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November 24th 2023
enate To Comprehensively Review Laws In Financial Services Sector For Economic Sustainability
The Nigerian Senate, through its committee on Banking, Insurance and other Financial Institutions has disclosed its plans to comprehensively review extant laws in the financial services sector for economic sustainability and growth.
This was disclosed at a 2-day sensitization retreat organized for the members of the Senate Committee on Banking, Insurance and other Financial Institutions recently in Abuja.
The Chairman of the committee, Senator Mukhail Adetokunbo Abiru, FCA (Lagos East) said the retreat was aimed at equipping the members with the necessary understanding of the core mandates of the committee and also enhance the legislative framework and oversight of the financial sector.
Industry leaders and top experts in the financial and allied sectors were invited to share insights and knowledge, and also provide information that will make their oversight function on the financial services sector more robust and impactful.
On the imperative of the retreat, Senator Abiru in his remarks noted that, “The financial sector is the lifeblood of any economy, and it is our responsibility to ensure that it functions effectively, efficiently, and with the utmost integrity. As we gather here today, we are confronted with a rapidly changing financial landscape, driven by technological advancements, changing consumer expectations, and evolving global dynamics. It is our duty to adapt and respond to these challenges in a manner that fosters innovation, promotes financial inclusion, and maintains the highest standards of transparency and accountability.
“Over the remaining life of the 10th Senate, it is imperative that we work together on this journey to build a financial service industry that will not only bring prosperity to all Nigerians, but also be the pride of Africa. As we embark on this legislative journey, it is essential that we recognize the critical role our committee plays in shaping the economic landscape of our nation. While it is a fact that our economy today is facing serious challenges, our decisions and actions have far-reaching consequences that will impact the lives of our citizens, the stability of our financial markets, and the overall prosperity of our country.
“In an ever-evolving financial landscape, our committee's responsibilities have never been more significant. From safeguarding consumers' financial rights to fostering innovation in the financial sector, and from promoting sound banking practices to ensuring the resilience of our insurance systems, we hold the key to ensuring that our financial institutions operate with integrity, transparency, accountability, and at par with international standards”.
Dr Biodun Adedipe, founder and Chief Consultant of B. Adedipe Associates Limited (BBA Consult), was the lead faculty at the well-attended retreat. The renowned financial and management expert shared industry insights and economic data on the nation’s financial services sector and offered counsel on how the Nigerian Senate can collaborate with the Federal Government, particularly the relevant agencies of the government on how to stabilise the economy.
Mr Ganiyu Ogunleye, OFR, a former CBN Director of Banking Supervision and former Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC), also shared his thoughts on how the committee can further deepen its oversight on the financial services sector for the overall economic development and growth of the nation.
At the retreat, many obsolete laws governing the financial services sector were identified, and the lawmakers resolved to review them in tandem with current realities and trends in the ever-dynamic financial services sector.
The distinguished members of the committee commended Senator Abiru for organising the first of its kind knowledge sharing sensitization retreat for the senate standing committee.
Committee members who joined Senator Abiru at the retreat, include the Vice Chairman of the Committee, Senator Adamu Lawal, Senator Orji Uzor Kalu, Senator Adamu Aliero, Senator Aminu Waziri Tambuwal, Senator Sanni Bello Abubakar, Senator Sani Musa Mohammed, Senator Haruna Manu, Senator Jimoh Ibrahim, Senator Adeyemi Adaramodu, Others are: Senator Lamido Ibrahim, Senator Mustapha Kabeeb, Senator Titus Zam Tartenger, Senator Tahir Muhammed Mungonu, Senator Onyekachi Peter Nwaebonyi, Senator Nasir Sani Zango Daura, Senator Idiat Adebule, Senator Asuquo Ekpeyong, Senator Babangida Hussaini Uba, Senator Danjuma Goje Muhammed, Senator Ifeanyi Patrick Uba, Senator Ibrahim Bomai and Senator Ibrahim Khalid Mustapha.
