Connect with us

Business

‘CBN Won’t Liquidate Any Bank’

Published

on

The Central Bank of Nigeria (CBN) has said that it has no intention of liquidating any of the 24 banks in the country.

This clarification was made last Friday against the backdrop of some misinformation in the form of text messages that were being circulated to the effect that it was about to liquidate three banks, namely: Oceanic Bank Plc, Intercontinental Bank Plc and Unity Bank Plc.

In a statement from CBN’s Head of Corporate Communications, Muhammed Ab-dullahi, the apex bank stated that no such decision had been taken.

“The attention of the Central Bank of Nigeria has been drawn to SMS text messages being circulated alleging that the CBN is about to liquidate the following three banks: Oceanic, Intercontinental and Unity banks and therefore advising customers to withdraw their money from these banks within 24 hours.

It added: The CBN wishes to state categorically that no such liquidation notice has been issued and there is therefore no plan to liquidate any of the three banks, and members of the public are advised to disregard these messages”.

The CBN advised all depositors and customers of the three banks to continue to conduct their business with the banks and disregard the text massages.

In the same fashion, the management of Oceanic Bank has flayed misleading text messages on the purported liquidation notice served on some banks by the CBN as the handiwork of mischief makers.

The bank’s management stressed that there is no iota of truth in the purported liquidation notice as no bank operating in the country is under any threat of liquidation by the CBN.

It also flayed media reports on planned picketing activities in certain banks, adding that Oceanic Bank maintains cordial relations with labour in keeping with its policy on relating with its workforce transparently and humanely.

The bank further refuted claims on the alleged retrenchment in the organisation, adding that its inclusion among banks to be picketed as reported in the newspapers was based on misinformation to labour leaders.

The Group Managing Director/Chief Executive of Oceanic Bank John Aboh said the bank’s management has reached out to labour and is optimistic that the picketing will not materialise.

“Oceanic Bank has the highest regard for its workforce and has always involved relevant labour unions in its activities. We are working closely with the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) to set the record straight”.

According to Aboh, the bank will pursue a four-pronged recapitalisation plan to achieve the N25 billion minimum capitalisation required for national commercial banks.

These include: organic means through profit from operations, sale of assets to the Asset Management Corporation of Nigeria, AMCON financial accommodation to bring the negative shareholders funds to zero, and injection of fresh capital from strategic investors.

The bank disclosed that it recently concluded the sale of some of its non-performing loans to AMCON and received bonds worth over N200 billion in exchange.

This has greatly improved the liquidity position of Oceanic Bank and boosted its liquidity ratios above levels stipulated by the CBN.

The bank also indicated that it has opted to go for a National Commercial Banking license in compliance with the revised banking model outlined by the CBN.

The Board of Directors of the Bank has resolved to apply for a National Commercial Banking licence under a stand-alone operating model, the bank stated.

Continue Reading

Business

Nigeria Loses N17tr Yearly To Abandoned Projects

Published

on

The Federal Government has disclosed that it has lost an estimated N17 trillion to abandoned and uncompleted projects across the country.

The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).

He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.

Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services

He cited examples of  that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.

The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.

He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.

Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.

He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.

The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.

He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.

Continue Reading

Business

Transcorp Power seeks sustained investment across Nigeria’s electricity value chain

Published

on

Transcorp Power Plc Managing Director and Chief Executive Officer Peter Ikenga has called for sustained investment across Nigeria’s electricity value chain to improve power supply and make the sector self-sustaining.

Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.

He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.

The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.

“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.

Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.

He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.

He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.

The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.

Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.

On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.

He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.

Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.

“Everything in the value chain has to work,” he said.

He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.

Continue Reading

Business

FG generates N33tn revenue in 10 months – Oyedele

Published

on

The Federal Government generated a record of N33tn in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing boosting collections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed
this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for greater investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.

This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.

The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of  N33tn in government revenue collected between January and October 2026.”

The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.

Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.

Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.

He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.

However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.

According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.

He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.

The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.

He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.

Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.

He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.

The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.

Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.

“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.

Continue Reading

Trending