CBN To Revoke 154 MFBs, Others’ Licences


The Central Bank of Nigeria has recently expressed its plan to revoke the operating licences of some182 financial services institutions in the country.

The apex bank in a list published on its proposed plan indicated that the affected institutions comprised 154 microfinance banks (MFBs); six primary mortgage banks; and the remaining 22, finance companies.

It stated further that 62 of the MFBs had ceased from doing banking business while 74 became insolvent; 12 were terminally distressed; and six voluntarily liquidated.

The CBN listed the primary mortgage banks’ licences for revocation as Accord Savings and Loans Limited in Lagos that failed to recapitalise; and Ahocol Savings and Loans Limited in Anambra (state government-owned) that closed shop.

It listed other mortgage banks for revocation as including, Trans Atlantic Savings and Loans Limited in Bayelsa (state government-owned) that became insolvent; Royal Savings and Loans Limited in Delta State that also closed shop; Amex Savings and Loans Limited in Lagos that failed to recapitalise; and Supreme Savings and Loans Limited also in Lagos that closed shop.

The CBN disclosed that eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent.

According to the apex bank, the affected institutions are located in different states of the country.

Osun: INEC officer arrested for allegedly tearing controversial result sheet

Image result for Osun: INEC officer arrested for allegedly tearing controversial result sheetA man who claimed to be a staff member of the Independent National Electoral Commission was arrested by party supporters at Ayedaade Local Government Area of Osun State for tearing an INEC result sheet believed to be under contention when results of the state governorship election were being released.

The man, Salawu Mutiu Kolawole, with an INEC identification card, said a superior officer, Mrs Aderinoye, called him and directed him to proceed to St Peter’s in Ayedaade to tear the result sheet.

A Peoples Democratic Party agent had contended that 1,000 votes were deducted from the party’s result in the area earlier during the collation of results at the INEC office in Osogbo.

Kolawole said, “An Electoral Officer, Mrs Aderinoye, in Ayedaade council, called me and asked me to go to the council and tear the result sheet.

“Before I could ask her why I had to go and do it, she hung up. I approached another EO, Mr Oladunjoye,  and told him what my boss said. I went there to tear it but while doing it, two party agents met me there and arrested me.”

Osun: PDP to strike deal with Omisore, others

Image result for iyiola OmisoreThere were indications in Abuja on Sunday that the national leadership of the Peoples Democratic Party might strike a deal with a former Deputy Governor of Osun State, Senator Iyiola Omisore,  in a bid to win the state rerun governorship election slated for Thursday, investigations by our correspondent have revealed.

Omisore is the governorship candidate of the Social Democratic Party in the election in which the candidate of the PDP, Senator Ademola Adeleke, came first with 254, 698 votes while the candidate of the All Progressives Congress, Mr Gboyega Oyetola, came second with 254,345 votes.

The Independent National Electoral Commission has, however, said there would be rerun in some polling units where elections were cancelled.

The units,  which were listed by the commission, are two in Orolu Local Government Area, one in Ife South Local Government Area, one in Ife North Local Government Area and one in Osogbo Local Government Area.

It was gathered that the PDP had already initiated discussions with Omisore towards winning the two units in his stronghold of Ife.

Apart from Omisore,  the PDP was said to be planning to meet with candidates of other political parties that had what a source described as a “worthy outing” during the election on Saturday.

Such candidates, it was gathered, are African Democratic Congress’ Fatai Akinbade and Action Democratic Party’s Alhaji Moshood Adeoti.

Already, it was gathered that a former Minister of Aviation, Chief Femi Fani-Kayode, had spoken with Omisore on the need for the latter to support the PDP candidate in the rerun.

Fani-Kayode, who is also from Ile Ife like the former deputy governor, confirmed that he had spoken with both Omisore and Adeleke on the issue.

The former minister told our correspondent that there was a need for the parties to come together and “bury the ruling party in the state on Thursday.”

He said, “Yes, it is true that I have spoken with my brother, Senator Omisore, and our (PDP) candidate, Senator Adeleke, on the issue.

“I can tell you confidently that both of them are receptive to the idea and I can tell you that we are going to meet together to discuss working relationship before Thursday.

“We are not talking about any condition.  We are doing all these for the love of our party and our people. We need to liberate the state from the vultures and invaders of our commonwealth. By the grace of God, we shall do it.”

