Nasarawa Assembly summons Access Bank MD – Newstrends
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Nasarawa Assembly summons Access Bank MD

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The Nasarawa State House of Assembly has summoned the Managing Director, Access Bank PLC, to explain in detail why the payment of contractors handling various State Universal Basic Education Board (SUBEB) projects in the state were delayed.

Mr Daniel Ogazi, the Chairman House Committee on Education, stated this when the management of Nasarawa State Universal Basic Education Board appeared for its 2021 Budget Assessment in Lafia on Thursday.

Ogazi, who is the Deputy Majority Leader of the House, lamented that the legislature was worried about the myriad of petitions it was receiving from contractors handling SUBEB projects in the state over the non-payment.

Ogazi said: “After many of them had completed their works, with others having theirs reaching various stages of completion.

“Many of the contractors collected loans, some collected personal loans from individuals where they are to pay back 20 percent interest monthly, aside from the increase in the costs of construction materials in the market on daily basis.

“Many of these constructions have reached different stages of completion and the works have stopped and with the rainy season now affecting the structures.”

He lamented that the bank’s action has also put the state in a bad image before the world, that it did not honor its commitments to contractors.

“They do not know that the fault is from the bank who have decided on the reasons best known to them to keep our money.

“And be making high profits from it to the detriment of the government and the people of the state.

“It is on this note that we are inviting the MD/CEO of Access Bank to appear before the House on Wednesday, 8th September 2021, to explain to us in detail what is happening with the state’s money in their custody.

“We have paid our counterpart funds as a state, the money has been lodged in the bank, why are they keeping it?

“They are unnecessarily subjecting the state and contractors to hardship, leaving our school structures in bad shape, and now the rain is destroying them.

“I want to call on the contractors to be patient, the House will protect their interests and their money is guaranteed,” he said.

 

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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