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SERAP Fights  FG over Plans to Take over Dormant Account Balances, Unclaimed Dividends

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The Socio-Economic Rights and Accountability Project (SERAP)  has sent an open letter to President Muhammadu Buhari urging him to use his leadership position “to promptly drop the plan by the Federal Government to borrow about N895bn of unclaimed dividends and funds in dormant accounts using the patently unconstitutional and illegal Finance Act, 2020, and to ensure full respect for Nigerians’ right to property.”

SERAP Fights  FG over Plans to Take over Dormant Account Balances, Unclaimed Dividends

The Finance Act, signed into law by Buhari last December, would allow the government to borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country.

But SERAP in a letter dated January 9, 2021, signed by its Deputy Director, Kolawole Oluwadare, said: “The right to property is a sacred and fundamental right. Borrowing unclaimed dividends and funds in dormant accounts amounts to an illegal expropriation, and would hurt poor and vulnerable Nigerians who continue to suffer under reduced public services, and ultimately lead to unsustainable levels of public debt.”

SERAP said: “The right to property extends to all forms of property, including unclaimed dividends and funds in dormant accounts. Borrowing these dividends and funds without due process of law, and the explicit consent of the owners is arbitrary, and as such, legally and morally unjustifiable.”

According to SERAP: “The borrowing is neither proportionate nor necessary, especially given the unwillingness or inability of the government to stop systemic corruption in ministries, departments and agencies [MDAs], cut waste, and stop all leakages in public expenditures. The borrowing is also clearly not in pursuit of a public or social interest.”

The letter, read in part: “The security of property, next to personal security against the exertions of government, is of the essence of liberty. It is next in degree to the protection of personal liberty and freedom from undue interference or molestation. Our constitutional jurisprudence rests largely upon its sanctity.

“Rather than pushing to borrow unclaimed dividends and funds in dormant accounts, your government ought to move swiftly to cut the cost of governance, ensure review of jumbo salaries and allowances of all high-ranking political office holders, and address the systemic corruption in MDAs, as well as improve transparency and accountability in public spending.

“The borrowing also seems to be discriminatory, as it excludes government’s owned official bank accounts, and may exclude the bank accounts of high-ranking government officials and politicians, thereby violating constitutional and international prohibition of discrimination against vulnerable groups, to allow everyone to fully enjoy their right to property and associated rights on equal terms.

“SERAP is concerned that the government has also repeatedly failed and/or refused to ensure transparency and accountability in the spending of recovered stolen assets, and the loans so far obtained, which according to the Debt Management Office, currently stands at $31.98 billion.

“SERAP notes growing allegations of corruption and mismanagement in the spending of these loans and recovered stolen assets.

“We would be grateful if your government would drop the decision to borrow unclaimed dividends and funds in dormant accounts, and to indicate the measures being taken to send back the Finance Act to the National Assembly to repeal the legislation and remove its unconstitutional and unlawful provisions, including Sections 60 and 77, within 14 days of the receipt and/or publication of this letter.

“If we have not heard from you by then as to the steps being taken in this direction, the Registered Trustees of SERAP shall take all appropriate legal actions to compel your government to implement these recommendations in the public interest, and to promote transparency and accountability in public spending.

“The government cannot lawfully enforce the provisions on Crisis Intervention Fund and Unclaimed Funds Trust Fund under the guise of a trust arrangement, as Section 44(2)[h] of the Nigerian Constitution 1999 [as amended] is inapplicable, and cannot justify the establishment of these funds.

“SERAP notes that while targeting the accounts of ordinary Nigerians, the Finance Act exempts official bank accounts owned by the federal government, state government or local governments or any of their ministries, departments or agencies.

“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution, the country’s international human rights obligations including under the African Charter on Human and Peoples’ Rights to which Nigeria is a state party, and which has been domesticated as part of the country’s domestic legislation.

“According to our information, your government has reportedly completed plans to borrow an estimated N895bn of unclaimed dividends and funds in dormant accounts using the Finance Act 2020 you recently signed into law.

