Following a recent directive by the Central Bank of Nigeria (CBN) to commercial banks in the country to increase their capital in support of the nation’s $1 trillion target, the Securities and Exchange Commission (SEC) has released a comprehensive framework for the 2024 recapitalisation programme.
The CBN had in a memo directed banks with international standing to raise their capital base to N500 billion, national banks to N200 billion, and regional banks to N50 billion.
SEC said the framework posted on its website on Friday would ensure that the capital-raising process is conducted efficiently, transparently, and in a manner that protects the interests of all stakeholders.
It is also expected to serve as a guide to the Banks/Holding Companies issuers and Capital Market Operators in filing applications for capital raise and/or mergers and acquisitions.
The framework will also provide detailed guidance for banks, holding companies, and market participants to successfully navigate the recapitalisation process.
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Other objectives of the framework are full disclosure of material facts in compliance with the Investments and Securities Act 2007, Rules and Regulations of the Commission, and other relevant laws to ensure proper and timely review of the transactions.
“As the regulatory institution mandated to regulate and develop the Nigerian capital market, the Securities and Exchange Commission (SEC), has the responsibility to ensure a smooth, transparent, and efficient capital raise process by the banks.
“This framework outlines the guidelines and procedures banks are required to follow to raise capital through rights issuance, private placements, or other approved methods during the 2024-2026 recapitalisation period,” it noted.
By: Babajide Okeowo
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SEC releases framework for banking sector recapitalisation
Soil scientist raises alarm over excessive use of fertilisers in farms
A Professor of Soil Science, Mabel Ifeoma Onwuka, has urged rural farmers to embrace climate-smart agricultural practices, to conserve the environment, improve their yields and ensure food security in the country amidst the looming food crisis.
Prof. Onwuka who disclosed this during the All Farmers Association of Nigeria (AFAN) 2024 Agriculture Fair/ Exhibition in Umuahia, Abia State, expressed worries over the indiscriminate use of chemical fertilisers on farmlands, adding that it pollutes underground water.
She identified indiscriminate bush burning, cutting of trees, illegal waste disposal and management, and gas flaring, among others, as causes of climate change.
She advised all Nigerians to reduce carbon footprint and its impact on the environment, through climate-smart agriculture.
Prof. Onwuka who also decried the food insecurity in the country and the degraded and fragile soils in South-East Nigeria enjoined every household to go into home and micro-garden to cushion the exorbitant cost of food items in the market.
Earlier in his remark, Prof. Ike Nwachukwu of Michael Okpara University of Agriculture expressed worries that Abia State is not producing enough food for its domestic consumption but mostly depends on Benue State and the Middle Belt for food supply.
Prof. Nwachukwu who warned that the inability of Abia State to feed itself portends danger to the state and the Southeast region, urged government at all levels to take agriculture seriously and encourage young people to embrace farming to ensure food security.
Nwachukwu who further described agriculture as a goldmine, lamented that the Southeast is not producing anything significant, insisting that they are more at risk of food crisis.
In his words: “It is time to shun politics, take advantage of agricultural institutions in Abia state and make farming a worthwhile venture to ensure food security in southeast and Nigeria at large.”
In their response, the members of AFAN in Abia vowed to leverage agricultural institutions’ innovations to improve their farm yields.
Soil scientist raises alarm over excessive use of fertilisers in farms
Austria beat Poland to close on last 16 at Euro 2024
Austria boosted their hopes of reaching the Euro 2024 knockout rounds on Friday as Marko Arnautovic scored in an impressive 3-1 win over Poland, for whom Robert Lewandowski only managed an ineffective substitute appearance.
Ralf Rangnick’s Austria will likely secure qualification for the last 16 if they can avoid defeat in their final Group D game against the Netherlands on Tuesday.
Poland can no longer finish in the top two and almost certainly need to defeat France to have any chance of progressing as one of the four best third-placed teams.
