The Management of FBN Holdings PLC, the parent company of First Bank, says the holding company and the bank will cooperate with the new directive from the Central Bank of Nigeria (CBN)
The company made this known on Friday through a corporate disclosure to the Nigerian Exchange Limited. The statement was signed by the company Secretary, Seye Kosoko.
It would be recalled that the regulator sacked the board of the bank and its holding company on Thursday, in a dramatic move that came a day after the bank named a new managing director.
First Bank, Nigeria’s premier bank, has for years been plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices”, the CBN said Thursday.
Briefing newsmen , the CBN governor, Godwin Emefiele, said First Bank maintained healthy operations up until 2016 financial year when the CBN’s examination revealed that the bank was in grave financial condition with its capital adequacy ratio and non-performing loans ratio substantially breaching acceptable standards.
First Bank has over 31 million customers with deposit base of N4.2 trillion, shareholders’ funds of N618 billion and NIBSS instant payment (NIP) processing capacity of 22 per cent of the industry.
According to Emefiele announced the reinstatement of Sola Adeduntan as the managing director and chief executive officer of the bank, a day after he was removed by the board.
He said the regulator learned about the removal through the media.
In a response Friday, First Bank said it will cooperate with the regulator and ensure that its operations are unhampered.
The All Progressives Congress (APC) has threatened to expose what it described as the antics of Spiritual Director of Adoration Ministry, Rev. Fr. Ejike Mbaka, to the Pope.
Recall that Mbaka had called on the National Assembly to impeach President Muhammadu Buhari if he fails to resign over the increasing spate of insecurity in the country.
This was contained in a statement signed by the APC Deputy National Publicity Secretary, Yekini Nabena, cautioned the clergy to stop “reckless comments” that would cause political and social instability in the country.
The statement read in bits; “It is unfortunate that a man of God, who is supposed to deploy all known spiritual means of averting crisis, is rather threatening a democratically elected government for his own personal benefits while pretending to be speaking for the people.
“One would wonder who Father Mbaka is emulating because the Lord Jesus Christ did not threaten to bring down the government during his own time. In fact, Jesus Christ obeyed and honoured constituted authority. That is why he paid his tax.
“We are calling on Father Mbaka to concentrate on his spiritual calling and stop speaking like politicians, who it is obvious he (Mbaka) has been dining and wining with.
“If Mbaka has found another political ally, it is better to leave a political message for politicians. “Calling on President Muhammadu Buhari to either resign or be impeached because of the current challenges is ungodly.
‘Father Mbaka should not, however, take his luck too far because there is a lot to tell the Vatican and the Pope about his person and his sources of inspiration,” Nabena said.
The Nigerian National Petroleum Corporation (NNPC) has maintained that its recent letter to the Accountant General of the Federation (AGF) stating its inability to contribute to the Federation Account Allocation Committee (FAAC) in May was not a sign of bankruptcy.
The national oil company clarified that the revenue projection contained in the letter to the accountant general being cited in the media pertains only to the federation revenue stream being managed by the corporation and not a reflection of the overall financial performance of the NNPC.
This was contained in press statement by the corporation’s spokesman on Friday, Dr. Kennie Obateru, stated that the clarification became necessary in the light of media reports insinuating that the corporation was in dire financial straits.
NNPC insisted that it was conscious of its role and was doing everything possible to shore up revenues and support the federation at all times.
The statement read in bits; “The shortfall will be remedied by the corporation as it relates only to the federation revenue stream being managed by the NNPC and does not reflect the overall financial performance of the corporation.
“The NNPC remains in positive financial trajectory for the period in question,” the release stated.
The corporation pledged to continue to pursue and observe its cost optimisation process with a view to maximising remittances to the federation Account
The Presidency on Friday night became down hard on Catholic Priest, Fr Ejike Mbaka, saying his new found opposition to President Muhammadu Buhari was because he was denied contracts.
Recall that Mbaka had during the week called for the impeachment of President Muhammadu Buhari over the high level of insecurity in the country.
Speaking at the Adoration Ministry in Enugu, Mbaka said Buhari has failed Nigeria woefully and that he should resign now or be impeached .
But the Presidency on Friday in a statement titled Father Mbaka Is Everything Apart From What He Claims To Be, signed Presidential spokesman, Garba Shehu said “An outsider distilling the avalanche of verbiage, will be surprised that after supporting the President two times to win the Presidency, Father Mbaka has made a complete U-Turn, preposterously asking President Buhari to resign or be impeached.
