NEWS
Expert Advocates IT, BVN Deployment to Fast-track Offer Verification

An economist, Mr Johnson Chukwu, has urged the Central Bank of Nigeria (CBN) to leverage existing infrastructure and Bank Verification Numbers (BVN) to address delays in verifying bank transactions.
Chukwu, the Chief Executive Officer of Cowry Asset Management Ltd.
, raised the concern at the annual workshop of the Capital Market Correspondents Association of Nigeria (CAMAN) in Lagos.The theme of the workshop is: “Banks’ Recapitalisation: Bridging the Gap Between Investors and Issuers in the Nigerian Capital Market”.
He noted that leverage existing infrastructure and BVN was to ensure speedy conclusion of the verification process.
According to him, the delay in the apex bank’s verification process, four months after the closure of some offers, has continued to raise concerns among investors.
Chukwu said the deployment of high level of IT available at the CBN and the use of the BVN would fastrack the process of accepting or rejecting the offers.
He added that this would enable investors get their allotment or deploy their funds in other profitable economic activities.
He noted that while the apex bank’s role in verifying the source of the capital invested was important, the longer period for completion of the verification process was dampening investor confidence.
Chukwu said that this was particularly worrisome for investors whose funds may be returned where the offers may be oversubscribed, as they would miss reinvestment opportunities.
He also stated that the current CBN requirements for investors investing in banks shares were seen by many as overly stringent and creating barriers for both issuers and investors.
Chukwu cited the provision of three-year audited financial statements, board resolution authoring the investment and tax clearance certificates for the past three years for corporate investors.
He noted that these requirements were disincentive to investment in the capital market.
According to him, while regulation is necessary for maintaining the stability and integrity of the financial system in ensuring that unqualified capital is not invested in the banks.
He added that there was need to leverage on existing customer information in the banking system to avoid imposing onerous conditions on investors.
Chukwu described banks’ recapitalisation as a key strategy for strengthening the Nigerian banking sector and fostering economic growth.
He, however, argued that the success of these efforts would hinges on effectively bridging the gap between investors and issuers in the capital market.
Chukwu said banks capital raise through successful IPOs, rights issues and bonds strengthens investor confidence and sends a positive signal to the broader financial market on the role of the capital market.
He said: “A well-capitalised bank is perceived as financially stable, reducing risk for investors and enhancing market confidence.
” This encourages further investment in the banking sector, which is essential for the sustainable growth of the industry.
He, however, called for concerted efforts from both banks and investors, supported by regulators in ensuring that the Nigerian banking sector remains resilient, competitive, and capable of driving the country’s economic growth for the future.
Chukwu also urged the CBN and other regulatory bodies to work together in creating a more predictable regulatory environment for banks and investors.
“The frequency of regulatory policy changes need to be moderated to allow for better planning for both banks and the investing public, as well as reduce the regulatory and operational risks associated with these frequent changes.
“Banks must commit to improving their transparency and disclosure standards. This includes the publication of detailed and accurate financial statements, risk disclosures, and forward-looking guidance,” he said.(NAN)
Health
NAFDAC Clarifies Sachet Alcohol Ban Timeline

The National Agency for Food and Drug Administration and Control (NAFDAC) has clarified its stance regarding the nationwide ban on sachet alcohol.
Mr Kenneth Azikiwe, Director of the FCT Directorate of the agency, in an interview on Monday in Abuja that the temporary lifting of the ban was only valid until Dec.
31, 2025.He emphasised that the recent ministerial lifting of the ban was not permanent and urged the public to disregard misinformation suggesting that the government had permanently lifted the restriction.
“There is a ministerial lifting on the ban of sachet alcohol, but it is only temporary and will be reviewed by Dec. 31, 2025.
“After this date, the full enforcement of the ban will commence.
“The minister granted this temporary relief to allow manufacturers and regulators time to collaborate and ensure a more structured and effective implementation of the ban,” Azikiwe stated.”
He highlighted NAFDAC’s ongoing efforts to sensitise the public across the country, noting that awareness campaigns had reached every state.
“We have sensitised distributors, and we’ve emphasised that alcohol should not be sold to individuals under the age of 18, which is also clearly indicated on product labels,” he added.
Azikiwe also commended the Distillers and Beverages Association of Nigeria (DIBAN) for supporting the awareness drive.
He reassured the public that NAFDAC remained fully committed to regulating alcohol consumption and reiterated that sachet alcohol products containing less than 200 milliliters would be phased out after Dec. 2025.(NAN)
Foreign News
Terrorist attack: UN Chief Remembers Staff Killed In Iraq

