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OUR LATEST POSTS

President Tinubu at 72: Leadership in challenging times, by Tunde Rahman

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Today is President Bola Tinubu’s 72nd birthday. Instead of rolling out the drums to celebrate the day, the President directed there should be no celebration of any kind, including placing newspaper, radio or television advertorials in his honour. He urged anyone wishing to do such for him to donate the money to charity organisations. The decision was taken in deference to the present challenging times. It is a mark of good leadership for a leader worthy of that name to have compassion for the people, identify with them and demonstrate he shares in their pain. Showing empathy for the people and the emotional intelligence of identifying with the weak and vulnerable are in President Tinubu’s DNA. This character trait has become a remarkable feature of his birthdays over time. In March 2020, on the cusp of his 68th birthday, he cancelled his birthday colloquium over the outbreak of coronavirus, explaining that the decision was important amid the overriding public concern over the pandemic. What happened in respect of his 70th birthday on March 29, 2022 was even more touching. He called off an impressive birthday colloquium, right in the middle of the event at Eko Hotel & Suites, Lagos with all the dignitaries in attendance, to honour victims of Abuja-Kaduna train attack. And last year, even after he had convincingly won the February 25, 2023 election, President Tinubu did not celebrate his birthday, saying he would devote the moment for reflection on the huge task ahead. This year’s birthday is the first by President Tinubu on the saddle. His administration is in its 10th month. This period, therefore, offers a veritable opportunity to interrogate his personae, character and administration thus far. There is little doubt that the time we are in is a challenging one indeed. On assumption...

CBN raises bank’s capital requirement from N25bn to N200bn

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The Central Bank of Nigeria (CBN) has increased the minimum capital requirement for Deposit Money Banks (DMBs) with national licences from N25 billion to N200 billion. The apex bank also increased capital requirement for banks with regional licences from N15 billion to N50 billion , and those with international licences from N100 billion to N500 billion. According to a statement issued by the Acting Director, Corporate Communications Department of the bank, Mrs Hakama Sidi-Ali, the new minimum capital for merchant banks will be N50 billion. Sidi-Ali also announced that the new requirements for non-interest banks with national and regional authorisations are N20 billion and N10 billion. The move is coming days after the Monetary Policy Committee (MPC) meeting. The CBN Governor, Yemi Cardoso, had in the meeting, urged Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system. Meanwhile, a circular signed by the Director, Financial Policy and Regulation Department, Mr Haruna Mustafa, said that all banks were required to meet the new minimum capital requirement within 24 months commencing from April 1 and terminating on March 31, 2026. According to Mustafa, the move is to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy. Mustafa urged banks to consider injecting fresh equity capital through private placements, rights issues and offers for subscription to meet the new minimum capital requirements. He also suggested Mergers and Acquisitions (M&As); and upgrade or downgrade of licence authorisation. He said that the minimum capital shall comprise paid-up capital and share premium only. “The new capital requirement shall not be based on the shareholders’ fund. “Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. ” Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their...

Mbah makes new appointments, reconstitutes Enugu Traditional Rulers Council

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Governor Peter Mbah of Enugu State has approved the reconstitution of Enugu Traditional Rulers Council. He has also made new appointments in Enugu State Independent Electoral Commission (ENSIEC) and Hospital Management Board. This is contained in a statement by the Secretary to the State Government (SSG), Prof. Chidiebere Onyia, on Thursday in Enugu. The appointments into the Enugu Traditional Rulers Council include His Royal Highness Samuel Asadu as Chairman, Julius Nnaji, first Deputy Chairman; G. N. Madu, second Deputy Chairman; and Hebert Ukuta, third Deputy Chairman. Others are Fidelis Nwatu as Grand Patron; Abel Nwobodo, first Grand Patron;  Augustine Otiji, second Grand Patron; and H. C. Eze, third. Grand Patron. Mbah, according to the statement, appointed Prof. Christian Ngwu as Chairman of ENSIEC while Solomon Edeh, Chinenyenwa Ogbu, and Mr George Ani were re-appointed as members. Others are Arthur Ifeanyi Ede, Paully Eze, Emmanuel Ogbodo, Emeka Ukwuaba as members, while Ifesinachi Umeobika would act as Secretary. The statement also indicated that Mbah appointed Dr Eric Odo as Chairman, Enugu State Hospital Management Board, and Dr Edith Okolo as Chairman, Enugu State Agency for Universal Health Coverage. The appointments take immediate effect, according to the statement. 

