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FRC warns against falsification of financial statements

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The Federal Reporting Council on Thursday warned corporate and government entities falsifying financial statements on reporting standards.

The council’s Executive Secretary, Dr Rabiu Olowo, who issued the warning at the opening of a regulatory roundtable meeting in Abuja stressed that the council would not tolerate greenwashing in reporting sustainability.

The event was to commemorate the visit of the Chairman of, International Sustainability Standards Board, Mr. Emmanuel Faber, and his team to Nigeria.

In his address, Olowo said the group had finalised the roadmap document that would be a tool to mainstream the implementation of sustainability reporting in the country in phases and with assurance and timelines.

He also vowed to leverage the efforts and rich expertise of the Adoption Readiness Working Group on the subject matter to deliver top-notch regulatory supervision in the country’s interests.

He pointed out that though most of the world’s economies are failing to advance the social, environmental, and climate goals set in the 2030 Agenda and the Paris Agreement, Nigeria, was taking steady and progressive steps.

He said this is exemplified by the roadmap report for adopting the International Sustainability Standards IFRS S1 and S2 by the FRC and the establishment of the Interministerial Committee on Carbon Market Activation Plan by President Bola Tinubu.

Faber, however, said the ISSB standards would assist banking supervision committees in assessing the risks in banks’ portfolios.

He stated, “The International Public Sector Accounting Standards, for government and state entities have also elected to choose our standards to bring climate topics and part of the national accounting systems.”

Also, the President, Institute of Chartered Accountants of Nigeria, Mr. Innocent Okwuosa, while commending the FRC for spearheading the adoption of the reporting standards in the country, said, “We have created massive awareness within ICAN and all our members are onboard”.

Nonetheless, the FRC boss said the harmonisation of sustainability disclosure standards globally remained a critical enabler to unlock and align the existing flows of both private and public capital with measurable sustainability outcomes.

This he said, would make better data available and allow for progress in other fields within the “impact transparency” agenda for agents to make informed decisions with full information that evolves from the current paradigm of financial return and risk alone.

Otti signs law stopping ex-governors, deputy govs pension

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Abia State Governor, Dr. Alex Otti, on Thursday, signed the Abia State of Nigeria Governors and Deputy Governors Pension Repeal Law of 2024, which was recently passed by the state House of Assembly on Tuesday.

Speaking after assenting to the bill, Otti thanked members of the state House of Assembly for “expeditiously passing the Bill,” assuring the House of the maximum support of his administration.

Otti expressed his belief from the onset that his government was not going to continue with the practice of paying pensions to former governors and deputy governors in the state as the money would have been better used in offsetting the backlog of pensions owed Abia retired workers since 2014.

He said, “I want to make a few things clear, one that even before we came on board, a lot of people who had followed our views understand that we were not going to continue with the practice of paying pensions and allowances to this set of former government officials.

“A lot of people had confronted me to remind me that very soon, I will also be a former governor and I agree completely.”

He stressed that government is not about self-interest, pointing out that he believes that stopping the pensions for governors and deputy governors was the right step to take as it is all about good governance and stewardship.

The governor added, “So it’s all about good governance. It’s all about stewardship to our people, and I strongly believe that any leader who believes that leadership is a business has lost his way.

“As far as I am concerned, leadership is stewardship, and if you now want to take up all the resources that belong to the people you are leading, I’m not sure that it is morally correct.

“Government is not about self-interest, and it’s actually self-interest that destroys government. If you accuse me of belonging to a class, I would readily admit, but add that I have happily committed class suicide because I would have benefitted if this law had continued.

“But we all know that it’s not the best for the country, for this state, for the workers who were hitherto owed for months, and for pensioners who we are still struggling to defray several months and years of arrears from 2014.

“It’s more appropriate for us to use the funds that would have been used to pay former elected political office holders to pay our workers.”

Otti appreciated the House of Assembly for the cordial relationship existing between it and the executive arm of government, which, according to him, is built on trust, respect, and understanding that they are working for the common good of the people.

