CBN licenses three new banks

The Central Bank of Nigeria has issued licences to three new banks.

According to an updated list made available on the apex bank’s website, the number of banks has increased to 23 from 21.

The CBN also issued a licence to a non-interest bank, increasing the number to two.

The new deposit money banks are Titan Trust Bank Limited and Globus Bank Limited.

TAJ Bank Limited also joins Jaiz Bank as a non-interest bank.

In June, Godwin Emefiele, CBN governor, had announced that the bank is considering a recapitalisation exercise for deposit money banks in the country.

“In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world,” he said.

Bank recapitalization is the act of changing the capital structure of a bank to provide more equity funds to meet the bank’s long-term financing needs to ensure the security of shareholders fund.

In July 2004, the CBN announced the recapitalization of the banking sector from N2 billion to N25 billion with effect from December 31, 2005.

This led to the reduction in the number of banks to 24 from 89.

A number of mergers saw that figure drop to 21.

- THECABLE

US imposes visa ban on politicians who undermined Nigeria’s democracy

The US government has announced visa restriction on Nigerians who “sabotaged” the country’s democracy. 

This was made known in a statement signed by Morgan Ortagus, spokesperson of the US department of state. 

“The United States is a steadfast supporter of Nigerian democracy. We commend all those Nigerians who participated peacefully in the February and March 2019 elections and have worked to strengthen Nigerian democratic institutions and processes,” the statement read.  

“As Nigeria marks the twentieth anniversary of a return to democratic rule this year, we remain committed to working together to continue to advance democracy and respect for human rights and achieve greater peace and prosperity for both our nations. We condemn those whose acts of violence, intimidation, or corruption harmed Nigerians or undermined the democratic process.

“In a January 24 statement, the U.S. government said that we would consider consequences – including visa restrictions – for individuals responsible for undermining the Nigerian democratic process or for organising election-related violence.  To that end, the Secretary of State is imposing visa restrictions on Nigerians believed to be responsible for, or complicit in, undermining democracy in Nigeria. These individuals have operated with impunity at the expense of the Nigerian people and undermined democratic principles and human rights.”

The department of state also emphasised that the actions announced are specific to certain individuals and not directed at the Nigerian people or the newly elected government. 

The names of the affected persons were not disclosed.

- THECABLE

Police arrest son for allegedly beating his 70-year-old father to death in Jigawa

The Police in Jigawa State have arrested a 25-year-old Jamilu Hamisu of Mukku village in Garki Local Government Area for allegedly beating his father to death.

The command police spoke person SP Abdu Jinjiri confirmed the incident to DAILY POST in Dutse.

He explained that the incident occurred on 22/07/2019 at about 1230hrs when one Jamilu Harisu, 25 mukku village in Garki beat his biological father, Alh Harisu Bako, 70 years old with hoe to death.

He said the incident occurred at their farm near Mukku village in Garki Local Government Area of the state.

Jinjiri said police in Garki division rushed to the scene immediately after receiving the report and have succeeded in arresting the suspect.

He said the victim was rushed to Garki Primary Health Care for examination and was confirmed dead by the doctor.

The police spokesperson said preliminary investigation showed that the suspect was seriously under the influence of drugs.

He said the case was transferred to state CID for discreet investigation.

- DAILY POST

Lille take decision on £70million winger joining Man United

Lille have decided not to allow £70million winger, Nicolas Pepe leave the club for Manchester United in this summer’s transfer window.

According to Yahoo Sport France, the French Ligue 1 side have rejected Man United’s offer to land the Ivory Coast international to Old Trafford this summer.

The newspaper, however, did not reveal how much the Premier League giants offered to Lille.

The report also claimed that Pepe has also drawn interests from Liverpool, Arsenal and Everton in recent weeks.

DAILY POST had reported that Man United manager, Ole Gunnar Solskjaer, wants the Red Devils to make a move for Pepe this summer in a bid to strengthen his attacking options ahead of next season.

Pepe scored 23 goals in 45 appearances for Lille last season.