Gernot Trauner headed Austria into a deserved early lead before Krzysztof Piatek, who had missed their opening loss to the Netherlands, equalised for Poland in the 30th minute.
Lewandowski was introduced for his first appearance of the tournament with half an hour remaining but was a peripheral figure as Poland slipped to the brink of elimination.
Christoph Baumgartner put Austria back in front after a fine team move and an end-to-end game was killed off by Arnautovic’s 78th-minute penalty.
Austria, who reached the knockout phase at a major tournament for the first time since 1954 at Euro 2020, will be sure of going through if they defeat the Dutch, who face France later Friday.
Lewandowski was not fit enough to start after suffering a thigh injury last week, despite Poland coach Michal Probierz saying he was hopeful the Barcelona striker would be able to play.
Fans from the two countries, which both border Germany, packed out the Olympiastadion.
The Poland supporters who had made the short trip outnumbered their counterparts, but it was the wall of fans in red Austrian shirts who were bouncing up and down in celebration less than nine minutes in.
Their team started dominantly and were rewarded with the lead when defender Trauner powered a header past Polish goalkeeper Wojciech Szczesny after clever wing play from left-back Phillipp Mwene.
Poland grew into the contest, though, and Nicola Zalewski passed up a good opportunity to equalise when he blazed over.
The two most recent meetings between the teams, in Euro 2020 qualifying, produced only one goal.
– Piatek strikes –
But an entertaining game this time was level just before the half-hour mark, as Piatek pounced to slot in from close range after Trauner blocked Jan Bednarek’s shot.
Austria wasted an excellent chance to restore their advantage with a three-on-two attack, but Bednarek threw himself in the way of Marcel Sabitzer’s effort.
Rangnick’s side almost found themselves behind in first-half added time when goalkeeper Patrick Pentz was forced into a diving stop by Piotr Zielinski’s free-kick.
Austria began the second half brightly, with Szczesny holding Stefan Posch’s header.
A huge roar went up around the stadium as Lewandowski made his entrance in the 60th minute.
His only involvement of note was to pick up a yellow card shortly after coming on for catching Philipp Lienhart in the face with his elbow.
Austria moved back ahead with a wonderfully-worked goal in the 66th minute.
Arnautovic dummied substitute Alexander Prass’ incisive pass and Baumgartner took a touch and coolly placed the ball into the bottom corner.
Austria could have wrapped up the three points with 15 minutes left when Patrick Wimmer’s low strike was pushed to safety by the increasingly busy Szczesny.
But the third goal arrived shortly afterwards as Arnautovic calmly put away a penalty after Sabitzer bore down on goal and was felled by Szczesny.
Austria threatened to make the final scoreline embarrassing for Poland, with Szczesny making a brilliant fingertip stop from Posch’s long-range drive.
The Poles were suddenly a shambles and Konrad Laimer dribbled a shot wide of an open goal after rounding Sczcesny, but even that miss could not take the gloss off Austria’s third win at a major tournament in 34 years.
AFP
Ogun doctors threaten strike over poor working conditions
Medical doctors in Ogun State have threatened to embark on strike over the poor working conditions in the state.
The chairman of the Nigerian Medical Association (NMA) in the state, Dr Kunle Ashimi, stated this at a news conference on Friday in Abeokuta.
He said the 21-day ultimatum given to the government on June 7 would expire on Thursday.
Ashimi stressed that the association members would have no choice but to embark on strike unless the government addressed their concerns.
He listed the non-payment of the reviewed CONMESS salary scale and failure to recruit new doctors as some of the issues requiring government attention.
The NMA chairman noted that despite ongoing discussions with relevant government officials, there had only been verbal assurances without official commitments.
He, therefore, urged the people of Ogun to call on the government to take necessary steps to prevent the looming strike which would disrupt healthcare services across the state.
