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FG Pumps $500m into NSIA as Osinbajo Inaugurates New Board

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  • FG Pumps $500m into NSIA as Osinbajo Inaugurates New Board

Acting President Yemi Osinbajo yesterday in the Presidential Villa, Abuja inaugurated the new board of the Nigerian Sovereign Investment Authority (NSIA) with the disclosure of fresh injection of $500 million into the scheme.

Osinbajo said the fund was part of the federal government’s drive for economic growth and infrastructure development.

Yesterday’s inauguration of the board was sequel to the earlier approval by the National Economic Council (NEC) in February, this year, of the nominees into the board from the six geo-political zones of the country. Members of the board chaired by Mr. Babajide Zeitlin will serve for a term of four years. While inaugurating the board, Osinbajo charged it to improve on the performance of NSIA by investing in key priority areas of the government such as agriculture and infrastructure.

He also said the board would be held accountable by both NEC and the generality of Nigerians which he said would require them to provide accounts of their stewardship.

“As we navigate the pathway out of recession and into a self-sufficient and diversified economy, it is our expectation that the NSIA will remain increasingly strategic to our na- tion’s growth and development.

“As representatives of the people, our charge is simple: we require you to fundamentally improve the performance of the Authority and strengthen its operations. “Indeed, despite the fiscally constrained environment, this administration has been able to increase the federal government’s commitment to the NSIA by 50 per cent, committing an ad- ditional $500 million though the federal government is committed to saving. “The actual charge with this additional capital is investment.

Thus, as the NSIA moves to the second phase of its existence, the expectation is that the committed capital will be deployed into projects that are in line with the administration’s key priority areas, namely: infrastructure, agriculture, in order to improve our economy. For example, we expect prompt action on the commodities exchange, a vital component of our agricultural reform effort,” Osinbajo stated.

The Acting President who also referred to the conceived modular refineries’ project in the Niger Delta as one key investment that would unlock the economic potential of the country, tasked the board to live up to expectation. “The bar before you is high and all of us are counting on you to deliver” as he proclaimed the board inaugurated to the “glory of the Almighty God and the enduring development of our nation.”

Responding, the board chair- man, Zeitlin, thanked the federal government for the opportunity to serve, assuring that the board membership was “committed to doing so with utmost of integrity and transparency and we look forward to being held accountable.” According to him, the team will remain committed and simultaneously align itself with the policies of both the administration and the economic team.

Answering questions from journalists after the inauguration, the Minister of Finance, Mrs. Kemi Adeosun, said membership of the board were drawn by an executive search committee set up with the mandate to look for the best hands for the job from all parts of the country.

According to her, the board consists of bankers, lawyers, people with oil and gas experi- ence and entrepreneurs as she expressed confidence that the board would fulfil its mandate. “We are very confident that this board will look after our future resources and provide very good decisions and guid- ance to the execute management in line with the administration’s expectations and requirements,” she said.

Also speaking with journalists, the Managing Director of NSIA, Mr. Uche Orji, said the team would not only protect the fund for future generations, it would also invest in infrastructure and agriculture in accordance with government priorities. “We are very focused on agriculture, infrastructure more broadly and this is a seasoned team – both the executive management team and a very experienced board. So, this augurs well for the Nigerian nation,” Orji said.

Members of the inaugurated board and their geo-political zones are: Babajide Zetilin (Chairman, South-west), Halima Buba (North-east), Bello Mac- cido (North–west), Lois Laraba Machunga-Disu (North-central), Urum Kalu Eze (South-east) and Asue Ighodalo (South-south).

Other members of board include Uche Orji, Stella Ojekwe-Onyejeli and Hanspeter Acheermann.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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