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BREAKING NEWS: CBN REVOKES HERITAGE BANK’S LICENSE

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BREAKING NEWS: CBN REVOKES HERITAGE BANK’S LICENSE

The Central Bank of Nigeria (CBN) has announced the revocation of Heritage Bank’s license with immediate effect, citing breaches of Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The CBN stated that the decision was made due to Heritage Bank’s failure to improve its financial performance, which was deemed a threat to financial stability.

In a statement issued by the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, it was emphasized that the revocation was carried out in line with the CBN’s mandate to uphold a sound financial system in Nigeria.

“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the statement read.

The CBN had engaged with the bank over a period, prescribing various supervisory steps to address the decline. However, as the bank’s prospects of recovery remained bleak, the revocation of its license was deemed necessary.

As per Section 12 (2) of BOFIA 2020, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank.

The CBN reassured the public of the stability of the Nigerian financial system, stating, “The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.”

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ONDO 2024: “APC WOMEN ’LL DELIVER 1 MILLION VOTES FOR AIYEDATIWA,” SAYS FAGBEMI

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ONDO 2024: “APC WOMEN ’LL DELIVER 1 MILLION VOTES FOR AIYEDATIWA,” SAYS FAGBEMI

Deaconess Hon. Omolola Fagbemi, Chairman of the All Progressives Congress (APC) Women Campaign Committee and Commissioner for Women Affairs, has pledged to deliver 1 million votes from the party’s women’s wing for Governor Lucky Orimisan Aiyedatiwa in the upcoming Ondo State governorship election on November 16, 2024.

During the inauguration of the APC Women Campaign Committee, Fagbemi emphasized the pivotal role of women in determining the state’s future. 

She urged committee members and women across Ondo State to mobilize aggressively to ensure a strong turnout in support of the APC candidate.

“We must engage in widespread mobilization and educate women across the state on the need to remain committed to an APC-led government. November 16 is our date with destiny; we cannot afford a setback.”Fagbemi stated

Speaking on  Governor Aiyedatiwa’s achievements, Fagbemi noted that the governor has improved the education, infrastructure, healthcare, and industrialization sectors, urging women to back APC for continuity. 

“This election is not just about today; it’s about securing the future for our children and grandchildren,” she said.

Assuring the governor of the women’s unwavering support, Fagbemi set a goal of 1 million votes from the women’s wing, encouraging them to rally their families and communities. She stressed the importance of women’s votes in shaping Ondo State’s future.

The event, attended by party leaders, women’s groups, and key stakeholders, launched a strategic campaign to ensure Governor Aiyedatiwa’s re-election. 

With less than a month until the election, the APC Women Campaign Committee has committed to a tireless effort to secure victory.

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CABINET RESHUFFLE: OJOGO APPLAUDS TUNJI-OJO’S RETENTION, OLAWANDE’S PROMOTION AS SUBSTANTIVE MINISTER

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CABINET RESHUFFLE: OJOGO APPLAUDS TUNJI-OJO’S RETENTION, OLAWANDE’S PROMOTION AS SUBSTANTIVE MINISTER

The lawmaker representing the Ilaje/Ese-Odo federal constituency in the House of Representatives, Hon. Donald Kimikanboh Ojogo has praised President Bola Ahmed Tinubu for elevating Hon. Ayo Olawande to Minister of Youth Development and retaining Hon. Olubunmi Tunji-Ojo as Minister of Interior in the latest cabinet reshuffle.

Ojogo described the appointments as a vote of confidence in the two ministers and a source of pride for Ondo State. 

He commended Tunji-Ojo for his transformative work at the Ministry of Interior, in reforming Nigeria’s passport offices, particularly by addressing long-standing inefficiencies and improving service delivery.

The lawmaker also applauded Olawande, previously Minister of State for Youth Development, for his dedication to youth empowerment and his contributions to the administration’s Renewed Hope Agenda. 

He said Olawande’s promotion reflects his competence and commitment to advancing the welfare of Nigerian youths.

Ojogo expressed gratitude to President Tinubu for recognizing the efforts of both ministers and urged them to continue working hard to justify the confidence placed in them by the President and the nation.

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RUMBLES IN REPS: INTEGRITY GROUP MOVES AGAINST SPEAKER, ABBAS

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RUMBLES IN REPS: INTEGRITY GROUP MOVES AGAINST SPEAKER, ABBAS

A clandestine plot to impeach the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas is reportedly in motion, it was learnt on Monday.

Sources exclusively revealed that the secret plan is believed to be backed by powerful political figures, and could shake the National Assembly if successful.

According to highly placed insiders, a wealthy member of the House of Representatives from the North, along with an opposition governor from the southern region, are spearheading this move.

Both political heavyweights are said to be funding the operation, which is being coordinated by a prominent member of the opposition party within the House.

The opposition Rep, who is said to be the main strategist of the plot, is reportedly operating under the guise of a faction called the “Integrity Group.”

It was gathered that this group has been gathering momentum, with sources confirming that 60 lawmakers have allegedly signed on to the impeachment move.

These lawmakers, portraying themselves as defenders of the masses, are said to be aggrieved over what they described as Speaker Abbas’ “collusion with the executive branch” to dominate the legislative arm.

“The Integrity Group believes that the Speaker has aligned too closely with the executive, to the detriment of the House’s independence. They feel that Abbas is acting as an extension of the Presidency rather than an autonomous leader of the legislative arm.

“They are frustrated that Speaker Tajudeen Abbas and Senate President Godswill Akpabio are undermining the National Assembly’s efforts to investigate the Executive over the poor implementation of the 2024 budget, which they claim has achieved less than 30 percent performance. According to them, this failure is a key reason why Nigerians are facing hardships today”, a source said.

However, the plot may not be purely about institutional autonomy. Another source disclosed that beyond internal discontent in the House, a powerful cabal within the Presidential Villa is allegedly backing the impeachment move.

A source in the Presidency disclosed the powerful figure in the Villa is supporting Abbas’s impeachment plot because the said cabal is at loggerheads with the President’s Chief of Staff, Rt. Hon. Femi Gbajabiamila, who was instrumental in securing Abbas’ election as Speaker.

“There’s no doubt that this is not just about legislative independence. There’s a personal element involved as well, particularly when you consider the strained ties between this powerful figure in the Villa and Gbajabiamila”, the source added.

The northern billionaire funding the project is believed to be using his deep connections within the House to consolidate support.

Meanwhile, the southern governor involved is said to be driven by the survival battles he is engaged in with his estranged political godfather and he (the governor) to strengthen the opposition’s influence in the House, removing a particular principal officer and leveraging this impeachment move as a way to gain leverage in national politics.

The situation remains fluid, but the growing list of lawmakers reportedly backing the impeachment signals that the matter may soon escalate into a full-blown political crisis.

Political observers suggest that, if the plot gains further traction, Abbas’ leadership may come under serious threat.

A key challenge for the plotters will be whether they can muster enough signatures to bring the impeachment to the floor for a formal vote.

As of now, the 60 alleged signatures fall short of the majority needed to successfully remove the Speaker, but the pace at which the dissent is growing has raised concerns among pro-Abbas lawmakers.

For now, Speaker Abbas has maintained a public silence on the matter. But with growing murmurs of discontent both inside the House and beyond, it seems only a matter of time before this political struggle explodes into the public eye.

It will be recalled that rumours circulated last week about a potential plot to impeach Senate President Godswill Akpabio by some allegedly aggrieved senators.

However, the Senate quickly dismissued the report as fake news, and the senators subsequently passed a vote of confidence in Akpabio.

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