Buhari Asks Senate To Confirm Law Reform Commission, NDIC Nominees

A file photo of President Muhammadu Buhari addressing the nation on April 28, 2020.

 

 

President Muhammadu Buhari has asked the Senate to confirm Professor Jumai Audi as the Chairman of the Nigerian Law Reform Commission.

The Senate President, Ahmad Lawan, revealed this while reading a letter from the President to the lawmakers present at Tuesday’s plenary in the Upper Chamber of the National Assembly in Abuja.

President Buhari also sought the confirmation of three other persons as regional commissioners of the agency.

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They are Ebele Chima (Commissioner – South East), Bassey Abia (Commissioner – South-South), and Mohammed Ibraheem (Commissioner – South-West).

The letter reads, “In compliance with the provision of Section 2(2) of the Nigerian Law Reform Commission Act No. 7 of 199, I wrote to forward to the Senate for confirmation the under-listed (4) names of nominees as Chairman and full-time members of the Nigerian Law Reform Commission.”

Similarly, President Buhari urged the lawmakers to confirm Diana Okonta (South-South); and Ya’ana Talib Yaro (North-East) as Non-Executive Directors of the Nigeria Deposit Insurance Corporation (NDIC).

According to him, the appointment of the nominees was done “in compliance with the provision of section 5(2)(4) of the Nigeria Deposit Insurance Corporation Act” to fill existing vacancies.

Relying on order 1(b) of the Senate Standing Rules, the Senate Leader, Yahaya Abdullahi, moved a motion for the upper chamber to expedite action on the President’s request for the confirmation of the NDIC nominees.

The Senate President, on his part, stressed the need for the lawmakers to “fast-track the process” to enable the Senate Committees to screen the nominees.

He, thereafter, referred the confirmation request of the NDIC nominees to the Senate Committee on Banking, Insurance, and Financial Institutions.

The committee, which is chaired by Senator Uba Sani, was given two weeks to report back to the Senate.

CBN Denies Review Of Foreign Exchange Law

forex, CBN, bureau de change, exchange rate, Central bankThe Central Bank of Nigeria (CBN) has denied plans to amend the Foreign Exchange Act.

In a statement, the regulator says it remains committed to safeguarding the international value of the country’s legal tender.

It added that the plans of a 20% fine for any holder and confiscation of funds in domiciliary accounts of individuals is not true.

The news broke over the weekend that the federal government and the CBN were planning to stem volatility in the foreign exchange market with such plans.

The Nigerian Senate on Monday expressed surprise at the recommendation which was made by the Nigerian Law Reform Commission.

The commission recommended a review of the Nigerian Foreign Exchange Act to accommodate punishment for persons holding on to foreign currency.

The commission wants the law to empower the the Central Bank of Nigeria to jail people for up to two years or fine them for 20% of the amount of the foreign currency held in their possession for more than 30 days.

But the Senate’s through its spokesperson, Senator Aliyu Abdullahi, stated that the measure was disruptive and counter-productive and would undermine many of the reform efforts already underway in the legislature and by government ministries intended to boost investors’ confidence.

The proposed changes are said to be intended to help control capital flows and prevent foreign exchange from being taken out of Nigeria.

Senate Rejects Proposal To Punish People For Holding Forex

Senate on forex - Foreign exchange The Nigerian Senate on Monday expressed surprise at a recommendation by the Nigerian Law Reform Commission for a review of the Nigerian Foreign Exchange Act to accommodate punishment for persons holding on to foreign currency.

The commission wants  the law to empower the the Central Bank of Nigeria to jail people for up to two years or fine them for 20 per cent of the amount of the foreign currency held in their possession for more than 30 days.

But the Senate’s through its spokesperson, Senator Aliyu Abdullahi, stated that the measure was disruptive and counter-productive and would undermine many of the reform efforts already underway in the legislature and by government ministries intended to boost investors’ confidence.

The proposed changes are said to be intended to help control capital flows and prevent foreign exchange from being taken out of Nigeria.

However, the Senate spokesman stated that although some of the Commission’s recommendation had many sound attributes and could help Nigeria’s investment climate, a market-oriented exchange rate policy was the best recipe for guiding the operations of the foreign exchange market.

According to him, such policy will ensure the supremacy of market mechanisms in efficiently allocating the scarce forex resources.

“The Upper Chamber believes the CBN should have the authority to regulate the forex market and determine the exchange rate policy as already enshrined in its enabling Act,” Senator Abdullahi added.

Nigerian Laws Are Business Friendly – Commissioner

A Federal Commissioner with the Nigerian Law Reform Commission, Mr. Kefas Magaji, has declared that Nigerian laws are “business friendly.”

In this edition of Question Time, Mr. Magaji reveals that the major problem of the commission is the implementation of laws. He also talks about other challenges and prospects of the agency.