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
Tinubu not telling Nigerians the truth, says Sule Lamido
Tinubu not telling Nigerians the truth, says Sule Lamido
President Bola Tinubu has been accused of not being forthright about the true state of Nigeria under his administration.
Former Jigawa State Governor and senior Peoples Democratic Party (PDP) member, Sule Lamido, made the accusation while speaking on the BBC Hausa programme Gane Mini Hanya.
Lamido criticized both Tinubu and former President Muhammadu Buhari for what he described as a lack of transparency in governance.
“Buhari’s and Tinubu’s governments are not being transparent with Nigerians unlike during the time when PDP was in power where everything was transparent and open to all Nigerians,” Lamido said.
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He accused the two administrations of relying on propaganda rather than providing citizens with accurate information.
Lamido also expressed concerns over President Tinubu’s recent loan requests, questioning the logic behind them. “If Nigerians are being told the truth then there is nothing wrong with that, but how would you budget N30tn, generate N50tn and then request loan when you have a surplus of N20tn,” he said, referencing last year’s budget.
He described the situation as “reckless” and “selfish,” adding, “This recklessness and clear-cut selfishness is not done anywhere in the world, but yet you find (some) Nigerians supporting it. Visit social media and see how APC is being criticised, being referred to as calamity, yet you find some protecting it.”
Tinubu not telling Nigerians the truth, says Sule Lamido
News
Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
Nigeria Customs Service begins 2025 recruitment [How to apply]
News
Tinubu to critics: I won’t reduce my cabinet size
Tinubu to critics: I won’t reduce my cabinet size
President Bola Tinubu on Monday unequivocally responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.
“I am not ready to shrink” the size of my cabinet, Tinubu said during a media chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.
“I am not prepared to bring down the size of my cabinet,” the former Lagos governor said, arguing that “efficiency” has been at the core of his selection of ministers.
The president also said he has no regret removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.
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“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.
Tinubu appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate.
There were calls for the President to reshuffle his cabinet as many Nigerians have not been impressed by the performance of some of the ministers, especially in the face of unprecedented inflation, excruciating economic situation and rising insecurity.
In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.
Tinubu to critics: I won’t reduce my cabinet size
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