READ ALSO: Ondo doctors embark on 14-day warning strike over seven-month unpaid salaries
He said: “The State Executive Council of NMA Ogun issued a 21-day ultimatum to the state government on June 7, which will elapse on June 27.
“This indicated that industrial harmony may not be guaranteed after this date as the pressure of work on the few doctors holding forth is yielding dire consequences.
“Ongoing conversations with relevant government officers only came with verbal assurances but no official commitment yet.
“Concerned affiliates of NMA Ogun have been engaging the government on the need to commence the payment of the reviewed CONMESS salary scale for doctors in the state to motivate and retain those who have not left and to attract new ones.
“We use this opportunity to call on well-meaning citizens of Ogun state to impress upon the Ogun government to do the needful to avert any industrial action.”
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AKK gas pipeline will be ready Q1 2025- Kyari
The Group Chief Executive Office of Nigerian National Petroleum Company Limited, Mele Kyari, has assured Nigerians that the Ajaokuta-Kaduna-Kano gas pipeline project would be delivered by the end of first quarter 2025.
This was made known during the visit of three cabinet ministers to the AKK Gas Pipeline Project Site, where they inspected the River Kaduna crossing milestone of the project in Kaduna, on Friday.
According to a statement signed by the Chief Corporate Communications Officer
NNPC Limited, Olufemi Soneye, made available on its X account on Friday, Kyari explained that major segments of the job have been completed.
“Without promising too much, we assure you that this project will be delivered on schedule. Our mission is to work towards delivering it by December this year. But we are confident this project will be delivered by the first quarter of 2025,” Kyari informed the three visiting Ministers.
The three ministers who visited the Project Site were: Minister of Finance / Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Information and National Orientation, Mr. Mohammed Idris, and Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
Speaking at the project site, Edun described the AKK Gas pipeline as the pipeline of prosperity, which is very dear to the President, because it will deliver the critical infrastructure needed to trigger the nation’s economic growth and industrialisation.
“The AKK Gas Pipeline is crucial for this administration and its delivery is in line with Mr. President’s strategy of bringing prosperity to the people,” Edun added.
In his remarks, the Minister of Information and National Orientation, Mr. Mohammed Idris Malagi, said the AKK Gas Pipeline Project is a testimony to the fact that the Federal Government’s “Decade of Gas” has commenced in earnest.
“Nigerians should be proud of the AKK Gas Pipeline project. With the delivery of this project, the prosperity that Mr. President is always talking about is unravelling right here before our eyes,” he said.
Also speaking, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo said the gas pipeline is part of the Federal Government’s many efforts to harness the nation’s abundant gas resources towards improving power generation, revamping ailing industries, and creating employment opportunities in the country.
Ekpo urged all stakeholders to support the NNPC Ltd towards delivering the project and several other gas projects as the country depends on it to bring prosperity to the people.
The three ministers, who lauded the NNPC Ltd. and its project partner, Brentex/CPP Ltd. (BCL) on the progress made so far, also expressed optimism that NNPC will deliver as promised.
In his speech, the Governor of Kaduna State, Uba Sani, represented by his Deputy, Dr. Hadiza Balarabe, said the completion of the AKK gas pipeline will herald the much-needed economic and industrial revival in the state.
“If you know about the Kakuri Industrial Area and how most of our factories there have become moribund, you will understand why we in Kaduna State are all excited about the AKK Gas Pipeline. Without doubt, the pipeline will revamp our industries and bring about a huge impact on our people. We can’t wait for it to be completed,” the governor added.
The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline is a 40 inch by 614 km linear pipeline system running from Akaojuta in Kogi State to Kano with associated intermediate, terminal gas facilities and other related equipment to transport natural gas to off-takers at Abuja, Kaduna, and Kano
Police kills suspected kidnapper, arrests 4 others in Delta
Police operatives in Delta on Thursday killed a suspected member of a kidnap gang in Ughelli North local government area of the state.
