Top Nigerian banks downgraded by Moody's rating agency

 

Moody’s Investors Service, an International rating agency had devalued nine banks in Nigeria following its downward review of the country’s rating last week.

 Credit: Damina Source: Getty Images

The agency downgraded the nine banks from B3 to Caa1, the long term deposit ratings, issuer ratings as well as the senior unsecured debt ratings, according to a statement by the Moody on Tuesday, January 31, 2023.

 Moody’s also changed the banks’ outlook on the long term deposit ratings; issuer ratings as well as senior unsecured debt ratings.

The New York-based agency stated that the devaluation of the the long term ratings of the banks shows a combination of two reasons - the weakening operating environment, reflected in the agency’s rating of Nigeria’s economy from ‘Very Weak to Very Week+, and the link between country’s creditworthiness from B3 Caa1 and the banks balance sheets based on their holdings of sovereign debt securities.Per the statement by Moody’s, the revised Macro profile for Nigeria reflected its expectation that depressed and uncertain oil production outflows in the face of flight to quality and government’s expenses will be affected.

Moody’s rating comes amid report that fraud from payment channels in Nigerian banks have surged by 208 per cent in three months.

The total amount of money lost to fraudulent transactions and activities in Nigeria has increased in the three months ending September 2022.

The report courtesy of the Financial Institutiosn Training Centre (FIITC) stated that the amount increased from N1.2 billion in previous quarter to to N3.6 billion in the third quarter and the amount involved went up to N9.62 billion.

The report said:

“There was an increase reported in both the total amount involved in and the actual or expected amount lost to fraudulent activities,” it said.

The e-naira is the primary source of fraud within the banking system, adding that there was sustained increase in the amount lost in bank braches, according to a report by Businessday.

Other channels of fraud in the banks are PoS, ATMs, Web and Mobile bank apps.

Breaking down the report, FIITC said fraud from ATMs accounted for N222 million, bank fraud increased to N3,71 billion, mobile fraud N1.67 billion and PoS accounted to N393 million.

The bank customer deposits by top banks in Nigeria grew by 33.53 per cent to N49 trillion in the first nine months of 2022 from N37 trillion in the year before, data extracted from the Nigerian Exchange Group reveals.

A BusinessDay report on listed banks on Nigerian Exchance Limited shows that Access Holdings, Ecobank Transnational Incorporated, Zenith Bank, UBA, First Bank FCMB, Union Bank and Sterling Bank reported the highest value of customer deposits in the first nine months of 2022.

Top Nigerian lenders are competing to attract about N2.7 trillion outside the formal sector, leveraging the six weeks window provided by Central Bank of Nigeria (CBN) to replace old naira notes.

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Osun Tribunal:lNEC speaks on Osun governorship election petition BVAS Server Report

  Following the ruling of the Osun state governorship election petition tribunal and the discrepancy that followed the Bimodal Voter Accreditation System (BVAS), the Independent National Electoral Commission (INEC) has spoken.

The tribunal sacked Governor Ademola Adeleke of the Peoples Democratic Party (PDP) after removing over-voting and adding new votes for Gboyega Oyetola of the All Progressives Congress.

 Photo Credit: Gboyega Oyetola, Ademola Adeleke Source: Twitter

Oluwole Osaze-Uzzi, a former director of the Voter Education and Publicity of INEC, disclosed this on Monday, January 30 while speaking on the Channels Television Programme, Sunrise Daily.According to him, the discrepancy should not have come up in the 2022 governorship election in Osun state.

According to Osaze-Uzzi, a certified copy of the initial server report was obtained by the APC before the transmission of the initial data report by the BVAS hardware.

He also pointed out that the tribunal ruling was not a unanimous judgment.

He said:

“The second [tribunal] member – the honourable justice who dissented from his two colleagues – said, ‘I would rather use the primary source of this information, and the primary source of this data is actually the machine itself,'” the INEC official said.

“It is basically a computer. So, rather than go to the server where it transmitted data, I would use the printout from the machine itself.

Earlier reports has it that Gboyega Oyetola of the APC has been declared the authentic winner of the July 2022 Osun governorship election at the tribunal on Friday.

Oyetola, who is often referred to as Baba Jeje, was seen taking new dance steps with some traditional vibes.

The APC chieftain's mood was seen immediately after the tribunal sacked Governor Ademola Adeleke of Osun state.

