Banks borrow N19.6tn from CBN amid rising liquidity problems

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January 12, 2020

Commercial banks borrowed a total of N19.64tn from the Central Bank of Nigeria in 2019, an increase of 73 per cent from the N11.36tn borrowed in 2018.

This has raised concerns among analysts following the rising liquidity problems in the financial services sector.

This happened barely one month after the World Bank warned the CBN against supporting undercapitalised banks indefinitely.

According to the apex bank’s financial data analysed by Sunday PUNCH, commercial banks through the CBN Standing Lending Facility window borrowed N7.43tn between July and December 2019 as against N4.5tn borrowed in 2018, an increase of 65 per cent.

The analysed data revealed that banks borrowed N8.66tn from the regulator in the first quarter of 2019; N3.55tn in the second quarter; N6.11tn in the third quarter; and N1.3tn in the fourth quarter.

Top bank executives told one of our correspondents that commercial banks and merchant banks continued to access the CBN SLF window to square-up their financial position in 2019.

The trend at the CBN’s SLF window showed more patronage while the Standing Deposit Facility declined as commercial banks strive to meet the regulator’s 65 per cent Loan to Deposit Ratio policy.

The SLF is the regulator window through which commercial banks access funds from the CBN to carry out their business activities and meet obligations that are falling due while the SDF means commercial banks deposit with the apex bank.

According to financial services executives, banks with more liquidity problems appear to frequent the CBN SLF window than those with fewer challenges.

Meanwhile, the Monetary Policy Committee on March 26, 2019, voted to reduce Monetary Policy Rate to 13.5 per cent from 14.00 per cent, applicable to the SLF interest rate of 15.50 per cent as against 16 per cent in 2018.

The report further showed that during the fourth quarter of last year, the commercial banks borrowed N2.8tn from the CBN, representing a 29 per cent decline from N3.96tn borrowed in the fourth quarter of 2018.

Sunday PUNCH’s findings showed that the commercial banks during the fourth quarter of 2019 reduced borrowing from the apex bank and focused more on the LDR deadline which mandates them to give soft credit to key sectors in the economy.

According to financial experts, although the data revealed that banks borrowed more funds from the regulator in 2019, compared to 2018, most of those borrowings appear to have come from small and mid-size banks experiencing liquidity problems.

Nigerian, Dauda Onoruoiza among victims of Ukranian plane crash

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Alex Enemanna

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January 12, 2020

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A Nigerian, identified as Dauda Onoruoiza, was reportedly among the victims of the Ukraine International Airlines flight 752 crash in Iran on Wednesday.

Reports said Onoruoiza was working with Boeing on three months training in Ukraine and was attached to the Boeing 737-800 to fly with and study the mechanical noise and report back to the company.

The ill-fated plane was said to have been scheduled for maintenance on Monday, January 13, 2020, in Ukraine.

The nationality of passengers and crew aboard the plane were given as 82 Iranians, 63 Canadians, 11 Ukrainians, 10 people from Sweden, four from Afghanistan and three from the United Kingdom and Germany respectively.

It was however not clear what passport Onoruoiza had before the accident.

Boeing had yet to officially acknowledge that it had an employee on the crashed plane.

The US aircraft manufacturer, however, posted a condolence message on its website to commiserate with the victims’ families, after the news of the incident broke on January 8.

The statement read in part, “This is a tragic event and our heartfelt thoughts are with the crew, passengers and their families.

“We are in contact with our airline customers and stand by them in this difficult time. We are ready to assist in any way needed.”

The Iranian government had admitted that it shot down the commercial aircraft unintentionally.

Bishop Oyedepo dismisses senior officials for looting church’s treasury

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Alex Enemanna

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January 12, 2020

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The Presiding Bishop of Winner’s Chapel, David Oyedepo, has dismissed some officials for allegedly stealing from the church’s treasury.

Oyedepo, who spoke on Saturday during an empowerment summit organised for the church’s ordained workers, according to TheCable, however, did not disclose the number of officials affected.

He said, “We had no choice but to dismiss them. You can imagine top church officials engaging in doubling figures and other dubious practices. After we dismissed them, we discovered more fraud.”

“Those who should discover the fraud were the ones involved in it. One of them refused to confess until the last minute. Can you imagine accountants perpetrating fraud in the house of God?

