Home Blog Page 377

Breaking: CBN Imposes N1.35bn Fine on Nine Banks for Cash Hoarding

0

Nine Deposit Money Banks (DMBs) have been fined a total of N1.35 billion by the Central Bank of Nigeria (CBN) for their failure to guarantee sufficient Naira note availability through Automated Teller Machines (ATMs) during the Yuletide season.

Following spot checks at their branches, the banks were fined N150 million for failing to comply with the CBN’s cash distribution standards.

The CBN affirmed the enforcement action in a statement, emphasizing the apex bank’s dedication to ensuring smooth cash flow, especially during times of increased demand. The apex bank disclosed that the impacted banks’ accounts will be immediately debited for the fines.

Read Also: AGF announces recovery of over $110M in assets

“Maintaining smooth cash flow is crucial to preserving public trust and economic stability,” said Mrs. Hakama Sidi Ali, the CBN’s Acting Director, Corporate Communications. Any institution found to be in violation of the CBN’s currency circulation standards will face additional fines without hesitation.
The CBN also revealed that it is still looking into bank branches and Point-of-Sale (POS) operators’ rationing and hoarding of cash.

Ali stated that in order to combat illicit cash sales and enforce the POS operators’ daily cumulative withdrawal cap of ₦1.2 million, the CBN was working with security agencies.

At the Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers’ Dinner in November 2024, Governor Olayemi Cardoso issued a dire warning to financial institutions: carefully follow cash distribution laws or risk harsh fines.

He reaffirmed the CBN’s dedication to preserving stability, confidence, and effective cash flow in the financial system.

Details in a Moment…

AGF announces recovery of over $110M in assets

0

Prince Lateef Fagbemi, the Attorney General of the Federation (AGF) and Minister of Justice, has attested to the recovery of assets worth more than $110 million from multiple nations.

He made this revelation on Tuesday when the Ministry’s 2024 budget defense and 2025 proposal were presented by the House of Representatives Committee on Justice, which is chaired by Hon. Olumide Osoba.

Fagbemi acknowledged the recovery but did not go into detail, except the $52.88 million in assets that the US government had recently retrieved that were connected to former Petroleum Resources Minister Diezani Alison-Madueke.

Fagbemi disclosed that in order to assist state governments in contract assessments, the Ministry has created templates that address problems that have previously resulted in risks and damages.

Citing the contentious Process and Industrial Developments (P&ID) case as an example, he pointed out previous errors, such as hiring unqualified legal counsel in well-known cases.

It has been expensive to hire attorneys only on the basis of patronage. We now place a higher priority on competency, making sure that attorneys possess the education and expertise needed for commercial arbitration,” he stated.

During the Federation Account Allocation Committee (FAAC) procedure, the Federal Government retains the right to deduct any ensuing obligations from state allocations, even if State Governments are free to engage in overseas transactions, the AGF emphasized.

Fagbemi promised that stronger measures are now in place to guarantee deals with foreign firms conform with Nigerian regulations in order to prevent future problems.

He emphasized how Nigeria’s legal position in arbitration has been strengthened by the 2023 Arbitration and Prosecution Act.

When conducting business here, foreign organizations are required to abide by our laws. They cannot prescribe arbitration rules and locations outside of Nigeria while taking use of our resources,” Fagbemi said.

Osoba praised the Ministry’s major accomplishments, such as the Supreme Court’s ruling on local government autonomy, which upheld local governments’ administrative and financial independence and prohibited state governors from arbitrary dissolutions or seizing funds.

He also praised the Ministry for winning the P&ID Case, stating that Nigeria’s assets and economic stability were preserved when the court decided to overturn the earlier ruling, sparing the country from significant financial obligations.

Read Also: Abiru: Tinubu’s reforms, Insurance bill key to aviation growth

“These results show our judiciary’s strength and dedication to justice and the rule of law,” Osoba said.

However, Osoba accused the Ministry of reallocating allocated funds without parliamentary consent and chastised it for not disclosing the N4.7 billion spent on legal services in 2024.

Legislators were reassured by Fagbemi that measures are being taken to improve openness and adherence to supervision.

In order to strengthen Nigeria’s legal system and economic stability, the Committee recommended the Ministry to prioritize reforms and increase accountability.

Abiru: Tinubu’s reforms, Insurance bill key to aviation growth

0

Mukhail Adetokunbo Abiru, the chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, described yesterday how the Tinubu administration’s economic reforms would act as a spur for the expansion of the aviation industry.

In Dublin, Ireland, he addressed at the 2025 Airlines Economics Growth Frontiers Conference.

