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Recapitalization: Banks Will Meet CBN Deadline – ACAMB

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By Tony Obiechina, Abuja

The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has assured that of all banks have the capacity to meet the new recapitalization requirement by the Central Bank of Nigeria (CBN).

A statement e-signed by Rasheed Bolarinwa, ACAMB President indicated that the banks support the recapitalization process because Nigerian banks are globally regarded as safe, resilient and thriving as there is always room for growth.

According to ACAMB, “Nigerian banks are safe and reliable but the apex bank in its developmental mandate, is leading the banks to strengthen their capacities to meet competitive domestic and global financial needs.

The statement further indicated that “as Nigeria seeks to aggressively unlock its innate potential to become a global emerging economy, banks must also stand ready to play their crucial roles of financial intermediation.

“This overarching theme that runs through the circular and its explanatory notes further affirms the soundness of the banking sector, in line with several rating reports on Nigerian banks by leading local and international rating Agencies” the statement indicated.

“We commend the CBN for the thoughtfulness it has put into the announced modality for the recapitalization. ACAMB particularly note the distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds,” it said.

“We urge the public to take note of this change. As it stands, banks are on the same page and as such, there is no need whatsoever for any fear, as the banks have the capacity to meet the recapitalization in line with allowable options stipulated by the apex bank, the statement said.

“All facts point to a win-win for the Nigerian banks, the financial market and the economy under this recapitalization.

“The Nigerian capital market, where banks are the most influential group, has the depth to meet the capital requirements of banks. The extended timeline till 2026, provides ample opportunity for each bank to follow through its recapitalization plan, without undue crowding effect.”

“With their background of good returns and liquidity, banking stocks are toasts of domestic and foreign investors. This pedigree, coupled with resilient performance of banks despite economic challenges, will come to the fore as investors know recapitalization means stronger banks and better returns” the statement further indicated.

“ACAMB shall also be engaging all stakeholders in order to ensure balanced and factual representation as the recapitalization progresses.

ACAMB reassures all depositors and shareholders to keep about their businesses with the Nigerian banks without fears” the statement assured.

NEWS

I-G visits Ogun, Approves Area Commands for Ifo, Imeko, Idi-Iroko

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The Inspector General of Police (I-G), Kayode Egbetokun, on Tuesday, began a three-day working visit to Ogun, with an approval for creation of additional area commands in Ifo, Imeko and Idi-Iroko areas of the state.

Reports says that Egbetokun arrived the command’s headquarters at Eleweran in Abeokuta, in the company of the Assistant Inspector General (AIG),  Zone ll, Olatoye Durosimi and the Commissioner of Police in the state, Abiodun Alamutu.

While addressing  stakeholders and the rank-and-file of the police, Egbetokun charged officers of the command to step up their efforts at  fighting crime in the state.

He, however, called for more support for the police to enable them effectively combat crime in the state.

“I have heard your request for an area command in Ifo and that request is hereby granted.

“We are not, however, going to stop at creating an area command in Ifo, we will also create two area commands in the two border areas of Idi-Iroko and Imeko.

“On the issue of manpower, lack of vehicles and operational logistics for Ogun command, I have whispered to the CP that he should give me the list of all the needs of the command and we are going to pay attention to all of them.

“Whatever that we need to do to stop kidnapping in Ogun state, we are going to do it. The fact that there are few crimes being committed here and there does not affect the peaceful status of Ogun state,” he said.

Earlier in his remarks, Alamutu noted that Ogun remains one of the safest states in Nigeria in spite of its fair share of security challenges.

Alamutu expressed optimism that  the I-G’s visit would re-energise the officers and men for better service delivery.

He promised that men and officers of the Ogun command would remain loyal and committed to the ideals and vision of the force.

NAN reports that Egbetokun , thereafter,  inaugurated the newly built Main Office,  the Technical Intelligence Unit and the Complaints Unit  within the premises of the command.

The I-G is also expected to visit the four paramount rulers of Egba, Ijebu, Remo and Yewa on his three-day visit to the state. (NAN)

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Abia Govt. Declares War Against Indiscipline, Task Force Enters Streets

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The Abia State Harmonized Task Force (ASHTF), Aba Zone, on Tuesday began the enforcement of the law against street trading, illegal parking, indiscriminate dumping of refuse and environmental nuisance.

The Aba zone team, led by Chief Uche Wogu, the Transitional Chairman of Aba South Local Government Area, began the enforcement from Bata Junction down to Aba Main Park.

The enforcement also continued throughout the entire city centre, after two weeks of sensitisation.

Addressing newsmen during the exercise, Chief Wogu said that ASHTF would ensure that all wrong methods of enforcement were eliminated from the system.

“What will change is that nothing will be business as usual as there are massive reorientation of the mentality of the people of this town.

“In the past, you had all sorts of people in the task force doing things recklessly but now, we believe in the rule of law.

“You see people jumping into vehicles, causing accidents and all manner of things. ASHTF has six zones, two in Umuahia, and four in Aba and each zone has Mobile Courts attached to them.

“We have four mobile courts in Aba and when anybody defaults, we would all make use of the mobile courts and the court will issue the penalty charges.

Wogu said that each offence had its penalty and any offence that had a cash payment had to be paid into the single treasury account.

Prince Emmanuel Ahumibe, the Coordinator of ASHTF, Aba Zone-B, has also assured residents that there would be no harassment of any sort.

Ahumibe added that ASHTF was a task force with a difference that would do its job with human face, sensitisation and civil enforcement.

“We will use the mobile courts adequately to ensure that road obstruction, illegal parking, street trading and too many other things were eliminated,” Ahumibe assured. (NAN)

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Naira Appreciation: FCCPC Intensifies Enforcements to Discourage Unfair Price Hike

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The Federal Competition and Consumer Protection Commission (FCCPC) says it will intensify monitoring and enforcement in formal and informal markets to ensure that business owners do not unfairly inflate prices.

Dr Adamu Abdullahi, the Acting Executive Vice Chairman of the Commission, was reacting to complaints by consumers that in spite of the appreciation of the Naira against the dollar, prices of goods were still increasing.

Abdullahi said in a statement in Abuja on Tuesday, that the situation was unacceptable, and the Commission was committed to protecting consumers from exploitation.

He said that the operatives of FCCPC would work with trade associations, farmer groups, and other stakeholders to combat price-fixing, and dismantle cartels.

This, according to Abdullahi, will encourage increased competition and ultimately lead to lower prices for consumers.

”The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to addressing this issue.

”While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.

”This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.

”The Commission remains committed to educating consumers about their rights and empowering them to make informed choices.

”We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance on how to identify and report such practices.

”We will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues,” he said.

He encouraged consumers to continue to report suspected price gouging and other unfair trade practices through contact@fccpc.gov.ng.

”Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians.” (NAN)

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