NEWS AGENCY OF NIGERIA
CBEX illegal, unlicensed digital assets exchange – SEC  
Banking

CBEX illegal, unlicensed digital assets exchange – SEC  

553 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The Securities and Exchange Commission (SEC) has stated that Crypto Bridge Exchange (CBEX) was never granted registration to operate as a digital assets exchange in Nigeria.

 

Dr Emomotimi Agama, Director-General of the SEC, said this in a statement on Sunday, while urging the public to cease all dealings with the platform.

 

The warning follows recent reports of CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, soliciting investments with promises of high returns.

 

CBEX has failed to honour withdrawal requests from its subscribers and abruptly closed its physical offices amid mounting complaints.

 

Agama said, “The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market.”

 

He said that preliminary investigations carried out by the commission had revealed that CBEX engaged in promotional activities to create a false perception of legitimacy.

 

He noted that this was to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.

 

He emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against CBEX, its affiliates, and promoters.

 

“The commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.

 

“Prospective investors are advised to verify the registration status of investment platforms through the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” he said.

 

Agama noted that the commission was launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.

 

He said that with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the commission now had enhanced powers to prosecute Ponzi schemes and their promoters.

 

He explained that investigations were ongoing on CBEX, adding that promoters of the failed scheme would not go scot-free.

 

Agama said the new law had given the commission more powers and blocked loopholes in emerging areas of virtual and digital assets.

 

“The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” he said.

 

He added that while the apex capital market regulator would continue to support innovations in finance and investments, the commission would maintain strict oversight in line with its enhanced investor’s protection mandate.

 

He said, “We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”

 

He recalled that even with the limited scope of the repealed Act, the SEC had maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters, like Fahmzi Interbiz, jailed for defrauding Nigerians.

 

According to him, with the ISA 2025 giving the commission more powers to deal with issues, the commission will ensure that promoters of such schemes are not allowed to operate.(NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Banks want tax break for financial institutions funding infrastructure
Banking

Banks want tax break for financial institutions funding infrastructure

550 total views today
By Ginika Okoye
Banks have appealed to the government to grant tax incentives and breaks to financial institutions financing infrastructure and mining as done in other climes like China and Brazil.
Mr Oliver Alawuba, the Chairman, Body of Banks’ Chief Executive Officers (CEOs), made the appeal at the 36th Seminar of the Finance Correspondents Association of Nigeria (FICAN) in Abuja.
The seminar has as its title: “Banking Recapitalisation Towards a One-Trillion- Dollar Economy: The Industry Perspective”.
Alawuba, also the Group Managing Director of United Bank for Africa (UBA) Plc, said that offering tax incentives for recapitalisation-linked investments and allowing partial Cash Reserve Requirement (CRR) refunds tied to infrastructure financing would help achieve the vision.
He also listed creating enabling legislation for long-term capital mobilisation, strategic communications, capacity building and stakeholders’ engagement as way forward toward achieving the one-trillion-dollar economy.
According to him, the Central Bank of Nigeria (CBN)’s announcement on banking recapitalisation represents a landmark policy shift, aimed at aligning the strength of Nigeria’s financial system with its economic ambitions.
“It is a necessary and strategic step toward achieving the vision of a one-trillion economy.
“As banks, we view this as a compliance issue and an opportunity to re-imagine our role as economic enablers.
“Nigeria’s path to a one-trillion economy will be defined by how effectively the financial sector mobilises capital, supports critical infrastructure, strengthens the real sector, and accelerates digital transformation.
“Strong economies are built on the foundations of strong banks,” he said.
Alawuba described the CBN’s banks’ recapitalisation policy as timely and commendable which was necessary and strategic toward achieving the vision of a one-trillion economy.
He, however, listed some challenges to the achievement of a one-trillion-dollar Gross Domestic Product (GDP) economy to include regulatory and policy challenges, security concerns, financial accessibility and inclusion.
“Banks today are expected to finance both traditional sectors like oil and gas, agriculture, manufacturing, and emerging ones such as Fintech, Green Energy and Infrastructure.
“Without sufficient capital buffers, the sector cannot rise to this challenge.
“Recapitalisation is beyond a regulatory action, it is a strategic policy designed to prepare the banking sector for the scale, complexity, and global competition that a trillion-dollar economy demands,” the chairman said.
He called on banks to rise to lead in compliance, vision, innovation and economic stewardship.
Alawuba also urged regulators to continue to guide with wisdom and flexibility.
“Let us re-imagine banking as a force for national development and let us commit ourselves to building an economy that works for every Nigerian”. (NAN)(www.nannews.ng)
Edited by Ese E. Eniola Williams
Wema Bank’s 2024 profit hits N102.51bn, soars 135%
Banking