The spokesman for the state police command, Bright Edafe told journalists on Friday in Warri that the other members of the gang escaped during the operation.
He said a team of police operatives deployed by the state’s Commissioner of Police, Mr. Olufemi Abaniwonda, intercepted and engaged the hoodlums in a gun duel near the Adjekota-Ogor communities of Ughelli North.
Edafe said: “The team acting on credible intelligence stormed a criminal hideout on the Ughelli/Patani Road by an abandoned filling station.
READ ALSO: ‘Na Devil work’ Delta man says after killing Sugar Mummy over 100k (Video)
“The hoodlums on sighting the police opened fire on the team and the police responded.
“In the ensuing gun duel, one of the hoodlums sustained serious gunshot injuries while others escaped.
“The injured suspect was taken to the hospital where he died while receiving treatment.
“Two Beretta pistols and five rounds of live ammunition were recovered from the gang members.”
The spokesman also said the police special team arrested four suspected armed robbers in Sapele Town on Wednesday.
He added that one locally made cut-to-size gun was recovered from the suspects.
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Soldiers killed bandits in Kaduna forest -Govt
The Kaduna State Government says several bandits have been killed in a coordinated attack by the military in the Bula community within the Yadi Forest of Giwa Local Government Area of the state.
The state Commissioner overseeing Internal Security and Home Affairs, Samuel Aruwan, stated this in a statement released to newsmen on Friday.
Aruwan noted that coordinated ground and air strikes by troops of Operation Whirl Punch left several bandits dead, including an ally of a notorious terrorist, Buhari Yadi’, whose name was given as Alhaji Kachalla Ragas.
He added that the strike was based on credible intelligence which followed the recent elimination of some bandit kingpins along the Kaduna-Katsina border areas.
The intelligence report had earlier revealed that bandits were to converge at the area for a meeting on a deadly mission within the Yadi Forest general area.
Aruwan said, “Close monitoring followed, and at the agreed time, the bandits were sighted bearing arms and approaching the location on motorcycles.
“Further exploration confirmed the movements and convergence of the bandits in a group of about seven to ten members at a hub in the location.
“Upon verification, the location was struck and scores of the bandits including one Alhaji Kachalla Ragas – an ally and childhood friend of the previously neutralized Buharin Yadi – were confirmed to have been neutralized by the strike.”
The commissioner added that on receiving the report the state governor, Uba Sani, expressed satisfaction and commended the security forces for their quick response, diligent efforts and precise execution.
“The governor thanked the various sources who provided crucial intelligence leading to the successful strike.
“Citizens are encouraged to continue to volunteer useful information on suspicious movements to the State’s Security Operations Room via the phone lines 09034000060 and 08170189999,” he added.
NDLEA seized 761,000 tonnes of illicit drugs in three years, says Marwa
The Chairman of the National Drug Law Enforcement Agency, Brigadier General Buba Marwa (retd.) has revealed that the agency seized 761,000 tonnes of illicit drugs and substances between January 2021 and March 2024.
Marwa made this known during a special Juma’at service as part of activities to commemorate the 2024 International Day Against Drug Abuse and Illicit Trafficking at the National Mosque in Abuja on Friday.
World Drug Day is celebrated annually on June 26. This year’s celebration is themed “Evidence is Clear, Let Us Invest in Prevention”.
The NDLEA boss said that the 2018 drug use survey showed that 15 million Nigerians abused drugs, saying that it was three times the global average.
Marwa, who described the report as unacceptable said that the aim of the year 2024 World Drug Day (WDD) Campaign was Prevention.
“Money-making is the major reason drug barons are persistent in spite of the efforts of the agency to curb to the barest minimum drug abuse and illicit drug trafficking. When you look at the population of Nigeria and you take out 15 million, it means the rest are not.
“We don’t want even a single Nigerian to enter that basket of users. We have made seizures in three years of 761,000 tons but they still keep coming and we have to look at the other side. Now, assuming we didn’t seize it, where will it be? it will be on the streets and the money would have been used for very negative purposes or it would have gone to the criminals.