Presenting the bill for his assent earlier, the Speaker of the state House of Assembly, Emmanuel Emereuwa, represented by the Deputy Speaker, Austin Meregini, said the Bill repeals Law No 4 of 2001, which empowers the state government to pay pensions to governors and deputy governors in the state, and thanked the governor for working harmoniously with the state House of Assembly.

Labour party belongs to NLC, says Wabba

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A former President of the Nigerian Labour Congress, Ayuba Wabba, has stated that the Labour Party was formed by the NLC as a platform for members of the union to exercise and defend their rights.

Wabba made the statement on Thursday during an interview on the Channels Television programme, Politics Today, where he addressed the crisis between the union and the party.

In a letter dated Tuesday, March 19, 2024, the NLC had instructed state councils and political commissions to picket Labour Party secretariats across the country, following a virtual meeting of the NLC National Political Commission and the leadership of the NLC State Councils and State Political Committees.

The According also reported that the NLC on Wednesday, stormed the party’s national secretariat, to protest the LP’s national convention planned for the end of the month, and to demand the sacking of the National Chairman, Julius Abure.

Addressing these issues, the former NLC president clarified that the party belonged to the NLC, in line with the major objective of the labour union.

He said, “First and foremost, the Labour Party was formed by the NLC, in the realisation of a clear objective in the Constitution of the NLC. Under Article 3 and Item 1, the major objective of the NLC is to promote, defend and advance the economic, political, and social rights and well-being of Nigerian workers and pensioners.

“We own the Labour Party; it was formed under the leadership of Pascal Bafyau, as Party for Social Democracy. Under Adams, organs decided to change the name to the Labour Party, and the first chairman was S.O.Z Ejiofor who later handed over to Dan Anyanwu.

“So, the essence of forming the party is to make sure that workers, pensioners, farmers, can be able to have a platform to exercise their rights, which is enshrined in Section 40 of the Constitution. The party was formed by NLC, and registered by NLC. It’s like you built a house, you got a C-of-O, then you rented the apartment, so you must have an interest in how the property is managed.”

Wabba also explained that the basis of the dispute between the NLC and the LP was that the party had not honoured the contents of a consent agreement brokered by the Independent National Electoral Commission, and signed in June 2022, in which both parties agreed to the inauguration of a Board of Trustee, to be headed by the pioneer chairman of the party, and the conduct of a national convention.

According to him, these informed the decision of the NLC to picket secretariats of the party, to “draw the attention” of the LP “to respect the sanctity of the June 27, 2022, agreement, brokered by INEC”.

16 states submit reports on state police to NEC

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Sixteen of Nigeria’s 36 states have submitted reports on the proposed establishment of state police.

This comes weeks after the Federal and State Governments, on February 16, 2024, resolved to develop modalities to create state police to tackle the country’s security crisis.

The nation has been under the waves of abductions, attacks by suspected bandits and other violent crimes, reviving calls for the establishment of a multi-level policing system, including state police.

The Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, in a statement on Thursday said discussions around the state police was held at a meeting of the National Economic Council.

Nkwocha, in the statement said, “Secretary to NEC (Mr Nebeolisa Anako) made a presentation on submissions by states on the state policing initiative.

“Reports have been received by 16 states on the establishment of state police

“20 states are yet to send in report. All states across the country expressed their support for the establishment of state police for the following reasons.”

However, no details were given about the specific states.

The Vice President’s spokesperson had affirmed that the total number will be presented at the next NEC meeting even as “the compilation is still going on”.

On February 20, 2024, a bill proposing the creation of state police successfully passed the second reading at the House of Representatives.

The legislation titled, ‘A bill for an Act to alter the constitution of the Federal Republic of Nigeria, 1999, to provide for the establishment of State Police and related matters,’ was slated for a second reading before the end of this week.

Backed by 13 House members, the bill gained the majority’s favour in the Green Chamber, with many lawmakers arguing that the security challenges take preeminence over concerns about political victimisation by state governors.

The debate for creating state police in Nigeria primarily stems from the centralised nature of the Nigerian Police Force, which many security pundits perceive as inadequate for addressing the unique security challenges across the country’s diverse regions.

