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Low tax rate is not an excuse to increase tax-AFDB

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Akinwumi Adesina President AfDB

“But when people feel that their resources are mismanaged or being used for opulence, widening the gap between the leaders and those they are leading, it builds distrust and despondency, which then permeates the fabric of society.

“Leaders must not only be accountable; they must live simply. Power is not judged by wealth, but by transforming the lives of people. To earn the trust of people, we must create people’s wealth, not simply personal wealth,” he said.

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Source: NairaMetrics

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Electoral Act: Nigerian Senate rescinds decision on Direct Primaries

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1642610409 Capital market panics as Senate escalates fear of SEC insolvency

The Nigerian Senate announced that it will rescind its decision on the affected Clause of the Bill as passed and re-commit same to the Committee of the Whole for consideration.

This was announced by the Senate during its plenary session on Wednesday and supported Minority Leader, Senator Enyinnaya Abaribe.

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This comes after the Senate had last year supported the amended Bill which included the adoption of Direct primaries.

What the senate said:

Senate Leader, Senator Yahaya Abdullahi approved the Withholding of Assent of Electoral Act No. 6 20210 (Repeal & Re-enactment) Bill, 2021 and its re-committal to the Committee.

Adding that it has agreed to “rescind its decision on the affected Clause of the Bill( Direct primaries) as passed and re-commit same to the Committee of the Whole for consideration.”

The Senate said its Committee of the Whole and Plenary approves Clause 84 as recommended. “Clause 84 in the Electoral Act N0. 6 is to make it possible for the country to have a new Electoral Law based on the reservations made by President Muhammadu Buhari, GCFR.”

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Meanwhile following the adoption of a motion for the re-committal of the bill to the Committee of the Whole by Senate Leader, Yahaya Abdullahi at Wednesday’s plenary, Abdullahi Speaking on the motion for re-committal  said “This is to make necessary amendment in accordance with Order 87(c) of the Senate Standing Orders, 2022 (as amended); and relying on order 1(b) and 52(6) of the Senate Standing Orders, 2022 ( as amended).”

Recall Nairametrics reported earlier that Professor Attahiru Jega, Ex-Chairman of the Independent National Electoral Commission (INEC), stated that dropping the issue of the direct primaries is in the best interest of all stakeholders for 2020, urging that over-riding the President’s decision may not be a good idea.

... Electoral Act: Nigerian Senate rescinds decision on Direct Primaries Read More on ... Nairametrics.

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Source: NairaMetrics

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SEC warns capital market operators against working with clients linked to proscribed terrorist groups

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1642608603 Lamido Yuguda

Nigeria’s security and Exchange Commission has notified Capital Market Operators (CMOs) not to work with clients related to proscribed terrorist groups in any part of Nigeria.

The SEC disclosed this in a circular after Nigeria’s Justice Ministry revealed a gazette declaring bandit groups operating in any parts of the country as Terrorists

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They added that existing CMOs would be screened prior to executing any transaction from the date of the circular.

What the SEC is saying

The SEC warned that “Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any part of Nigeria as Terrorism and Illegal.”

The SEC added that the FG has proscribed their existence and restrained any person or group of persons from participating in any manner whatsoever in any form in the activities of any of the groups.

They also stated that Capital Market Operators (CMOs) are required to screen and verify every client against the above-proscribed groups and any other proscribed terrorist group(s), citing the  United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list, etc. prior to the on-boarding of a new client and when carrying out one-off transaction(s).

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It also urged CMOs to file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit.

What you should know

The FG released a gazette last week signed by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN officially declaring bandit groups operating in any parts of the country as Terrorists.

... SEC warns capital market operators against working with clients linked to proscribed terrorist groups Read More on ... Nairametrics.

Source: NairaMetrics

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