Access Holdings PLC Announces $1.5bn Capital Raising Programme in Response to Nigeria's New Capital Requirements for Banks

Access Holdings Plc has announced plans to establish a $1.5 billion capital raising programme in response to the Central Bank of Nigeria's (CBN) new policy requiring banks to increase their minimum capital. The capital raising programme will aim to enhance the financial strength of the group and may involve the issuance of various financial instruments such as ordinary shares, preference shares, convertible debt, bonds, or other funding instruments. Access Holdings expects to raise up to N365 billion ($1.1 billion) specifically through a rights issue of ordinary shares, with the proceeds to be used for ongoing working capital needs and organic growth funding.

The move to increase capital requirements for Nigerian banks has received mixed reactions. Some financial market analysts, economists, and bankers welcome the recapitalisation exercise, seeing it as a necessary step to strengthen the financial institutions. They predict that the exercise will lead to mergers and acquisitions within the banking sector. However, some analysts fault the exclusion of retained earnings from the regulatory capital composition, arguing that it would prevent banks from tapping into their reserves to meet the new requirements.

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The CBN has stated that it will closely monitor the recapitalisation exercise to prevent the influx of illicit financing into the sector. It will collaborate with law enforcement agencies to enforce anti-money laundering regulations and conduct fit and proper checks for shareholders and directors. The CBN will also enhance its monitoring and supervisory oversight over the banks and ensure the protection of depositors' interests.

Overall, the increase in capital requirements for Nigerian banks is seen as a positive step towards strengthening the banking sector. While there are concerns about the exclusion of retained earnings, analysts believe that the exercise will lead to safer and more resilient banks in line with international standards.

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President Tinubu Announces New Appointments to South East Development Commission

In a recent press release from the State House, President Bola Ahmed Tinubu announced a new list of nominees for the South East Development Commission (SEDC) board. The new appointments include a chairman and five executive directors, who are expected to play a crucial role in developing the South East region. New Chairman and Executive Directors The new chairman of the SEDC board is Dr. Emeka Nworgu, who replaces Hon. Emeka Atuma. The five new executive directors are: Stanley Ohajuruka: Executive Director of Finance, replacing Anthony Ugbo Toby Okechukwu: Executive Director of Projects, replacing Obinna Obiekweihe Chief Sylvester Okonkwo: Executive Director of Corporate Services, replacing Dr. Daniel Ikechukwu Ugwuja Chidi Echeazu: Executive Director (portfolio to be determined) Dr. Clifford Ogbede: Executive Director (portfolio to be determined) Retained Nominees The President retained several nominees from the initial list, including: - Hon. Mark C. Okoye: Managing Director/Chief E...

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IFEDI. AK. NIGERIA LIMITED Sets the Record Straight on Allegations of Tax Evasion, and went on to debunk any of such fake news as to sealing it's office, stating that it wasn't true.

The Ruling of the District Court sitting in Abuja clears the air over the wide spread online rumors concerning IFEDI. AK. Nigeria Limited and the purported sealing of it's office. The ruling of the said court stated that the defendant is in total compliance as par the claim, in the said order dated 16th of may, 2024. According to the information reaching our media publicity desk, by the spokesperson of the company, Mr Nnaemeka Oguaju Esq, who started that last week, an online publication alleged that the head office of IFEDI. AK. NIGERIA LIMITED, located at No. 6 Rudolf Close, Maitama Abuja, was sealed by the court due to the company's failure to pay its company income tax to the Federal Inland Revenue Service (Fct-IRS). The company wish to use this medium to clarify the situation and refute these baseless allegations by putting the record straight. Below is the statement of Mr Nnaemeka Oguaju Esq. Spokesperson of IFEDI A.K. NIGERIA LIMITED. To be clear,...

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Nigeria Adopts Incentives measures, as Strategy to Retain Healthcare Professionals.

