Reassures public about safety of their bank deposits

The Central Bank of Nigeria yesterday said there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank

Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this in a statement averring that rumours of a plan to revoke the licences of the banks were false.

She also noted that a circular issued by CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being re-circulated as though it was issued on June 10, 2024.

She blamed unscrupulous people for the development aimed at creating panic in the system.
Sidi Ali reassured members of the banking public of the safety of their deposits stressing that the banking system is resilience.

She emphasised that the defunct Heritage Bank was an isolated case, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications of those who didn’t wish the banking sector well.

She added that even customers of Heritage Bank needn’t worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment of the bank’s insured deposits.

Mrs. Sidi Ali, therefore, urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

She confirmed that the CBN, with its robust regulatory framework, was proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances of the Governor (Olayemi Cardoso) that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.

She said: “Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”

The Nigeria Football Federation has expressed anger at the mix-up by the Beninoise Football Federation in playing the old Nigeria national anthem before Monday’s FIFA World Cup qualifying match in Abidjan.

NFF’s Head of International Competitions, Dayo Enebi Achor, said the NFF handed a recording of the new national anthem of Nigeria to the Benin FA authorities at the Match Coordination Meeting in Abidjan on Sunday evening.

He said: “We gave them the recording of our new national anthem, only for them to play the wrong one at the beginning of the match. We protested strongly, and insisted that the Super Eagles would not start the second half until the new national anthem of Nigeria was played.”

The Benin FA authorities eventually played the new national anthem of Nigeria before the commencement of the second half of the match.

The match ended 2-1 in favour of Benin Republic, which propelled them to the top of the Group C with seven points from four games.

The Minister of Sports Development, Senator John Owan Enoh, has demanded a detailed technical report from the Nigerian Football Federation (NFF) following the Super Eagles’ poor performances during the June FIFA window.

The Super Eagles managed to secure only one point from a possible six, following a 1-1 draw with South Africa in Uyo and losing 2-1 to Benin Republic in Abidjan in its third and fourth game respectively in the 2026 FIFA World Cup qualifying series.

These results leave the Super Eagles with a total of just three points from a possible twelve of the four games played thus far in their quest to qualify for the 2026 FIFA World Cup to be jointly hosted by USA, Canada, and Mexico.

Senator Enoh expressed his dissatisfaction with the outcomes, especially considering the substantial support the NFF has received from President Bola Ahmed Tinubu’s administration in addition to the open and positive working relationship between the Ministry and the NFF.

He said, “The recent results are unacceptable. Despite the immense support from President Tinubu and the high expectations of Nigerian football fans, the Super Eagles have underperformed.

“The NFF must provide a comprehensive technical report explaining the reasons behind this poor showing and give cause why there mustn’t be consequences for the disappointment caused both Government and the generality of Nigerians.”

Senator Enoh emphasized that Nigerian football fans demand and deserve answers and accountability from the NFF.

He said: “Our supporters are passionate and devoted. They deserve an explanation for why our national team has not been performing to the expected standards since after the last AFCON.”

Ex-Vice President, Atiku Abubakar has attacked President Bola Tinubu describing the president as being helpless and displaying nonchalance in the face of routine acts of banditry and terrorism.

Atiku was reacting to the attack in Katsina State on Monday. The attack reportedly led to the deaths and kidnapping of some women and children.

While condemning the attacks on Tuesday, Atiku in a statement he shared on social media expressed sadness “by reports of the attack on Yargoje village in Kankara LGA of Katsina State, which claimed scores of lives and the kidnapping of vulnerable women and children.”

The 2023 presidential candidate of the Peoples Democratic Party (PDP) lamented that “It is also sad that the bandits ambushed the police armoured personnel carrier responding to the distress call at Gidan Tofa and Dan Nakwabo villages, killing four police officers and two members of the Katsina State Community Watch Corps.”

He added, “Most worrisome to me is that these acts of banditry and terrorism have become routine, with the government seemingly helpless and nonchalant about it despite the enormous annual budget for defence.”

He expressed sympathy and called “on the government to be alive to its responsibility of protecting the lives and property of the citizens.”

The Federal Government has declared Wednesday, June 12, as a public holiday to commemorate the 2024 Democracy Day celebration.

The announcement was made on Tuesday in Abuja in a statement signed by Dr. Aishetu Ndayako, the Permanent Secretary of the Ministry of Interior.

Dr. Ndayako conveyed the declaration made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, who congratulated Nigerians on the occasion.

