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Oversight Mandate Puts CBN, Council On Collision Course



THERE are indications that some sections of the Reporting Council of Nigeria (FRC) Act may put the Council on a collision course with the Central Bank of Nigeria (CBN).

   The FRC Act (2011) makes it compulsory for the CBN to file its financial report with the Council, which now verifies the apex bank’s compliance with the International Financial Reporting Standard (IFRS) and adopts necessary sanction where there are violations. But investigation reveals that the apex bank, which submits its statement directly to the President, is not comfortable with the new order.

   Apart from the accounting standard regulation, Section 11 of the Act empowers the Council to oversee the issuance of the National Code of Corporate Governance and its compliance.  The national code is expected to streamline corporate governance guidelines issued by CBN as well as other regulators such as the Exchange Commission (SEC) and the National Insurance Commission (NAICOM). This responsibility is also said to have unsettled the top echelon of the CBN. 

   Meanwhile, the Bank, SEC and other relevant public entities are represented in the steering committee of the national code, which Jim Obazee, executive secretary/chief executive officer of FRC, said would be operational next year. The agencies are co-opted in the steering process to ensure broad-base views.   

  The cold war between the two public agencies, sources said, started recently when the Council, described in some quarters as a super regulator, was becoming relevance. Before then, CBN, at different meetings, was said to have offered to support activities of the Council to ensure proper regulation of the financial reporting. 

   A source disclosed last week that CBN, indeed, was the brain behind the N500 million commercial banks (under the aegis of the Bankers’ Committee) donated for the IFRS Academy, a project of the FRC, last year.  

  “It was the CBN’s Governor himself that mobilised members of the Bankers’ Committee. You know when people do something for an institution, they actually believe they are doing it for an individual. And when you take a decision against an organisation, it is presumed that it is targeted against an individual. That, I think, is the issue between the CBN and the FRC,” continued the source.

Recently, a media report said the donors of the N500 million are grumbling that over a year after the money was released, there was nothing on ground to show for it. The report insinuated that the money might have been misappropriated. 

  A source sympathetic to FRC said the chief executives of banks said to have started raising issue about the donation are incited by the CBN to get at FRC’s boss. The aim, according to findings, is to taint Obazee-led management and portray it as team that cannot be entrusted with the task of deciding on financial statements of quoted and public utility companies. 

   The whereabouts of the donations became an issue at a recent interactive session that the council had with the media in Lagos. 

  Obazee disclosed that two accounts authorised by the Office of the Accountant General of the Federation were opened at Access Bank Plc and Guarantee Trust Bank Plc where the proceeds of the donation were lodged. He said the money would not be used until the Board of Trustees, which will include the contributors, is in place.

  In a telephone chat, spokesman of the apex bank, Mr. Ugochukwu Okoroafor, said there was no rift between the institutions over account verification. He was responding to speculation that FRC has queried 22 items in the 2012 CBN financial statement. 

  In another telephone discussion, Okoroafor said the CBN has one-year grace on IFRS compliance, adding that Obazee, at the recent interaction with the media, answered other questions raised by The Guardian.

  Obazee did disclose at the interaction that FRC “has received financial statement from the CBN” like every other organisation. He also dismissed speculation that he is being used by certain interests to fight the CBN Governor, Sanusi Lamido Sanusi, adding that the basis of FRC’s account verification is clearly spelt out by its Act.   

     Addressing newsmen, Obazee, refuted claims that the FRC is at loggerheads with the apex bank, stressing that the issue of query does not arise as only the board of the apex bank can approve its annual report while the Council also verifies compliance with IFRS.

  It was gathered that the rift between CBN and FRC stems from previous relationship between top management staff of the organisation. Information suggests that it was something personal. But that is gradually routing into official affairs of the agencies.  

Posted in Nigerian Newspapers. A DisNaija.Com network.

