DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 4947

ASUU, Nigerian Government Stand Their Grounds As Public University Students Wait in Despair

0

The meeting between the federal government and the Academic Staff Union of Universities (ASUU) ended in deadlock on Wednesday last week, to further prolong the six months old industrial action that has crippled academic activities in Nigeria’s public universities.

ASUU had embarked on strike on February 14, over unfulfilled agreements with the federal government. The contentious issues range from the non-release of revitalization funds, earned allowances, the use of Integrated Payroll and Personnel Information System (IPPIS) for salary payment to the re-negotiation of the 2009 Agreement – and that’s among others.

The lingering industrial action resulting from the inability of the government and the academic unions to reach a consensus, has kept students atrophying at home. The unions involved include the Senior Staff Association of Nigerian Universities (SSANU), the Non-Academic Union of Education and Associated Institutions (NASU), and the National Association of Academic Technologists, (NAAT).

At this point, it appears that the strike is going to endure indefinitely as none of the responsible parties seems ready to yield. The federal government said that it does not have the money to meet ASUU’s financial demands, which amounts to N1.12 trillion.

“The Federal Government will incur an additional N560 billion as salaries alone, on top of the present N412b, less all other allowances such as Earned Academic Allowances and fringe benefits, Teaching Allowance, field trip, responsibility and post-graduate supervision allowances, hazard allowances, which were to gulp another N170 billion.

“In all, the sum of N1.12 Trillion will be needed to pay the salaries and allowances of university lecturers and other staff in the university system. At present, the wage bill of the university staff and their colleagues in teaching health systems gulp nearly 50 per cent of the total federal government staff personnel cost/wages,” Minister of Labour and Employment Dr. Chris said.

The union said the fund is part of the Agreement it had with the government in the past, aimed to improve both the welfare of academic union staff and the quality of education in Nigeria.

In its latest push to end the strike, the federal government has approved an additional N100 billion for the university sector. In addition, the government also approved N50 billion to be shared by the university-based unions as earned allowances.

However, the latest efforts have failed to cajole ASUU to sheath its sword, even though other unions, as a sign of goodwill through their Joint Action Committee (JAC) on Saturday, decided to call off their strike for two months. ASUU had demanded that the five months withheld salaries of its members be paid as a condition to consider suspending the strike.

The federal government had invoked the ‘no work, no pay’ policy for ASUU members, a move the Minister of Education, Mallam Adamu Adamu told journalists on Thursday that it will be totally implemented. The union had said in response to the threat, it will forego outstanding academic sessions.

At the receiving end of this faceoff are the public university students, whose academic journey will eventually be elongated with more years. This marks the 19 months that ASUU has been on strike under President Muhammadu Buhari.

As the strike lives longer, parents and students are counting on political pressure to compel the federal government to meet ASUU’s demand. Though it’s not a sure hope but it looks promising. In the election period that the ruling All Progressive Congress (APC), is fighting for reelection, there is belief that the federal government will eventually yield to ASUU so as not to hurt its chances at the poll.

But Vanguard reported, quoting sources, that the federal government is planning to scrap ASUU, to put an end to the lingering strike. According to the report, people in the Presidency and the Ministry of Education Education, who spoke on anonymity said that if ASUU refused to reciprocate the Federal Government’s gesture by calling off the strike, the government would consider the option of prescribing the union.

“The government has so many options if ASUU refuses to be patriotic. One of the options is the proscription of ASUU which is contained in the Trade Unions Act and even in the Trade Disputes Act.

“The President can proscribe an association whose action is inimical and constitute economic sabotage to a country.  In the Trade Unions Act, the President can withdraw the certificate of any organization whose conduct is not in tandem with the terms for their registration.

