Trending News: VEHICLE FLEEING KIDNAPPERS PLUNGES INTO RIVER, EXPATRIATE, OTHERS MISSINGNERC GIVES ENUGU, THREE OTHER STATES NOD TO COMMENCE ELECTRICITY GENERATION, TRANSMISSION, DISTRIBUTION$225M DEBT: FIRST BANK SPEAKS ON LEGAL TUSSLE WITH OBAIGBENA’S GHLCBN FINES NINE BANKS N150M EACH FOR FAILING TO DISPENSE CASH VIA ATMSJANUARY 1966: A MORNING OF MURDER, MAYHEM AND CARNAGEWE’LL PRIORITIZE PASSAGE OF TAX REFORM BILLS – SPEAKER, ABBAS19 WEDDING GUESTS DIE IN ROAD CRASH IN PLATEAUUZODINMA HAPPY WITH REMOVAL OF OIL SUBSIDY, SAYS STATES NOW GET MORE MONEYPOLICE DEMAND APOLOGY FROM AMNESTY INTERNATIONAL OVER PROTEST REPORTHOW YAHOO BOY BEHEADED ABUJA CORPS MEMBER PACKED DISMEMBERED BODY IN BAG – POLICEABDUCTED ANAMBRA REVEREND SISTERS REGAIN FREEDOMMARKETERS RAISE PRICES OF PETROL BY 4.75% AT DEPOTSTHE MANY SINS THAT COST FORMER LAGOS SPEAKER, OBASA, HIS SEATARTHUR NZERIBE, THE MAN WHO BROUGHT DOWN GOVERNMENTS IN NIGERIA AND GHANANASS QUERIES JAMB FOR SPENDING N1.85BN ON MEALS, INSECTICIDE, OTHERSNATIONAL UNION OF PENSIONERS LAUDS TINUBU OVER 20% INCREASE IN BASIC PENSIONSENUGU GOVERNOR, PETER MBAH, APPROVES UPWARD REVIEW OF CUSTOMARY COURT JUDGES’ SALARIESHOW BOKO HARAM’S NEW STRATEGY PRODUCED 60,000 CHILD FIGHTERS – CDSLAWYER WHO LED PROSECUTION AGAINST TRUMP RESIGNS, FLEES USBOKO HARAM KILLS 40 FARMERS IN BORNO, DOZENS MISSINGFUBARA WINS AS COURT NULLIFIES RIVERS PDP CONGRESSESLAGOS LAWMAKERS IMPEACH SPEAKER AMID MULTIBILLION-NAIRA FRAUD ALLEGATIONPROTEST AT PDP HEADQUARTERS OVER TUSSLE FOR NATIONAL SECRETARY POSITIONLAGOS-CALABAR COASTAL ROAD MISSING IN 2025 BUDGETFG ACCUSES NNPCL OF FINANCIAL IRREGULARITIES, DIVERT N2.68TRN, $9.77MUNTIL PRICE OF FUEL IS AFFORDABLE THERE IS NOTHING TO REJOICE ABOUT RESUMPTION OF REFINERIES – KENNETH OKONKWOHOW ABACHA REBUFFED CARTER’S EFFORTS TO SECURE MY FREEDOM – OBASANJOFIVE GOVERNORS MAY DUMP PARTY AHEAD 2027TINUBU WASN’T ELECTED BY NIGERIAN PEOPLE, HE WAS SELECTED BY ELECTORAL COMMISSION, INEC – SOWORESERAP DRAGS TINUBU, 36 GOVERNORS TO ECOWAS COURT OVER MISUSE OF CYBERCRIMESMANY FEARED KILLED IN ZAMFARA AIRSTRIKEKANO EMIRSHIP TUSSLE: BAYERO REJECTS APPEAL COURT JUDGEMENT: HEADS TO SUPREME COURTGHANA’S NEW PRESIDENT