekeeping force, but more recently, ECOWAS has been confronted with significant economic and security challenges, including the increasing trend of youth migration in search of better opportunities, often resulting in perilous journeys across the deserts of North Africa and the Mediterranean Sea.
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Just in: Plateau Govt Approves N70k Minimum Wage for Civil Servants

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By Kayode Sanni-Arewa

In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.

The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.

Full text of the statement reads in part:

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Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.

The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.

As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.

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Before final liquidation, NDIC set to auction Heritage bank properties

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In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

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The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

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“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

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Naira slumps in parallel market

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The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.

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