Proponents argue that the outfit would bring law enforcement closer to the communities they serve, enhance the effectiveness of policing, and allow for more localised control over security matters.

However, opponents fear that state police could lead to the abuse of power, particularly in states with strong political control, potentially exacerbating regional tensions and undermining national unity.

JUST IN: Mohbad’s family to conduct separate autopsy in US

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The family of late singer, Ilerioluwa Aloba, aka Mohbad has revealed plans to conduct a separate autopsy and toxicology test as part of efforts to determine the cause of the deceased’s death.

The head of the family’s legal team, Monisola Odumosu, disclosed this in an exclusive chat with According Online on Thursday.

Odumosu said the family was planning to file an application at the Lagos State High Court to commence the process.

The Director of Lagos State DNA and Forensic Centre, Dr Richard Somiari, on Wednesday, told the Coroner’s court sitting in the Ikorodu area of the state that the results of an autopsy conducted on Mohbad would be ready in the next three or four weeks.

Odumosu, however, explained that Mohbad’s family considered the test being carried out by the government too slow, while it also expressed concerns about the process of the autopsy.

He said no expert represented the family at the point the post-mortem was conducted.

He said, “We filed an application at the Coroner’s court on Wednesday to conduct our own autopsy and toxicology test, but the magistrate said he did not have the power to approve that and told us to approach the High Court.

“We are already preparing our document to go to the High Court so that we can ask for permission to organise our own autopsy and toxicology test. We have been planning this before now because we feel the government is too slow.

“They disclosed on a radio programme about three weeks ago that they were just about taking it to the US and that may take about 10 to 12 months and that is too long considering the fact that they had taken a sample from the body almost five months earlier.

“So why do we have to wait for so long a time? Then secondly, when the autopsy was being conducted, representatives of the family should be someone who is well informed on the issue of the autopsy; an expert that will confirm if it was properly done. But they just called anyone.”

Odumosu further disclosed that the family wanted to be sure if what they took from the deceased’s body was what they sent for a toxicology test in the US.

He also confirmed that the separate test would be conducted in the US.

He said, “We are also planning to do it in the United States. Another reason why we took the decision was because for instance, if they poison someone, at a point in time, it will evaporate that no test can discover it. So we don’t want to wait till when that has happened before we think of doing our test and discover that nothing was found.”

Mohbad died on September 12 at the age of 27, with circumstances surrounding his death sparking controversies on social media.
Being a former record label signee of Marlian Music owned by Naira Marley, Mohbad left the label in February 2022.

The Lagos State Police Command had on September 18, 2023, inaugurated a 13-man special investigation team to probe the death.
His death also led to the arrest of Naira Marley and controversial Lagos socialite, Balogun Eletu, aka Sam Larry, amongst others.

The body of Mohbad was on September 21, 2023, exhumed for autopsy to unravel the cause of his death.
In the course of its probe, the police declared Primeboy wanted on October 4, 2023, after which he turned himself in two days after.

Meanwhile, Mohbad’s father, in November 2023, had stated that nobody should collect his son’s body for burial without his authorisation.

Protesting NLC members stole salaries in LP secretariat -Abure

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The embattled National Chairman of Labour Party, Julius Abure, on Thursday lamented that the party lost property worth millions of naira and some staff salaries to the invasion by protesting members of the Nigeria Labour Congress.

Abure made the claim in a statement issued in Abuja by the National Publicity Secretary of LP, Obiora Ifoh.

The ongoing conflict between the NLC and the leadership of LP escalated on Wednesday when members of the union picketed the party’s secretariats across the country.

The move was to press home their demand for Abure’s resignation.

The protesters were spotted laying siege to LP national headquarters in Abuja on Wednesday, chanting solidarity songs.

They were however prevented from gaining access into the party secretariat by security operatives posted to the area to maintain order.

But Abure insisted that they broke into the offices where they destroyed property worth millions of naira and also made away with some money meant for staff salaries and other official uses.

He said, “What we saw was a show of shame, a show of rascality, an abuse of office and an abuse of the law of the land. NLC under Joe Ajaero is not above the law and the law precludes Ajaero and the leadership of NLC to take law into their hands.

