The Confédération Africaine de Football (“CAF”) has announced the dates for the Finals of the TotalEnergies CAF Champions League and TotalEnergies CAF Confederation Cup 2023/24 season.

The Finals will be played on home and away basis in May 2024.

The First Leg of the TotalEnergies CAF Confederation Cup will be played on Sunday, 12 May 2024. The Second Leg of the TotalEnergies CAF Confederation Cup will be played the following weekend, Sunday, 19 May 2024.

The TotalEnergies CAF Champions League Final First Leg will be on Saturday, 18 May 2024. The Second Leg of the TotalEnergies CAF Champions League Final will be played on Saturday, 25 May 2024.

TotalEnergies CAF Champions League Final

First Leg: Saturday, 18 May 2024

Second Leg: Saturday, 25 May 2024

TotalEnergies CAF Confederation Cup Final

First Leg: Sunday, 12 May 2024

Second Leg: Sunday, 19 May 2024

Adebayo Shittu, a former Minister of Communications in the Muhammadu Buhari administration has described banditry as a rebellion against the neglect of the poor people in the Northern Nigeria.

Shittu stated this in an interview on Arise Television on Thursday.

He said, “What is happening in the Northwest and Northeast in particular is a rebellion against the neglect of the poor.

“Now that we have the issue of banditry on our hands, we have over the years been spending billions of naira in kinetic approach and it’s because people left out of education and civilization that Westernization brings about are rebelling.”

Shittu said the level of education was the reason why there is little or no records of banditry in the Southwest.

The former Minister said bandits are people rebelling due to lack of education.

Shittu said, “Why there is no banditry in the southwest is because we chose to educate the children.

“When you fail to educate people, over the years they will grow up to find out that the social inequality like some people enjoying light, some driving cars, and they are left out. This makes them start rebellion against the society.”

Shittu’s comment comes after his earlier advice to President Bola Tinubu-led Federal Government to give bandits a promising future through negotiation.

According to him, most of the bandits are able-bodied men who the Federal Government should retain.

The former Minister said a non-kinetic approach in dealing with banditry would bring about a lot of results.

Kentucky Fried Chicken (KFC) Nigeria, an international fast food restaurant chain, has issued an apology to Adebola Daniel, son of Gbenga Daniel, former governor of Ogun state, over discriminatory treatment.

In a statement on its X page on Thursday, the fast-food chain expressed deep regret for the distress experienced by the customer and pledged swift action to address the issue.

On March 27, Daniel posted on his official X page about his experience at the KFC outlet at the Murtala Muhammed International Airport (MMIA) branch.

According to Daniel, the restaurant had stopped him and his family from entering, stating that “no wheelchairs were allowed”.

Following his statement, the Federal Airports Authority of Nigeria (FAAN) on March 28, said it had shut down KFC over discrimination against Daniel.

FAAN instructed KFC management to tender an unreserved apology, in writing, to Daniel, and a policy statement of non-discrimination be written and pasted conspicuously at its door post at MMIA before it resumed operation.

Reacting to the accusation, KFC reiterated its commitment to opposing bias or discrimination in any shape or form, with inclusivity and respect as fundamental principles of its values.

“KFC is unwavering in our stance against bias or discrimination in any form, with inclusivity and respect as non-negotiable pillars of our values,” the company said.

“However, this recent incident has underscored the pressing need for immediate action. We have embarked on efforts to address the situation.

“We deeply regret the frustration and distress experienced by our guest and extend sincere apologies to those affected.

“In response, we are urgently implementing inclusion training for all our employees. This incident is not reflective of our standards, and we will act swiftly to rectify it.

“We are actively exploring actions to equip our team members and restaurants better to ensure that every guest feels genuinely welcomed and that we deliver empathetic customer service that proactively addresses the diverse needs of each guest.”

‘FCCPC CONDEMNS DISCRIMINATION AGAINST CONSUMERS’

The Federal Competition and Consumer Protection Commission (FCCPC) condemned the discrimination against Daniel.

In a statement on Thursday, Adamu Abdullahi, FCCPC’s acting executive vice chairman (EVC) and chief executive officer (CEO), said the commission strongly condemns any form of discrimination against consumers, especially those based on disability.

Abdullahi said the commission would work with relevant authorities to ensure appropriate redress for the aggrieved consumer.

