News
ICPC Beams Searchlight on Personal Bank Accounts
Independent Corrupt Practices and Other Related Offences Commission (ICPC) , has intensified surveillance on financial transactions of Nigerians in its fight against corruption, according to Mr Ekpo Nta, chairman of the commission.
Part of the surveillance measure would include close monitoring of the bank accounts and transactions of suspects, as well as keeping tabs on their telephone call log.
Nta said that the measure would go a long way in reducing time spent on investigation, as well as in curbing the penchant for corruption by Nigerian politicians, government officials and businessmen.
According to Nta, the renewed surveillance on financial transactions of persons doing business in the country would take the war against corruption to the doorsteps of suspects. He said the measure would not only reduce the time it takes to conclude investigation on suspects, but also increase the chances of their conviction.
“We have cut down investigation time, because we have insisted on doing more of surveillance before striking, so as to reduce time spent on trying to get answers from a suspect.
“With this approach, admission level to corrupt practises is higher, because what we now do is to present to the suspect the evidence we have already discovered,” he said.
Nta revealed that the Asset Tracing and Monitoring Unit of the commission had been enhanced to ensure that the commission’s power on assets’ seizure was exercised. He said persons convicted of corruption would not be allowed to enjoy their stolen wealth after serving their jail terms.
“To every investigation that we do, there is an element of assets tracing and monitoring, because my attitude is that we cannot stop corruption if we do not seize the proceeds of crimes.
“Somebody takes money and builds a house, gets arrested and spends three months in jail or a fine in the alternative and goes back and enjoys the property.
“My new approach is that, since the money cannot be retrieved, I can trace it to the house built, to ensure that the person has no right to enjoy the facility,” the ICPC boss said.
Nta revealed that the commission had since the inception of its present administration ensured that matters involving economic and financial crimes were moved to the EFCC, to avoid the duplication of duties.
The ICPC chairman, who said that cases that are basically administrative in nature are referred to the Code of Conduct Bureau and the Public Complaints Commission, added that the commission had published a law report on cases handled by the commission.
This, he said, would enlighten the public on the difference between corruption and non-corruption cases. He said the report is to assist judges in their decisions and rulings, adding that the idea is also to address challenges of sending petitions outside the mandate of the commission.
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.
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