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100 billion probe: NECSO’s, VYO’s pass vote of confidence on NEDC

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100 billion probe: NECSO’s, VYO’s pass vote of confidence on NEDC

100 billion probe: NECSOs,VYOs pass vote of confidence on NEDC

Members of the coalition of North East Civil Society Organisations (NECSOs) and Voluntary Youth Organisations (VYOs) have passed a vote of confidence on the leadership of the North East Development Commission(NEDC).

The members passed the resolution during a World press conference held in Abuja on Monday

The NECSO’s and VYO’s were led by Comrade Adam President Northern Youth Association of Nigeria (NYAN) and Comrade Haruna Abdulsallam Conference of Civil Society Organization (CCSO)

They group called on the National Assembly to tender an unreserved apology to Nigerians for misleading the general public by alleging that N100 billion was misappropriated and diverted from the North East Development Commission (NEDC) within one year of its existence.

They particularly enjoined the Peoples Democratic Party (PDP) Minority Leader in the House of Representatives, Rep. Ndidi Elumelu, who moved the resolution for the probe of the NEDC, to equally publish an apology letter in one of the reputable national dailies.

House of Reps Probes North East Development Commission Over the Misappropriation of ‘₦100 Billion in 1 year

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N100b probe against NEDC is politically motivated – NEDA

Comrade Adam said Elumelu’s action had created unnecessary, avoidable confusion and distraction on the attention of the leadership of the commission with a malicious allegation against the organization.

We believe that NEDC has performed credibly well and still contributing immensely to infrastructural and socioeconomic development of the north east region.”group said

“The coalition described the action of the lawmaker as a smear campaign against the Commission and to the north east which according to them will eventually fail in its entirety

“We wish to emphasize, categorically,that the resolution was also an attempt to smear and dent the image of the commission’s leadership and by extension the north, despite the fact that the commission. had performed beyond expectations, the group said

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They appeal to legislators to concentrate their energy in their constitutional role of law making and oversight functions, to enhance transparency and accountability in governance

“They also emphasized that the management of NEDC has maintained a harmonious relationship with the House of Representatives Committee on North East Development Commission.

They added that when the allegation came up, the leadership of the commission approached the law makers and admonished them to quickly investigate the lingering issue to ensure that Nigerians have first hand information about how the commission is been manage .

“Our investigation has revealed that the NEDC never receive or get up to N100 billion allocation, since its inception to date and wonder how the NEDC spent what it doesn’t have.

“Comrade Haruna Abdulsalam elaborated that the NEDC was inaugurated in May 2019 and did not get funding or allocation till in November, 2019.

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“Members of the coalition collectively dismissed the allegation of high handedness in the process of contract award in the commission.

“We see these allegations as a direct attack on the leadership of the commission for their refusal to favour company of some law makers in the award of contract executed by the commission.

“It is on record that all the contracts awarded by the NEDC were subject to public procurement act and other due processes, with a view to upholding the anti-graft crusade of President Muhammadu Buhari’s administration.

“The NEDC is an open commission, anybody can go to the organisation to verify the facts rather than resorting to blackmail and character assassination.

‘The NEDC operates TSA Account since its inception and all its funding pass through the Central Bank of Nigeria (CBN).

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“This clearly shows that all contract process and expenditure of the commission are subjected to the Governing Board of the commission which has the mandate to give all neccassary approval

” So we cannot imagine how somebody will unilaterally withdraw the sum of N5 billion to procure anything as alleged by the House of Representatives

“We are aware that in September 2019 during the North East Security Conference held in Maiduguri, Borno State Capital, a communiqué was issued and one of the recommendations and resolutions of the security conference was that, the commission should assist to buy vehicles for the security agencies.

“This is to make their Job easier and enhance their operational efficiency.

“Our investigation reveals that a presentation was made and and the board approved, thereafter channeled to the appropriate procurement processes and eventually, vehicles were procured and distributed to the security agencies.

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“The coalition, therefore, passe a vote of confidence on the management of the commission under the leadership of Alhaji Mohammad Goni Alkali who has been working tirelessly to ensure that the commission discharges its mandate effectively.

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CBN Sells Polaris Bank To SCIL

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CBN Sells Polaris Bank To SCIL
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The Central Bank of Nigeria (CBN) has announced the completion of the sale of shares in Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.