He said the commission would also ensure KFC took full responsibility for its actions.

The EVC said section 17 of the Federal Competition and Consumer Protection Act (FCCPA) emphasises the obligation to eliminate practices detrimental to competition and consumer welfare to safeguard consumer interests.

Abdullahi said discriminatory actions, such as those witnessed at the KFC outlet, undermined their principles and would not be tolerated.

A pregnant woman, Mrs. Mmesoma Odili, from Umuosiegbo village, Umunya in Oyi local government area of Anambra State, is in a devastating mood following the loss of her pregnancy during eight days of detention at the Zone 13 Police Headquarters, Ukpo, Anambra State.

It was gathered that the police had to arrest Mmesoma when they could not lay hands on her husband over a land dispute in the area.

An indigene of the community, Mr. Jude Ikeanyionwu, who said the dispute has torn the area apart, called on the state governor, Professor Chukwuma Soludo, and other stakeholders in the state, to intervene in the worrisome situation before it leads to the loss of more lives.

Ikeanyionwu said: “Mmesoma’s husband is a member of the community’s vigilante group and one of those opposed to the illegal attempt to sell our communal land by some of our elders.

“When the men of Zone 13 Police came to arrest those who do not want our land to be sold since we had shared it among the various families and they could not find Mmesoma’s husband, they arrested his pregnant wife.

“For eight days she was in detention and it was during this period that she had a miscarriage and lost her three months pregnancy. The police had to let her go when she was almost dying in detention.

“The situation in our kindred now is that those who want to sell our land by force have been harassing us with police from Abuja, such that all the men in the village no longer sleep in their houses for fear of arrest.

“We have no other land, which was why a decision was taken to share the large expanse with the various families, which has been done. It is, therefore, surprising that my uncle, who was chairman of the kindred, insisted on selling the land when we and our children have no other land to lay hands on.”

The wanted traditional ruler of Ewu kingdom in Ughelli South Local Government Area of Delta State, HRM Clement Ikolo Oghenerukevwe has surrendered his self to police in the state over the killing of 17 Soldiers in the Okuama Community.

The monarch was declared wanted along side the president general of Ewu, Prof Ekpekpo Arthur and six others over the alleged killing of 17 soldiers by the Defence Headquarters of the Nigerian Army.

Though, the report was sketchy, it was learned the the Monarch held a Press Conference briefing before submitting himself to the police.

According to a statement by the traditional in the briefing, “I am very surprised that my name as the monarch of the kingdom will appear in the list of wanted persons.

“I have no hand in the killings, I have no hand in encouraging anybody to kill anybody, it is against my philosophy as a human being and my faith as a Catholic.

“It is a serious crime against humanity and they need to look at the appropriate places and do thorough investigation to know all those who has committed this and bring them to bookans let justice prevail.

“I am not a party to this and like I have said earlier, the state government is aware of the turbulence I have been going through and as I speak, an arrangement was made by the government to invite the opponents recently just before this happenings.

“To invite those who are fighting me in the kingdom to reconcile the differences and allow me to go into the kingdom and start to rule as the monarch of the place.

“I have not being able to set up anything, I have not been able to set up my traditional council, I have done nothing in the kingdom.

“So I barely know anything right now, I have no information, I know nothing Iam only just in the process of set up a structure to enable me rule in the kingdom.”

The panel set up by the Edo State Chief Judge, Daniel Okungbowa, to investigate the allegation of misconduct levelled against the state Deputy Governor, Philip Shaibu, by the Edo State House of Assembly, will begin sitting at the Judges Conference Room, New High Court Complex, Benin, on April 3.

The House of Assembly commenced impeachment proceedings against Shaibu on March 5, accusing him of perjury and leaking of government’s secrets.

However, all efforts to get the impeachment notice to him proved abortive, as he was said to be out of the state.

After it became clear that the notice could not be served physically, the House served him the notice through substitution (by publishing the letter in three national dailies).

The impeachment move is believed to be the latest development in the rift between Shaibu and his principal, Governor Godwin Obaseki, which reportedly started when Shaibu declared his interest in joining this year’s Edo governorship race.

The Chief Judge constituted a seven-man panel on March 22 but dropped two members, Prof Violet Aigbokhaebo and Prof Boniface Onomion Edegbai, on Monday.

