NEWS
Presidency, CBN Allingn On Bank Recapitalisation
The Presidency has aligned with the Central Bank of Nigeria (CBN) on the mooted recapitalisation of lenders in Nigeria.
Special Adviser on Information and Strategy to the President, Bayo Onanuga, sang from the same hymn book with the CBN on Tuesday at the 40th Anniversary Celebration of The Guardian Newspapers in Lagos.
Onanuga, who stood in for President Bola Ahmed Tinubu opined that the recapitalisation would stimulate the growth of the economy to the level desired by the Federal Government.
He opined that it had become imperative to properly weigh up the capital adequacy of Nigerian banks in the light of the projected $1tn economy in eight years.
This public endorsement came barely five days after the CBN made it clear it would ask banks to raise new capital, in keeping with the vision of the President Tinubu administration.
President said, “On the economy, that is facing all of us, our ambition to attain the $1tn appears daunting but we believe that it is achievable with God on our side and our collective determination. This explains the reason the VP and I have been on the road trying to attract huge investments into various phases of our economy; agriculture, oil and gas and others.
“To arrive at the $1tn economy, we must address the capital adequacy of our banks that will prepare the fuel for this journey.”
Recall that at the 58th annual Bankers’ Dinner last Friday, Governor, CBN, Olayemi Cardoso, revealed that a stress test performed on Nigerian banks indicated that while they would withstand mild to moderate stress.
He also noted that the lenders would be unable to service a $1tn economy as projected by President Tinubu in seven years, which necessitated recapitalisation.
“Stress tests conducted on the banking industry also indicate its strength under mild-to-moderate scenarios of sustained economic and financial stress, although there is room for further strengthening and enhancing resilience to shocks.
“Therefore, there is still much work to be done in fortifying the industry for future challenges,” Cardoso said.
Government policies and economic projections, the CBN governor maintained made the move inevitable.
He added, “Considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy.
“It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy.
“It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needs in servicing a $1tn economy shortly?
“In my opinion, the answer is no, unless we take action. As a first test, the central bank will be directing banks to increase their capital.”
The National Assembly management team, led by Clerk Sani Magaji Tambawal, has ramped up efforts to ensure a seamless presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu.
The event, scheduled for a joint session of the Senate and House of Representatives, is regarded as a significant moment in Nigeria’s legislative calendar.
Preparations include a thorough inspection of the assembly chambers to ensure all facilities are fully functional.
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Deputy Clerk Kamoru Ogunlana, who is overseeing the technical arrangements, confirmed that key systems, including microphones, sound equipment, and other audio-visual tools, have been tested to ensure smooth communication during the session.
“We are working tirelessly to ensure that the National Assembly is fully prepared to receive Mr. President and provide a conducive environment for this significant moment in our democratic process,” Ogunlana stated.
Seating arrangements are also being finalized to accommodate lawmakers, government officials, and other dignitaries expected at the session.
Security measures are being reviewed in collaboration with relevant agencies to ensure the safety of all attendees. Meanwhile, press accreditation is being managed to facilitate effective media coverage.
The 2025 budget presentation is expected to highlight the government’s economic priorities while reinforcing the partnership between the executive and legislative arms of government.
As the session approaches, the National Assembly has expressed its commitment to upholding Nigeria’s democratic values and providing a platform for transparent governance.
Edo State Governor, Monday Okpebholo, has announced the establishment of a 14-member Assets Verification Committee to examine the financial records and asset management of the previous administration led by Godwin Obaseki.
In a statement released on Sunday by his Chief Press Secretary, Fred Itua, the governor revealed that the committee would be inaugurated on Tuesday, November 26, in Benin City.
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The panel is tasked with creating a detailed account of the state’s assets and liabilities to ensure transparency and accountability.
The committee will be chaired by Ernest Umakhihe, with Anslem Ojezua as Deputy Chairman and Frank Edebor as Secretary. Other members include Kassim Afegbua, Patrick Ikhariale, Taiwo Akerele, Patrick Idiake, Rasaq Bello-Osagie, Fredrick Unopah, Abdallah Eugenia, Patrick Obahiagbon, Kenny Okojie, Lyndsey Tes-Sorae, and Abass Braimoh.
Explaining the rationale behind the committee, Mr. Itua stated, “Despite repeated calls for a more holistic database of the assets and liabilities of the previous administration, the Godwin Obaseki-led government presented a scanty and limited report.”
He added that the initiative reflects the governor’s commitment to his campaign promises.
“In line with the governor’s campaign promise to ensure probity, accountability, and transparency in government, and to deepen the governance process, a committee made up of respected sons and daughters from Edo State has to be constituted,” the statement noted.
The committee’s work is expected to pave the way for a more accountable and developmental governance structure in Edo State.
In a bid to increase its global presence, the National Examination Council (NECO) has accredited more foreign schools.
This was contained in a statement issued under the signature of its Acting Director of Public Relations, Azeez Sanni, on Saturday.
He revealed that the accredited schools are in Niger Republic and Equatorial Guinea.
Recall that last year, the examination body accredited some centres in Niger Republic to enable Nigerian students in the Francophone country to sit for the examinations.
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The statement read, “Determined to broaden its horizon and expand its global presence, the National Examinations Council has accredited more foreign schools to write the Senior School Certificate Examination and the Basic Education Certificate Examination.
“The newly accredited schools, in addition to the existing ones, are in Niger Republic and Equatorial Guinea.
“NECO accreditation team visited the Schools to assess their readiness to write the SSCE and BECE.
“The accreditation 5eam inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sports facilities to determine their adequacy and suitability for NECO examinations.
“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status.”
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