News
Revealed: How Tech Whistle Blowers Triggered Banking Tsunami
The battery of claims and counter-charges has succeeded in diverting attention from the existence of whistle blowing, a dangerous safety mechanism which triggered the banking tsunami in the first place, Nigeria CommunicationsWeek can now reveal.
Using portable digital technology, whistle blowing, a conscience-based activity has been transformed into a culture as the blowers exploit the anonymity of technology to bring light to the messy insides of the banking balance sheets.
They presented so called “true position” as the banks tried to make their books presentable to both investors and regulatory authorities.
Nigeria CommunicationsWeek gathered that the bulk of evidence and clues provided by the whistleblowers pressured the Central of Nigeria (CBN) to pursue the audit of the first 10 banks to conclusion.
It will be recalled that in a landmark rejig, CBN last month, sacked five banks chief executives including Erastus Akingbola, Intercontinental Bank Plc, Sebastine Adigwe of AfriBank Plc; Okey Nwosu of Finbank; Barth Ebong of Union Bank Plc and Mrs Cecilia Ibru of Oceanic Bank Plc.
In apparent contradiction, the same apex bank had earlier approved the audited account of Oceanic Bank under Ibru.
Critics of Prof. Chukwuma Soludo, former governor of CBN, said that previous whistle blowings were ignored because the environment was marked by fear and intimidation, in which there was alleged conspiracy to cover up incompetency, mistakes, and possibly criminal behaviour.
According to the critics, governance and safety pathways under Soludo were inadequate and inhibited by a poor institutional culture.
Nigeria CommunicationsWeek however gathered that the challenge of whistle blowing under Sanusi Lamido Sanusi, governor of CBN is how the industry could benefit from those individuals whose criticism, when well founded and addressed, leads to significant improvements.
For instance, the activities of the blowers and banking tsunami present economic safety and professional challenges to the country.
Expert said that there should be a framework to encourage whistle blowing as it will help to save a lot of situations.
They also call on the CBN to articulate a clear policy of whistle blowing by incorporating the process of protecting the blower against related attacks.
The greatest whistle-blower of all time is Mark Felt, a former number two at the FBI, who with Woodward and Bernstein, Washington Post reporters, changed American political history.
But there have been other whistle-blower cases that altered the political landscape.
In 1971, with Vietnam raging, military analyst Daniel Ellsberg leaked classified documents to the New York Times. "The Pentagon Papers," as they were called, revealed that nearly everyone in the Pentagon and state department knew that the U.S. had no realistic chance of winning the war.
The story fuelled anti-war protests and added to the public pressure that pushed the Nixon administration towards peace talks. As for Ellsberg, because of administration misconduct against him, charges of theft and espionage were dropped.
News
AfDB to Partner LAMATA to Expand Existing Rail System
The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.
This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.
Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon Quaynor, gave the assurance during a visit to LAMATA.
He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.
“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.
The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and terminate at Volkswagen to join the Blue Line.
“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.
“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.
News
SERAP Drags FG, Govs to ECOWAS Court over ‘Misuse of Cybercrimes Act’
Socio-Economic Rights and Accountability Project (SERAP), has filed a lawsuit against the Nigerian government the 36 states over the Cybercrimes (Amendment) Act 2024.
SERAP is arguing that “the repressive use of the Cybercrimes (Amendment) Act 2024 by the government to criminalize legitimate expression violate the human rights of Nigerians, including activists, journalists, bloggers and social media users”.
In a statement on Sunday, Kolawole Oluwadare, deputy director, SERAP, explained that the suit was filed to stop the Tinubu administration and Nigeria’s 36 governors from using the Cybercrimes (Amendment) Act 2024 to criminalize legitimate expression and punish Nigerians, including social media users.
He said: “Rather than using the amended legislation to make cyberspace and its users safer, Nigerian authorities are routinely weaponizing it to curb Nigerians’ human rights and media freedom.
“The suit no: ECW/CCJ/APP/03/2025 was filed last week before the ECOWAS Court in Abuja.”
Recall that Economic Community of West African States (ECOWAS) Court had on March 25, 2022, declared Section 24 of Nigeria’s original Cybercrimes Act 2015 as “arbitrary, vague, and repressive.”
The court ordered Nigeria to repeal the provision, citing non-compliance with human rights obligations under the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights.
Although the Cybercrimes (Amendment) Act 2024 repealed Section 24, the Socio-Economic Rights and Accountability Project (SERAP) argues that the reworded provisions still infringe upon freedom of expression and information.
SERAP’s concerns center around the ambiguity of “causing a breakdown of law and order” in Section 24(1)(b), which they believe threatens peaceful and legitimate expression and leaves room for abuse.
SERAP highlighted several instances where the law was allegedly misused to target government critics, including activist Dele Farotimi, journalist Agba Jalingo, and social media user Chioma Okoli.
The organization emphasized that the amended legislation has a chilling effect on human rights and media freedom.
SERAP stressed that the amended Act contravenes international human rights law, which requires restrictions on freedom of expression to serve a legitimate purpose and be strictly proportionate.
The organization seeks a declaration that Section 24 of the Cybercrimes (Amendment) Act 2024 is unlawful and an order directing the government to repeal or amend the legislation in compliance with international standards.
However, a hearing date has not been set for the suit.
News
GOCOP Applauds Edo Gov for Appointing Edomaruse, SA, Int’l Development
Guild of Corporate Online Publishers (GOCOP) has applauded Mr. Monday Okpebholo, Edo State governor, for the appointment of Mr. Collins Edomaruse as his Special Adviser, International Development Partners (IDP).
Ms Maureen Chigbo, president of GOCOP and publisher of RealNews Online, described Edomaruse’s appointment as a welcomed development.
Chigbo in a press statement by Ogbuefi Remmy Nweke, GOCOP Publicity Secretary, also congratulated Edomaruse for this appointment assuring of support from over 110 members of GOCOP in carrying out his duties.
Until his appointment, Edomaruse who is a founding member of GOCOP and the Secretary General of the body of reputed online publishers is also a member of the Nigerian Guild of Editors (NGE), among others.
Edomaruse doubles as the Publisher/Editor-in-Chief of METROWATCH, and has held several senior editorial management positions in THISDAY, including Group News Editor, Group Politics Editor, Deputy Editor, Daily, Saturday and Sunday titles respectively, as well as the Editor, Nation’s Capital/Abuja Bureau.
Also known as ‘General’ because of his mastery of the Defence Beat, his records in THISDAY have remained unbeaten, where he ranked the best among the editors.
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