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June 3, 2024 CBN Revokes Heritage Bank’s Operating Licence
IFMNEWS

CBN Revokes Heritage Bank’s Operating Licence

The Central Bank of Nigeria (CBN) has revoked the banking license of Heritage Bank Plc with immediate effect. In a statement released on Monday by Hakama Ali, Acting Director of Corporate Communications, the CBN cited its mandate to promote a sound financial system in Nigeria and its authority under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

Ali explained that Heritage Bank Plc had violated Section 12(1) of BOFIA, 2020. He noted that the bank's board and management had failed to improve its financial performance, posing a threat to financial stability.

"This decision follows a period during which the CBN engaged with the bank and implemented various supervisory measures to halt its decline. Unfortunately, the bank continued to deteriorate with no reasonable prospects of recovery, necessitating the revocation of its license," the statement read.

The CBN's action aims to reinforce public confidence in the banking system and ensure the soundness of the financial sector. Consequently, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank Plc under Section 12(2) of BOFIA, 2020.

"We wish to assure the public that the Nigerian financial system remains robust. The steps we are taking today underscore our ongoing commitment to ensure the safety and soundness of our financial system," the CBN concluded.

June 3, 2024 Strike Causes Blackout as Workers Shut Down Power Grid
IFMNEWS

Strike Causes Blackout as Workers Shut Down Power Grid

The Transmission Company of Nigeria (TCN) has announced a complete shutdown of the nation's power grid by labour unions, as the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) began their nationwide strike. The strike, initiated on Monday, is in protest against the Federal Government's N60,000 minimum wage proposal.

TCN spokesperson Ndidi Mbah issued a statement on Monday morning, explaining that the shutdown was a deliberate action by the workers. The statement, titled "Grid Shutdown: Union Deliberately Shuts Down the National Grid," read in part:

"The Transmission Company of Nigeria hereby informs the general public that the labour union has shut down the national grid, resulting in a nationwide blackout. The national grid shutdown occurred at about 2:19 am this morning, June 3, 2024.

At about 1:15 am, the Benin Transmission Operator, under TCN's Independent System Operations unit, reported that all operators were forced out of the control room, with some staff beaten and wounded. As a result, the Benin Area Control Centre was completely shut down.

Other transmission substations shut down by the labour union include Ganmo, Benin, Ayede, Olorunsogo, Akangba, and Osogbo. Additionally, some transmission lines were opened due to the union's actions."

On the power generation side, TCN reported that various generating stations were forced to shut down some of their units. "The Jebba Generating Station had to shut down one unit, and three other units at the same substation shut down due to very high frequency, leading to system instability and the eventual shutdown of the national grid at 2:19 am."

Despite the challenges, TCN began grid recovery efforts at about 3:23 am, using the Shiroro Substation to try and feed the transmission lines supplying electricity to the Katampe Transmission Substation. However, the labour union continues to obstruct grid recovery efforts nationwide.

"We will continue our efforts to recover and stabilize the grid to restore normal bulk transmission of electricity to distribution load centres nationwide," the statement concluded.

May 31, 2024 Erisco Foods Controversy: Court Grants Chioma Okoli ₦5 Million Bail
IFMNEWS

Erisco Foods Controversy: Court Grants Chioma Okoli ₦5 Million Bail

Justice Peter Lifu of the Federal High Court in Abuja has granted Mrs. Chioma Okoli bail of ₦5 million, with two sureties in the same amount, following allegations related to her online commentary on Erisco Foods Limited’s tomato paste.

In his ruling, Justice Lifu specified that one of the sureties must be the defendant’s spouse or a blood relative with a verifiable source of income residing within the court’s jurisdiction. He also ordered the sureties to submit a passport photograph each and directed Mrs. Okoli to deposit her international passport, if she has one.

Justice Lifu accepted the arguments of Mrs. Okoli’s lawyer, noting that the charges against her are bailable offenses. He emphasized that under Section 36(5) of the 1999 Constitution, as amended, the defendant is presumed innocent until proven guilty. He added that denying her bail would be a misuse of judicial discretion, equating to a pre-trial judgment and judicial overreach. The judge also considered Mrs. Okoli’s health status in his decision.

The case has been adjourned until June 13 for further hearings. Mrs. Okoli faces charges under the Cybercrime Act, 2015, related to her online comments about Erisco Foods Limited’s tomato paste. She was arraigned by the Inspector-General of Police on a two-count charge of cybercrime and pleaded not guilty to all charges.

May 31, 2024 Military Confirms Killing Of Five Soldiers By IPOB/ESN Terrorists In Abia
IFMNEWS

Military Confirms Killing Of Five Soldiers By IPOB/ESN Terrorists In Abia

The military has confirmed that five personnel were killed in an attack by terrorists from the Indigenous People of Biafra (IPOB) and its armed wing, the Eastern Security Network (ESN), in Abia State on Thursday. According to a statement from Major General Edward Buba, Director of Defence Media Operations, the attack occurred at the Obikabia Junction Checkpoint in Obingwa Local Government Area, near Aba metropolis. Troops from Operation Udoka were stationed there to maintain peace and protect citizens.

The attackers launched a surprise assault using three-tinted Toyota Prado SUVs and other vehicles from nearby built-up areas. In the ensuing crossfire, six civilians were also killed. Major General Buba stated that investigations are ongoing and that the military intends to retaliate fiercely.

“The troops at Obikabia Junction Checkpoint in Obingwa were attacked by IPOB/ESN terrorists. Sadly, five armed forces personnel were killed. The attackers, arriving in tinted Prado SUVs and other vehicles, launched a surprise attack. The military mourns this loss deeply. Investigations are underway, and retaliation will be fierce. We will apply overwhelming military pressure to ensure the group's total defeat,” the statement read.

The attack coincided with IPOB's enforcement of a sit-at-home order across the southeast.

In response, Emmanuel Iwuanyanwu, President of Ohaneze Ndi-Igbo, distanced himself and detained IPOB leader Nnamdi Kanu from the attack. He emphasized that Kanu did not order the sit-at-home and described the incident as saddening. Iwuanyanwu urged President Bola Tinubu to use his political power to free Kanu and called for the country's restructuring.

Last week, IPOB declared May 30 as a sit-at-home to honor those who died in the 1967–1970 civil war. This "Biafran Heroes Day" led to a shutdown of commercial and economic activities in parts of Anambra, Enugu, Imo, Abia, and Ebonyi States, with banks, schools, markets, motor parks, fuel stations, and other public places closed on Thursday.

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