The 24-year-old also helped his side to secure UEFA Champions League qualification ahead of Marseille and Lyon.

- DAILY POST

Kashamu’s extradition: Supreme court fixes hearing date on suit

The Supreme Court, Tuesday fixed July 30 as fresh hearing date in an appeal filed by Senator Buruji Kashamu in which he is praying the apex Court to stop the federal government from extraditing him to the United States of America (USA) for trial in an alleged hard drug trafficking offence.

Attorney General of the Federation (AGF) and the National Drug Law Enforcement Agency (NDLEA) are the key respondents in the appeal filed by Kashamu to stop the execution of two Appeal Court judgments granted against him.

The fresh hearing date has been communicated by the court through issuance of hearing notices to the parties involved in the legal tussle.

The Apex Court is to review the two judgments delivered in favour of the Attorney General of the Federation (AGF) by the Lagos division of Court of Appeal on May 4, last year.

Kashamu had in his notice of appeal to the Supreme Court complained that the Court of Appeal erred in law by voiding and setting aside the two judgments of the Federal High Court, Abuja which barred the Federal Government from going ahead with the planned extradition.

The senator is praying the Apex Court to also set aside the decisions of the Court of Appeal as they affected him.

But the AGF who is acting on behalf of the Federal Government has joined legal issues with him with a counter prayer that the Apex Court should uphold the judgments of the Court of Appeal which cleared impediments preventing the extradition plan.

The AGF claimed that the Appeal Court was right in setting aside the judgments of the High Court because they were based on hearsay evidence of Kashamu before the court.

The AGF urged the Supreme Court to allow the judgments of the Court of Appeal to enable the Federal government extradite the Senator to USA to prove his innocence or otherwise in the hard drug trafficking criminal charge filed against him by the American government since 2015 when he was alleged to have escaped to Nigeria.

Legal luminary, Prince Lateef Fagbemi SAN is leading the legal team of the Senator while Chief Emeka Ngige, SAN, is leading the Federal Government legal team at the Apex Court.

The Court of Appeal had on May 4 cleared the impediments for the federal government to extradite the senator, who had engaged government in a long drawn legal battle since 2014.

The appellate court in the two separate judgments voided and set aside all orders made by a Federal High Court between 2014 and 2017 restraining the government from proceeding with the extradition.

Justice Joseph Ikyeghi in the judgments marked CA/L/1030/15 and CA/L/1030A/15 in the appeal filed by the AGF held that the orders granted Kashamu by Justice Okon Abang were invalid and unknown to laws because they were based on hearsays and speculations by Senator Kashamu.

The court held that the hearsay that a former President, Chief Olusegun Obasanjo was instigating the extradition was not established under any law.

The appeal court said that an affidavit deposed to by the senator on the issue was worthless and not in compliance with Evidence Act because the senator himself claimed that he was told by several persons who were not called to testify in court.

Justice Ikyeghi held that Justice Abang in his two judgments on the issue erred in law by playing undue reliance on affidavit that offended Evidence Act to give judgment against the Federal government. Consequently, the order of injunction stopping the extraction process was voided and set aside.

Justice Ikyeghi had agreed with counsel to the Federal Government Chief Emeka Ngige, SAN, that a statutory body like the National Drug Law Enforcement Agency (NDLEA) can only be prohibited from performing its statutory functions based on facts and not hearsays and speculations as in the instant case.

- DAILY POST

CBN explains why it is banning foreign milk, other diary products

The Central Bank of Nigeria (CBN) has said it will place a ban on the importation of milk and other dairy products into the country.

The CBN Governor, Godwin Emefiele made this known while addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

Emefiele said that between $1.2 billion and $1.5 billion are spent yearly to import milk into the country.

He said “We can no longer continue to spend close to $1.2 billion to $1.5 billion, importing milk into the country, a product we can produce. To some extent, they (milk importers) should help us also to reduce the rate of herders, farmers conflict”.

The apex bank also said it will start the rejuvenation of moribund textile mills in the country.

