CBN Orders Banks to Raise Capital or Face Downgrade
In response to the macroeconomic challenges facing the nation, the Central Bank of Nigeria (CBN) has issued a directive for leading banks to bolster their capital reserves or risk downgrade. The move targets Tier 1 Banks, including UBA, GTB, ACCESS Bank, First Bank, and ECO Bank. Under the new regulations, commercial banks with International Banking licenses must increase their authorized capital base to N500 billion, up from previous levels ranging between N115,815 million and N270,745 million. This mandate, effective immediately, stipulates that the revised capital comprises only paid-up capital and share premium, excluding shareholders’ funds. Additionally, banks with national licenses must raise their capital to N200 billion, affecting institutions like FCMB, Fidelity, and Stanbic IBTC. Furthermore, those operating with Regional Licenses face a requirement to boost their authorized capital to N50 billion. The CBN’s directive also extends to merchant banks, which must maintain a minimum capital base of N50 billion for national licenses and N20 billion for non-interest banks. Regional license holders are mandated to maintain a minimum share capital of N10 billion. According to Haruna Mustafa, Director of the CBN’s Financial Policy and Regulation Department, these measures aim to promote a safe, sound, and stable banking system in line with existing legislation. Banks are now presented with limited options to comply with the directive, including injecting fresh equity capital through private placements, rights issues, or offers for subscription, engaging in mergers and acquisitions, or undergoing license authorization upgrades or downgrades. Executives are bracing for the challenge, with a two-year deadline set by the CBN to meet the new capital requirements. The banking industry now faces a period of restructuring and strategic decision-making as it navigates these regulatory changes.
NNPCL Refutes Fuel Price Reduction
In response to the reports making the round that the price of Premium Motor Spirit popularly known as petrol has reduced, the Nigeria National Petroleum Corporation, NNPC has refuted the report, saying it is fake and should be disregarded. NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, made the clarification in a statement on Wednesday, urging Nigerians to disregard the report. According to the statement issued to newsmen, “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company asserts that these reports are false and urges Nigerians to disregard them entirely. “NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”
NLC Chairman Lands In Prison For Diverting Palliative Funds
Comrade Muktar Tarbutu, the Chairman of the Nigeria Labour Congress (NLC) in Yobe State, has been remanded in prison following accusations of diverting palliatives intended for union members. Tarbutu faced arraignment before Magistrate II Damaturu on Wednesday, responding to allegations of misappropriating palliatives provided by the North East Development Commission (NEDC). According to Barrister Mohammad Mohammad Ngumurumi, Secretary of the Nigerian Bar Association (NBA) in Yobe, the NEDC had allocated various essential items, including rice, sugar, spaghetti, and textiles, for distribution among several unions, which Tarbutu allegedly failed to fulfill. “The North East Development Commission (NEDC) had distributed these items to the NLC, TUC, NUJ, and NBA for distribution among their members. However, the accused did not distribute the items allocated to the NUJ and NBA,” Ngumurumi stated. Tarbutu, who pleaded not guilty to the charges, was remanded in custody until April 18, 2024, awaiting further legal proceedings, as ordered by Chief Magistrate II Damaturu, His Worship Hasiya Abubakar.
Breaking! Tinubu Offers Scholarship To Children of slain soldiers
President Bola Tinubu on Wednesday conferred national honours on 17 members of the Nigerian Army who were killed in Delta State on March 14, 2024. This was as he announced the provision of housing facilities for the surviving family members and scholarships for all their children to the university level. He also directed the payment of death benefits to the family members within 90 days. He announced these during the burial ceremony of the slain servicemen at the National Military Cemetery in Abuja. Tinubu posthumously conferred the national honour of Member of the Order of the Niger on the Commanding Officer 181 Amphibious Battalion, Lt. Col. A.H Ali; Maj S.D Shafa (N/13976); Maj D.E Obi (N/14395) and Capt U Zakari (N/16348). He also conferred the honour of Officer of the Order of the Niger on SSgt Yahaya Saidu (#3NA/36/2974); Cpl Yahaya Danbaba (1ONA/65/7274); Cpl Kabiru Bashir (11NA/66/9853); LCpl Bulus Haruna (16NA/TS/5844); LCpl Sola Opeyemi (17NA/760719); LCpl Bello Anas (17NA/76/290); LCpl Hamman Peter (NA/T82653); LCpl Ibrahim Abdullahi (18NA/77/1191); Pte Alhaji Isah (17NA/76/6079); Pte Clement Francis (19NA/78/0911); Pte Abubakar Ali (19NA/78/2162); Pte Ibrahim Adamu (19NA/78/6079) and Pte Adamu Ibrahim (21NA/80/4795).
