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LCCI Proposes Recapitalisation Guidelines for Rescued Banks

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Lagos Chamber of Commerce and Industry (LCCI) has proposed guidelines for recapitalisation for the banks recently rescued by the Central Bank of Nigeria (CBN).
LCCI second quarterly report released and presented by Otunba Femi Deru, the President of the Chamber listed guidelines which are mandatory for the smooth recapitalisation of the challenged institutions.
The report stated that the proposed recapitalisation of the rescued banks and the decision of the CBN to invite investors has generated intense concerns among stakeholders in the banking industry.
According to the report, “Our position is that the process should be done in line with the relevant laws and within the statutory framework prescribed under the Companies Allied Matters Act (CAMA) and the Banks Other Financial Institutions Act (BOFIA).” 
Enumerating the guidelines, LCCI said the necessary first step should be to invite existing shareholders to recapitalise their banks failing which new investors will be called upon to take up any outstanding shares.
LCCI added that in the process of recapitalisation, the Board of Directors of the affected banks in consultation with CBN should call a Board of Directors meeting to fix the amount of recapitalistaion required and articulate the modalities for rights offer.
It explained that an Extraordinary General Meeting should be held by the Board to approve the scheme subject to the approval by the CBN.
“Deadlines should be fixed for payment of the rights offer. Only offers not paid up by the set deadline will be available to new investors. After conclusion of all the payments, a final Extraordinary General Meeting should be called to elect new directors.”
“In our view this is the appropriate course of action to follow in this matter,”
LCCI also lamented that the rate of unemployment in the Nigerian economy is currently one of the highest in the world standing at 19.7 percent.
The Chamber stated that over 50 percent of the youths in the urban areas are unemployed saying that it is a very disheartening situation for parents who had laboured and strained to educate these youths.
According to the Chamber, the state of affairs has assumed the dimension of an economic and social crisis adding that there is a relationship between rising criminality and unemployment.
Proffering solutions to the unemployment crisis, LCCI proposed that there is an urgent need to increase support for SMEs and business start-up through capacity building and funding, encourage domestication of private and public sector spending in order to boost the multiplier effect of domestic spending on the economy, promote sectoral linkages in the economy in order for economic sectors to be mutually supportive and to give a greater attention to the agricultural sector which he said has enormous job creation potentials.
LCCI said that the credit crisis which was triggered by the banking sector reforms in the second quarter of the year has made investors face challenges in accessing credit saying that the issue is not that of scarcity of loanable funds or absence of liquidity but is a case of tight credit criteria
LCCI pointed out that in the first six months of the year, the stock market recovery was slow adding that all share index grew by 25 percent while market capitalisation grew by 23 percent.
It added that with increased liquidity in the banking system and the low returns in the money market, there is expectation for a much faster recovery in the market than is presently the case.

 


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Court Remands Akujobi, Ex Access over alleged Theft of N294.5m

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Chinonso Akujobi, former staff of Access Bank in Lagos, has been remanded in Ikoyi prison after she was arraigned on a five-count charge bordering on stealing to the tune of N294.5m.

Court Remands Akujobi, Ex Access over alleged Theft of N294.5m

Akujobi who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) was arraigned before Justice I.O. Ijelu of the State High Court sitting in Ikeja, Lagos.

EFCC alleged that Akujobi stole the money between January and December 2025 while under the employment of Access Bank Plc.

As stated in one the charges, the defendant stole the money through unauthorized payments from the general ledger of Access Bank to her account number 0036668871 with the name Chinonso A., Uchechi A. and Florence A., thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.

‎The defendant pleaded “not guilty“ to the charges when they were read to her.

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‎In view of this, S.M.Yabo, prosecution counsel, asked the court for a trial date and also prayed for the remand of the defendant in a Correctional centre.

Justice Ijelu, thereafter, adjourned the case till October 8, 2026, for the hearing of the bail application and the commencement of trial.

The Judge also ordered that the defendant be remanded in the Ikoyi correctional Centre.