“Where they besieged the office, broke the fence, destroy the gates, unlawfully took possession of the secretariat and destroyed properties worth millions of naira. Properties stolen including monies meant for the payment of salaries and other official purposes. This is unfortunate. It is becoming unbecoming.

‘I must state today that the leadership of NLC under Joe Ajaero is on the part of destroying the successes we have recorded in the 2023 general election. I had expected that as a responsible trade union centre, a responsible labour leader; he should have teamed up with Labour Party to see how we can team up together to make the country better. Unfortunately and ironically too, the NLC is the one that is on the part of war against Labour Party.

“Over the past few years, NLC has been claiming ownership of Labour Party. l must state clearly that NLC is not the owner of Labour Party. The party is not owned by NLC. The law is very clear that you cannot picket an organisation where you do not have your workers.

“We are not employers of NLC and they don’t have the legitimate reason to picket our office. We have no trade union dispute with NLC. This is clearly an abuse of office and abuse of the laws of the land.

“Let me also state here that the propaganda they have been carrying around that we are planning a secret convention is totally false. The NEC met April 2023 in Asaba and granted the permission that the convention must hold in one year. We started planning for the convention since then. We communicated to INEC as requested by the law. We have also informed all the stakeholders including NLC.

“I have discussed the issue with Ajaero on several occasions. NLC on their own has written to INEC on several occasions on the need to hold the convention. We are surprised that the same NLC is the one that is asking that convention should not hold again. He has ulterior motives and we will not allow him to hijack the party.”

Art history professor alleges exploitation by mechanic

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Renowned Art History Professor, Moyo Okediji, has narrated his ordeal at the hands of his mechanic whom he accused of exploitation.

Okediji made this known in a lengthy post on his Facebook account on Wednesday.

He wrote, “Mechanics in Nigeria have turned me into a total mumu. I bought a Mercedes van in 2019 when I visited for the summer. Nothing fancy.

“I needed something to move around when visiting Nigeria. I drove it around town for some 30 minutes and noticed it had some problem with the AC, so I was told to send it to Lagos for repair.

“They informed me there were no good Mercedes mechanics in Ile Ife.
Because I was just about to return to my village in the US, I had no problem sending the truck to Lagos for repair before my flight back.

“It would cost about 100k to fix the AC problem, the mechanic told me.
I transferred the money to the mechanic. He found a couple of other issues with the vehicle and asked me to send an additional 250k so the vehicle would be in perfect condition waiting for me in Nigeria.I sent the money.

“Then COVID struck. I couldn’t return the following summer as planned.
I called the mechanic. ‘Oga, there are more complications,’ he informed me. ‘The engine is diesel. Diesel engines don’t like to sit around without being used. Would you just sell me the vehicle?’

“I said no. I wanted it fixed. ‘To change the engine from diesel, we will need 650k,’ he said.

“Olodumare!” I screamed. “Where am I going to get that sort of money? ‘It’s best to sell the vehicle,’ he insisted. ‘Or give it to me to run a taxi and I will be sending you whatever I make.’ “No,” I was adamant. “I want my van repaired and returned to Ife.

“It had become a matter of pride to me. I sent him what he asked for.
A week or more, I got a call. ‘Oga,’ he said, ‘The gear of the car is not good o. He better mek we kuku change the gear box o. Mek e nor dey cause you wahala.’

“Ha!” I screamed. “Gearbox again?”
“Yes, o Oga,” he said. “Gear wahala nor good o.” He told me some ridiculously high amount to fix it.
I paid. Then the chassis, he informed me later, would need changing.“What’s wrong with the chassis?” I asked him.
“Oga, I nor go fit describe am for you o,” he said, “unless you drive am to see for yourself. The chassis dey mek jigigidi noise.”

“We changed the chassis. Later, it was the “shock.” “Shock?” I asked. “What the heck is that?” “Na shock dem dey call am o, oga,” he said. “Take a picture of it and send it to me,” I requested.

