The report that the Central Bank of Nigeria has increased the capital base of Deposit Money Banks for improved productivity dominates the headlines of Nigerian banks on Friday.
The Punch reports that 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.
The newspaper says that the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari, on Thursday, said the over 5,000km petroleum products pipeline network of the oil firm would be replaced in three years.
Kyari disclosed this at the 2024 edition of Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum in Abuja, with the theme, ‘Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security.’
He said, “The cheapest way of transporting petroleum products is by pipelines and that is why our NNPC network of pipelines is connecting almost all geopolitical zones, we have 27 stations and over 5,000km of pipelines across the country.
“However, many of them as we know, are at the point that we just have to replace them, and that is what we are doing today. We have commenced a BOT (Build, Operate and Transfer) process where nearly all the pipelines will be replaced over a period of three years.
“As we do this, we are also reinforcing the ability of the current network to deliver products to our locations.”
The NNPCL boss further stated that the replacement of the pipelines was critical and would be delivered within the specified timeline.
Kyari told participants at the lecture series that the recent improvement in the security of oil assets would enable the country meet its crude oil production target for the year, adding that Nigeria currently pumps about 1.6 million barrels of crude oil daily.
The Vanguard newspaper reports that 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.
The newspaper says that the Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said that the Federal Government of Nigeria is ramping up oil and gas investments for better revenue generation and economic stability.
Lokpobiri, who was represented by the Director, Upstream Ministry of Petroleum Resources, Kamoru Busari, spoke at the Society of Petroleum Engineers (SPE) Oloibiri Lecture Series & Energy Forum (OLEF), with the theme: “Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security” held in Abuja on Thursday.
He further stated that there is an ongoing vigorous approach by the government to rebuild the energy sector to an international standard.
According to him, “Following the strong commitment made by His Excellency president Bola Tinubu at the COP 28 which held recently in Dubai, the United Arab Emirate (UAE), there is an ongoing robust approach by the government to revamp the energy sector not only domestically but extending it to the international communities through friendly competitions of energy supply to the international market.
“Accordingly, the government is ensuring an enabling environment to diversify the economy, particularly ramping up oil and gas investments for better revenue generation and economic stability.
“Most significantly is the President’s commitment to strengthen the investment environment in line with the Petroleum Industry Act (PIA) to attract both international and domestic investors, thereby making Nigeria the preferred energy destination.”
Lokpobiri lamented that over the years, insecurity has continued to disturb the stability of the energy sector in Nigeria, adding that proactive measures to prevent and discourage illegal activities should be embraced.
He said, “Over the years insecurity has posed as one of the most pressing challenges to stability in the Nigerian energy sector.
“There have been cases of pipeline vandalism, oil theft, and sabotage, that have caused significant threat to the sustenance of our energy infrastructure and smooth operations.
“Integrated strategies for security must involve proactive measures to prevent and deter illegal activities, as well as robust response mechanisms to mitigate the impact of security incidents.
“Deployment of advanced surveillance technologies, strengthening collaboration between government agencies, law enforcement, and local communities.
“Addressing the underlying socio-economic drivers of insecurity, such as poverty and unemployment, is crucial to achieving lasting stability in the energy sector through implementation of the Host Community Trust Fund, Gas Infrastructure Fund and other intervention mechanism.
“Concerted efforts in addressing security threats in the sector, with the awarding of surveillance contract Tantita Security Service Nigeria Limited that has culminated in substantial increase in production.”
GIK/APA