Business
CIBN Sacks President Akingbola Over Role In Banks’ Debt Scam
The umbrella body of Nigerian bankers, the CIBN, announced yesterday that it had replaced its president, who was recently sacked by the country’s central bank for running his own bank into insolvency.
The Chartered Institute of Bankers of Nigeria said in a statement that it was replacing Erastus Akingbola with its first vice president, Laoye Jaiyeola, following a shakeup across the sector.
Akingbola was among five bank chiefs who were sacked on August 14 by the governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, for giving loans to prominent Nigerian businessmen and companies without adhering to good corporate governance and risk management practices.
Sanusi put the total loan portfolio of the ailing banks at N2.8 trillion.
The CIBN “expresses its support to all legitimate efforts aimed at the safety and soundness as well as sustainable growth and development of banks and the banking industry in Nigeria.”
The institute said it would not hesitate to discipline “any of our members found guilty by any court of competent jurisdiction.”
The country’s Economic and Financial Crimes Commission (EFCC) early this week declared Akingbola and Cecilia Ibru, former managing director of Oceanic Bank, wanted in connection with alleged fraudulent abuse of credit process, insider trading, capital market manipulation and money laundering.
EFCC spokesman Femi Babafemi told newsmen that Ibru had herself turned up in the Lagos office of the anti-graft agency on Wednesday, where she was immediately detained for interrogation.
He said at least 24 bank debtors had been arrested after the expiration of a deadline to pay up and would appear in court this week.
The EFFC had given the debtors up to Wednesday to pay up or face arrest.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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