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Kenya Airways suspended for another year

 

Kenya Airways was hit by a pilots' strike in November. Photo: Simon MAINA / AFP/File Source: AFP

Trading in Kenya Airways shares has been suspended for another year, the local stock exchange said Wednesday, as the troubled national carrier battles to return to profitability.

Last month, Kenyan President William Ruto said the government was ready to sell its entire stake in the airline, which has been languishing deep in the red for years.

Kenya Airways shares have been suspended since July 2020, in the midst of the Covid-19 pandemic that devastated global air travel.

"The extension of suspension seeks to enable the company (to) complete its operational and corporate restructure process," the Nairobi Securities Exchange said in a statement.

The government owns a 48.9 percent stake in Kenya Airways, while Air France-KLM has 7.8 percent.

"I'm willing to sell the whole of Kenya Airways," Ruto told Bloomberg News last month during his first visit to the United States as Kenyan president.

"I'm not in the business of running an airline that just has a Kenyan flag, that's not my business," said Ruto, who reportedly met executives from US carrier Delta Air Lines during the trip.

Kenya Airways' woes were exacerbated in November when pilots staged a days-long strike that led to hundreds of flight cancellations and thousands of passengers stranded.

Kenya Airways shares were first suspended in 2020 as lawmakers were considering a plan -- since dropped -- for the state to take full ownership of the carrier.

The airline, whose slogan is "The Pride of Africa", was founded in 1977 following the demise of East African Airways and now flies more than four million passengers to 42 destinations annually.

But it not made a profit since 2012, and the government has pumped in millions of dollars to keep it afloat.

Last month, in announcing a new $447 million loan for Kenya under a 38-month aid programme, the International Monetary Fund called for progress on structural reforms in the East African country.

The IMF highlighted that "addressing vulnerabilities" at Kenya Airways as well as the majority state-owned utility Kenya Power was "urgent".

In August, the airline reported a $81.5 million half-year loss citing high fuel costs, though this was a marked improvement on the $94.6 million loss in the period the year before.

Local media reports, citing a letter from Treasury Cabinet Secretary Njuguna Ndung'u to the IMF at the end of December, said Kenya Airways would get an additional state bailout of about $280 million in a mini-budget expected this month.

Source: AFP

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Eteng makes N20k a day selling Agidi in Akwa Ibom

 

• A man in Uyo is making a name and fortune for himself by the uniqueness of his dresses to a common product known as Agidi
• The tray on his head gives him away, else he would be mistaken for a big salary earner in Nigeria.

24-year-old Eteng from Uyo in Akwa Ibom State dorns a neat suit and well-fitted tie daily as he goes to work hawking corn flour jello, popularly called Agidi in Nigerian languages.

Moses Eteng, hawking on the street of Uyo Credit: Premium Times Source: UFC

The Agidi carefully wrapped and placed on the tray on his head sells for N100 each and he has N20,000 worth on it.

Many consider the trade a low-class business and those who hawk it are not usually accorded respect because of their dress sense.

But Moses Eteng has cut a niche for himself by his unique dress style.

Premium Times reports that Eteng chose the type of dressing in order to woo more clients and stand out from the pack of hawkers on the streets of Uyo.

Eteng told the newspaper that in order to get customers, he has to study people and understand what they like. 

He says what he is doing is appealing to people and that many hawkers like it but are unable to and that makes him different. According to him, he dresses to promote his brand.

He said anyone who looks at him will understand his products look like him. He says his neat dressing boosts his business

Eteng has also cut a name for him himself as educated Agidi among those who patronise him,

He is a self-sponsored secondary school leaver and has sold the product for another person for 10 years.

He began his own business in 2018 after he was sent back to the village when he fell out with his proprietor.

The Yankurr Local Government Area indigene said he served a woman who treated him shabbily and when he returned back to Uyo, began to make and sell his own Agidi.

According to Eteng, with the business, he was able to see himself through senior secondary school.

Eteng employs a rigorous process in making the Agidi in order to ensure good hygiene.

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CBN increases weekly cash withdrawal limit for individuals to N500k

 The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The apex bank announced this in a letter addressed to banks and other financial institutions.

The CBN has increased the maximum weekly limit for cash withdrawals by individuals and corporate organisations to N500,000 and N5 million, respectively. Photo credit: Central Bank of Nigeria Source: Facebook

"The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be #500,000.00 and #5,000,000.00 respectively," the letter signed by Haruna B. Mustafa, the director of banking supervision read.

The CBN explained that it made the decision based on feedback received from stakeholders.