REDUCES MINISTRIES FROM 30 TO 23 TO SAVE COSTALLURING PLACES OF INTEREST IN ENUGU STATE, BY ONYEKACHI EZEARMED HERDSMEN KIDNAP THREE SOLDIERS, 35 PASSENGERS ON ENUGU-NSUKKA ROADCOURT ORDER BARRING ME FROM OHANAEZE ELECTION A HOAX – EX-IGP, OKIRO29-YEAR-OLD MAN ARRESTED FOR KILLING MOTHER FOR RITUALSHOW AGGRIEVED PASSENGER GROUNDED ABUJA-BOUND AIRCRAFT LEFT TRAVELLERS STRANDEDECONOMIC ACTIVITIES RETURN TO SOUTH EAST AFTER YULETIDEFRANCOPHONE AFRICA IS ABANDONING FRANCE. WHAT WENT WRONG?FG, 21 STATES TO EYE N2.5TN VAT REVENUE IN 2025FG BEGINS DIRECT ALLOCATIONS TO LGS THIS MONTHENUGU RANGERS STILL FANNING THE FLAMESENUGU MONARCH SUSPENDED OVER ILLEGAL MININGIPMAN OPTIMISTIC OF IMMINENT DROP IN FUEL PRICESLESSONS FROM OHANAEZE NDIGBO ELECTION, BY ATIKU ABUBAKARNATIONAL GRID TRIPPED OFF, DIDN’T COLLAPSE – TCNHOW POOR REGULATION OF INSTANT PAYMENT SYSTEM FUELS CRIMINALITY IN NIGERIANIGERIAN ARMY REDEPLOYS SENIOR OFFICERSIDOLATRY FASTEST GROWING RELIGION IN SOUTH EAST – SOLUDO, URGES CHRISTIAN LEADERS TO SALVAGE THE SITUATIONSACKED PDP NATIONAL SECRETARY, ANYANWU, RISKS JAIL AS COURT ISSUES LAST WARNINGDESPITE BORROWING OVER $3.2BN, NIGERIA’S POWER GENERATION REMAINS AT 4500MWEFCC INVITES OKOYA BROTHERS OVER NAIRA ABUSE IN VIRAL VIDEONIGERIA FOOLING ITSELF OVER BORDER CLOSURE – NASSMASS KIDNAPPINGS: SOUTH-EAST TOPS RANSOM PAYMENTS, ACCOUNTS FOR 40% NATIONWIDEPOLICE ARREST CONTRACTOR OVER N1.09BN FRAUD IN ENUGURIVERS GOVERNOR, SIM FUBARA, CHALLENGES AZUTA-MBATA OVER ELECTION AS OHANNAEZE PRESIDENTNORTH-SOUTH CATTLE TRADE DECLINES BY 50 PERCENTPOLICE SHIELD BILLIONAIRE RASAQ OKOYA’S SONS FROM NAIRA ABUSE, ARREST OFFICER FEATURED IN VIRAL VIDEONIGERIA RECEIVES $52M DIEZANI LOOT FROM USDUNAMIS CHURCH: MIRACLES FAKED – EX-PASTORINEC REJECTS N40BN ALLOCATION IN 2025 BUDGET, PROPOSES N126BNFEAR OF SOLUDO SECOND TERM, BY TONY OKAFORVICTIMS OF ANAMBRA STAMPEDE BURIEDHOW MY INABILITY TO KEEP QUIET LANDED ME IN PRISON – OBASANJOORIGIN OF BRITISH PROJECT OF DE-IGBONIZATION OF RIVERS IGBO AND ROOT CAUSES OF IDENTITY DENIAL IN IKWERRE, OGBA AND MOST TRIBES IN RIVERS STATE, BY PROFESSOR CHIDI OSUAGWUCONFUSION AS TWO IKWERRE SONS CLAIM LEADERSHIP OF OHANAEZE NDIGBOUS COURT SENTENCED