Bamibor's Posts
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Onumonu misses, I just saw that her run up was too short |
1-1 |
Fantastic penalty by Chikwelu |
Ekpekus:Absolutely they have made both themselves and their country proud. They deserve a heroine's welcome whatever happens from here. |
Ekpekus:Absolutely, what they lacked in tactics and finesse, they have more than made up for with grit and fortitude |
Onyedikachi323:What game are you watching? It's still 3:0. Although the Falcons should be up by much more judging by the chances they've had |
TheSparrow:Chief, always make a habit of providing answers, not merely pointing out errors. If you are sure the write-up is full of false narratives as you claim, then kindly furnish us with the true picture of things from your vantage point. |
This is one the most excited I.have been in my life. This weight of 2014 world Cup final finally lifted. Messi GOAT! |
jrjfjfj:I can assure you this troll is neither yoruba nor Ibo but one of the online miscreants who have made it their aim in life to Foster inter-ethnic and religious divisions. |
Solatium:Don't be a fool, you head and your family's will not be spared when Nigeria begins to dance to the war drums you are beating...perhaps you are one of those who is frustrated enough with life to not hold any value for it anymore. |
James4358:Oga small.small ooo |
The governor of the Central Bank of Nigeria, Godwin Emefiele, has just sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. The sack was announced on live television, covered by Arise TV and other news channels. Emefiele, in his speech, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move. The CBN governor further went ahead to announce that Dr Sola Adeduntan had been reinstated as the Managing Director of the interim Board. It had earlier been reported that the CBN queried First Bank, expressing concern that the appointment of Gbenga Shobo was done without the approval of the apex bank. The CBN also claimed that the tenure of the ousted Mr. Adesola Adedutan was yet to expire and as such, there was no justification for his removal. In further developments, The Central Bank of Nigeria (CBN) has announced new appointments in First Bank of Nigeria PLC, and retained Dr Sola Adeduntan as the bank’s Managing Director. Addressing a news conference on Thursday in Abuja, CBN Governor, Godwin Emefiele said that its stance has become imperative to protect depositors at the bank. Emefiele explained that the apex bank’s decision is aimed at ensuring financial stability at the bank. SEE FULL STATEMENT BY CBN GOVERNOR BELOW: GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD 1.0 Good afternoon ladies and gentlemen. 2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions. 3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank. It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under a regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank. 4.0 As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others. By our last assessment, FBN has over 31m customers, with a deposit base of N4.2trn, shareholders funds of N618bn and NIBSS instant payment (NIP) processing capacity of 22% of the industry. To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31m customers of the bank who see FBN as a safe haven for their hard-earned savings. 5.0 The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards. 6.0 The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. These conclusions arose from various entreaties by the CBN to them to recapitalize. 7.0 The CBN stepped in to stabilize the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included: Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Officer in January 2016. Grant of the regulatory forbearances to enable the bank to work out its non-performing loans through provision for write-off of at least N150b from its earning for four consecutive years. iii. Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures 8.0 The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year. For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly. 9.0 Notwithstanding the significant improvement in the bank’s financial condition with the positive trajectory of financial soundness indicators, the insider-related facilities remained problematic. 10.0 The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank. The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructuring terms (e.g. non-perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives 11.0 Following a further review of the situation and in order to preserve the stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs: Immediate removal of all directors of FBN Ltd and FBN Holdings Plc The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc Holdco Chairman – Remi Babalola Dr. Fatade Abiodun Oluwole Kofo Dosekun Remi Lasaki Dr Alimi Abdulrasaq Ahmed Modibbo Khalifa Imam Sir Peter Aliogo UK Eke – Managing Director Bank Chairman – Tunde Hassan-Odukale Tokunbo Martins Uche Nwokedi Adekunle Sonola Isioma Ogodazi Ebenezer Olufowose Ishaya Elijah B. Dodo Sola Adeduntan – Managing Director Gbenga Shobo – Deputy Managing Director Remi Oni – Executive Director Abdullahi Ibrahim – Executive Director 12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant. Source: https://nairametrics.com/2021/04/29/breaking-cbn-sacks-all-board-members-of-first-bank-of-nigeria-first-bank-of-nigeria-holding/ https://www.channelstv.com/2021/04/29/cbn-announces-new-appointments-of-first-bank-directors-others/ @pushkin @FOD @lalasticlala @dominque |
supportnija:That one na jamb question oo |
BabbanBura:There's more underground politics at play than any of us know. |