“Also, Section 17 of the Trade Dispute Act permits the Minister of Labour to approach the National Industrial Court. CAP 78, laws of the Federal Republic of Nigeria 2004, to refer the matter to the National Industrial Court for adjudication to enforce the legality or otherwise of the ongoing prolonged strike by ASUU and to interpret in entirety the provision of Section 18 of the Trade Dispute Act as it applies to cessation of strike once a trade dispute is apprehended by the Minister of Labour and Employment and conciliation is ongoing,” one of the sources said.

ASUU had maintained that the primary objective of its strike is to revamp the archaic public university curriculum, which has outlived its usefulness as it wouldn’t equip students with modern employability skills. On the other hand, the federal government has reaffirmed that it’s broke and cannot afford to meet the union’s demand.

With the duo standing their ground, public university education in Nigeria could be on the way to its longest industrial action in history. It is not clear if the said move by the government to proscribe ASUU is true. Even if it is, it may end in a long legal battle.

Nigeria’s Local Content Advertising Policy for Radio and TV

1

Jobs for the local team; not a bad policy. Nonetheless, we should be nuanced and flexible as we implement this. Why? I am not sure you can define a “Nigerian model” and a “Nigerian voice” in this age when Apple, Spotify, etc are signing our young people for the big stages across Africa. If other African countries implement the same, we lose since Nigerian artists outperform Africa-wide.

I continue to wait for someone that will hire my nice voice (lol) for a major advertisement in Nigeria. The only companies which continue to show up are beer/alcohol companies which want my voices to connect my work in Harvard on Igba Boi to sell beer, by linking everything to tradition. Of course, no amount can make me do that.

But if you need a Nigerian voice and a Nigerian model on many other business domains, Ndubuisi Ekekwe meets the specs and can help. Write the script so that I do not speak for one hour on the ad! Hahaha.  That is what the government expects! Lol

This is local content – and let us support the government on this. We do not need AIs with alien voices talking to Nigerians on radios and TVs. Do not do that; get a real voice.

The New Regulatory Framework Governing Money Laundering (AML/CFT Compliance) in Nigeria

0

The practice of Money-laundering isn’t exactly new , with criminal organizations seeking ways to route off the profits from their crimes as far as 10 decades ago in most societies. 

But due to the dynamic nature of Human resourcefulness, especially with the arrival of Financial technology, even in criminal activities, there has been a need for governments and Law enforcement agencies to constantly update their methods for combating Money-laundering effectively. 

In Nigeria, the Regulatory Framework on Money-laundering revolved around the Money-laundering (Prohibition) Act 2011 in close proximity to the Terrorism (Prevention) Act 2011 . But recently, these laws were repealed in favour of a new set of laws, even when many people do not still fully understand the concept of Money-laundering & Terrorism Financing. 

So as a result, what this article aims to do is :- 

– Give a clear basic understanding of the concepts of Money-laundering & Terrorism Financing. 

– Outline the new Regulatory Framework governing Money-laundering in Nigeria. 

– Highlight some of the most important provisions of the new Regulatory Framework on Money-laundering including Compliance requirements. 

– Highlight the Legal implications of the new Regulatory Framework on Anti-MoneyLaundering(AML) practice in Nigeria.  

What is MoneyLaundering? 

While the ordinary definition of Money-laundering is “The concealment of the origins of illegally obtained money, typically by means of transfers or legitimate businesses”, Nigerian law defines Money-laundering as “The concealment, disguise, conversion, transfer or control of any fund or property intentionally with the knowledge that such fund or property is or forms part of the proceeds of an unlawful act”.  

Terrorism Financing, which forms the basis of Combating the Financing of Terrorism (CFT) practice, is the act of providing support in the form of funding to terrorists & their networks to enable them effectively carry out Terrorist operations/acts of Terrorism. 

What is the new Regulatory Framework governing Money-laundering in Nigeria? 

The Legal Framework on Money-laundering in Nigeria formerly revolved around the following laws:- 

– The Money-laundering (Prohibition) Act of 2011. 

– The Terrorism (Prevention) Act of 2011. 

These laws have been repealed in favour of these new laws:- 

– The Money-laundering (Prevention & Prohibition) Act 2022. 