The apex bank warned that any bank that aids and abets the circumvention of the policy will be severely sanctioned. The new police takes effect nationwide from Monday, January 9, 2023.

The CBN further gave room for withdrawals above N500,000 and N5 million in "compelling circumstances".

In such situations, the apex bank said the withdrawals will be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.

Also, to process such withdrawals, banks and other financial institutions must obtain some relevant information from the customers and upload the same to the CBN portal created for the purpose.

The information includes:

a. Valid means of identification of the payee (National ID, International Passport, or Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Tax Identification Number (TIN) of both the payee and the payer

d. Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

Giving further directives, the CBN said third-party cheques above N100,000 shall not be eligible for payment over the counter.

The apex bank added that the extant limit of N10 million on clearing cheques still subsists.

According to the CBN, monthly returns on cash withdrawal transactions above the new specified limits should be rendered to the Banking Supervision, Other Financial Institutions Supervision and Payments System Management Departments as applicable.

It reminded banks that compliance with extant AML/CFT regulations relating to KYC, currency and suspicious transaction reporting etc. is mandatory in all circumstances.

The CBN also directed banks to encourage customers to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

The CBN further noted that it recognised the importance of the roles that Bank and Mobile Money Agents play in the financial system, which include enabling access to financial services in underserved and rural communities.

"They will continue to perform these strategic functions, in line with existing regulations governing their activities.

"The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cash-less society," the letter read.

 Nigerians woke up on Tuesday, December 6, to the news of the policy by the CBN which directed banks to ensure that Over-the-Counter (OTC) cash withdrawals by individuals in a week stood at N100,000, while corporate entities must not exceed N500,000.

The policy, however, caused a nationwide uproar as financial experts, businessmen, politicians and other stakeholders stood against it.

Meanwhile, the CBN has said its governor, Godwin Emefiele, would not be appearing before the House of Representatives on Thursday, December 22 as expected.

The apex bank stated that Emefiele would be represented by the deputy governor on financial system stability, Aisha Ahmad.

The CBN governor had been summoned by the lawmakers to give an explanation about the new cash withdrawal policy

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Doyin Okupe, sentenced to 4 years in prison over money laundering

 

 Doyin Okupe, the director general of Peter Obi's presidential campaign council, has been sentenced to 2 years imprisonment for money laundering.

Justice Ijeoma Ojukwu of the federal high court in Abuja found Okupe guilty of 26 of the 59 charges the Economic and Financial Crimes Commission (EFCC) had preferred against him.

Court sentences Okupe to prison.  Photo Credit: Nigerian Lawyer Source: Twitter

The former aide to ex-President Goodluck Jonathan will serve the sentence concurrently, thus, he will spend 2 years in jail.

His son and wife, Adesunkanmi and Omolola Okupe, had pleaded with the court to tamper justice with mercy.

However, the court ruled that Okupe is at liberty to pay a sum of N500,000 fine for each of the charges, which is a total of N13 million.

His wife and son had spoken as witnesses soon after the court reconvened following Okupe's conviction.

Okupe was earlier convicted for breaching the money laundering act, he was found guilty to have contravened sections 16(1) and (2) of the act.

The EFCC has dragged Okupe before the court for receiving hundreds of millions in cash from ex-national security adviser, Col. Sambo Dasuki (Rtd).

 Earlier the Labour Party chairman in Ogun state, Michael Ashade, alleged that Okupe mishandled about N20 million meant for mobilising members of the party for campaigns.

According to Ashade, Okupe received the money to mobilise members of the party for Peter Obi's presidential campaign rally billed to hold in Oyo, but the leader only remitted N4m for the state chapter.

The state chapter of the party had earlier suspended Okupe for some gross misconduct but the national  body of the party stepped into the matter.

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Buhari identifies factors threatening attainment of AU Agenda 2063

President Buhari on Thursday in Washington DC, USA, warned that Africa risks not attaining the goals continental leaders have set for the region by 2063 in view of challenges facing it.

Malam Garba Shehu, the President’s spokesman in a statement, said the Nigerian leader, stated this at the ongoing US-Africa Leaders Summit on the topic, “Partnering on Agenda 2063: A Peaceful and Secure Africa” in the US Capital.

According to President Buhari the Agenda could be achieved ”if there is a unity of purpose among all member states.”

Stressing that "Africa’s security and development landscape had undergone significant transformation over the past decades."

He emphasized that, the Continent has witnessed increased, diverse and complex threats including climate change, the scourge of terrorism, violent extremism, transnational organized crimes, ideological radicalization, and recently, an upsurge in Unconstitutional Change of Governments (UCGs).

