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Four Banks Sign Transaction Implementation Agreement

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14 years ago

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The Central Bank of Nigeria CBN said on yesterday in Abuja that four banks had signed Transaction Implementation Agreement (TIA)with various core investors ahead of the September 30 deadline for the recapitaliation of rescued banks.

CBN Director of Banking Supervision Mr. Joe Adewale,  made this known while addressing newsmen on the outcome of the Bankers Committee meeting held yesterday  in Abuja.

“The recapitalisation programme is on course and indeed one of the intervened banks has been able to cross the major threshold in its recapitalisation plan and that is the Oceanic International bank which has just signed the Transaction Implementation Agreement.

“And this brings to four the number of such intervened banks that has crossed that threshold.’’

The four banks, he said, were Union Bank Plc, FINBank, Intercontinental Bank Plc and Oceanic Bank Plc.

He said that with Oceanic bank’s signing of the TIA, the interbank transaction deadline of September 30 would be extended to Dec. 31, 2011.

“With the oceanic bank signing the TIA, the substantial portion of the deposit of the intervened banks have been resolved.

“Indeed, about 80 per cent of such deposits has just been resolved and we are sure that the deadline of September  30 of all the intervened banks to recapitalise, all issues will be resolved and all banks in the system will be adequately capitalised,’’ he added.

Reports say that Oceanic Bank Plc signed a merger agreement with Ecobank Transnational Incorporated (ETI) on August 1 to become the third largest bank in the country.

On non-interest banking, Adewale said that banks that were interested were allowed to apply for licence for a window to operate.

Mr. John Aboh, Oceanic Bank’s Group Managing Director in his remarks, said that the bank was working to ensure that it meet with the CBN directives.

He added that the bank currently had liquidity ratio of above 30 per cent requirement stipulated by the CBN.

“We will continue to do our best, ‘’ he stressed.

Mrs. Funke Osibodu, Group Managing Director, Union Bank Plc, said that the bank had engaged in capacity building to enhance infrastructure in the banking sector.

She said that it targeted to train about 250 employees to be specialist on infrastructure, especially in the area of power.

She added that 160 officers had been trained and assured that many more would benefit.

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Kenyan Runners Dominate Berlin Marathons

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3 days ago

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September 22, 2025

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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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3 days ago

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September 22, 2025

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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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3 days ago

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September 22, 2025

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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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