Senate Confirms Appointment Of Tunde Lemo As FERMA Chairman

2019 Budget: Senate Committee Fails To Submit Report, Gets Additional Week
A file photo of lawmakers during plenary at the Senate


The Senate has confirmed the appointment of a Mr. Tunde Lemo as Chairman of the Federal Roads Maintenance Agency (FERMA). 

At the plenary on Wednesday, the Senate adopted the screening report by the Committee on FERMA, which recommended Lemo and seven others for the board of the agency.

While Nurudeen Rafindadi was confirmed as Managing Director, the Executive Directors are Buba Abdullah, Babagana Aji, Shah Abdullah, Loretta Aniagolu, Mujaidu Dako and Vincent Kolawale.

READ ALSO: Senate To Summon Minister Of Health Over Poor Healthcare Services In Teaching Hospitals

Chairman of the committee, Senator Magnus Abe, said the panel found the nominees worthy of the appointments during their screening.

The lawmakers dissolved into the Committee of the Whole and considered the recommendations.


Buhari Appoints Ex-CBN Deputy Governor As FERMA Chairman

Mr Tunde Lemo

President Muhammadu Buhari has approved the appointment of a former Deputy Governor of the Central Bank of Nigeria, Mr Tunde Lemo, as the Chairman of the Federal Roads Maintenance Agency.

The Assistant Director of Press in the Office of the Secretary to the Government of the Federation, Mr Mohammed Nakorji, disclosed this in a statement.

Apart from approving Mr Lemo’s appointment, President Buhari also okayed the appointment of new members of the FERMA Board – all subject to Senate approval.

Those joining the former CBN deputy governor on the board are Nurudeen Rafindadi; Buba Abdullahi; Babagana Aji; Shehu Abdullahi and Loretta Aniagolu; Mujaidu Dako; Vincent Kolawole; Chukwunwike Uzo; Olubunmi Siyanbola; Abdulrazak Ma’aji; Saidu Abdulkadir and Peter Osawe.

President Buhari also reappointed Mr Peter Ewesor as the Managing Director of Nigerian Electricity Management Service Agency.

Mr Ewezor’s reappointment became effective October 3 and gives him one final four-year term in office, in accordance with the provisions of Section 7(3) of the Nigerian Electricity Management Services Agency Act, 2015.

Sanusi Absent From Probe Panel

Suspended Central Bank governor Mallam Sanusi Lamido failed to appear before the financial reporting council probe panel on Thursday in Lagos.sanusi_lamido

His deputies, former CBN deputy governor Mr. Tunde Lemo, and some other incumbent deputy governors of the apex bank were available to answer questions on the spending of the CBN

the Managing Director, Bank of Industry was also present at the investigation while the acting governor of the CBN Mrs. Sarah Alade took permission to attend to some official matters

Financial Reporting Council Sets Sanusi’s Probe Date

sanusi_lamidoThe suspended governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, is expected to appear before the probing panel of the Financial Reporting Council of Nigeria (FRC) on Thursday.

Other CBN staff expected to be present at the probing session are the CBN Acting Governor Dr Sarah Alade, former CBN Deputy Governor, Operations, Tunde Lemo and six others.

The FRC is investigating the activities of the CBN for financial years ended December 31, 2011 and 2012. 

Mr Sanusi was suspended on February 20 by President Goodluck Jonathan for alleged financial recklessness.

He has, however, dragged the government to court, saying it lacks power to remove him and has also approached the court for an order that would restrict anti-graft agencies from arresting him.

Meanwhile, the past Chief Executive Officer of Access Bank, Mr Aigboje Aig-Imokhuede and the former Managing Director and Chief Executive Officer of the defunct Intercontinental Bank, Mr Erastus Akingbola faced the FRC probe panel on Wednesday.

Although neither the members of the panel nor those being probed agreed to talk to the media, Channels Television gathered that Wednesday’s session was a preliminary hearing on issues relating to the relationship between Access Bank and Intercontinental Bank and their recent relationship with the Central Bank.

Akingbola is also facing a suit for allegedly stealing 47.1 billion Naira belonging to Intercontinental Bank.

A court in London had on August 1, 2012 ordered Mr Akingbola to pay Access Bank £654 million for some fraudulent practices committed when he was in charge of the defunct Intercontinental bank which was acquired by Access Bank on January 31, 2012.