The senator for Lagos East emphasized that President Bola Tinubu has put in place some changes meant to stabilize pricing and promote economic growth, while showcasing the enormous economic potential for Nigeria’s aviation and related industries.

“These include initiatives to improve financial inclusion, infrastructure projects, and tax reforms,” Abiru stated. In order to guarantee that Nigerian professionals, businesses, and entrepreneurs are at the forefront of our economic development and progress, the local content policy is also being reinforced, Abiru stated.

Speaking on the enormous potential in Nigeria’s aviation sector, Abiru stated that the country’s aviation business, which is the biggest in Africa and has a high demand for domestic air travel, has the potential to grow significantly and generate enormous profits for investors with a clear vision.

He reaffirmed Nigeria’s government’s commitment to creating a business-friendly atmosphere by enhancing infrastructure and making sure our legal system complies with global norms.

Read Also: Missing lady found dead in Delta apartment

“Insurance plays a critical role in the aviation industry by providing the necessary risk coverage for airlines and other stakeholders,” Senator Abiru added, highlighting the vital role the insurance industry plays in the expansion of the aviation sector. The ability of the Nigerian insurance industry to underwrite aviation risks and successfully fulfill claims commitments has been proven. This is important and ought to provide investors and business owners peace of mind and confidence.

He said that the recently enacted Nigerian Insurance Industry Reform Bill, which was supported by the Senate Committee he leads, is evidence of the dedication to bolstering and guaranteeing the stability and safety of the insurance industry. He claims that among many other things, the bill contains provisions for risk-based capital, recapitalization, an insurance policyholders’ protection fund, risk-based supervision, and current insurance laws that adhere to the International Association of Insurance Supervisors (IAIS) standards.

Missing lady found dead in Delta apartment

0

In Asaba, the capital of Delta State, a woman named Lucy, who had vanished on January 5, was discovered dead in her flat on NNPC Road.

According to a Facebook post published by Harrison Gwamnishu, the Senior Special Assistant on Civil Society and Youth Mobilization to the Delta State Governor, on Monday, Lucy’s body was found by a coworker.

He explained that the management of the woman’s place of employment dispatched someone to her home to inquire about her absence after she stopped communicating about her absences from work.

It was reported that the coworker peeped through the window after the sent person encountered the apartment’s locked door.

After witnessing Lucy’s lifeless body, the coworker reportedly sounded the alarm, drawing attention to the incident.

“They began searching for her at her place of employment on January 5,” Gwamnishu stated. They attempted to phone her number, but it was unsuccessful. To discover out why she hadn’t been showing up for work, they dispatched someone to see how she was doing.

She claimed that when she arrived, the door was locked and that she looked through the window to find the dead person on the floor, naked, and covered in blood.

Read Also: Wike vows to support sports, recognize FCT athletes

Investigation revealed that she struggled, as evidenced by the marks on her body, the knife-caught finger, and the hair strewn all over the floor. It is said that Lucy was killed at her home.
The Delta State Police Command was encouraged by the SSA to make sure that justice was done in this case and that those responsible were held accountable.

In order to prevent circumstances like this, he further exhorted state citizens to report any threat to their lives at all times.

The identity of Lucy’s killer is unknown. All we can hope for is that CP Abaniwonda’s Delta State Police Command would conduct a comprehensive inquiry into the situation.

“Please send me a direct message if someone threatens your life. You can be a young girl in Asaba and don’t know what to do. Never consider a threat to be insignificant. Gwamnishu advised reporting the individual and treating them with seriousness.

In an exclusive interview with our correspondent on Monday, Bright Edafe, the public relations officer for the Delta State Police, verified the occurrence.

He went on to say that an investigation into the situation had begun.

“Verified and an investigation is underway,” Edafe stated.

Wike vows to support sports, recognize FCT athletes

0

Nyesom Wike, the Federal Capital Territory’s Minister, has promised to recognize the winning athletes who recently competed for the FCT in a variety of sports.

This was revealed by Wike on Tuesday in Abuja in a statement from the FCT sports department.

According to him, a reception is planned on Thursday to honor the athletes who competed for the FCT in the 7th and 8th National Youth Games and the 2022 National Sports Festival.

Read Also: Coalition urges Gov Kefas to save Taraba College from collapse

The honor, in his opinion, is to recognize the athletes for their sacrifices, patriotism, and tenacity, all of which have elevated the FCT.
“We are dedicated to the growth of sports in the FCT and will keep fostering the conditions necessary for them to flourish.

The minister stated that this aligns with President Bola Tinubu’s goal of empowering young people to reach their full potential.

