News
CBN now “Father Christmas” – PDP Governors
Governors of Peoples Democratic Party (PDP), the opposition party, on Monday said that some government agencies and the Central Bank of Nigeria (CBN) were operating outside the law that established them as revenue generating agencies and the country’s monetary authority, respectively.
Godwin Emefiele, CBN Gov
The governor met at the Akwa Ibom State government house in Uyo, over what they described as the worsening economic, political, security and social state of affairs in Nigeria.
They accused some Federal Government agencies of contributing to the poor living conditions of citizens.
In a 14-point communique they issued after their meeting, the governors said some government agencies and the Central Bank of Nigeria (CBN) were operating outside the law that established them as revenue generating agencies and the country’s monetary authority, respectively.
The governors said the CBN had become a “father Christmas” as it allegedly “creates” and spends money without control or supervision.
At the meeting presided over by Governor Aminu Tambuwal of Sokoto State and chairman, PDP Governors Forum, the governors also called out other revenue generating agencies for not doing enough to help the federal government generate revenue.
The PDP governors called on, “…agencies of Government such as Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Communication Commission (NCC), Federal Inland Revenue Services, Customs and Excise and similar organisations that are statutorily required to make contributions into the Federation Account, to do more. The federating States should, going forward now have a say in the determination of operating costs to ensure transparency and accountability. The meeting called for urgent steps to reverse these ugly trends in our practice of democracy, constitutionalism and Federalism.
The governors also, “expressed deep concerns on the operational system and methods of the Central Bank of Nigeria (CBN). It viewed with regrets that the CBN is operating as an independent government within a Government, which is a pervasion of the autonomy of the Bank. A situation where CBN creates money, decides how much of it to spend, on what to spend it on without any form of controls or supervision is patently subversive of our constitutional order. It has become not just a LEVIATHAN, but also a father Christmas of sorts, dabbling into every sphere and scope of governmental activity, not just as a lender of last resort, but as a full executing agency of government. The meeting observed that the CBN has become such an octopus that it threatens State governments publicly, without decorum, about sanctions on any attempt to question its MODUS OPERANDI. The CBN should take immediate steps to halt the depreciation of the Naira.”
The communiqué noted that, “The PDP Governors frowned at the rising and seemingly uncontrollable debt profile of Nigeria with over 80% of normal Appropriation spent on debt servicing. All the gains of the PDP Government under Chief Olusegun Obasanjo, GCFR, where Nigeria exited its foreign debt obligations has been destroyed. Borrowing for frivolous items such as funding the Nigerian Television Authority is scandalous. Money should only be borrowed for productive purposes as Nigeria’s current debt of over N36 Trillion Naira is becoming clearly unsustainable relative to our earnings and GDP. We should not saddle incoming generations with undue debt burden. The borrowing spree of the APC administration if unchecked, will certainly lead Nigeria into avoidable bankruptcy.
“The Forum reiterated its call, which seem to have fallen on deaf ears, for the Revenue Mobilisation, Allocation and Fiscal Commission to URGENTLY SEND the revised Revenue Allocation Formular to Mr President for onward transmission to the National Assembly for enactment, such that more resources are made available to States and Local Governments where ordinary Nigerians reside. It called on the Chairman and Members of the Commission to RESIGN or be relieved of their duties, if they cannot discharge this sacred constitutional duty entrusted by the Nigerian people to it. The present constitutional amendment process should make the Commission more independent and accountable to all stakeholders.”
The PDP governors also declared support for ongoing calls for the implementation of judicial and legislative autonomy.
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.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
ITUC-Africa Faults FG’s Plans to Remove Electricity Subsidy
SEC Begins Full e-Registration for Capital Market Services
NAICOM Revokes Nigeria Reinsurance’s Licence over Failure to Meet MCR
Many Nigerian Airlines May Collapse within 30 Days – Onyema
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
How EFCC Turned Recovered Loot Into School Supplies for Thousands of Nigerian Students
E-Business3 days agoKaspersky Identifies Cyberespionage as a Growing Threat Across Africa, Others
Broadcasting3 days agoNBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
News3 days agoINTERPOL Report Shows AI Powers 55% of Cybercrimes in Africa Amid $484m Losses
E-Business2 days agoKaspersky Reveals a New Malicious Framework Targeting Cryptocurrency Users with the Use of OkoSpyware
News3 days agoNigeria Expands Deep-tech Skills Pipeline
E-Financial3 days agoNigerians Lost N25.85Bn to Digital Payment Fraud in 2025 –CBN
Telecom3 days agoWhy Strong Institutions Remain Africa’s True Growth Engine
E-Business2 days agoCMS T&M Launches TMO Rides to Enable a Faster & Cashless Transport Experience for CMS – Ajah Passengers