According to the statement; “Here is the point of departure: Father Mbaka asked for a meeting and to the shock of Presidential Aides, he came accompanied by three contractors. The President graciously allowed them in, and to everyone’s surprise, Father Mbaka asked for contracts as compensation for his support.
“Anyone familiar with President Buhari knows that he doesn’t break the laid down rules in dealing with contracts or any other government business for that matter. He requested the appropriate authorities to deal with the matter in accordance with laid down rules.
“Inside the Villa, discretion prevailed, that if those pictures and requests were made public, the followers will turn against the religious leader. None of it was released. Now, this is what is eating Father Mbaka.”
The Peoples Democratic Party (PDP) on Friday charged the Department of State Services (DSS) and other security agencies to immediately invite the Minister of Niger Delta Affairs, Senator Godswill Akpabio, to name politicians in the All Progressives Congress (APC) that are behind the acts of terrorism and banditry ravaging our nation.
Recall that Akpabio had on Thursday attributed the current state of insecurity across Nigeria to part of alleged plots to derail this government.
Reacting to this comment, the PDP stated that there is a self-professed evidence that Senator Akpabio is privy to certain terrorism related information which he must be made to share with the DSS as well as other security agencies.
In a statement made available by PDP spokesman, Kola Ologbondiyan said, “our party’s position is predicated on comments made by Senator Akpabio at the APC national secretariat in Abuja on Thursday that the acts of terrorism in our country are ‘politically motivated’ and that they are handiwork of infiltrators from neighbouring countries.
The statement read in bits; “It is instructive to state that Senator Akpabio’s revelation provides more insight into the alleged affiliation of APC leaders with terrorist elements, who had reportedly infiltrated our nation after being imported from neighboring countries by the APC, as political mercenaries, to assist it in unleashing violence to rig the 2019 general elections.”
The PDP invited Nigerians to note that the APC and its leaders have failed to account for these mercenaries and have remained silent despite widespread demands by Nigerians asking the APC to return these killers to wherever they brought them.
“Moreover, Senator Akpabio’s position also points to the shocking unmasking of a member of the APC led Federal Executive Council, the Minister of Communications and Digital Economy, Isa Pantami, as a terrorism apologist.
“It is quite revealing that despite Pantami’s confession of being a terrorism apologist, the Buhari Presidency had granted him official cover, while the APC had continued in its conspiratorial silence in the face of escalated killings and occupation of parts of our nation by terrorists.
“Our party can also recall how the APC government, instead of going after the assailants, rather blamed the 43 rice farmers, who were last year beheaded by terrorists in Borno state, accusing them of not getting permission before going about their legitimate business in their own country,” the party said.
PDP recalled how some governors elected on the platform of the APC where seen having photo-ops with gun-wielding bandits in addition to their vehement opposition to PDP’s call on the federal government to impose a national emergency on security.
The statement continued; “The stance of the APC and its administration have continued to embolden terrorists to escalate their activities to the extent that our nation now ranks third in the world terrorism index.
“Now that Senator Akpabio has shown that he has certain information regarding the spur for escalated acts of terrorism in our country, our party urges the DSS and other security agencies to immediately invite him for questioning so as to expose the politicians in his party that are behind the ugly situation in our country,” the party said.
The Lagos State Domestic And Sexual Violence Team (DSVRT) has hinted that the case file of popular actor, Olanrewaju Omiyinka otherwise known as Baba Ijesha has been to the Directorate of Public Prosecution (DPP) for legal advice.
Recall trouble bursted for the actor when Lagos State police Command, last Thursday announced that it has arrested him for alleged defilement.
The Police said the case of defilement was reported against the actor on 19th April, 2021 by Princess Adekola Adekanya and alleged defilement of a minor for seven years.
Since the announcement of Baba Ijesha’s arrest, celebrities and stakeholders have been calling for his prosecution and the police has also confirmed that he has remained in its custody.
Meanwhile, the DSVRT in a statement on Friday stated that it is in touch with the complainant with a view of providing the necessary support.
Saying , it has also been confirmed that four major charge of sexual assault are likely to be pressed against Baba Ijesha, one of which attracts life imprisonment, the charge of Sexual Assault by penetration contrary to Section 261 of the Criminal Law of Lagos State, 2015.
