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Destination Ouidha Launches Jan 20, Collaboration Between Nigeria/Benin Republic

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The yearning for regional tourism economy collaboration between stakeholders in ECOWAS to enhance economic development and business advancement has finally reared its positive head in Cotonou, Republic Du Benin on Sunday, 6 January, 2018

In a formal ceremony held at Benin Royal Hotel, Cotonou, tourism stakeholders from Nigeria and Republic Du Benin agreed to collaborate in what tourism observers described as novel concept in the history of tourism business in West – Africa and a giant leap in the tourism sector to test run a joint back to back tourists traffic movement christened Destination Ouidha on January 20, 2018 in Cotonou.
Giving the collaboration a vent of sustainable economic endurance is the synergy of possibility infused by the Union Bank of Nigeria PLC, at powering the initiative and ensuring its success.
Ambassador Wanle Akinboboye , President , La Campagne Tropicana Beach Resort and Grand Promoter , Motherland Beckons , who led the Nigerian delegation which include Mr Anietie Bassey , Head , Business to Business, Union Bank of Nigeria PLC on one hand, His Excellency Ambassador Wabi Dauda, Chief Executive Officer and President, DreamBeach, Mr Bouraima Dine, Chief Executive Officer, Benin Royal hotel and President General, Consortium of Tourism By A Million and others stakeholders from Republic Du Benin on other hand agreed to jointly ensure the success of Destination Ouidha.

In his speech , Mr Bouraima described the meeting of the stakeholders from the two countries as one of the finest moments in the history of ECOWAS in relation to tourism ‘Here we are , we members of the private tourism practitioners from two countries without any government officials breathing down our necks collaborating on a mutually benefiting initiative”He assured “we solemnly promise to do all that is necessary at this end in terms of security , good hotels and we want you to tell us the preferences of in terms of food and other things :

Mr Bouraima disclosed “we are assuring visiting Nigerians of rare hospitality and wholesome human relation as we the French West- Africa are very hospitable:
Ambassador Akinboboye highlighted the reason for the initiative as “We are creating a platform for the enhancement of being a soul mate of different father but of the same mother. If you study the history of ECOWAS, from Futa Jallon Highland to The Gambia, Cote de D’ Ivoire, down to Gold Coast and the area called Nigeria, you will notice the variables of intermingling and inter relationship which is now on the threshold of being extricated either by the vicissitude of religion and politics or by sheer failure of ourselves not taking the advantage of our advantages. We all know that we cannot advanced doing things in this way. Hence our resolve now to add water, sugar and flavour to our lemon turning it to Lemonade “He revealed “We are initiating a global platform of integration with packages honed enough to lure the over 1,2 billion West – African in Diaspora to visit their mother’s land “

He sequentially outlined the four cardinal points of Destination Ouidha “i must quickly mention the four target mission of destination Ouidha which are , Corporate Africa Eco Retreat , CAER , seek to lure Corporate Africans from each country to explore the tourism valuable in each country ; Camp Africa for Children, CAFC, which is solely for an inter-regional cultural and tourism visitation of West – African Children , Youth Africa Tourism Expedition (YATE), designed for newly wedded young Africans, couples to explore blissful and romantic sites to consummate their matrimonial relaxation and Recreational Tourism (RT), for those who just want to feature leisure tourism. If these four-target point of that apply to inter- regional movement under the Motherland Beckons gospel”

He commended the Union Bank of Nigeria Plc for its epochal and historical initiative of being the first bank in Nigeria which has since discovered the untapped fortune in the tourism sector and coming boldly to encourage the full enhancement for the benefit of the people by establishing a tourism portfolio and designing dynamic tourism packages.

Ambassador Akinboboye exposed the essentials of the Union Bank Tourism Portfolio which include, Generous Discount Offer, GEDO, Instalmental Payment Offer, IPO, Spread Over Payment Option, SOPO, and Travel Agents Bargaining Option, TABO. All packages are of win-win, mutually conducive options for the parties.
Confirming the Union Bank Nigeria PLC posture , Mr Bassey said “ Union Bank Nigeria PLC has seen the economic potentialities of Destination Ouidha , the Motherland Beckons Tourism Initiatives and is ready to provide the financial soft landing and credit lubrication for those who do not have enough money at one payment or who do not want to tie down their capital at pursuing their tourism dream. Union Bank is out to help in facilitating and making its customers tourism dreams a reality without financial stress.”

His Excellency, Ambassador Dauda, who owns the biggest entertainment outfit in Republic Du Benin, commended Ambassador Akinboboye for his continental building tourism initiative specifically by ensuring the making of Destination Ouidha a reality.
He specifically lauded Union Bank of Nigeria PLC for thinking out of the box and coming out with customers-friendly tourism packages, adding that “This initiative has endeared Union Bank Nigeria PLC to businessmen and women in Republic Du Benin and we shall ensure the full optimisation of the offers and other areas of linkage with the bank”.

