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Troubled Banks Bail-Out: CBN To Get N74.4bn Yearly

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The purse of the Central Bank of Nigeria (CBN) is expected to swell further by N74.4 billion on yearly basis, courtesy of the 12 percent interest per annum earning on the N620 billion it lent out to save eight troubled banks from going under.

 The apex bank is expected to make more ‘profit’ from the bail-out funds if troubled banks take longer time in paying back the debt.

A source said since the interest is on annual basis, banks that fail to pay up within a year, will continue to pay interest on what is left for other years. On the other hand, any of the eight banks could decide to pay up earlier, in which case the interest accruable to the apex bank will be smaller.

 But investigation shows that interest on loans to banks from the apex bank before now was given out at the Monetary Policy Rate (MPR) which is currently 6.0 percent.

Some observers say the CBN may have decided to lift up interest rate in order to justify the reason it gave out the funds to the troubled banks.

It would be recalled that as soon as the loans were given out, critics hit out at the CBN for printing money and lending small out to the banks without approval from the Naitonal Assembly.

A House of Representative members, Femi Gbajabiamila took the CBN to court over the issue, wanting the court to, among others, decide whether the 1999 constitution empowers the defendants to raise money by printing and unilaterally spend it without the approval of the National Assembly.

But as it were, if these troubled banks pay the interest, the apex bank could easily argue that the venture was not a humanitarian one, but a business one.

 On the other hand, other observers are worried that the apex bank is benefiting from the problem these eight banks are experiencing.

According to Isaac Oloko, a businessman who banks with one of the troubled banks, for the apex bank to make profit from an unfortunate situation smacks of being a shylock.

He is more saddened by the fact that these banks are laying off staff in droves, while the CBN’s purse gets fatter.

 Lekan Ojo, a shareholder with one of the bailed-out banks, expressed sadness in that while the apex bank is happy shareholders are being taken to the dry cleaners, the fortunes of the central bank are jetting rosier.

For others like Harran Adamu, chairman, board of directors of the Nigeria Deposit Insurance Corporation (NDIC), the decision of the Central Bank of Nigeria (CBN) to inject N620 billion into eight ailing banks is not the solution, saying it would not guarantee against failure.

 He said “pumping money into banks is not the only solution to banks’ failure. Big banks have failed and can fail again. We (CBN and NDIC) have to continue to put in place measures that would ensure healthy banks.”

 He canvassed that instead of giving the stimulus package, the CBN should immediately put in place an enduring regime of proactive measurers to ensure that banks remain safe and sound, if the fund is to be safe guarded from going down the drains.

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Kenyan Runners Dominate Berlin Marathons

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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