Wema Bank’s 2024 profit hits N102.51bn, soars 135%

724 total views today

By Taiye Olayemi

Wema Bank has recorded a profit before tax of N102.51 billion in 2024 financial year, representing an increase of 135 per cent when compared to the N43.59 billion recorded in 2023.

 

 

 

The bank has proposed a dividend of N1.00 per share following its strong financial performance in 2024.

 

 

 

In a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to N3.585 billion in 2024.

 

 

 

Total assets had stood at N2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent to N2.523 billion from N1.860 billion.

 

 

 

Loans and advances increased by 50 per cent, reaching N1.201 billion in 2024 from N801.10 billion in 2023. Non-performing loans stood at 3.86 per cent at year-end.

 

 

 

The bank recorded improved year-on-year performance, with gross earnings growing by 92 per cent to N432.34 billion, compared to N225.75 billion in 2023.

 

 

 

Interest income rose by 92 per cent year-on-year to N353.54 billion from N184.48 billion, while non-interest income increased by 91 per cent to N78.80 billion.

 

 

 

The bank reported a Return on Equity of 43.60 per cent, a Return on Assets of 2.96 per cent, and a Capital Adequacy Ratio of 19.67 per cent.

 

 

 

Its Cost-to-Income ratio stood at 56.23 per cent, highlighting the commercial bank’s resilience and financial strength.

 

 

 

Managing Director Moruf Oseni attributed the strong 2024 performance to strategic execution in risk management, customer relationships, and digital banking.

 

 

 

“Our people remain committed to supporting Nigerian businesses and individuals with innovative banking products and services,” he said.

 

 

 

He highlighted ALAT, the bank’s flagship digital platform, as a leader in digital banking adoption among Nigeria’s young population.

 

 

 

“One example is ALAT XPlore, Nigeria’s first licensed banking app for teenagers aged 13 to 17, designed to build financial skills and responsibility,” Oseni said.

 

 

 

In spite of a challenging operating environment, the bank continues to grow across all financial indices, demonstrating the workforce’s resilience and expertise.

 

 

 

“The standout performance is Profit Before Tax, which surged by 135 per cent,” he added.

 

 

 

Oseni noted that the 92 per cent rise in gross earnings, 60 per cent growth in total assets, and 483.20 kobo earnings per share strengthened the balance sheet.

 

 

 

“Our Cost-to-Income ratio of 56.23 per cent has significantly improved from the previous period,” he stated.

 

 

He also announced that the bank’s Capital Raise Programme would begin in April 2025 with a N150 billion rights issue. (NAN) (www.nannews.ng)

Edited by Kamal Oropo

Wema Bank to boost entrepreneurship, investment with Hackaholics 6.0
Banking

Wema Bank to boost entrepreneurship, investment with Hackaholics 6.0

803 total views today

 

 

By Taiye Olayemi

Wema Bank says it aims to further stimulate entrepreneurship, attract investment, and accelerate Nigeria’s economic development by fostering a thriving technology ecosystem that complements the creative economy.

Executive Director, Retail and Digital Business, Wema Bank, Mr Tunde Mabawonku, disclosed this at a news conference on call for applications for the sixth edition of the bank’s Hackaholics 6.0 initiative,  in Lagos.

Hackaholics 6.0 focuses on attracting “bold, cutting-edge solutions” in key sectors like AI, blockchain, renewable energy, customer experience, and cybersecurity.

He explained that the innitiative aligns with the bank’s strategic vision for its 80th anniversary in 2025, while it serves as a platform for developing solutions that address critical economic challenges.