November 24th 2023
Senator Tokunbo Abiru Receives Rousing Ovation As He Got Inducted Into Ikorodu Division Hall of Fame
Senator Mukhail Adetokunbo Abiru, the Chairman Senate committee on Banking, Insurance and other Financial Institutions on Thursday received a rousing reception at the Ikorodu Town Hall as he got inducted into the Ikorodu Division Hall of Fame.
Senator Abiru’s admission into the prestigious Hall of Fame, came on the heels of the outstanding contributions he has made to the overall development of Ikorodu division and Lagos East Senatorial District at large. The event was organized by the Ikorodu Division Resource Development Group (IDRDG).
He was admitted into the hall of fame, alongside other illustrious personalities that have equally contributed their quota to the Ikorodu division. They include: HRM Oba Engr. Kabiru Adewale Shotobi, Adegorushe V, The Ayangbure of Ikorodu Kingdom, HRM Oba Ajibade Bakare-Agoro, FCA, The Ranodu of Imota, High Chief Adewunmi Ogunsanya, SAN,Hon. Babajimi Adegoke Benson, Chief (Mrs) Wonuola Folami, OON, Mrs Folorunsho Alakija, Bashorun Babatunde Rotinwa, Dr. Oladega Adebogun, Alhaji (Prince) Jamiu Adio Saka, Professor Emeritus Michael Ajetunmobi, Prince Adesegun Ogunlewe, Late Dr. Jacobson Oladele Odulate (Posthumous Award), Late Chief Noah Oyekanmi Adebayo Arole (Posthumous), Late Captain Harrison Adekunle Kuti (Posthumous Award), Miss. Azeezat Oshoala, MON and Mr. Adeseye Akinola Ogunlewe, Jnr.
It is imperative to note that the father of Senator Abiru, Honourable Justice Mubasheer Akanbi Olatunji Abiru (1928-1996) who was elected into the Senate in 1979, was admitted into the Ikorodu Hall of Fame in 1993. History was made today in the entire Ikorodu division as Senator Abiru made it into the revered Hall of fame on the account of his professional pedigree, accomplishments in both private and public service and his immense contributions to the development of Ikorodu. This gesture was demonstrated today as he donated N5million Naira for education, human capital development initiatives of IDRDG.
Abiru was the pioneer and former Managing Director/Chief Executive Officer of Polaris Bank Limited. He led the turnaround of erstwhile SkyeBank Plc, as Group Managing Director/Chief Executive Officer, under a CBN-induced take-over of the Bank, in a bid to avoid its collapse and also preserve the stability of the overall Nigerian Financial System.
His banking career was in top Nigeria Financial Institutions such as First of Bank of Nigeria (2002–16), where he rose to the level of Executive Director, Corporate Banking; and Guaranty Trust Bank (1991-2000).
He also served on other notable boards as Non-Executive Directors: FBN Capital Limited (now FBN Quest Merchant Bank Limited); FBN Bank Sierra–Leone Limited; Airtel Mobile Networks Limited; and Nigeria Inter-Bank Settlement System Plc (NIBSS).
During the course of his professional career, he also has the privilege of serving as the Honourable Commissioner of Finance, Lagos State (2011 -2013), under the transformational leadership of Mr. Babatunde Raji Fashola (SAN).
Senator Tokunbo Abiru holds a B.Sc. Economics from Lagos State University, and he is a Fellow of The Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Fellow of The Chartered Institute of Bankers of Nigeria (FCIB). He is an alumnus of both Lagos Business School (LBS) and Harvard Business School (USA).
He retired from banking on August 31, 2020 and decided to go into Public Service. This culminated into his contest for the bye-election for Lagos Senatorial East under the platform of All Progressives Congress (APC) Party. He won the election on December 5, 2020 with 89% of the total votes cast to become The Senator of the Federal Republic of Nigeria.
In a space of about two and half years, Abiru redefined governance in the entire Lagos East Senatorial District with his top-notch legislative representation, facilitations of projects/ empowerment and endowment, which the iconic SAIL Innovation Lab headlines. On the strength of his sterling performance, on Saturday, 25, February, 2023, the electorate of the Lagos East Senatorial District overwhelmingly re-elected him for another four-year mandate at the National Assembly.
