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Heritage Bank: Banking System, Depositors’ Funds Are Safe — CBN

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The Central Bank of Nigeria (CBN) has reassured Nigerians that the banking system and depositors’ funds are safe.

CBN’s acting director of corporate communications, Sidi Ali Hakama, said this on Monday during a chat with journalists in Abuja.

This comes amid concerns about the stability of some banks following the licence revocation of Heritage Bank Plc.

Hakama dismissed claims that the CBN was planning to revoke the operating licences of Fidelity Bank, Polaris Bank, Wema Bank, and Unity Bank.

The director assured customers, especially those of Heritage Bank, that their deposits were safe, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.

Ali said the CBN’s strong regulatory framework is actively maintaining the stability of Nigeria’s financial system, ensuring the safety of depositors’ funds across all Nigerian financial institutions.

“Key financial soundness indicators remain within current regulatory thresholds,” Hakama said.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”

The director said a circular issued by the bank on January 10, informing the public about the dissolution of the boards of Union, Keystone, and Polaris Banks, is being circulated as if it were issued on June 10.

She said Heritage Bank’s situation was isolated and that claims of additional licence revocations before completing the bank recapitalisation process were fabrications intended to incite panic.

The director reaffirmed the assurances made by Olayemi Cardoso, the CBN’s governor, regarding the purpose of the recapitalisation of Nigerian banks, which is to strengthen the banking system and protect the sector from risks.

Hakama urged all stakeholders to collaborate to ensure the success of the process, adding that it is for the overall growth of the economy.

“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient,” she said.

Hakama urged the public to continue their regular banking activities without concern, disregarding any false reports concerning the stability of specific deposit money banks.

On June 3, CBN announced the revocation of Heritage Bank’s licence with immediate effect.

The regulator said the decision followed the bank’s inability to improve its financial performance.

Following the revocation, online reports claimed the apex bank would terminate the licences of Unity, Polaris, and Keystone banks.

However, on June 4, the bank said the content was not authentic, adding that it has no plans to revoke the licences of the three banks.

BIG STORY

Two Officers Killed As Gunmen “Bomb Police Station” In Anambra

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Gunmen killed two officers during a bomb attack on Umunze police station in Orumba South LGA of Anambra State.

The attackers arrived at the station with improvised explosives and shot continuously, causing a fire that spread through part of the station.

Tochukwu Ikenga, the state’s police spokesperson, confirmed the attack on Monday and said the bodies of the slain officers were recovered and taken to a morgue.

He added that joint security forces, including the police, army, navy, civil defense, and other agencies, recovered five improvised explosives.

Ikenga said security operatives have launched a manhunt for the armed secessionist group responsible for the at

tack.

Ikenga also noted that Obono Itam, the commissioner of police in the state, visited the scene to assess the level of destruction and strengthen security measures in the area.

He urged residents to assist the police with relevant information, assuring that all details would be treated with “strict confidentiality”.

Recently, there has been a rise in attacks on police stations by gunmen in the state.

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NiMet Forecasts Three Days Of Thunderstorms, Rainfall Across Nigeria

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The Nigerian Meteorological Agency (NiMet) has forecast thunderstorms and rainfall throughout the country from Tuesday to Thursday.

According to NiMet’s weather outlook released on Monday, thunderstorms are likely to occur in the morning hours over parts of Bauchi, Kebbi, Taraba, Kano, Katsina, Adamawa, and Kaduna states on Tuesday.

On Wednesday, thunderstorms are expected in the morning hours over parts of Taraba, Adamawa, Sokoto, Kebbi, Zamfara, Katsina, Kano, and Kaduna states.

“In the north-central region, thunderstorms are expected over parts of Kogi, Benue, Plateau, the Federal Capital Territory, Nasarawa, and Niger states during the morning hours,” the forecast reads.