TRUMP 10 DAYS TO INAUGURATIONENUGU GOVERNOR, PETER MBAH, CREATES NEW URBAN AREAS, SIGNS LAND USE REGULATION ORDERENUGU STATE GOVT ACCOUNT NOT HACKED – POLICEIKWERE-BORN UCHE OKWUKWU EMERGES PRESIDENT OHANAEZE NDIGBO WORLDWIDEBANDIT LEADER, DOGO ISAH, KILLED IN CLASH WITH REPENTANT BANDITS IN KADUNASOLUDO HAS NO PROJECTS EXCEPT THOSE KILLED BY KIDNAPPERS – REV FR EBUBE MUONSOCOURT SENDS TEACHER WHO ASSAULTED 3-YEAR-OLD CHILD TO PRISONPRO-WIKE LAWMAKERS OVERRIDE GOVERNOR, ENACT THREE LAWSFORMER ABIA GOVERNOR, THEODORE ORJI, TO FORFEIT N228MTOP LARGEST PALM OIL PRODUCING STATES IN NIGERIA (2025)SACKED KANO SSG SAYS HE’S READY TO EXPOSE GOVERNOR YUSUF, KWANKWASOFORMER KADUNA GOVERNOR, EL RUFAI, IMPLICATED BY HIS CHIEF OF STAFFFIRST BANK SHAREHOLDERS PLOT REMOVAL OF OTEDOLA AS CHAIRMAN, CALL FOR EXTRA-ORDINARY GENERAL MEETINGCOURT FREEZES OBAIGBENA’S GENERAL HYDROCARBONS ASSETS OVER UNPAID LOANSOHANAEZE PRESIDENT GENERAL: FORMER IGP, MIKE OKIRO BOWS OUT OF CONTESTENUGU RANGERS, SWISS SIDE, FC SCHAFFHAUSEN SIGN PARTNERSHIP DEALALL FIVE LIVING US PRESIDENTS UNITE AT FUNERAL OF JIMMY CARTERI HAVE NEVER SEEN POVERTY LIKE THIS- SOWORE LAMENTS HARDSHIP UNDER TINUBUNIGERIA ASKS UN TO PROBE BOKO HARAM FUNDING, TRAININGHAUSA, FULANI FIGHT IN JIGAWA: 11 KILLED, 32 HOUSES BURNTI PLOTTED, SCRIPTED FAYOSE’S IMPEACHMENT WITH OBASANJO – EX-BUHARI’S AIDEAPC AFRAID OF PETER OBI’S RISING INFLUENCE AHEAD OF 2027 – LABOUR PARTY STAKEHOLDERSLAWMAKERS TACKLE TINUBU’S ECONOMIC TEAM OVER 2025 BUDGET PLANNIGERIA ASKS UN TO PROBE BOKO HARAM’S FUNDING, TRAININGX USERS LAMBAST APC NATIONAL SECRETARY, FELIX MORKA, OVER THREAT ON PETER OBITINUBU GOVT SPLITS NIGERIAN COLLEGE OF AVIATION INTO SIX CAMPUSES20 NIGERIAN WORDS MAKE LATEST EDITION IN ENGLISH OXFORD DICTIONARYKADUNA AIRSTRIKE THAT KILLED 24 PEOPLE, A PROFESSIONAL MISTAKE – CHIEF OF DEFENCE STAFFTINUBU GOVT OKAYS TARIFFS HIKE BY MTN, AIRTEL, GLOANAMBRA CATHOLIC PRIEST RESIGNS, EMBRACES AFRICAN TRADITIONAL RELIGIONREPORT CIRCULATING ON INTERNET OF MY ARREST FALSE – PETER OBIMOST HERBALISTS’ SHRINES IN ANAMBRA, DEN OF KIDNAPPERS – RESIDENTS TO SOLUDONIGERIAN GOVT GETS $255M CHINESE LOAN FOR KANO-KADUNA RAILWAY PROJECT
Wed. Jan 15th, 2025