The second charge which is Attempted Sexual Assault by Penetration – Section 262 of the Criminal law is punishable by 14 years imprisonment. The third one is Sexual Assault – Section 263 of the Criminal Law, punishable by 3 years imprisonment.
While the third charge is Indecent treatment of a child – Section 135 of the Criminal Law punishable by 7 years imprisonment.
The statement from the Agency reaffirmed confidence in the criminal justice system, as well as social support structures in Lagos State in ensuring justice is served in this matter and most importantly, it added that the survivor will receive the relevant support on her journey towards healing.
It also assure that the Lagos State Government’s position of zero tolerance to all forms of Sexual and Gender-Based Violence and firm commitment in ensuring justice for survivors.
The DSVRT statement reads in part: “Re Baba Ijesha case” “This is to inform members of the public that the Lagos State Domestic and Sexual Violence Team is actively following up on the Baba Ijesha’s case, we are also in direct contact with the complainant with a view to providing the necessary support.
“We confirm that the duplicate case file has been forwarded to the Directorate of Public Prosecution (DPP) for legal advice. For avoidance of doubt, the following allegations are being considered: (1) Sexual Assault by Penetration- S 261 of the Criminal law of Lagos State, 2015 punishable by Life imprisonment (2) Attempted Sexual Assault by Penetration-S262 of the Criminal law , punishable by 14 years imprisonment (3) Sexual Assault- S263 of the Criminal Law, punishable by 3 years imprisonment (4) Indecent treatment of a child- S135 of the Criminal Law punishable by 7 years imprisonment “We have absolute confidence in the criminal justice system, as well as social support structures in Lagos State in ensuring justice is served in this matter and most importantly, the survivor receives the relevant support on her journey towards healing. “We therefore use this medium to reiterate Lagos State Government’s position of zero tolerance to all forms of Sexual and Gender-Based Violence and our firm commitment in ensuring justice for survivors.”
The National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, has warned President Muhammadu Buhari that the 2023 general election will not be realistic if the current security situation in the country continues to worsen.
Secondus, made this known during an emergency meeting of the National Executive Committee of PDP in Abuja on Thursday, also advised President Muhammadu Buhari to constitute a National Security Conference for comprehensive and all-embracing deliberations on the future of the country.
He said the development in Nigeria was so frightening, saying it requires critical stakeholders of the party to deliberate and act on the situation.
He noted that “All the ‘noise’ for 2023 will amount to nought if the security challenges are not drastically addressed”.
According to him , “Our country today is grounded by insecurity and there has been no matching response from government despite the demands of the 1999 operating constitution in section 14 subsection (2b) that “the welfare and security of the citizens shall be the primary purpose of government.
“Terrorists in the North before were confined to the North East region but today 50 villages have been reportedly taken by them in the North Central state of Niger.
“Where they are now, we hear is about two hours drive away from Abuja.
“Herdsmen are also menacing in the west, gunmen causing havoc in the east and the militants in the south all killing, looting, raping, maiming and burning down homes. The situation is bad, Nigerians all over are living in fear.
“Clearly, anarchy is being let loose on the people with the government unable to provide any resistance.
“We have therefore invited you to enable the party as the main opposition in the country to add its voice to the worrisome situation with a view to saving not just democracy but even the country.
He continued; “Having shown clearly its incapacity, the APC led-government has swallowed its pride and now invited the international community to come and help out.
“This ought to have been done long ago instead of pretending and spilling innocent blood.”
The Central Bank of Nigeria (CBN) on Thursday removed Mr. Oba Otudeko and Mrs. Ibukun Awosika as Chairman of First Bank Holdings Company and Chairman, First Bank of Nigeria Plc respectively.
The bank also removed all the directors of the bank and the holding company.
At a press conference in Abuja, the CBN Governor, Mr. Godwin Emefiele, said Otudeko on three occasions rejected his entreaties not to remove Mr. Sola Adeduntan as managing director of the bank without making recourse to CBN, which has been providing regulatory forbearance to since 2016.
Emefiele stated that : “CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over three years despite several regulatory reminders.
“The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives.”
The governor, who acknowledged the ordinary powers of the board to appoint or remove the managing director, however, stated that with substantial stake of CBN, it should have been taken along when such decision was being considered.