Later he sent me some pictures. “Ha!” I screamed. “What happened to the vehicle? It doesn’t look like my vehicle any longer!” “Oga, na your vehicle,” he said. “Di trouble be say gof’ment dey worry mechanic for our area. One day dem come tow all the vehicles from our shop. He cost me plenty to get your Mercedes back o. Before dem return am, dem done steal many of the parts….” “Return my vehicle to Ife immediately,” I said in anger. “How we go take do am?” he asked. “The tires nor good o. We go buy four half tires.” “Why?” I asked.
“As he siddon for one spot for many months,” he explained, “tire don spoil.

“You better repair the car properly before he return to Ife o.”
“Did you fix the AC?” I asked.
“Yes nau,” he said. “But dem done steal the AC engine for gof’ment office when dem tow am from my shop. Those people are thieves. They also removed the sound system….”

“I calculated I have spent millions of naira on the vehicle, and I haven’t even driven it for more than 30 minutes, ever!

“I am a mumu,” I told my mechanic.
“No sir, Oga,” he argued. “You nor be mumu sir. Na situation cause am. If say we fit change the….” I cut the call.

“My mechanic done turn me into Yaya Mumuni. E gba mi o! Abeg beg am for me o!”

Okediji had three months ago narrated the harrowing experience he faced during his journey to Nigeria, detailing instances of alleged theft and maltreatment by immigration and police officers.

Terrorist posing as policeman killed in Sokoto

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Soldiers, in collaboration with vigilantes, have killed a terrorist leader masquerading as a police officer in Sokoto.

The terrorist was said to have been perpetrating crimes while pretending to be a police officer in the state.

A statement on Thursday by the Director, Army Public Relations, Maj-General Onyema Nwachukwu, noted that he was killed on Wednesday, March 20, 2024, during a sting operation.

He said troops recovered one AK-47 rifle and a magazine containing four live rounds of 7.62mm special ammunition.

The statement read, “In a recent sting operation, Nigerian Army troops, working in collaboration with vigilantes have eliminated a dangerous terrorist, who has been masquerading as a police officer in Sokoto to perpetrate heinous crimes.

“The violent extremist who was eliminated on Wednesday, March 20, 2024 had often disguised to deceive and kidnap unsuspecting victims. The sting operation was conducted following credible intelligence and the suspect was neutralised in a gun battle with the troops.

“The troops also uncovered and destroyed a house used as a covert facility by insurgent kingpins to store drugs and administer treatments to wounded insurgents.

“In a separate counter-insurgency operation in Taraba State, troops neutralised another insurgent in Kutoko Village, in Takum Local Government Area of Taraba State. The offensive resulted in the recovery of an AK-47 Rifle and a magazine containing four live rounds of 7.62mm special ammunition.

“These operations demonstrate the commitment of the Nigerian Army in combating terrorism and insurgency to ensure the safety and security of the nation. We urge well-meaning members of the public to continue to support the troops, as we collectively fight against the nation’s adversaries.”

Fighters boast ahead of Bellator Champions Series

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Ahead of the first event of the new Bellator Champions Series, the mixed martial artists set to do battle on Friday have expressed confidence in their chances for their respective bouts in Belfast, Ireland.

The fighters spoke to the media on a Zoom video conference from the site of Friday’s fight.

In the main event, Corey Anderson will take on Karl Moore for the vacant Bellator light heavyweight championship.

Anderson emphasised his goals and satisfaction with his career progression saying, “My goal is to be the best and dominate this show. I feel like I am finally getting what I deserve with Bellator which I didn’t get at UFC.”

Moore believes he is ready for the bout and doesn’t feel any pressure saying, “I never feel pressure, and everything else is just noise. My whole life has been dedicated to this moment.”

In the co-main event, Bellator featherweight Champion Patricio ‘Pitbull’ Freire will defend his title against Jeremy Kennedy.

Freire believes he has more to lose but he is excited for the fight.

“I have more to lose than to gain because my legacy is on the line. Breaking records and fighting champions excite me,” he said.

His opponent, Kennedy also expressed confidence to be the champion saying, “I am confident I will take the belt. I want people to know I am a champion, and I want to stay the champ.”