Trending News: VEHICLE FLEEING KIDNAPPERS PLUNGES INTO RIVER, EXPATRIATE, OTHERS MISSINGNERC GIVES ENUGU, THREE OTHER STATES NOD TO COMMENCE ELECTRICITY GENERATION, TRANSMISSION, DISTRIBUTION$225M DEBT: FIRST BANK SPEAKS ON LEGAL TUSSLE WITH OBAIGBENA’S GHLCBN FINES NINE BANKS N150M EACH FOR FAILING TO DISPENSE CASH VIA ATMSJANUARY 1966: A MORNING OF MURDER, MAYHEM AND CARNAGEWE’LL PRIORITIZE PASSAGE OF TAX REFORM BILLS – SPEAKER, ABBAS19 WEDDING GUESTS DIE IN ROAD CRASH IN PLATEAUUZODINMA HAPPY WITH REMOVAL OF OIL SUBSIDY, SAYS STATES NOW GET MORE MONEYPOLICE DEMAND APOLOGY FROM AMNESTY INTERNATIONAL OVER PROTEST REPORTHOW YAHOO BOY BEHEADED ABUJA CORPS MEMBER PACKED DISMEMBERED BODY IN BAG – POLICEABDUCTED ANAMBRA REVEREND SISTERS REGAIN FREEDOMMARKETERS RAISE PRICES OF PETROL BY 4.75% AT DEPOTSTHE MANY SINS THAT COST FORMER LAGOS SPEAKER, OBASA, HIS SEATARTHUR NZERIBE, THE MAN WHO BROUGHT DOWN GOVERNMENTS IN NIGERIA AND GHANANASS QUERIES JAMB FOR SPENDING N1.85BN ON MEALS, INSECTICIDE, OTHERSNATIONAL UNION OF PENSIONERS LAUDS TINUBU OVER 20% INCREASE IN BASIC PENSIONSENUGU GOVERNOR, PETER MBAH, APPROVES UPWARD REVIEW OF CUSTOMARY COURT JUDGES’ SALARIESHOW BOKO HARAM’S NEW STRATEGY PRODUCED 60,000 CHILD FIGHTERS – CDSLAWYER WHO LED PROSECUTION AGAINST TRUMP RESIGNS, FLEES USBOKO HARAM KILLS 40 FARMERS IN BORNO, DOZENS MISSINGFUBARA WINS AS COURT NULLIFIES RIVERS PDP CONGRESSESLAGOS LAWMAKERS IMPEACH SPEAKER AMID MULTIBILLION-NAIRA FRAUD ALLEGATIONPROTEST AT PDP HEADQUARTERS OVER TUSSLE FOR NATIONAL SECRETARY POSITIONLAGOS-CALABAR COASTAL ROAD MISSING IN 2025 BUDGETFG ACCUSES NNPCL OF FINANCIAL IRREGULARITIES, DIVERT N2.68TRN, $9.77MUNTIL PRICE OF FUEL IS AFFORDABLE THERE IS NOTHING TO REJOICE ABOUT RESUMPTION OF REFINERIES – KENNETH OKONKWOHOW ABACHA REBUFFED CARTER’S EFFORTS TO SECURE MY FREEDOM – OBASANJOFIVE GOVERNORS MAY DUMP PARTY AHEAD 2027TINUBU WASN’T ELECTED BY NIGERIAN PEOPLE, HE WAS SELECTED BY ELECTORAL COMMISSION, INEC – SOWORESERAP DRAGS TINUBU, 36 GOVERNORS TO ECOWAS COURT OVER MISUSE OF CYBERCRIMESMANY FEARED KILLED IN ZAMFARA AIRSTRIKEKANO EMIRSHIP TUSSLE: BAYERO REJECTS APPEAL COURT JUDGEMENT: HEADS TO SUPREME COURTGHANA’S NEW PRESIDENT