THE Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026. CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday. According to Ali, the new minimum capital base for…
Author: Farouk Abbas
Read More
FORMER President Muhammadu Buhari has extended birthday greetings to President Bola Ahmed Tinubu on his 72nd birthday. Buhari wished the President good health and a long life so the country could benefit from his “excellent leadership.” This was contained in a statement by the former president’s spokesman, Garba Shehu, and made available to newsmen on Thursday. The President, who turns 72 on Friday, had opted for a low-key birthday celebration. He attributed this to the challenging times the country is facing. Buhari commended Tinubu for making “sustained efforts to overcome the many problems of the country,” while wishing him many…
THE Defence Headquarters on Thursday said a Federal High Court in Borno has ordered the release of no fewer than 313 suspected terrorists arrested by the military. Briefing journalists in Abuja on the military operations, the Director of Defence Media Operations, Major General Buba Edward, said the court ordered their release for lack of evidence to nail the suspects after the investigation. “During the week, as follow up to a court order of the Federal High Court in Maiduguri. A total of 313 suspects in detention for terrorism-related offenses were to be released to the Borno State government. “The court…
THE remains of the military personnel killed in Delta State recently have arrived at the National Military Cemetery in Abuja. The remains arrived around 2:39 pm in different ambulance vehicles. This newspaper reports that military personnel comprising four officers, and 13 soldiers were murdered on March 14 by some irate youths in the Okuama community. Okuama and Okoloba communities in Delta State have been embroiled in a bitter dispute over the ownership of a stretch of land located on their border. The officers are: Commanding Officer 181 Amphibious Battalion, Lt. Col. A.H Ali; Maj S.D Shafa (N/13976); Maj D.E Obi…
JUSTICE Sanusi Ado Ma’aji of Kano state high court sitting at Miller road, Bompai, has found Quandong Geng, a Chinese national, guilty of killing his girlfriend, Ummulkusum Sani Buhari (Ummita). Geng had invaded the residence of Ummita in September 2022 and stabbed her to death during an argument. He had fled the scene but was subsequently arrested by the police and arraigned. During cross examination in court, he had said Ummita broke his heart by getting married to another person as he had plans of settling down with her. Geng added that when they started preparation for their wedding, he…
THE Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement. The charge with Number FHC/ABJ/CR/111/2024 filed in the Federal High Court, Abuja Division was obtained on Monday. The four other defendants in the case are; Karl Toriola, the Chief Executive Officer (CEO) of MTN Nigeria, Nkeakam Abhulimen, Fun Mobile Ltd. and Yahaya Maibe. In the three-count charge, NCC alleged that the defendants, between 2010 and 2017 “offered for sale, sold and traded for business’’, infringed musical works of an artist, Maleke Idowu Moye without his consent and authorisation. The…
FOUR people have lost their lives in a stampede during an almsgiving zakat exercise for the poor in Bauchi State. The stampede occurred at the Shafa Holdings Company plc headquarters along Jos Road, on Sunday at about 12pm. Another individual, 17-year-old Naima Abdullahi, is currently receiving medical treatment at the Abubakar Tafawa Balewa University Teaching Hospital in Bauchi. The police Public Relations Officer, Ahmed Wakili, confirmed the incident to News Point Nigeria and guaranteed that the situation is currently stable. He stated that the police acted swiftly upon hearing the news, and the police commissioner encouraged the public to stay…
FOUR persons have lost their lives in a fatal road accident in Bauchi State, the Federal Road Safety Corps (FRSC) has said. The accident which occurred on Saturday in Rinji, Toro Local Government Area of the North-Eastern State, involved eight passengers. FRSC Corps Public Education Officer, Jonas Agwu, in a statement, said the “crash involved a Mercedes Benz with registration number AK808AA and a Volkswagen Opel Vectra also with registration number TFB675RC.” Agwu, also said the corps’ rescue team recovered N1.5 million belonging to the victims. “Out of the eight persons in the vehicles, four victims, comprising one female adult…
THE police in the Federal Capital Territory Police have arrested a pregnant married woman, Rosemary Ubah, for allegedly faking her own kidnap and eventually sharing the ransom paid by her husband with her boyfriend. According to a statement by the Federal Capital Territory Police Command on Saturday, the woman’s husband, one Chiedozie Ubah, reported her disappearance after leaving home for a scan on March 11, 2024, to the Gwa Gwa Police Division. Mr Edozie told the police that he later received a call informing him that his pregnant wife was kidnapped and he needed to pay the sum of N2…
NIGER Republic has reopened its border with Nigeria in the regions of Diffa, Tahoua, Maradi and Dosso. The land border between the two neighbors was closed following the coup d’état of July 26 and the ECOWAS sanctions that followed. In a radio message broadcast on social networks, on Thursday, the Nigerien Ministry of Interior instructed the governors of these border regions to reauthorize the reopening at exactly 12:00 midnight. The ministry also directed the affected governors to strengthen controls and security along the 1,500 kilometers stretch land demarcation. Nigeria’s border was opened weeks ago after the lifting of ECOWAS sanctions…