Coalition urges Gov Kefas to save Taraba College from collapse

0

Governor Agbu Kefas has been urged by the National Coalition of NGOs and Civil Society Organizations in Nigeria (NCNCSON) to address the leadership crisis at the Taraba State College of Nursing and Midwifery, Jalingo, in order to prevent the institution from failing.

The group voiced concern that if the problem is not resolved immediately, the institution would lose its standing and international rating as a provider of high-quality nursing and midwifery education.

The coalition urged Governor Kefas to step in and preserve the institution’s reputation in a press release signed by Fidelis Nashuka, the association’s state president.

We would want to convey how deeply concerned we are about the current leadership issue at the Jalingo College of Nursing and Midwifery.

Due to subpar management practices, this school, which was renowned for its innovative role in nursing education and its infrastructural accomplishments under His Excellency, Dr. Agbu Kefas, is now in danger of losing its reputation.

The college’s leadership issues bring to light issues with openness in appointments, retirement procedures, and regulatory requirements set by the National Board for Technical Education (NBTE) and the Nursing and Midwifery Council of Nigeria (NMCN). The principles of quality, justice, and accountability that ought to direct the institution’s activities are compromised by these problems.

“As a company committed to upholding good governance, NCNCSON highlights the necessity of both short-term and long-term solutions to deal with this situation.

We advise the state government to help ensure a smooth and quick transition to a team of capable and experienced leaders.

Assure adherence to civil service regulations and regulatory norms for retirements and appointments.

“With the Ministry of Health as a strategic partner, reassign the institution to the Ministry of Tertiary Education for improved administrative oversight.”

“To maintain professionalism and equity, establish clear, merit-based selection procedures for leadership roles.

To improve monitoring, provide the governing council the authority to actively participate in succession planning and institutional administration.

The coalition suggested that the state government fund leadership development initiatives to improve academic standards and institutional administration while also encouraging capacity building.

In order to restore the institution’s integrity and guarantee compliance with the governor’s plans for educational excellence, the organization urged the Taraba State government and pertinent authorities to look into and address the matter.

Read Also: Lagos Assembly: Sanwo-Olu declares innocence as Obasa Faces Impeachment over fraud allegations

In order to support accountability and sound governance for the long-term growth of education in Taraba State, the coalition also reaffirmed its commitment to working with the government and interested parties.

Lagos Assembly: Sanwo-Olu declares innocence as Obasa Faces Impeachment over fraud allegations

0

On Monday, Lagos State Governor Babajide Sanwo-Olu disassociated himself from Mudashiru Obasa’s impeachment as Speaker of the state House of Assembly.

In an interview, Gboyega Akosile, Sanwo-Olu’s Special Adviser on Media & Publicity, characterized Obasa’s impeachment as a rigorous legislative process free from politics and the influence or meddling of the state government.

“It is solely a legislative issue, and the Assembly did their best to resolve it. Citing the constitution’s division of powers between the Executive, Legislative, and Judiciary branches, Akosile stated simply, “It has nothing to do with the governor.”

As of the time of writing, the Speaker’s removal’s specifics are yet unknown. However, it was discovered that Obasa was fired by the Lagos State House of Assembly due to a number of accusations, including money embezzlement, misbehavior, and abuse.

Mojeed Fatai, the Chief Whip, was chosen as the new Deputy Speaker, while Olalekan Onafeko, the Clerk of the House, was also placed on indefinite leave.

Regarding the development, the House has not released a statement.

After 90 percent of the House supported the motion, MPs ousted Obasa during a Monday sitting, according to multiple sources.

Mojisola Meranda, the Deputy Speaker, was then sworn in as the Assembly’s first female Speaker.

A politician, surrounded by other Assembly members, stated in a widely shared video that our correspondent saw: “Change is inevitable because the only thing that is constant is death.” Today, parliamentarians made the decision to switch the House’s leadership. The House’s authority to control own operations is explicitly stated in the Constitution.

The House members believed that Mudashiru Obasa’s leadership had reached a breaking point. We all decided that Hon. Fatai Adebola would serve as the Deputy Speaker and Hon. Mojisola Meranda as the new Speaker. Every member of the parliament supported the resolution. All of the House’s major jobs and standing committees have been dissolved as of right now.

At the time this article was filed, Eromosele Ebhomele, Obasa’s chief press secretary, did not return calls or texts on the development.

Sanwo-Olu’s aide, Akosile, said that because the Assembly had accused the former Speaker, it was still up to the lawmakers to decide whether the state would prosecute Obasa on the basis of the fraud charges.

