Business
Ownership: Kogi, Dangote Cement Management Trade Words
Published
2 years agoon
By
EditorThe Kogi government and the management of Dangote Cement Plc. are at loggerheads over the ownership of the company.
The previous temporary closure of the company by some youths recently has caused a stand-off between the state government and the company, located in Obajana, near Lokoja.
On Saturday, the state government alleged that the management of the company was plotting to disrupt public peace in the state.
The state government in a statement issued by the state Commissioner for Information, Kingsley Fanwo in Lokoja, said that the government was in possession of evidence to prove its allegations.
“We have uncovered certain plans by the company at a meeting held last night to cause chaos across the state as a fight back strategy against the state government’s decision to get its own legally supported equity from the cement company” the commissioner said.
The commissioner further alleged that the management of the company intended to engage other security means to harrass some government officials.
“They resolved to block all the major highways across the state with their trucks to make traffic unfriendly in the state.
“If the company attempts to carry out any of his threats or deny our claims which are supported by facts, we will release visuals and audio of their meeting on this,” Fanwo said.
One of the company’s public relations officiald, Mr Abubakar Jibrin, would not comment on any issue related to the matter.
But the management of Dangote Cement Plc. said that the state government allegedly used some groups of persons to destroye the company’s assets and inflict injuries on some staff.
In a statement issued by the Corporate Communications Department of Dangote Cement Plc. in Lokoja, the management of the company alleged that some people invaded the cement plant on Wednesday.
READ ALSO: 2023: Campaign Publicly For Tinubu Or resign, APC NWC Member Challenges Ngige, Others
“No fewer than 27 staff of the company are currently in bad conditions after the invasion.
“Cement trucks were also burnt, and many others were vandalised, as they forcefully took the company’s buses and vans.
“Since the attack, our vehicles carrying diesel have been attacked on Anyigba road,” the statement alleged.
The statement said that some victims of the invasion were currently admitted to the emergency section of the Kogi State Specialist Hospital in Lokoja.
You may like
EFCC Obtains Arrest Warrant For Yahaya Bello
BREAKING: Drama As Police, Others Prevent EFCC From Arresting Yahaya Bello
Two Soldiers Arrested For Allegedly Stealing Armoured Cables At Dangote Refinery In Lagos
JUST IN: Dangote Slashes Diesel Price
19 Feared Killed, Houses Razed As Gunmen Invade Kogi Communities
Kogi Guber: Supreme Court Dismisses Order Barring SDP’s Ajaka From Inspecting Election Materials
The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators.
Nigeria’s apex bank disclosed this in a circular signed by its Director of Trade and Exchange Department Hassan Mahmud.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” the circular posted on its website read.
READ ALSO: Tinubu Unveils African Counter-Terrorism Summit
“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
CBN’s move is coming as the naira is recording a slight depreciation against the dollar after weeks of gains.
In late March, the bank also sold $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.
READ ALSO: Mixed Reactions Trail Video Of Couple’s Customised N200 Notes
Like in the most recent sales, it warned BDCs against breaching terms of the dollar sales, vowing to sanction defaulters “including outright suspension from further participation in the sale”.
The fortunes of the naira have fallen sharply since President Bola Tinubu took over in May. Inflation figures have reached new highs and the cost of living hitting the rooftops.
Nigeria’s currency slid to about N1,900/$ some months ago at the parallel market. But in recent weeks, it has gained against the dollar.
The Nigerian authorities have also doubled down on their crackdown against cryptocurrency platform Binance and illegal BDCs.
On March 1, the CBN revoked the licences of 4,173 BDCs over compliance failures.
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.
Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.
Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.
READ ALSO: JUST IN: Access Holdings Names New Acting CEO
Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.
Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.
Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.
READ ALSO: Meet Newly Appointed Union Bank CEO
A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.
Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.
With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.
Business
CBN Gives New Directive On Lending In Real Estate
Published
7 days agoon
April 17, 2024By
EditorThe Central Bank of Nigeria, CBN, has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy.
The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a more contractionary approach.
In line with the new measures, the CBN has reduced the loan-to-deposit ratio by 15 percentage points, down to 50 per cent.
This move aligns with the CBN’s current monetary tightening policies and reflects the increase in the Cash Reserve ratio rate for banks.
READ ALSO: JUST IN: CBN Gov Sacks Eight Directors, 32 Others
The LDR is a metric used to evaluate a bank’s liquidity by comparing its total loans to its total deposits over the same period, expressed as a percentage.
An excessively high ratio may indicate insufficient liquidity to meet unexpected fund requirements.
All Deposit Money Banks are now mandated to adhere to this revised LDR.
The CBN has stated that average daily figures will be utilised to gauge compliance with this directive.
Furthermore, while DMBs are encouraged to maintain robust risk management practices in their lending activities, the CBN has committed to continuous monitoring of adherence and will adjust the LDR as necessary based on market developments.
READ ALSO: JUST IN: CBN Increases Interest Rate To 24.75%
Adedeji has called on all banks to acknowledge these modifications and adjust their operations accordingly. He emphasised that this regulatory adjustment is anticipated to significantly influence the banking sector and the wider Nigerian economy.
The circular read in part, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is crucial to revise the loan-to-deposit ratio policy to conform with the CBN’s ongoing monetary tightening.
“Consequently, the CBN has decided to decrease the LDR by 15 percentage points to 50 per cent, proportionate to the rise in the CRR rate for banks.
“All DMBs must maintain this level, and it is advised that average daily figures will still be applied for compliance assessment.
“While DMBs are urged to sustain strong risk management practices concerning their lending operations, the CBN will persist in monitoring compliance, reviewing market developments, and making necessary adjustments to the LDR. Please be guided accordingly.”
How Yahaya Bello Moved $720,000 From State Coffers To Pay Child’s School Fees — EFCC
Nollywood Actor, Zulu Adigwe Is Dead
Meet 17-year-old Nigerian Who Won $3.5m Worth Of Scholarships From Harvard, 13 Other Foreign Universities
Trending
- Entertainment2 days ago
Bridesmaids’ Dance At Wedding Causes Stir On Social Media [VIDEO/PHOTOS]
- Politics3 days ago
Edo Guber: Akoko-Edo PDP Leaders Meet In Igara, Describe Ighodalo, Ogie As ‘Perfect Match’
- Metro2 days ago
VIDEO: ‘UNN Lecturer’ Caught Pants Down With Married Student
- News4 days ago
Foundation Advocates Empowerment Of Women, Youth In Nigeria
- Headline5 days ago
Best Airports In Africa For 2024 Named, Nigeria Missing [Full List]
- Metro5 days ago
BREAKING: Protests As Gunmen Kill 12 In Plateau Village
- News3 days ago
Outrage As Chinese Supermarket In Abuja Denies Nigerians Entry
- News5 days ago
JUST IN: Tinubu Appoints SEC Chairman, Board Members
- News4 days ago
Why Police Detained Yahaya Bello’s ADC, Security Details Revelead
- News4 days ago
Japa: Types Of US Visa Available To Nigerians, Other Foreigners