“Don’t employ them, don’t sympathise. Whoever sympathises with the wicked is wicked himself. Don’t sympathise with any perpetrator of fraud, otherwise, you are a partaker of the evil act.”

“Use of presidential aircraft by Buhari’s daughter, abuse of office” – PDP

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Alex Enemanna

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January 12, 2020

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The Peoples Democratic Party on Saturday said the President, Major-General Muhammadu Buhari (retd), abused his office and allegedly exhibited the worst form of corruption by dispatching the officially restricted Presidential jet to airlift his daughter, Hanan, for her private photography event in Bauchi State.

The PDP National Publicity Secretary, Mr Kola Ologbondiyan, in a statement described the action as provocative, condemnable, completely improper and an unpardonable slap on the sensibility of millions of Nigerians, particularly, the youths, who look up to Buhari for integrity, uprightness and respect for rules.

He stated that the development was a strong pointer to the alleged recklessness that pervades the Buhari regime and the alleged indefensible annexation of the national assets and resources for illegal private use.

Ologbondiyan said, “It is even most appalling that instead of apologizing to Nigerians, the Buhari Presidency, in its arrogance, is resorting to falsehood and trying to justify the inexcusable.

PDP National Publicity Secretary, Mr Kola Ologbondiyan

“Our party holds that Mr President should apologise for approving that her daughter uses the Presidential jet just for the purpose of allegedly taking photographs in a Durbar event in Bauchi state.

“Perhaps, the Buhari Presidency forgot that it is public knowledge that the Presidential fleet can only be authorized for use by the President, the First Lady, Vice President, Senate President, Speaker of the House of Representatives, the Chief Justice of Nigeria, former Presidents, Presidential delegation and no one else.”

He added, “Moreover, the rules do not grant the President any powers to transfer any paraphernalia of office or privileges of his position to any of his children.

“The Presidency’s defence is, therefore, a direct spat on millions of Nigerians who cannot freely ply our highways because Mr President and his party the APC, have failed to fix and rid our roads of kidnappers and bandits, who have practically taken over major routes under their despicable watch.

“The PDP notes that never in the history of our nation has a Presidency exhibited such arrogance, impunity and corruption, adding that the action has further shown that the Buhari Presidency had only been parading and getting away with false integrity.”

According to him, Buhari heavily accused and criticized previous administrations of voting and wasting huge resources to maintain the Presidential fleet and promised to sell off most of the planes to save cost.

Hanan Buhari, arriving Bauchi State on the Presidential jet

He stated that since Buhari assumed office, none of the planes had been sold.

He added that instead, the Buhari Presidency had continued to budget more funds for the fleet with N8.5 bn budgeted for 2020 alone, only to approve that his daughter uses a presidential jet for her private photography event.

Ologbondiyan said, “The PDP urges the Buhari Presidency to respect the sensibilities of Nigerians by immediately withdrawing his provocative justification and show leadership by apologizing to the nation for this abuse of office.”

Nigerian Troops Kill 100 Bandits, Recover Several Items

By

Alex Enemanna

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January 12, 2020

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At least 100 bandits have been killed by the troops of Operation Hadarin Daji (OPHD) in Zamfara and parts of Katsina State between December 2019 and January 2020, the Acting Force Information Officer, Captain Ayobami Oni-Orisan, has said.

Oni-Orisan said in a statement to journalists in Gusau on Saturday that troops comprising personnel of the Nigerian Army, Nigerian Navy, Nigerian Air Force, Nigeria Police, Department of State Services and others conducted several clearance operations to neutralise bandits who refused to repent.

“So far, OPHD troops have flushed out bandits hibernating around Tashar Kuturu, Dankalgo, Gobirawa junction, Bagega, Kawaye, Duhuwa, Sabon-Birni, Dankurmi, Dangulbi, Hayin Bawa, Zango, Unguwar Shanu, Tundu Mali, Magazu, Mayanchi and Gando forest, in Anka, Talata Mafara, Tsafe, Maru and Bukkuyum Local Government areas of Zamfara.

“Additionally, OPHD ground troops backed by the fighter jets of the Air Component also cleared Shinfida in Jibia Local Government Area of Katsina State, neutralising several bandits in the process,” he said.

