Seven banks are undercapitalised, says report

   

CBN Governor, Mr. Godwin Emefiele

    A stress test conducted by a Dubai-based international investment bank, Arqaam Capital, has indicated that seven Nigerian banks are undercapitalised to the tune of N1tn ($3.2bn).

It also reported that two other banks were close to being insolvent.

The investment bank said the Nigeria’s banking industry “is experiencing a full-blown financial crisis” as failed fiscal and monetary policies had led to a credit crunch.

     “Our acid test reveals seven undercapitalised banks” with a deficit of as much as N1tn ($3.2bn) in the financial system,” Meijer and Sleiman said.

“Unity Bank and Skye Bank are close to being insolvent, while lenders, FBN Holdings Plc and Sterling Bank Plc, will need a dilutive capital hike,” they added.

The affected banks reacted to the report on Monday, saying there was no iota of truth in the report.

The spokesman for First Bank, Mr. Babatunde Lasaki, said, “First Bank is not undercapitalised. We are still within the industry regulatory threshold. This is their opinion. Our position has been published in our half-year report; it is not the one from an investment bank or a speculative report. Our Q3 report will soon be published.”

Also reacting, a spokesman for Diamond Bank, Ikechukwu Mike Omeife, said, “Our bank is strong. Our capital-adequacy ratio and non-performing loans are within the statutory requirements.”

A top source at the Unity Bank said the bank was still meeting its obligations.

The source, who did not want to be quoted, said, “Our financial position has been enhanced. We have just moved our head office to Lagos in order to be closer to the market and retail market. All these strategic investment decisions have shored up market confidence in the bank.”

Similarly, a top official of Skye Bank, who spoke on condition of anonymity, said the bank was not close to being insolvent.

The source said the Central Bank of Nigeria had issued a statement, stating that the bank was not distressed.

To create a capital buffer, Sterling Bank is planning to issue a N27bn bond and “if the interest rate looks better, we will do it this year,” the Sterling Bank Chief Financial Officer, Abubakar Suleiman, toldBloomberg.

The spokesman for FCMB, Mr. Diran Olojo, could not comment immediately.

Fidelity Bank did not give any response on the development.

Rice price’ll fall by Nov. — FG

   

The Federal Government on Monday declared that the price of rice would start to fall from November this year.

It stated that more Nigerians had returned to their various farms, adding that at the next harvesting season next month, the price of rice would start to crash.

This came as the government said that the delay in the approval of the 2016 budget had made it impossible to implement the capital expenditure in the agricultural sector.

   He said the Federal Government was against rice smuggling and noted that the Seme border had become a notorious route for the smuggling of contraband products into the country.

“We will not encourage rice importation and there is no way our ministry or government can be involved in importing rice when we are working hard to be self-sufficient in local production. By November when the full-scale harvest starts, rice prices will fall,” the minister said.

Early last month, the government had warned that the price of rice might hit N40,000 a bag. It is currently being sold around N20,000.

The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, said that the $22bn annual food import bill had led to the astronomical rise in the price of rice and other commodities.

He stressed that if Nigerians failed to produce some of the items being imported before December, the price of rice could skyrocket to N40,000 a bag.

On why the ministry had yet to start implementing its capital budget, Ogbeh said, “It is about now that the capital expenditure is beginning. One of the reasons why money is not circulating is that we need to follow the due process on issues of procurement, advertisement and others.”

According to him, his ministry has spent just N882.58m, representing four per cent of the N21bn budgeted for it in the 2016 Appropriation Act.

He also said, “You may be surprised to know that only six to seven states in Nigeria are showing enthusiasm in agriculture. Some by nature don’t seem interested, while others just can’t connect with whatever we are doing at the federal level.”

Ogbeh further stated that his ministry inherited N67bn debt when the present administration came on board, but added that N20bn had been paid to agro-dealers and distributed 900 million oil palm seedlings to farmers across the country.

YOU SURE HAVE A LOT TO LEARN FROM THIS....

become blind and end up destroying themselves.
3. You fight best in your natural element and environment. Here the bird has advantage in his natural element.
4. Know your limits, we all have them.
5. Sometimes the best response to provocation is not to fight.
6. Sometimes to accomplish something you need team work, you will not always win alone.
7. Stick to what you do best and don't pursue what will kill you.

Fraud: FG may file charges against ex-governors in October

   

Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami

     The Federal Government, through its newly set up National Prosecution Coordination Committee, may start filing fraud charges against some former governors before the end of October, The PUNCH learnt on Sunday.

It was learnt that the NAPCC and some of the special teams of prosecutors, pooled together by the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, had commenced the review of the corruption cases involving some of the former governors and politically-exposed persons.

A top member of the NPCC told our correspondent on Sunday that the preliminary issues would be completed soon and the Federal Government’s special teams of prosecutors would start filing charges against some of the ex-governors.

The PUNCH gathered that various anti-graft agencies and other law enforcement bodies with prosecutorial powers had since complied with the directive issued by the AGF in August, asking them to remit the duplicate files of the high profile cases they were handling to the NPCC.

Earlier, The PUNCH had reported on July 28 that the AGF had written to both the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other related offences Commission, calling for the duplicate files of the alleged corruption cases involving some named 31 ex-governors.

A source, familiar with the ongoing review of the cases, said, “You will recall that before the NPCC began work, the AGF had written to the EFCC and ICPC, asking them to remit the duplicate files of 31 ex-governors and some other politically-exposed persons to his office.

“While the anti-corruption agencies had yet to respond, the AGF again asked the various agencies with prosecutorial powers, including the ICPC and the EFCC, to compile and remit the duplicate files of all high profile cases they had to the NPCC.

“I can tell you that the agencies have responded to the AGF’s directive and the NPCC is now reviewing the files.”