2013: Analysts Predict Positive Economic Outlook For Nigeria

Economic analysts have predicted that the Nigerian economy will maintain positive macro-economic indices in 2013.

Speaking on Channels Television’s weekend programme, Sunrise, the analysts including the Deputy Governor (Operations) of the Central Bank of Nigeria (CBN), Tunde Lemo; an Economist, Henry Boyo; and a Bank Executive, Foluke Aboderin, agreed that Nigeria would see higher growth, higher equity valuations, robust reserves accretion, firm oil prices and slightly lower inflation next year.

However, the analysts disagreed on some government policies that have impeded the growth of the Nigerian economy such as the interest rates, cash liquidity and other economic growth indicators.

Mr Lemo said statistics from the CBN showed Nigeria’s foreign reserves which has moved in tandem with higher oil prices up to 34.9 per cent, has reached $44.340 billion.

Watch the complete interview with the three analysts in the five parts video below:

CBN deputy governor says Cashless Lagos policy is succeeding

Deputy Governor of the Central Bank of Nigeria (Operations) Tunde Lemo, today gave an insight on the success of the Cashless Policy introduced by the Central bank in Lagos.

He said the policy is succeeding. he put the total of daily transactions through the Poiint of Sales (POS) machines at a staggering N200 million .

He further said “I say this with all sense of responsibility as the deputy governor of the central bank that we shall ensure that no bank imposes N5000 on anybody who does not want it. You can go to your bank and say you don’t need N5000 note,”

Lemo added that, “Every Nigerian has the prerogative of the currency he or she wants to have. You can go to your bank and say, you don’t need N5000 note. You can say ‘give me  N500, N200 and N100.’  It will be illegal for that bank to say you must have N5000.

Mr Lemo however aggreed that hitches have been encountered in rendering the service as a result of bad network and connectivity.

He also blamed shop owners for their prefference of cash than the use of the machines as factors that have thwarted the complete success of the policy in the Lagos.

On the N5,000 note, he said those who are opposing it are saying that because they don’t have sufficient information about it. He added that people who don’t need it should not ask for it.

N5000 note: Protesters storm CBN headquarters

Members of the Anti-Corruption Network, a non-governmental organisation, on Tuesday in Abuja, marched to the headquarters of the Central Bank of Nigeria (CBN) to protest the planned introduction of N5000 banknote by the bank.

At the CBN headquarters in the Central District of Abuja, the group chanted anti government’s songs amidst heavy rain and accused the bank of trying to further impoverish the poor with the introduction of the N5000 denomination.

The leader of the group and a former member of the House of Representative, Dino Melaye, said the policy will only increase the sufferings of the Nigerian people contrary to the views of the CBN governor, Sanusi Lamido.

“We have received and heard of the corporate policy of the CBN; we have analysed it and I want to believe that laws are meant for men and not men for man,” he said.

“Democracy will continue and must continue to be government of the people, for the people; and by the people and not government of the greedy, for the greedy and by the greedy.

“We are here today as Nigerians to show our displeasure for this very hash policy that the CBN is about to introduce. How will the introduction of the N5000 note bring food or leverage on the table for the common Nigerian? We believe that many failed policies of the CBN, under Sanusi Lamido, have brought more pain and sufferings to us. With this N5000 note, is the CBN approbating and reprobating?”

Tunde Lemo, a Deputy Governor of CBN, who received the protesters on behalf of the bank, said it is not true that the apex bank will use N40 billion to print the new currency as recently reported in the media. He also said even if the CBN is not introducing the new notes, it will still spend money to print currency.

Mr Lemo also said the CBN will not do anything that will not be in the interest of the masses, while arguing that contrary to popular opinion, the introduction of the new N5000 note will not lead to higher inflation.

“Without the masses, there is no CBN; and CBN is doing a lot to help the masses,” he said.

“The most important objective of the CBN is to fight inflation as it hurts the masses more than anything else. The leadership of the CBN is ensuring that its policies will fight inflation to the advantage of the masses,” Mr Lemo added.

He however promised that the apex bank will listen to the opinion of the people on the issue. The protest was peaceful as the Police, led by Ade Shinababa, FCT Commissioner of Police ensured there was order.