The Director in charge of Development Finance Department in Central Bank of Nigeria (CBN), Mrs Bademosi Tinuola, made the promise at the official commissioning of a garment company, “Xirea Apparels” by Buphalo company in Port Harcourt, the Rivers state capital, yesterday.

she said “The present administration and the Governor of Central Bank are in support of local manufacturers. We believe in growing the economy of the country; we don’t want our country to become a dumping ground for all kinds of imported goods. Most of our industries are collapsing now because of indiscipline”

“We are presently growing cotton in the north. By October we will start to harvest our cotton to encourage textile industries. CBN imported the seeds and planted them so that we can revamp dead textile industries.

“With this very soon, the textile factory workers will go back to work, fabric staff, engineering workers will be up and working and employment rate will be higher, crime and criminality reduced and Nigeria economy will begin to work again”.

At the end of the meeting, MPC members voted to: Retain the MPR at 13.50 per cent; Retain the asymmetric corridor of +200/-500 basis points around the MPR; Retain the CRR at 22.5 per cent; and retain the Liquidity Ratio at 30 per cent.

Speaking, Emefiele said CBN has held several meeting with milk importers, the first being about three years ago, after the introduction of forex restrictions on over 40 items.

He said “About three and half years ago, when the policy on restriction of forex started, we considered including milk on the list of items under restriction from forex, but we conjectured that based on sentiment some people are bound to express, that we should be very careful.

”We called on the management of the oldest milk importer into Nigeria, WAMCO into Central Bank office in Lagos.

”We held at least three meetings with them and we told them this would have happened but we decided not to allow it to happen, that we are trying to use the opportunity to appeal to them to do backward integration. ‘Integrate backward and begin the process of development and produce your milk in Nigeria”.

”Importers could also support the pastoralists, get them concentrated in one place instead of moving around. Provide them facilities like water, hospitals, schools.

”If you are in a community and you want to enjoy the proceeds of that community there is nothing wrong in providing certain things for the communities to blossom.

”The proceeds of what you get in return will be your milk to recoup your investments.

”Those are the kind of things we expect companies that are importing milk into Nigeria to do. Unfortunately, after three years, nothing has happened.”

”If the journey was started three years ago, perhaps the herders, farmers conflict that we see today would not have been as intense as it is this time.

” We would need your help at this time because we can no longer wait for you to continue to be importing this product into Nigeria because we are convinced it can be produced in Nigeria.

”The farmers can acquire land and begin to graze their own cows and fatten them and get the milk, and then they can also be complemented by pastoralists who own their own small holder cows under a small farming holder arrangement, they can also get milk from them”.

However, the milk importers ignored Emefiele’s advice which has now led to the forex restrictions on milk importation.

According to Emefiele, “Nigeria belongs to us, when we have policy, we want people to respect the policy of this country.

”The amount we spend importing milk is too high. We are saying, by doing backward integration, help us to reduce or limit herders and farmers conflict in Nigeria and we are determined to make milk production in Nigeria a viable economic proposition.

“By the time we restrict you, if you need loan to acquire land we will give you, if you need loan to grow your grass, we will give you; to produce water, we will give you loan.

”But that you will continue to import milk into the country, I think we are getting to the end of road.

”I will repeat, we are really getting to end of the road. The era of releasing forex for importation is coming to an end, and it will come soon than expected.”

- DAILY POST

Xenophobia: Nigerians in South Africa speak on death of teenager

The Nigerian Citizens Association in South Africa has said that the attack on 17-year-old Dennis Chinonso Obiaju Okoroji and his friend in Johannesburg on Saturday, July 20th, was not a xenophobic attack but a criminal attack.

DAILY POST had reported the killing of the Nigerian teenager in South Africa

In an interview with Channels TV, Chairman of NCA South Africa, Benjamin Okoli, said the preliminary investigations show that Okoroji was killed by armed robbers and not by angry South Africans.

“This is not a xenophobic attack. This is purely criminality.

“The young boy was robbed and was shot whilst trying to escape,’ he said.

Okoroji who lived with his guardian, in Rooderpt, Johannesburg, was said to have gone to a shop to buy an item with a friend when they were both chased by a yet-to-be-identified person who opened fire on them. Obiaju died instantly.