Tinubu congratulates Senegal’s president-elect Bassirou Diomaye Faye
President Bola Tinubu has congratulated Bassirou Diomaye Faye on his election as the president of the Republic of Senegal, wishing him success as he takes on the important job of leading the good people of Senegal. This was disclosed in a statement issued by the special adviser to the president on media and publicity, Ajuri Ngelale, on Wednesday, March 27. Part of the statement reads: “President Bola Tinubu extends his congratulations to Mr. Bassirou Diomaye Faye on his election as the President of the Republic of Senegal. “President Tinubu notes that President-elect Faye comes with great promise and a sterling record, wishing him success as he takes on this important job of leading the good people of Senegal. “The President also congratulates His Excellency, President Macky Sall, for overseeing an election that has been widely adjudged as peaceful and transparent. “President Tinubu states that the success of the presidential election in Senegal and the successful conduct of the general election in Liberia a few months ago have affirmed his long-held conviction that the taproot of democracy is deeply established in West Africa and will only grow stronger as it is watered by good governance, justice, and fairness to all.”
Details Of Sheikh Gumi’s Meeting With FG Emerge
The details of Islamic cleric, Sheikh Ahmad Gumi’s meeting with security agencies over his comments on the activities of bandits in the country has emerged. Minister of Information and Orientation, Mohammed Idris, on Monday, revealed that Gumi had been invited over some of his remarks. The minister said Gumi was not above the law and would be interrogated if security agencies deemed his comments reckless. This comes after Gumi continued his advocacy for amnesty for bandits in a recent radio interview, saying that many took to banditry because of alleged neglect and marginalisation from the government. The cleric has been photographed with various bandit groups on numerous occasions, while some Nigerians have called on security agencies to arrest him over his alleged ties with terrorist groups. In a post on his Facebook page on Tuesday, Gumi said he had a productive interaction with security agencies who invited him over his alleged connections with bandits. The cleric stated that his meeting with the security agents centred on how to curb banditry in the North West region of the country. Gumi said there was no cause for alarm and thanked well-wishers and journalists who called to check on him. He wrote: “Last night I got many frantic calls from well-wishers and journalists about a news item that I was interviewed by security. There is absolutely no cause for alarm. “Yes, we had a productive interaction on how to curb banditry as we are all trying — each in his own sphere — to tackle the monster bedevilling the nation. There was no animosity but courtesy and full of respect. “We all need as a nation to unite and work in synergy to achieve an everlasting peace.”
Presidency Disowns Viral List Of New Nigerian Ambassadors, Designations
The Special Assistant to President Bola Ahmed Tinubu on Social Media, Dada Olusegun, has described as fake news a purported list of new Nigerian Ambassadors. A purported list of new Nigerian Ambassadors and their assigned countries went viral on social media on Tuesday. In a statement on his X (formerly Twitter) on Tuesday, Tinubu’s aide said the names in circulation are merely a copy of an outdated 2017 list. Olusegun added that most of those mentioned in the fake list have already retired from their diplomatic duties. He wrote: “The alleged LIST OF NEW NIGERIAN AMBASSADORS AND THEIR ASSIGNED COUNTRIES circulating online is fake. “This list is merely a copy of an outdated 2017 list, where most of the individuals mentioned have already retired from their diplomatic duties. “A few names on the list are even inaccurate, and some have sadly passed away. One must question the sudden emergence of this stale list at this time. “Therefore, it is imperative to disregard and treat this list with utter contempt.” Recall that President Tinubu had, on September 2nd, 2023, recalled all career and non-career ambassadors manning the country’s diplomatic missions, embassies, and consulates globally.
