On the 29th of April, 2021, the Central Bank of Nigeria (" CBN"), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 ("CBN Act").
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The project approval was conveyed in a letter dated December 10, 2020, with reference number FMA/PROC/AHS/SIP/2020/7742/1.
Checks by TheCable, however, shows no information on the construction of the Friday mosque in the ministry’s 2020 budget.
Also no information was available on the open treasury portal to reflect if payment was made to the contractor despite the eight weeks timeline.
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The approval letter, signed by Musa Musa, the deputy director of procurement in ministry, was addressed to the managing director of El-Shukhur Multi-Buz Nig. Ltd, the contractor.
Additional checks by TheCable revealed that the contractor has an “inactive” status at the Corporate Affairs Commission (CAC).
INTRODUCTION
On the 29th of April, 2021, the Central Bank of Nigeria (â CBNâ), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 (âCBN Actâ),1 announced the removal of all the directors of First Bank of Nigeria Limited (âFBNâ) and its holding company, FBN Holdings Plc (âFBN Holdingsâ). The CBN also re-appointed 14 out of the 21 directors affected by the removal to form a new board of directors for the two institutions and reinstated the removed Managing Director/Chief Executive Officer of FBN (âMD/CEOâ), Dr. Adesola Adeduntan.2
This action raises important legal issues, which will be addressed in this article, especially with regards to the regulatory powers of CBN to make decisions concerning the constitution of the board of directors of financial institutions in Nigeria.
Daily Post Nigeria
Published
A public hearing on the bill was conducted alongside three others by the Senate Committee on Interior.
The Chairman of the Committee, Senator Kashim Shettima in his opening remarks said the reason behind the legislative proposal among others, is to reposition and streamline the Institutional framework of the organization by strengthening its capacity to provide community policing.
In doing this, Shettima said, the Nigeria Peace Corps when officially recognised and regularised by the government through passage of its establishment bill, will offer community service to the citizenry, develop, empower and provide gainful employment for the youths.
…Over $700m Stolen Funds Returned To Nigeria In Four Years
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said that developing countries in Africa lose over $148 billion to corruption annually partly due to Illicit Financial Flows (IFFs).
Malami, who spoke at the International Conference on IFFs and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), also disclosed that over $700 million stolen funds from Nigeria has been returned to the country in the last four years.
He said, “Nigeria, through proactive and collaborative efforts with other countries has recovered and ensured the return of over $700 million from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years. We are still working with our international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered.”