The Senate has received a formal request from President Muhammadu Buhari to confirm the nominations of Members of the Board of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The President in another letter to the upper chamber also sought the confirmation of the Board of the Upstream Regulatory Commission.
He explained in a letter dated September 16, 2021, and read during plenary by the Senate President, Ahmad Lawan, that the request to confirm the Chairman, Chief Executive and Executive Directors for the Nigerian Midstream and Downstream Petroleum Regulatory Authority was made in accordance with the provision of Section 34(3) of the Petroleum Industry Act 2021.
The nominees for confirmation into the Nigerian Petroleum Regulatory Board are: Idaere Gogo Ogan (Chairman); Engr. Sarki Auwalu (Chief Executive); Abiodun A. Adeniji (Executive Director, Finance and Accounts); and Ogbugo Ukoha (Executive Director, Distributions Systems, Storage and Retail Infrastructure).
In a separate letter dated September 16, 2021, President Buhari while relying on the provision of Section 11(3) of the Petroleum Industry Act 2021, requested the Senate to confirm the appointment of four nominees as Chairman, Chief Executive and Executive Commissioners to the Board of the Upstream Regulatory Commission.
The nominees for confirmation are: Isa Ibrahim Modibo (Chairman); Engr. Gbenga Komolafe (Chief Executive); Hassan Gambo (Executive Commissioner, Finance and Accounts); and Ms Rose Ndong (Executive Commissioner, Exploration and Acreage Management).
According to the President, both requests for the confirmation of the board’s membership were made “in order to fast track the process for the establishment of the Commission”.
NDIC commences payment of N16.18bn to liquidated banks’ depositors
Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has declared N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 banks in-liquidation.
A statement by the Director, Communication & Public Affairs, NDIC, Bashir Nuhu, disclosed that the Corporation has commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from 28th September 2023.
The ongoing payment is sequel to an earlier payment of various sums which cumulatively amounted to N45.45bn as liquidation dividends in respect of the 20 banks by July 2023, Nuhu said.
Relevant stakeholders have been requested to visit any of the NDIC offices closer to them or go to the claims page on the corporation’s website, www.ndic.gov.ng to download, complete and submit the verification form with prescribed supporting documents to a dedicated email.
The closed banks covered by the exercise are Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank and Prime Merchant Bank.
Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank and Amicable Bank in-liquidation.
Liquidation dividends represent amounts in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from realisation of assets of failed financial institutions. They also cover the amount paid to creditors and shareholders of closed banks after full payment to depositors of such defunct banks.
Senate Confirms Appointment Of Cardoso, Others As CBN Governor And Deputies
The Nigerian Senate has confirmed the appointment of Yemi Cardoso as the Central Bank of Nigeria (CBN) Governor and four others as Deputy Governors of the apex bank.
They were confirmed on Tuesday following a screening by the upper legislative body.
The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
“The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN),” Senate President Godswill Akpabio said.
Before their confirmation, the nominees had answered questions on matters related to economic and other policies.
During the screening, Cardoso promised to embrace compliance, assuring that under his leadership, the apex bank would remain apolitical.
“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,” he said.
“We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance.
“That is a cultural shift, a change in mindset, but we will make sure it happens,” the former Citibank Nigeria chairman assured.
Cardoso’s confirmation comes weeks after President Bola Tinubu nominated him as the acting CBN governor and four others as deputies.
He assumed office last week, replacing the then-acting governor of the CBN Folashodun Shonubi.
The recent appointments followed the suspension and resignation of Godwin Emefiele as the apex bank boss. The Delta-born began his reign in 2014 but got backlash owing to the naira redesign policy.
Emefiele, who was later arrested by the Department of State Services (DSS) but released on bail, is being tried on an alleged N6.9b fraud.
Senate Screens CBN Governor, Deputies Today – Bamidele
The Senate will on Tuesday screen former Chairman of the Board of Citi Bank Nigeria, Dr. Olayemi Michael Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN).
The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join forces with Cardoso to steer affairs of the apex bank in the next five years.
In a statement by the Media Office of the Senate Leader, Senator Michael Opeyemi Bamidele, the senate will screen all the nominees following its resumption from its annual recess.
The statement said: “The Senate of the Federal Republic of Nigeria will resume plenary on Tuesday, September 26. We will consider the screening of Dr. Cardoso at the Committee of the whole.
“Dr. Cardoso will be screened alongside four deputy governors namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“Besides, the Senate has scheduled to screen the ministerial nominees – Dr. Jamila Bio Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth on October 3.”
On September 15, President Tinubu approved the nomination of Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).
He also approved the nomination of four deputy governors for a term of five years each at the first instance, pending their confirmation by the Senate of the Federal Republic of Nigeria.
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