House of Reps call for Cecilia Ibru and Erastus Akingbola stripped of their national honours.

The House of Representatives Ad Hoc Committee, which investigated the "near collapse of the Nigerian capital market", has recommended that Mrs. Cecilia Ibru and Erastus Akingbola, former Managing Directors of the defunct Oceanic Bank International Plc and Intercontinental Bank Plc, respectively, be stripped of their national honours.

In 2009, Ibru was awarded the national honours, Member of the Federal Republic (MFR) and Officer of the Federal Republic (OFR), while Akingbola was conferred with an OFR for services to banking and the country.

But the CBN removed both chief executives and six others in 2009 after a joint audit conducted by the apex regulator and Nigeria Deposit Insurance Corporation (NDIC) had discovered that their banks' capital was impaired and that they were illiquid.

The Economic and Financial Crimes Commission (EFCC) was later to arrest and prosecute them for running their institutions aground.

Ibru, who pleaded guilty, was convicted in a plea bargain, while Akingbola is still in court.

Source. Thisday Newspaper

Arunma Oteh recalled.

The suspended Director General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh, has been reinstated back to her position by the Federal Government amidst protests by the staff of the commission who were vehemently opposed to her recall.

Though she was cleared by the government of allegations of fraud on Project 50 for which she was investigated, she received a caution for administrative lapses.

The secretary to the Nigerian government, Anyim Pius Anyim, said in a statement obtained by The Associated Press today that the director general of the Securities and Exchange Commission, Arunma Oteh, had been recalled from "compulsory leave." after the commission's board of directors asked her to step down while independent auditors investigated the source and spending of funds for a commission event held last year, but their report had not "indicted her of fraud or any criminal breach." However, some "administrative procedures were not thoroughly observed."


The statement goes on to say “The purpose of this letter is to recall you (Arunma Oteh) from your leave and to caution that you must henceforth endeavour to diligently observe all extant rules and administrative procedures in the conduct of all official transactions.

CAUGHT IN THE ACT.....

Lagos State Governor, Mr. Babatunde Fashola SAN (right) asking Colonel Ki Yusuf why he decided to drive on the dedicated BRT lane illegally when the Colonel was apprehended being driven in an Army Green Peugeot 406 with registration number BO1-150 NA at the Outer Marina in Central Lagos on Tuesday, July 17, 2012 (via Vanguard)

 

Jonathan Tasks New CJN On Delayed Trials, Corruption and Judicial Reform

Yesterday, during the swearing in ceremony of  Justice Aloma Mukhtar, the new Chief Justice of Nigeria, CJN, President Goodluck Jonathan, charged her to tackle the delay in the dispensation of justice, cases of corruption and engender the much-needed judicial reform in Nigeria.

(Vanguard) President Jonathan said: "Today, we are witness to history with the swearing in of Justice Aloma Mukhtar as the first female CJN. I join millions of our country men, women and youths in congratulating the Nigerian judiciary and Your Lordship as we record this important milestone in the annals of our nation's judicial history.
"She was the first female lawyer of the northern extraction, the first female High Court Judge from the north, first female second in command, Kano State judiciary, the first Nigerian female jury to be elevated to the Court of Appeal, where she served for over 17 years.
"Today, she has risen to the pinnacle of her judicial career as the first female CJN in further service of our great country. My Lord, I congratulate you. Her Lordship's achievement is an inspiration to all citizens, especially womanhood, not only in Nigeria but also in Africa and the rest of the world.
"The honourable CJN now joins an eminent and exclusive list of achievers recognized throughout the world as beacons of hope in this century. She will after leaving office become a member of our nation's highest advisory council, the Council of State. Here again she will make history as the first female permanent member of that council.
"Your lordship is assuming office at a time when the nation is undergoing reforms in all critical areas of governance; it is particularly gratifying that her lordship had pledged during her Senate confirmation hearing to pursue judicial reform.
"I am, therefore, confident that your lordship will quickly settle down to work and commence urgent task of reforming and repositioning the judiciary for effective and efficient discharge of constitutional mandate. I have no doubt that your work at our nation's apex court will benefit from your essential character of integrity, humility and courage.
Jonathan lists challenges
"Your Lordship will preside over the judiciary at a time of profound changes that demand united response. We believe that judiciary can play a crucial role as we confront critical challenges.
"We are dealing with security challenges occasioned by sporadic act of terrorism in some parts of the country. The three arms of government must work together to overcome this terrorist threat and acts in the country.
"The war against corruption is another endeavour that calls for concerted action by all arms of government. I am confident that the judiciary, under your able leadership, will rise up to the challenge and provide the most needed support for government to address these challenges.
"Our citizens complained of delayed trial, particularly in cases of corruption, terrorism and other matters of serious concern. This complaint has led to frequent calls for special courts or designation of special judges to handle them with the required experience and speed. It will be your prerogative to consider and decide on this call."
Justice Mukhtar speaks
Speaking to newsmen after the ceremony, Justice Mukhtar re-iterated her earlier stand that there was no need for a special court.
She said: "A judge, two or three in the states can be designated to take care of that. I will again go back to what I said in the Senate, that I will lead by example and I will hope and pray that the others will follow."
On security challenges, she said: "I did say, during my screening in the Senate, that we will partner with the authority to ensure that we curb this menace."
On delayed trials, she said: "It is not the fault of the judges alone. We have counsel to contend with bringing various applications. We have the Constitution also to contend with.
"Witnesses will not be available and there is a whole litany of reasons for this delay. You just place the blame at the doorsteps of the judges."
Roll call
Other dignitaries, who attended the ceremony held at the council chambers, included Vice President Namadi Sambo; Senate President, Senator David Mark; Speaker of the House of Representatives, Aminu Tambuwal; Deputy Senate President, Ike Ekweremadu, and Deputy Speaker, Emeka Ihedioha, and governors of Kano and Bayelsa states.
Tension in judiciary
Meanwhile, the emergence of Justice Aloma Mariam Mukhtar as the first female Chief Justice of Nigeria, CJN, has evoked mixed reactions within judicial circles.
The palpable anxiety that enveloped the Supreme Court, yesterday, shortly after President Goodluck Jonathan administered oath of office on Justice Mukhtar as the 13th indigenous CJN, stemmed from the fact that never in the annals of the country had a woman piloted the affairs of Nigerian judiciary.
When Vanguard visited the Supreme Court complex situated within the Three Arms Zone, Abuja, it was a beehive of activities with heavy movement of files and occasional cluster of judicial officers discussing the new change of regime at the apex court in hushed tones.
Meanwhile, One of the officials who spoke to Vanguard on condition of anonymity, said there was tension among some of the top judicial officers who had ordered their subordinates to ensure that all the legal records in their department were set straight.
'She's strict, motherly'
He said: "My brother, we have been sorting and arranging files since Friday. Many of us have been with Justice Mukhtar for a long time now. She is a strict person.
"We know what she can do to anyone or department that fails to do things the traditional way. Moreover, all the courts are proceeding on a long vacation today."
Others described her as a disciplinarian, a mother and a jury per excellence, while others expressed fears that she might lead the most rigid administration in the history of the apex court.