The federal government has adopted a new national policy on health workforce migration to address the brain drain in the healthcare sector. The policy aims to create a supportive environment for healthcare professionals by enhancing infrastructural capacity, improving working conditions, and offering incentives to retain them in the country. Key Features of the Policy - Credit facilities and tax holidays will be offered to investors who establish private healthcare centers, especially in rural and underserved areas. Healthcare workers will be eligible for special mortgage facilities to own houses, cars, and other essential assets. Capacity development, career advancement, and professional development opportunities will be provided. Rationale Behind the Policy According to Muhammad Ali Pate, Minister of Health and Social Welfare, the policy balances the need for professionals to seek opportunities abroad with the need for the health system to deliver quality services to Nigerian...

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_Otu Oka-iwu Abuja Executive Team Meets with Chief Emeka Etiaba, SAN: A Step Towards Strengthening the Organization_

LIn a bid to fortify the Otu Oka-iwu Abuja welfare, a high-level meeting was held between the delegate team led by President, Chief Chidi Udekwe, and Publicity Secretary, Ochili Michael, with the esteemed Chief Emeka Etiaba, SAN, in his office at Wuse II, Abuja this encounter was to harness Chief's expertise and influence in advancing the organization's objectives. Expanding Membership and Reach outs Chief Etiaba emphasized the need for Otu Oka-iwu Abuja to broaden its membership base, particularly among legal professionals. He suggested that the organization reach out to more lawyers, leveraging his own network of Senior Advocates of Nigeria to support meeting hosting and drive growth. This advice is expected to enhance the organization's visibility and impact. Endowment Project and Commitment Chief Etiaba expressed his support for the endowment project, describing it as a "good scheme." He stressed the importance of members committing to this initiative, ...

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The Labour Congress President, Joe Ajaero, Summoned by the Nigerian Police for Alleged Criminal Conspiracy, Terrorism Financing.

Nigerian Police Summon NLC President, Joe Ajaero, on Allegations of Criminal Conspiracy and Terrorism Financing In a recent development, the President of the Nigeria Labour Congress (NLC), Joe Ajaero, has been summoned by the Office of the Deputy Commissioner of Police, Intelligence Response Team (IRT), regarding allegations of criminal conspiracy, terrorism financing, treasonable felony, subversion, and cybercrime. Ajaero has been requested to appear for an interview at the IRT Complex in Guzape District, Abuja, on Tuesday, August 20, 2024. The official letter, serving as an invitation, states that Ajaero is considered a person of interest in the ongoing investigation. Failure to comply with this summons could perhaps result in a warrant for arrest. ACP Adamu S. Muazu, on behalf of the Deputy Commissioner of Police, IRT, has signed the letter. Just a couple of weeks ago, on August 7, armed security personnel reportedly invaded the headquarters of the Nigeria Labour Congres...

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Kogi State Governor Ododo Approves Appointment of 1,192 Special Assistants

Kogi State Governor, Usman Ododo, has made a groundbreaking decision by approving the appointment of 1,192 additional aides. This announcement came via a statement released by the Secretary to the State Government, Dr Folashade Ayoade. The newly appointed aides include Yakubu Abdulhakeem, who will serve as the Executive Secretary of the Kogi State Office for Disability, along with 165 Senior Special Assistants and 36 Special Assistants. The list also comprises of 574 Ward Special Assistants and 290 Local Government Special Assistants. In addition to these appointments, Governor Ododo also approved Alhaji Ibrahim Abdulsadiq as the Director of Protocol for the First Lady's Office, along with other members of the retinue of aides. The Governor congratulated all the appointees and urged them to dedicate their service to the state and humanity at large. The appointments will take effect from September 1, 2024, as stated by Dr Folashade Ayoade. This move by Governor Ododo has...

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The Election of Enugu State Speaker, Rt Hon Uche Ugwu, as the National Deputy Chairman, South-East Region of speakers of State legislatures, in the Conference of Speakers held in Abuja - A Testament of humility and credible Leadership.

