usdollar_to_naira_exchange_rate_parallel_market

CBN Is Manipulating Forex – Prof Leo Ukpong

Prof Leo Ukpong of the University of Uyo has faulted the latest foreign exchange policy of the Central Bank of Nigeria, describing it as manipulative.

The Professor of Financial Economics in an interview stated that the gap between the official rate and the parallel rate (popularly called black market) was high. read more

cryptocurrency bitcoin trading

Factors Leading to BTC Fluctuations

At the beginning of last month, bitcoin reached its all-time high price of $69,000 and, later on, experienced a downfall as well. After October, the prices of bitcoins were constantly rising. Later on, it kept increasing and therefore managed to get the highest price of all time.  read more

bitcoin price

What Can Make BTC Reach $10K?

Currently, bitcoin is being traded in the cryptocurrency market for $47,000. However, this was not the same situation back in time. Last year, bitcoin was as low as $10,000, and it was the price when you could have invested money into it. read more

Bitcoin Price

BTC Price Fell to 2 Months Low!

On Friday, the bitcoin prices decreased to the lowest in the past two months. The recent significant decreases in bitcoin prices lead investors to believe that it will fall below the critical support, and it has done so. The price is reached below $53,000, later identified as the critical support providing price level to the bitcoin. read more

n-power_beneficiary_monitoring_form

Fact Check: N-Power Beneficiary Monitoring Form Not for Sale

In February 2021, the Federal Government through the Ministry of Humanitarian Affairs and Social Development disclosed that it had engaged the services of 5000 independent monitors for the National Social Investment Programme (NSIP). read more

Applications Of Laplace Calculator

Applications Of Laplace Transform In Science And Technology

Many science students who need a mathematical background attend courses up to and including differential equations. The Laplace transformation is one such method that has vast importance to resolve various complex problems in different fields of engineering and technology. read more

NPower Beneficiaries Protest Over 3 Month Unpaid Stipend

North-Central N-Power Beneficiaries Protest Over 3 Month Unpaid Stipends

Some beneficiaries of N-Power knowledge from the North Central geo-political zone who are undergoing training at the Public Service Institute, Kubwa, Abuja, on Monday, December 6, 20201, protested over three months of unpaid stipends. read more

disappearing messages on WhatsApp

WhatsApp Rolls Out New Disappearing Messages By Default to Delete Chats After 24 hours, 7 days, or 90 days

WhatsApp has rolled out new disappearing messages by default which gives users better control over how long they want chats to stay on the app.

In a message by the founder of Meta (formerly Facebook Inc), Mark Zukerberg, said users will be able to make all new chats disappear not all messages need to stick around forever. read more

pdf shrinker for business document

What Types of Documents do You Need For Your Business?

Yes, there’s no doubt that documents and business terms are synonymous with one another. You people require to start, expand, and operate your business. Thus, it’s immensely important to stick with a system to legitimately maintain all of the business documents. read more

Functions of Secretary to the Government of the Federation (SGF) in Nigeria

15 Functions of Secretary to the Government of the Federation (SGF) in Nigeria

Those who haven’t been following the political events in Nigeria may not know that the Secretary to the Government of the Federation (SGF) in Nigeria wields so much power that the person holding that office has the administrative power to influence the policies of the ruling government. read more

Senate President in Nigeria from 1960 Till Date

Senate President in Nigeria from 1960 Till Date

In every country where democracy is practiced, the legislature is one of the important branches of the government. Others are the executive and the judiciary. In Nigeria, the legislature is called the National Assembly which is divided into two – The Senate and the House of Representatives.

It’s imperative to point out that the composition of the legislature varies from country to country. Some countries provide for a single house while some others provide for two houses of legislature. The single legislature is called unicameral while the two houses of the legislature is known as bicameral.

In Nigeria’s situation, it is bicameralism (two houses of legislature). The Senate is also called the Upper Legislative Chamber and it’s headed by a Senate President.

Powers of the Senate President

In order of political hierarchy in Nigeria, the Senate President is the number three most powerful political officeholder, which means in a situation whereby the president and the vice president are concurrently absent, the Senate President can step in as the acting president like in the case of Nwafor Orizu in the 1960s

In a situation whereby both houses (house of reps and senate) hold a joint session, the Senate President presides over the meeting.

Senate President in Nigeria, like others around the world, has so much power while playing his lawmaking role that he could bring the president of the federal republic of Nigeria unto his knees.

Nigeria witnessed the core power of the president of the senate between 2015 to 2019 when Senator Bukola Saraki was the Commander-In-Chief of the Upper Legislative Chamber of the 8th National Assembly.

He made sure that budgets of the Executive were properly scrutinized such that President Muhammadu Buhari and his party loyalists claimed that his action “jeopardised” dividends of democracy the ruling All Progressive Congress (APC) would have delivered to the Nigerian people.

