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The House of Representatives has berated the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), commercial banks and other financial institutions over alleged questionable transactions and remittances over the Remita platform.
Chairman of the House Public Accounts Committee (PAC), Bamidele Salam, while speaking at the resumed investigative hearing of the committee on Thursday, also queried the payment of N15bn to Remita from the Office of the Accountant General of the Federation (OAGF) from 2016 to 2018.
He described it as questionable because the OAGF paid the money without agreement or contract.
In his submission, the Director Banking Services (CBN), Ahmed Abdullahi, said the apex bank sourced an alternative way of remitting revenue, adding that Remita and System Spec were selected because they had been rendering similar services to banks.
Similarly, the Chief Accountant, TSA Department, who represented the Accountant General for the Federation, Oyewole Adewale, said the CBN refused to respond to letters requesting it to reconcile the revenue accrued to the country through TSA.
On his part, the Director, Remita Payment Services Ltd, Aderemi Atanda, while reading the summary of the TSA collection record, said that 10, 20 and 50 per cent were shared among CBN, commercial banks and Remita respectively, noting that the collections were usually not static, that they varied.
[DailyTrust]
Patients and their relatives, as well as staff of University College Hospital (UCH) Ibadan are currently groaning over the total power outage in the hospital.
DAILY POST reports that the tertiary health institution is currently experiencing total blackout as a result of the disconnection of the hospital from the national grid by the Ibadan Electricity Distribution Company (IBEDC).
It could be recalled that the IBEDC on Tuesday, 19th March, 2024, cut off power supply to the hospital over accumulated debt.
IBEDC said the supply was cut off due to over N400 million accumulated debt by the hospital.
However, the hospital management said its debt was N241 million.
DAILY POST correspondent, who visited the hospital on Wednesday, gathered that the disconnection of the hospital from the national grid is negatively affecting major activities.
Most of the equipment and facilities that require electricity are not being used as a result of the power outage.
Most of the services that require electricity such as X-ray, blood tests, urine tests and other essential services are being referred to facilities outside the hospital.
DAILY POST also observed during the visit that water supply has been disrupted, with patients and their relatives resorting to sachet water.
Those who could not buy sachet water are tempted to bring water from their houses.
A resident of Ibadan, Mr. Akinloye told DAILY POST that he brought 25kg of water from outside the hospital.
He said, “It was a terrible one. My sister gave birth to a new baby there yesterday. I had to use a 25kg keg to fetch water from Iyana Church to UCH this morning”.
Another resident of Ibadan, Dr. Kolawole, lamented that he was referred to a facility outside the hospital before an X-ray could be done on him.
“The situation at UCH is terrible. Can you imagine that I was asked to do an X-ray outside UCH because there is no light.
“I spent four hours before they told us to go and do it elsewhere.
“They told us that they do not have electricity and they cannot do it for us. The situation is very terrible.”
Our members now use torchlights to attend to patients – JAC
Meanwhile, the Joint Action Committee (JAC) which is the umbrella body of all the unions in the hospital has said that its members now use torchlights to attend to patients in the hospital.
JAC made this declaration during a congress attended by staff of the hospital on Wednesday.
The congress was attended by members of Non-academic Staff Union of Educational and Associated Institutions (NASU), National Association of Nigeria Nurses and Midwives (NANNM), Nigerian Union of Allied Health Professionals (NUAHP), Senior Staff Association of Universities, Teaching Hospitals Research Institutions and Associated Institutions (SSAUTHRIAN) and Medical and Health Workers’ Union of Nigeria (MHWUN).
JAC Chairman, Comrade Oludayo Olabampe, while speaking with DAILY POST shortly after the congress, noted that staff of the hospital have been working in terrible conditions since the power supply was cut off.
He added that workers in the hospital have been using torchlights to attend to patients since the power supply was cut off.
He added that the workers will not be able to perform their duties as expected unless the power supply is restored.
Olabampe appealed to the federal government, governor Seyi Makinde and other stakeholders to come to the aid of the hospital.
“The congress is about briefing our members on the actions we have taken on their behalf to address their welfare.
“Since Tuesday last week, we have been experiencing a total power outage simply because the IBEDC cut our light; they said UCH is owing N495m debt. And they said we must settle a substantial amount before the power can be restored.
“Since that happened, our members have been going through a lot of unbearable conditions to perform their duties.
“We cannot allow this to continue. So, we felt we must do something to address it. We must let Nigerians know what is happening to UCH.
