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Nigeria Freezes Accounts Of Sacked Bank Chiefs As Depositors Make Panic Withdrawals

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The Nigerian anti-graft agency said Saturday it had frozen the accounts of the sacked directors of five ailing banks for running the institutions into insolvency.

“We have frozen the accounts of the former managing directors and executive directors of the five banks,” Economic and Financial Crimes Commission (EFCC) spokesman Femi Babafemi told our correspondent

He said the agency had also invited the auditors of the affected banks for questioning.

“The auditors have to tell us what they know about the financials of the banks. How they came about huge debts and non-performing loans without the auditors raising the alarm,” he said.

The heads of Afribank plc, Intercontinental Bank plc, Union Bank plc, Oceanic Bank plc and Finbank plc were removed on August 14 by the Central Bank of Nigeria governor, Sanusi Lamido Sanusi, for piling up billions of dollars in bad debts and inefficiency.

The CBN accused the banks’ management of granting loans to prominent Nigerian businessmen and companies without following best practice.

The total loan portfolio of these five banks came to N2,801.92 billion, according to CBN.

Margin loans amounted to N456.28 billion and exposure to oil and gas loans amounted to N487.02 billion while aggregate non-performing loans stood at N1,143 billion, it said.

The EFCC has given the debtors one week to pay up or face arrest and prosecution.

Meanwhile, panic withdrawals by depositors and a thick cloud of uncertainty are shaking Nigeria’s financial sector after the sacking of the directors of five key ailing banks, operators and analysts said.

Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi earlier this month removed the heads of Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank for piling up billions of dollars in bad debts.

The books of about a dozen other banks are also currently under CBN scrutiny to determine their viability, debts and liquidity status.

“There are apprehensions in the industry on what will be the fate of the remaining banks because of CBN’s action,” a treasury manager in one of the nation’s banks, Sunday Adeola, told our correspondent.

The dismissals of the bank chiefs and the anti-graft agency’s threat to arrest, prosecute or seize property of the debtors of the banks if they failed to pay in a week has put the heat on the sector, analysts said.

“The… system has witnessed massive cash outflows in recent days. Depositors are jittery and they are withdrawing their money,” said analyst Joel Allison.

“Bank vaults are becoming empty and if the trend continues we may have another bank failure on our hands,” he said, recalling the liquidation of dozens of distressed banks in the 1990s after bad management and fraud.

Dozens of the owners and managers of those failed banks were prosecuted or jailed while others fled the country to evade arrest.

The CBN chief earlier this month accused the management of the five ailing banks of giving loans to prominent Nigerian businessmen and companies without adhering to good corporate governance and risk management practices.

He put the total loan portfolio of the ailing banks at N2.8 trillion.

The CBN has also published a list of dozens of prominent Nigerians businessmen as debtors to these banks.

The list includes tycoon Aliko Dangote, rated by US Forbes magazine as one of the world’s richest Africans with a net worth of around $3.3 billion.

Dangote, 52, who is also the new president of the Nigeria Stock Exchange (NSE) has denied managing the oil and gas company listed as owing Intercontinental Bank more than eight billion naira.

The Nigerian government has in the past days tried to calm the nerves of agitated bank depositors by assuring them that their money is safe and that it will not allow the debt-ridden banks to sink.

The government has already announced a N400 billion naira  bailout for the affected banks.

Nigeria’s central labour movement NLC lauded Sanusi’s action, and urged the CBN to restore public confidence in the industry.

Rasheed Yusuf of the Association of Stockbroking Houses of Nigeria also called for proper management of the situation “in a way that the market will not be jeopardised.”

The confusion in this important sector of the Nigerian economy is further exacerbated by the fact that three key players — Dangote, NSE director general, Ndi Okereke-Onyiuke and International Bank’s ex-boss, Erastus Akingbola  were listed by the CBN as bank debtors.

Okereke-Onyiuke is also a director in Transnational Corp, a failing conglomerate, which the CBN says owes Union Bank about N31 billion.

Five years ago, in a bid to shore up the capital base of these financial institutions, the number of banks was cut from more than 90 to 25 solid ones.

The figure later dropped to 24 when two of the banks merged.

But that early caution appears to have dissolved in more recent times and the global economic crisis has made the credit crunch that much tougher.

Mindful of the 1990s banking crisis, weary Nigerians are being cautious.