The Central Bank of Nigeria (CBN) yesterday queried the board of First Bank Nigeria Limited over the removal of the Managing Director/Chief Executive of the bank, Dr. Adesola Adeduntan, saying the action was without regulatory approval. The apex bank said the board’s move has “dire implications for the bank and also portends significant risks to the stability of the financial system.” The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking Supervision, Mr. Haruna Mustafa, and addressed to the bank’s Chairman, Mrs. Ibukun Awosika, a copy of which was obtained by THISDAY. CBN also demanded a comprehensive response on the matter from Awosika to be delivered to the banking sector regulator latest 5pm today. The Board of Directors of First Bank had earlier yesterday announced the appointment of Mr. Gbenga Shobo as the new Managing Director/Chief Executive Officer (CEO). But in a swift reaction, the CBN noted with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank as well as given that the tenure of Adeduntan was yet to expire. “The CBN was not made aware of any report from the board indicting the Managing Director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal. “We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators. “It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.” According to the central bank, the removal of a sitting MD/CEO of a systemically important bank, “that has been under regulatory forbearance for five to six years without prior consultation and justifiable basis,” has dire implications for the bank and also portends significant risks to the stability of the financial system. “In light of the foregoing, you are required to explain why disciplinary action should not be taken against the Board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media. “In the meantime, you are directed to desist forthwith from making any further public/media comments on the matter. Your comprehensive response on the foregoing should reach the Director, Banking Supervision Department on or before 5pm on April 29, 2021,” it added. Meanwhile, the banking sector regulator in another letter also signed by Mustafa, titled: “Re: Audited FIRS Accounts for the Financial Year Ended December 31, 2020,” revealed that the bank was yet to divest its interest in HoneyWell Flour Mills, Barti Airtel and other non-permissible interest. The Chairman of FBN Holdings, the holding company of First Bank Nigeria Limited, Oba Otudeko is also the Chairman of Honey Well. He used to be the Chairman of Barti Airtel. However, the CBN in the letter stated: “We are concerned that the bank has not complied with regulatory directives to divest its interest in Honey Well Flour Mills despite several reminders. We further noted that after four years the bank is yet to perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdco, which collateralised the restructured credit facilities for Honey Well Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility. “Given the bank’s failure to perfect the pledge and satisfy conditions for regulatory approval, the restructuring has thus been invalidated and the credit facilities now payable immediately.” Consequently, the central bank has requested that HoneyWell, “ fully repays its obligations to the bank within 48 hours failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.” It added: “Furthermore, the Bank notes the untenable delay in resolving the long outstanding divestment from Bharti Airtel Nigeria Ltd in line with extant regulations of the CBN. “Accordingly, you are required to divest the equity investments in all non-permissible entities such as Honey Well Flour Mills and Bharti Airtel Nigeria Limited within 90 days. Please you are to forward evidence of compliance in accordance with the timelines above to the Director of Banking Supervision.” Source: https://www.thisdaylive.com/index.php/2021/04/29/cbn-queries-first-bank-as-ceo-is-purportedly-ousted/ @Freiburger @dominique @r231 @lalasticlala |
•Says bank under forbearance, liquidity support can’t remove helmsman without approvalSource: https://www.thisdaylive.com/index.php/2021/04/29/cbn-queries-first-bank-as-ceo-is-purportedly-ousted/
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415volt:You are only thinking about this in terms of the bug clubs, you don't see (have chosen to ignore) how this will further starve the smaller clubs and increase the already wide gulf between the few "super rich" clubs and the "Osasunas" or "Burnleys" (no insult intended) in various leagues. No true football fan will say he or she does not get thrilled by the prospect of an Ajax defeating a Real Madrid or Shaktarr Donetsk eliminating Chelsea from the Champion's lleague. As much as the 12 "big" clubs may have "reasonable" arguments to support their not so subtle "rebellion" the fact is that it all boils down to money. Las las, na everybody this Coro affect, no be only Barca, Madrid et al. |
Pochettino:If you eat from a decent restraunt, which for my location means a proper meal will cost you anywhere between N1,000 and N3,000, then it is cheaper to cook your own food. You buy your major foodstuffs in bulk to manage cost. However, I eat out most of the time, not because of cost but because it is more convenient for me due to time constraints. |
pfadom:Stop being intentionally myopic. Comparatively, the rate of poverty in Nigeria is way higher than what it is in India. India has an estimated population of 1.3 billion people with just less than 10% (100 million plus) living below the poverty line while Nigeria with a population of 200 million has over 40% (above 90 million) living on extreme poverty. Do the maths yourself and stop sounding stupid for sentimental or partisan reasons. Nigeria is on a very steep precipice and with people like yourself who will rather play the Ostrich than call out failure for what it is, it only a matter of time before the country is consumed by its failures. Cheers! |