– The Terrorism (Prevention & Prohibition) Act 2022. 

– The Proceeds of Crime (Recovery & Management) Act 2022. 

The new Money-laundering Act, along with the other laws mentioned above, were specifically drafted to mirror the recommendations of the Financial Action Task Force(FATF, established by the G-7 group in 1989) on the parameters and foundations of an effective Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Framework. 

What exactly is the concept behind AML/CFT Compliance practice? 

AML/CFT Compliance practice simply refers to the policies , processes and practices of Business entities used in identifying, assess & report where required or necessary the Money-Laundering/Terrorist Financing risks deemed possible by the nature of their businesses. 

What are the most important/notable provisions & Compliance requirements of the new Regulatory Framework on Money-laundering? 

The most important/notable provisions & Compliance requirements of the new Regulatory Framework on Money-laundering include the following :- 

– The Statutory support by the Money-Laundering Act 2022 of the Special Control Unit on Money-laundering (SCUML) which was formerly under the Federal Ministry of Industry, Trade & Investment and is now a department of the Economic & Financial Crimes Commission (EFCC). 

– The introduction of expanded Know-Your-Customer (KYC) requirements which now apply to customers deemed “Foreign Politically Exposed Persons” and the requirement of proper identification & verification of  people holding themselves out as  acting on behalf of such customers. 

– The introduction of a new line of reporting/Compulsory disclosures regarding Monetary transactions over the value of 5million Naira & 10 million Naira for Individuals and Corporate entities respectively. Financial Institutions (FIs) are now to send their reports(Suspicious Transaction Reports/STRs & Currency Transaction Reports/CTRs) to the Nigerian Financial Intelligence Unit(NFIU) while Designated Non-Financial Businesses and Professions (DNFBPs/DNFIs) are to file their reports to the SCUML. 

– The provision for voluntary reporting of Monetary transactions of 1million Naira & 5million Naira for Individuals and Corporate entities respectively. 

– The SCUML category known as DNFIs (Designated Non-Financial Institutions) required to file AML reports has now been expanded under the new Regulatory Framework to include previously excluded categories of professionals and businesses such as Jewelers, Legal Practitioners, Casinos (Digital Casino App companies & Ship-based casinos included) ,Notaries & Trust corporations , overruling a previous Court judgement to the contrary specifically excluding lawyers from the reach of SCUML. 

– The specific prohibition of carrying out 2 or more Monetary transactions separately or across 2 or more FIs or DNFBPs to deliberately beat the requirement of compulsorily reporting the transaction which would ordinarily qualify for mandatory reporting to the relevant Regulatory agency. 

– The Money-Laundering Act also requires the setting up by FIs & DNFBPs of constantly developed AML/CFT Compliance frameworks. 

– All FIs are specifically required to have designated AML/CFT Compliance officers. 

– The new Regulatory Framework also requires the setting up of AML training programs for employees by all reporting entities. 

– The requirement of an internal audit unit dedicated to ensuring compliance with the provisions of the Act. 

– The transfer of funds/cash, digital assets(excluding Stablecoins) or securities above $10,000.00 to and from a foreign country by a corporate body must be reported to the Central Bank of Nigeria, the Securities and Exchange Commission & EFCC within a day from the transaction date. 

Will AML/CFT Compliance requirements under the Money-Laundering Act apply even where there is Attorney/Client privilege? 

Yes, in so far as it involves the management of client funds/assets/securities, purchase or sale of property or a business, the opening/management of Bank accounts, Trust corporations or any proceeds from an unlawful act.  

Does the new Money-laundering Act carry criminal sanctions for offenders? 

Yes it does, specifically in the form of a minimum 4 year-imprisonment term or 5 times the value of the proceeds of any unlawful activity, applicable also to Corporate entities found guilty of Money-laundering offenses. 