“Yesterday I took all my money from my bank to avoid possible unpleasant consequences,” said Femi Afolabi, a Lagos hotelier, who lost almost three million naira in 1995 when his bank failed.

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11 Jostle For $100,000 As Nigeria Prize For Literature Unveils 2026 Poetry Longlist

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Eleven outstanding poetry collections are now in the race for the $100,000 Nigeria Prize for Literature, arguably Africa’s biggest and most prestigious literary prize.

The 11 collections were selected from a total of 223 entries received for this year’s competition.

Chairman of the Advisory Board for the Prize, Prof. Akachi Adimora-Ezeigbo, who announced the longlist, said the emergence of the 11 collections marks a significant milestone in this year’s competition and reflects the exceptional quality, creativity and diversity of contemporary Nigerian poetry.

According to her, the longlisted titles, arranged in alphabetical order, are: Adult Love by Tanure Ojaide; Bakandimiya by Saddiq Dzukogi; Black Passport by Paul Akpomuje; 2000 Blacks by Ajibola Tolase; Ceremony For The Nameless by Theresa Lola; Corpus: Animistic Verses by Ayo Oyeku; and Floral’s Love Colony by Tares Oburumu.

Other successful entries are, The Origin of Wounds by Malik Gbolahan; The Years of Blood by Adebayo Agarau; Unbind Me Now by James Ugwu Eze; and Why Does God Need a Gun by Ogaga Ifowodo.

Prof. Adimora-Ezeigbo described the announcement as an important stage in the 2026 edition of the prize.

She noted that the collections demonstrate the remarkable capacity of poetry to illuminate human experience through thoughtful reflection, cultural memory and artistic expression.

According to her, the works revisit history while interrogating dominant historical narratives and exposing the forces that shape collective identities and social relations.

She stated that despite their varied emphases, the books share a commitment to exploring the endurance of individuals and communities in the face of violence, oppression and social fragmentation.

On style and language, Prof. Adimora-Ezeigbo said the books display an impressive diversity of poetic techniques marked by lyrical intensity, symbolic depth and artistic innovation.

“Many employ densely poetic, allegorical, and elegiac modes that invite multiple layers of interpretation, while others draw extensively on folklore, oral traditions, and contemporary realities to create a compelling fusion of past and present. Their language is generally fluid, evocative, and aesthetically refined, relying on vivid imagery, emotional resonance, and intellectual sophistication to communicate complex ideas. These works demonstrate how poetic language can illuminate social realities; challenge established perspectives and give voice to both individual and collective experiences.

“The next stage will demand a closer reading of each work, with attention to language, form, originality and lasting literary value,” she stated.

The Board chairman commended the judges for their painstaking work and reaffirmed the Advisory Board’s commitment to a credible process, literary excellence and the promotion of a strong reading culture.

With the announcement of the 11-title longlist, the competition now moves to the next phase, with a shortlist of three expected in August and the winner to be announced in October.

Sponsored by the Nigeria Liquefied Natural Gas (NLNG), The Nigeria Prize for Literature carries a cash award of $100,000 for the author of the winning book.

Now in its 22nd year, the prize rotates annually across four genres – prose fiction, poetry, drama and children’s literature – with the 2026 edition devoted to poetry.

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RSG Hails NMA’s Role In Strengthening Healthcare Delivery

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The Rivers State Government has applauded the Nigerian Medical Association (NMA), Rivers State Branch, for its steadfast dedication to advancing medical excellence and contributing significantly to healthcare development in the state and the country at large.

Speaking at the 2026 Annual General Meeting and Scientific Conference of the NMA held in Port Harcourt last Wednesday, the Secretary to the State Government, Dr. Dagogo Wokoma, described the association as a vital partner in the quest to improve healthcare delivery and outcomes.

Wokoma, according to a statement by the Head of Information and Public Relations Unit in his office, Julian Masi, noted that the NMA’s sustained advocacy for professional standards and quality medical practice has continued to impact positively on the healthcare sector and national development.

He said the conference theme, “Medical Practice in Nigeria: The Past, the Present and Quo Vadis,” offers a valuable platform for stakeholders to evaluate the progress made in the health sector, examine present realities, and develop practical solutions for future challenges.

