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We’ll operate under CBN guidelines, says Keystone Bank as new CEO takes over

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Keystone Bank says it will continue to operate under the guidelines of the Central Bank of Nigeria (CBN) as a new management team, led by Hassan Imam, takes over.

In a statement on Friday by the company’s secretary, the bank said it is committed to serving customers and reassured its stakeholders, and partners across the country of unhindered and smooth running of its operations.

“Following the Central Bank of Nigeria’s appointment of a new Managing Director and Chief Executive Officer for Keystone Bank, Mr. Hassan Imam, we would like to assure the general public of Keystone Bank’s continued operations within the guidelines of the CBN under the direction of the bank’s new leadership,” the statement reads.

“Keystone Bank continues to operate in all its branches and across all channels.

“We assure our stakeholders, including customers, partners, and other stakeholders, that we are fully committed to serving them, as we remain dedicated to the safety of our customers’ deposits, financial well-being, and upholding the trust placed in us by our stakeholders.”

According to the bank, prior to his appointment as CEO, Imam, who has over 25 years of banking experience, served as the executive director of the north directorate at Fidelity Bank, since January 2020.

Imam also holds a bachelor’s degree in Economics and three other master’s degrees, including an MBA which he obtained from Business School Netherlands. He is also a member of the chartered public accountant.

The bank’s statement followed the recent shake-up of the management board of three financial institutions — Keystone, Union, and Polaris — by the CBN.

On January 10, 2023, the financial regulator dissolved the boards of the aforementioned banks, citing some infractions ranging from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.

Less than 24 hours later, the apex bank appointed new executive officers.

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A Landmark Public-Private Partnership to Strengthen Security and Drive Growth in Enugu State

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The Enugu State Government, on Thursday 17 October 2024, in collaboration with key stakeholders, unveiled the Enugu State Security Trust Fund (ESSTF) at the Old Government Lodge, Enugu. This historic initiative aims to enhance security across the state, creating an enabling environment for sustainable economic growth and development through a robust Public-Private Partnership (PPP) model. Participants at the event include Prof. Chidiebere Onyia, Secretary to the State Government who represented His Excellency, Governor Peter Mbah, Dr. Ike Chioke, Chairman of the ESSTF Board of Trustees, Engr. Chinedu Ani, ESSTF’s Executive Secretary/CEO, ESSTF board members, government dignitaries, as well as dignitaries from the private sector, security agencies, religious institutions community representatives, and the media, all in their commitment to building a safer Enugu State.

The ESSTF, inaugurated in February 2024 by His Excellency, Governor Peter Mbah, represents a strategic response to the pressing security challenges that have hindered the state’s growth. With an ambitious ₦20 billion fundraising target, the ESSTF is set to be raised in tranches of ₦5 billion annually over the next four years. The Fund aims to provide critical support to security agencies by equipping them with essential tools, technology, and resources needed to combat crime and ensure the safety of all residents.

Speaking at the launch, Governor Mbah, represented by Prof. Onyia, emphasised the role of the ESSTF as a cornerstone of the administration’s efforts to secure the state. “The establishment of the Enugu State Security Trust Fund is a fulfillment of our promise to the people—to make Enugu State one of Nigeria’s top three states by GDP. This vision is driven by private sector investment, which can only thrive in a secure environment. The ESSTF is a major step towards creating that foundation of safety and stability,” he said. The PPP approach of the ESSTF enables seamless collaboration between the state government and the private sector, offering a platform where resources, expertise, and strategies are pooled to address security challenges. This model ensures that both public and private entities have a stake in the safety and prosperity of the state.

Dr. Chioke, in his presentation, highlighted ESSTF’s unique role in coordinating security resources across the state: “Security is the bedrock of any thriving economy. The ESSTF is designed as a central coordination point, allowing us to work effectively with our partners in law enforcement and the private sector. By pooling resources and leveraging our collective expertise, we will strengthen Enugu’s security infrastructure and restore a sense of safety across our communities.”

Transparency and accountability are at the core of the ESSTF’s operations, ensuring that every contribution is used effectively to enhance the security of Enugu State. The Board of Trustees, which includes respected leaders from the public and private sectors, religious institutions, and security agencies, is committed to upholding these principles. The Board oversees the strategic direction of the Fund and ensures the responsible management of resources.

