Institutions
Court dismisses case against CBN’s directives on bank charges
The Federal High Court sitting in Abeokuta, Ogun State Capital, has dismissed a suit instituted by a legal practitioner, Olumide Babalola, challenging the Central Bank of Nigeria (CBN) policy on Current Account maintenance Fee contained in the Guide to the Charges by Banks and other financial Institutions of January 2020. Babalola had instituted the action in the name of his law firm, Babalola LP, in which he contended that the policy and guidelines of the CBN violated his fundamental human rights. The CBN, through its Counsel, Adeleke Agbola, of Cheakley Chambers, however challenged the suit on the ground that the plaintiff lacked the legal capacity to institute the suit on a policy that affects the public. In his Notice of Preliminary Objection to the Suit, Agbola had contended that the ...
Archbishop Sam Zuga: CBN lacks power to stop cryptocurrency
Archbishop Sam Zuga has reacted to the Central Bank of Nigeria’s (CBN) new order on Cryptocurrency. The Apex bank had directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. Reacting to the shocking news, Archbishop Sam Zuga, the CEO of one of Africa’s fastest growing currency, Zugacoin expressed his disappointments at the CBN’s decision, while allaying the fears of Zugacoin investors and intending buyers. According to the Cleric’s message obtained from his social media page, “Cryptocurrency doesn’t need bank account to operate or exist.” He wrote, ”RICH PEOPLE WANT THE POOR TO REMAIN POOR. NOT AGAIN! This is is not news. It has been like this since the beginning of Cryptocurrency. But right n...
U.S. threatens to take action against detainers of Myanmar’s president, others
The U.S. has threatened to take action against those responsible for the detention of State Counsellor Aung San Suu Kyi, as well as President Win Myint in Myanmar. “The United States is alarmed by reports that the Burmese military has taken steps to undermine the country’s democratic transition, including the arrest of State Counselor Aung San Suu Kyi and other civilian officials in Burma (Myanmar). “President (Joe) Biden has been briefed by National Security Advisor Jake Sullivan,” White House Spokesperson Jen Psaki said in a statement. Earlier, Western media reported that Aung San Suu Kyi and President Win Myint were detained along with other members of Myanmar’s ruling party in an early morning military raid on Monday. “We continue to affirm our strong support for Burma’s democratic ins...
Bishop Kaigama: It’s time to give youths chance in governance
The Archbishop of the Catholic Archdiocese of Abuja, His Grace Ignatius Kaigama, has said time has come for youths to take active part in governance. Kaigama, who insisted that “it is the right time now to give our youths a chance to express their leadership skills”, tasked authorities to expand the political space to allow more youths involved in decision making. Kaigama particularly advised Nigerian youths to seize the opportunity to bring to an end, decades of recycling political leaders by taking up leadership positions in the country. Speaking Saturday, during the 9th convocation lecture of Veritas University, Abuja,where he is the Chancellor, Kaigama said:”Recent events in our country show that there is the urgent need to expand the political space and allow our youths to be more inv...
DR Congo parliament ousts pro-Joseph Kabila premier
Lawmakers in the Democratic Republic of Congo (DRC) have dismissed the Prime Minister Sylvestre Ilunga Ilunkamba on Wednesday evening during a parliament plenary session held in Kinshasa. The dismissal came after the majority of the lawmakers passed a vote of no-confidence to the Premier alleging his inability in the management of the country. The National Assembly approved a motion of censure against Ilunga Ilunkamba and his government by 367 votes to seven. Under the Democratic Republic of Congo’s constitution, parliamentary censure requires the prime minister to step down within 24 hours. The Prime Minister boycotted the session terming it illegitimate under the constitution and internal regulations of parliament. The session was also boycotted by pro-Kabila party Mps who also stressed ...
WSJ: China’s Ant Group plans revamp amid regulator pressure
China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday. The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources. Chinese regulators had asked Ant to consider folding up most of its financial businesses into a holding company that would be subject to more stringent capital requirements, two sources told Reuters in December. The country’s central bank, People’s Bank of China, has said Ant controls a range of financial institutions, including sec...
Nigeria to conduct 450 coronavirus tests per local council
The Presidential Task Force (PTF) on COVID-19 says the Nigeria Centre for Disease Control (NCDC) will carry out 450 COVID-19 tests in each local government area of the country. The PTF chairman, Mr Boss Mustapha, also Secretary to the Government of the Federation, made this known at the national briefing on COVID-19 on Monday in Abuja. Mustapha said the exercise would start with the states that were in the forefront of resourcing and infrastructure. According to him, the PTF has authorised the NCDC to immediately implement the 450 tests per local government plan nationwide. Mustapha said: “We are aware that states are not on the same pedestal in the area of testing, and we shall begin with the states that are in the forefront of resourcing and infrastructure.” On resumption of schools, Mus...
Iran’s smog, blackouts made worse by power-sapping crypto mining
Outages have been compounded by cryptocurrency mining, which uses banks of high-powered computers. Cities across Iran have been cloaked in thick layers of toxic smog and darkened by blackouts, as the alleged use of low-quality fuel and power-sucking cryptocurrency mining deepen the country’s hardships. Tehran’s Hamshahri newspaper, the country’s most-read daily, ran the headline, “20 Days Living in Smoke,” on Wednesday over a photo of the capital covered in smog. Power plants have been forced to switch to burning low-grade fuel oils to generate electricity because high levels of domestic consumption have led to natural-gas shortages, the semi-official Iranian Students’ News Agency reported. Oil Minister Bijan Namdar Zanganeh denied earlier this week that any of Iran’s power stations are us...
US slaps sanctions on two foundations linked to Iranian supreme leader
The United States on Wednesday blacklisted two Iranian foundations controlled by Supreme Leader Ayatollah Ali Khamenei and their subsidiaries, saying the institutions enabled Iran’s elite to sustain a “corrupt” system of ownership over large parts of the economy. The designations announced by the US Department of the Treasury target Execution of Imam Khomeini’s Order (EIKO) and Astan Quds Razavi (AQR), their leaders and subsidiaries. These are the latest actions to reinforce the “maximum pressure” campaign on Iran pursued by US President Donald Trump’s administration. “These institutions enable Iran’s corrupt leaders to exploit a system of ownership over a wide range of sectors of Iran’s economy,” US Secretary of State Mike Pompeo said in a statement. US-Iranian tensions have risen since T...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
AfDB grants $11.26 million for women, girls’ education in Chad
The Board of Directors of the African Development Bank has approved a grant of $11.26 million to the Government of Chad to finance the Girls’ Education and Women’s Literacy Project – the bank’s first grant exclusively targeting women and girls. The project will be financed from the Bank’s Transition Support Facility and will be implemented over a five-year period by the Chadian Ministry of National Education and Civic Promotion, in coordination with partners involved in the education sector, civil society organisations, and youth organisations. The Chadian government will contribute a non-monetary contribution of $713,000 towards the program. “Through this financing, the African Development Bank is providing support to the Chadian government to reduce inequalities through access to educati...
France to tighten legislation on incest – president
France will tighten its laws on incest, President Emmanuel Macron said in a series of tweets on Saturday, after publication of a book accusing a top French political commentator of abusing his stepson sparked outrage across the country. Macron said on his Twitter account that France needs to adapt its laws to better protect children from sexual violence and he had asked the justice minister to chair a consultation aimed at quickly making legislative proposals. “We will go after the aggressors,” Macron said. Macron said France had already increased the statute of limitations on incest to 30 years, counted from the legal age of majority of the victim, and had tightened controls on people working with children, but he said much more needed to be done. He said that as part of current routine m...