“Later in the day, thunderstorms are expected over the Federal Capital Territory, Kwara, Niger, Kogi, Plateau, Benue, and Nasarawa states

“In the southern region, there are prospects of moderate rains over parts of Ebonyi, Imo, Enugu, Oyo, Ekiti, Ondo, Delta, Bayelsa, Cross River, Rivers, and Bayelsa states during the morning hours.

“In the north-central region, there are prospects of thunderstorms over parts of the Federal Capital Territory, Kogi, Niger, and Kwara states during the morning hours.

“While in the afternoon into evening hours, thunderstorms are expected over parts of Nasarawa, Kogi, the Federal Capital Territory, Kwara, and Niger states.

“In the southern region, thunderstorms are expected over parts of Oyo, Ogun, Osun, Ondo, Ekiti, Enugu, Imo, Edo, Cross River, Delta, Akwa Ibom, and Bayelsa states during the morning hours.

“Progressing into the afternoon and evening hours, thunderstorms are envisaged over the entire region.”

NiMet said it anticipated thunderstorms over parts of Sokoto, Kebbi, Taraba, and Adamawa states in Thursday`s morning period.

It added that there would be thunderstorms over parts of Borno, Bauchi, Kaduna, Taraba, and Adamawa states later in the day, while parts of Nasarawa and the FCT would also experience rainstorms.

“In the southern region, isolated thunderstorms are expected over parts of Osun, Edo, Ondo, Ekiti, Delta, Lagos, Rivers, and Bayelsa states in the morning hours,” the agency said.

NiMet urged residents to avoid flood-prone areas due to the high likelihood of urban flooding in major cities.

It advised the public to take adequate precautions as strong winds might precede the rains in areas where thunderstorms are likely to occur.

“Adhere to safety advisories issued by relevant authorities. Public and airline operators are advised to get updated weather reports and forecasts from NiMet for effective planning in their operations,” NiMet said.

“Residents are advised to stay informed through weather updates from NiMet.”

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It Doesn’t Make Sense For NNPCL To Sell Dangote Petrol Higher Than Imported Ones — IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed concerns over the Nigerian National Petroleum Company Limited’s (NNPCL) pricing of petrol lifted from the Dangote Refinery.

IPMAN National Welfare Officer, John Kekeocha, spoke on Channels Television’s The Morning Brief programme on Monday, questioning the logic behind selling Dangote Refinery petrol at a higher price than imported products.

Kekeocha asked, “If NNPC can sell Dangote products higher than the imported products then it doesn’t make sense. What is the celebration we are having all these while then?”

NNPCL began loading petrol from the Dangote Refinery on Sunday, stating it purchased the petrol at N898 per litre. However, IPMAN notes that NNPCL retail outlets in Lagos previously sold petrol for around N855, but now sell Dangote petrol for N950 per litre in Lagos and N1,019 in Borno.

However, Dangote Refinery denied selling petrol to the NNPCL at N898. A spokesman for the refinery Anthony Chiejina in a statement late Sunday described the claim by the NNPCL as “misleading and mischievous”.

“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature,” Chiejina said.

NNPCL insisted that it got petrol from Dangote Refinery at N898 per litre and challenged the latter to release the price it sold petrol. The NNPCL further released a breakdown of pricing it sell Dangote petrol at its filling stations across the country.

Last December, Dangote, Africa’s leading industrialist, commenced operations at his $20bn facility sited in Lagos with 350,000 barrels a day.

The refinery, which was initially bogged by regulatory battles, hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.

The refinery has begun the supply of diesel and aviation fuel to marketers in the country and now petrol.

Nigeria, Africa’s most populous nation, faces energy challenges, with all its state-owned refineries non-operational. The country is heavily reliant on imported refined petroleum products, with the state-run NNPC being the major importer of the essential commodities.

Fuel queues are commonplace in the country. Prices of petrol tripled since the removal of subsidy in May 2023, from around ₦200/litre to over ₦1000/litre, compounding the woes of the citizens who power their vehicles, and generating sets with petrol, no thanks to decades-long epileptic electricity supply.

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