He is happily married to Mrs. Feyisola Abiru and they are blessed with children.
November 23rd 2023
Over 100 Youths Trained At Senator Abiru’s SAIL Innovation Lab Get Lucrative AI Jobs With Awari AI
Over one hundred young people who had undergone Tech Talent and Data Science training at the SAIL Innovation Lab have gotten decent artificial intelligence jobs with Awari AI, a fast growing AI/Robotics firm that is enabling the development and adoption of frontier technology on the African continent starting from Nigeria.
The firm which has chosen the SAIL Innovation Lab in Ikorodu as a launchpad to several locations in Nigeria and Africa, also partnered with the SAIL Innovation Lab for continuous talent sourcing for the emerging multi-billion dollar AI industry that is expected to shape all spheres of life in a few years from now.
The co-founder of the SAIL Innovation Lab, the Senator representing Lagos East, Senator Mukhail Adetokunbo Abiru, FCA, in his remarks said the launch of partnership with Awari AI signaled the beginning of a transformative journey in Ikorodu, and Lagos East Senatorial District as a whole.
He said, “The Awarri AI project, which we launch today, stands as a testament to our resolute commitment to embracing technology and innovation. It heralds a new era where industries will be redefined, jobs will be created, and our youth will be empowered.
“Throughout the annals of history, humanity has been witness to extraordinary revolutions. From the advent of steam power to the electrifying dawn of electricity, and from the proliferation of computers to the connected world of the internet, each era brought profound transformations to our lives.
“ Today, we stand on the precipice of the 4th Industrial Revolution, a realm characterized by artificial intelligence, the Internet of Things, biotechnology, and automation. This revolution promises unprecedented opportunities for Nigeria and Africa, and it is incumbent upon us to seize this moment”.
Senator Abiru disclosed that he was passionate about tech and digital skills because of the massive job opportunities and economic growth that the sector can facilitate. He recalled that since 2022 when he embarked on the SAIL Innovation Lab project with five pilot programmes, over 150 participants in-class and 1,200 online trainees have been impacted positively.
“Today, the SAIL Innovation Lab has left an indelible mark on the lives of over 4,173 participants through a diverse array of programs, including Tech Talent Development, STEM initiatives tailored for Senior Secondary School Students, Lagos East Teachers Fellowship, Start-Up Accelerator, and Data Science for Society.
“These programs have now evolved to offer job prospects through our esteemed partner organizations. Awarri AI has taken the lead by employing nearly 100 of our graduates and pledging to continue its role as a platform for future outstanding participants seeking employment.
“In an era where digital skills have become an essential currency, the SAIL Innovation Lab serves as a bridge, closing the digital divide. Our vision is to provide free training to young individuals in high-demand tech skills and work collaboratively with our partners to secure them decent job placements”, Senator Abiru said in his remarks.
The co-founders of Awari AI, Mr. Silas Adekunle and Ms Eniola Edun, said Artificial intelligence is the new wave that should be embraced by Nigeria in its quest to harness opportunities in the current digital and innovation age.
The minister of Communications and digital economy, Dr Bosun Tijani, said the SAIL Innovation Lab has been achieving its goals in less than seven months after the state of the earth innovation lab was commissioned.
Dr Tijani said, “We set out to open up the minds of young people to opportunities that are available globally, and these opportunities are no longer the preserve of the developed world. We live at a time when technology now connects each and everyone of us strongly. The technologies have given us the opportunities to overcome barriers and be part of the global economy.
According to him, Artificial Intelligence due to its foreign origin, “We (Nigerians) have not been able to participate fully and harness its benefits.For the first time in the history of Nigeria and anywhere in Nigeria, Awari AI have decided to start a company that will focus on building that knowledge so that computers will also think like us. For the first time in Nigeria, hundreds of people are being hired from the SAIL Innovation Lab”, the minister said.
