Former Italy international, Fabrizio Ravanelli, has insisted that Napoli will struggle to find a suitable replacement for Victor Osimhen.

Osimhen is expected to leave the reigning Serie A champions at the end of the season.
Premier League giants Chelsea and Arsenal as well as Paris Saint-Germain are reportedly interested in the reigning African Footballer of The Year.

Ravanelli, who labelled the Nigerian as one of the best forwards in the world believed it will be difficult for the Partenopei to replace him.

“Osimhen is among the best strikers in the world. He has incredible ferocity and is not afraid of anything. It will not be easy for Napoli to replace him”, Ravanelli said per Napoli Magazine.
Osimhen played a crucial role in Napoli’s Scudetto success last season.

The 25-year-old scored 26 goals in 32 league appearances to help the Partenopei win the title for the first time in over three decades.

The Confédération Africaine de Football (“CAF”) has announced the dates for the Finals of the TotalEnergies CAF Champions League and TotalEnergies CAF Confederation Cup 2023/24 season.

The Finals will be played on home and away basis in May 2024.

The First Leg of the TotalEnergies CAF Confederation Cup will be played on Sunday, 12 May 2024. The Second Leg of the TotalEnergies CAF Confederation Cup will be played the following weekend, Sunday, 19 May 2024.

The TotalEnergies CAF Champions League Final First Leg will be on Saturday, 18 May 2024. The Second Leg of the TotalEnergies CAF Champions League Final will be played on Saturday, 25 May 2024.

TotalEnergies CAF Champions League Final

First Leg: Saturday, 18 May 2024

Second Leg: Saturday, 25 May 2024

TotalEnergies CAF Confederation Cup Final

First Leg: Sunday, 12 May 2024

Second Leg: Sunday, 19 May 2024

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.

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.

The National Bureau of Statistics (NBS) on Thursday stated Lagos State recorded N1.05trillion domestic debt in the fourth quarter (Q4 2023) to emerge the state with the highest public debt portfolio.

NBS document tagged: “Commodity Price Index and Terms of Trade (Q4 2023), that made this known, added that Lagos was followed by Delta with a debt portfolio of N373.41 billion.

The document said: “Lagos state recorded the highest domestic debt in Q4 2023 with N1.05 trillion, followed by Delta with N373.41 billion.”

According to the report, Jigawa recorded the lowest domestic debt with N42.76 billion, followed by Kebbi with N60.69 billion.

On external debt, NBS noted Lagos has the highest external debt in Q4 2023 with $1.24 billion followed by Kaduna with $587.07 million while Borno recorded the least with $20.49 million, followed by Yobe with $21.49 million.

The data said Nigeria’s public debt stock which includes external and domestic debt stood at N97.34 trillion (US$108.23 billion) in Q4 2023 from N87.91 trillion (US$ 114.35 billion) in Q3 2023, indicating a growth rate of 10.73% on a quarter-on-quarter basis.

Total external debt, said the document, stood at N38.22 trillion (US$42.50 billion) in Q4 2023, while total domestic debt was N59.12 trillion (US$65.73 billion).

The bureau revealed that the share of external debt (in naira value) to total public debt was 39.26% in Q4 2023, while the share of domestic debt (in naira value) to total public debt was 60.74%.

A Federal High Court in Borno State has ordered the military to release 313 suspected terrorists, for lack of evidence to nail the suspects after investigations.

The Director, Defence Media Operations, Gen. Buba Edward, on Thursday, disclosed this during a briefing on military operations across the country in Abuja.

He said that the military would comply with the court order and release the suspected terrorists to the state government.

Buba said, “During the week, as a follow-up to a court order of the Federal High Court in Maiduguri, a total of 313 suspects in detention for terrorism-related offences were to be released to the Borno State government.

“The court ordered the release for want of evidence after the conclusion of the investigation and other ancillary matters.

“The cases were prosecuted by the Department of Prosecution, Federal Ministry of Justice. they would be handed over to the Borno State Government for further action.”