His friend, Goodhope Oosthuizen, who was also with him when the attack occurred, said the robbers first fired gunshots at him. He said the robbers fired gunshots at Okoroji after he picked up a stone and threw at them.

- DAILY POST

Shiite protest: Leadership newspaper says corps member shot

Another corps member has been reported to be a casualty of the violent clash between Shiite protesters and the Nigerian police in Abuja on Monday.

Suleiman Aliyu who is serving with the LEADERSHIP Newspaper Group was hit by a stray bullet on the chest. Unlike Channels TV reporter, Precious Owolabi, Aliyu is lucky as he recuperates at the trauma centre of the National Hospital in Abuja.

Aliyu was on his way home when he became a victim of friendly fire at Federal Secretariat, Abuja and was rushed to the hospital.

‘’I was on my way home in a taxi after close of work when I got hit by a stray bullet which brushed through my chest.I did not even know that I was shot until I started feeling heavy on my chest. Then I was rushed to the hospital, ’’ Aliyu told the newspaper.

Aliyu works as a reporter in the Hausa section of the media house, LEADERSHIP AYAU

- PM NEWS

Messi to discuss future with Barcelona

La Liga giants Barcelona will open talks with Lionel Messi soon to extend his contract till 2023, according to reports.

If the contract extension happens, it will be Messi’s ninth since he joined Barcelona as a teenager in 1999. 

ESPN reports that the 32-year-old is currently in the final two years of his deal, with his current contract running out in 2021 June. Barcelona do have an option to trigger an automatic extension until 2022, but President Josep Maria Bartomeu is keen to have the Argentine at the club for even longer, which is why he has asked the club’s representatives to approach Messi. 

Bartomeu himself will lead the negotiations with Messi’s father Jorge, who is also his agent. According to reports, the forward could extend his contract for four more years, which would then see him remain at the club until 2023.

Messi’s current contract also has a whopping release clause of €700million, which is the second-largest release clause among all footballers in the world – behind Real Madrid star Karim Benzema. 

The five-time Ballon d’Or winner also earns a reported £1.7million per week, making him the highest-paid player in the history of the sport.

Messi first enrolled at Barcelona’s Youth Academy at age 13.

Then he played for Barcelona’s Juvenile teams before making his debut for the senior team at 16 years, four months, and 23 days old. He came on in the 75th minute as a substitute during a friendly against José Mourinho’s Porto on 16 November 2003.

- PM NEWS

Pacquiao calls out Mayweather for rematch

Filipino senator Manny Pacquiao challenged Floyd Mayweather to face him again in the ring on Wednesday as the retired American star taunted him about fighting on into his forties.

Both fighters last met in 2015 in a match dubbed ‘Fight of the Century’. Mayweather won.

Pacquiao, 40, who beat Keith Thurman on a split decision at the weekend, bit back at Mayweather on social media after the American accused him of trading on his name.

“You come to my fight and then use my name in a post but I’m the one that is trying to stay relevant? if you want to be relevant again… #MayPac2,” Pacquiao tweeted.

Mayweather, who retired at 40 in 2017 with the unprecedented win-loss record of 50-0, had earlier claimed that Pacquiao’s “entire legacy and career has been built off its association with my name”.

“It’s about time you all stop using my brand for clout chasing and clickbait and let that man’s name hold weight of its own,” he posted on Instagram.

“When we finally fought, I won so easily that everyone had to eat their words!” added Mayweather, alongside a picture of his 2015 defeat of Pacquiao.

But Mayweather, who was ringside in Las Vegas as Pacquiao became the oldest welterweight world champion in boxing history, stayed silent about a rematch as he answered the Filipino in a later post.

“Bottom line, I make more money than you… I beat you mentally, physically and financially!” he wrote.

“Remember, you fight cause you have to, I fight when I want to!”

Mayweather is one of just seven pro fighters to have beaten Pacquiao, the only boxer to have won world titles in eight weight divisions.

- PM NEWS