UN Secretary-General Antonio Guterres on Sunday said that the organisation would never forget the staff members killed in the Aug. 19, 2003, attack on its headquarters in Iraq.
Guterres was speaking during a wreath-laying ceremony at a memorial in Baghdad to honour the victims of the Canal Hotel bombing – the worst terrorist attack in UN history.
Twenty-two people were killed, including the then UN Special Representative for Iraq, Sergio Vieira de Mello.
More than 100 others were injured, and several survivors attended the ceremony.Guterres told the audience that “22 years is a long time, but we will never forget the colleagues who were killed that day in the bombing at the Canal Hotel.
”These staff members “were sons, daughters, mothers, fathers and friends who are, to this day, mourned by those they knew and loved,” he said.
“We will always remember their leader, Sergio Vieira de Mello, who was also killed in the attack. We will stand with the survivors whose lives were changed forever,” he added.
“And we will remember the courageous colleagues and others who rushed to help on that terrible day, and in the days and weeks after — showing us the very best of the humanitarian spirit.”
Guterres said the memorial stands as a tribute to their lives and their contributions to the people of Iraq. It also serves as a reminder of how far the country has come since 2003.
The UN chief noted that the women and men of the United Nations had worked tirelessly together with the brave and resilient people of Iraq to support their quest for stability, development and peace.
He stressed that above all, the memorial is “a clear reminder of the vital work that our organisation does around the world — and the dangers our people face in carrying out that work.”
This date “has been forever transformed from a day of unimaginable horror and tragedy here in Iraq into a global day of solemn remembrance for all humanitarians — inside and outside the organisation,” Guterres said.
“Their bravery, dedication, and belief that a better future is possible will always inspire us. And like those whose lives were lost on August 19, 2003, their sacrifices and contributions to our world — and to our vital cause of peace — will never be forgotten.”
The secretary-general was in Baghdad to attend the League of Arab States Summit. He also met with senior Iraqi officials, including Prime Minister Mohammed Shia Al-Sudani.
During talks on Sunday, they discussed developments in Iraq and the region, as well as the remaining period of the UN Assistance Mission for Iraq (UNAMI).
The secretary-general reaffirmed that the UN remained fully committed to continuing to support the Government and people of Iraq following the mission’s departure.
UNAMI has been in the country since 2003 and is working to conclude its mandate by the end of 2025. (NAN)
Foreign News
17 Dead As Israel Presses New Gaza offensive

The Palestinian city of Khan Younis was targeted by intensive airstrikes overnight, as Israel pursued its ramped-up offensive across the Gaza Strip.
According to Palestinian news agency WAFA on Monday, 17 people were killed in the coastal territory during the night.
WAFA did not initially provide details on the identity of the victims.
According to medics in Gaza, at least six people were killed and dozens injured in airstrikes on Khan Younis.
Witnesses told dpa that there were about 30 airstrikes on the area.
The internet connection failed in large parts of the city.
Palestinian media reports by WAFA and others said that a special unit of the Israeli army had killed a commander of the al-Nasser Salah al-Din Brigades, which is allied with the Islamist movement Hamas.
The information could not initially be independently verified.
The Israeli military emphasised that it did all it can to avoid civilian casualties when attacking targets belonging to Hamas or other terrorist organizations.
This cannot be verified either as reporters has very limited access to the area.
The Israeli Air Force has been carrying out massive aerial attacks on targets in the Gaza Strip in recent days, and Israel announced an “extensive’’ new ground operation across the territory on Sunday.
Dozens of Palestinian deaths are being reported daily from the Gaza Strip. (dpa/NAN)