The panel has Justice S.A. Omonua (retd.) as chairman. Other members are Professor Theresa Akpoghome, Oghogho Ayodele Oviasu, Dr. Andrew Oliha, Idris Abdulkareen, President Aigbokhian and Mariam Erakhoba Ilavbare.

A statement signed by the administrative secretary of the panel, George Odidi, on Thursday read, “Take notice that consequent upon the inauguration of the above panel by His Lordship the Hon. Chief Judge of Edo State, Hon. Justice Daniel Okungbowa, in line with Section 188 Subsection 5 of the Constitution of the Federal Republic of Nigeria 1999, the said panel shall commence sitting at Judges Conference room, New High Court Complex, Benin City on Wednesday, April 3, 2024 at 10am prompt.

Gives Banks 24 Months To Recapitalise

Barely 48 hours after restating the need to increase the capital base of Deposit Money Banks for improved productivity, the Central Bank of Nigeria has announced new guidelines on its recapitalisation policy for banks in the country.

The new guidelines were disclosed in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday.

She said the apex bank had directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn.

According to the acting CBN director, commercial banks with national licences must meet a N200bn threshold, while those with regional authorisation are expected to achieve a N50bn capital floor.

Similarly, non-interest banks with national and regional authorisations will need to increase their capital to N20bn and N10bn, respectively.

The CBN’s move came two days after the Monetary Policy Committee hinted that it would change the capital base of the nation’s banks.

At the press briefing that followed the 294th MPC meeting on Tuesday, the CBN Governor, Olayemi Cardoso, urged DMBs to expedite actions to increase their capital base to strengthen the financial system against potential risk.

In its meeting, the committee noted that to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on recapitalisation to strengthen the system against potential risks in an increasingly globalised world.”

However, the latest CBN policy directive specifies that commercial banks with international authorisation are now required to shore up their capital base to N500bn.

The current capital base is stratified based on the type of banking licence – banks with regional, national, and international licences are currently expected to maintain the minimum capital bases.

The proposed increase in the capital base comes nearly two decades after the CBN’s 2004 banking reform, which increased the then-prevailing capital base from N2bn to N25bn.

The 2004 banking reform was characterised by massive mergers and acquisition activities, ultimately reducing the number of banks in the country from 89 to 25.

last year, indicated that Deposit Money Banks’ chief executive officers and other top executives had begun moves to raise fresh capital to bolster their respective institutions’ capital base through preliminary merger and acquisition talks.

Recall that in November 2023, Cardoso, at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria, announced plans by the apex bank to carry out a fresh round of banking recapitalisation for the Deposit Money Banks.

He said the policy was part of its efforts to strengthen its capacity to support Nigeria’s drive to become a $1tn economy by 2026.

At the dinner, Cardoso said, “Despite the challenging global and local economic environment, Nigeria’s financial sector has demonstrated resilience in 2023 with key indications of financial soundness largely meeting regulatory benchmarks.

“Stress test conducted on the banking industry also indicates its strength under mild to moderate scenario on sustained economic and financial stress. Although there is room for further strengthening and enhancing resilience to shocks.

“Therefore, there is still much to be done in fortifying the industry for future challenges. The economic agenda of President Bola Ahmed Tinubu’s mandate has set an ambitious goal of achieving a GDP of $1tn over the next seven years.

“Attaining this target necessitates sustainable and inclusive economic growth at a significantly higher pace than current levels. It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy. It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needed in servicing a $1tn economy in the near future, in my opinion, the answer is no, unless we take action. As a first test, the central bank will direct banks to increase their capital.”

Earlier in March, a report by Ernst and Young indicated that at least 17 out of the existing 24 Deposit Money Banks might be unable to meet the Central Bank of Nigeria’s capital requirement if it is increased from its current N25bn.

The new report, titled ‘Navigating the Horizon: Charting the Course for Banks amid Plans for Recapitalisation’ noted some banks might depend on different recapitalisation options, which include mergers and acquisitions, initial public offerings, placements and/or right issues and undistributed profit (retained earnings) despite the fact that financial soundness indicators show that Nigerian banks were largely safe and resilient as of 2023.

“On this basis, a worst-case scenario given a 15x capital multiplier for 24 banks will be considered based on the type of banking licenses held. We have benchmarked the current capital of these banks against the current capital requirement and four recapitalization scenarios,” it noted.