“Look at this hospital that serves the whole Nigeria. If this is happening to UCH, that means it is happening to all Nigerians.
“We want to say that if you come to UCH now, you may not get the best of care because of the power outage. UCH has been in darkness and nothing is working.
“We are calling on Nigerians to come to our rescue.
“Our members are languishing, they are working as live slaves. Imagine a situation when you work in a hospital without light. We cannot continue to work in darkness. We don’t want to lose any member.
“Some of our members are exposed to high risks, we cannot pump water, we are using torchlights to work. So, we want to reduce the hazard,” he stated.
IBEDC insisted on immediate payment of N250m – UCH
Public Relations Officer of the hospital, Funmi Adetuyibi when contacted confirmed that the power supply to the hospital has been cut off by the electricity distribution company.
Adetuyibi, in a statement made available to DAILY POST, said that the hospital is making efforts to settle the outstanding debt.
She added that the electricity distribution company insisted that the hospital should immediately pay N250 million before the power could be restored.
She added that the outstanding bill was N241 million and not over N400 million as claimed by the electricity distribution company.
She said, “While we can say that we have outstanding bills to settle with the Ibadan Electricity Distribution Company (IBEDC), the hospital management has left no stone unturned in our proactive approach in making our teeming patients have access to adequate medical care at all times.
“It is not true that the hospital has an accumulated bill of N495m over the last three years.
“The outstanding bill as at the assumption of office was 241 million Naira and the payment plan for defraying the outstanding and payment of current bills was maintained until the tariff was arbitrarily increased.
“On the current disconnection of power supply to the hospital, this management has had several meetings with the IBEDC management.
“A payment plan on how to offset the backlog of the outstanding debt has been forwarded to both the consultant of IBEDC and the Regional Head of IBEDC.
“This payment plan was rejected by IBEDC. They insisted on immediate payment of 250 million Naira.
“To put on record, the hospital has never spent 160 million Naira on diesel on a monthly basis. We spend an average of 17 million per month on diesel depending on power supply from IBEDC.
“Also, we have not experienced a 24 hour power supply in the hospital. The Internal Audit department of the hospital has a daily record of the electricity supplied to the hospital by IBEDC.
“The Hospital has 45 generators. Out of these 45 generators, some are due for servicing while some are due for replacement,” she revealed.
We disconnected UCH owing to over N400m debt – IBEDC
On its part, IBEDC said that it took the decision to disconnect UCH owing to over N400 million debt.
The electricity distribution company made this declaration via a statement issued by Johnson Tinuoye, Chief Key Accounts Officer of IBEDC.
The statement was made available to DAILY POST Wednesday evening.
Tinuoye insisted that the electricity distribution company was compelled to cut off the power supply to the hospital due to over N400 million debt.
According to him, “The Management of Ibadan Electricity Distribution Company (IBEDC) has been compelled to disconnect the supply to the University of Ibadan College Hospital (UCH) due to an outstanding debt exceeding 400 million Naira.
“This drastic measure comes after exhaustive attempts to engage with the hospital’s management regarding the substantial overdue balance, which has persisted for over six years.
“Despite numerous written correspondences and multiple meetings, UCH management has displayed an uncooperative attitude toward addressing the outstanding debt.
“IBEDC’s fiduciary responsibility to its stakeholders and market operators necessitates timely and complete remittances, especially considering the liquidity crisis facing DISCOs.
“Unpaid electricity bills hinder DISCOs’ ability to fulfil obligations to GENCOs and purchase gas for power generation, contributing to the nationwide issue of low power supply.”
[DailyPost]
Centre for Law and Civil Culture (CLCC) has urged National Assembly to set up an independent inquiry into the killing of 17 officers and soldiers in Delta State on March 14.
It called on National Human Rights Commission (NHRC) to probe the incident to prevent a recurrence.
In a statement by Executive Secretary, Abdul Imran, and Deputy Legal Adviser, Oyinkansola Chukwu, the centre said the police should lead the investigations.
“The Army cannot objectively investigate the killings. It is police responsibility.
“CLCC calls on the police not to abdicate its constitutional and statutory responsibility,” it said.
The centre urged the Army to exercise caution and ensure innocent people are not punished for the offence they knew nothing about.
It said Delta State governor, police and other security agencies as well as the press should be given access to the troubled community.
Describing the killings as “cruel and barbaric”, CLCC commiserated with the Army and the bereaved families.