In a statement signed by its Director, Corporate Communications Department, Osita Nwanisobi, the CBN said that SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement,  including the full repayment of the sum of N1.305 trillion,  being the value of the bonds, which as part of its intervention, in 2018, to revoke the licence of the former Skye Bank Plc. and establish Polaris Bank to assume its assets and certain liabilities,  the banking industry regulator injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period.

The statement reads: “The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) are pleased to announce the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).

“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc. and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period.

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“These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability. SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

“The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered. The sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.

“In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation. All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank.”

The CBN Governor, Mr. Godwin Emefiele, was quoted in the statement as saying that: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”

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Media Intelligence agency Marks Six years of Operation in Nigeria

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Media Intelligence agency Marks Six years of Operation in Nigeria.
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Media Intelligence agency Marks Six years of Operation in Nigeria.

P+ Measurement Services, Nigeria’s foremost Independent Public Relations measurement and evaluation agency, celebrates its sixth year of effective operation with qualitative offerings for its numerous clients, as it rebrands with a new business logo, website, and office to deepen penetration.

The leading company has in the past six years engendered the needed growth for its clients, and the rebranding is part of efforts aimed at sustaining its leading position in the sector, having worked with over 47 brands and 17 Public Relations agencies in Africa’s largest economy.

The logo with new colors depicts the innovation and creativity of the brand, as also shown on its new website with the agency service rate, to enable brands and agencies to make faster decisions in budgeting.

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As the only AMEC Member in Nigeria, P+ has strong partnerships with the Nigerian Institute of Public Relations (NIPR) and Reelforge Media Monitoring, the biggest media monitoring agency in the East African region, covering more than five countries.

Speaking on the company’s new development, the Chief Insights Officer, Philip Odiakose, said P+ is strongly positioned to effectively deliver on its offerings, with state-of-the-art structure, process and highly skilled media analysts in an exceptional and value-driven business model in line with global best practices.

“Our Measurement and Evaluation report is in-depth, robust, and flexible to accommodate valid metrics that brands desire to see reflected in their customized reports, and also based on the AMEC Standard in accordance with the Barcelona Principle 3.0. We deploy the P+MCA (media content analysis) methodology for media evaluation and analysis based on qualitative and quantitative metrics in analyzing media exposure,” Odiakose affirmed.

He said the new office would serve as a hub in the country and the West Africa sub-region, where the company will provide media monitoring, measurement, evaluation, and performance audit services for brands, media agencies, government  agencies and NGOs.

Also as part of its efficient services, the measurement and evaluation company introduced “Get-Reports,” a novel product that allows the purchase of PR performance audit reports in key sectors.

The “Get-Reports” product spans across different industries which includes the 22 Commercial Nigerian Banks PR Performance Audit Report, Top Nigerian Insurance PR Performance Audit Report, Top Nigerian Digital Banks PR Performance Audit Report, and Top Online Streaming Services PR Performance Audit Report.

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It’s not too late for NASS to revisit e-transmission of election results – SAN

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By Gistflash News

Sept 26, 2021

A Senior Advocate of Nigeria (SAN), Mallam Yusuf Ali, says it is not to late for members of the  National Assembly to revisit the issue of  electronic transmission of election results to ensure credibility.
Ali, who made the remarks while speaking in an interview with newsmen on Sunday in Osogbo, said the more credible elections were, the less litigations they will attract.
The  News Agency of Nigeria (NAN) reports  that the Nigerian Senate had on July 16, passed the Electoral Act (Amendment) Bill, 2021, after division among its members on the electronic transmission of results.

The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.

The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.

Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.

After the passage of the bill, the Speaker, Mr Femi Gbajabiamila, criticised the proposed electronic transmission of election results, saying it was not feasible in the country for now.

According to Ali, since INEC had assured that it had the capacity to transmit election ressults electronically, it should be allowed to do so.
“For me, it is not too late for the National Assembly to revisit the matter, since the INEC said it has the capacity to transmit election results electronically.
“The legislature should do that which will assist in ensuring credible elections,” he said.
Ali also urged politicians to desist from “do-or-die” politics, adding that the electoral system was too moneytised.
“One major problem with our politicians is this do-or-die politics and the moneytisation of the political process.
“That is why we see so many litigations in the political process. It is all because people see political offices as an avenue to run away from poverty and not for service.
“I have said it before, if you are given an assignment for two or four years and you do it diligently, you will not want a renewal, you will just want to go home,” he said.
NAN

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