News
Buhari Mulls Sanction for Bankers, Others Aiding Corrupt Practices
President Muhammadu Buhari, has said that his administration will ensure effective asset declaration by public office holders and ensure sanctions by professional bodies against lawyers, bankers, brokers, public officials, and other individuals facilitating corrupt practices.
The president gave this assurance while speaking at the National Democracy Day Anti-Corruption Summit in Abuja on Tuesday.
Buhari said the government would also close existing legislative loopholes, facilitate collaboration with the judiciary, and strengthen the criminal justice system for effective fight against corruption in the country.
While ensuring comprehensive support and protection to whistleblowers, witnesses and victims of corruption, the president said his administration would adopt and formulate the policy of ‘naming and shaming’ all those who engage in corrupt practices.
He, however, maintained that the Federal Government would continue to encourage and honour transparent and honest citizens.
The president said the government would, “educate, mobilise and encourage Nigerians at the grassroots level to take ownership of the fight against corruption;
“Press for a crackdown on safe havens for corrupt assets, abolishing of bank secrecy jurisdictions and tax havens on the continent and beyond.’’
Buhari said that his administration would continue to insist on the unconditional return of looted assets kept abroad and further strengthening of international cooperation through information and mutual legal assistance.
He pledged that government would also continue to strengthen the capacity of the Economic and Financial Crimes Commission and other anti-corruption agencies by providing additional material, organisational and logistical support.
“Now, as this administration commences, we are taking stock of progress made so far in the war against corruption, assessing what needs to be done and devising new strategies to address existing challenges,’’ he said.
According to the president, his administration remains committed to the fulfillment of its promises to Nigerians which included security, economic improvement and fight against corruption.
The Guest Speaker at the event and former Director of Kenya’s Anti-Corruption Commission, Prof. Patrice Lumumba, lauded Nigeria’s strategies in fighting corruption, as he described the Nigeria’s EFCC as the best anti-corruption agency across the African continent.
He said: “In 2015, president Buhari said ‘if we don’t kill corruption in this country, corruption will kill Nigeria’ and I can’t agree with him more; and it is not only true about Nigeria but true about Africa.
“Almost every country in Africa has an agency that is charged with the fight against corruption but the EFCC stands out as the best in the continent because they have demonstrated by wide and deep that corruption can be tackled without sacred cows.
“We have seen that they have recovered monies from individuals who in other countries they are seen as sacred cows and are untouchable.’’
Earlier in his remarks, Acting Chairman of the EFCC, Ibrahim Magu, narrated the achievements of the commission in the last four years.
According to him, the commission has achieved a lot in the fight against corruption, saying that the commission has so far secured 1,207 convictions.
“The convictions secured by the commission since the beginning of this administration reflects a positive progression.
“In 2015, we secured 103 convictions; in 2016 we secured 194; in 2017 we secured 189; in 2018 it was 312 convictions and from January 2019 to date, we have 406 convictions.
“Despite these records, corruption remains a challenge in our country. I believe that the fight against corruption requires a deeper stakeholder approach. The private and public sectors are critical players in this regard,” he said.
While thanking President Buhari for support and non-interference to the affairs of the commission, Magu also commended some state governments for establishing institutional mechanisms to fight corruption.
The one-day summit later went into a plenary session, where papers were presented by renowned stakeholders and scholars on how to curb electoral violence and embezzlement of public funds.
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
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