Time for Buhari to announce all Board appointments - CBN, BOI, NERC, CAC, NIPC, etc

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Wednesday, January 06, 2016 2.08 PM/ Proshare

The analyst community and the Nigerian media has seemingly forgotten about the more important link in the ‘change mantra’ it would seem – the ‘enablers’.

While we have been regaled by tales of corruption that ranks in scale and impact beyond possible comprehension; albeit duly affirmed and corrobated by the actors involved – especially the Dasuki absurdity ….we were equally numbed into a coma about the CBN’s monetary policy interventions which in the main amounts to no more than a bridge to nowhere in the absence of relevant fiscal side policy decisions.

In effect, the distractions that ensued off serious issues, has covered up a void at the heart of governance.

One of the more obvious gaps is the importance of corporate governance in managing change.

The more recent example of MTN Nigeria seeking to exploit technical considerations around extant laws and institutional conduct brings to fore the importance and imperative of ensuring that the change we seek must be institutional and is premised on foundational precepts that are consistent with sound governance ethos.

A situation where there are no proper boards in place for regulators and key government agencies is a drawback that must be immediately nipped in the bud.

Suffice to say, while an agency of government like the Nigerian Ports Authority (NPA) can function without a board, we cannot afford same for institutions like the Central Bank of Nigeria (CBN), NERC, CAC, BOI, NIPC and a host of others critical to economic policy decisions.

Today, the bankers committee is meeting with the IMF chief ahead of the MPC meeting happening in a forthnight, yet the CBN Board member(s) provisions in the MPC are not in place.

To even talk about the other salient issues arising from such a gap will be to undermine the successful presentation of the budget for which some of this agencies retain a front seat.

Needless to add, we should act now and establish proper corporate governance ethos for the entities/agencies of government charged with the change agend.

Some boards needed to be filled….

Some Corporate Boards in Nigeria
The Board
Board Status
1 NIPC  Mrs. Uju Aisha Hassan-Baba  The Executive Secretary/CEO No Board  Constituted The Nigerian Investment Promotion Commission is a Federal Government Agency in Nigeria established to encourage, promote, and coordinate investments in Nigeria. The Agency provides services for the grant of business entry permits, licenses, authorizations and incentives in a One-Stop-Shop environment. 
2 SEC Mounir H. Gwarzo Director General Board Consists of the DG and two executive commissioners The Securities and Exchange Commission, SEC is a Government Agency Mandated to Regulate and Develop the Nigerian Capital Market.
    Rt. Hon. Zakawanu Garuba Executive Commissioner, Corporate Services
    Mrs. Sa’adatu Muhammad Bello Executive Commissioner, Legal & Enforcement
3 CBN Mr. Godwin Emefiele Chairman Board Constituted The CBN is charged with the overall control and administration of the monetary and financial sector policies of the Federal Government.
    Dr Sarah Alade Executive Board Member  
    Alhaji Suleiman Barau  Executive Board Member  
    Mr. Adebayo Adelabu Executive Board Member  
    Dr. Okwu Joseph Nnanna Executive Board Member  
    Dr. Anthony Adeiza Adaba Non-Executive Board Member  
    Alhaji Muhammad Musa Kafarati  Non-Executive Board Member  
    Mr. Collins Chike Chikeluba Non-Executive Board Member  
    Mr. Ayuli Jemide Non-Executive Board Member  
    Mrs. Anastasia M. Daniel- Nwaobia Non-Executive Board Member  
    Mr. Stanley I. Lawson Non-Executive Board Member  
    Alhaji Ahmed Idris Non-Executive Board Member  
4 NERC Dr Sam Amadi Chairman/CEO No Board  Constituted The Nigerian Electricity Regulatory Commission is an independent body, established by the Electric Power Sector Reform Act of 2005 to undertake technical and economic regulation of the Nigerian Electricity Supply Industry.
5 BOI  Mr. Rasheed Adejare Olaoluwa Managing Director/Chief Executive Officer No Board  Constituted Providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones.
    Mr. Waheed A. Olagunju Executive Director  
    Mr. M. G. Alkali Executive Director  
6 CAC Bello Mahmud Registrar-General/CEO No Board  Constituted Corporate Affairs Commission was established by the Companies and Allied Matters Act , which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.
7 NEPC Mr. Olusegun Awolowo  Executive Director/CEO No Board  Constituted The statutory roles of the Nigerian Export promotion Council are: To promote the development and diversification of Nigerian’s export trade.
          To assist in promoting the development of export related industries in Nigeria.
          To spearhead the creation of appropriate export incentives.
          To actively articulate and promote the implementation of export polices and programs of the Nigerian Government.
8 NCC  Prof. Umar Garba Danbatta Executive Vice Chairman No Board  Constituted The NCC is responsible for creating an enabling environment for competition among operators in the industry as well as ensuring the provision of qualitative and efficient telecommunications services throughout the country.
9 FIRS Tunde Fowler Executive Chairman No Board  Constituted Federal Inland Revenue Service (Establishment) Act No. 13 of 2007 formally established the Federal Inland Revenue Service to control and administer the different taxes and laws specified in the First Schedule or other laws made from time to time by the National Assembly or other regulations made thereunder by the Government of the Federation and to account for all taxes collected.
10 NDIC Ambassador (Dr.) Hassan Adamu, CON Chairman Board Constituted The Deposit Insurance Scheme (DIS) being implemented by the NDIC was designed as a Risk Minimiser, with the following mandate of deposit guarantee, banking supervision, failure resolution and bank liquidation with minimum disruption to the banking system
    Hon Omo'lola Abiola-Edewor Executive Director, Corporate Services    
    Alhaji Umaru Ibrahim, mni Managing Director/CEO    
    Prince Aghatise Erediauwa Executive Director, Operations    
    Mr. Lawan Zakaria Gana Board Member    
    Ms. Bennedikter China Molokwu Board Member    
    Chief David Oghene Board Member    
    Chief Oyebisi L. Ilaka Board Member    
    Mr. Rasaq Tunde Lawal Board Member    
    Mr. Aliyu Abdulrahman Dikko Board Member    
    Mrs A. C. Martins Board Member    
    Alhaji Kalli Zaji (Director, Home Finance), Representing Federal Ministry of Finance    
11 NAICOM Mohammad Kari Commissioner for Insurance No Board  Constituted The principal object of the Commission is to ensure the effective administration, supervision, regulation and control of insurance business in Nigeria. 
12 FRC Mr. J. O. Obazee     Executive Secretary/Chief Executive Officer. Board dissolved by FG The Council’s main objects, as defined in the FRC Act, are to: protect investors and other stakeholders interest;give guidance on issues relating to financial reporting and corporate governance to professional, institutional and regulatory bodies in Nigeria;ensure good corporate governance practices in the public and private sectors of the Nigerian economy;ensure accuracy and reliability of financial reports and corporate;disclosures, pursuant to the various laws and regulations currently in existence in Nigeria;harmonise activities of relevant professional and regulatory bodies as relating to corporate governance and financial reporting;promote the highest standards among auditors and other professionals engaged in the financial reporting process;enhance the credibility of financial reporting; and improve the quality of accountancy and audit services, actuarial, valuation and corporate governance standards.

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