General News

CBN Bailed Out Banks to Stem Distress-Sanusi

Published

16 years ago

December 14, 2009

Kindly share this post

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”.

Kindly share this post

General News

NAHCO Signs New Ground Handling Deals

Published

9 hours ago

January 7, 2026

Chike Onwuegbuchi

Kindly share this post

The Nigerian Aviation Handling Company Plc has announced the signing of a chain of contracts with major airlines for the provision of total handling solutions.

In a statement on Tuesday, the company announced the signing of contract renewals with Air France, KLM and Virgin Atlantic, as well as the African operator, RwandAir.

NAHCO also signed fresh contracts with United Nigeria – Regional, Bellagio and Malaikair.

According to the statement, the contracts with Air France and KLM are for three years and will run till 2028, respectively. The duration of the contract with Virgin Atlantic was also put at three years.

The duration for the RwandAir contract is for three years, effective 1 October 2025.

The statement read, “The new contract with United – Regional would be for a period of five years, effective from 1 August 2025. For Bellagio and Malaikair, the contracts are for three and five years, respectively.

“Bellagio Air, Nigeria’s rising star in aviation, is redefining air travel with a blend of luxury, efficiency, and reliability. Headquartered in the vibrant city of Ikeja, Lagos, Bellagio Air is committed to providing world-class service across key domestic and regional routes.”

The Group Executive Director, Commercial and Business Development, NAHCO Plc, Saheed Lasisi, who expressed his delight with the new contracts, said NAHCO is already ready to exceed customers’ expectations.

According to Lasisi, NAHCO’s more than 46 years of unblemished excellent service delivery puts it heads and shoulders above any other service provider in the industry.

“This is what we have been doing for almost half of a century. We will continue to delight our customers and make our stakeholders happy by exceeding expectations in all aspects of our service offerings. We are always willing and ready to do more,” Lasisi added.

The Group Managing Director/Chief Executive Officer, NAHCO Plc, Olumuyiwa Olumekun, added that with the new fleet of equipment the company is deploying, service delivery will only be better.

Kindly share this post

General News

Nigeria Targets Satellite-to-Mobile Services in Draft Spectrum Roadmap

Published

2 days ago

January 6, 2026

Ebere Melum-Nwogbo

Kindly share this post

Nigeria Targets Satellite-to-Mobile Services in Draft Spectrum Roadmap

The direction is outlined in the Commission’s draft Spectrum Roadmap for the Communications Sector covering the period.

The proposed approach highlights non-terrestrial networks as a complement to existing mobile infrastructure, especially in areas where terrain, insecurity, or high costs limit the deployment of base stations.

The NCC said D2D satellite technology, which allows standard mobile phones to connect directly to satellites, is gaining traction globally as a means of delivering voice and data services without reliance on ground towers.

According to the regulator, the technology could help close persistent coverage gaps in rural, riverine, and border communities that remain outside the reach of conventional networks.

It also noted that satellite-backed connectivity could improve network reliability by providing alternative links during fibre cuts, power failures, or other disruptions affecting terrestrial systems.

The Commission added that wider adoption of D2D services could support emergency communications, public safety operations, Internet of Things applications, and services such as smart agriculture in underserved regions.

It also pointed to potential investment opportunities through partnerships between mobile network operators and satellite companies, including more efficient use of shared spectrum resources.

Beyond D2D services, the roadmap places emphasis on Low-Earth Orbit satellites to expand broadband access to remote parts of the country.

It also proposes better utilisation of Geostationary Orbit satellites and the exploration of high-altitude platforms, such as stratospheric balloons, to support mobile backhaul and rural connectivity.

The policy signals come shortly after Airtel Africa announced an agreement with SpaceX to introduce Starlink-powered direct-to-cell services in Nigeria.

The NCC’s roadmap is expected to shape future spectrum allocation, licensing decisions, and technology adoption across the telecommunications sector.

Kindly share this post

General News

House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims

Published

3 days ago

January 5, 2026

Ugo Onwuaso

Kindly share this post

House of Representatives has released certified true copies of the four tax reform Acts signed into law by President Bola Tinubu, addressing public concerns over alleged discrepancies between legislative versions and circulated gazetted documents.

Tax Reform Acts

House spokesperson, Akin Rotimi, disclosed this in a statement, noting that Speaker Tajudeen Abbas directed the immediate publication of the Acts—including endorsement and presidential assent pages—for public verification, in collaboration with Senate President Godswill Akpabio.

The move followed allegations raised by Rep. Abdulsamad Dasuki on the House floor, highlighting inconsistencies between Bills passed by the National Assembly and executive gazetted versions, which he warned could erode legislative integrity and public trust.

Abbas constituted a seven-member ad hoc committee chaired by Rep. Aliyu Betara, with members including Idris Wase, Sada Soli, Adedeji Faleke, Igariwey Iduma, Fred Agbedi and Babajimi Benson, to investigate the alleged alterations, unauthorised circulation and preventive measures.

The committee’s mandate includes probing circumstances around the discrepancies, while Abbas ordered internal verification and public release of certified copies to dispel doubts and safeguard legislative records. Legal experts, tax professionals and civil society had demanded clarification and implementation suspension amid heated debates triggered by Dasuki’s intervention.

The released laws comprise the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; National Revenue Service Establishment Act, 2025; and Joint Revenue Board Establishment Act, 2025, described as foundational to modernising Nigeria’s tax system.

These reforms aim to enhance compliance, curb inefficiencies, eliminate overlaps and bolster fiscal coordination across federal, state and local tiers, following extensive stakeholder consultations, committee reviews and plenary debates under Abbas’s leadership.

Rotimi reassured Nigerians: “The National Assembly is an institution built on records, procedure, and institutional memory. Every Bill, every amendment, and every Act follows a traceable constitutional and parliamentary pathway.”

He emphasised that only National Assembly-certified versions hold authority, urging the public, institutions and stakeholders to disregard all other circulating documents as unofficial.

Kindly share this post