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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.”
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 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.
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has declared that organized labour would not go on strike on Tuesday regarding the current new minimum wage dispute with the government.
Giving the reason for the decision, Ajaero said labour would not go on strike yet because the figures are currently on the table of President Bola Tinubu and a feedback is being expected.
Naija News reports the NLC president made the decision known while speaking on Monday at the International Labour Conference taking place in Geneva, Switzerland.
Citing examples of previous administrations, Ajaero said it is still possible for the President to increase the proposed figure before him.
However, he called out Governors who have declared they can’t pay the proposed N62,000 new minimum wage, which is currently what the federal government is offering, and labelled them as lazy.
In his words, “We cannot declare strike now because the figures are with the President.”
“During the tenure of the immediate past President, the figure that was proposed to him was N27,000 by the tripartite committee but he increased it to N30,000. We are hopeful that this President will do the right thing. The President had noted that the difference between N62,000 and N250,000 is a wide gulf,”
“How can any governor say he cannot pay? They cannot also be calling for the decentralization of the minimum wage.
“Are there wages decentralized? Governors whose states are not contributing a dime to the national purse and who generate pitiable Internally Generated Revenue (IGR) are collecting the same amount as governors whose states are generating billions of dollars into the FAAC.
“They should decentralize their salaries and emoluments first.”
“So, where is the governor of Edo state, Godwin Obaseki getting his money from? He is paying N70,000 minimum wage. This is the type of governor that should be emulated and not the lazy ones.”
The Southwest governors have said that the negotiations on minimum wage between the Federal Government and organised labour should reflect fiscal federalism.
Naija News reports that the chairman of the forum, Governor Babajide Sanwo-Olu of Lagos State, made this known on Monday after a meeting of the Southwest governors in the state.
Sanwo-Olu, in the post via his X handle, said the governors would support whatever outcome of the negotiation on the minimum wage.
He added that various issues affecting the Southwest states were also discussed at the meeting.
He wrote, “After the conclusion of our South West Governors’ Forum meeting today at Lagos House Alausa, Ikeja, I was elected as the new chairman of the forum.
“Today, we honour the memory of our late chairman, Arakunrin Oluwarotimi O. Akeredolu, SAN, CON. May his soul rest in peace.
“During our discussions on various issues affecting our states, we reached the following resolutions: We are grateful to the House of Representatives and South West Caucus for their efforts on the South West Development Commission Bill and urge the Senate to expedite its passage.
“We commend Mr. President, H.E. Bola Ahmed Tinubu, GCFR, for the Lagos-Calabar Coastal Road project and other initiatives, and we call for further road rehabilitation by the Federal Government.
“On the matter of security, we are pleased with the peace in the South West and advocate for the establishment of state police. Collaboration between security agencies and the Amotekun Corps is very important.
“We stand united in supporting ongoing discussions on the minimum wage with an expectation of fair outcomes that reflect fiscal federalism. We endorse the Federal Government’s efforts on mineral resources and urge increased collaboration with states in granting leases to investors.
“We have agreed to bolster the efficiency of the DAWN Commission, with a focus on economic integration. These decisions and more are aimed at advancing the development and prosperity of our South West states.”
An attack on a military base at Rafi Local Government Area of Niger State by daredevil bandits terrorising Nigeria’s middle belt region has let at least two soldiers wounded.
The soldiers, who have since been hospitalised, sustained the injuries during a gun duel with the bandits.
Rafi is one of the local government areas in Niger state battling violent attacks and wanton killings in the bandits.
The troubling security situation has turned the largely agrarian community into a desolate enclave as farmers abandoned farming activities and locals fled for safety.
Meanwhile, one of the bandits’ leaders was also killed in the gun battle in the early hours of Monday
It’s gathered that the bandits were attempting to cross to Mashegu and Wushishi Local Government Areas of the state to rustle cattle when they encountered the soldiers.
The Chairman of Rafi Local Government Arwa, Ayuba Katako, confirmed the incident to newsmen.
Katako said the two shot soldiers were being treated at the IBB Specialist Hospital, Minna.
He added that the military, police and vigilantes who are ensuring peace and security of lives and property in the state deserved to be commended.
“It happened in my domain. The two soldiers have been taken to the IBB Specialist Hospital where they are responding to treatment.
“The military, police and vigilantes are trying their best to ensure peace and security of lives and property in the state and they deserve to be commended,” he said.
Katako decried the continuous attacks on security operatives and called for patience, support and prayers to overcome the menace of insecurity bedevilling the state and Nigeria at large.
The state military cantonment in Minna could not be reached just as the police spokesman, Wasiu Abiodun, could not also be reached at the time of filing the report
An aircraft carrying Malawian Vice President, Saulos Chilima and nine others, has lost contact and gone missing.
According to a statement released by the president’s office, “the Malawi Defense Force aircraft disappeared from radar after departing from the capital city of Lilongwe earlier today.”
The vice president was reportedly en route to Mzuzu to attend the funeral of Ralph Kasambara, a late prominent figure.
The plane, carrying Chilima and nine others, lost contact approximately 10 minutes before its scheduled landing at Mzuzu Airport.