Students sue varsity over payment of registration fees

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Three students of Al-qalam University, Katsina, have dragged the institution to a High Court in Katsina over payment of their registration fees. The applicants, Hauwa’u Sani-Barda, Rabi’atu Sani-Barda and Hafsat Sani-Barda, all students of the respondent, got admission in 2018 and 2019, and graduated in 2022 and 2023. They, however, claimed that the respondents had refused to mobilise them for the mandatory National Youth Service Corps (NYSC), because they had not settled all fees due to the institution. During the proceedings, the applicants’ counsel, Muhammad Mukhtar-Lawal, told the court that his clients had filed an exparte motion in pursuance to the Constitution of the Federal Republic of Nigeria, 1999 (as amended). Mukhtar-Lawal said that the application sought the leave of the court to apply for judicial review. After the counsel’s submission, the judge, Justice Abbas Bawale, said that the applicants should have filed a motion on notice. Bawale, however, granted a leave order to the applicants to apply for judicial review by way of mandamus. He said after that, processes would be served on the university and enable the court to hear the case.

118 Immigration, Civil Defence officers sanctioned

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The Board of NSCDC, Fire Service, Correctional and Immigration Service, has approved the sanction of 118 personnel for various offences. The Board Chairman, Dr Olubunmi Tunji-Ojo, made this known at the end of their meeting on Thursday in Abuja. Tunji-Ojo, who is also the Minister of Interior, told newsmen through the board Secretary, Alhaji Ahmed Ja’afaru, that the erring officers were punished after facing disciplinary panels  for various offences. “These offences range from misconduct, negligence of duty and outright absence from duty posts. “In the Nigerian Correctional Service (NCOs), there were 48 cases of offences, in the Nigerian Immigration Service (NIS), there were 21 cases. “Also, in the Federal Fire Service (FFS) there were 12 cases while in the Nigerian Security and Civil Defence Corps (NSCDC), there were 37 cases,“the minister said. Tunji-Ojo added that the board has reviewed and approved new guidelines for appointments, promotions, discipline and general purpose in the services. He said that the board also considered and approved the timeline for the conduct of the 2024 promotion exercise in the four services. “The board considered and approved the review timeline for the conduct of the 2023/2024 fire service recruitment. “As for the ongoing recruitment in the fire service, we hope to publish the names of the successful applicants latest by June 15. That is where we are for now. “We also want to use this medium to warn the general public to ignore whatever they have been seeing or hearing in the social media space as they did not emanate from the board. “This is because, we have come to realise that the social media world had been awashed with fake news telling applicants to come for screening exercise or pay certain amount of money. “Let me put it emphatically that the board is not asking anyone to pay money for recruitment.“ He urged applicants to be patient, saying...

Third Mainland Bridge reopens in one week

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Minister of Works, Senator Dave Umahi, said on Thursday that the main construction work on the Third Mainland Bridge had been done and lane marking would be completed within seven days. Umahi made the disclosure during a tour of key infrastructure projects in Lagos State. The tour came as members  of the National Assembly, comprising both the Senate and House of Representatives Committees on Works, undertook a joint oversight function in Lagos. Recall that the Federal Government had on January 9 began comprehensive rehabilitation on the bridge due to several failed portions on it. According to Umahi, only two things are left to be done on the bridge before it will be formally opened to the public. “The Lane marking, that is, painting the lines on the road to indicate lanes and traffic flow; this should be completed within seven days. “Installing the solar-powered street lights will be done in seven days, but the most important thing is the lane marking; the moment the lane marking is done, we will open the road unofficially.’’ He said that the official opening ceremony would be held later, combined with the launch of the coastal road project, when the President visits. Umahi acknowledged and praised the hard work of the Federal Controller of Works, Lagos, Mrs Korede Keisha, and her team for successfully completing the Third Mainland Bridge repairs. The Chairman, House Committee on Works, Mr Akin Alabi, appreciated the work done so far, saying that people had been commending the project based on what they had seen in the media. He also acknowledged the vital role the bridge had played and how crucial it was to the area. Using the idiom, “a square peg in a square hole”, Alabi noted that the minister was perfectly suited for the job and had the necessary skills. He assured the minister of continued support from the...