[TheNation]
The Institute of Chartered Accountants of Nigeria has expressed support for the move of the Senate to probe the Ways and Means loan to the Federal Government under the administration of former president, Muhammadu Buhari.
In February, the Senate constituted a nine-member ad hoc committee to probe the disbursement and usage of the N30tn Ways and Means loan obtained by the Buhari administration from the Central Bank of Nigeria.
Speaking with journalists recently, the ICAN President, Dr Innocent Okwuosa, welcomed the inquiry by the upper legislative chamber and called on the CBN Governor, Yemi Cardoso to learn from the mistakes of past CBN bosses.
ICAN President said, “Our expectation is that with the new administration, borrowing will be a thing of the past. However, I will advise CBN should continue to extend Ways and Means to the government but the CBN itself has stated that it will not continue to extend Ways and Means to the government. In fact, this is a good policy from our perspective. So, if CBN should stick to not increasing the Ways and Means that it gives to the government, that’s a policy that we support.
“I think it is a Fiscal Responsibility Committee that placed a limit on what Ways and Means percentage would be. It’s something around five per cent. When CBN exceeded this, people kept quiet. They should have spoken up so that CBN does not continue to exceed this limit. Now, it is not five per cent, we are talking about N30tn, that’s huge. I understand it’s been converted into bond. But one good thing we support is the fact that the Senate has instituted an inquiry into those Ways and Means. I would guess that the investigation would lead to more revelation and would be a lesson which the present CBN would learn from and would not go into the mistake of the previous CBN.”
Okwuosa urged the CBN to seek alternative means to support government deficit financing and discontinue increasing Ways and Means to the government.
He said, “They could go to the capital market and tie them to projects because each time you have a government deficit, it must be as a result of not having funds to back a project. So, if we want to raise funds for such a project, we (can) do that in the capital market and tie it specifically to the project that we couldn’t provide funding for in the budget. I think that’s the way CBN should go.”
Okwuosa also said that Nigeria would earn more forex if the nation promoted exports to African countries and took advantage of Africa’s free continental trade agreement.
“If we can also promote trade in Africa, assuming we cannot export to Europe, since we have an Africa Continental Trade Agreement that has come into place. It can be utilised, but we need to utilise it more. I think a combination of all these will increase foreign exchange for us and we begin to see the impact on the exchange rate,” he added.
[Punch]
•Int’l commercial banks get N500bn as minimim
•National Commercial banks N200bn
•Banks given 24mths deadline
The top five banks have a shortfall of N1.5 trillion to meet the new minimum capital base announced yesterday by the Central Bank of Nigeria, CBN for international commercial banks.
In a statement yesterday, the CBN unveiled new minimum capital requirements for banks, raising the minimum capital base for commercial banks with international authorisation by 900 per cent to N500 billion from N50 billion.
Confirming this in Abuja, yesterday in a statement, the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now 200 Billion, representing 700 per cent increase from N25 billion.
She also disclosed that the new requirement for commercial banks with regional authorization has been raised to N50 billion, representing 400 per cent increase from N10 billion.
Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.
A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026
According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.
To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.
Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.
“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.
“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.
The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.
It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.
Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. The CBN also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.
Top banks and capital shortfall
Under the new minimum capital requirement, each of the top five banks namely Access Bank, FirstBank, GTBank, UBA and Zenith Bank must have N500 billion as a minimum capital base.
The CBN however said the minimum capital requirement is limited to paid-up capital and share premium.
Consequently, the five banks are supposed to have combined paid-up capital and share premium of N2.5 trillion.
Vanguard findings, based on the latest financial results of the bank showed that the combined paid-up capital and share premium of the top five banks amounted to N1.037 trillion, representing a shortfall of N1.472 trillion.
Based on the stipulation of the CBN, Access Corporation, the parent company of Access Bank has paid-up capital and share premium of N251.811 billion according to its 2023 full-year result released yesterday hence a shortfall of N248.189 billion.
FBN Holdings, the parent company of FirstBank has paid-up capital and share premium of N251.3 billion, hence a shortfall of N248.66 billion, according to its Q3’23 results
The paid-up capital and share premium of GTHoldco, the parent company of GTBank stands at N138.186 billion as of Q3’23, hence a shortfall of N361.814 billion
UBA has paid-up capital and share premium of N115.815 billion, hence a shortfall of N384.185 billion according to its Q3’23
Zenith Bank has a paid-up capital and share premium of N270.745 billion, hence a shortfall of N229.255 billion.
