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Relax your minds, money saved in Nigerian banks are secured -CBN gives double assurance
By Mario Deepromoter
The Central Bank of Nigeria (CBN) has assured Nigerians not to panic as it has put in place policies to ensure that all monies deposited in financial institutions across the country are secured.
A statement by the apex bank’s Ag. Director, Corporate Communications, Hakama Ali on Tuesday, reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.
The development comes following a fresh uproar across the country on Monday, warning customers of certain banks to immediately withdraw their deposits, as the licences of those banks had been withdrawn by the CBN.
The statement said, “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.
“In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.”
Furthermore, the CBN said it has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.
This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” the statement added.
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1,172 Nigerians Killed, Over 1,000 Kidnapped In Nine Months – NHRC
The National Human Rights Commission (NHRC) says a total of 1,463 people were killed by non-state actors while 1,172 Nigerians were kidnapped between January to September 2024.
According to the data from the commission, the month of May recorded the highest number of persons killed with 298 while March recorded the highest number of abductions with 499 kidnappings.
These figures were presented on Wednesday at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja.
In his remarks, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.
“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” he said.
“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”
The NHRC attributed the rise in kidnappings, killings and child abandonment to the negligence of the state tom protect its citizens.
“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.
“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Tony Ojukwu, NHRC Executive Secretary said.
The delegation from the EU reiterates its commitment to support Nigeria to overcome these challenges. It also urged the Federal Government to work with the armed forces to end this trend.
“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.
News
Trump picks ex-Democrat Tulsi Gabbard as US Intel Chief
Donald Trump on Wednesday named former Democrat Tulsi Gabbard, who has opposed US support for Ukraine and met Syria’s president Bashar al-Assad, as his incoming Director of National Intelligence.
The Republican president-elect said Gabbard, a veteran and one-time Democratic White House contender, would “bring the fearless spirit that has defined her illustrious career to our intelligence community.”
Gabbard thanked Trump “for the opportunity to serve as a member of your cabinet to defend the safety, security and freedom of the American people. I look forward to getting to work.”
The former Hawaii congresswoman switched sides from the Democrats and backed Trump earlier this year, helping him during his debate preparations against Kamala Harris, and had been expecting a reward for lining up behind the former president.
She has long held isolationist foreign policy views and embraced a number of conspiracy theories.
Gabbard made false claims in 2022 about there being US-sponsored biolabs in Ukraine — a key trope of Russian propaganda justifying Moscow’s invasion that year.
She demanded US military withdrawal from Iraq and Syria during her 2020 presidential run.
In 2019, Hillary Clinton said that Russia was grooming a US Democratic candidate for a third-party run, in comments that were apparently directed at Gabbard — and strongly rejected by her.
Gabbard also had a controversial 2017 meeting with Syria’s Assad at the height of the country’s bloody civil war.
News
Stop importation of fake fuel to Nigeria, professionals in Europe tell Tinubu
By Kayode Sanni-Arewa
The Association of Nigerian Professionals in Europe (ANPE), has asked President Bola Ahmed Tinubu to, as a matter of urgent national importance, stop the dumping of tainted Petroleum Products, otherwise known as fake fuel, being imported into the country.
Tinubu is the President and Commander-In-Chief of the Armed Forces, who doubles as the Minister of Petroleum Resources of the most populous African country, Nigeria, and a major player in oil production in the world.
Despite being major oil producer, Nigeria still battles with importation of refined products, which over 150m end users largely depend on. The nation’s refineries – Kaduna, Warri and Port Harcourt have remain in comatose, despite the many interventions of the present administration in billions of dollars.
Aside the allegation of frustrating the only viable local refinery, Dangote, the oil cabals have also been accused of encouraging importation of off-spec and adulterated products into the country, the allegations National Assembly Joint Committee is currently investigating.
In a press statement signed on Wednesday by the Global President of ANPE, Mr. Solomon Ola, the Nigerian Professionals in Europe are calling on President Tinubu to cause an urgent investigation of the recent trend of infiltrating the Nigeria’s market with product capable of putting lives of the people in great jeopardy.
The group warned that, “Importation of the sanctioned-tainted petrol into Nigeria would no doubt have diplomatic consequences, bearing in mind the sanctions that the Price Cap Coalition, comprising the European Union, the United States, the G7, and Australia, imposed on Russian-sourced crude and petroleum products”.
The statement read, “The Association of Nigerian Professionals in Europe (ANPE) has followed developments in Nigeria’s petroleum industry with concern, given the absurd positions being canvassed by some stakeholders regarding the safety of the country and citizens regarding the quality of products being retailed.
“ANPE has consequently decided to urge President Bola Tinubu, as a matter of national interest, to use his mandate as the country’s chief executive to halt the designation of Nigeria as a dumping ground for foreign-sourced tainted, adulterated, and questionable petroleum products.
“We are sad and alarmed by recent developments in Europe, from Russia to Malta and every part of Europe, our home country has become a lucrative destination for the dumping of adulterated petroleum products such as PMS popularly known as petrol, which industry experts have tagged as fake fuel.
“Our association is concerned that the petroleum products in question are still being dumped in Nigeria even after industry experts have warned about their substandard nature, which poses material and economic risks to Nigerians whose vehicles and equipment could be damaged by dirty fuel.
“Fake fuel also has negative implications for the environment in addition to the associated dangers that the fumes from these products pose to public health, a situation that the Nigerian government would find exceptionally challenging since such a health burden would further stretch already lean public finances.
“Importation of the sanctioned-tainted petrol into Nigeria would no doubt have diplomatic consequences, bearing in mind the sanctions that the Price Cap Coalition, comprising the European Union, the United States, the G7, and Australia, imposed on Russian-sourced crude and petroleum products. In response to Russia’s invasion of Ukraine, the Price Cap Coalition forbids transactions on crude oil and petroleum products of Russian Federation origin unless they are transacted at or below $60, a price band that the products imported into Nigeria routinely violate even when the products are of Russian origin.
“A third concern for our association is the absurdity of importing relatively pricier petrol into Nigeria when more affordable and quality options are available from local refineries. This insistence on flooding Nigeria with bad petrol is equally bad for the economy. It is actively sabotaging President Tinubu’s economic policy.
“Things have gone so awry that Nigeria has become the toast of European companies peddling these products, which cannot be sold in other African countries such as Ghana, Benin Republic, Togo, South Africa, Angola, Kenya and others. The collaborators of these European firms back in Nigeria collude to force these products on citizens of our dear nation for the sole purpose of profit-making.
“ANPE is consequently alerting Mr President and calling for caution while demanding that he directs the relevant authorities to urgently investigate and stop this illegal trade that places the nation and citizens in jeopardy”.
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