Business
Diamond Bank Plans Sale Of Non-Banking Units
A Nigerian lender, said it will sell all of its non-banking units to comply with revised Central Bank rules that don’t allow the institutions to offer multiple services.
“We have taken a decision to divest from all the non- banking subsidiaries in line with the new banking model,” the Lagos-based company said in an e-mailed statement Friday.
Diamond has units operating in insurance, mortgages, stock- broking and share registration, it said.
The Central Bank of Nigeria in September asked the nation’s lenders to sell their non-banking units or adopt a holding company model. All financial institutions regarded as universal banks have to prepare plans to comply with the policy not later than 90 days from October 4, the Central Bank said.
The rules form part of reforms to the banking industry, which amassed bad debts of about $10 billion that threatened to collapse some of the operators. The Central Bank fired the chief executive officers of eight of the country’s 24 lenders last year and used 620 billion naira ($4.1 billion) to bail out the industry. Diamond Bank passed a central-bank audit and didn’t receive part of the bailout package.
Diamond will grow its loan book by a further 10 percent before the end of the year, extending credit to companies operating in manufacturing, construction and general commerce, it said. Non-performing loans dropped by 2 per cent to 59.1 billion naira in the three months to September, it said.
Energy, general commerce, and finance and insurance industries accounted for more than 71 per cent of all non- performing loans “and this is a reflection of the impact of the economic downturn of 2009,” it said.
Diamond Bank shares retreated for a third day, dropping 0.7 per cent to 7.6 naira by the 1:31 p.m. close in Lagos, according to data compiled by Bloomberg.
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
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
