By David Torough, Abuja

Zenith Bank Plc said it has met the new N500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) and is on track to exit all regulatory forbearance arrangements by the end of June.The bank disclosed through the Nigerian Exchange Ltd.

on Tuesday in response to the recent CBN circular (Reference No. BSD/DIR/CON/LAB/018/008) on forbearance related to the Single Obligor Limit (SOL) and other credit exposures. According to the bank, its exposure under the SOL forbearance applies to a single obligor and is expected to be brought within regulatory limits by June 30.The bank also clarified that the forbearance granted on other credit facilities pertains to only two customers.It said that substantial provisions had already been made, and full provision would be completed before the deadline.“We refer to the recent circular issued by the Central Bank of Nigeria “CBN” (Reference No.BSD/DIR/CON/LAB/018/008) concerning regulatory forbearance in respect of Single Obligor Limit (SOL) and other credit facilities“Zenith Bank Plc wishes to provide the following clarifications in compliance with the Rulebook of The Exchange, 2015 (Issuers’ Rules)“The bank has successfully raised and surpassed the new regulatory capital requirement of N500 billion. The bank’s exposure under the SOL forbearance relates solely to a single obligor.“We are confident that this exposure will be brought within the applicable regulatory limit on or before 30 June 2025. With respect to the forbearance granted on other credit facilities, the bank confirms that this applies to only two (2) customers.“We have made substantial provisions in respect of these facilities and have taken appropriate and comprehensive steps to ensure full provisioning by 30 June 2025.“Upon completion, the bank will no longer be under any forbearance arrangements in this regard. The bank expects to have exited all CBN forbearance arrangements by the end of the first half of 2025“Accordingly, we remain confident that the bank will satisfy all relevant conditions to enable it to pay a dividend to shareholders in the current year.”

By Ubong Ukpong, Abuja

The House of Representatives Public Accounts Committee (PAC) yesterday disclosed that the oil revenues recovered by it have hit a whooping N86.5bn.This was just as it issued a strong warning to 13 non-compliant oil companies, threatening constitutional sanctions over their persistent failure to respond to official summons and public invitations.

These companies are alleged to owe the Nigerian government $456,952,216. 51 in unremitted oil revenues.A statement through the House Spokesman, Rep. Akin Rotimi said despite repeated invitations and public notices through national newspapers, the listed companies have failed to appear before the Committee, prompting the PAC to consider punitive actions in line with legislative and constitutional provisions.The statement went ahead to List Non-Compliant Oil Companies and Alleged Liabilities amounting to $456,952,216.51 (N731,123,546,416): Conoil Producing Ltd. ($5 million), ⁠Continental Oil & Gas Ltd. ($57 million), ⁠Energia Ltd. ($19.5 million), ⁠Frontier OML 13 ($952,216.51), ⁠Millennium Oil & Gas Ltd. ($2.067 million), ⁠Neconde Energy Ltd. ($325.7 million), ⁠Pillar Oil Ltd. ($4.6 million), ⁠Waltersmith OML 16 ($8.7 million), ⁠Aiteo Ltd. ($34.8 million), ⁠Bilton ($5 million), ⁠Heirs Holdings ($137.7 million), ⁠General Hydrocarbon Ltd. ($22.5 million) and ⁠Eroton ($34.5 million).”The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025.”The Public Accounts Committee (PAC) has also requested the following oil companies to reappear before the Committee, in connection with alleged outstanding liabilities totaling $125.5 million: OML 18 ($15.2 million), ⁠Shoreline ($70 million), ⁠Network Exploration ($2.6 million), ⁠Aradel ($8.2 million), ⁠Newcross Exploration ($25 million) and Pan Ocean ($4.5 million)”According to the PAC Chairman, Rep. Bamidele Salam, stated, “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”The warning cane as the Committee announced the recovery of an additional $15.7 million (approximately N25 billion) from several oil companies, raising the total recovered amount to N86.5 billion.This followed a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.The Committee’s investigations revealed that oil and gas companies owe the Federation Account approximately N9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.A breakdown of latest Recoveries amounting to $15.7 million (approximately N25 billion) as published by the committee showed, “TotalEnergies ($2 million), Shoreline Natural Resources ($10 million), ⁠OML 18 Resources ($3,474,123), ⁠Enageed Resource Ltd. ($280,000).”The statement disclosed that, “These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector.”The House of Representatives assures Nigerians of its unwavering commitment to accountability, transparency, and the diligent protection of public resources in the national interest.”

From Attah Ede, Makurdi

President Bola Tinubu has directed the Inspector General of Police, Kayode Egbetokun and the Chief of Defence Staff, Christopher Musa to immediately arrest killer herders who perpetrated the heinous killing of over 100 people in Yelewata community in Benue State.

