₦airaland Forum

SweetJoystick:
There's no dead body on the floor

there are 2

chloride6:
Who pushed this to FP?

This has been debunked to be fake news and is a mass conversions in Ivory coast.

Please take this down..

i know those are not nigerians. But forcefully converting anyone to ridiculously violent islam is evil.

mamdanju:
Liars! This is not in Niger State where I came from. The language spoken here does not resemble Gbagyi, the language of the people where the alleged boko haram activities in Niger State have been reported. Boko Haram victims will not have the opportunity to wear face mask. Most people dont wear mask even in Niger cities not to talk of villages under boko haram's occupation. I await the confirmation from our tech gurus that this videos is not from Nigeria or was poorly scripted to compound our already tense situation.

i agree with u. Those women dont even look or dress northern nigerians are speaking a foreign language, definitely not gwari. These may be cameroonians. But forcefully converting anyone to islam of all religions is condemnable.

ikorodureporta:
Wey the killers pishure

this killer is a nairalander, something akpan

helinues:
For more jokes , Sms " Wale Oke" to 419



Were dey disguise.. You couldn't pray to God to stop Coronavirus, we are going to 2 years now

as month has ended and u have received your N30,000 BMC monthly salary, u have resumed work for the month of may own.

Who will APC report this one to?

Qudsi:
Instead of the United States.
Why don't the Nigerian government seek the assistance of Israel, a very tiny country not even comparable to the size and population of Lagos but has been able to fend off continual Missile by the Muslims and big islamic countries supporting them in the bid to completely wipe out Israel.

Let Buhari do away with the usual Muslim hatred of Jews and Zionist and take advantage of their technology in the fight against islamic fascism and Jihadism. The Israelites should be encouraged to invest and profit in our tech space and thus deepen the advancement of our tech space as everyone knows of Israel's contribution to Silicone Valley. Even Saudi Arabia is now patronizing Israel's tech.

is it not US that is supplying Isreal weapon?

samwash:
From the meeting, Our president was reading speech when ever they ask him questions. I come dey reason weda he get the question b4 the meeting.
Typical Nigerian, will must complain
Even if na Biden he hold meeting will, some pple go still come out to say na the Vice he suppose hold the meeting with.

biden has not spoken to important heads of government finish, na buhari go be him problem. US secretary of state shouldnt have even spoken to buhari. They should have delegated a desk officer at US embassy, abuja to do that.

Equity15:
I tell you. Even LCC is damn scary

which one is LCC? The bridge that link ikoyi to lekki?

mudiana:
In Nigeria, this would have cost the government 60 billion to build and 6 years to near completion

6 years ke? Abuja-lokoja road that was started in 1999 has not been completed. Same with lagos-ibadan.

Oghenerobo2002:
How did I get to Nigeria?

by rail

Xbee007:
Naija see your mate.

portugal no be naija mate o. Portuguese that explored naija in the 12th century. Who pass u pass u. Na china, UAE, singapore and malaysia be naija mate.

Blakjewelry:
me I am not sure any amount of money will make me pass that bridge

me, i am 101% sure that nothing will make visit the area

obonujoker:
Wow...

Engineering ingenuity... ... Engineers rule the world...

However this is scarier than that at LCC (Lekki)

not NSE (nigeria society of engineers)

Franzinni:
This is achievement..

naija own no be achievement?

Blessynene:
Hello nairalanders pls I need your unbiased advice.

So I started my MSc program long before the lockdown since I had no job and needed to upgrade, after class work and examination the lockdown couldn't allow me complete my project lab work, all these while I was actively looking for a job.

Luckily I got one with a private firm and decent pay (110k) but doesn't give me time to do any other thing, now my project defence is in a months time, I applied for 6 weeks leave without pay so I can concentrate and complete my project and defence since my job is overly demanding but was denied.

My only option is to resign and come back to re-apply for the job after my defense, I seriously need this job because I have alot of financial responsibilities at the moment.

I am tempted to to let go of the defence for now and focus on the job till am financially stable.

