COVER
CBN Bars Interest Payments on Bank Deposits Above N2bn
* Afreximbank targets $40bn in Trade Deals
From Udo Onyeka, Lagos & Mathew Dadiya, Abuja
The Central Bank of Nigeria (CBN) yesterday said Deposit Money Banks will no longer receive interest payments on deposits exceeding N2 billion.
The apex bank in a post on its website said: “Any deposit by a bank in excess of N2 billion shall not be remunerated.
”The CBN will pay interest to lenders on qualified deposits at a rate determined by the monetary policy committee.
It would be recalled that the CBN few days ago ordered banks to increase their loan-to-deposit ratio to at least 60 per cent by September or face penalty as it seeks to boost loans to the real sector and bolster growth.
CBN, had in a letter to the banks, said that any bank who fails to act according to the directive would be punished by having their cash ratio increased.
The cash reserve ratio is the share of customers’ deposit that is kept with the apex bank. In the case of default, CBN will be taking more of the bank’s customers deposit as a means of punishing the financial institution.
The letter signed by the director of banking supervision, Ahmad Abdullahi, aims at improving the economy by encouraging more investments in the real sector. The real sector covers areas such as mining, agriculture, manufacturing, building, services and commerce.
The letter said: “To encourage lending to small businesses and consumers and more mortgages, these sectors shall be assigned a weight of 150 per cent in computing the LDR.
“Failure to meet the above minimum LDR by the specified date shall result in a levy of additional Cash Reserve Requirement equal to 50 per cent of the lending shortfall of the target LDR.
In a related development, President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah has said that the Second Intra-African Trade Fair (IATF2020) is expected to surpass the achievements of the inaugural trade fair held in Cairo in 2018 by attracting 10,000 participants and generating intra-African trade and investment deals worth more than $40 billion.
Afreximbank’s global director of Communications and Branding, Obi Emekekwue on Wednesday stated that Oramah disclosed this at the formal launch of IATF2020 during the African Continental Free Trade Area (AfCFTA) Business Forum 2019 held on the sidelines of the 12th Extraordinary Summit of African Union (AU) Heads of State in Niamey.
He told guests that the trade fair, scheduled for Kigali from 1 to 7 September 2020, would attract more than 1,100 exhibitors from over 55 countries.
“Working with our esteemed partners, we will exceed the achievements of 2018,” he said, describing IATF2018 as a resounding success, not in the colourful displays exhibited, but in the showcasing of diversity of tradable goods by about 1,100 exhibitors from 45 countries and in the execution of deals worth about $32 billion.
That trade fair resulted in a Nigerian technology company winning a $100-million contract to provide technology-based solutions to the South Sudanese government; an Egyptian company winning contracts in many African countries to supply and install energy generation and distribution equipment worth close to $1 billion; Egyptian and Tunisian companies signing a $50-million partnership deal to create a joint venture for assembling home appliances; and the signing of a $3-billion energy generation project between an Egyptian company and an African government, the largest-ever intra-African project executed exclusively by African entities, including financial institutions, he noted.
“The momentum created by the maiden IATF and the historic launch of the African Continental Free Trade Area (AfCFTA) will sustain the growth of cross-border trade and investments,” he affirmed.
Also speaking, Amb. Albert Muchanga, the AU Commissioner for Trade and Industry, said that the IATF was one of a set of activities planned by the African Union Commission to support implementation of the AfCFTA. The others included the African Trade Observatory, a portal for real-time information on business opportunities.
Soraya Hakuziyaremye, Minister of Trade and Industry of Rwanda, said that it was important for the African private sector to take advantage of IATF2020 to present and exchange their products and for entrepreneurs to use it to boost their visibility.