Nate Kelly, an amateur 130-Pound catchweight fighter, expressed confidence in his training saying, “I’ve been training really well, and I know it’ll be a finish in this fight (against Jordan Elliot).”

Speaking next was Nathan Kelly, a featherweight fighter scheduled to battle Singh Ruhil, who emphasized his focus on preparation and his intention to secure another victory.

“All I can do is prepare as best as I can and take another head from the fight. That’s what I intend to do on Friday,” he said.

“In my camp, I have put in a bit more work with a boxing coach because I actually have a grappling background so I am trying to transition the boxing into my MMA. I am just trying to be relaxed and do my best on the night,” he added.

Leandro Higo expressed anticipation for his fight against James Gallagher saying, “We’ve been wanting this fight for a long time, and finally, this Friday, the fans are in for a treat.”

His opponent, Gallagher, believes his opponent is not prepared for the upcoming battle.

“I bring a certain mindset and skillset that he has not experienced. He is hoping that I am not going to show up, but he is going to meet someone who really loves fighting,” Gallagher said.
Ciaran Clarke, a bantamweight fighter, reflected on his training camp and excitement for the fight against Darius Mafi, saying,”The camp went great, I’ve done all I can to prepare for this fight. The goal is to keep getting better and reap the rewards.”

Bellator middleweight number one contender Fabian Edwards acknowledged his opponent Aaron Jeffery’s fighting style.

“He is a come forward fighter that likes to bring on the pressure and I think he really suits me as an opponent because I am a clean striker.
“I just have to go out there and win,” Edwards said.

Jeffery discussed his his aspirations after this fight saying, “After this fight, I should get the choice to face the champion.

“Every fight is different, so you have to treat each fight as its own but I think I can break him in the cage.”

With such determination and confidence exhibited by the fighters, the Bellator Champions Series promises to be an electrifying event, with fans eagerly anticipating thrilling matchups and unforgettable moments in the cage.

Interior minister seeks military, paramilitary cooperation

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The Minister of Interior, Olubunmi Tunji-Ojo, has sought collaboration between the military and paramilitary agencies to bolster national security efforts.

According to him, there was a need to bridge existing gaps between the military and the ministry.

Speaking while receiving the Chief of Defence Staff, General Christopher Musa, in his office in Abuja on Thursday, the minister advocated seamless intelligence sharing and resource allocation to effectively counter emerging threats.

This was contained in a statement on Thursday by the minister’s Media Adviser, Babatunde Alao.

The statement partly read, “Expressing gratitude for the ongoing support from the Armed Forces, Minister Tunji-Ojo emphasized the pivotal role played by military personnel in assisting agencies under the ministry during various operations.

“Highlighting key areas of collaboration, the Minister emphasized the importance of training initiatives, particularly for personnel of the Nigeria immigration service stationed at border checkpoints, and officers of the Nigeria Security and Civil Defence Corps tasked with safeguarding forested areas.”

He, however, caled for an understanding to facilitate coordination and operational assistance between agencies under the ministry and the Nigerian military.

The statement added, “There are numerous responsibilities that I believe the nitty-gritty can be worked out in a Memorandum of Understanding between our agencies and the Nigerian military, encompassing equipment, training (which entails know-how), and other operational assistance.

“I want it to be your legacy, my legacy, and above all, the legacy of the Commander-in-Chief of the Armed Forces, President Bola Ahmed Tinubu, that the military and the Nigeria Immigration Service were able to synergize and protect our border in such a way that any internal threat can be contained internally.”

On his part, Musa commended Tunji-Ojo for his initiatives that have contributed to the ministry’s progress since assuming office.

 

He reaffirmed the Armed Forces’ commitment to supporting the ministry in its mandate to enhance internal security, stressing the importance of unity between the Ministry of Defence and the Ministry of Interior in addressing contemporary security challenges.

“I want to assure you that the armed forces are fully with you. The Ministry of Defence and the Ministry of Interior are the same.

“Those days, the Defence came in because we were fighting conventional warfare, mostly country to country but now, the fight is within. We are fighting unknown actors – people you don’t know about. That makes it very critical. And, that’s why I want to assure you that we are going to collaborate with you,” he said.