The source added that the files had been distributed to some of the 20 prosecuting teams, each comprising four lawyers, also recently pooled together by the Federal Government through the AGF.

The source stated, “We don’t want to rush to court. So we have asked some of our teams of prosecutors to look into the files and review the evidence and draft charges where there is sufficient evidence.

“After the review is completed, we will then hold a conference of all the lawyers to review the drafted charges before filing.

“We expect that all these will be concluded soon and we start filing the charges before the end of this month.”

The PUNCH obtained the list of the former governors, who were named in the AGF’s letter, and reported that some of the ex-governors included some who had been convicted for fraud charges preferred against them by the EFCC.

Some of them also had their cases terminated before full-blown trials could begin.

Others were said to be currently undergoing trial on charges initiated against them by the EFCC at either the various divisions of the Federal High Courts or the High Courts of their home states.

There are about five of the former governors who are now serving senators.

The affected personalities, it was learnt, served as governors for either one or two terms between 1999 and 2015, and were from the six geopolitical zones of the country.

The list contained the names of Senate President Bukola Saraki, who is a former Governor of Kwara State; Godswill Akpabio, a former Governor of Akwa Ibom State; and a factional Chairman of the Peoples Democratic Party, Senator Ali Modu Sheriff, who is an ex-Governor of Borno State.

Other former governors include Orji Uzor Kalu (Abia); Chimaroke Nnamani (Enugu); Saminu Turaki (Jigawa); Sule Lamido (Jigawa); Joshua Dariye (Plateau); Ahmed Yerima (Zamfara); Gabriel Suswam (Benue); Martin Elechi (Ebonyi); Danjuma Goje (Gombe) and Murtala Nyako (Adamawa).

They also include Ikedi Ohakim (Imo); Achike Udenwa (Imo); Abdullahi Adamu (Nasarawa); Gbenga Daniel (Ogun); Jolly Nyame (Taraba); Boni Haruna (Adamawa); George Akume (Benue); Rashidi Ladoja (Oyo); Attahiru Bafarawa (Sokoto) and Adebayo Alao-Akala (Oyo).

Others are Usman Dakingari (Kebbi); Adamu Mu’azu (Bauchi); Peter Odili (Rivers), and Lucky Igbindedion (Edo).

But among them, only Udenwa, Mu’azu, Dakingari, Sheriff, Akume, Elechi and Akpabio have never been charged by any of the anti-corruption agencies.

Apart from the charges relating to his assets declared to the CCB, full-blown criminal charges relating to his tenure as Governor of Kwara State have also not been filed against Saraki.

Part of the AGF’s letter indicated that the cases against some of the former governors were investigated some years ago but charges were never filed against them.

The letter partly read, “It is clear that some of these (ex-) governors and other politically-exposed persons have not been charged to court despite the fact that the ICPC has concluded their investigations concerning allegations levelled against them, for one reason or the other.

“It is the position of the present administration that all ex-governors, who the ICPC had long concluded investigations into the various allegations levelled against them, should be immediately prosecuted.”

When contacted by our correspondent on Sunday, Special Adviser to the AGF and the spokesperson for the NPCC, Salihu Isah, said he needed time to make inquiries about the level of work of the committee.

I’m not injured – Mikel

   

Mikel Obi

  Super Eagles captain Mikel Obi has denied reports that he is injured, saying he is ready for Sunday’s Russia 2018 World Cup qualifier against Zambia  at the Levy Nwanawasa Stadium in Ndola, Zambia.

Chelsea manager Antonio Conte had told a press conference on Friday  ahead of his team’s Premier League match against Hull City on Saturday that Mikel would not feature in the encounter, which  the Blues eventually won 2-0 because the player had “a  small muscular problem”.

“Conte rules John Terry out of tomorrow’s game. Mikel is also out with a small muscular problem,” the English giants wrote on their Twitter handle.

 The development has  sparked fears  among  the Eagles’ fans  that the 2012 UEFA Champions League winner could miss the World Cup qualifier against Zambia.

Mikel has yet to play for Chelsea this season after helping  Nigeria win bronze at the  Rio 2016 Olympic Games.

However, the Nigeria Football Federation confirmed on Sunday the 29-year-old was fit and ready for the fixture against Chipolopolo.

Spokesman for the NFF  Ademola Olajire  said the player  had spoken to the federation.

“I don’t know where the story about my being injured came from. I have no injury. All the other players and myself are fit and ready and we are determined to start the World Cup race on a winning note,”  Olajire quoted Mikel  as telling  the Eagles’ Administrator Enebi Achor on Saturday.

Meanwhile, Nigeria coach Gernot Rohr and his  assistants arrived  in Abuja on Sunday  ahead of the team’s  preparations for the World Cup qualifier.

According the NFF,  Rohr arrived in the country from France in company with his  technical assistant Jean Luc Royer and video analyst Nabil Trabelsi.

The players are expected in camp from Monday with training sessions scheduled for morning and evening each day before their departure to Ndola on Friday.

Ex-Cameroon defender Rigobert Song in coma

      

   

(FILES) This file photo taken on June 24, 2010 shows Cameroon's defender Rigobert Song eyeing the ball during the Group E first round 2010 World Cup football match on June 24, 2010 at Green Point stadium in Cape Town.

    Former Liverpool defender Rigobert Song, 40, the ex-captain of Cameroon’s national side, was in a coma Monday after suffering a stroke.

Cameroon’s state radio reported that Song, who also played for West Ham United, Metz and Lens in France and Galatasaray in Turkey, was rushed to a nearby hospital from his Yaounde home on Sunday after suffering a cerebral aneurysm.

Song was in a coma, the radio reported.

“I wish you lots of courage and a speedy recovery,” former Cameroon team-mate Samuel Eto’o said in a Facebook post.

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