Connect with us

Business

CBN raises capital base of commercial banks to N500bn

Published

on

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.

Business

31m users exposed as Wayback Machine suffers data breach

Published

on

By

The details of 31 million users have been exposed after Internet Archive’s Wayback Machine suffered a hack.

Internet Archive is a non-profit digital library that offers millions of free books, movies, audio files, and billions of saved web pages in the Wayback Machine that would have been lost or deleted.

An illicit pop-up on the Internet Archive on Wednesday announced that the site had suffered a major data breach.

“Have you ever felt like the Internet Archive runs on sticks and is constantly on the verge of suffering a catastrophic security breach? It just happened. See 31 million of you on HIBP!” users reported seeing on the landing page after the hack.

HIBP, an acronym for Have I Been Pwned, is a tool that confirms if email addresses previously suffered a data breach.

Troy Hunt, HIPB creator, confirmed that the breach was legitimate.

According to Brewster Kahle, Internet Archive founder, the organisation fended off a DDOS attack.

Kahle said the library also disabled the JS library after hackers defaced the website via the portal, scrubbed systems, and upgraded security.

“Will share more as we know it,” Kahle tweeted.

A pop-up on the Wayback Machine urged users to ask publishers to restore access.

Continue Reading

Business

FG launches portal for vehicle owners to convert to CNG and pay later

Published

on

By

The federal government has launched a website that allows users to convert their petrol-powered vehicles to compressed natural gas (CNG) and pay later.

The National Orientation Agency (NOA) announced the new initiative on its X handle in a statement on Tuesday.

“Switching to Compressed Natural Gas (CNG) is now more accessible than ever,” NOA said.

“With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable.

“These payment options allow you to convert your vehicle now and pay later with affordable monthly instalments at competitive rates.”

The agency said with an easy online application and quick approval process, beneficiaries would be supported every step of the way, to ensure a hassle-free experience.

“Visit: gocng.ng to get started,” NOA said.

According to the agency, the benefits of CNG include cost savings, environmental impact, enhanced engine life, safety and reliability, as well as proven technology with a track record of safety and dependable performance.

On October 7, the federal government launched a portal that would allow youths to access CNG-powered tricycles.

In his remarks, Michael Oluwagbemi, project director and chief executive officer (CEO) of the presidential CNG initiative (P-CNGi) said the initiative would enhance the economic well-being of Nigerians by reducing dependence on petrol.

Continue Reading

Business

Nigerian Air Force direct short-service application opens October 14 (Apply Here)

Published

on

By

The Nigerian Air Force (NAF) says applications for the direct short-service cadets (DSSC) programme will open on October 14.

In a post on X on Wednesday, NAF said online registration will end on November 26.

The NAF said the enlistment is for graduates and postgraduates, who must be of Nigerian origin by birth.

“Applicants must not be less than 1.66 and 1.63 metres tall for male and female candidates, respectively,” the post reads.

“Applicants must be medically, physically, and psychologically fit; applicants must be free of any criminal conviction by the court of law.

“Applicants must be between the ages of 20 and 30 — but the age requirement for medical consultants is between 25 and 40 years.

“All applicants must possess a minimum of second-class upper division with five credits in a related course of study: a discharge certificate/letter of exemption from the National Youth Service Corps (NYSC) and a certificate of full registration with their respective statutory professional bodies in Nigeria.

“All candidates are expected to possess a LGA attestation, a passport photograph, and means of identification, such as a driver’s license, national identification number, or international passport.

“Applicants are advised to print out acknowledgement slips and LGA attestation forms after completing the application.”

NAF noted that the online registration is free of charge, adding that computer literacy will be an advantage.

It added that successful applicants will be invited for selection board interview exercises through the registration portal.

Interested applicants are to apply online at https://airforce.mil.ng/.

Continue Reading

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

Most Read...