REDUCES MINISTRIES FROM 30 TO 23 TO SAVE COSTALLURING PLACES OF INTEREST IN ENUGU STATE, BY ONYEKACHI EZEARMED HERDSMEN KIDNAP THREE SOLDIERS, 35 PASSENGERS ON ENUGU-NSUKKA ROADCOURT ORDER BARRING ME FROM OHANAEZE ELECTION A HOAX – EX-IGP, OKIRO29-YEAR-OLD MAN ARRESTED FOR KILLING MOTHER FOR RITUALSHOW AGGRIEVED PASSENGER GROUNDED ABUJA-BOUND AIRCRAFT LEFT TRAVELLERS STRANDEDECONOMIC ACTIVITIES RETURN TO SOUTH EAST AFTER YULETIDEFRANCOPHONE AFRICA IS ABANDONING FRANCE. WHAT WENT WRONG?FG, 21 STATES TO EYE N2.5TN VAT REVENUE IN 2025FG BEGINS DIRECT ALLOCATIONS TO LGS THIS MONTHENUGU RANGERS STILL FANNING THE FLAMESENUGU MONARCH SUSPENDED OVER ILLEGAL MININGIPMAN OPTIMISTIC OF IMMINENT DROP IN FUEL PRICESLESSONS FROM OHANAEZE NDIGBO ELECTION, BY ATIKU ABUBAKARNATIONAL GRID TRIPPED OFF, DIDN’T COLLAPSE – TCNHOW POOR REGULATION OF INSTANT PAYMENT SYSTEM FUELS CRIMINALITY IN NIGERIANIGERIAN ARMY REDEPLOYS SENIOR OFFICERSIDOLATRY FASTEST GROWING RELIGION IN SOUTH EAST – SOLUDO, URGES CHRISTIAN LEADERS TO SALVAGE THE SITUATIONSACKED PDP NATIONAL SECRETARY, ANYANWU, RISKS JAIL AS COURT ISSUES LAST WARNINGDESPITE BORROWING OVER $3.2BN, NIGERIA’S POWER GENERATION REMAINS AT 4500MWEFCC INVITES OKOYA BROTHERS OVER NAIRA ABUSE IN VIRAL VIDEONIGERIA FOOLING ITSELF OVER BORDER CLOSURE – NASSMASS KIDNAPPINGS: SOUTH-EAST TOPS RANSOM PAYMENTS, ACCOUNTS FOR 40% NATIONWIDEPOLICE ARREST CONTRACTOR OVER N1.09BN FRAUD IN ENUGURIVERS GOVERNOR, SIM FUBARA, CHALLENGES AZUTA-MBATA OVER ELECTION AS OHANNAEZE PRESIDENTNORTH-SOUTH CATTLE TRADE DECLINES BY 50 PERCENTPOLICE SHIELD BILLIONAIRE RASAQ OKOYA’S SONS FROM NAIRA ABUSE, ARREST OFFICER FEATURED IN VIRAL VIDEONIGERIA RECEIVES $52M DIEZANI LOOT FROM USDUNAMIS CHURCH: MIRACLES FAKED – EX-PASTORINEC REJECTS N40BN ALLOCATION IN 2025 BUDGET, PROPOSES N126BNFEAR OF SOLUDO SECOND TERM, BY TONY OKAFORVICTIMS OF ANAMBRA STAMPEDE BURIEDHOW MY INABILITY TO KEEP QUIET LANDED ME IN PRISON – OBASANJOORIGIN OF BRITISH PROJECT OF DE-IGBONIZATION OF RIVERS IGBO AND ROOT CAUSES OF IDENTITY DENIAL IN IKWERRE, OGBA AND MOST TRIBES IN RIVERS STATE, BY PROFESSOR CHIDI OSUAGWUCONFUSION AS TWO IKWERRE SONS CLAIM LEADERSHIP OF OHANAEZE NDIGBOUS COURT SENTENCED