According to him, the programme has the potential to generate innovations that create new avenues for economic activity and job creation, and has recorded past successes in areas like transportation and healthcare.

He emphasised that with the inmitiative, the bank focuses on Science, Technology, Engineering and Mathematics (STEM) education and technological innovation as essential for future economic competitiveness.

Similarly, Chief Transformation Officer, Wema Bank, Mr Babatunde Mumuni, said that the bank had continued to give support to innovative start-ups to progress.

He said, “From inception to date, we have had a total of 18 winners and we have given out about 200,000 U.S. dollars in grants to all the winners from inception to date.

“As the years have passed, we have continued to increase the prize money. And note that by saying grants, the focus of the bank has basically been to find ways to empower these guys to progress.”

Head of Innovation, Mr Solomon Ayodele, said the theme of the 2025 innovation programme is, “Steep beyond algorithms, engineering, disruptive innovation”.

According to him, the innitiative aims to position Africa at the forefront of global technology and will feature a dual-track approach for technical talent and high-growth startups, focusing on verticals like customer experience and financial inclusion.

He explained that Regional hackathons would be held across Nigeria’s six geopolitical zones and Lagos, culminating in a grand finale.

Expanding its reach, he said that the programme would also include events in Accra, Ghana, and Kigali in Rwanda, acknowledging the growing number of applications from these regions.

Ayodele emphasised the programme’s accessibility, welcoming applications from various tech professionals and startups.

He noted that finalists would have the opportunity to join an accelerator programme, gaining access to resources and potential funding.

Past participants, such as Sophia Sadeeq, Chief Executive Officer (CEO) of MyTherapist.ng, and Ugonna Ginigeme, CEO of FIGO, shared their success stories.

Sadeeq, winner of the Women-Led Prize, praised the programme’s mentorship and networking opportunities.

Ginigeme, winner of the MetaLog Prize, highlighted the significant partnership opportunities with the bank.

Both entrepreneurs encouraged startups to apply, citing the programme’s transformative impact. (NAN) (nannews.ng)

 

Edited by Olawunmi Ashafa

First Bank receives certificate to build 43-storey headquarters
Banking

First Bank receives certificate to build 43-storey headquarters

827 total views today

 

 

By Taiye Olayemi

 

Gov. Babajide Sanwo-Olu of Lagos State on Wednesday approved the construction of First Bank’s 43-storey building headquarters within the Eko Atlantic City.

 

Sanwo-Olu, while presenting the certificate of approval to First Bank, commended the effort of the management of the bank toward sustaining the bank’s legacy over the years.

 

He gave the commendation during the groundbreaking ceremony of  First Bank’s 43-storey headquarters performed by Vice President Kashim Shettima.

 

Thr governor appreciated Mr Gilbert Chagoury and his brother, Mr Ronald Chagoury, owners of Eko Atlantic City, for the transformative role they played in developing the city.

 

He invited other financial institutions to emulate what First Bank had done while promising that the state government would continue to create the right environment for businesses to thrive.

 

“We want to see the tower on a month-on-month rising out of the sun of the aquatic city. I will be presenting the certificate of approval for the bank to begin the construction of the 43-storey building.

 

“I invite the Managing Director of First Bank to come forward and receive the certificate, so that they know that we are doing it properly. From tomorrow, start the construction.

 

“We want the Chagoury brothers to give other financial institutions approval as well. If they have not bought their land.

 

“You will be given generous payment plan so that you can start your own development as well.

 

“Lagos and First Bank have had about 13 decades of relationship and I must state that this Eko Atlantic City is one of the wonders of Lagos. It is going to accommodate more corporate organisations,” he said.

 

Also speaking, Mr Olusegun Alebiosu, Chief Executive Officer of First Bank Holdings, said the journey of the bank could be defined by resilience, adaptability and commitment to the its customers.

 

He described the groundbreaking ceremony as a momentous occasion which signifies the bank’s commitment to repositioning it for the future.

 

“This groundbreaking ceremony is a momentous occasion for us, signifying our commitment to repositioning sturdily as ‘the’ Bank for the future.

 

“This new head office complex is not just about a modern architectural masterpiece; it is about reimagining banking for generations yet unborn.