The summit was sealed with the stakeholders from the two countries visiting some tourism sites in Republic Du Benin and resolving to go back home, tie their loins and ensure the success of the test run of Destination Ouidha slated for January 20.

With Destination Ouidha tourism just got better and we look forward to you all experiencing an exceptional fun that will last forever 

Business

CBN raises capital base of commercial banks to N500bn

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The Central Bank of Nigeria (CBN) has announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks.

In a statement on Thursday, CBN said the increase was necessary due to prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks.

The statement was signed by Haruna Mustafa, director, financial policy and regulation department.

According to the apex bank, the upward review will enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

Also, CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and n10 billion, respectively.

To meet the minimum capital requirements, CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

OTHER REQUIREMENTS FOR EXISTING BANKS

  • The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds.
  • Additional tier 1 (AT1) capital shall not be eligible for the purpose of meeting the new requirement.
  • All banks are required to meet the minimum capital requirement within a period of 24 months commencing from April 1, 2024 and terminating on March 31, 2026.
  • Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorization.
  • In line with extant regulations, banks that breach the CAR requirement shall required to inject fresh capital to regularise their position.

OTHER REQUIREMENTS FOR PROPOSED BANKS

  • The minimum capital requirement shall be paid-up capital.
  • The new minimum capital requirement shall be applicable to all new applications for banking licences submitted after April 1, 2024.
  • The CBN shall continue to process all pending applications for banking licences for which capital deposit had been made and/or approval-in-principle (AIP) had been granted. However, the promoters of such proposed banks shall make up the difference between the capital deposited with the CBN and the new capital requirement not later than March 31

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.

“The plan shall be submitted to the Director, Banking Supervision Department, Central Bank of Nigeria, not later than April 30, 2024,” the apex bank said.

CBN said it will monitor and ensure compliance with the new requirements within the specified timeline above.

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EKEDC board debunks recall of Tinuade Sanda as CEO, says ‘It wasn’t authorised’

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The board of the Eko Electricity Distribution Company (EKEDC) says a communication recalling Tinuade Sanda from her role as managing director (MD) and chief executive officer (CEO) does not represent its position.

In a statement on March 28, Babor Egeregor, a director and chairman, legal and regulatory committee, said the directive terminating the appointment of Sanda has been nullified.

However, in a statement on Thursday, the board said it did not authorise Egeregor to issue any statement on its behalf.

“The attention of the Board of Directors has been drawn to the recent statements online and in print media from Mr. Babor Egeregor, supposedly acting on behalf of the board,” the board said.

“This is to state that the Board of Eko Electricity Distribution Plc (“EKEDP”) did not and has not authorized Mr. Babor Egeregor to issue any statement or press release on its behalf. We therefore urge the general public to regard all communications from him as his personal views and does not represent the position of the Board of “EKEDP.”

The board said only communications signed by the chairman are authentic and represent the position of the company on any issue.

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Detained Binance’s executive, Tigran Gambaryan sues Ribadu, EFCC

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Tigran Gambaryan, Binance’s head of financial crime compliance, has sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

According to reports on February 28, Gambaryan was detained, alongside Nadeem Anjarwalla, Binance’s regional manager for Africa, by the Nigerian authorities after honouring the invitation of the office of the national security adviser (ONSA) and EFCC to discuss issues relating to the company’s operation in Nigeria.

Gambaryan and Anjarwalla’s passports were seized by ONSA.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Before escaping custody, on March 12, Anjarwalla was reported to have fallen ill while in detention.

According to NAN on Thursday, 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, Anjarwalla filed a separate right enforcement suit before Ekwo.

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the ONSA and EFCC as 1st and 2nd respondents.

The duo sought the same relief.

Gambaryan, a US citizen, in his application, sought a declaration that his detention and seizure of his international travel passport contravened Section 35 (1) and (4) of the 1999 Constitution (As Amended).

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

The Binance executive 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.

Also, he sought an order for the respondents to issue a public apology to him, and also prayed for the cost of the action on a full indemnity basis.

In a statement in support of the suit, Gambaryan said he is an American citizen who visited Nigeria on February 26, along with his colleague to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

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

Gambaryan said after the meeting, they were detained by the respondents and had remained in detention since then, adding that he did not commit any offence during the meeting, nor was he informed in writing of any offence he 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,

Gambaryan also said he was not a member of the board of directors of Binance.

ANJARWALLA’S SUIT WITHDRAWN

When the two suits were called on Thursday, Tonye Krukrubo, 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 lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26, without giving details of why they were withdrawing their legal representation.

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.

In his judgement, Ekwo said having withdrawn 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.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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