Nigerian artist Burna Boy, who is famously referred to as the "African giant", will feature on the official playlist for the inauguration of President-elect Joe Biden and Vice President-elect Kamala Harris. The award-winning singer's song 'Destiny' will be played alongside other international artists such as Dua Lipa, Tame Impala, and Kygo. The playlist was curated by American actress Issa Rae's record label Raedio and Derrick Jones, better known by his stage name as DJ D-Nice. American artists included on the playlist include Beyoncé, Stevie Wonder, and Kendrick Lamar. https://amp.cnn.com/cnn/2021/01/20/africa/nigeria-burna-boy-biden-inauguration-intl/index.html Cc: airmark Lalasticlala |
Nigerian artist Burna Boy, who famously refers to himself as the "African giant", will feature on the official playlist for the inauguration of President-elect Joe Biden and Vice President-elect Kamala Harris. The award-winning singer's song 'Destiny' will be played alongside other international artists such as Dua Lipa, Tame Impala, and Kygo. The playlist was curated by American actress Issa Rae's record label Raedio and Derrick Jones, better known by his stage name as DJ D-Nice. American artists included on the playlist include Beyoncé, Stevie Wonder, and Kendrick Lamar. https://amp.cnn.com/cnn/2021/01/20/africa/nigeria-burna-boy-biden-inauguration-intl/index.html Cc: mukina2 HumbledbYGrace Lalasticlala osystein |
The balkanization of this country is only a matter of time |
osazsky:You are evidently very naive. You and the others who think the ENDsars protest is only championed by fraudulent people. I have a legitimate job, have no affiliations nor interests in fraud whatsoever, yet I have severally being accosted by SARS operatives, who not only trampled on my human rights with their very invasive actions ( demanding and searching through my mobile phones and official gadgets) but indiscriminately demanded that I settle them for absolutely no reason. The most recent encounter was just 2 months ago and one of them, obviously under the influence whatever he drank or smoked, was threatening over and again to shoot both myself and the Uber driver with whom I w as commuting. SARS, regardless of whatever well-intended purpose for which they were created out of the police force, have abused their authority and as such outlived their usefulness. They should be proscribed and under a reformed police arrangement, other mechanisms of fighting robbery and kidnapping can be put in place. It was never in the Job description of SARS to go after "yahoo boys". The EFCC & ICPC have that mandate and if an organ is created by the police to support them, their jobs can be done with proper regards to fundamental human rights and without the needless profiling and stereotyping of every yiuth6who appears to be "well to do". If the government turns a deaf ear now, I assure you that with or without the likes of you who are yet to see the light, the struggle will not only continue, but will invariably snow ball into a full scale revolution until the government realizes they are accountable to the people. #EndSars #Nigeriansarewakingup |
NaMeAboki:You can make your point without throwing tribal jabs, grow up kid! |
LandMann:Very well said |
Danzakidakura:Quit playing the tribal sentiment card. If you disagree with his allusion, then provide a logical argument to counter his. These sentimental and tribal shenanigans from you lot (and that speaks to every sides in this debacle) has become hackneyed and a major stumbling block for seeking collective accountability from inept leaders. You guys should grow up! |
seunmsg:I usually don't agree with your politics and views on a lot of issues but I totally agree with you on this. This government is now treating Nigerians and the rule of law with nonchalant ridicule and outright derision. How can they on one hand, supposedly rehabilitate and reintegrate "repentant " Boko Haram terrorists and then on the other, commit this brazen act of murder -killing a man who has surrendered to authorities. While I do not expect much from this ailing and failing contraption, it still will be an anathema if the few good people left in the country do not speak up against dastardly acts of this nature. |
[quote author= post=93552541]You left 30 other comments on this front page and quote only our post and you don't take us serious? Like seriously? What delkuf! ![]() Nice moniker![/quote]The way you so confidently use the plural pronoun in reference of yourself, I'm beginning to conclude that there are perhaps other entities inhabiting you: fiendish gnomes and tutelaries who push you to make your usual befuddled and politically licentious comments. |
City will doubtlessly win the Champions with Messi back to the Guardiola partnership |
This right here is one reason why this country is still very far from making any sort of progress, allowing religious sentimentality and bias take preeminence over common sense. If "learned" members of the society cannot call out ineptitude and corruption when they see those ills play out simply because the perpetrators are of the same ilk either politically, tribally or religion wise, then Nigeria is unfortunately doomed to continue on its path of retrogression and hopelessness. |
NerdyRudeGyal:Abeg DM me your number or any Avenue to.collect recharge card for the data when you use type this wise words. Glad to see the are still objective and sane people like you. |