Tinubu Makes New Appointment
President Bola Tinubu has appointed Olugbile Holloway as director-general of the national commission for Museums and monuments. This was contained in a statement issued on Thursday by special adviser to the President on Media and Publicity, Ajuri Ngelale. “President Bola Tinubu has approved the appointment of Mr. Olugbile Holloway as the Director-General of the National Commission for Museums and Monuments. “Mr. Holloway is the Managing Director of Evoke Communications Limited, a creative brand/consultancy agency. “He holds a Bachelor of Arts in Politics and International Relations and a Master’s degree in Business Administration. “The President expects that the new Director-General will bring life into this important agency and ensure the preservation, promotion, and development of Nigeria’s diverse tangible and intangible cultural heritage”, the statement said.
Frequent Summons: Stop Distracting My Appointees, Allow them Work – Tinubu Urges National Assembly
President Bola Tinubu has appealed to members of the National Assembly to exercise restraint in summoning heads of ministries, departments, and agencies before parliamentary committees. Speaking at the breaking of Ramadan fast on Wednesday in Abuja with the Speaker of the House of Representatives, Tajudeen Abbas, and the leadership of the House, the President said while oversight is essential for maintaining transparency and accountability in governance, excessive summoning of officials can disrupt operations and hinder service delivery to citizens. He, therefore, urged lawmakers to show discretion in the exercise of their oversight functions. ”I have been watching various committees summoning ministers and heads of agencies. I have complained to the Speaker to let the poor breathe. Let these people do the job. We are not saying that you are not influential. We are not saying you cannot do your oversight. “But consider the primary duty of each agency, its personnel, or the responsibilities of the Governor of the Central Bank or the Coordinating Minister of the Economy and Minister of Finance to you and the entire nation. ”If they are distracted or disturbed, maybe we will shift parliamentary sitting all through the night. We must find a way to accommodate one another. This is an appeal to you. See if you can accept representatives in some instances or even documentations,” the President said. Expressing confidence in the ability of the National Assembly to uphold good governance, President Tinubu lauded the existing cordial relationship between the executive and the legislature. He said the harmonious working relationship had resulted in the expeditious passage of several bills to improve the welfare of Nigerians. He urged the legislators not to forget their constituencies and to take advantage of the holy month of Ramadan to show compassion and support the less privileged in society. ”We are making sacrifices for the country, and we are assuring citizens that there is a very bright light at the end of the tunnel. ”We must have faith, and please do not forget your constituencies and remember what they are going through. ”I cannot thank you enough for what you are doing, but it is for our country. There is nothing personal about this. It is for Nigeria, and we have no other country but Nigeria,” the President said.
President Tinubu Imposes Temporary Ban on Public-Funded Foreign Trips for Government Officials
By Caroline Ameh President Bola Tinubu has taken decisive action to curb government spending by instituting a temporary ban on public-funded foreign trips for ministers and other government officials. The directive, conveyed through a memo from the office of the Secretary to the Government of the Federation, is set to take effect on April 1, 2024. In the memo dated March 12, President Tinubu highlighted concerns about the escalating costs associated with international travel amid Nigeria’s challenging economic circumstances. The ban, initially set for a period of 90 days, aims to streamline government expenditure without compromising essential functions. “Mr. President has concerns about the rising cost of travel expenses borne by Ministries, Department and Agencies of Government as well as the growing need for Cabinet Members and heads of MDAs to focus on their respective mandates for effective service delivery,” the memo states. According to the directive, exceptions to the ban may be granted for trips deemed “absolutely necessary.” However, all government officials planning public-funded international travel must obtain Presidential approval at least two weeks prior to the trip. “This temporary measure is aimed at cost reduction in governance and intended as a cost-saving measure without compromising government functions,” the memo emphasizes.