The information officer said the renewed use of force against the bandits followed their refusal to embrace the peace process introduced by Gov. Bello Matawalle of Zamfara about six months ago as well as the recent upsurge of the bandits in the affected areas.

He said during the operations, 10 kidnap victims were rescued, while 500 rounds of 7.62mm special ammunition 23 Motorbikes, 15 AK 47 rifles, four General Purpose Machine Guns (GPMG), one PKM Machine Gun, one Rocket Propelled Grenade (RPG) bomb, one Rocket Propelled Grenade (RPG) tube, 11 fully loaded magazines, 600 rustled cows and 300 rustled sheep were recovered.

He further said that during the clearance operations, the troops in collaboration with the Defence Forces of Niger Republic apprehended a high profile gunrunner, popularly known as “Kunene” who was responsible for the inflow of arms, ammunition and other dangerous weapons into the region.

In addition, Oni-Orisan said, the troops also apprehended three suspected bandits; Abubakar Kiri Koloma, Abubakar Ibrahim and Haruna Alhaji Yaro, as well as two notorious drug dealers; Kabiru Abubakar Isah and Hamisu Dan-kwanba at various locations in Zamfara during the period.

He said all the suspects had been profiled and handed over to the relevant security agencies for further investigation and prosecution.

Prepare For Leadership, Buhari Tells Nigerian Youths

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ABN TV EDITOR

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January 12, 2020

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President Muhammadu Buhari has enjoined Nigerian youths to be prepared for huge responsibilities as they will eventually to take over the leadership of the country in future.

Prepare For Leadership, Buhari Tells Nigerian Youths

Buhari said this when he received All Progressives Congress youth leaders from across the country at the Presidential Villa, Abuja.

At the courtesy visit by the young party leaders led the APC National Youth Leader, Mr Sadiq Shuaibu-Abubakar, Buhari said, “Whether we like it or not, we will someday handover to youths. And you have to brace up for leadership.

https://youtu.be/se6BpglZSNY

Some interest groups will come up with ethnic, religious issues, but you have to look at the broader picture.

“We had a civil war that consumed over 2 million Nigerians, and we learnt our lessons. Nigeria is one country, and no one should take our firmness for granted,’’ he said.

APC National Youth Leader, Comrade Sadiq Abubakar, urged Buhari to get more youths involved in governance so as to enable them to learn from his “treasured wisdom’’.

Also in attendance were the National Chairman of the ruling party, Mr Adams Oshiomhole; the Secretary to the Government of the Federation, Mr Boss Mustapha; and the Chief of Staff to the President, Mr Abba Kyari.

Buhari had a ceremonial presidential handshake with the leaders after the meeting wound down with a photo session.

Prepare For Leadership, Buhari Tells Nigerian Youths

President Muhammadu Buhari shakes hands with APC National Youth Leader, Comrade Sadiq Abubakar during a meeting of the President with APC National and Zonal Youth leaders and representatives from six Geopolitical zones at the Presidential Villa in Abuja on Friday.

SHOCKING: 27-year-old man breaks into church, drinks Holy Communion wine at altar

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ABN TV EDITOR

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January 12, 2020

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An unemployed man, Ajibola, 27, who allegedly stole two bottles of Holy Communion wine, soaps, and a sachet of salt worth N46,000 from a Church in Mushin, Lagos, on Friday appeared in an Ikeja Chief Magistrates’ Court.

Ajibola, who resides in Mushin, Lagos, is charged with theft and breach of peace, but he pleaded not guilty.

The Prosecution Counsel, Inspector Edet Akadu, told the court that Ajibola committed the offence on September 24, 2019.

“The defendant unlawfully entered a Catholic church at Mushin in Lagos and stole two bottles of holy communion, four sachets of soap and a sachet of salt valued N46,000,’’ Akadu said.

He told the court that Ajibola was caught by members of the church while drinking the Holy Communion wine at the altar and handed him over to the police.

Akadu said the offence contravened the provisions of sections 287 and 168 of the Criminal Law of Lagos State 2015.

If convicted under section 287, he is liable to three years in prison if convicted while Section 168 stipulates six months jail term for beach of the peace.

Chief Magistrate K.O. Ogundare admitted the defendant to bail in the sum of N20, 000 with two sureties in like sum.

Ogundare adjourned the case until Feb. 5, for further hearing.

(NAN)