Process of Electing Senate President in Nigeria

Nigeria has 36 states and the Federal Capital Territory, Abuja. Each of the 36 states in Nigeria is represented by three senators while one represents the FCT. As such, Nigeria and its National Assembly has 109 senators.

The party with the majority produces the President of the Senate after much politicking and political calculation and strategic geometric by political stakeholders within the party with the majority in the Upper Legislative Chamber.

Even within the party that produced the highest number of senators, the party members meet to share major offices of the senate using the six geopolitical zones in the country for equity purposes or to limit the level of lopsidedness in the leadership of the Senate.

Oppositions within the “ruling party” are usually pacified with juicy committees or some undisclosed and unofficial monetary compensation simply to allow the consensus candidate to emerge as the Senate president.

In fact, the post of Nigeria’s president of Senate is also highly politicised that they embark on another campaign after winning their senatorial district election. Political onlookers and analysts saw this played out before the emergence of Ahmad Lawal on June 11, 2019, as the head of the senate.

Lawan, one of the longest-serving members of the National Assembly had lost the seat to a politically smarter lawmaker, Bukola Saraki, in 2015, when Lawan and his supporters were somewhere at a truce meeting at a Conference Hall some kilometres away from the national assembly complex.

While Lawan was hoping to come back to be announced as Senate President, Bukola who had secretly persuaded most of his PDP senators to wait behind, Bukola emerged as the President of the Senate.

That said…

Who are the Senate Presidents in Nigeria from 1960 till date?

At the time of this research, Nigeria has produced 14 presidents of the Senate since 1960 till date. Nnamdi Azikiwe was the first President of the Senate in Nigeria during the first republic.

He was succeeded by Dennis Osadebey while Nwafor Orizu was the last Senate President during the first republic, and as the acting president, he was forced to hand over power to the military.

Below are senate presidents in Nigeria from 1960 till date and the party that had the majority in the Upper legislative chamber:

Name/Age Year in Office Party/Remark
Nnamdi Azikiwe

Age: 91 years

1960 NCNC. He died on May 11, 1996
Dennis Osadebey

Age: 83 years

1960–1963 NCNC. He died on December 26, 1994.
Nwafor Orizu

Age: 85 years

1963–1966 NCNC. He died in 1999
Joseph Wayas

(Age: 80 years)

1979–1983 NPN. He died on November 30, 2021.
Iyorchia Ayu

Age: 69 years

 

1992–1993 SDP. He later became a minister and he’s the incumbent National Chairman of PDP
Ameh Ebute

Age: 75 years

1993 SDP
Evan Enwerem June 3, 1999-November 18, 1999 PDP. He died August 2, 2007
Chuba Okadigbo

Age: 61 years

November 18, 1999, to August 8, 2000 PDP. He died September 25, 2003
Anyim Pius Anyim

Age: 60 years

August 8, 2000 to May 2003 PDP
Adolphus Wabara

Age: 73 years

2003-April 5, 2005 PDP
Ken Nnamani

Age: 73 years

April 5, 2005 to May 2007 PDP
David Mark

Age: 73 years

May 2007 to May 2015 PDP
Bukola Saraki

Age: 58 years

May 2015 to May 2019 APC/PDP
Ahmed Lawan

Age: 62 years

June 11, 2019 till date APC

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change_of_a_company_director_in_nigeria

20 Requirements to Change Company Director in Nigeria

Change of company director falls under several reasons according to the Corporate Affairs Commission (CAC), Nigeria’s sole agency that is responsible for the registration of business and company in Nigeria.

Reasons for change of a director

Some of the instances that could call for the change of a director in a Nigerian company are:

  • Voluntary Resignation of a director
  • Replacement due to the resolution of the shareholders
  • Death of a director
  • Uncultured behaviour of a director
  • Transfer of ownership
  • Retirement
  • An addition

Failure of a director to optimally perform their role could also call for a change of director, whichever the case may be, such replacement of change must strictly follow the stipulated laws guiding the registration of a company in Nigeria

And a special resolution must be passed by the existing directors. Such inclusion or exclusion must get the consent of the existing director. The Board of directors may appoint new directors to fill any casual vacancy arising out of death, resignation, retirement or removal.

Section 274 (1) CAMA Act 2020, page 163

So,…

Who is a director in an incorporated company?

Chapter 11, section 269 (1) of the Company and Allied Matters (CAMA) Act 2020 defines a director of a company as someone who directs and manage the business of the

company.

In general terms, directors are charged with the responsibilities of managing the financial and human resources of a company for the firm to meet its goals.

The law specifically states that only an individual and NOT a body can be appointed as a director.
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