Tunji-Ojo was quoted as saying, “As we mark another Democracy Day in the history of our dear country, let us all reflect on the efforts of our founding fathers and ensure that Nigeria remains a united, secure, peaceful, and indivisible entity.”

He emphasized the importance of unity and security, urging Nigerians to appreciate the progress made and look forward to a brighter future for the nation’s democracy.

The minister also highlighted President Bola Tinubu’s commitment to implementing positive reforms aimed at reviving the economy and enhancing security.

Historically celebrated on May 29, former President Muhammadu Buhari changed the date to June 12 in honour of MKO Abiola, the presumed winner of the 1993 presidential election annulled by the then military president, Ibrahim Babangida.

Abiola of the Social Democratic Party (SDP) had won the election against Bashir Tofa of the National Republican Convention (NRC).

However, Abiola was never declared the winner and died in detention while striving to actualise his mandate.

A special task force of the Economic and Financial Crimes Commission (EFCC) is set to commence a full-scale investigation into the alleged fraud case involving former Kaduna State Governor Nasir El-Rufai.

Naija News understands the task force held a long session on Monday, during which it considered the content of the Ad-Hoc Committee of the Kaduna State House of Assembly, which indicted the former Governor for alleged misappropriation of N423 billion.

According to a source quoted by The Nation, the EFCC is set to invite El-Rufai and others who worked with him during his administration for questioning.

Others set to be questioned include individuals who held the position of Finance commissioners between May 29, 2015, and May 29, 2023; all the accountant generals during his eight-year tenure, and the chairpersons of the Kaduna State Internal Revenue Service (KADIRS) from 2018 to 2023.

Others include all former managing directors of the Kaduna Market Development and Management Company Ltd within the period from May 29, 2015, to May 29, 2023, and the former managing directors of Kaduna Roads Agency (KADRA) from October 11, 2017, to November 2021, with the exclusion of Amina Ja’afar Ladan, an engineer who had a brief one-month tenure.

“We are in receipt of a petition from an NGO. So, we have started investigation in the matters raised in the petition.

“The report of the Ad-Hoc Committee of the Kaduna State House of Assembly is also handy. We will soon invite el-Rufai and some members of his team for interrogation.

“The Special Task Force on Monday (yesterday) held a long session on the contents of the petition and the report of the Ad-Hoc Committee.”

“The report of the House of Assembly has actually laid a solid foundation for the probe by our team,” the source said.

The Super Eagles of Nigeria head coach, Finidi George, has stressed that there is “no special formula for winning” after leading the team to suffer an unexpected 2-1 defeat at the hands of Benin Republic.

Finidi George, who spent over 20 months as the assistant coach of the Super Eagles, was expected to have it easy as the head coach since he is conversant with the team.

However, the former Enyimba of Aba manager has proven to be finding it difficult to come up with a winning strategy for the highly talented and star-studded Super Eagles squad.

Recall that when he served as the interim coach of the Super Eagles in March, he beat Ghana in an international friendly and then lost 2-0 to Mali in another friendly match.

Despite the defeat to Mali, the Nigeria Football Federation (NFF) deemed him fit for the permanent coaching role.

Under his watch as the team’s head coach, the Nigerian team came from behind to draw 1-1 with South Africa at the Godswill Akpabio International Stadium in Uyo on Friday, June 7.

As if that was not bad enough for Nigeria’s hope of qualifying for the 2026 FIFA World Cup, Finidi George and his boys allowed Benin Republic to come from behind to defeat them 2-1 in Abidjan.

After the defeat, coach Finidi George said: “There is no special formula for winning, we have to see how we can get the best out of the players.

“Everybody must be committed and with that commitment, I believe we will win games and if we can win games, the battle will still be there. We can’t throw in the towel because we have only three points, we have to find a way to get these players back in a way they can perform.”

Note that the Super Eagles of Nigeria are currently sitting in the 5th spot out of 6 teams in Group C of the 2026 FIFA World Cup. They are four points away from first placed Benin Republic.

The ongoing dispute over the new minimum wage and electricity tariff hike in Nigeria is reaching a critical juncture as the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) approach the end of their five-day strike relaxation period.

The organized private sector, represented by the Nigeria Employers Consultative Association (NECA), has issued a stern warning to its workforce about the potential enforcement of the ‘No Work No Pay’ rule if the strike action resumes.

The Director General of NECA, Adewale Smatt-Oyerinde, highlighted this position while speaking at the International Labour Conference (ILC) in Geneva, Switzerland.

He emphasized that employers are legally backed by the Trade Dispute Act, Section 43, which allows for the withholding of pay for days not worked during strikes.

