News
Merger: CBN Considers Recapitalisation For Commercial Banks
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that there are plans to carry out a recapitalisation exercise for commercial banks in the country.
Emefiele made this known on Monday, during the unveiling of the five-year plan of the apex bank.
Bank recapitalisation is the act of changing the capital structure of a bank to provide more equity funds to meet the bank’s long-term financing needs to ensure the security of shareholders fund.
In July 2004, the CBN announced the recapitalisation of the banking sector from N2 billion to N25 billion with effect from December 31, 2005. This led to the reduction in the number of banks to 24 from 89.
He said: “We will continue to improve our on-site and off-site supervision of all financial institutions while leveraging on data analytics and our in-house experts across different sectors to improve our ability to identify potential risks to the financial system as well as risks to individual banks
“In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world.
“Banks will, therefore, be required to maintain a high level of capital as well as liquid assets in order to reduce the impact of an economic crisis on the financial system. With a rise in digital payment and cybersecurity threats.”
According to Emefiele, the apex bank will continue to defend the naira within the next five years as there are no plans to float the naira. He said this would “reduce the impact that exchange rate volatility could have on our economy”.
News
NMDPRA begins clampdown on illegal LPG retail outlets in Akwa Ibom
The Nigerian Midstream and Downstream Petroleum Resources Authority says it has commenced a clampdown on illegal LPG retail outlets in Akwa Ibom State.
The state Coordinator, Ikechukwu Eseka, disclosed this on Thursday while receiving the state commandant of the Nigeria Security and Civil Defense Corps, Bakshar Hussaini, in his office on a courtesy visit.
He said, “We have started enforcement of LPG retailers embarking on illegal decanting of LPG, filling stations, LPG refilling plants and other illegal downstream operations in the state.
“We are currently working on the illegal proliferation of decanting of LPG in the state, Eseka stated, adding that gas is very volatile, and some of them are using gas that is not meant for the purpose.”
He said he has directed that gas plant owners should not load gas on people who don’t have licenses NMDPRA in the state, warning that “decanting of gas from cylinder to cylinder is an illegal activity which is punishable by law.”
He also called on marketers to register and renew their licenses before operating LPG in the state.
“We used the opportunity to talk on the aspects of the downstream which has to do with our enforcement, sealing of filling stations and those who are using diesel for industrial purposes that are yet to register with NMDPRA.
“We have also commenced engagement with individuals and organisations using storage tanks that are over 500 litres, to come and register with the Authority in the state,” he added.
Eseka thanked the Commandant for coming to re-strategise and collaborate with the Authority in the state.
Earlier, the State Commandant of NSCDC, Hussaini, explained that the purpose of coming was to collaborate with NMDPRA on how to checkmate indiscriminate decanting of LPG in the state.
“I know with the present situation in the country, a lot of them are going to cry and you have to use human face to handle their cases so that we don’t injure the government and the public themselves,” he said.
He lamented that some people used their houses to sell cooking gas which can cause environmental hazards to the public.
Politics
Elections in Nigeria: There’ll be no more need for voter cards – INEC
The Independent National Electoral Commission, INEC, has announced plans to phase out the Permanent Voter Cards, PVC.
INEC Chairman, Prof Mahmood Yakubu, made this known at a meeting with the Resident Electoral Commissioners RECs, held at the INEC Conference Room, Abuja on Thursday.
This was part of the identified 142 recommendations released by the Commission which deals with the general state of preparedness, voter management, voter education and public communication, political parties and candidate management.
Other areas of recommendation include electoral operations and logistics management, election officials and personnel, partnership and collaboration, monitoring and supervision, election technology, voting and result management, election security, electoral offences and the electoral legal framework.
The Chairman said there are eight recommendations among the 142 which require legislative action by the National Assembly.
“The Commission also believes that with the introduction of the Bimodal Voter Accreditation System, BVAS, the use of the Permanent Voters’ Cards, PVC, as the sole means of identification for voter accreditation on Election Day should be reviewed.
He, however, said that those who already have the Permanent Voter Cards can still use them to vote.
He added, “But going forward, computer-generated slips issued to the voter or even downloaded from the Commission’s website will suffice for voter accreditation. ”
Yakubu said this new development will save costs and further eliminate the issues around the collection of Permanent Voter Cards.
He also said the practice of buying up the Permanent Voter Cards from voters to disenfranchise them, would be reduced.
News
BREAKING: Tinubu to present 2025 budget proposal to National Assembly Tuesday
President Bola Tinubu is scheduled to present the 2025 proposed budget to a joint session of the National Assembly on Tuesday, December 17, 2024.
The announcement was made by Senate President Godswill Akpabio during a plenary session, revealing that the President has sent a communication to that effect.
“The president has made his intention known to the National Assembly to present the 2025m budget to the joint session of the National Assembly on the 17th of December, 2024,” he said.
The proposed budget, totalling N47.9 trillion, was earlier announced by the Minister of Budget and Economic Planning Atiku Bagudu.
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