THE naira maintained a steady appreciation against the United States dollar on Thursday, gaining N18 to close 1,382/$ at the official market. This came as Presidency warned currency speculators to desist from unpatriotic act against the national currency, saying racketeers would have their fingers burnt. The naira gain came a day after the local currency recorded major gains at both the official and parallel foreign exchange markets. It closed at the black market at N1,400/dollar on Wednesday. The summary of the FX trading auction revealed that naira appreciated by 1.3 percent following increased dollar supply at the Nigerian Autonomous Foreign…
NIGERIAN creators can now monetise their content starting from June 2024, according to Meta. Meta, the parent company of social media platforms Instagram, WhatsApp, and Facebook, said this on Thursday. Meta’s President of Global Affairs Sir Nick Clegg spoke about this when he led a delegation of Meta Platforms Incorporated to visit President Bola Tinubu at the State House in Abuja. “Sir Clegg also said Meta will introduce in June 2024 a feature on its Instagram app that will allow Nigerian creators to monetize their content to enable them to earn a living using the app,” presidential spokesman Ajuri Ngelale…
OPERATIVES of the Economic and Financial Crimes Commission (EFCC) have arrested one Kayode Cole for issuing a death threat against the Chairman of the Commission, Ola Olukoyede. Cole, according to EFCC’s Spokesman, Dele Oyewale, was arrested at the Lugbe axis of the Federal Capital Territory (FCT), Abuja. The suspect made the death threat through his Instagram page handle: “1billionsecretss”, while commenting on a story posted by a popular Instagram blogger, Instablog9ja on February 1, 2024. Instablog9ja had posted a story with a caption: “A Religious Sect Is Laundering Money for Terrorists. We Traced N7 Billion Fraud Proceeds to another Religious…
THE Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in Abuja confirmed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honoured. She said that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. At a recent meeting, Governor Cardoso…
THE Federation Accounts Allocation Committee (FAAC) last month, announced the distribution of N1.15trn in revenue to the three tiers of government in February 2024, marking an N20bn increase (1.77 per cent) from the N1.13trn allocated in January 2024. The increase reflected a positive shift in the nation’s revenue streams, as detailed by the Director of Press and Public Relations, Bawa Mokwa, at the Office of the Accountant General of the Federation. The FAAC is responsible for reviewing and adopting the allocation of funds to States of the Federal government of Nigeria. See the full list of allocation to every state…
A GRADE 1 Area Court sitting at Lugbe, Abuja, on Tuesday, sentenced a labourer, Terkaa Akishi (36) to 15 months in prison for stealing two Qurans and a cell phone from a Mosque in Asokoro area of Abuja. The Judge, Malam Aliyu Kagarko, sentenced Akishi, who pleaded guilty. Kagarko, however, gave him an option of N40,000 fine. Akishi was charged with trespass and theft. The prosecutor, Mr Emeka Ezeganya, had told the court that the case was reported at the Asokoro Police Station by Mr Isah Balikisu of Guards Brigade, Nigeria Army, Asokoro, Abuja, on March 14. He said that…
GOVERNOR Uba Sani of Kaduna State says vigilantes are poorly equipped to face bandits who carry “sophisticated weapons”. ‘ Kaduna is one of the hotbeds of banditry and kidnapping in Nigeria with hundreds of schoolchildren recently abducted (and still in captivity). Although the state government had set up local vigilantes as part of measures to tame the raging insecurity sweeping across Kaduna and in some parts of the country, the situation remains worrisome. Governor Sani has attributed this to the ill-equipment of the local vigilantes. “Vigilance service cannot hold anything more than pump actions and these bandits, they come around…
THE Defence Headquarters has released the list of 17 military personnel killed in an attack in Delta State. The military personnel were killed last week in Okuama, a community in Ughelli South Local Government Area of Delta State after a peace mission. Days after the gruesome murder, the Defence Headquarters said 17 personnel including the Commanding Officer of 181 Amphibious Battalion, two majors, one captain, and 12 personnel of the battalion were among those killed. “May The Souls of the Departed Rest In Peace,” the Nigerian Army wrote on its X handle alongside a photo collage of the personnel on…
PARENTS of the abducted students of the Federal University Gusau, Zamfara State on Sunday said they were not aware of their release from captivity. At least 21 students were abducted last September when terrorists stormed an off-campus hostel in Sabon Gida, a community opposite the university in the Zamfara State capital. A few hours later, some of the victims were rescued by security officials. However, several media platforms reported yesterday that nine students had been released by their captors and handed over to security agencies. But the parents of the abducted students, the school authorities and the police command in…
THE Senior Staff Association of Nigerian Universities (SSANU) has embarked on a seven-day warning strike, effective Monday. This follows the refusal of the Federal Government to meet the demands of the Association. This newspaper reports that part of the issues that called for the strike action are re-negotiation of the 2009 agreement – the issue of 25/35 per cent of salary increment, minimum wage areas and the issue of the N50 billion the government has promised to give as earned allowances. Speaking with this newspaper, Chairman, Bayero University Kano (BUK) branch of the union, Mustapha Aminu, said at an emergency…