BIG STORY

Bill Limiting Acting Capacity Of EFCC Chairman Passes Second Reading

Published

4 years ago

March 25, 2021

A Bill seeking to amend the Economic Financial Crimes Commission (EFCC) Act 2004 to among other things address the existing lacuna in the Act by making provision for a limit and time frame within which a person appointed as the chairman of the commission can occupy the position in acting capacity has passed the second reading in the House of Representatives.

The Bill, which is sponsored by Hon. Ossai Nicholas Ossai, Hon. Tajudeen Yusuf, Hon. Wale Raji and Hon. Kabiru Tukur also provides for the commission to retain 0.005 percent of the loot recovered to fund its operations for more efficiency and effectiveness.

Contributing, Hon. Yusuf said the amendment of the EFCC Act, referred to as “The Principal Act” seeks to amend Section 2 of the Act.

He said: “Section 2 of the Principal Act provided that the acting chairman shall only occupy the position for a period not exceeding six months after which his appointment will lapse if he is not confirmed by the Senate.”

He added that Section 35 of the Principal Act provides that 0.05% of the sums of money and value of assets recovered from looted funds and proceeds of crime is credited to the funds of the commission to enable it to be more effective in the discharge of its responsibilities.

Yusuf argued that funds shall not be credited to the commission without authorization by the National Assembly through the relevant committees of the Senate and House of Representatives.

In his submission, Hon. Raji said the Bill also seeks to expand the scope of persons qualified as chairman of the commission.

He argued that the amendment was informed by the unique activities carried out by the commission, and its inability to fully achieve its mandate since inception.

Raji explained that the essence of the amendment is primarily to accommodate and give legal backing to other professionals both in the public and private sector, who are qualified for an opportunity to pilot the chief anti-corruption agency of the country not necessarily being a member of the Nigerian Police Force or any other security outfit.

He added that the proposed amendment states that the chairman shall: “be a person of recognized financial experience with proven integrity in financial crimes control whether in the public or private sector and committed to the fight against corruption”.

Raji submitted that the proposed amendment is tailored towards selecting the best-qualified hand with all the requisite experience to manage and carry out the aims and objectives of the commission.

He further said that the crux of the amendment is to remove the statutory limitation in the appointment of the chairman of the commission, which is presently limited to persons within the security architecture of the country.

Raji noted that the current provision neglects able and qualified persons with recognized financial experience in crime control, who are in the private sector.

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BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

Published

7 hours ago

November 26, 2024

PorscheClassy News

NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

Published

7 hours ago

November 26, 2024

PorscheClassy News

The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

More to come…

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BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

Published

8 hours ago

November 26, 2024

PorscheClassy News

The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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