“The employers in the Trade Dispute Act Section 43 have the right not to pay for work not done. It is part of our law,” Smatt-Oyerinde stated.

This announcement comes amidst heightened tensions as the labour unions have provided the Federal Government with a five-day ultimatum to meet their demands, which include an acceptable new wage for workers and a retraction of the new electricity tariffs.

However, the government’s offer of a ₦62,000 minimum wage has not satisfied union leaders, prompting threats of renewed strike action.

Smatt-Oyerinde questioned the practicality of paying employees during a strike, especially when no production activities are taking place.

“Where would the employer get the money to pay when work is not done? It is a rule of justice. Where do I get the money to pay from?” he queried.

Moreover, the NECA director general pointed out that both international and local industrial laws regulate the right to strike. He mentioned that the issue of strike rights is currently being contested at the International Labour Organisation (ILO) level and has been referred to the International Court of Justice (ICJ) for further interpretation.

“The context of ultimatum, context of strikes, these rules were guided by law, were guided by framework, in the ILO, it is the convention. In Nigeria, it is the Trade Dispute Act. We will wait for ICJ to come back.”

He said all parties must work within the legal framework, adding that a subsisting order exists at the National Industrial Court (NIC).

“We saw the letter by the attorney general of the federation, and our view is this, if you don’t align with it, you will go back to the court where he gets the order to contest it, but the moment I don’t context it, then I have gone way beyond the legal framework,” he said.

He said all parties must work within the legal framework to have an equilibrium society devoid of anarchy.

According to him, the International Labour Convention 87 gives the right to organise, “but workers felt it includes the right to strike and that is what we are demanding interpretation from the ICJ.

“Our position is that we cannot be party to rubbish those institutions created to regulate the industrial process, we have the NIC and the Industrial Arbitration Panel (AIP), we must follow those institutions before escalating issues.”

The NECA boss said the employers aligned with the Federal Government on N62,000 because that is what is feasible for the members of the OPS.

“After going back and forth, the employers painfully came to N62,000. I say painfully, judging by the current state of employers in the country, business closing shops, business relocating. Two objectives inform our decision, can we afford to pay, jobs and create jobs and three, it is a deeper economic reason for us.

“Even in the ILO, the importance is to make sure that the developing economy is not left behind. This is done through transiting those in the informal to formal sector.”

Oyerinde said anything above N62,000 would be detrimental to the Small and Medium Entrepreneurs (SMEs) that form the bulk of the informal economy.

He said though both the governors’ forum and organised labour have different proposals, the NECA director general said the president would have the final say.

“The work of the committee is to make recommendations to the Federal Government and not force anything down the throat of the Federal Government. What we are to negotiate is minimum wage. The economy must be able to drive it.

“It is now left for the President to make his recommendation to the National Assembly. It is not compulsory that all the tripartite members should submit the same amount,” noting that in 2019, only labour and employer agreed on N30,000, while the governors’ forum said N22,000, but N30,000 was eventually approved by the National Assembly.

The military plane carrying Malawi’s Vice President, Dr. Saulos Chilima, has been found.

Sources close to the government have revealed that the plane has been located, and sadly, all passengers on board have perished.
A Zimbabwean journalist with X handle @daddyhope, disclosed that Former President Bakili Muluzi, whose ex-wife, former First Lady Shanil Dzimbiri, was on the flight, has confirmed the tragic news.

The incident has sent shockwaves across the nation, with President Lazarus Chakwera set to address Malawians at 12 noon today.

Recall that the plane, which was carrying 10 people, including the Vice President, went missing on Monday while flying over the northern region of Malawi.

Search efforts have been ongoing since then, with the military and government officials working tirelessly to locate the aircraft.

Seyi Makinde is the Governor of Oyo State (PDP), the only Governor to have broken the jinx of a second term in office in Oyo State. Elected in 2019, he has just completed the first year of his second term in that office. Previous Governors in that state before him since Bola Ige in the Second Republic, Omololu Olunloyo, Lam Adesina, Rasheed Ladoja, Adebayo Alao-Akala, Abiola Ajimobi did only one term in office. I spent last Saturday as his guest in Oyo state along with other colleagues. The day started quite early with a rendezvous in the Governor’s main Conference room where introductions were made as is customary and the guests were given a profile of the visit for the day: a tour in the morning, a short break during which the Governor would attend to an Olubadan function, and the second phase of the visit would be a visit to other parts of the state, Oyo, Iseyin and a place called Fashola Farms. This was not meant to be a “National Tour” – the kind of tours once organized by the Nigerian government where journalists were required to praise-sing the government.