Obasa recently reportedly called claims that the Assembly had spent N17 billion building a gate “spurious and laughable.”

The Lagos State Anti-Corruption Coalition demanded an investigation after accusing the Assembly of using the funds for the gate.

The former Speaker refuted the accusations during a plenary, calling them politically motivated.

It’s amusing. How much does the Assembly have allotted in a year for someone to say we spent N17 billion on a gate? They further claimed, falsely, that we spent N200 million on the recently held 22nd Thanksgiving Service,” he stated.

Additionally, there are hints that Obasa’s struggles might be connected to his rumored goal of becoming governor of Lagos in 2027.

Even though he acknowledged that he had not given becoming the next governor “as was already being speculated,” Obasa stated that he had the experience to run for the position in 2027 during Governor Sanwo-Olu’s November 2024 presentation of the 2025 budget to the Lagos Assembly.

“To the blackmailers who have set out to reinterpret and distort our mission, let me state it clearly here: our goal is to advance our party on the mandate platform,” he stated.

Additionally, being governor is a secondary goal that I haven’t given much thought to. However, that does not imply that I am too inexperienced or young to run; on the contrary, people who have gone before me are in a better position.

His remarks also coincided with rumors that Seyi, the son of President Bola Tinubu, may be interested in becoming the state’s governor. The opposition Peoples Democratic Party in the state had criticized these rumors.

In the meantime, the state’s APC denied rumors that the Speaker’s removal was the result of political pressure.

The development “remains an internal affair of the legislative arm – the Lagos State House of Assembly,” said Seye Oladejo, the party’s state publicity secretary, on Monday.

“Our party respects the separation of powers,” Oladejo stated. We have a reputation for not meddling excessively in matters that belong to the legislature. Unnecessary interference by the party has never been documented.

“All those things, including that he (Obasa) was nursing governorship ambition, those things are speculations and will remain in the realm of speculations until proven otherwise,” the APC spokesperson said in response to a question about whether the governor had anything to do with Obasa’s dismissal.

“If people are not aware of what truly happened, they will undoubtedly guess. Nowhere in the House’s justifications was it stated that the APC was issuing orders.

Read Also: Lagos APC rejects claims of asking LG chairmen seeking re-election to resign

Tai Benedict, the deputy chairman of the Peoples Democratic Party in Lagos, claimed that Obasa’s impeachment was not shocking and that some cabals were threatened by the former speaker’s intention to run for governor of the state.

“It was expected, and we heard it. First and foremost, you cannot keep deceiving people; the truth will eventually be exposed. To the best of my knowledge, Obasa is a Lagosian, and I think the entire affair started because he is interested in becoming the state’s governor.

They are aware that he has that ticket because he is from Lagos. They are confident that he can win because, if you look at all the candidates for governor since Tinubu’s time, not a single one of them is a true Lagosian. Many things will be made clear by the time we have someone who is truly Lagosian.

The PDP leader responded to the accusations against Obasa by saying, “These financial allegations came up overnight.” What we are witnessing is the Nigerian government system. I don’t want to tell a fib, but if he’s in their good graces, he will be covered as normal starting today.

Sam Okpala, the Labour Party’s state secretary, stated that the party was keeping a careful eye on things because it wanted the APC to “deal” with itself.

“The Speaker who was impeached does not belong to the Labour Party, which is our party. In the Lagos Assembly, we just have one member. We are keeping an eye on the progression in both the Assembly and the APC. We want the APC to take care of itself.

Muyiwa Jimoh, a three-term former state Assembly member, claimed that during his tenure, members had consistently tried to highlight Obasa’s flaws.

He believed that it was long past for Obasa to be removed from office.

When he was elected Speaker in 2015, I was the Deputy Majority Leader. As a trained leader, we tried to point out his flaws and other violations when he was re-elected. We also spoke with him to make sure that the mistakes were fixed moving forward in order to advance the Assembly and the state. I was serving during his tenure.

Lagos APC rejects claims of asking LG chairmen seeking re-election to resign

0

In Lagos State, the ruling All Progressives Congress has denied giving any orders to reelection-seeking incumbent local government chairmen to step down before the 2025 council election.

In a statement released Monday night, APC Spokesperson Mr. Seye Oladejo said the alleged command was a hoax meant to deceive party members and the general public.

Pastor Cornelius Ojelabi, the APC’s Lagos State Chairman, is alleged to have sent incumbent council chairs who want to run for reelection a fictitious order to step down from their positions.

