News

Reps task CBN on access to N250bn gas expansion fund

Published

10 months ago

August 2, 2023

The House of Representatives has urged the Central Bank of Nigeria (CBN) to remove bottlenecks preventing Nigerians from accessing the N250 billion gas expansion facility at the bank.

Rep. Benson Babajimi, the Chairman of the ad hoc committee on petrol price hike said this on Wednesday, when CBN officials appeared before the committee.

Babajimi said that the removal of the bottlenecks would cushion the effect of the removal of petrol subsidy on Nigerians.

“My point is that you oversight the commercial banks, you have the right and powers to remove bottlenecks.

“The information we are giving to you is that you go back and see how you can make the process seamless,” he said.

Responding, the Programmes Manager, CBN, Mr Clement Osawi, acknowledged that the bank had an intervention fund called Oil and Gas Stabilisation Fund.

He said that as a matter of procedure, most CBN interventions went through commercial banks to qualified beneficiaries.

Osawi said that the commercial banks had the responsibility to do the due diligence and feasibility studies on beneficiaries.

“From what you are saying, it is like a new venture where it is very difficult to assess the capacity of the person requesting for the funds.

“So the likelihood of them having access to large sums is very difficult; it is easier to give CBN funds to establishments with clear track records otherwise, CBN will be accused of just giving someone who is not doing anything with funds.

“For IPMAN to have mentioned it, they were informed that the facility exists; CBN can announce that there is a facility and ask commercial banks to send those qualified beneficiaries.

“You can stay for two years, they won’t send one; this is because having drafted the criteria, the commercial bank will tell you, we have checked this customer, we have checked the other customer, it is not okay,” he said.

Osawi, however, said that he would carry the message of the committee to the management of the apex bank for further actions.

Osawi blamed the current hike in petrol price on exchange rate and other factors playing out in the global oil market.

Headline

Prince Harry visits sick Nigerian soldiers in Kaduna

Published

4 days ago

May 11, 2024

Alero Danjuma

Prince Harry and his team visited the 44 Nigerian Army Reference Hospital in Kaduna to interact with wounded soldiers who are receiving treatment.

The Duke of Sussex is in Nigeria with his wife to champion the Invictus Games, which Harry founded to aid the rehabilitation of wounded and sick servicemembers and veterans.

Nigeria joined the Invictus Community of Nations in 2022 becoming the first African country to join.

Prince Harry’s visit to Kaduna came 68 years after his late grandmother Queen Elizabeth II visited the state during the time of the late Premier of Northern Region Sir Ahmadu Bello.

News

Senate approves death penalty for drug traffickers

Published

6 days ago

May 9, 2024

Alero Danjuma

Senate on Thursday, May 9, approved the death penalty for those convicted on the charge of drug trafficking in the country.

The punishment prescribed in the extant NDLEA Act is a maximum sentence of life imprisonment.

The resolution of the Senate followed its consideration of a report of the Committees on Judiciary, Human Rights and Legal Matters and Drugs and Narcotics, National Drug Law Enforcement Agency (NDLEA) Act (Amendment) Bill, 2024.

The Chairman of the Committee on Judiciary, Human Rights & Legal Matters presented the report during plenary, Senator Mohammed Monguno (APC-Borno North).

The bill, which passed its third reading, aims to update the list of dangerous drugs, strengthen the operations of the NDLEA, review penalties, and empower the establishment of laboratories.

Section 11 of the current act prescribes that “any person who, without lawful authority; imports, manufactures, produces, processes, plants or grows the drugs popularly known as cocaine, LSD, heroin or any other similar drugs shall be guilty of an offence and liable on conviction to be sentenced to imprisonment for life” was amended to reflect a stiffer penalty of death.

Although the report did not recommend a death penalty for the offence, during consideration, Senator Ali Ndume moved that the life sentence should be upgraded to the death penalty.

During a clause-by-clause consideration of the Bill, Deputy Senate President Barau Jibrin, who presided over the session, put the amendment on the death penalty to a voice vote and ruled that the “ayes” had it.

But Senator Adams Oshiomhole objected to the ruling, saying that the “nays” had it.

He argued that matters of life and death should not be treated hurriedly, but Barau said it was too late, as he failed to call for division immediately after his ruling.

The bill was subsequently read for the third time and passed by the Senate.