TRUMP 10 DAYS TO INAUGURATIONENUGU GOVERNOR, PETER MBAH, CREATES NEW URBAN AREAS, SIGNS LAND USE REGULATION ORDERENUGU STATE GOVT ACCOUNT NOT HACKED – POLICEIKWERE-BORN UCHE OKWUKWU EMERGES PRESIDENT OHANAEZE NDIGBO WORLDWIDEBANDIT LEADER, DOGO ISAH, KILLED IN CLASH WITH REPENTANT BANDITS IN KADUNASOLUDO HAS NO PROJECTS EXCEPT THOSE KILLED BY KIDNAPPERS – REV FR EBUBE MUONSOCOURT SENDS TEACHER WHO ASSAULTED 3-YEAR-OLD CHILD TO PRISONPRO-WIKE LAWMAKERS OVERRIDE GOVERNOR, ENACT THREE LAWSFORMER ABIA GOVERNOR, THEODORE ORJI, TO FORFEIT N228MTOP LARGEST PALM OIL PRODUCING STATES IN NIGERIA (2025)SACKED KANO SSG SAYS HE’S READY TO EXPOSE GOVERNOR YUSUF, KWANKWASOFORMER KADUNA GOVERNOR, EL RUFAI, IMPLICATED BY HIS CHIEF OF STAFFFIRST BANK SHAREHOLDERS PLOT REMOVAL OF OTEDOLA AS CHAIRMAN, CALL FOR EXTRA-ORDINARY GENERAL MEETINGCOURT FREEZES OBAIGBENA’S GENERAL HYDROCARBONS ASSETS OVER UNPAID LOANSOHANAEZE PRESIDENT GENERAL: FORMER IGP, MIKE OKIRO BOWS OUT OF CONTESTENUGU RANGERS, SWISS SIDE, FC SCHAFFHAUSEN SIGN PARTNERSHIP DEALALL FIVE LIVING US PRESIDENTS UNITE AT FUNERAL OF JIMMY CARTERI HAVE NEVER SEEN POVERTY LIKE THIS- SOWORE LAMENTS HARDSHIP UNDER TINUBUNIGERIA ASKS UN TO PROBE BOKO HARAM FUNDING, TRAININGHAUSA, FULANI FIGHT IN JIGAWA: 11 KILLED, 32 HOUSES BURNTI PLOTTED, SCRIPTED FAYOSE’S IMPEACHMENT WITH OBASANJO – EX-BUHARI’S AIDEAPC AFRAID OF PETER OBI’S RISING INFLUENCE AHEAD OF 2027 – LABOUR PARTY STAKEHOLDERSLAWMAKERS TACKLE TINUBU’S ECONOMIC TEAM OVER 2025 BUDGET PLANNIGERIA ASKS UN TO PROBE BOKO HARAM’S FUNDING, TRAININGX USERS LAMBAST APC NATIONAL SECRETARY, FELIX MORKA, OVER THREAT ON PETER OBITINUBU GOVT SPLITS NIGERIAN COLLEGE OF AVIATION INTO SIX CAMPUSES20 NIGERIAN WORDS MAKE LATEST EDITION IN ENGLISH OXFORD DICTIONARYKADUNA AIRSTRIKE THAT KILLED 24 PEOPLE, A PROFESSIONAL MISTAKE – CHIEF OF DEFENCE STAFFTINUBU GOVT OKAYS TARIFFS HIKE BY MTN, AIRTEL, GLOANAMBRA CATHOLIC PRIEST RESIGNS, EMBRACES AFRICAN TRADITIONAL RELIGIONREPORT CIRCULATING ON INTERNET OF MY ARREST FALSE – PETER OBIMOST HERBALISTS’ SHRINES IN ANAMBRA, DEN OF KIDNAPPERS – RESIDENTS TO SOLUDONIGERIAN GOVT GETS $255M CHINESE LOAN FOR KANO-KADUNA RAILWAY PROJECT
Wed. Jan 15th, 2025