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NSIB Faults Runway Identification, Reveals Cockpit Disagreement in Asaba Jet Incident

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The Nigerian Safety Investigation Bureau (NSIB) says the flight captain of the VMO Aero aircraft that landed on a roadway near Asaba Airport in Delta State told investigators that the observer pilot mistakenly identified the paved road as the runway before touchdown.

The bureau disclosed this in a preliminary report released on Thursday on the June 10 incident, which prompted the Nigeria Civil Aviation Authority (NCAA) to ground the private jet.

The aircraft had seven people on board, including the pilot-in-command (PIC), second-in-command (SIC), an observer pilot, a cabin crew member and three passengers.

According to the report, the aircraft was cleared by Air Traffic Control (ATC) to approach Runway 11 at Asaba Airport after the crew requested a right orbit.

The crew initially discontinued the approach, executed a missed approach and repositioned for a second landing attempt.

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NSIB said the crew reported that the aircraft’s navigation systems indicated it was correctly established on the published RNAV Runway 11 approach.

“The PIC and SIC reported that the observer pilot identified the paved surface ahead as the runway,” the report stated.

However, the observer pilot gave investigators a different version of events.

According to NSIB, he said the aircraft remained inside cloud until late in the approach and that the Ground Proximity Warning System (GPWS) repeatedly issued “TERRAIN, TERRAIN, PULL UP” alerts.

He also said he observed a telecommunications mast directly ahead and instructed the flight captain to abandon the approach and climb immediately.

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The bureau further disclosed that a cabin crew member reported that one of the passengers became concerned after overhearing discussions among the pilots and asked whether one of them was undergoing training. The passenger was reportedly reassured that all three pilots on board were experienced captains.

NSIB said no abnormal events were reported in the cabin before touchdown.

The aircraft eventually landed at about 8:57 a.m. on an under-construction paved roadway near Asaba Airport instead of the designated runway.

The bureau said its investigation into the incident is ongoing, while the preliminary report highlights conflicting accounts among the cockpit crew over the circumstances that led to the erroneous landing.

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EU warns Meta over addictive Facebook, Instagram designs, threatens fines

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European Union has warned Meta Platforms Inc. that it could face a significant financial penalty unless it changes what regulators describe as the “addictive design” features of Facebook and Instagram.

EU warns Meta over addictive Facebook, Instagram designs, threatens fines

The European Commission issued the warning in preliminary findings released on Friday, saying Meta had failed to sufficiently address risks posed by its platforms, particularly to children and vulnerable users.

The Commission said features such as infinite scrolling, personalised content recommendations and automatic video playback were designed in ways that encouraged excessive engagement with the platforms.

EU Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, said protecting the physical and mental well-being of European citizens should be a priority for social media companies.

The Commission said Meta should consider introducing design changes, including disabling autoplay and infinite scrolling by default, providing effective screen-time reminders and adjusting recommendation systems to reduce the focus on maximising user engagement.

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The findings were issued under the European Union’s Digital Services Act (DSA), which sets obligations for major online platforms to address risks associated with their services.

Meta, however, rejected the Commission’s conclusions, saying it disagreed with the findings but would continue engaging with European regulators.

The company said it had already implemented measures aimed at protecting younger users, including Teen Accounts that allow parents to manage screen time limits and restrict access during night hours.

The EU said its investigation, which began in 2024, found that existing time-management tools on Facebook and Instagram could easily be bypassed, while parental controls required technical knowledge that limited their effectiveness.

Regulators also expressed concerns over children’s nighttime use of the platforms and the possibility that features such as Reels and Stories could encourage compulsive behaviour.

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If the Commission’s preliminary findings are confirmed, Meta could face a fine of up to six per cent of its annual global revenue under the DSA.

The warning comes as the EU steps up efforts to strengthen online safety measures for children, with an expert panel established by European Commission President Ursula von der Leyen expected to present recommendations on protecting minors online.

Several EU member states, including France, have also supported discussions on restricting social media access for children, following Australia’s decision to ban users under 16 from accessing social media platforms.

Meanwhile, the Commission is continuing a separate investigation into whether Meta’s recommendation algorithms create “rabbit hole” effects by directing users towards increasingly extreme content.

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