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CBN Bailed Out Banks to Stem Distress-Sanusi

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Mallam Sanusi Lamido Sanusi, governor of Central Bank of Nigeria (CBN), has said that the apex bank opted to bail out the eight distressed banks instead of outright liquidation so as to prevent a systemic crisis which liquidation would have generated within the entire economy.
Sanusi, spoke at the 2009 National Seminar on banking and allied matters which theme was “Strengthening the Judiciary and the banking industry for economic development”,  jointly organised by the Chartered Institute of Bankers (CIB) and the CBN for judicial officers.
The apex bank had four months ago injected N620 billion into eight banks adjudged to be in grave situation following the outcome of the joint audit of all the 24 commercial banks to ensure its survival instead of outright liquidation.  
Represented by Dr. Kingsley Moghalu, deputy-governor (in charge of financial sector surveillance), Sanusi said that its action was prompted by the need to resolve immediate liquidity challenges confronting the stability of the banking sector.
He said that “Our intervention was aimed at resolving the immediate liquidity challenges facing the banking system and threatening its stability. The question then is why did we choose the option of bailout to ensure the survival of the banks rather than outright liquidation?  
“As indicated by the report of the special audit of all banks, the total deposit liability of the eight banks found to be in grave situation was N3.019tn, while aggregate non performing loans stood at N1.524tn representing 60.75 per cent of industry total.  
 “Furthermore, the eight banks accounted for about 35.6 per cent of the banking industry assets and the eight banks together accounted for 36.11 per cent of loans, 34.52 per cent of deposits and 35.6 per cent of total industry assets as at June 2009.  
 “Given the systemic importance of the banks therefore, and the potential negative impact which their liquidation could have had on the economy, liquidity support and recapitalisation which preserve their status as going concerns and ensure their survival and viability were the only logical options,” he added  
The governor indicated that while it has virtually resolved the immediate liquidity crisis threatening the banking sector, it would now focus on outlining measures to stability sustenance in the sector.
He listed that the measures would include building regulatory capacity, fast-tracking the process of establishing the asset management company, fast-tracking the implementation of risk based consolidation and cross border supervisory frameworks, easing the flow of credit particularly to the real sector and improving governance structure and practices in the financial services sector.  
 Justice Idris Kutigi, chief Justice of the Federation, while declaring the seminar open said that going by the reforms in the banking sector, it was pertinent for Judges to update their skills in specialised areas of the law.  
According to the Chief Justice, “The reforms in the banking sector have thrown up a lot of complex situations which emanate as a result of the modern form of banking. It therefore becomes pertinent to update the knowledge and skills of judges in this specialised area of the law, following rampant abuses by operators in the system”. 

 


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

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LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.

Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.

By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.

Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.

LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.

The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.

For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.

For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.

At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.

According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.

“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”

Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.


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