[Vanguard]
President Bola Tinubu has appointed Abdullahi Usman Bello as the Code of Conduct Bureau (CCB) chairman.
In a statement issued on Thursday, Ajuri Ngelale, presidential spokesperson, said the appointment is pending confirmation by the senate.
Ngelale said, “Tinubu believes that Bello will lead the bureau with utmost integrity toward the realisation of its mandate of maintaining high standards of public morality in the conduct of government business”.
“Dr. Bello is a consummate professional with more than 25 years of work experience in consulting, banking, law enforcement, financial services, and academia,” the statement reads.
Bello is an assistant forensic accounting and auditing professor at Northumbria University, United Kingdom, his profile on LinkedIn revealed.
If his appointment is confirmed by the senate, it will lay to rest, the leadership tussle in the bureau.
In November 2023, Murtala Kankia, the acting chairman of CCB, debunked the claim that Ehiozuwa Agbonayinma, a former member of the house of representatives, had been appointed to replace him at the bureau.
Earlier, a letter purportedly signed by George Akume, the secretary to the government of the federation (SGF), announced the appointment of Agbonayinma by Tinubu as the chairman of CCB.
But in an internal memo released by Kankia and sighted by TheCable, the acting chairman of CCB described the letter as “fake, misleading and does not emanate from the office of the secretary to the government of the federation”.
Kankia had said he is the most senior ranking member of the bureau, adding that he remains the acting chairman of the agency until further directives from the president.
[TheCable]
Suspected hoodlums have set ablaze the Neni Police station in Anaocha Local Government Area of Anambra state.
Armed assailants also allegedly ignited flames at the Anaocha Local Government Headquarters, chanting hostile songs directed at the Divisional Police Officer (DPO).
A few days earlier, gunmen had attacked the Awgbu police station, resulting in the deaths of two officers, while another narrowly escaped.
According to sources, the assault on the local government headquarters occurred between 3 am and 4 am today (Thursday).
The Nation equally gathered that the hoodlums whisked away some police operatives, including female police personnel at the police station.
The source said the hoodlums alleged that Anaocha Police Station had become another SARS station.
When contacted, the Public Relations Officer (PPRO) of the Anambra state police command, SP Tochukwu Ikenga confirmed the incident.
He stated that though the hoodlums attacked the police station with IEDs (Improvised Explosive Devices), they however, did not take away any arms, and did not whisk away any police personnel.
He said the hoodlums were successfully repelled by the superior firepower of the police operatives who engaged them and forced them to flee.
He further said the police operations were still ongoing in the area as of the time he was reacting to the development.
He promised to communicate further developments on the incident later.
On the killing of the policemen at Awgbu police station by the gunmen, he refused to react to it, but a senior officer confirmed it to The Nation.
The source said the command was on the trail of the hoodlums, adding, “They want to scare those ready for the Easter holidays, but we are ready for them.”
A resident, who preferred anonymity, informed The Nation that gunmen had been conducting operations in several villages unknown to many, suggesting that Anambra was not as secure as some had assumed.
[TheNation]
Gives Banks 24 Months To Recapitalise
Barely 48 hours after restating the need to increase the capital base of Deposit Money Banks for improved productivity, the Central Bank of Nigeria has announced new guidelines on its recapitalisation policy for banks in the country.
The new guidelines were disclosed in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday.
She said the apex bank had directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn.
According to the acting CBN director, commercial banks with national licences must meet a N200bn threshold, while those with regional authorisation are expected to achieve a N50bn capital floor.
Similarly, non-interest banks with national and regional authorisations will need to increase their capital to N20bn and N10bn, respectively.
The CBN’s move came two days after the Monetary Policy Committee hinted that it would change the capital base of the nation’s banks.
At the press briefing that followed the 294th MPC meeting on Tuesday, the CBN Governor, Olayemi Cardoso, urged DMBs to expedite actions to increase their capital base to strengthen the financial system against potential risk.
In its meeting, the committee noted that to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on recapitalisation to strengthen the system against potential risks in an increasingly globalised world.”
However, the latest CBN policy directive specifies that commercial banks with international authorisation are now required to shore up their capital base to N500bn.
The current capital base is stratified based on the type of banking licence – banks with regional, national, and international licences are currently expected to maintain the minimum capital bases.
The proposed increase in the capital base comes nearly two decades after the CBN’s 2004 banking reform, which increased the then-prevailing capital base from N2bn to N25bn.