Source 

Rick Ross Hit With $2 Million Lawsuit !

Rapper Rick Ross has been hit with a lawsuit for almost $2 million (£1.25 million) after he scrapped a gig in Nigeria last year.
The star was set to perform at the annual Star Mega Jam event but pulled his appearance following a bout of ill health.

In a suit filed by lawyers for U.K.-based promotional company Zons P.R. in New York earlier this month (Jul12), it's alleged Ross was paid a deposit of $87,500 (£54,687) to promote their client, Star Lager Beer, during his trip to Nigeria.
The suit adds that bosses at the company tried to reschedule another show where he could complete his promotional work for the brand, an affiliate of Heineken, but negotiations fell through - and he failed to hand back the money, according to papers obtained by AllHipHop.com.

A statement in the document reads, "In truth and in fact the defendant had no intention of returning said deposit. To date no part of the deposit has been returned."

Source. contact music.com

Lagos Makoko slums knocked down in Nigeria

Is this part of the rehabilitation of the area ? If not what happens to the current residents ?

(Via BBC )The authorities in Nigeria have started knocking down slum dwellings built on the lagoon in its biggest city Lagos.

Dozens of shacks built on stilts have been demolished in Makoko, where wooden canoes are a common form of transport.
An Lagos state official told the BBC that all illegal buildings in the water would be demolished.
Makoko is one of Nigeria's best known slums. Many residents are fishermen and some have migrated from neighbouring Togo and Benin.
It featured in the 2010 BBC film Welcome to Lagos, which angered the Nigerian government. It accused the film-makers of showing Nigeria in a negative light.

A letter was served on residents last week, giving them 72 hours to vacate their properties.
Several told the BBC they did not know where they and their families would sleep.
The BBC's Will Ross saw men using machetes to chop down the stilts of the wooden homes, while police watched from nearby boats.
The letter from the Lagos state authorities says the illegal constructions constituted an "environmental nuisance, security risk and an impediment to the economic and gainful utilisation of the waterfront" and undermined the "megacity status" of Lagos.
The authorities have not said how many people will be affected but community leaders say tens of thousands of people live in Makoko, the AFP news agency reports.
The slum is easily visible from the bridge which connects the Nigerian mainland to the city's rich island districts.
Our correspondent says the slum destruction is part of efforts to clean up Lagos.
State governor Babatunde Raji Fashola says he wants to get the city ready for its predicted population of 40 million people.
The city is building a light railway and has widened the roads, easing the city's once notorious traffic jams.

Shell urged to pay Nigeria $5bn over Bonga oil spill

Nigeria's oil regulator has asked industry giant Shell to pay $5bn (£3.2bn) for a spill off the country's southern coast last December.

The disclosure was made during a parliamentary hearing on the matter.
A leak at the Bonga field during a transfer of oil to a tanker led to 40,000 barrels spilling into the Atlantic Ocean.
A Shell spokesperson said there was no need for a fine as everything had been done to prevent environmental damage.
The Bonga field, operated by Shell Nigeria Exploration and Production Company (Snepco), is approximately 120km (75 miles) offshore and produces 10% of Nigeria's oil exports.
The spill was contained before it reached the shore.
The head of Nigeria's National Oil Spill Detection and Response Agency urged MPs on the House of Representatives's environment committee to approve his proposal.
"Although adequate containment measures were put in place to combat the Bonga oil spill, it however posed a serious environmental threat to the offshore environments," Peter Idabor said.
"The people could not fish after a long period after the spill,"......
Last year, a UN report into spills in Ogoniland found that the region could take 30 years to recover.
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