In a remarkable turn of events, Hon. Uche Ugwu, the Speaker of the Enugu State House of Assembly, emerged as the National Deputy Chairman for the South-East region in the Conference of Speakers of State Legislatures, Federal Republic of Nigeria, In an election held in Abuja on 16th September 2023.This significant achievement not only exemplifies Hon. Ugwu's exceptional leadership qualities but also serves as a testament to his unwavering commitment to serving the people of Enugu State and the larger Nigerian community. This article aims to shed light on the remarkable journey of Hon. Ugwu and the implications of his new position. A Leader Driven by Vision and Dedication: Hon. Uche Ugwu's journey in politics has been marked by sincerity, dedication, and deep-rooted values. Throughout his tenure as the deputy Speaker of Enugu State House of Assembly, during governor ifeanyi Ugwuanyi's administration. Rt Hon Ugwu has demonstrated a strong commitment to the welfare of his cons...

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Enugu State speaker, Rt Hon Uche Ugwu Sponsors Ojebe Ogene League 2023/2024: Developing Talent and Uniting Udi North Communities through Football"

find other interesting articles via this click. Enugu State Speaker of the House Assembly, Rt Hon Uche Ugwu, has taken a significant step towards fostering community development by sponsoring the Ojebe Ogene League 2023/2024 for his constituency, Udi North. This exciting football competition aims to promote unity, talent discovery, and healthy competition among the communities in the region. The participating communities in this highly anticipated tournament include Okpatu, EBe, Umulumgbe, Abor, Auhum, Ukana, Ukehe, and Umuoka. These communities are set to showcase their football skills and passion for the game in a series of matches scheduled to take place from the 23rd to the 27th of December 2023. The opening match of the Ojebe Ogene League 2023 will feature an exhilarating clash between EBe and Abor on the 23rd of December. The match will kick off at 3 PM and will take place at the Okpatu venue. Football enthusiasts and supporters from both communities are e...

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Common Problems in Marriage: A Review of the Book of Sirach

Common Problems in Marriage: A Review of the Book of Sirach Marriage is a sacred institution ordained by God, but it is not immune to challenges. Domestic violence, spouse abuse, and other issues can strain a marriage, causing emotional and physical harm to one or both partners. In this article, we will explore these common problems in marriage and examine the teachings of the Book of Sirach on how a Christian marriage should be nurtured. Domestic Violence and Spouse Abuse Domestic violence and spouse abuse are never acceptable in any marriage. The Book of Sirach (25:26) warns, "A wicked wife is a bitter thing, her boldness is like a lion's yoke." This verse highlights the destructive nature of abuse and violence in a marriage. Sirach (26:1-4) also emphasizes the importance of a virtuous wife, who brings joy and peace to her husband. Other Challenges in Marriage Other common challenges in marriage include communication breakdown, financial stress, infidelity, ...

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Driving while drunk is an offence in Nigeria.

Driving while drunk is quite bad and can lead one into crime commission. weekends are known to be a period when people use for outing and so many group meetings equally takes place. There will be Plainty of free drinks, from friends and relations indeed . but don't allow yourself to drink to stupor and get out of contrtol. Free drinks intoxicates, therefore check your level of consumption to avoid paying as a result of your carelessness or recklessness while driving home drunk. Driving while drunk is against section 27(1)of BAC laws CAP 148 (Traffic Code Law) it is worldwide agreement that alcohol involved-drinking is to be curtailed to a lowest minimum. The road safety act punishes offenders by #5000 fine. See sec. 10(4)and 28(2) offences and their punishment. Apart from the penalty for driving while drunk, you can as well have accident on the way just because you were unable to curtail you drinking habit. Curtailing your act strengthens ...

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The Election of Enugu State Speaker, Rt Hon Uche Ugwu, as the National Deputy Chairman, South-East Region of speakers of State legislatures, in the Conference of Speakers held in Abuja - A Testament of humility and credible Leadership.

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