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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
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FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
The Federal Government has announced plans to train and attach 300 National Youth Service Corps members to compressed natural gas conversion centres across the country as part of efforts to equip young Nigerians with practical technical skills and promote the adoption of CNG-powered vehicles.
The initiative is expected to provide the selected corps members with specialised training in CNG vehicle conversion and maintenance, enabling them to acquire skills that could improve their employment and entrepreneurship prospects after completing their national service.
The Senior Special Assistant to the President on Youth Initiatives, Monitoring and Delivery, Dr Titilope Gbadamosi, disclosed the plan at the opening of a CNG Retrofitting Training Programme for corps members at the NYSC FCT Orientation Camp in Kubwa, Abuja.
Gbadamosi said the selected corps members would undergo training and certification as CNG technicians before being deployed to CNG conversion centres across the country.
She explained that the programme would cover the six geopolitical zones and was designed to contribute to the Federal Government’s broader plan to expand the conversion of petrol and diesel-powered vehicles to CNG.
According to her, the initiative is expected to support the government’s target of converting 100,000 vehicles to CNG annually, while simultaneously creating opportunities for young Nigerians to develop specialised technical expertise.
The programme is being implemented in collaboration with relevant government agencies and stakeholders in the automotive and energy sectors.
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The Minister of Youth Development, Ayodele Olawande, said the initiative would provide corps members with practical skills capable of complementing their university and polytechnic qualifications.
Olawande urged the beneficiaries to take the training seriously, describing technical and vocational skills as important tools for reducing youth unemployment and increasing self-reliance.
He said the Federal Government was interested in ensuring that the NYSC programme did not end with the traditional primary assignment and community development activities, but also provided corps members with skills that could sustain them after their service year.
The Director-General of the NYSC, Brigadier General Olakunle Nafiu, also described the programme as an important step towards equipping young Nigerians for emerging opportunities in Nigeria’s changing energy and automotive landscape.
He said the collaboration demonstrated the scheme’s commitment to providing corps members with practical skills and preparing them for the labour market.
The National Automotive Design and Development Council is also involved in the initiative, particularly in relation to technical standards and certification for the CNG conversion training.
The Federal Government has in recent years intensified efforts to promote CNG as a cheaper alternative fuel following the removal of petrol subsidy and the resulting increase in transportation costs.
The government has maintained that greater adoption of CNG could help reduce transportation costs, conserve foreign exchange spent on petroleum products and create new jobs in the automotive conversion and maintenance sector.
The training of NYSC members is therefore expected to address both sides of the policy — increasing the pool of skilled personnel available to service the growing CNG industry while providing young Nigerians with employable technical skills.
Meanwhile, reports circulating that each of the 300 corps members will receive a monthly training allowance of ₦100,000 have not been independently confirmed in the official details released on the programme.
The confirmed aspect of the initiative is that the selected corps members will receive specialised training and certification before being attached to CNG conversion centres across the country.
The programme is expected to serve as a pilot for broader youth-focused skills development initiatives as the Federal Government continues to seek ways of linking national service with employment, entrepreneurship and emerging economic opportunities.
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
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