The 2004 banking reform was characterised by massive mergers and acquisition activities, ultimately reducing the number of banks in the country from 89 to 25.
last year, indicated that Deposit Money Banks’ chief executive officers and other top executives had begun moves to raise fresh capital to bolster their respective institutions’ capital base through preliminary merger and acquisition talks.
Recall that in November 2023, Cardoso, at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria, announced plans by the apex bank to carry out a fresh round of banking recapitalisation for the Deposit Money Banks.
He said the policy was part of its efforts to strengthen its capacity to support Nigeria’s drive to become a $1tn economy by 2026.
At the dinner, Cardoso said, “Despite the challenging global and local economic environment, Nigeria’s financial sector has demonstrated resilience in 2023 with key indications of financial soundness largely meeting regulatory benchmarks.
“Stress test conducted on the banking industry also indicates its strength under mild to moderate scenario on sustained economic and financial stress. Although there is room for further strengthening and enhancing resilience to shocks.
“Therefore, there is still much to be done in fortifying the industry for future challenges. The economic agenda of President Bola Ahmed Tinubu’s mandate has set an ambitious goal of achieving a GDP of $1tn over the next seven years.
“Attaining this target necessitates sustainable and inclusive economic growth at a significantly higher pace than current levels. It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy. It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needed in servicing a $1tn economy in the near future, in my opinion, the answer is no, unless we take action. As a first test, the central bank will direct banks to increase their capital.”
Earlier in March, a report by Ernst and Young indicated that at least 17 out of the existing 24 Deposit Money Banks might be unable to meet the Central Bank of Nigeria’s capital requirement if it is increased from its current N25bn.
The new report, titled ‘Navigating the Horizon: Charting the Course for Banks amid Plans for Recapitalisation’ noted some banks might depend on different recapitalisation options, which include mergers and acquisitions, initial public offerings, placements and/or right issues and undistributed profit (retained earnings) despite the fact that financial soundness indicators show that Nigerian banks were largely safe and resilient as of 2023.
“On this basis, a worst-case scenario given a 15x capital multiplier for 24 banks will be considered based on the type of banking licenses held. We have benchmarked the current capital of these banks against the current capital requirement and four recapitalization scenarios,” it noted.
In spite of the possible disruption, the apex bank has gone ahead with it’s drastic move.
A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks were required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.
To enable them to meet the minimum capital requirements, the CBN urged banks to consider injecting fresh equity capital through private placements, rights issues and/or offers for subscription, Mergers and Acquisitions, and/or upgrade or downgrade of license authorisation.
Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.
“Additional Tier 1 Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio requirement applicable to their license authorisation.
“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.
The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.
It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle had been granted.
However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.
In an earlier interview with our correspondent, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, welcomed the move to increase banks’ capital base, adding that the current capital base was grossly inadequate.
He said, “The minimum capital requirements of the banking industry need to be reviewed in light of the considerable loss of value amid depreciating domestic currency. During the banking consolidation of 2004, the minimum capital requirement for banks was raised from N2bn to N25bn. The revised capital requirement was equivalent to $187m. Today, the same N25bn is the equivalent of just $32.5m.”
Also, Uche Uwaleke, a Professor of Capital Markets at Nasarawa State University, urged the CBN not to coerce banks into increasing their capital base, as was the case during the last recapitalisation drive; rather, they should be incentivised.
“The idea of recapitalisation of banks is a welcome one. Capital is needed to finance big-ticket projects, especially when the government targets a $1tn economy in a few years. But I think the strategy should be somewhat different from the approach adopted in 2005. It should be more about incentives than coercion,” he said.
Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024.
The CBN also disclosed that it would monitor and ensure compliance with the new requirements within the specified timeline.
Nigeria has yet again suffered a nationwide blackout as the national electricity grid, centrally managed from Osogbo, Osun State, suffered a collapse at approximately 4:30 pm on Thursday, leaving millions of homes and businesses without power.
This development marks the fourth time the grid is collapsing since in the first three months of the year, adding to challenges that have long plagued Nigeria’s power sector.
According to reports from various distribution companies spanning the nation’s 36 states, their feeders were rendered inactive, resulting in widespread blackouts across the country.
The grid’s output, which stood at 2984 megawatts as of 4 pm, plummeted to zero within the span of an hour, with all 21 plants connected to the grid ceasing operations by 5 pm.
This incident marks another setback for Nigeria’s electricity sector, which has been marred by persistent issues despite privatisation efforts aimed at revitalization.