 

“It will serve as a hub for financial innovation, digital transformation and operational excellence; ensuring that FirstBank remains ahead in an era where technology is reshaping the industry.

 

“The 43-storey edifice will become the tallest building in Nigeria and West Africa upon its completion.

 

“It will be a symbol of strength, embodying the progress we have made as an institution and reflecting our ambition to set new benchmarks in service delivery, operational efficiency and customer experience.

 

Mr Femi Otedola, Chairman, Board of Directors, First Bank Holdings, said that the building represents a significant milestone in the history of Lagos and Nigeria.

 

He assured everyone that First Bank would continue to build a legacy to behold as it moves further to focusing on becoming customer-centric bank

 

He said: “I am extremely grateful to President Bola Tinubu and Gov. Babajide Sanwo-Olu for their unalloyed support for this project and for creating a conducive environment for doing business in Lagos.

 

“I also appreciate the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, for his remarkable effort in maintaining the stability and growth of Nigeria’s banking industry.”

 

Gov. Dapo Abiodun of Ogun promised to continue to support the bank.

 

“This is a bold and audacious move by First Bank. This is what tenacity does. Even with over 700 branches across the world, it stands as a financial institution with the largest network.

 

“This building, upon completion, can be an incubation centre for learning in the financial sector. We will continue to support First Bank and I congratulate Odetola and Alebiosun for being dodged.

 

Gov. Lucky Aiyedatiwa of Ondo State also lauded the effort of the bank.

 

He saluted those who had contributed to the growth of the bank since its creation in 1894, noting it had evolved to being a generational bank. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

CBN scraps free ATM withdrawals, introduces N100 fee
Banking

CBN scraps free ATM withdrawals, introduces N100 fee

738 total views today

ATM

By Grace Alegba

The Central Bank of Nigeria (CBN) says it has eliminated the three free monthly withdrawals transaction fees for cudtomers using other banks’ Automated Teller Machine (ATMs) from March 1.

The apex bank disclosed this on Tuesday in a circular posted on its website, addressed to all banks and other financial institutions.

The circular, signed by John Onojah, Acting Director, Financial Policy and Regulation Department, said the measure was in response to rising costs.

“In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.

“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025,” he said.

The circular said that withdrawals from a customer’s financial institution attracted no charge, but those from another institution’s ATM in Nigeria would attract charges of N100 per N20,000 withdrawal.

It listed charges of N100 plus a surcharge of not more than N500 per N20,000 withdrawal on other categories of fees for other financial institutions.

It also noted surcharge categories to be disclosed at the point of withdrawal to the consumer.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” it said. (NAN)

Edited by Olawunmi Ashafa

Recapilisation: Wema Bank sets to raise additional N200bn
Banking

Recapilisation: Wema Bank sets to raise additional N200bn

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By Rukayat Adeyemi

Managing Director, Wema Bank, Mr Moruf Oseni, on Wednesday disclosed the bank’s plan to raise N200 billion in fresh capital to complete its capital raise exercise.

Oseni, who made this known in a statement in Lagos, said that the fresh capital would be raised through a combination of a rights issue and special placement.

He said that the two would start on April 1, and would mark the second and final tranche of the bank’s capital raise exercise.

According to him, this will be supplementing the N40 billion raised in the first tranche and will ensure that the bank surpasses the CBN minimum requirement for national banking authorisation.

Oseni said that Wema Bank, had prior to the CBN’s announcement, already launched a N40 billion rights issue in December 2023.

“This received the approval of the CBN and the Securities and Exchange Commission (SEC) in 2024,” he added.

The managing director said this also resulted in the bank’s successful completion of the first tranche of its capital raise.

“With over 30 per cent of the CBN target of N200 billion already met, Wema Bank is proceeding to initiate the second tranche of capital raise come April 2025. This time, with the goal of raising N200 billion in fresh capital to complete its capital requirement,” he added.

He assured shareholders and other stakeholders of a successful conclusion of the capital raise programme.

Oseni said: “We stand strong today not just as Nigeria’s oldest indigenous bank, but also as Nigeria’s leading innovative bank. Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel.

“I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations.

