CBN Revokes Licenses Of 132 Microfinance Banks
The Central Bank of Nigeria, CBN, has revoked the operating licenses of 132 Microfinance Banks, three finance companies and four primary mortgage banks in the country.The CBN said the Microfinance Banks, Finance Companies and Primary Mortgage Banks ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months.They also failed to fulfill or comply with the conditions subject to which their licences were granted.They also failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.A gazette signed by CBN Governor, Godwin Emefiele read;“Now Therefore, I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively attached hereto.”Some of the affected Microfinance banks include Atlas Microfinance Bank; Bluewhales Microfinance Bank; Everest Microfinance Bank; Mainsail Microfinance Bank; Nopov Microfinance Bank; Ohon Microfinance Bank; Premium Microfinance Bank and Statesman Microfinance Bank.Others include Manny Microfinance Bank; Reality Microfinance Bank; Osina Microfinance Bank; Zikado Microfinance Bank; Taraba Microfinance Bank, Ndiagu Microfinance Bank, among others.The Finance Companies- HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.The primary mortgage Banks which also lost their licenses are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.
Fuel Subsidy: Osun Govt threatens to seal stations hoarding petrol
The government of Osun state has warned filling stations against hoarding petroleum products in the state.In a statement signed by the state’s governor spokesman, Olawale Rasheed on Tuesday, the govt threatened to seal filling stations found guilty and prosecute the operators.The removal of fuel subsidy by President Bola Tinubu during his inaugural speech at Eagle Square on Monday, immediately after he was sworn in.“Any fuel station found guilty of hoarding fuel to create artificial scarcity shall be sealed off and operators prosecuted for the crime of economic sabotage,” Adeleke said.It added that the removal of fuel subsidy by Tinubu has caused unnecessary hardship for the people of the state.“This deliberate action is not only inhumane but unpatriotic and will not be allowed by the government. To this end, the Special Monitoring Team on fuel scarcity set up by His Excellency, Governor Ademola Nurudeen Jackson Adeleke headed by the Chief of Staff, Hon Kazeem Akinleye is still effective and shall not condone any form of economic sabotage.“As from today, May 30, 2023, the Committee shall begin special monitoring of all the filling stations across the state in collaboration with law enforcement agencies and other stakeholders,” it added.However, the Nigerian National Petroleum Company Limited has supported the decision of Tinubu on the removal of fuel subsidy.The head of the company, Mele Kyari explained that the company had been spending a significant portion of its profits on the product subsidy.However, he assured Nigerians that there was no need for panic buying as the company had enough product to supply the country for the next 30 days.
Fuel Hike: Tinubu’s thoughtless announcement responsible – Sowore
Omoyele Sowore, the presidential candidate of the African Action Congress, AAC, in the February 25 presidential election has lashed out at President Bola Tinubu. This followed Tinubu’s decision to end fuel subsidy. Reacting to the resurfacing of queues, Sowore said that Tinubu’s “thoughtless fuel subsidy removal announcement triggered fuel scarcity and price gouging all over the country.” Recall that marketers and operators have increased petrol pump prices to N210-N500 per litre, following the confirmation of fuel subsidies removal by Tinubu’s administration. In a post via his verified Twitter handle on Tuesday, Sowore claimed that the nation’s elites don’t care about Nigerians. He wrote, “Asiwaju Bola Ahmed Tinubu @officialABAT thoughtless fuel subsidy removal announcement has already triggered fuel scarcity and price gouging all over Nigeria. This is why Nigerians must understand that nothing good will come out the Nigerian Elite-in and out- of power. They’re always after you. They don’t care about you! #Revolutionnow.”
Mbappe wins French best player award for fourth successive time
Kylian Mbappe has won Ligue 1 player of the season for the fourth successive time. He achieved the feat after helping Paris Saint-Germain win a record 11th French title. The France star has scored 28 goals in the league this term and is on course to finish as the division’s top scorer for the fifth season running. “It’s a pleasure, I always wanted to win, to write my name into the league’s history. But even with all the ambition I have I didn’t expect to win so quickly,” said Mbappe on receiving his award. Mbappe, scorer of 40 goals this campaign, snubbed Real Madrid at the end of last season and signed a new three-year contract to stay with PSG. According to reports, the 24-year-old’s contract will run out next year unless he exercises an option to stay until 2025. Asked about his future at the awards ceremony, Mbappe replied: “I will be here again next season.” He is the first four-time winner of a prize first awarded in 1994, surpassing Zlatan Ibrahimovic who won the accolade on three occasions with PSG. Franck Haise of Lens was named coach of the season after leading the club to second place and a return to Champions League football for the first time in two decades. Lens goalkeeper Brice Samba was also honoured while Paris Saint-Germain left-back Nuno Mendes earned the best young player award. He was one of four PSG players in the team of the season alongside Mbappe, Lionel Messi and Achraf Hakimi.
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