Lagos Commissioner for environment, Tokunbo Wahab, at the world environment day celebration held on friday, june 7, 2024 at the Adeyemi Bero auditorium, Alausa, advocated for collective effort to combat environmental challenges.

Tokunbo said, “Esteemed guests and dedicated advocates of environmental sustainability, It is a profound privilege to stand before you today as we come together to celebrate the 2024 World Environment Day (WED), themed “Land Restoration, Desertification, and Drought Resilience.” I extend my heartfelt gratitude to our partners, whose unwavering support has been instrumental in our quest for a greener and more sustainable world.

I also want to commend the Staff of the Ministry of the Environment and Water Resources for their relentless efforts in promoting policies that drive sustainable practices daily.

Today’s theme is a call to action, addressing the critical challenges of land degradation, desertification, and drought issues that threaten our very existence and the future of our planet. These environmental crises impact food security, water availability, biodiversity, and the livelihoods of millions of people worldwide.

Land degradation, driven by unsustainable agricultural practices, deforestation, and climate change, affects about 1.9 billion hectares of land globally.

Desertification is the process by which fertile land becomes desert, affects over 168 countries, making it one of the most significant environmental challenges of our time. Additionally, drought have become more frequent and severe, exacerbating the impacts of climate change, and threatening the resilience of ecosystems and communities.

In our nation, these challenges are particularly pronounced. Nigeria, with its vast and diverse landscapes, faces significant threats from land degradation and desertification, especially in the northern regions. The encroachment of deserts and the loss of arable land are affecting agricultural productivity, water resources, and the livelihoods of millions of Nigerians.

In Lagos State, we are not immune to these challenges. As a megacity with a growing population and rapid urbanization, we must take proactive measures to address land degradation and enhance our resilience to drought. The health of our land directly impacts our water resources, food security, and overall well-being.

To tackle these pressing issues, we have initiated several key strategies:

Sustainable Land Management: We are promoting sustainable agricultural practices, reforestation, and afforestation projects to restore degraded lands and prevent further desertification. These initiatives not only enhance soil fertility and productivity but also sequester carbon, contributing to climate change mitigation.

Community Engagement and Education: Empowering our communities with knowledge and resources is crucial. We are conducting extensive outreach programs to educate farmers, local leaders, and citizens on sustainable practices that promote land restoration and drought resilience.

Policy and Legislation: Strengthening our environmental policies and legislation is essential for long-term success. We are committed to enforcing regulations that prevent land degradation, promote sustainable land use, and support restoration efforts.

Partnerships and Collaboration: We recognize that addressing these challenges requires a collective effort. We are fostering partnerships with international organizations, research institutions, civil society, and the private sector to leverage expertise, resources, and innovative solutions.

The journey ahead may be daunting, but I am confident that with our collective determination, we can overcome these challenges. Our efforts to restore our land, combat desertification, and enhance our resilience to drought will yield lasting benefits for our environment, economy, and future generations.

Ladies and gentlemen, I urge each one of us to take responsibility and act with urgency. Let us commit to sustainable practices in our daily lives, support restoration initiatives, and advocate for policies that protect our environment. Together, we can create a resilient and thriving ecosystem where both people and nature can flourish.

In conclusion, our united efforts today will shape the sustainable and prosperous future we envision for tomorrow. Let us embrace the theme of this year’s World Environment Day with passion and dedication, knowing that our actions will make a profound difference.

Thank you.

MR TOKUNBO WAHAB

HONOURABLE COMMISSIONER

THE ENVIRONMENT AND WATER RESOURCES

A group of the minority shareholders community have called for a probe of the management and directors of the failed Heritage Bank.

According to The Punch, the call was made following the revocation of the licence of the bank by the Central Bank of Nigeria.

CBN, when announcing the bank’s licence revocation, said that it was with immediate effect, saying “This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the license the next necessary step.”

The apex bank then appointed the Nigeria Deposit Insurance Corporation as the liquidator of Heritage Bank in line with Section 12 (2) of BOFIA, 2020.

The National Coordinator of Progressive Shareholders Association, Boniface Okezie, said that probing the bank managers would boost confidence in the sector.

He said, “CBN is also part of the problem in the system, if the bank had been insolvent over the years and they had been living under the mercy of CBN, which should have taken action. In all this, what is the role of AMCON? They should have taken over the bank after all, the bank was also paying a levy to AMCON. Instead, CBN has directed NDIC to take over for liquidation. Is that the way to go?

“Someone has N20m in the bank and you pay them N5m until the assets of the bank have been assessed and liquidated. That is wrong. It is going to discourage people from using banks.

“Besides, is it only Heritage Bank that is insolvent? What is the fate of some other banks in the sector? Are they strong and viable? They should tell us. The management should be called for questioning. Those who ran the bank aground should be called for questioning. It is not enough that NDIC should liquidate.”

According to Okezie, in other climes, the managers and directors would be held accountable.

“There must be a probe to recover people’s money. What assets does the bank have? CBN should probe the collapse of the bank so that others can learn. This is not good enough, something has to be done to arrest the situation,” he stated.

Also, the National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, argued, “They must probe the management of the bank. They should not let it slide because it will happen again if people are let off the hook. Let them investigate exactly what happened to learn lessons and ensure it does not happen again.”

He added that the decision of the regulator was in line with its legal mandate but expressed concerns at the time it took to arrive at the decision.

“The CBN is the regulator, empowered by law to supervise, to know which bank is healthy and which is not, so they are just doing their job. However, why did it take so long to do what is necessary?

“Also, they had another option to rescue the bank, remove the management, and put in place a CBN-led management to ensure it is standing and no one loses anything. At the end of the day, they sell it to Nigerians. This option would retain the employees.

It was an option but they decided to revoke the licence,” he opined.

He went to ask, “What happened? Were those in charge not managing it well? Did they give loans that went bad? CBN didn’t tell us. In an environment like this, I would have preferred the option I suggested. That way, the signal would not be as bad as folks are thinking now.”

The President of the Pragmatic Shareholders Association, Bisi Bakare, remarked, “The CBN has taken the right step on it. The depositors are a bit covered. It is only the shareholders of the bank who will suffer for it.”

Multichoice Nigeria had been fined N150 million by the Competition and Consumer Protection Tribunal (CCPT) for contesting the court’s jurisdiction.

In a decision on Friday, the tribunal mandated that the business give Nigerians free one-month memberships to DStv and GOtv.

Multichoice Nigeria revealed on April 24 that the price of subscriptions for its DStv and GOtv packages will be going up.

On the other hand, Multi-Choice was supposed to start raising its tariffs and prices for goods and services on May 1; however, on April 29, the tribunal prevented this from happening.

In its ruling on Friday, a three-man panel, led by Thomas Okosu, cited section 39(2) of the Federal Competition and Consumer Protection Commission (FCCPC) Act that states that the “tribunal shall have jurisdiction throughout the federation and on all commercial activities aimed at making a profit”.

“The jurisdiction of this tribunal extends to all business activities within Nigeria,” Okosu ruled.