The Commissioner for Science, Innovation and Technology, Hon. Tunbosun Alake, disclosed that the State Government will be partnering on the project. He thanked Senator Abiru for driving the initiative.
Dignitaries who graced the occasion include; Former deputy governor of Lagos State, Prince Abiodun Ogunleye, Senator Adeseye Ogunlewe, HRM Oba Engr. Kabir Adewale Shotobi, the Ayangbure of Ikorodu, Oba Engr Bashir Sotonwa, the Sekumade of Ipakodo, Oba (Barrister) Semiudeen Orimadegun Kasali, The Adegboruwa of Igbogbo Kingdom, Oba David Raji, The Eweye of Isiu, Prince Amid Oduborisha, President Oriwu Club, Local Government council chairmen, Hon. Abidoun Moshood Aro, Hon Gbolahan Ogunleye, Dr. Saheed Oladapo Ibikunle, Hon(Princess) Adebimpe Akinsola, Alhaja Abiodun Ogunniyi, Mr Deji Abisola, Chief impact consultant on SAIL Innovation Lab who worked on the project till date, among many others.
October 26th 2023
Senator Tokunbo Abiru Moves Motion On Flood Disasters In Ikosi-Isheri, Agboyi-Ketu Communities, Seeks Urgent Solutions
The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions , Distinguished Senator Mukhail Adetokunbo Abiru, FCA, has moved a motion on the flood disaster that ravaged several communities under Ikosi-Isheri Agboyi-Ketu Local Council Development Areas, and some communities under Ogun State, seeking urgent intervention of the Federal Government.
Abiru, who is representing Lagos East Senatorial District at the Senate, brought the motion under matters of public importance pursuant to the orders 41 and 51 of the Senate Standing Orders 2023 as amended.
The lawmaker brought the distress of his constituents to the attention of the Nigerian Senate, following the release of water from Oyan River Dam, which is managed by Ogun-Osun River Basin Development Authority, the Statement released by the Senator’s media aide Mr. Enitan Olukotun, on Thursday has revealed.
The Senator expressed concern that the residents of the areas have fled their homes and business, schools and religious centres have all shut down in the affected communities while in the Maidan area of Ikosi-Isheri, the water reportedly reached the neck region of an adult and that the sad story is not different from the reports gathered at Caterpillar, Harmony Estates, and some parts of Channels TV road in Ikosi Isheri.
He further expressed dismay that communities around Ikorodu road, shortly after mile 12 such as Agiliti 2, Owode Elede, Irawo, Ajegunle, Elias Estate, Famous, down to Itowolo have been taken over by flood.
He informed the Senate that he was alarmed that there is an urgent humanitarian crisis occasioned by the flood as those who were sacked by the flood are hanging around with family members and friends and only a few of their belongings could be savaged in the face of the fiery flood with food, clothing and shelter (even makeshift) are the urgent physiological needs of the people of the affected areas.
After the consideration, the Senate deliberated on the motion with Other distinguished Senators, including Senator (Otunba) Gbenga Daniel (Ogun East), Senator Ahmed Ningi supporting the motion. They called for expedited action to be taken to forestall re-occurrence of the perennial flood crisis.
The Senate passed all the resolutions as presented and commiserated with the victims of the flood disaster and commended the Government of Lagos and Ogun states for their handling of the flood disaster. Senator Abiru urged that the National Emergency Management Agency (NEMA) should be directed to send relief materials to the victims of the flood in the affected communities in Lagos and Ogun States;
Urged the Federal Government, “to convene a stakeholders’ meeting to X-ray the recurring situation of flood across the country with a view to proffering a lasting solution to flood disasters;
Directed the relevant committees of the Senate to provide adequate funding for the NIMET, Hydrological Agency of Nigeria, and the River Basin Development Authorities to effectively carry out their responsibilities in line with their mandates,
Urged the Executive to implement the recommendations of the Presidential Committee for the Development of a Comprehensive Plan of Action which recommended the establishment of a National Flood Management Council (NFMC) in Nigeria to serve as a central body responsible for coordinating flood management activities nationwide”.