Over the past decade since privatisation, the grid has experienced a staggering 141 collapses, underscoring the magnitude of the systemic challenges facing the industry.
As of the time of reporting at 6:00 pm, the Azura Power Plant was the sole facility contributing to the grid, albeit with a modest output of 54 megawatts.
Major power generation plants such as Egbin, Afam, Geregu, Ibom Power, Jebba, Kainji, Odukpani, and Olorunsogo, among others, remained dormant, further exacerbating the electricity deficit nationwide.
[STATE HOUSE PRESS RELEASE] President Tinubu Appeals to Religious Leaders: Do Not Denigrate Nigeria in Your Sermons; Pray for The Nation Instead
AdminPresident Bola Tinubu has called on religious leaders to refrain from vilifying or denigrating the nation in their sermons.
Speaking during Ramadan Iftar with traditional rulers and religious leaders at the State House on Thursday in Abuja, the President emphasized the important role of religious leaders in shaping public opinion and fostering a sense of unity among citizens.
He urged the leaders to be more constructive in their criticism of those in elective positions.
President Tinubu also declared that his administration is determined to turn Nigeria’s challenges into prosperity.
He reiterated that no terrorist can defeat the collective will of Nigerians, no matter how hard they try to prey on innocent citizens.
He urged traditional and religious leaders to forge a strong bond with the government to defeat terrorism, banditry, kidnapping, and other forms of criminality in the country.
''Yesterday in Abuja, I attended the burial of the 17 soldiers killed in action at Okuama, Delta State. I saw their pregnant wives and little kids.
''The love of the nation is in your hands. Pray for our country. Educate our children. The sermons we preach to the members of our churches and mosques are important.
''Do not condemn your own nation. As a Yoruba man and as our fathers will say, ‘no matter how slippery the bottom of your child is, you must leave the beads there.’
''Leave the beads there. This is your country; do not condemn it in sermons, do not abuse the nation. Leadership is meant for changes.
''Yes, this leader is bad, fine. Wait until the next election to change him, but do not condemn your country. Do not curse Nigeria. This is a beautiful land.
The President, who acknowledged the birthday wishes and goodwill extended to him on the occasion, reminded the leaders that his birthday on March 29, 2024, coincided with Good Friday.
''I have earned the honour of having my birthday fall on Good Friday, and I pray that on this Maundy Thursday, you all shall return to your homes safely. May God guide and keep you and your families in good health, and lift your spirits,'' the President prayed.
Different speakers at the dinner expressed gratitude for the opportunity to come together in the spirit of Ramadan to share a meal with the President and renew the bonds of friendship that unite the nation.
Vice-President Kashim Shettima emphasized the pivotal roles of religious and traditional rulers in promoting peace and unity, urging them to continue to ‘‘build bridges that transcend ethnic and religious divides.’’
The Vice-President expressed delight that the nation’s economy is on a rebound, noting the strengthening of the naira against the dollar.
''The President means well for the nation, and he has continued to redefine the meaning and concept of modern leadership.
''For many years, fuel subsidy was an albatross. The President took a bold decision from day one, and he hit the ground running. Now the economy is turning the corner," the Vice-President said.
Speaking on behalf of the Traditional Rulers Council of Nigeria, the Ooni of Ife, Oba Adeyeye Ogunwusi, assured the President of the unwavering support of traditional rulers, and commended the government's efforts to address the hike in food prices and the security challenges.
''You are not alone, Mr. President. The prices of food items and goods are gradually coming down. You are doing your best on security, and we cannot allow you to do it alone. We will join hands to support your vision to the betterment of our nation,'' the Ooni said.
Ambassador Ahmed Nuhu Bamalli, Emir of Zazzau, speaking on behalf of the Nigerian Supreme Council for Islamic Affairs (NSCIA), highlighted the significance of Ramadan as a period of reflection, empathy, and unity.
On the security situation in the country, the Emir of Zazzau, who represented the Sultan of Sokoto and President General, NSCIA, expressed optimism that the country will return to peace and stability.
''I am happy to see representatives of Muslim and Christian communities in this room. I pray God Almighty blesses the President for him to do more to take the country to the Promised Land,'' the Emir prayed.
Apostle Samson Fatokun, General Secretary of the Christian Association of Nigeria (CAN), noted that the Ramadan dinner with religious and traditional leaders, coincided with Maundy Thursday, the Thursday before Easter, observed in commemoration of Jesus Christ's institution of the Eucharist during the Last Supper.