“We are doing our level best, supported by the government to make sure the supply reduction is very effective,” he said.
Marwa added that prevention was very important in dealing with drug abuse and illicit drug trafficking, adding that the agency had recommended a two-track approach.
He said that the first and most important track was global which was the entire society, all fragments, beginning with the family and parenting, adding that the children should be taught as they grow up why drug use is bad.
“We have children killing their parents. So in any case, parentage and parenting are also important. Most important is the community level, the traditional institution, religious bodies, both Christian and Muslim should include in their sermons and the advocacy in the school system and the curriculum.
“There should be random drug tests. For instance, we have promoted drug tests for students, tertiary institutions and drug tests before marriage. When you go for the wedding, bring the HIV, the genotype and bring drug tests that are negative.
“These are some of the steps on this side. On the other side is to deny the availability of drugs and access. You have to have drugs first to abuse it. And it’s our job as NDLEA to launch operations to seize drugs, arrest the offenders, take them to court, and seize their assets as well, “he said.
NAN
Cholera: Lagos LG suspends school food vendors
The Agege Local Government Area in Lagos State has suspended food vendors in schools in the area as a way of preventing the outbreak of cholera.
The council has also embarked on rigorous sensitisation to prevent the outbreak of the disease in its communities.
The council’s Chairman, Alhaji Ganiyu Egunjobi, disclosed this in an interview with the News Agency of Nigeria on Friday.
According to the chairman, efforts have been put in place to sensitise market stakeholders and schools on radio to prevent the outbreak within the community.
“We have suspended all school food vendors to ensure the safety of the pupils and students.
“We have informed both the pupils and students on radio stations to come with their foods to ensure their safety from the cholera disease.
“This development will allow us to detect and prevent the outbreaks in our community,” he said.
Egunjobi added that schools were visited and inspected to ensure the children were in good health and environmental condition.
According to him, market traders in various communities were also enlightened and sensitised to adopt environmental hygiene in their places to prevent the outbreak.
“We are working tirelessly to prevent the menace of cholera outbreak in our community.
“We are using various means to talk to our people, through landlord associations and others, to caution them on ensuring hygiene in preparing foods and drinks.
“We urge residents to acquaint themselves with precautionary measures against the deadly cholera disease outbreak.”
NAN reports that the killer disease has spread to over 30 states with Lagos recording 24 deaths from 417 cases.
(NAN)
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Fubara removes Rivers traditional council chairman
Governor Siminalayi Fubara of Rivers State has removed Eze Sergeant Awuse as the Chairman of the State Supreme Council of Traditional Rulers Council.
The governor made this announcement on Friday during a special meeting with the traditional rulers at the Banquet Hall of the Government House, Port Harcourt, the state capital.
Fubara, thereafter, appointed Eze Chike Wodo, as the new chairman of the council, saying that the office could not remain vacant.
Speaking at the meeting, the governor said Awuse has not been leading the council effectively for a while due to his alleged role in the ongoing crisis in the state.
Fubara described Awuse as an unstable character, noting that he has been playing double standards since the political crisis in the state.
Fubara said, “It is like your chairman has run away. Maybe when your chairman is ready, he will write to me. If he gets the approval, he can then come for the meeting.
“But you already know his position. He is not a stable man, he is not a stable character. He cannot say something in the morning and say another thing in the evening.
“It is because of that he decided to hide his head. You have to bear with him until when God will help us remove this problem you are having. By the grace of God, it will be resolved soon.”
It would be recalled that the former governor of the state, Nyesom Wike, had replaced the then Chairman of the Council, King Dandeson Douglas Jaja, with Awuse.
However, in the wake of the political crisis, the State House of Assembly, led by Martin Amaewhule, promulgated a law that barred Fubara from interfering with the leadership of the traditional council.