Business
Depositors’ Funds Trapped In Failed MFBs
Depositors of failed microfinance banks (MFBs) may have a bleak Christmas and New year as their funds have been trapped in these institutions. Intelligence can reveal that over 500,000 customers of these banks are affected by this development. In Lagos alone, about five microfinance banks have closed shop. Many of the customers of the MFBs were shocked last week when they could not make withdrawal from their banks. Some of the MFBs according to the customers, locked their doors from inside without explanation while the others informed their customers that they had closed business for the year. Customers have not given up hope as all through last week they congregated in front of some of the MFBs alleged to have proceeded on end of year holidays, some customers faulted the banks for not even showing the courtesy of informing them that they would shut down at the end of the year and resume normal operations in the New Year. Some customers have therefore called on the Central Bank of Nigeria (CBN) to investigate all the MFBs to make sure that they are not channeling their money to some big – time borrowers, who can no longer approach commercial banks to fund their ostentatious living. They said that possibility was not in doubt in view of the current stringent measures taken against them by the apex bank. Some of the apprehensive customers vowed to close their accounts if the bank ever open for business in the New Year. Ask to why customers are unable to access their funds, some officials maintained that in view of the heavy transactions carried out during the year became necessary to shut down, balance papers and work out market strategy for the New Year.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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