He paid tribute to Nigerian doctors and other healthcare professionals for their sacrifices and unwavering commitment to service despite the challenges confronting the sector.

“We deeply appreciate the immense sacrifices made daily by Nigerian doctors and other healthcare professionals. In the face of numerous challenges, they continue to demonstrate exceptional resilience, professionalism, dedication and commitment to saving lives. Their contributions remain critical to national development,” he said.

In her keynote address, the immediate past Commissioner for Health, Prof. Adaeze C. Oreh, called on participants to critically examine the current state of medical practice in Nigeria and explore innovative approaches that will address emerging healthcare challenges in line with the conference theme.

Earlier, the Chairman of the Nigerian Medical Association, Rivers State Branch, Dr. (Prof.) Annabel Ureh Oparaodu, expressed gratitude to Governor Siminialayi  Fubara for his continued support for the medical profession in Rivers State.

She urged delegates to maximize the opportunities provided by the conference through active engagement and knowledge sharing.

Highlights of the event included the commissioning of the Nigerian Medical Association Doctors’ Lodge and the NMA Water Factory, initiatives designed to improve members’ welfare and promote sustainability within the association.

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NPC Begins Digital Birth, Death Registration In Rivers

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The National Population Commission (NPC) has announced the commencement of a nationwide digital registration of births and deaths in Rivers State under the Electronic Civil Registration and Vital Statistics, E-CRVS, System, using the new VitalReg platform.

Federal Commissioner, NPC, Rivers State, Prof. Itotenaan Henry Ogiri, announced said this recently during a press briefing  in his Port Harcourt office.

Ogiri said the full digital registration of births and deaths took effect nationwide on July 1, 2026, and is now being implemented across Rivers’ 23 Local Government Areas as part of the Commission’s rollout in the 36 States of the Federation and the FCT.

“Today’s announcement marks a significant milestone in Nigeria’s journey towards a modern, technology-driven civil registration system,

“It reflects the Commission’s commitment to ensuring that every birth and every death occurring in our country is accurately captured through a secure, efficient and digitally enabled platform,” he said.

The Federal Commissioner noted that while Nigeria records an estimated five million births annually, coverage remains low.

“Birth registration currently stands at about 57%, while death registration is below 20% nationwide.

“These gaps underscore the urgent need for a more efficient and accessible registration system,” he stated.

To address this, he said the commission has established 4,011 functional registration centres across the 774 LGAs, with plans to expand to about 8,000 centres nationwide.

According to him, in Rivers State, structures have been put in place and personnel are working with health facilities, LGAs and community stakeholders to ensure accessibility.

Ogiri explained that the VitalReg platform offers faster registration, 24-hour access, automated data validation for accuracy, reduced paperwork and waiting time, enhanced record security, and a stronger national database to support other government information systems.

He added that the platform would integrate seamlessly with Nigeria’s national digital identity framework, including the National Identity Management Commission (NIMC) to improve coordination and service delivery.

“The initiative builds on the launch of the E-CRVS System and the inauguration of the National Coordination Committee on CRVS by President Bola Ahmed Tinubu on November 8, 2023.

“It also aligns with the Federal Government’s Renewed Hope Agenda on digital transformation and transparency,” he said.

The NPC Commissioner stressed that success depends on partnerships and public participation and listed key collaborators as ALGON, NIMC, UNICEF and Barnksforte Technologies Limited.

“In Rivers State, we will continue to work closely with the State Government, Local Government Councils, healthcare providers, traditional institutions, religious organisations, development partners, civil society organisations and the media to ensure that no child or family is left behind,” he said.

The commissioner called on parents, guardians, healthcare workers and community leaders to ensure prompt registration of every birth and death, noting that a complete civil registration system strengthens governance and supports sustainable development.

He reassured the public that birth registration and birth notification services remain highly subsidised, though specialised administrative services such as record modification, certificate reissuance, attestations and verification will attract approved charges to support system sustainability.

Ogiri appreciated the Rivers State Government for its support, and commended NPC staff in the State, as well as development partners, LGAs, healthcare institutions, traditional and religious leaders for advancing civil registration in the state.

He also urged the media to continue to amplify the message “that every birth counts, every death matters and every Nigerian deserves a legal identity.”

“As we commence this new chapter, let us all work together to build a civil registration system that is modern, inclusive and trusted by all,” Ogiri concluded.

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