Conclusion:- While the above write-up is definitely not exhaustive, it can be seen that the Legal Framework governing Money-laundering had definitely been expanded to meet up with the constantly evolving nature of financial crimes, which is more than enough as a reason for all FIs(Fintech Companies included) in particular to seek further guidance via consultations from trained professionals on the full spectrum of AML/CFT Compliance requirements under the new Regulatory Framework going forward.

You cannot sack or suspend an elected official in a democratic government

0
The coat of arm of Nigeria

There has always been news in Nigeria where a governor or the state lawmakers suspend a local government council chairman or even outrightly sack the local government council chairman who has duly been elected by the electorate on grounds of gross misconduct.

The act of purporting to suspend or sack an elected official is quite new and fundamentally unknown to a democratic system of government around the world and the democratic system of government that Nigeria copied from the west therefore not properly copied right in this instance. 

The constitutional issue that does spring off whenever there’s news of this kind of a local government council chairman being suspended or outrightly sacked is “whether an elected official can be suspended or sacked by the governor of a state or anybody working under the directives of the governor or even by the state house of assembly?”.

I will not fail to make mention the fact that the Nigerian democratic system is quite unique; in Nigeria, there are three (so-called) regions or cadres of government; the federal, headed by an elected executive called the president, and the state, headed by the Mr governor and lastly the local government council headed by the chairman. Each of this level of government is to enjoy a great level of independence and autonomy from the other regions and that is how it has been structured to operate but according to s.7 of the constitution of the federal republic of Nigeria, the constitution has taken away some level of independence and autonomy that is to be enjoyed by the local government or regionally government and infused it on the state government. 

Interestingly, in Nigeria and most countries of the world that are practicing the democratic system of government, there are two kinds of governmental officials; the ones appointed and the ones that are duly elected by the electorates. The ones appointed either at the state or federal level can be suspended or relieved of their duties by the master that appointed them at any given time without any bureaucratic restriction or protocol. An appointed official is only at that office at the pleasure of the master that appointed him and the master can suspend, sack, or replace him at any given time but as for an elected official, anybody who was and has been duly elected by the electorate enjoys some high level of political immunity and independence and can only be relieved of his duty through a political process known as impeachment or can be recalled by the electorate or can as well be sacked by the court. No other process other than these highlighted methods is a valid or legal way of removing an elected official in a democratic government in the strict sense of it. 

This is how it should be or ought to be in Nigeria in terms of elected local government council chairmen and the power that has been given to the state government to suspend or fire a duly elected local government council chairman is quite gross and a fundamental departure from the federal and democratic system of government.

Local government councils in Nigeria are constitutionally provided for which are to be headed by chairmen who have been duly elected just like states of the federation are constitutionally provided for to be headed by the governor. Other higher executives or even lawmakers having the power to suspend, remove or sack an elected chairman makes a mockery of the independence or autonomy of that cadre of government and the independence of the person heading it. 

This is one of the “whys” most of us have been raising our voices to the high heavens in loud cry to demand total autonomy and independence of the local government councils in Nigeria and to be fully recognized as an independent region of government; independent of the federal or the state government both in finance allocation, structure, governance, and administration. 

Welcome Virginia Nkem Ogugua Memorial Scholars to Tekedia Institute

0

Let me welcome the recipients of Virginia Nkem Ogugua Memorial Scholarships to Tekedia Institute. You are an amazing class of 80 young women in the fields of finance, accountancy, economies and related areas.

Thank you Ideas Worth Billions Team, Hands & Knees Vocational and Youth Center, Tekedia Campus ambassadors and others who assisted in independently making the selections.  About 19 African post-secondary institutions are represented; that is a great spread!

Let me also this moment to extend further appreciation to the family coordinated by Chile OGUGUA FRSA for this annual endowment which is in the second year. Tekedia Institute offers close to 2,000 scholarships yearly and those are made available via endowments and scholarships to our Institute.

Learn more about this scholarship here.

To our CollegeBoost Program Manager, Eyitayo Adeleke, mMBA, thank you for coordinating everything. Thanks