The Second Intra-Africa Trade Fair (IATF2020), which will take place in Kigali from 1-7 September 2020, is expected to attract more than 1,100 exhibitors from 55 countries and to provide a platform for sharing trade, investment and market information. It will enable buyers and sellers, investors and countries to meet, discuss and conclude business deals as well as provide an opportunity for exhibitors to showcase their goods and services and to engage in business-to-business exchanges.
The key features include an IATF2020 Conference, a Creative Africa initiative, which will showcase Africa’s creative economy, Country Days dedicated to specific African countries, and an interactive online Virtual Trade Fair.
IATF2020 is being organized by Afreximbank, in collaboration with the African Union, and is hosted by the Government of Rwanda. The event partners are the African Development Bank, United Nations Economic Commission for Africa represented by the Africa Trade Policy Centre; Afrochampions Initiative; Pan African Chamber of Commerce and Industry; World Trade Centre Miami; Export Development Authority of Egypt; and International Islamic Trade Finance Corporation.
United Bank for Africa Plc (UBA) has announced plans to raise N157 billion through a rights issue.The disclosure was made via a notice to the Nigerian Exchange Ltd (NGX).It said in a statement on Thursday that its stock brokers, United Capital Securities Ltd., had submitted an application to the Nigerian Exchange Ltd.
to that effect. It added its stock brokers had requested for approval and listing of a Rights Issue of 3,156,869,665 ordinary shares of 50 Kobo each at N50. 00 per share“Trading License Holders are hereby notified that United Bank for Africa Plc, through its Stockbrokers, United Capital Securities Ltd., has submitted an application to the Nigerian Exchange Ltd.” in that regard.“The rights issue will be on the basis of one new ordinary share for every 13 ordinary shares held as of the close of business on Wednesday, July 16, 2025.“The qualification date for the Rights Issue is July 16, 2025,” the bank noted.The move is part of UBA’s strategy to strengthen its capital base and support its expansion and growth objectives across Africa.(NAN)
From Attah Ede, Makurdi
Over 4000 substandard and illegal schools have been uncovered and ready to be shut down across the state.The chief press secretary to the Benue State Governor, Tersoo Kula disclosed this at a press conference in Makurdi.Kula was reacting to a statement credited to former commissioner for education and knowledge management, Prof.
Dennis Ityavyar, said that Governor Alia has stabilised the educational sector since coming on board two years ago. ”No more strikes. Schools are moving on smoothly and in a bid to bring teaching and learning closer to the people and address the problem of younger school leavers in securing admission into tertiary institutions, the governor has established a new university.”The establishment of University of Agriculture Science and Technology Ihugh, Vandeikyaa LGA is real..The governor has secured the licence, acquired land and made appointments of principal officers.”This is to address the issue of providing admission for the teeming Benue indigenes seeking admission into Nigerian universities.”The Governor has employed over 9700 teachers to energize public primary schools in the state. Apart from the fact that our primary schools would be energized, 9700 youths have been taken off the streets.”The government of governor Alia has also paid the 38 months earned allowance owed to lecturers at the Moses Adasu University, formerly Benue State University Makurdi”, he said.He maintained that renovation of government secondary schools and colleges across the state are ongoing where ongoing construction of new structures is in some public primary and secondary schools to ensure conducive learning environment.”Public primary schools teachers are trained on ITCs to enhance the teaching and learning of information and technology innovations at elementary level.”This government has been able to identify over 4000 substandard schools in the state and have secured insurance cover for Benue State students and paid bursary allowances in law school students in the state”, Kula stated.Benue Moves to Domesticate National Policy on IDPsThe Benue State Government has commenced a validation process to domesticate the newly federal government policy on Internally Displaced Persons (PDP) in the State.Commissioner for Humanitarian and Disaster Management in the State, Aondowase Kunde, stated that upon stakeholders’ inputs into the Internally Displaced Persons policy document, it would be fully launched.He added that the aim is to improve the welfare of the displaced population in the state.Kunde stated this during a two policy validation meeting held at Benue Hotels Makurdi yesterday.He maintained that the document which was passed into law by the national assembly needed to be domesticated in the state in line with the peculiarities of the state.In his remarks, the chairman, House Committee on Humanitarian and Disaster Management, Benue State House of assembly, James Abu Umoro, noted that the state has suffered so many natural and man-made disasters that it requires the policy to be domesticated in the state.Umoru insisted that the house will not hesitate to pass the document into law when presented by the executive arm of government.He said the issue of IDP in the state is a concern for everyone and must be given accelerated consideration at any point in time.On his part, House committee chairman on SDG and Donor Agencies, Peter Uche, noted that in most cases, communities have suffered attacks for more than ten years.”Let me therefore, call on all to support the implementation of the policy document for the displaced to return to their ancestral homes to start their normal farming and business activities”, he stated.The Director General, Sustainable Development Goals, John Akuse, who spoke at the occasion, said the validation of the IDP policy document is vital in paving the way for the displaced population to be adequately taken care of regarding their peculiar needs.