Key measures to ensure transparency include annual independent audits to be conducted by a leading audit firm, ensuring that the Fund’s financials are transparent and available to the public, a digital platform will provide updates on fund allocation and project progress, regular town hall meetings that will allow stakeholders to engage directly with the Fund’s management, and other measures put in place for the success of the initiative.

“We are committed to making sure that every naira donated to the ESSTF is effectively used to enhance security in Enugu State,” Dr. Chioke assured. “Our approach is built on openness, accountability, and a genuine commitment to the well-being of our people.”

The funds raised through the ESSTF will be strategically allocated to address the most critical security needs in Enugu State. Dr. Chioke outlined key areas of focus, including security technology and surveillance systems, tools and equipment support for law enforcement, empowerment of community vigilante groups with training and resources to ensure grassroots safety and quick response to security incidents, and personnel welfare such as insurance coverage for security personnel and support for the families of those who serve the state and risk their lives in the line of duty.

The success of the ESSTF is anchored on the collective contributions from stakeholders, including the state and local governments, corporate entities, NGOs, religious bodies, individual donors, and the Enugu diaspora community. Contributions can be made through the Fund’s user-friendly digital crowdfunding platform at www.esstf.ng, allowing for seamless donations from people in Nigeria and the Diaspora.

Dr. Chioke called on businesses and individuals to take an active role in supporting the Fund: “We believe that a secure Enugu is a prosperous Enugu. We urge everyone to join us in this mission. Your support, no matter the size, is a step towards making our state a model of safety and investment. Together, we can achieve our ₦5 billion target for 2024 and build a safer future for all.”

The ESSTF is a collaborative PPP aimed at transforming the security landscape of Enugu State.

Through strategic funding, stakeholder engagement, and innovative security solutions, the ESSTF seeks to enhance law enforcement capabilities, support community safety initiatives, and create a conducive environment for economic growth. By fostering transparency, accountability, and communal spirit, the ESSTF is committed to making Enugu a safer and more attractive destination for investors, residents, and visitors alike.

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Governor Abdulrazaq approves N70k minimum wage for Kwara civil servants

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AbdulRahman AbdulRasaq, governor of Kwara, has approved N70,000 as the minimum wage for civil servants in the state.

In a statement on Saturday, Hauwa Nuru, Kwara commissioner for finance, said the new minimum wage takes effect in October.

Nuru added that the new pay package “is a significant move to enhance the welfare of workers in Kwara state.”

“This decision, which includes consequential adjustments to the relevant salary structures, was made after a successful tripartite meeting,” the statement reads.

“The meeting between government representatives, the leadership of organised labour in Kwara state—the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Joint Negotiating Council (JNC)—and representatives from the organized private sector.”

Nuru commended the governor for granting autonomy to the minimum wage committee, adding that his swift implementation showcased a proactive and worker-friendly approach.

The commissioner reaffirmed the governor’s commitment to the welfare of civil servants, adding that the increment will cut across workers in the 16 LGAs in Kwara state.

She also commended the collaboration between the government and the labour unions that led to the approval of the N70,000 minimum wage.

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National grid collapses again — third time in a week

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The national electricity grid collapsed on Saturday, leading to a nationwide blackout.

Data obtained from the Nigerian system operator’s portal showed that the grid recorded zero megawatts (MW) as of 9.10am today.

The system failure at the national grid is the third time within a week.

However, the national grid has collapsed eight times in 2024, with the first recorded on February 4.

The national grid collapsed again on March 28, April 15, July 6, and August 5.

Also, Nigerians experienced another blackout on October 14, and October 15.

On May 1, the Transmission Company of Nigeria (TCN) said the number of system collapses had reduced significantly in the country.

According to Ndidi Mbah, TCN’s spokesperson, the grid disturbances declined by 76.47 percent in five years.

Addressing the situation, Adebayo Adelabu, minister of power, said the frequent system failure at the national grid is inevitable due to the outdated infrastructure.

Adelabu said more investment in power infrastructure will prevent future collapses.

The minister also advocated decentralising the power sector, saying that multiple grids within regions and states will ensure that power failure in one area does not affect the entire nation.

He said the country relies on a single national grid, so if there is a disturbance at the national grid, it affects all 36 states.

Speaking further, Adelabu said the Electricity Act has decentralised power, adding that it has enabled all the state government and the local government, to be able to participate in the generation, transmission, and distribution of electricity.

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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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