Source: Guardian Newspaper

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Modular Floating Dock on course, NIMASA, NPA assure




Tribune Online
Modular Floating Dock on course, NIMASA, NPA assure

Director-General of Nigerian Maritime Administration Safety Agency (NIMASA), Dr. Bashir Jamoh, has assured maritime stakeholders that the agency’s modular floating dock is in the process of being deployed. Jamoh disclosed this during a visit to the Managing Director of the Nigerian Ports Authority (NPA) Hadiza Bala-Usman at the NPA headquarters, Marina, Lagos. Jamoh stated, “I […]

Modular Floating Dock on course, NIMASA, NPA assure
Tribune Online

Sourced From: Tribune Online

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This Day

Tambuwal Takes COVID19 Jab as A’Ibom Begin Mass Vaccination




Okon Bassey in Uyo

Sokoto State Governor, Alhaji Aminu Tambuwal yesterday received the Oxford-AstraZeneca COVID19 vaccine just as the Akwa Ibom State Government officially unveiled mass vaccination statewide.

In Sokoto, the Commissioner of Health, Dr. Ali Iname led a team of medical personnel to administer the vaccine on the governor at the Government House, Sokoto.

Tambuwal took the jab alongside the Deputy Governor, Alhaji Muhammad Dan’iya and other top government officials in the state.

Speaking after taking the vaccine, Tambuwal implored the people of the state to make themselves available for the vaccination.

He, therefore, enjoined the people of the state especially the vulnerable to come forward and be vaccinated against the deadly disease.

He further explained that prevention “is better than cure. Instead of running here and there in need of support, it is better to take preventive measures to ensure that everyone is vaccinated.”

When asked about the side effects of the vaccine, the governor said globally the success recorded so far is more than the side effects

In Uyo yesterday, the state governor, Mr Udom Emmanuel noted that the vaccines provided protection against non-treatable diseases while flagging public vaccination at Government House, Uyo.

Emmanuel, who was represented by the Secretary to the State Government, Dr Emmanuel Ekuwem, said no report of life-threatening side effects has so far been recorded.

The state government on March 10 took delivery of 69,030 doses of the AstraZeneca COVID-19 vaccines from the federal government.

The governor lauded the efforts of scientists and researchers who made concerted efforts to come up with the vaccines.

The vaccines, he stressed, had been subjected to conventional safety and quality assurance processes and had received the approval of the World Health Organization (WHO) and other relevant bodies.

He said: “I want to assure the people of Akwa Ibom State that the vaccines have been put through conversational safety and quality assurance processes and was largely approved by WHO and other relevant bodies

“We started administration of the vaccine on health workers and l want to assure you that we have not gotten any report of life-threatening side effect”. he assured

The State Commissioner for Health, Prof Augustine Umoh had earlier declared that the vaccination was the last hope against non-treatable diseases and viruses.

He urged the people to step up the speed by accepting the vaccination as a modality to control the spread as well as protect oneself against contact or against the worst form of the virus.

Umoh listed those at first line charge of vaccination, based on the National Primary Healthcare Development Agency arrangement to include; frontline health workers, other health workers, opinion leaders, top government functionaries, security personnel and senior citizens.

Highpoint of the event was the vaccination of the representative of the governor and Secretary to State Government, Dr Emmanuel Ekuwem and other top government functionaries as well as security chiefs.


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The Nation

Burna Boy’s ‘Twice as tall’ nominated for 2021 BRIT awards




By Alao Abiodun

‘Twice as tall‘, the album of Grammys winner Burna Boy has been nominated for the 2021 BRIT awards.

The Nation had reported the 29-year- old singer became the first Nigerian to win an individual Grammy for best album in the ‘World Music category’.

Organisers of the 2021 BRIT Awards, which is sometimes referred to as the British version of the Grammys, unveiled the nominees on Wednesday.

Read Also: Burna Boy: Insight into fifth album Twice as Tall

Burna Boy was nominated for the ‘International Male Solo Artist’ category alongside The Weekend, Bruce Springsteen, Childish Gambino and Tame Impala.

He was nominated for the same category last year for ‘African Giant’ his 2019 album but lost to Tyler The Creator, American singer-songwriter.

The awards will take place on 11 May 2021.

Usually held in February, the ceremony was delayed due to the COVID-19 pandemic

It will be hosted by comedian Jack Whitehall.

Sourced From: Latest Nigeria News, Nigerian Newspapers, Politics

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Premium Times

Nigerian stocks extend loss as profit-taking in big-cap banks weighs




The benchmark index fell by 0.57 per cent.

The post Nigerian stocks extend loss as profit-taking in big-cap banks weighs appeared first on Premium Times Nigeria.

Sourced From: Premium Times Nigeria

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