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Revealed: Powerful Nigerians own four commercial banks in our country-Liberia’s VP
Liberia’s Vice President, Jeremiah Kpan Koung, has said that Nigerians now own about half of Liberia’s commercial banks.
He said this during the 17th Annual Banking & Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
Koung, speaking to an audience of banking professionals and government officials, praised the role Nigerian banks play in Liberia’s economic landscape.
He emphasized that Nigerian investors have been instrumental in increasing market competition, boosting efficiency, and providing credit lines to support private sector growth.
The Liberia’s Vice President said: “We welcome and applaud the expansion of Nigerian-owned banks in Liberia. The presence and increase in Nigerian-owned businesses, especially banks, are helping to increase market competition and improve efficiency.
“These banks continue to play major roles in providing jobs and establishing credit lines to support the development of our private sector. Presently, there are four (4) Nigerian-owned banks operating in Liberia out of a total of eight (8) commercial banks. This is a clear sign that Nigerians remain interested in investing in Liberia, and as a government, our doors remain open to you.”
He expressed his government’s openness to further investment from Nigerian banks, noting their critical role in job creation and economic development.
Koung also touched on Liberia’s efforts to integrate into the West African Monetary Zone and the Economic Community of West African States (ECOWAS), with a vision to adopt a single currency regime.
He explained that the Central Bank of Liberia is working on a new monetary policy framework that will align with the region’s economic integration goals. However, Koung warned that achieving this vision will require collective economic responsibility from all member states, including managing debt and stabilizing exchange rates.
Koung said: “Currently, the Central Bank of Liberia is working on the monetary policy framework to meet the requirements for the West Africa Monetary Zone. As you may be aware, it is expected that Liberia, Ghana, Gambia, Guinea, Sierra Leone, and Nigeria will work towards the implementation of a single currency regime to achieve economic integration.
“This policy framework will lay the foundation for the realization of a common currency for all ECOWAS member states. However, to achieve this vision, we have a collective responsibility to make sound economic decisions to reduce our debts and stabilize our exchange rates.”
The vice president further emphasized the need for investment banks in Liberia, noting that the country’s only development bank, the Liberia Bank for Development and Investment (LBDI), lacks the capital necessary to finance the country’s ambitious economic transformation agenda.
As a result, Liberia has had to rely on multilateral development institutions like the African Development Bank and the World Bank to finance large-scale projects. Koung called for more investment in Liberia’s banking sector to address this gap.
In his closing remarks, Koung expressed optimism that the Abuja conference would inspire new policy directions to enhance the banking sectors in both Nigeria and Liberia.
He highlighted the potential for greater collaboration between the two countries, particularly in the areas of trade, investment, and financial services.
However, checks on the website of Central Bank of Liberia (CBL) showed that there are nine commercial banks in Liberia.
The four linked to Nigerians are Ecobank Liberia Limited (EBLL), United Bank for Africa Liberia Limited (UBALL), Access Bank Liberia, and Guaranty Trust Bank Liberia (GTBL).
The other five banks in Liberia are Liberian Bank for Development & Investment (LBDI), International Bank Liberia Limited (IBLL), Global Bank Liberia Limited (GBLL), Sapelle International Bank Liberia Limited (SIBLL), and Afriland First Bank LIBERIA Limited (AFBLL).
By Mario Deepromoter
The power outages Nigerians experienced on Monday evening have been restored in some parts of Abuja Electricity Distribution Company franchise areas.
A check carried out by NAN revealed that places like Deidei, Suleja, Lugbe, Kuje and other areas had their light restored on Tuesday at about 5:15 am.
Customers in the AEDC were told of the disruption in supply, which was attributed to the collapse of the National grid.
In a statement on its Twitter handle on Monday, the company said that the system collapse occurred at about 6.58 pm.
Be rest assured that we are working with relevant stakeholders to restore power as soon the grid stabilises,” it said.
NAN
By Mario Deepromoter
The Court of Appeal in Abuja has set October 17 for the hearing of appeals related to the ongoing emirship tussle in Kano State.
The dispute centres around the appointment of the Emir of Kano, a position that has sparked legal challenges involving several parties.
A three-member panel of justices, led by Justice Mohammed Mustapha, reserved judgment on Monday after listening to submissions from the lawyers involved.
The two major appeals are filed by Alhaji Aminu Ado Bayero against the Attorney General of Kano State and 10 others, as well as a separate case involving the Kano State House of Assembly versus Alhaji Aminu Babba Dan Agundi and six others.
The hearing will also address a motion to stay the execution of the July 25 judgment concerning the enforcement of fundamental rights.
A Federal High Court in Kano, presided over by Justice Abdullahi Liman, has nullified Governor Abba Yusuf’s decision to depose Emir Ado Bayero and appoint Muhammadu Sanusi II on May 23.
The court also held as “null and void” the Kano Emirate Council (Repeal) Bill, 2024, passed by the Kano State House of Assembly, which voided Bayero’s seat.
The judge said, “The above action violates the order of this court earlier stated,” adding “The balance of convenience is on the applicant herein (Alhaji Aminu Babba Dan Agundi).”
However , the ruling comes as a Kano State High Court had also restrained Ado Bayero from acting as the emir.
NAN
By Mario Deepromoter
Tunisian pilot who flew the Super Eagles team to Libya reveals he was instructed by Libyan authority to divert the plane to a different location.
According to the pilot, the original flight plan was to land the aircraft in Benghazi, Libya, as approved by the aviation authorities. But later they were suddenly directed by officials to divert to another airport just as they neared their destination.
“The flight plan was to land in Benghazi. We got the approval from the Libyan civil aviation authority that we were approved to land,” the pilot explained. “But unfortunately, when we started the descent, they asked us to divert to Mitiga, which is almost 150 miles (300 km) away. This was not even our alternate airport.”
The pilot said he warned the officials that the diversion would have severely impacted their fuel reserves, and could compromise the safety of the flight.
I asked them several times, at least eight times, and I warned them that I would be in trouble for the fuel situation,” the pilot recounted. “They said it was from the highest authority and that we had to divert to Mitiga immediately.”
The pilot later complied with the directive. Thankfully, the aircraft landed safely in Mitiga with no challenges.
This revelation comes hours after Super Eagles players reported that had been mistreated by Libyan authorities ahead of their Tuesday match, which they later boycotted and flew back home after being held hostage for 20 hours.
In a series of tweets early Monday morning, Super Eagles captain William Troost-Ekong described the situation as “disgraceful,” accusing the hosts of playing “mind games.”
He revealed that the team was kept in an abandoned airport with no access to food, drink, or phone connections.
Nigeria defeated Libya 1-0 at the Godswill Akpabio International Stadium in Uyo on Friday, October 11. Both nations were scheduled to play the return leg in Libya on October 15.
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