Day: July 20, 2020

Nigeria’s CBN hints of fresh banks’ recapitalisation, demands exclusive Right for licensing, revocation

Tim Bauer

Another wave of recapitalisation may soon blow in Nigeria’s banking sector. The country’s apex bank, Central Bank of Nigeria (CBN), which gave this hint, kicked against the idea of any institution sharing from its power of “hire and fire” of banks in the Africa’s biggest economy. The banks in the country, like other financial institutions across the World are counting huge losses due to Coronavirus pandemic. CBN particularly demanded the power to retain exclusive right for the licensing of banks and the revocation of same when a bank goes distressed.…

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COVID-19: Envoys, Politicians, Journalists in contact with Nigeria’s foreign Minister fret over Status + NAMES, PHOTOS

Precious Ibekwe

  The Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama, who tested positive for COVID-19 was in contact with diplomats from China, Russia, Algeria and Somalia within the last two weeks. Onyeama is also a top member of Nigeria’s Presidential Task Force (PTF) on COVID-19. A peep into his diary also showed that he met with a Minister, Senator, Politicians and journalists from the News Agency of Nigeria (NAN) within the last 14 days before his COVID-19 positive status was revealed. Here is the list of some of those he had…

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NDIC criminalises Nigeria banks’ age-long Insider loans, goes tough on ‘negligent’ Directors

Aliyu Aliyu

Nigeria’s Financial industry insurer and watchdog, Deposit Insurance Corporation (NDIC), has gone tough on banks in the country, criminalising their  age-long practice of insider loans and stating readiness for persecution of various offences and negligent directors of failed banks. The imposition of penalties and persecution of various offences, the NDIC said, is to serve as a deterrent to officers and directors of banks and will ensure that the banking industry ensures compliance with available laws and regulation. The corporation also proposed the express prohibition of insider loans/criminalising insider loans by…

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