It was gathered that a former Governor of the state, Prince Olagunsoye Oyinlola, would be involved in a discussion with Akinbade.

Oyinlola, it was learnt, would prevail on Akinbade, who served as the secretary to the state government while the former military administrator was the governor of the state, to support the deal.

Besides that, it was also learnt that the National Chairman of the PDP, Prince Uche Secondus, would personally speak with Akinbade, who was also a former state chairman of the PDP while Secondus was also chairman of the former ruling party in Rivers State.

Top sources in the PDP confided in our correspondent that the President of the Senate, Senator Bukola Saraki, who also heads the party’s 85-member governorship campaign council in the state, would be involved in the negotiations.

It was generally believed that Saraki’s efforts at bringing the runner-up in the party’s governorship primary in the state, Dr Akin Ogunbiyi, with Adeleke, helped the party on Saturday.

The source said, “We will involve Saraki in our meetings with these men.  We cannot afford to lose the election in the state.

“Then, don’t forget that we have a working relationship with all the opposition political parties under the umbrella called Coalition of United Political Parties.  We will invoke the spirit behind that.”

APC ward chairmen endorse Sanwo-Olu

Sanwo-OluNo fewer than 377 ward chairmen of the All Progressives Congress (APC) in Lagos State have endorsed Mr. Babajide Sanwo-Olu for the governorship ticket.

They announced their support for the former Establishment & Training Commissioner ahead of next Saturday’s primary election.

Sanwo-Olu and another former Works & Infrastructure Commissioner Dr. Obafemi Hamzat are jostling for the party’s ticket with incumbent Governor Akinwunmi Ambode.

Also at the weekend, former Lagos State House of Assembly Speaker Adeyemi Ikuforiji urged Ambode’s kinsmen in Epe to pray for the governor to clinch the APC ticket at the scheduled direct primary.

Ikuforiji spoke in Epe during the Kayokayo festival.

At a meeting involving Sanwo-Olu, some party leaders and the grassroots mobilisers at Martino’s Hall, Ikeja, the chairmen, under the auspices of Conference of Ward Chairmen, promised to ensure Sanwo-Olu’s victory on Saturday.

Shola Oshobajo, who spoke for the chairmen, assured Sanwo-Olu of his members’ support before, during and after the primary election.

The Director-General of the Babajide Sanwo-Olu Campaign Organisation (BOSCO), Mr. Tayo Ayinde, described Sanwo-Olu as a party man, who will not abandon the party and its members if elected the governor.

He enjoined the conference members to mobilise all party men and women in their individual wards to come out in large numbers and vote for Sanwo-Olu as the APC candidate.

APC chieftain Cardinal James Odunmbaku told members of the Conference not to despair, emphasising that a Sanwo-Olu-led government will be a listening and an inclusive one, especially for members of the party whose input will be paramount and will form part of decision making process.

Sanwo-Olu thanked them for the confidence reposed in him and promised not to disappoint them when he gets to power.

He reminded the grassroots politicians of his role as a fund raiser for the party in most of the elections held in the past.

At the festival in Epe, Ikuforiji urged the people to be calm and support the governor in prayers for him to be successful in the re-election bid.

National Assembly: Ndume attacks Saraki, Dogara

FORMER Senate Leader Mohammed Ali Ndume yesterday scored Senate President Bukola Saraki’s leadership of the upper chamber below average.

Ndume, who represents Borno South Senatorial District, said it was stating the obvious that the Senate under Dr. Saraki, has failed Nigerians.

Speaking at the News Agency of Nigeria (NAN) Forum in Abuja, the Borno senator noted that Saraki and House of Representatives Speaker Yakubu Dogara, had privatised and personalised the legislative arm of government.

Ndume said Saraki has no justification to retain his seat as Senate President after defecting to the opposition Peoples Democratic Party (PDP).

He also lauded the military for the concerted effort at eliminating insurgency in some parts of the country.

On the Senate leadership, Ndume said: “I really want to admit that we have failed in our responsibility to the people somehow but we the members are not responsible for that.

”It is more of the responsibility of the leadership that shut down the Senate abruptly because of personal issues.

”It is very unfortunate. The Senate is the Nigerian Senate, it is not the senator’s Senate; it is not Saraki’s Senate.

“It is very unfortunate that the National Assembly has been reduced to Saraki and Dogara.”

According to him, Saraki and Dogara have privatised and personalised the legislative arm of government, a development he called an aberration.