“Under the law, the government will be able to access and take without consent unclaimed dividends and funds in dormant accounts in any bank, on the basis of the vague and undefined ‘Crisis Intervention Fund,’ and patently unlawful ‘Unclaimed Funds Trust Fund’.

“The government is justifying the borrowing on the ground that it would improve access of the Federal Government to much needed funds, and remove the burdens of foreign exchange and punitive loan conditions imposed by multilateral lenders.

“According to the Finance Act, the operation of the trust fund is to be supervised by the Debt Management Office (DMO) and governed by a governing council chaired by the finance minister and a co-chairperson from the private sector appointed by you.

“The Nigerian Constitution in Section 44(1) provides that, ‘no moveable property or any interest in an immovable property shall be taken possession of compulsorily and no right over or interest in any such property shall be acquired compulsorily in any part of Nigeria except in the manner and for the purposes prescribed by a law.’

“Similarly, Article 14 of the African Charter on Human and Peoples’ Rights, and Article 17 of the Universal Declaration of Human Rights guarantee the right to property, and prohibit the arbitrary deprivation of the right. Thus, everyone is entitled to own property alone as well as in association with others.

“Respect for the right to property is important to improve the enjoyment of other basic human rights, and to lift Nigerians out of poverty. The Nigerian Constitution and international human rights law limit the ability of any government to interfere with private property without any legal justifications.”

The letter was copied to Abubakar Malami (SAN), Attorney General of the Federation and Minister of Justice, and Zainab Ahmed, Minister of Finance, Budget and National Planning.


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Nasarawa Technology Village Attracts 12Bn Investments

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Modern Shelter Systems and Services Limited, one of Nigeria’s leading real estate firms has announced that the Nasarawa Technology Village has attracted investments of N12 billion since the project commenced.

Nasarawa Technology Village Attracts 12Bn Investments

The real estate firm added that it has officially commenced feasibility studies for the Aso-Pada Toll Road, which will catalyse the development of the tech-driven innovation hub, creating value for investors and transforming lives along the Keffi-Nyanya-Abuja corridor.

With the signing of the Aso-Pada Toll Road project, Modern Shelter said it is one step closer to realising the vision of Nasarawa Technology Village, which is powered by innovation as the project will connect communities, attract investments, and unlock socio-economic opportunities while providing sustainable, affordable housing for the future.

Commenting on the development, Abdulmalik Mahdi, chief executive officer, said that “The Aso-Pada Toll Road will serve as the backbone of Modern Shelter’s Nasarawa Technology Village, bringing 1,962 homes, a tech incubation centre and more to life.

“The Aso-Pada Toll Road will not only enhance connectivity but also drive the success of our Nasarawa Technology Village project, powered by NGN12.5 billion in investments. Together, we’re creating a hub for innovation, sustainability, and opportunity,” he explained.

 

 

 


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Chain Reactions Africa Claims Three Awards

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Chain Reactions Africa, one of Africa’s leading public relations and integrated communications consultancies, continued its awards-winning streak in 2024 by clinching three more prestigious awards in the recently hosted Lagos PR Industry Gala & Awards (LaPRIGA) 2024, which was held in Lagos.

Chain Reactions Africa emerged as winner of the ‘Public Sector PR Campaign of the Year’ for the firm’s Windfall Tax Policy Campaign for the Federal Inland Revenue Service (FIRS).

The campaign was aimed at first, sensitising the Nigerian public about the Windfall Tax Policy and then, securing the compliance of key stakeholders for the policy.

The same campaign also clinched the ‘Best in Crisis Management’ award, off the back of its use of strategic communication to manage and avert the crisis that would have been precipitated by the enforcement of the Windfall Tax by the FIRS.

The highpoint of the day for the company was the crowning of its Managing Director and Chief Strategist, Mr. Israel Jaiye Opayemi, as the ‘Most Influential PR Professional’ for his exceptional professional persona, charismatic industry leadership, enviable profile, and commitment to the growth of the Public Relations industry.

Commenting on the LaPRIGA Awards recognitions, the Managing Director and Chief Strategist of Chain Reactions Africa, Mr. Israel Jaiye Opayemi, expressed appreciation for the honours.