In spite of the possible disruption, the apex bank has gone ahead with it’s drastic move.

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks were required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.

To enable them to meet the minimum capital requirements, the CBN urged banks to consider injecting fresh equity capital through private placements, rights issues and/or offers for subscription, Mergers and Acquisitions, and/or upgrade or downgrade of license authorisation.

Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

“Additional Tier 1 Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio requirement applicable to their license authorisation.

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.

The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle had been granted.

However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

In an earlier interview with our correspondent, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, welcomed the move to increase banks’ capital base, adding that the current capital base was grossly inadequate.

He said, “The minimum capital requirements of the banking industry need to be reviewed in light of the considerable loss of value amid depreciating domestic currency. During the banking consolidation of 2004, the minimum capital requirement for banks was raised from N2bn to N25bn. The revised capital requirement was equivalent to $187m. Today, the same N25bn is the equivalent of just $32.5m.”

Also, Uche Uwaleke, a Professor of Capital Markets at Nasarawa State University, urged the CBN not to coerce banks into increasing their capital base, as was the case during the last recapitalisation drive; rather, they should be incentivised.

“The idea of recapitalisation of banks is a welcome one. Capital is needed to finance big-ticket projects, especially when the government targets a $1tn economy in a few years. But I think the strategy should be somewhat different from the approach adopted in 2005. It should be more about incentives than coercion,” he said.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024.

The CBN also disclosed that it would monitor and ensure compliance with the new requirements within the specified timeline.

Nigeria has yet again suffered a nationwide blackout as the national electricity grid, centrally managed from Osogbo, Osun State, suffered a collapse at approximately 4:30 pm on Thursday, leaving millions of homes and businesses without power.

This development marks the fourth time the grid is collapsing since in the first three months of the year, adding to challenges that have long plagued Nigeria’s power sector.

According to reports from various distribution companies spanning the nation’s 36 states, their feeders were rendered inactive, resulting in widespread blackouts across the country.

The grid’s output, which stood at 2984 megawatts as of 4 pm, plummeted to zero within the span of an hour, with all 21 plants connected to the grid ceasing operations by 5 pm.

This incident marks another setback for Nigeria’s electricity sector, which has been marred by persistent issues despite privatisation efforts aimed at revitalization.

Over the past decade since privatisation, the grid has experienced a staggering 141 collapses, underscoring the magnitude of the systemic challenges facing the industry.

As of the time of reporting at 6:00 pm, the Azura Power Plant was the sole facility contributing to the grid, albeit with a modest output of 54 megawatts.

Major power generation plants such as Egbin, Afam, Geregu, Ibom Power, Jebba, Kainji, Odukpani, and Olorunsogo, among others, remained dormant, further exacerbating the electricity deficit nationwide.

The public accounts committee of the House of Representatives on Thursday, March 28, accused the Central Bank of Nigeria (CBN) and commercial banks collecting revenue for the government of colluding to share the money made from Value Added Tax paid on Remita by customers.

Chairman of the committee, Bamidele Salam (PDP, Osun) who made the allegation at the resumed investigative hearing on revenue leakages in Abuja, also accused the apex bank and the Office of the Accountant General of the Federation of illegally paying about N15 billion to Remita without any formal contract.

The committee however warned the chairman of Federal Inland Revenue (FIRS), Zacch Adedeji against his continuous disregard for the invitation of the committee, saying his actions amount to contempt of parliament.

He also queried the payment of N15 billion to Remita, a payment platform from the Office of the Accountant General for the Federation (OAGF), saying the payment by the OAGF from 2016 to 2018 was questionable because the OAGF paid the money without agreement or contract.

Salam described the payment as illegal, saying, “The money is an illegal payment. There was no budget provision, so where did they source the money from?

“The CBN also shared in the money. The money is an illegal payment; there was no budget provision, so where did they source the money from?”

He said, for instance, if someone pays N150 as a remitter, you will now pay 7.5 percent Value-Added Tax (VAT) in addition to it. Ordinarily, that whole sum of VAT ought to go to the Federal Inland Revenue Service (FIRS), but what they are doing in this transaction is that they will now add that VAT to the N150.