Airport Commandant, Joseph Moyo confirmed the incident, stating that the plane failed to land in Mzuzu and an investigation is currently underway.
The whereabouts of Vice President Chilima and the other passengers remain unknown.
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The Southwest governors said on Monday that the negotiations between the Nigerian government and organised labour should reflect fiscal federalism.
The governors said they support whatever outcome of the negotiation on the minimum wage.
This was disclosed by the chairman of the forum, Governor Babajide Sanwo-Olu of Lagos State, after a meeting of the governors in the state.
Posting on X, Sanwo-Olu wrote: “After the conclusion of our South West Governors’ Forum meeting today at Lagos House Alausa, Ikeja, I was elected as the new chairman of the forum.
“Today, we honour the memory of our late chairman, Arakunrin Oluwarotimi O. Akeredolu, SAN, CON. May his soul rest in peace.
“During our discussions on various issues affecting our states, we reached the following resolutions: We are grateful to the House of Representatives and South West Caucus for their efforts on the South West Development Commission Bill and urge the Senate to expedite its passage.
“We commend Mr. President, H.E. Bola Ahmed Tinubu, GCFR, for the Lagos-Calabar Coastal Road project and other initiatives, and we call for further road rehabilitation by the Federal Government.
“On the matter of security, we are pleased with the peace in the South West and advocate for the establishment of state police. Collaboration between security agencies and the Amotekun Corps is very important.
“We stand united in supporting ongoing discussions on the minimum wage with an expectation of fair outcomes that reflect fiscal federalism. We endorse the Federal Government’s efforts on mineral resources and urge increased collaboration with states in granting leases to investors.
“We have agreed to bolster the efficiency of the DAWN Commission, with a focus on economic integration. These decisions and more are aimed at advancing the development and prosperity of our South West states.”
The Federation Accounts Allocation Committee has shared the sum of N1.143 trillion to the three tiers of government.
A communique issued at the end of the committee’s meeting in Abuja, this evening, indicated that the funds were from May Federation Accounts revenue which stood at N2.324 trillion.
The FAAC meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
The communiqué showed that the N1.143 trillion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.
Total deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1,104.935 billion.
Gross statutory revenue of N1.223 trillion was received in the month of May.
This was lower than the sum of N1.233 trillion received in the preceding month of April by N9.604 billion.
The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was also lower than the N500.920 billion available in the month of April 2024 by N3.255 billion.
The communiqué confirmed that from the N1.143 trillion total distributable revenue, the Federal Government received a total sum of N365.813 billion, the State Governments received the sum of N388.419 billion, while the Local Government Councils received a total of N282.476 billion.
The sum of N106.502 billion (13% of mineral revenue) was shared to the benefiting oil producing states as derivation revenue.
On the N157.183 billion distributable statutory revenue, the communiqué indicated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion. The sum of N41.371 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N69.514 billion, the State Governments received N231.713 billion and the Local Government Councils received N162.199 billion from the N463.425 billion distributable Value Added Tax (VAT) revenue.
A total of N2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.
From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion. A total sum of N65.131 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
According to the communiqué, in the month of May, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) recorded considerable decreases. The balance in the ECA was put at $473,754.57
The Nigerian National Petroleum Company Limited, NNPC Ltd, has expressed dismay over reports alleging that it inflated subsidy claims by N3.3 trillion.
NNPC assured that its businesses are conducted in a transparent and accountable manner in line with international best practices.
In a statement by its Chief Corporate Communications Officer, Olufemi Soneye, NNPCL denied knowledge of any audit of its subsidy claims nor the probe ensuing.
Soneye described such reports as ridiculous and products of the febrile imagination of the reporters.
The statement reads: “NNPC Ltd. conducts its businesses accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government. All previous subsidy claims by the Company are verifiable, as relevant records and documents have been sent to relevant authorities and agencies.
“NNPC Ltd. is neither aware of any audit of its subsidy claims nor the probe ensuing therefrom and wishes to state categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses.
“NNPC Ltd. will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and the express provisions of the Petroleum Industry Act (PIA).
“It is on record that, in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books.
“NNPC Ltd. calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism to avoid misleading the public.”
A Rivers State High Court sitting in Port Harcourt has dismissed a suit seeking to sack 27 members of the Rivers State House of Assembly, who defected to the All Progressives Congress, APC.
The court ruled that the lawmakers are still members of the Peoples Democratic Party, PDP.
Justice Okogbule Gbasam of the Rivers State High Court in Port Harcourt stated on Monday that the claimants were unable to demonstrate that Martin Amaewhule and the 26 other legislators had switched to the APC.
Justice Gbasam emphasized that party membership is established through being on the party’s register or possessing a membership card, stating that televised events or verbal declarations were insufficient proof.
The PDP had requested to be part of the case and was included as the fourth defendant.
Additionally, Justice Gbasam emphasized that the Rivers State government must adhere to all laws enacted by the Assembly since the members are still part of the PDP, and their inclusion in the party’s membership register is the determining factor.
He also mentioned that the state government must follow the laws created by the Assembly since the members are still part of the PDP and have not forfeited their positions.