Pls I need your candid advice.

very difficult situation. I work in a federal public institution here in naija. To be eligible for study leave without pay in my organisation, u would have worked for at least 3 years or so, cant be too sure, but i know it is 3 or above, else u resign and reapply later. Had friends that resigned, went to UK and did masters, and even worked in UK and later relocated and reapplied, but was offered the level they were at when they left, while we had gotten 2 promotions after that. Some accepted and some rejected, such is life.
Since urs is a private firm, i advice u continue with ur study, e go better.

yanabasee1:
They left kaduna to shut down Abuja? Them never brief them about Shiite ba?

the kaduna end of kaduna-abuja expressway

Iniobong34:
I pray make she no enter wrong hand.

she entered wrong hand. They say the job interview was a scam by a kidnapping gang. The kidnapper and his father, an accomplice has been arrested by the police, but the girl has not been found.
The kidnapper is nairalander by username something akpan that posted picture of hilux here that he wanted to sell.

Divoc:
I think this is because Abia is the the middle...it shares boundary with 7 South East and South South State...All South East state has boundary with Abia. And Aba is the melting point for all igbos

funny enough, it is true that all south east states have boundary with abi

Nonsense fake news. So the source is facebook.

Imsoblessed:
I'm yet to see a northerner bring glory to this nation. Any thing other than government appointment and quarter system they are not seen, Very lazy and uninspirational, overly religious without conscience. Congratulations Beautiful one. May God guide your every step, may you leave long to achieve greatness.

born throway dey go school?

joyairemiya:
Very unfair. Mrs Ibukun Awosika should go to court

read the BOFIA Act before asking the woman to go to court.

omohayek:
Really? Where's your evidence for the claim? Can you provide any links to resources showing that the CBN has such rights? Can you go further and show where central bank governors in countries with good track records on inflation have personally muddied their hands with such matters? Anyone can make claims like yours without the slightest evidence to back them up.


Given the existence of the auditors you mention, why did Emefiele then have to personally get involved in this issue? Can he see nothing better to do with his time, even as the great mass of Nigerians are suffering under the inflation he's allowed to run riot? That's what I'm getting at when I say the man is clueless about setting priorities.

google "cbn guideline on corporate governance" and read the pdf document from cbn website

RillJ:
Amaechi does not like money.

very funny. Yet he has been in govt since 1999. Amaechi cannot survive without free govt money.

Roddwave:
o boy see levels
So even cbn governor's calls gets rejected
Na waoo
God elevate me make me dey reject Minister's call

mind what u wish for.
If the minister deals with u after u reject his call, dont complain.

ZeroWorries:
What about all the revenue generated using the stolen artefacts? Won't they return the money?

the revenue was used to pay for cost of british invasion of benin kingdom.

iammo:
It's very Ok, expansion is ongoin as of today, and they fly many routes (Abuja , Lagos , Kano, Uyo etc) almost all local careers fly in daily and Airpeace just joined... Hajj pilgrims are also been airlifted



.

how can u fly from ibadan to lagos that is 2hrs by road? They will use helicopter?

tempest01:
NL late to the party. A lot has happened so far.


Twitter ng has tracked the guy, his pictures, phone number, NL profile, FB profile, His home and all. His father has been arrested.

has the girl been found?

yanabasee1:
Is first bank a branch of CBN?

just carry your ignorance waka.

Man U has qualified. Man U- Arsenal for final.

Beedude:
If they dont score a goal here, they are out

Arsenal scored away goal.
1-0 at home and Arsenal are in the final

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 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 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. This 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:

i. Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Office in January 2016.

ii. Grant of the regulatory forbearances to enable the bank 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

iv. 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 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 restructure 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 further review of the situation and in order to preserve 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:

i. Immediate removal of the all directors of FBN Ltd and FBN Holdings Plc

ii. The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc

Holdco

1.Chairman – Remi Babalola

2.Dr. Fatade Abiodun Oluwole

3.Kofo Dosekun

4.Remi Lasaki

5.Dr Alimi Abdulrasaq

6.Ahmed Modibbo

7.Khalifa Imam

8.Sir Peter Aliogo

9.UK Eke – Managing Director

Bank

1. Chairman – Tunde Hassan-Odukale

2. Tokunbo Martins

3. Uche Nwokedi

4. Adekunle Sonola

5. Isioma Ogodazi

6. Ebenezer Olufowose

7. Ishaya Elijah B. Dodo

8. Sola Adeduntan – Managing Director

9. Gbenga Shobo – Deputy Managing Director

10. Remi Oni – Executive Director

11. Abdullahi Ibrahim – Executive Director

12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure 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://punchng.com/breaking-cbn-fires-first-bank-directors