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

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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.

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May Day: Labour Seeks Inclusiveness In Policy-making 

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The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.

The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.

The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.

Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.

He frowned at the alleged suppression of protests, and the erosion of rights  of workers by some agents

According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.

Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.

“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.

“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.

“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said

Ajaero, therefore,  urged workers to unite and resist division, fear, and despair.

He also urged them to mobilise and organise for change, declaring that the right to  demand better conditions is non-negotiable.

“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”

Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.

He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.

 

 

 

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2025 UTME: JAMB Disowns Site Requesting Payment From Candidates

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The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).

The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.

The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.

Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.

“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.

“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.

“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.

” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.

“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.

Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.

According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.

He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.

He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.

He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”

“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.

“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.

“Protect yourselves and report any suspicious activity immediately,” he explained.

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NDDC Seeks UN’s Support To Accelerate Niger Delta Development

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The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.

Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.

According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.

He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.

“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.

Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.

He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.

“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.

“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.

The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.

Ogunku stated that such interventions would significantly enhance the standard of living in the region.

In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.

He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.

“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.

“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.

He assured the NDDC of continued and fruitful engagements to drive the region’s development.

 

 

 

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