The General Secretary, who delivered the address of CAN President, Archbishop Daniel Okoh, commended President Tinubu for fostering a harmonious relationship between the State and the Church.
''We are encouraged that your administration has shown great determination in tackling the challenges of kidnapping and banditry and bringing to justice the perpetrators of this dastardly act.
''We shall continue to show our support to your administration so that you can execute your noble intention for the nation,'' CAN General Secretary said.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
March 28, 2024
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The public accounts committee of the House of Representatives on Thursday, March 28, accused the Central Bank of Nigeria (CBN) and commercial banks collecting revenue for the government of colluding to share the money made from Value Added Tax paid on Remita by customers.
Chairman of the committee, Bamidele Salam (PDP, Osun) who made the allegation at the resumed investigative hearing on revenue leakages in Abuja, also accused the apex bank and the Office of the Accountant General of the Federation of illegally paying about N15 billion to Remita without any formal contract.
The committee however warned the chairman of Federal Inland Revenue (FIRS), Zacch Adedeji against his continuous disregard for the invitation of the committee, saying his actions amount to contempt of parliament.
He also queried the payment of N15 billion to Remita, a payment platform from the Office of the Accountant General for the Federation (OAGF), saying the payment by the OAGF from 2016 to 2018 was questionable because the OAGF paid the money without agreement or contract.
Salam described the payment as illegal, saying, “The money is an illegal payment. There was no budget provision, so where did they source the money from?
“The CBN also shared in the money. The money is an illegal payment; there was no budget provision, so where did they source the money from?”
He said, for instance, if someone pays N150 as a remitter, you will now pay 7.5 percent Value-Added Tax (VAT) in addition to it. Ordinarily, that whole sum of VAT ought to go to the Federal Inland Revenue Service (FIRS), but what they are doing in this transaction is that they will now add that VAT to the N150.
“They will add it up, gather the money together, and take it to the CBN”
He said: “System Spec and Remitta, both collecting revenue for the federal government, will share 50 percent, while the banks and the CBN will also have their share”, adding that by the time the Committee finished its reconciliation, “I am very sure that hundreds of billions of naira will be the VAT component that was not remitted to FIRS.”
He said each bank ought to take the money and directly remit it to FIRS, saying, “Now Remita is saying that each of those collecting the money will come and calculate the money that has been shared into shreds. How do we track this kind of money?
The director in charge of Banking Services at the CBN, Ahmed Abdullahi, said Remita and System Spec were selected as alternative ways of remitting revenue because they had been rendering similar services to banks.
He explained that Remita was engaged in 2011 and operations commenced in 2012 with system module names, adding that the CBN only finalized the transaction
He said that the fees charged under the TSA were in line with the structure of banking.
Also speaking at the hearing, the Chief Accountant of the TSA Department who represented the Accountant General for the Federation, Oyewole Adewale, accused the CBN of not honouring its letters to reconcile the revenue accrued to the country through TSA.
He said the OAGF had developed a system where all revenue generated by the Ministries of Departments and Agencies of Government (MDAs) could now be monitored without any interference.
Director, Remita Payment Services Ltd., Aderemi Atanda who gave the summary of the TSA collection said that 10, 20, and 50 percent were shared among CBN, commercial banks, and Remitta.
While saying the collections are usually not static but vary “In 2015–2016, it was N4.2 million, and the fee paid was N8.5 billion; in 2016, N1.3 billion was paid.”
Meanwhile, while warning the FIRS against failure to appear before the committee, the Committee chairman said, “This is the fourth time the committee would be inviting the FIRS chairman but failed to show up.
“In addition to writing him officially, we have also made sure that such letters were delivered personally to his mailbox and his WhatsApp number.
“We condemn and describe it as irresponsible and arrogant, and we tell him that there will be consequences if he continues this contempt of his parliament.”
Salam alleged that the value-added tax that should accrued to the Federal Government has not been collected by FIRS.
He said some VAT from the revenue collected by Remitta ought to have gone to the FIRS, but added that they would rather add the VST together and share it with the CBN, Bank, and Remita.
He said: “By the time we finished our reconciliation, the money would be in hundreds of billions,” adding that this was what they were asking the FIRS to come and collect, but the service had refused to show up.
The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights.
Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.
Also, Nadeem Anjarwalla, the Binance’s Africa regional manager who escaped from lawful custody March 22, filed a separate right enforcement suit before Justice Ekwo.