By David Torough, Abuja
President Bola Tinubu has approved the renaming of the University of Maiduguri, Borno State as Muhammadu Buhari University.
“May we now adopt the University of Maduguri as the Muhammadu Buhari University,” Tinubu said at the close of a special session of the Federal Executive Council held to honour Buhari at the Aso Rock Villa, Abuja on Thursday.
The President paid a glowing tribute to Buhari, describing him as “a good man, a decent man, an honourable man” whose legacy of discipline, patriotism and moral uprightness would endure for generations.
Tinubu said although the late president was not without flaws, his unwavering commitment to national service set him apart.
“President Buhari was not a perfect man, no leader is, but he was, in every sense of the word, a good man, a decent man, an honourable man.
“His record will be debated, as all legacies are, but the character he brought to public life, the moral force he carried, the incorruptible standard he represented, will not be forgotten.
“His was a life lived in full service to Nigeria, and in fidelity to God,” he said.
Reflecting on Buhari’s time in office and his long military and civil service, Tinubu praised the late leader’s simplicity, humility, and stoic resistance to the trappings of power.
He said, “He stood, always, ramrod straight; unmoved by the temptation of power, unseduced by applause and unafraid of the loneliness that often visits those who do what is right, rather than what is popular.
“His was a quiet courage, a righteousness that never announced itself. His patriotism lived more in action than in words.”
Tinubu also recounted their political alliance, which culminated in the historic 2015 elections that marked Nigeria’s first democratic transfer of power from one ruling party to another.
“We stood together, he and I. Alongside others drawn from across the political spectrum, regions and tongues, we formed an alliance that enabled Nigeria to experience its first true democratic transfer of power from one ruling party to another.
“When he was sworn in as our party’s first elected President, he led with restraint, governed with dignity, and bore the burdens of leadership without complaint,” he said.
The President expressed admiration for Buhari’s post-office modesty, noting that he returned to his hometown, Daura, without seeking to wield influence behind the scenes.
“When his tenure ended, he returned to Daura; not to command from the shadows or to hold court, but to live as he always had, never seeking to impose his will but content to let others carry the nation forward.
“Even in death, he maintained the serenity that defined him in life: not a sigh, not a groan, just a quiet submission to the will of God. Such was the man Nigeria has lost. Such was the man for whom our nation now mourns,” he added.
Tinubu thanked the Inter-Ministerial Committee and Katsina State Governor, Dikko Radda, for organising a befitting state funeral within 48 hours, describing it as a “profound honour” to lead the burial procession in Daura.
He concluded his tribute with a prayer: “Mai Gaskiya, the People’s General, the Farmer President, your duty is done. May Almighty Allah forgive his shortcomings and grant him Aljannah Firdaus. May his life continue to inspire generations of Nigerians to serve with courage, conviction, and selflessness. President Buhari, thank you. Nigeria will remember you.”
Buhari died on Sunday, July 13, at the age of 82.
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