“They will add it up, gather the money together, and take it to the CBN”

He said: “System Spec and Remitta, both collecting revenue for the federal government, will share 50 percent, while the banks and the CBN will also have their share”, adding that by the time the Committee finished its reconciliation, “I am very sure that hundreds of billions of naira will be the VAT component that was not remitted to FIRS.”

He said each bank ought to take the money and directly remit it to FIRS, saying, “Now Remita is saying that each of those collecting the money will come and calculate the money that has been shared into shreds. How do we track this kind of money?

The director in charge of Banking Services at the CBN, Ahmed Abdullahi, said Remita and System Spec were selected as alternative ways of remitting revenue because they had been rendering similar services to banks.

He explained that Remita was engaged in 2011 and operations commenced in 2012 with system module names, adding that the CBN only finalized the transaction

He said that the fees charged under the TSA were in line with the structure of banking.

Also speaking at the hearing, the Chief Accountant of the TSA Department who represented the Accountant General for the Federation, Oyewole Adewale, accused the CBN of not honouring its letters to reconcile the revenue accrued to the country through TSA.

He said the OAGF had developed a system where all revenue generated by the Ministries of Departments and Agencies of Government (MDAs) could now be monitored without any interference.

Director, Remita Payment Services Ltd., Aderemi Atanda who gave the summary of the TSA collection said that 10, 20, and 50 percent were shared among CBN, commercial banks, and Remitta.

While saying the collections are usually not static but vary “In 2015–2016, it was N4.2 million, and the fee paid was N8.5 billion; in 2016, N1.3 billion was paid.”

Meanwhile, while warning the FIRS against failure to appear before the committee, the Committee chairman said, “This is the fourth time the committee would be inviting the FIRS chairman but failed to show up.

“In addition to writing him officially, we have also made sure that such letters were delivered personally to his mailbox and his WhatsApp number.

“We condemn and describe it as irresponsible and arrogant, and we tell him that there will be consequences if he continues this contempt of his parliament.”

Salam alleged that the value-added tax that should accrued to the Federal Government has not been collected by FIRS.

He said some VAT from the revenue collected by Remitta ought to have gone to the FIRS, but added that they would rather add the VST together and share it with the CBN, Bank, and Remita.

He said: “By the time we finished our reconciliation, the money would be in hundreds of billions,” adding that this was what they were asking the FIRS to come and collect, but the service had refused to show up.

The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights.
Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.

Also, Nadeem Anjarwalla, the Binance’s Africa regional manager who escaped from lawful custody March 22, filed a separate right enforcement suit before Justice Ekwo.

The News Agency of Nigeria (NAN) reports that Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

They sought same reliefs.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, in his application, sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution (As Amended).

He said the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution.

He also sought an order directing the respondents to release him from their custody and! return his international travel passport with immediate effect.

Gambaryan equally sought an order of perpetual injunction restraining the respondents and agents from further detaining him in relation to any investigation into or demands from Binance.

The official, who sought an order for the respondents to issue a public apology to him, also prayed for the cost of thie action on a full indemnity basis.

In a statement in support of the suit, he said he is an American citizen who visited Nigeria on Feb. 26 February, along with fleeing Nadeem Anjarwalla, as a representative of Binance, to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Giving 11-ground argument why his application should be granted, he said that he and his colleague, Anjarwalla, dutifully attended the meeting.

He said after the meeting the two of them were detained by the respondents and had remained in detention since then.

He said he did not commit any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he said, adding that he was not a member of the Board of Directors of Binance.

When the two suits were called on Thursday, T.J. Krukrubo, SAN, appeared for Anjarwalla and Gambaryan

Krukrubo, told the court that though the respondents were served two days ago, they were not represented in court.

The senior lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26.

Although Krukrubo did not give details of why they were withdrawing their legal representation, this might not be unconnected to the disappearance of the applicant in custody.

Justice Ekwo said having withdrew their legal representation, “it means that the applicant has no legal representation and requires that the matter be adjourned for the applicant to seek legal representation and for the respondents to be given an opportunity to come to court.”

The judge adjourned the matter until April 8 for further mention.

Also, upon resumed hearing in Gambaryan’s suit, Krukrubo said though the processes had been served on ONSA and EFCC, they were still within time to respond.

He therefore sought an adjourned date, saying the respondents time to file their applications would expire next week Thursday.

Justice Ekwo consequently adjourned the matter until April 8 for further mention.

(NAN)