The News Agency of Nigeria (NAN) reports that Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.
They sought same reliefs.
Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, in his application, sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution (As Amended).
He said the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution.
He also sought an order directing the respondents to release him from their custody and! return his international travel passport with immediate effect.
Gambaryan equally sought an order of perpetual injunction restraining the respondents and agents from further detaining him in relation to any investigation into or demands from Binance.
The official, who sought an order for the respondents to issue a public apology to him, also prayed for the cost of thie action on a full indemnity basis.
In a statement in support of the suit, he said he is an American citizen who visited Nigeria on Feb. 26 February, along with fleeing Nadeem Anjarwalla, as a representative of Binance, to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.
Giving 11-ground argument why his application should be granted, he said that he and his colleague, Anjarwalla, dutifully attended the meeting.
He said after the meeting the two of them were detained by the respondents and had remained in detention since then.
He said he did not commit any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.
“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he said, adding that he was not a member of the Board of Directors of Binance.
When the two suits were called on Thursday, T.J. Krukrubo, SAN, appeared for Anjarwalla and Gambaryan
Krukrubo, told the court that though the respondents were served two days ago, they were not represented in court.
The senior lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26.
Although Krukrubo did not give details of why they were withdrawing their legal representation, this might not be unconnected to the disappearance of the applicant in custody.
Justice Ekwo said having withdrew their legal representation, “it means that the applicant has no legal representation and requires that the matter be adjourned for the applicant to seek legal representation and for the respondents to be given an opportunity to come to court.”
The judge adjourned the matter until April 8 for further mention.
Also, upon resumed hearing in Gambaryan’s suit, Krukrubo said though the processes had been served on ONSA and EFCC, they were still within time to respond.
He therefore sought an adjourned date, saying the respondents time to file their applications would expire next week Thursday.
Justice Ekwo consequently adjourned the matter until April 8 for further mention.
(NAN)
Nigerian cross-dresser, Idris Okuneye, who is popularly known as Bobrisky, has provided further insights into his journey to becoming a transgender.
The controversial Internet personality disclosed that he started crossdressing as a marketing strategy while he was selling unisex clothes during his undergraduate days at the University of Lagos.
Speaking in a candid interview with maverick singer, Charly Boy, Bobrisky said he didn’t envisage that crossdressing would lead him into becoming a transgender.
He said, “About nine years ago, I was at the University of Lagos studying Accounting. I also had a side hustle, I was selling unisex clothes. Most times I try the female wears on myself and I love the outfits.
“From there, I moved to female hairstyles to makeup and more women were patronising my business. So I decided to keep crossdressing since it was lucrative.
“I wasn’t thinking I was going to do it for a very long time. Initially, it was just a marketing strategy but people were complimenting me that I look better as a woman than a man. That’s how I ended up being Bobrisky.”
He said he faced resistance from his parents initially but they eventually allowed him to be himself.
The chairman of the Nigeria Labour Congress (NLC), Yobe state chapter, Comrade Muktar Tarbutu has been ordered to be remanded in prison.
He was charged to court for allegedly diverting palliatives.
The order was given by the court On Wednesday, March 27.
Comrade Tarbutu was arraigned on Wednesday before Magistrate II Damaturu over the allegation of diverting palliatives given to him by the North East Development Commission (NEDC) for distribution.
The secretary of the Nigerian Bar Association (NBA), Yobe state, Barrister Mohammad Ngumurumi, disclosed that NEDC had given the palliatives to the NLC to share among some selected unions, but he failed to do so.
As reported by Daily Trust, Comrade didn’t share these items with NUJ and NBA.
However, he pleaded not guilty during his arraignment.
The legal practitioner explained thus:
‘‘The North East Development Commission (NEDC) distributed 25kg of 150 bags of rice, 150 bags of sugar, 150 cartons of spaghetti, 150 rappers for women, and 150 textiles for men as well as 150 blankets.
‘‘He was urged to share them among the members of the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Nigeria Union of Journalists (NUJ) and Nigerian Bar Association (NBA).
‘‘He didn’t share these items with NUJ and NBA, we asked him where ours is, he didn’t show us that is why NBA filed the case to the State Intelligence Bureau (SIB) and he was arraigned today (Wednesday), but he pleaded not guilty."
The accused was sent to prison by Chief Magistrate II Damaturu, His Worship Hasiya Abubakar, till April 18, 2024, when the principal hearing will be held.