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Sanusi Calls for Debate on Restructuring

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  • Sanusi Calls for Debate on Restructuring

Emir of Kano and a former Governor of Central Bank of Nigeria, Lamido Sanusi, on Wednesday said there was a need for immediate dialogue on the clamoured restructuring of the country, saying “we cannot continue to live in denial of the need for restructuring.”

According to Sanusi, a situation where between 80 and 90 per cent of the country’s revenue is used for the payment of salaries at the expense of education and healthcare delivery needed to build a better and competitive economy for millions of Nigeria, does not augur well for the nation.

The former CBN governor said issues of devolution of power and allocation of resources would bring development to the grassroots, adding that it would address the reasons why poverty rate in Lagos was eight per cent, while other states such as Zamfara, Kano and Yobe were 91, 77, 90 per cent, respectively.

The emir spoke at the Union Bank of Nigeria Plc centenary celebration tagged, ‘The Next 100: A Call to Action. ‘

Sanusi, who spoke on, ‘’No peace, no prosperity,’’ said restructuring would help the country to reduce the size of government and build a better economy.

He said, “We have a constitution that says you must have a governor, deputy governor and state House of Assembly in each of the 36 states. You have a president, vice-president and a minister from each of the 36 states. You have 109 senators and over 300 members of the House of Representatives. You have 774 local government chairmen; in each LG, you have 10 councillors and the speaker. A retinue of special advisers and assistants and you are surprised that we cannot pay salaries. And really, we are surprised that we are spending 80 to 90 per cent of our revenue on public servants.”

He added, “So, if we want to have conversation on restructuring, let us have the conversation. How do we reduce the cost of governance without amending this structure? Do we need 30 or 40 legislators in every state? Do we need over 500 legislators in Abuja? Must we have 36 ministers or more? This is for the conversation. We don’t have education and our health sector is suffering. We have seen the numbers of infant, maternal mortality.

“Yet the states and local governments who are supposed to provide education and healthcare do not have the lion’s share of the revenue. Let us start the conversation. It will be an intelligent dialogue. Let us talk about what we want for Nigeria. At the end of the day, devolution is not about ethnicity or religion; devolution or revenue allocation formula is all about bringing development to the grassroots.

He added, “When we cloak this in gender, religion or ethnicity, then first we lose the opportunity to make progress and second we reflect our ignorance. At the end of the day, if that is the problem it will never disappear. If we divide Nigeria into 100 different countries, we will still have multiple ethnicities, multiple religions; and then you divide those 100 into another 100. Let us begin this conversation and I am hoping that as we talk about the economy and making progress, we know that this is not something that is targeted at anybody.”

In his remark, the Managing Director, Union Bank, Mr. Emeka Emuwa, said focusing on education and women empowerment would help the country to achieve prosperity and peace.

He called on economic stakeholders to key into the bank’s vision on the next N100bn funds to support the Sustainable Development Goals.

This, he said, could lift Nigerians out of poverty by providing basic foods, decent education and vocational skills that would lead to economic empowerment and wealth creation.

“While private sector enterprises continue to impact communities and individuals through social responsibility initiatives, there exists an opportunity for partnership to scale impact, stimulate the economy and accelerate growth for private sector businesses and Nigeria,” Emuwa said.

Earlier, Sanusi said the country needed to think about the way colonialism had impacted Nigerians and see how to change things.

He said, “We don’t have the British today, and we are still exporting our crude oil to Britain. The largest export of the UK to Nigeria is petroleum product; Nigeria is an oil producing country. I am happy that someone is building refinery and I am happier that the person is from Kano. We need to have more of that. Why should we export cotton to China and import textile products? Why should be export our hides and skin and import shoes. This is not rocket science. Countries like Morocco, Ethiopia, Cote- D’Ivoire and Ghana are exporting finished goods and we also can achieve that.”

The former CBN governor said as far back as the 17 and 18 centuries, Kano was exporting shoes worth $5m.

Unfortunately today, he said the region had been affected by so many challenges.

He said, “”Northern girls got married off without their consent; they got divorced later with five or six children. Those children grow up without education. The system does not fix the problem and it does not protect them.

“It is those of us who have got education that must correct this. In 20 years time, those children will end up carrying stone to stone us. You tell me there is no prosperity without peace; I say to you there is no peace without prosperity.”

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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