“Once again, I say a big thank you to the awards organisers, the Lagos State Chapter of NIPR, for raising the bar in organising this award to celebrate hard work and honour the resilience of deserving winners”, he said.

Opayemi charged the winners and all practitioners to drive better storytelling of their organisations and clients. “Let’s be the best. We are Public Relations people, let’s tell the stories of our respective organisations and clients better than ever before”.

He acknowledged the invaluable contributions of his team to Chain Reactions Africa’s unceasing accomplishments, describing them as the real shining stars of these honours.

“These award recognitions are emphatically dedicated to all the creative rebels in the Chain Reactions Africa Tribe. You are truly the shining stars spurring these honours, and there wouldn’t be a Chain Reactions Africa without my team. Your unwavering commitment to client satisfaction and sacrifices are matchless; you are the reason we are not just winning, but also breaking more boundaries of excellence”, Opayemi said.

Speaking at the event, the Chairman, Nigeria Institute of Public Relations (NIPR Lagos Chapter), Comfort Obot Nwankwo, congratulated all the winners for their recognition as shining stars and urged them to be an inspiration to others while sustaining the momentum of success, character, and bravery.

“As we honour our shining stars tonight, let us reflect on our collective responsibilities and use our influence to advance inclusivity and sustainability in Public Relations.

I challenge each of you to champion youth involvement, prioritise community breeding narratives and uphold highest standards of integrity in all that you do. I congratulate all nominees and winners tonight – may your success serve as an inspiration to others”, she said.

Themed, ‘The Shining Stars’, the 9th edition of LaPRIGA Awards expectedly turned out to be a resplendent and colourful get-together of the who-is-who in the integrated marketing communications industry with stakeholders drawn from the corporate, private, and public sectors.

According to the Chairman of the Selection Committee, Lead Consultant/CEO, Leap Communications, and Publisher of Breezy News, Muyiwa Akintunde, the ceremony had 22 award categories, and 81 entries were submitted in 21 categories, with the ‘Best in Political Communication’ not having any submission for this year’s edition.

 

Others are ‘Special Honorary Awards’ and ‘Lifetime Achievements Award for select public relations industry veterans.

 

With three awards, Chain Reactions Africa has once again shown its unparalleled dominance in the marketing communications industry.

Earlier in 2024, the company reached an unprecedented height by winning seven awards at the 2024 SABRE Awards. It also emerged winner of the Edge Awards 2024 most coveted prize, ‘Outstanding PR Agency of the Year’, with its MD/ Chief Strategist, Opayemi, carting away the ‘Edge Grand Prix in PR’, Edge Awards’ most enviable and highest individual awards category.

The company, with offices in both Lagos and Abuja, won four deserving honours at the 2024 Brandcom Awards, including the ‘Most Outstanding PR Agency of the Year’; ‘Most Outstanding Agency in Political and Public Sector PR’, and ‘Strategic Communication Consultancy of the Year’. Its MD/ Chief Strategist also won the ‘CEO of the Year (Public Relations) category for his sound leadership qualities and desirable profile.

LaPRIGA is a high-profile award that recognises excellence and celebrates practitioners in public and corporate organisations as well as stakeholders to boost professionalism and more investment in the practice of public relations.


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RCCG Turns Former Barclays Banks’s Branch Building into Church

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A former Barclays branch building in Middleton is set to be transformed into a church, two years after the bank shut its doors.

RCCG Turns Former Barclays Banks’s Branch Building into Church

The Redeemed Christian Church of God (RCCG)has received council approval to establish their newest place of worship at the site, adding to the growing number of the faith’s churches in the Greater Manchester area

Despite receiving 51 letters of objection from locals concerned about potential traffic impact and overdevelopment, Rochdale Council’s highways officers are confident there would be no increase in traffic as a result of the development.

Planning officers also noted that the application is only for a change of use, meaning the building’s appearance would remain the same.

No major internal or external changes are planned.

As the building would effectively look the same and the application was for a change of use, this work would not be deemed ‘inappropriate’ or ‘overdevelopment’.

The Redeemed Christian Church of God, a form of Christianity founded in Nigeria in 1952, has a presence in 197 countries and territories worldwide, with millions of members in Nigeria alone.


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