“It is clearly evident that these developments negatively impact national, regional and continental stability and undermine our drive towards achieving AU Agenda 2063 and our flagship project ‘Silencing the Guns in Africa’, as well as the Sustainable Development Goals (SDGs).

”That is why we must continue to act collectively, in unity and solidarity in our fight against these threats”.

He called on member states to ensure that inclusive governance, constitutionalism as well as strengthening of African Union mediating support mechanisms and conflict prevention mechanisms are emplaced as a panacea to emerging intra/interstate resurgence of conflicts in Africa.

“As leaders, we must recommit ourselves to shared values, vision, unity and solidarity, particularly in upholding constitutionalism, democracy and good governance.

”We must also embrace a multidimensional approach in order to achieve peace, security and sustainable development, in line with our aspirations contained in Agenda 2063,” he said.

”As highlighted in my Independence Day remarks on 1st October, 2022; I should like to reiterate, that no matter what gains we make, without good governance anchored on credible elections that are free, fair, credible and transparent, our development efforts would remain futile and our citizenry would be worse off.

”It is for this reason that I have resolved to bequeath a sustainable democratic culture, which will remain a lasting legacy.

”The signing of the Electoral Act 2021, as amended, with landmark provisions, further assures us of a more transparent and inclusive electoral process.” Source (NAN) 

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2023 Census: Lagos hosts stakeholders’ summit Dec. 20

Gov. Babajide Sanwo-Olu

The Lagos State Government will host a summit as part of activities to prepare residents ahead of the 2023 National Population and Housing Census.

Mr Mobolaji Ogunlende, Special Adviser to the  Government on Intergovernmental Relations, made the disclosure at a news conference on Thursday in Lagos.

Ogunlende said that it became imperative for the state to host the census summit after President Muhammadu Buhari hosted national stakeholders’ summit on the 2023 National Population and Census at the State House in Abuja.

According to him, the communiqués from the 36 States are to be collated and submitted to the Federal Executive Council by December 27, for harmonisation in the National Population Census Calender.

“I am pleased to announce that Gov. Babjide Sanwo-Olu has approved that the state summit holds on December 20, at the Adeyemi Bero Hall, Alausa, Ikeja.

“The goal of the summit is principally to broaden the state level support base for the 2023 census scheduled for April with the following objectives:

“To create public awareness on the conduct of the 2023 census, including its imperatives, methodology and timeliness.

“To promote a robust and informed conversation on the processes and procedures for the 2023 census.

“To solicit the cooperation and support of the state level stakeholders for the conduct of the 2023 census.

“To provide a platform to offer clarification and receive feedback and suggestion on salient issues and concerns related to the conduct of the 2023 census,” Ogunlende said .

He said that the 2023 National Population and Housing Census would be Nigeria’s first digital census.

Ogunlende noted that the 2006 census declared Lagos as having a population of 9,013,534 out of a total of 140,003,542.

He added that the 2019 census population figures ranked Lagos second with a figure of 12,772,884 out of 201,135,262, with Kano as first with 14, 253,549.

Ogunlende said that the success of the 2023 census is crucial to the developmental growth of the Lagos.

He explained that the aforementioned data could no longer serve the critical purpose of planning for a mega city.

Also speaking, Mrs Abimbola Salu-Hundeyin, Federal Commissioner, National Population Commission, Lagos State, urged all Lagos residents to come out en mass to be counted during the exercise.

Salu-Hundeyin said that census data is used for policymaking, planning and evaluation, monitoring, legislation and even building of infrastructure.

She noted that with accurate data, government could solve the challenge of traffic in the state because there would be evidenced based data that would show the density of people at a particular place and time.

Salu-Hundeyin commended the Lagos State Government for being proactive and setting the pace in ensuring that the state has the best census come 2023.

“The commitment of the state government is unrivaled. We have a government in Lagos state that is so concerned about having the best census come 2023,” Hundeyin said.

She added that 80,000 ad hoc staff would be recruited in Lagos for the conduct of the census.

Salu-Hundeyin said that no nation can survive without census, which is the mother of all data.

She said that the new digital census to be deployed in 2023 would eliminate paper work.

“A tablet will be used which have the maps of all enumerated areas,” Salu-Hundeyin said.

She said that the device would make use of satellite imaging leveraging on the GPS of the area.

She said that enumerated areas would be captured digitally. (NAN)

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