He noted that considering the regulatory forbearance and intervention of CBN since 2016, “It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime, had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities.
“The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.
The CBN governor added that First Bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that it was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.
According to him, “The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices.
“The shareholders of the bank and FBN Holdings Plc also lacked the capacity to recapitalize the bank to minimum requirements. This conclusions arose from various entreaties by the CBN to them to recapitalise.
The CBN stepped in to stabilise the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included:
‘Change of management team under the CBN’s supervision with the appointment of a new “Managing Director/ Chief Executive Office in January 2016.
‘Grant of the regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150b from its earning for four consecutive years.
Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions
‘Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures.
“The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year.
“For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly.
Notwithstanding the significant improvement in the bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic.
“The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank.”
The authorities of Kano Primary Health Care Management Board on Friday says it has relieved no fewer than 4 staffs for gross misconduct bothering on rape, and illegal abortion.
In a statement that was made available to newsmen by the Board’s Public Relations Officer Maikudi Muhammad Marafa, said the affected staff were found guilty by a Disciplinary panel.
He identified the staff via their civil service number to include KNLG 32323 from Dala who was found guilty of committing rape in one of its facility at Kurnar Asabe Primary Health Care.
Similarly, two other sacked staff with service numbers KNLG 09068 and KNLG 018423 from Gezawa Local Government were said to specializes in using staff Information to obtained loan without their consent , while KNLG 04608 from Gwarzo local governments was found guilty of conducting private practice and abortion.
The statement warned that “PHCMB under Dr. Tijjani Usman will not condone any misconduct from any staff. Staff are expected to carry out their responsibilities diligently, effectively and in accordance with the civil service rules and regulations”.
Mr. Marafa revealed that the recommendations, and decisions by the Governing Board and the Disciplinary Advisory Committee constituted to investigate the affected staff has been upheld by the Board.
The statement therefore advised staff to abide by the rules and regulations governing the state civil services rules.
President Muhammadu Buhari has expressed disappointment over the continued attack on him and his administration by the Benue Governor, Samuel Ortom, over recent killings in the state.
This was made known in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, President Buhari also advised political leaders to desist from making comments that further divide the country.
According to him, the rising level of incidences, especially the killings and violence in various parts of the country, call for collaboration with security agencies.
Ortom had accused Buharis of having no interest in protecting Nigerians, following recent killings in his state, particularly the attack on an Internally Displaced Persons (IDP) camp where seven persons were killed by suspected killer herdsmen.
Buhari , however, expressed his condolences to families who lost their loved ones in the recent spate of killings in the state.
President Buhari is deeply pained by the terrible acts of violence happening not only in Benue State but also in other parts of the country and expects that the law enforcement agencies will go to every possible extent to catch the perpetrators of these heinous acts and bring them to justice.
According to him, “The lives of fellow citizens should not be desecrated by deploying them in political diatribe, which unfortunately appeared to be the intent of the string of emotional attacks and blame laid at the doors of the President for those killings by Governor Ortom.
“President Buhari took an oath to defend the life and property of every citizen, a duty he takes seriously and is committed to ensuring.
“Those citizens regardless of their affiliations, who either incite, sponsor or are proven to be abettors of these atrocities will face the law squarely and be answerable for their crimes against our fellow citizens and nation.
“President Buhari continuously stresses that the strength of our country lies in our diversity in faith, culture, and traditions and attempts to sharpen the divide between northern and southern Nigeria, between Muslims and Christians, and between communities that have coexisted for centuries should be frowned upon and resisted.
He continued; “As Nigerians, we accuse colonial rulers of the policy of divide and rule. Today, it is our own leaders who put region against region, religion against religion, ethnic group against ethnic group and community against community.
“The future of Benue State and indeed that of the entire country lies in harmony and the respect for law, order, and the constitution. It is the only way to achieve progress and development.
While the President will continue to keep security, police and the armed forces on their toes to be on top of their act in troubled parts of the country, the situation in the states will greatly be helped by everyone working together because that is the foundation on which progress and prosperity can be achieved.
“Benue under the Ortom administration ought to cooperate with the Federal Government in the implementation of a number of national strategic programs in addressing underlying issues militating against peace, progress and development.
“This can still get done when the interest of the people is placed above all other interests. A government voted into office by the people, should treat the people as its masters and not as its servants,” the statement reads.