“Indeed, we are building Wema Bank into a formidable force in the African financial services landscape.

“We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward.”

Oseni noted that the capital raise would be a win-win for all stakeholders, as the bank would embark on investment that would produce exceeding returns.

With the deadline for CBN’s recapitalisation exercise set for March 31, 2026, Oseni said that this move by Wema Bank would undoubtedly ensure the bank retains its national banking license way ahead of the deadline.

According to him, the bank is working to secure all necessary approvals from relevant regulatory authorities, to ensure the process is conducted in full compliance with applicable guidelines.(NAN)(www.nannews.ng).

Edited by Olawunmi Ashafa

FG urges investment in gas sector to create jobs, boost energy supply
Banking , Economy/Business

FG urges investment in gas sector to create jobs, boost energy supply

690 total views today

By Ifeanyi Olannye

 The Federal Government  said that  increased investments in the gas sector would create employment, boost energy supply and grow Nigeria’s economy.
The Minster of State for Petroleum Resources -Gas, Ekperikpe Ekpo, stated this while inaugurating Nedogas Development Company Limited (NDCL) and its 300mmscfd Kwale Gas Gathering (KGG) facility on Thursday in Kwale, Delta.
He said that President Bola Tinubu had directed  them to enforce the growth of investment in oil and gas sector, to ensure availability of Compressed Natural Gas (CNG) for domestic consumption and  export.
Ekpo lauded the management of Nedogas limited for the initiative to invest in gas gathering to reposition the economy.
He said  that the company would provide energy sufficiency, economic expansion, direct and indirect employment in the country, particularly in the immediate community.
The minister urged  investors to venture into gas gathering to stop gas flaring, adding that with concerted efforts,  gas resources could be utilised to achieve economic development of the country.
“We are gathered here in Kwale, Delta to commemorate the official commissioning of the Kwale Gas Gathering (KGG) Facility and the Nedogas Plant.
“These initiatives are a result of a strategic collaboration between Nedogas Limited and the Nigerian Content Development and Monitoring Board (NCDMB).
“It represents a significant advancement in the country’s efforts to promote sustainability, energy efficiency, and economic expansion.
” The occasion today marks not just a turning point for Delta , but also a major turning point in Nigeria’s continuous quest to use its abundant natural gas resources for the country’s development,” he said.
According to the minister, Nedogas plant is part of the larger plan to lower greenhouse gas emissions, and encourage sustainable practices in the oil and gas sector.
“It emphasises how dedicated the federal government is to increasing gas usage, broadening our energy sources and lessening our influence on the environment.
“We will be able to process natural gas more efficiently at the Nedogas Plant, which will increase both our domestic supply and export potential.
“This establishment promises to significantly boost our economy by generating jobs, fostering industrial expansion and ensuring energy security. It is a symbol of advancement”.
In his goodwill message, Gov. Sheriff Oborevwori of Delta,  represented by his Deputy, Sir Monday Onyeme, lauded the management of Nedogas limited and  its partners for the investment.
“One can feel the pains of every Nigerian when it comes to the issue of energy  availability and affordability.
“Even more worrisome is the World Bank report that due to poor power supply in the country, businesses spend about $29 billion yearly on power.
” It is also  quite unfortunate that the country is  ranked as the lowest in terms of access to electricity globally,” he said.
Oborevwori said that the projects would no  doubt benefit Nigerians, particularly the people of Delta in many ways.
According to him, Nigeria boasts of a reserve base of 208.83 trillion cubic feet of gas which represents 33 per cent of Africa’s total gas reserves.
“This places Nigeria as the ninth among countries with high concentration of natural gas in the world.
“With these projects, the energy needs of Nigerians will get a boost,especially in the critical area of supply.
“It is heartwarming too that this facility will have gas supplied to it by other oil companies  operating in this area, which will greatly reduce the effects of gas flaring on our people.
“We are all aware that the level of gas flaring is very high in this part of the world, in spite its  acknowledged adverse effects on the climate,”he said.
Also speaking, the Chairman, Nedogas Limited, Emeka Ene  thanked the government, strategic partners and the community for  providing the needed support and enabling environment to achieve the project.
“The KGG Facility with its impressive capacity of 300 million standard cubic feets per day (mmscfd) is a testament to what can be achieved when innovation, determination and strategic partnerships converge.
“No doubt, these projects will lead to the creation of a lot of direct and indirect job opportunities too, thereby, boosting the economy of our state.
“I call for the replication of this project in other parts of our state where gas flaring is taking place to reduce its effects on our people.
“I also urge Nedogas Limited and its partner, the Nigerian Content Development and Monitoring Board (NCDMB) to enhance the use of local contents,”he said.
He urged the company to meet up with its social responsibilities and above all, ensure conducive and peaceful relationship with the host communities.
The News Agency of Nigeria (NAN) reports that other strategic partners of the company pledged their continued support to enhance sustainability, growth and development of the sector.(NAN) (www.nannews.ng)
=================
Edited by Joseph Edeh
Economist decries revocation of Heritage Bank by CBN
Banking , Business

