News
No plans to revoke Fidelity, Polaris, Wema, Unity Bank licences – CBN
No plans to revoke Fidelity, Polaris, Wema, Unity Bank licences – CBN
The Central Bank of Nigeria (CBN) has refuted allegations that it is contemplating the revocation of operating licences for Fidelity, Polaris, Wema, and Unity Banks.
This clarification came amidst concerns about the stability of some Nigerian banks following the licence revocation of Heritage Bank Plc.
In a statement released on Monday, June 10, Hakama Sidi Ali, the acting director of the Corporate Communications Department of the CBN, reassured the public of the safety of their deposits and the resilience of the banking system.
“The Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds,” Mrs. Sidi Ali stated.
She addressed the misinformation going around regarding a circular issued on January 10, 2024, which announced the dissolution of the Boards of Union, Keystone, and Polaris Banks.
This circular is now being misrepresented as a new directive issued on June 10, 2024.
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Mrs. Sidi Ali clarified that this is an old notification and not a recent development.
“The case of Heritage Bank is isolated,” she stated, adding that allegations of further licence revocations before the completion of the bank recapitalisation exercise are unfounded and aimed at causing unnecessary panic.
She urged customers, especially those of Heritage Bank, not to worry about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) has already begun payments to the bank’s insured depositors.
Reiterating the CBN’s commitment to financial stability, Mrs. Sidi Ali encouraged the public to continue their regular banking activities without worry. “Customers are encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she said.
She also highlighted the robust regulatory framework of the CBN, which proactively ensures the stability of Nigeria’s financial system, guaranteeing the safety of depositors’ funds across all Nigerian financial institutions.
Mrs. Sidi Ali noted the assurances of the CBN Governor, Olayemi Cardoso, about the ongoing recapitalisation process designed to strengthen the banking system and protect it from potential risks.
“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient,” Mrs. Sidi Ali said.
She called on all stakeholders to support the recapitalisation initiative, which she believes is crucial for the overall growth of the Nigerian economy.
No plans to revoke Fidelity, Polaris, Wema, Unity Bank licences – CBN
News
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.
In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.
He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.
The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.
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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.
“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”
Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.
“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.
“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
News
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”
His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.
In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.
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The only solution is to dissolve the two states and create a democratically electable region.”
Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.
He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.
“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
News
Court sacks Ondo LP candidate, two days to governorship poll
Court sacks Ondo LP candidate, two days to governorship poll
The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.
The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.
The governorship election of the southwest State will hold on Saturday, 16 November 2024.
The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.
The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.
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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”
Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.
Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.
Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.
However, the appellate court has now overturned the judgment of the trial court’s judgment.
Court sacks Ondo LP candidate, two days to governorship poll
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