CBN REVOKES HERITAGE BANK’S LICENCE

download 2024 06 03T124950.866 jpeg

CBN REVOKES HERITAGE BANK’S LICENCED

The Central Bank of Nigeria (CBN), on Monday revoked the licence of Heritage Bank Plc with immediate effect.

The move is in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020,
The CBN said this action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.

The apex bank said the Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

This, the CBN added, follows a period during which the apex bank engaged with the bank and prescribed various supervisory steps intended to stem the decline.

The CBN said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step. Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020. We wish to assure the public that the Nigerian financial system remains on a solid footing.“The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.”

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

    Related Posts

    NERC GIVES ENUGU, THREE OTHER STATES NOD TO COMMENCE ELECTRICITY GENERATION, TRANSMISSION, DISTRIBUTION

    NERC GIVES ENUGU, THREE OTHER STATES GET NOD TO COMMENCE ELECTRICITY GENERATION, TRANSMISSION, DISTRIBUTION The Nigerian Electricity Regulatory Commission (NERC) has confirmed the readiness of four state governments, including Enugu, Ekiti, Ondo and Imo to take over the generation, transmission and distribution of electricity in the state, as it conclude the transfer of regulatory oversight to the states. Announcing the development via a post on X, the commission said that the transfer process was still ongoing for six states including Oyo, Edo, Kogi, Lagos, Ogun and Niger. “As at January 10, 2025, NERC has commenced the transfer of regulatory oversight to 10 states. Once the transfers are complete, the states will be in charge of regulating their electricity markets. “The 10 states are: Enugu, Ekiti, Ondo, Imo, Oyo, Edo, Kogi, Lagos, Ogun and Niger. The transfers have been completed for 4 states, namely Enugu, Ekiti, Ondo, and Imo, while 6 states are still in progress,” the commission stated. The transfer of regulatory oversight by NERC is in compliance with the Electricity Act (EA) 2023, which empowers state governments, individuals to actively participate in electricity generation, transmission and distribution. The EA also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the State Regulator. According to NERC, state governments are expected to comply with the conditions precedent in the laws, duly notify the commission and request for the transfer of regulatory oversight of the intrastate electricity market in the state. With the EA 2023, the Commission retains its role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.

    Continue reading
    CBN FINES NINE BANKS N150M EACH FOR FAILING TO DISPENSE CASH VIA ATMS

    CBN FINES NINE BANKS N150M EACH FOR FAILING TO DISPENSE CASH VIA ATMS The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. The fines will be directly debited from the banks’ accounts with the CBN. In a press statement released on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, emphasised the regulator’s commitment to ensuring seamless cash availability. The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season. “Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand. “The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.” Sidi-Ali noted that CBN will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines. The apex bank had previously warned banks to comply with cash distribution policies. The CBN has pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point-of-Sale terminals. The regulator was collaborating with security agencies to address illegal cash sales and ensure compliance with the daily withdrawal limit of N1.2m for POS operators. Last September, the CBN announced plans to penalise banks failing to dispense cash via ATMs as part of efforts to ensure adequate cash circulation. In November, the bank urged customers to report ATM and branch cash withdrawal issues starting December 1, 2024, through designated state-specific phone numbers and email addresses. The fines underline CBN’s determination to prioritise customer needs and ensure uninterrupted access to cash.

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    News

    VEHICLE FLEEING KIDNAPPERS PLUNGES INTO RIVER, EXPATRIATE, OTHERS MISSING
    Business

    NERC GIVES ENUGU, THREE OTHER STATES NOD TO COMMENCE ELECTRICITY GENERATION, TRANSMISSION, DISTRIBUTION
    News

    $225M DEBT: FIRST BANK SPEAKS ON LEGAL TUSSLE WITH OBAIGBENA’S GHL
    Business

    CBN FINES NINE BANKS N150M EACH FOR FAILING TO DISPENSE CASH VIA ATMS
    News

    JANUARY 1966: A MORNING OF MURDER, MAYHEM AND CARNAGE
    News

    WE’LL PRIORITIZE PASSAGE OF TAX REFORM BILLS – SPEAKER, ABBAS

    DISCLAIMER - TERMS AND CONDITIONS - PRIVACY POLICY