Tinubu gave the directive while addressing stakeholders at the Government House, Markudi. The meeting included the Secretary to the Federal Government, George Akume, Traditional Rulers and former Governors of the state. The governors of Kwara, Imo, Kogi, Plateau, Ondo and Nasarawa also attended the meeting.Tinubu called out the Inspector General of Police to know why arrests have not been made.”How come no one has been arrested for committing this heinous crime in Yelewata. Inspector General of Police, where are the arrests? The criminals must be arrested immediately,” President Tinubu said.He urged the heads of the Department of State Services (DSS) and the National Intelligence Agency (NIA) to intensify surveillance and gather actionable intelligence to apprehend the perpetrators.He told the Chief of Defence Staff, General Christopher Musa, of the need for vigilance and collaboration between communities and security forces.Advising Governor Alia on the importance of stakeholder management for peaceful and progressive governance, the President urged the governor to set up a peace committee in the state that will include former governors of Benue, elders, traditional rulers, federal government officials, and non-indigenes living in the state.”Let us meet again in Abuja. Let’s fashion out a framework for lasting peace. I am ready to invest in that peace. I assure you, we will find peace. We will convert this tragedy into prosperity,” he said.President Tinubu urged Governor Hyacinth Alia of Benue State to allocate land for ranching and directed the Minister of Agriculture and Food Security to follow up.He called for blood donations to support the injured receiving treatment at the Benue State Teaching Hospital, where he had earlier visited victims and medical staff.While underscoring the importance of peace for sustainable development, Tinubu implored the Governor to ensure Benue is peaceful, adding that the circumstances of his visit this time should not have been a reason to visit.”I wanted to come here to commission projects, to reassure you of hope and prosperity, not to see gloomy faces. But peace is vital to development,” he said.”The value of human life is greater than that of a cow. We were elected to govern, not to bury people”, he stressed.He charged Governor Alia with working with the federal government to restore peace.”Governor Alia, you were elected under the progressive banner to ensure peace, stability, and progress. You are not elected to bury people or comfort widows and orphans. We will work with you to achieve that peace. You must also work with us.”Not everyone will like you in politics. They hate me, too—like hell. But here I am, still your President. I made a promise to protect democracy, freedom, and prosperity, even for my abusers and accusers. That’s leadership,” the President emphasised.In his remarks, Governor Hyacinth Alia appealed to the Federal Government to establish a Special Intervention Fund for communities affected by repeated violent attacks across Benue State.”Your Excellency, while we continue to mourn our losses and rebuild from the ashes of pain, we humbly urge the Federal Government to consider establishing a special intervention fund for communities affected by these incessant attacks in Benue State,” he said.Governor Alia said the fund would support the rehabilitation of displaced persons, reconstruction of destroyed homes and infrastructure, and the restoration of livelihoods, especially for farmers.He reiterated his support for establishing state police as a lasting solution to insecurity.The Governor pledged his administration’s full commitment to building a safe, stable, prosperous Benue State.Also speaking at the meeting, the Chairman of the Benue State Traditional Council, Tor Tiv, Orchivirigh Prof. James Ayatse, praised President Tinubu for being the first sitting President to personally visit victims in the hospital in the wake of such a tragedy.He thanked the President for appointing notable Benue indigenes into key positions, including the Secretary to the Government of the Federation and the Minister of Water Resources and Sanitation, Professor Joseph Utsev, while expressing hope that more appointments would follow.On the recurring spate of insecurity in the state, the monarch took time to address misinformation and mischaracterisation, saying that land grabbing is at the core of the decades-long conflict.”Your Excellency, it is not herder-farmer clashes. It is not communal clashes. It is not reprisal attacks or skirmishes. What we are dealing with here in Benue is a calculated, well-planned, full-scale genocidal invasion and land-grabbing campaign by herder-terrorists and bandits.”He cautioned that mischaracterizing the crisis had led to inadequate responses and accused some political actors of exploiting the situation for selfish gain.”We hear that some politicians would even prefer that the crisis worsens, so it would serve as a basis for declaring a state of emergency. This is unfortunate. Any politician who prays for more people to die for such a project is working against the wishes of the people of Benue State,” he said.He therefore appealed to President Tinubu to restore peace to the state and every part of Nigeria.”All we ask of you, sir, is to stop our weeping. Give us peace in Benue State, so our people, primarily farmers, can return to their farms and continue to produce food for Nigeria.”I heard a story about a challenge in a place in Kwara State, and you rose and gave them peace in Kaiama. You can do that for Benue.”Give Nigerians Permanent Peace, Tor Tiv Tells TinubuThe paramount ruler of Tiv nation and Tor Tiv, Prof. James Ayatse, has told President Ahmed Bola Tinubu to swiftly move to end the incessant killings across the country, saying that the president has capacity and ability to restore permanent peace in Benue and Nigeria as a whole.Tor Tiv maintained that his people had made a lot of sacrifices to keep Nigeria as one entity and should not be isolated for extermination.He lamented that genocide is ongoing Benue, saying that it is not clashes, but a well-orchestrated, well-coordinated attack aimed at wiping out Benue people.According to him, Benue people are predominantly farmers who deserve absolute peace to continue with their farming activities.“Tiv people have been in Nasarawa State before the 18th century. They cannot be settlers. They need to go back to their ancestral homes to continue with their lives. The farmers had been chased away from their farms by the bloodthirsty invaders.“We know you are a courageous leader. You are a focused leader. You are a determined leader. You have the courage and the political will to end this menace.‘You have taken hard decisions and actions that many people before you did not dare.“You have handled the subsidy removal challenge of this country. The exchange rate investment decisions, you have taken them. I believe you can give us peace. All we ask of you is peace,” he said