Connect with us

News

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

Published

on

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.

Continue Reading

News

PDP Kicks As APC Wins FCT Council Polls

Published

on

The Peoples Democratic Party (PDP) has inaugurated a special legal team to handle election petitions arising from last Saturday’s Area Council elections in the Federal Capital Territory.

This comes as the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.

The Tide reports that the council elections were held on Saturday, February 21, 2026, across all six FCT area councils, including Abaji, AMAC, Bwari, Gwagwalada, Kuje, and Kwali.

Results announced so far by the Independent National Electoral Commission (INEC) show that the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.

In a statement issued yesterday by PDP’s National Publicity Secretary, Ini Ememobong, the party congratulated its candidates, who emerged winners in the chairmanship and councilor elections.

The opposition party acknowledged the victories, noting that the number of wins was lower than expected but significant given the alleged irregularities during the polls.

“We specifically congratulate the Chairman-elect of Gwagwalada Area Council, Mohammed Kasim, and the councillors who have been declared successful by the Independent National Electoral Commission (INEC).

“This victory, though less in number than we anticipated, is particularly gladdening because it is against the background of unprecedented intimidation, high-powered money politics, and brazen executive brigandage,” the statement read.

Ememobong claimed that there are reports and video evidence indicating voter intimidation and unlawful conduct that influenced the outcome of the elections.

“Reports and video evidence abound where armed security personnel were used to cart away result sheets in polling units, intimidate voters, and unduly influence the outcome of the elections.”

To address complaints and litigations arising from the polls, he said the party has set up a legal team headed by its National Legal Adviser, Shafi Bara’u, Esq.

The statement urged candidates with legitimate grievances to contact the Legal Adviser promptly, as delays could jeopardise their chances in election petition cases.

“The incredible voter apathy in these polls is a direct response to the anti-people Electoral Act 2026, where the people have completely lost faith in the electoral outcomes from elections conducted under this Act.

“These Local Council polls may just be a foreshadowing of the forthcoming general elections in 2027 if changes are not urgently made,” the statement added.

The PDP called on the National Assembly and the President to take corrective action to safeguard the integrity of Nigeria’s democracy.

 

Continue Reading

News

S’Court Gets New Justice As CJN Swears In Oyewole, Wednesday

Published

on

The Chief Justice of Nigeria, Kudirat Kekere-Ekun, will on Wednesday swear in Justice Joseph Oyewole as a Justice of the Supreme Court of Nigeria.

The ceremony is scheduled to be held at 2pm at Courtroom Two of the Supreme Court complex in Abuja.

The court urged guests to adhere strictly to the court’s protocols and security measures.

This was contained in a statement issued yesterday by the Supreme Court’s Director of Information and Public Relations, Dr Festus Akande.

The court described Oyewole’s appointment as a step towards reinforcing the capacity of the apex court to deliver fair and timely judgments.

Recall that Oyewole was, until his elevation, a Justice of the Court of Appeal and Presiding Justice of the Enugu Division, and joins the apex court bench as part of ongoing efforts to strengthen the judiciary.

The National Judicial Council recommended Oyewole for the position alongside 35 others for various judicial offices, following its 110th meeting held on January 13, 2026, and presided over by Justice Kekere-Ekun.

The statement partly read, “The Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, GCON, will on Wednesday, 25th February, 2026, preside over the swearing-in ceremony of the newly appointed Justice of the Supreme Court, Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA.”

According to the statement, Oyewole served with distinction at the Court of Appeal and as Presiding Justice of the Enugu Division prior to his elevation.

“His appointment underscores the commitment of the Nigerian judiciary to upholding the rule of law, ensuring justice, and strengthening the bench with experienced and dedicated jurists. He brings a wealth of legal expertise and integrity to the apex court to further enhance its capacity to deliver fair and timely judgments,” the statement added.

The apex court further described the swearing-in as “another significant step in rejuvenating the judiciary and ensuring the continued delivery of justice in line with the highest standards of integrity, competence, and impartiality.”

The Supreme Court reiterated its commitment to justice, fairness and judicial independence for the benefit of Nigerians.

Continue Reading

News

Fubara Mourns Senator Mpigi

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has expressed deep shock and sadness over the sudden passage of  Senator Barinada Mpigi, the Senator representing  South East Senatorial District of Rivers State.

In a tribute to mourn the deceased, Governor Fubara described Mpigi as a brother, a consummate politician and one of the leading lights in Rivers State.

He said that Mpigi died at a critical time when his services were still needed by the people of Rivers  State and prayed God Almighty to grant him eternal rest.

The governor  commiserated with his immediate family,  the Rivers South East Senatorial District and the Senate at large, asking them to take solace in the fact that the deceased lived a good life and impacted positively on the people.

Senator Mpigi died  at the age of 64. Until his death, he was the Chairman of the Senate Committee on Works.

Continue Reading

Trending