Connect with us

General News

First Bank, Others to Raise N1.2 Trillion

Published

on

Kindly share this post

First Bank of Nigeria Plc, Diamond Bank, Zenith Bank and Guaranty Trust Bank Plc, are set to float N1.2 trillion bonds from the nation’s capital market.
First Bank of Nigeria has concluded plans to raise N500 billion, while Zenith, Diamond and GTB are planning to raise N300 billion, N200 billion and N200 billion respectively.
First Bank and Diamond Bank have already received approvals from both the shareholders and appropriate regulatory authorities to float the bond, while Zenith Bank will on October 30 seek approval from its shareholders to raise fresh capital up to N300 billion ($2 billion) at an extraordinary general meeting.
GTB has also received the Securities and Exchange Commission’s nod to source for N200 billion bonds.
Olabisi Onasanya, Group Managing Director and Chief Executive Officer, First Bank Plc, said the bond would be primarily used to finance long term projects.
He explained that the bank has discovered that government alone cannot provide the finance necessary for the development and building of required infrastructures in the country.
Onasanya said the board would ensure that the bond would not be convertible to shares in order not to dilute the interest of shareholders.
“As we have discovered that the attempt by stakeholders to leave the government alone to develop the infrastructures in the past has not helped matters as most of the existing infrastructures have gone worst due to long years of neglect and new ones were rarely built, the bank has decided to participate in financing this aspect of the economy to develop the entire economy. These are long term projects and the bank will be able to use proceeds from the bond to finance these projects for the benefit of all Nigerians and the economy as a whole,” he said.
The bond will be used to restructure the bank’s balance sheet in a way that the bank will no longer use the short and medium term funds for long term projects.
Dr. Kingsley Moghalu, the deputy governor nominee of the Central Bank of Nigeria for financial surveillance, disclosed that the next port of call in the on-going cleansing are the mortgage and micro finance banks, even as he warned that it would no longer be business as usual in the operation of the commercial banks and other financial institutions in the country.
He assured that this time the apex bank will be proactive and not reactive so as to prevent what happened in the banks from repeating itself.
However, Moghalu, disclosed that the CBN would now beam its searchlight on the mortgage and micro finance banks, saying that there is every indication that the two specialised banks have derailed.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

General News

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

Published

on

Kindly share this post

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.

Advertisement

‎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.

Kindly share this post
Continue Reading

General News

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

Published

on

Kindly share this post

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.

Advertisement

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.

Advertisement

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.

Advertisement

Kindly share this post
Continue Reading

General News

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

Published

on

Kindly share this post

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.

Advertisement

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.

Advertisement

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.

Advertisement

Kindly share this post
Continue Reading

Trending