Ndume said: “They (Saraki and Dogara) have privatised and personalised the institution, and the reason we were elected to be there has been relegated to the background.

“This is very unfortunate, but I want Nigerians to know that the Senate has not been shut down by the Senators or members of House of Representatives.

”The Senate was shut down by Saraki and Dogara and they should be held responsible for that.”

He noted that the Senate, which is yet to reconvene, must move on without Saraki.

The former Senate Leader added that he had made concerted efforts to see how the Senate could reconvene, especially to consider about five matters of national importance.

His efforts, he said, have been without success, adding that the the matters he wanted considered were abandoned by the National Assembly before it proceeded on the long recess.

His words: “We tried everything to get the Senate President or the leadership to reconvene the Senate, but that have not been successful.”

On why the Senate President should quit, Ndume noted that  Saraki should know that he was not supposed to retain the position of President of the Senate, because he could not “eat his cake and have it”.

Saraki, he said, lost all rights to retain the seat when he defected to the PDP.

Ndume posited that the only thing that could save Saraki from being impeached remained a vote of confidence from his colleagues.

”I think that is the only thing he can do; may be he did that before, let him try it; let him call for vote of confidence from us, his colleagues.

”I assure you that he will not get the majority.”

Ndume described the statement credited to some politicians that Saraki could only be impeached by two-third of members of the house as not only wrong, but also a total misconception.

To him, since Saraki decided to leave the APC for PDP, he should have left the position as he could not be in a minority party and be President of the Senate.

He recalled that as minority leader in the House of Representatives, he defected to PDP from the All Nigeria Peoples Party (ANPP) and resigned from the position without being asked to do so.

The senator said it was natural that he left the position because he could not move from the minority to the majority and still be a minority leader.

Ndume noted that there should only be one Senate President who is supposed to come from the majority political party.

“I am still thinking and hoping that Saraki will do the right thing and the right thing is for him to relinquish that position for the majority to preside,” Ndume said.

On the fight against Boko Haram, he said the move by the Chief of Army Staff, Lt.-Gen. Tukur Buratai, in ensuring collaboration with the Nigerian Air Force and other agencies had helped a great deal.

He said that the relocation of the operational headquarters of the military was a major factor in the defeat of Boko Haram.

However, he called on them to concentrate on three black spots of “the deep Sambisa Forest, the Lake Chad fringes and the Mandara Mountains.

He said the sect, which was still active in those areas for obvious reasons, must be brought to its knees.

Ndume said: “The resurfacing of the sect is more in Northern Borno. These are the fringes of Lake Chad. I am suspecting that because of the money they got from the ransome allegedly paid, their proximity to international terrorist organisation, Nigeria bordering Mali and Niger and the open, vast and porous borders, they are buying and transporting light arms.

”Also, they are getting money from the businesses around Lake Chad that they have taken over. They are now the ones involved in the cattle business and all that.

“Those are the areas they get money from. With this money they are able to fund their operations.”

On concerns that the sect had not been completely eliminated, the lawmaker said fighting insurgency was different from fighting conventional war.

He said: “We have been fighting insurgency in the North East which is different from the conventional war where you know you have soldiers belonging to a particular group that you can identify.

“Besides, insurgency is not happening only in Nigeria. It is happening in Afghanistan, Syria and all that. Like the case of Afghanistan, the case has been going on for some years now.”

Pinnick re-elected as NFF President

Image result for NFF, Mr Amaju PinnicIncumbent President of the Nigerian football Federation, NFF, Mr Amaju Pinnick, was on Thursday re-elected for a second term in office to superintend the Football Federation.

The election which was held at the premises of Katsina State local Government Service Commission in Katsina saw Pinnick polling 34 votes to beat other three contestants to retain his seat.

His closest rival and former NFF President, Alhaji Aminu Magari polled 8 votes, while the former Secretary of the NFF, Chief Taiwo Ogunjobi who also contested for the seat, polled 2 votes. Honorable Chinedu Okoye, a new entrant in the contest, did not gather any vote at the election

In all, 44 delegates from states’ football federation and other bodies including coaches, referees associations and players’ unions ,participated in the election, which was largely adjudged transparent and peaceful

The chairman of the Electoral Committee for the election, Muhammed Katu announced the results.

FIFA representatives, Luca Piazza and Solomon Mudege were among football chiefs who witnessed the election.