Economist decries revocation of Heritage Bank by CBN

684 total views today

By Gregory O. Mmaduakolam

An Economist, Mr Abba Adaudu, has decried the revocation of the licence of Heritage Bank by the Central of Nigeria (CBN) due to a breach of banking regulations.

Adaudu, who is also a financial consultant, spoke with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

He said that the revocation of the bank’s licence would have adverse effects as all its customers would flood the bank’s offices nationwide to collect their deposits.

According to him, the revocation of the licence of the bank has multiplier effects on the economy as many staff of the bank will lose their jobs and will again be thrown to the labour market.

Adaudu said that the revocation would have a lot of negative effects on the banking system as many people might be afraid to put their money in the bank.

NAN reports that the CBN on Monday revoked the banking licence of unlisted lender Heritage Bank Plc due to a breach of banking regulations.

According to CBN, the bank has continued to suffer and has no reasonable prospects of recovery; thereby making the revocation of the licence the next necessary step.

The central bank said its action followed a period of engagement with the bank where it prescribed various supervisory steps intended to stem a decline in Heritage’s performance.

Adaudu, however, argued that as the nation was facing economic crisis presently, the revocation would trigger more hardship on the people as the economy, dependents and staff of the bank would suffer.

He advised that CBN would not have revoked the bank but dissolve its board as it did to the Keystone, Union and Polaris banks and takeover the financial institution for proper management.

He listed letters of credit, promissory notes, provision of admirable customer’s service, providing adequate information and providing account statement as some of the services the customers would lose.

“Other services customers will lose are protecting customer deposits, honouring cheques, provision of access to financial services and protecting customer confidentiality,’’ he said.

On the Minimum wage crisis between Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), Adaudu said that Nigerian workers’ salaries were very meagre coupled with the hyperinflation facing the country currently.

He urged the Federal Government to constitute cooperative farming for successful businessmen in the six Geo-political Zones to curtail the current high prices of foods in the country.

According to Adaudu, no amount of money paid to the civil servants will be enough by the Federal / state governments if high rate of inflation is not lessened.

He said forming cooperative farming would assist to cushion the effects of food shortage and high prices of food in the country.

The economist added that empowering successful businessmen in the six geo-political zones would help to address the current food crisis in the country.

Adaudu explained that if this policy was implemented with adequate supervision and security to protect the farmers in these zones, more food and employment opportunities would be created. (NAN)

==========
Edited by Chijioke Okoronkwo

CBN revokes licence of Heritage Bank
Banking , Business

CBN revokes licence of Heritage Bank

666 total views today

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN), has announced revocation of the licence of Heritage Bank Plc with immediate effect.

This is according to a statement issued by Hakama Sidi-Ali, the Acting Director, Corporate Communications Department of CBN on Monday in Abuja.

Sidi-Ali said that the action was in accordance with the apex bank’s mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act.

This action became necessary due to the bank’s breach of Section 12 (1) of BOFIA.

“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the licence the next necessary step,” she said.

According to her, the CBN took the action to strengthen public confidence in the banking system and ensure that the soundness of the financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

“We wish to assure the public that the Nigerian financial system remains on a solid footing.

“The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system,” she said. (NAN) (www.nannews.ng)

============
Edited by Ese E. Eniola Williams

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