News
Revealed: How Tech Whistle Blowers Triggered Banking Tsunami
The battery of claims and counter-charges has succeeded in diverting attention from the existence of whistle blowing, a dangerous safety mechanism which triggered the banking tsunami in the first place, Nigeria CommunicationsWeek can now reveal.
Using portable digital technology, whistle blowing, a conscience-based activity has been transformed into a culture as the blowers exploit the anonymity of technology to bring light to the messy insides of the banking balance sheets.
They presented so called “true position” as the banks tried to make their books presentable to both investors and regulatory authorities.
Nigeria CommunicationsWeek gathered that the bulk of evidence and clues provided by the whistleblowers pressured the Central of Nigeria (CBN) to pursue the audit of the first 10 banks to conclusion.
It will be recalled that in a landmark rejig, CBN last month, sacked five banks chief executives including Erastus Akingbola, Intercontinental Bank Plc, Sebastine Adigwe of AfriBank Plc; Okey Nwosu of Finbank; Barth Ebong of Union Bank Plc and Mrs Cecilia Ibru of Oceanic Bank Plc.
In apparent contradiction, the same apex bank had earlier approved the audited account of Oceanic Bank under Ibru.
Critics of Prof. Chukwuma Soludo, former governor of CBN, said that previous whistle blowings were ignored because the environment was marked by fear and intimidation, in which there was alleged conspiracy to cover up incompetency, mistakes, and possibly criminal behaviour.
According to the critics, governance and safety pathways under Soludo were inadequate and inhibited by a poor institutional culture.
Nigeria CommunicationsWeek however gathered that the challenge of whistle blowing under Sanusi Lamido Sanusi, governor of CBN is how the industry could benefit from those individuals whose criticism, when well founded and addressed, leads to significant improvements.
For instance, the activities of the blowers and banking tsunami present economic safety and professional challenges to the country.
Expert said that there should be a framework to encourage whistle blowing as it will help to save a lot of situations.
They also call on the CBN to articulate a clear policy of whistle blowing by incorporating the process of protecting the blower against related attacks.
The greatest whistle-blower of all time is Mark Felt, a former number two at the FBI, who with Woodward and Bernstein, Washington Post reporters, changed American political history.
But there have been other whistle-blower cases that altered the political landscape.
In 1971, with Vietnam raging, military analyst Daniel Ellsberg leaked classified documents to the New York Times. "The Pentagon Papers," as they were called, revealed that nearly everyone in the Pentagon and state department knew that the U.S. had no realistic chance of winning the war.
The story fuelled anti-war protests and added to the public pressure that pushed the Nixon administration towards peace talks. As for Ellsberg, because of administration misconduct against him, charges of theft and espionage were dropped.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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