Oladejo stated, “We want to make it very clear that there is not a shred of truth in the publication, as it was twisted to suit the publisher’s interest.”
On the contrary, he claimed, the order was given to APC Local Government party chairmen who were running for elective office in the next elections to step down since they were not allowed to serve as both contestants and umpires.When the guidelines are published, the chairmen of the local government parties—who are also candidates in the next elections—will have to step down from their existing roles.

Read Aso: NELFUND disburses over N20bn for 192,906 students as of January 1, 2025

Oladejo stated, “We want to urge party members and the public to abstain from spreading false information that could inflame the political climate.”

He stated that the party was expecting the newly reorganized Lagos State Independent Electoral Commission’s (LASIEC) electoral rules.

According to the spokesperson, all party members should keep pushing for initiatives that foster unity and understanding inside the party.

NELFUND disburses over N20bn for 192,906 students as of January 1, 2025

0

The Nigerian Education Loan Fund (NELFund) has declared that N20,075,050,006.55 has been approved for distribution to 192,906 students enrolled in public postsecondary educational institutions nationwide.

This update was posted on the official X page of the NELFund.

page on Monday, indicating the payment date is January 1, 2025.

With 11,683 students selected to earn a total of N1.3 billion, Bayero University in Kano will receive the greatest part.
8,978 students from Federal University Dutsin-Ma would receive N909 million, while 6,988 students from the University of Jos will receive N941 million.

5,451 students at Federal University Dutse will split N593 million, while 4,907 students at the University of Ibadan will receive N746 million.

N578 million will be given to 6,480 students at Usmanu Danfodiyo University in Sokoto, while N557 million would be given to 3,685 students at the University of Lagos.

Read Also: Ecobank launches sustainable art initiative to support Nigerian artists

Gombe State Polytechnic in Bajoga, where four students will receive N122,000, and Abia State Polytechnic, where two students will receive N106,300, are among the institutes with fewer recipients. Three students will receive N214,116 from Nwafor Orizu College of Education in Nsugbe, and seven students will receive N315,500 from Kenule Benson Saro-Wiwa Polytechnic in Bori.

Eleven students from Federal Polytechnic Ukana, Akwa Ibom, will split N518,500, and three students from the Federal College of Education, Gidan Madi, will earn N330,000.

Twelve students at Alvan Ikoku Federal University of Education, Owerri, would receive N528,500, while nine students at Federal Polytechnic Nekede, Imo State, will earn N368,400.

Ecobank launches sustainable art initiative to support Nigerian artists

0

Toyeeb Ajayi’s new art work, “Kong in a Cage,” was unveiled by Ecobank Nigeria.

The installation, which was created completely of recycled materials, is currently on display at the Ecobank Pan African Centre in Lagos, the bank said in a statement on Tuesday.

Through some of its programs, like as the “Get Cash for Plastic Bottles” campaign, which cleared more than four million plastic bottles from Lagos’ streets and drains, Ecobank has been promoting sustainability throughout the nation. Additionally, the bank actively participates in environmental preservation and protection initiatives by planting trees.

Read Also: NUPRC data reveals Nigeria produced 566m barrels of crude oil in 2024

In his remarks, Bolaji Lawal, Managing Director/Regional Executive of Ecobank Nigeria, emphasized that the sustainable art installation is a component of the bank’s continuous dedication to environmental preservation, sustainability, and the advancement of Nigeria’s creative industries.

He went on to say that the bank is still committed to providing a worldwide stage for up-and-coming Nigerian talents, particularly in the arts and sustainability sectors.

Additionally, Lawal noted that “Kong in a Cage” supports Ecobank’s overarching goal of advancing the creative industry throughout Africa.

By giving Nigerian artists the chance to exhibit their work both domestically and abroad, we hope to bring attention to their extraordinary skill.
“Global connection, well-being, and economic progress are all significantly influenced by the creative sector. We at Ecobank are dedicated to making investments in our young people’s futures in order to contribute to the development of a more promising future for Nigeria,” he stated.

“Kong in a Cage” is a remark on environmental sustainability, according to artist Toyeeb Ajayi, whose use of recycled materials reflects this concept.

In addition to providing entertainment, this artwork sparks discussion about the relationship between art and environmental care by utilizing sustainable materials and techniques.

“Kong in a Cage” is more than simply a piece of art; it’s a conversation—a graphic call for responsibility, accountability, and a renewed appreciation of the delicate equilibrium between nature and people.

“I urge everyone to think about how humans affect the environment, think about the possibilities of repurposed materials, and reconsider our relationship with the planet,” Ajayi stated.

On Saturdays and Sundays, the public will be able to view the artwork.