Elections into the other offices such as first Vice President, Chairman of Chairmen and other members of the NFF board were still in progress as at time of filing this report.

N5.87b fine: CBN reviews new evidence from banks, MTN

The Central Bank of Nigeria (CBN) is reviewing new evidence from four banks and MTN Nigeria over the sanctions slammed on them by the regulator, it was learnt yesterday.

The banks – Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank – were last month fined N5.87 billion by the apex bank for breach of capital importation policy.

The CBN had accused the banks of remitting foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited. The banks and MTN Nigeria have denied any wrongdoing.

According to the CBN, the lenders were asked to refund $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the country, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’.

In a statement yesterday, CBN Director, Corporate Communications, Isaac Okorafor, said: “In response to the recent regulatory actions, the banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.

“We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.”

The regulator also defended its N5.87 billion fine on the banks over alleged capital importation breaches on $8.1 billion transactions involving MTN Nigeria. The apex bank has insisted that the sanctions will not deter foreign investors from coming to invest in Nigeria.

Okorafor, said the apex bank acknowledges the public interest over sanctions recently imposed on four deposit money banks (DMBs). The apex bank said it welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria.

“We wish to restate that the CBN will continue to welcome foreign investments and investors. Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the Nigerian Autonomous Foreign Exchange (NAFEX) window are designed to simplify foreign exchange regulations.

“Furthermore, the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.

The sanctions on the banks arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.

“In response to the recent regulatory actions, the banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.

“We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations”.

Robbers stab two to death in Edo

Two persons have been stabbed to death by armed robbers who raided Amenze street and environs Off Costain Road, Benin City, Edo state.

The robbers robbed over eight houses in the area and inflicted injuries on anybody that does not have money to give to them.

Wife of one of their victims, Mrs. Erhun Ogiorio, said she begged the robbers not to kill her husband but the robbers refused.

According to her, “When they came in, one of them held a gun and the other one a knife. I told them we don’t have money that my husband is a civil servant. I wanted to give them phones but they stabbed my husband in the stomach and the chest.

Another victim who is currently receiving treatment said he was stabbed twice by the robbers.

“When they came into my room, they asked me to lie down. The next thing I know was that I was stabbed. They stabbed me twice.”

A victim who pleaded anonymity said they collected N70,000 from him after beating him before they moved to other house.

He said robbers used to terrorize them in the area.

Edo Police spokesman, DSP Chidi Nwabuzor, said it was a case of cult clash that was reported.

He said the police was yet to arrest any suspect.

“What we were told was that rival cult were fighting. Two persons stabbed. No arrest has been made.

Nigeria now 48th in FIFA World ranking

Nigeria moved one place from 49th position to 48th in the FIFA/Coca-Cola World Ranking as Belgium and France share the top spot for the first time in the table’s 25-year history.

According to the rankings posted on the FIFA official website on Thursday, the Super Eagles amassed 1415 points to finish 48th in the month of September.

Nigeria’s Super Eagles who defeated Seychelles 3-0 on Sept. 8 to put themselves back in contention for a place at the 2019 Africa Cup of Nations (AFCON) improved their position from seventh to the fourth best team in Africa.

Seychelles dropped one spot from 188th to 189th in the rankings, while Libya, whom Nigeria face in their next group game of the AFCON qualifier next month are placed 99th in the rankings.

Senegal still maintains their number one spot in Africa and 25th in the world with 1492 points.

DR Congo and Morocco are second and third in Africa, and 40th and 45th in the world with 1447 and 1425 points respectively.

Russia, 2018 semi-finalists Belgium and reigning World Champions, France are joint leaders in the rankings, the first time the top spot is being shared in the table’s 25-year history.

Brazil, Croatia and Uruguay round up the top five.

While England, Portugal, Switzerland, Spain and Denmark are sixth, seventh, eighth, ninth and 10th respectively.

The next FIFA/Coca-Cola World Ranking will be published on Oct. 25

Buhari, Ambode meet in Aso Rock

President Muhammadu Buhari on Thursday met behind closed doors with the Lagos State Governor, Akinwunmi Ambode at the Presidential Villa, Abuja.

The meeting started around 2.40 p.m

The governor, after picking his second term nomination form, suddenly realized that other aspirants under the All Progressives Congress (APC) were also interested in the number one Lagos State public office.

The APC governorship primary has now been rescheduled for September 29, 2018.

The meeting was still in progress at the time of filing this report.