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CBN to implement new round of recapitalisation for banks

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Reps urge CBN to halt implementation of cyber security levy

CBN to implement new round of recapitalisation for banks

The Central Bank of Nigeria (CBN) says it is planning to implement a new round of banking recapitalisation for the Deposit Money Banks (DMBs).

The CBN Governor, Mr Olayemi Cardoso, announced this at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday night in Lagos.

The News Agency of Nigeria (NAN) reports that the planned recapitalisation means that DMBs will be required to raise additional capital to meet the demands of Nigeria’s economy.

Cardoso noted that President Bola Ahmed Tinubu in his Policy Advisory Council report on the national economy, had set an ambitious goal of achieving a Gross Domestic Product (GDP) of one trillion dollars by 2030, with clearly defined priority areas and strategies.

According to him, it is important that banks have a role to play in the anticipated one trillion-dollar economy by 2030.

Cardoso said going by the huge developmental role the apex bank would want the banks to play in the next seven years, it had become imperative to demand their recapitalisation.

To achieve the target, Cardoso said that Nigeria needed to experience a more rapid and inclusive economic expansion.

“The administration has already commenced this journey through fiscal reforms, including the removal of petrol subsidies and the unification of the foreign exchange market rate.

“Considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy.

“It is not just about the stability of the financial system in the present moment, as we have already established that the current assessment shows stability.

“However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1.0 trillion economy in the near future? In my opinion, the answer is “No!” unless we take action.

“Therefore, we must make difficult decisions regarding capital adequacy. As a first step, we will be directing banks to increase their capital,’’ he said.

The CBN governor also announced the approval of another round of Open Market Operations (OMOs) to mop up excess liquidity from the banking system.

OMOs are the main monetary policy instrument, through which the central bank buys or sells securities with financial institutions in the open markets, thereby influencing the amount of money in circulation and/or interest rates.

Cardoso said, “An OMO auction was recently held with a stop rate of 17.5 per cent for the one-year tenor, attracting oversubscription of N350 billion.

“Another round of OMO has been approved to further reduce excess liquidity.

“Offering N108.1 billion worth of Treasury Bills with three tenors to the investing public, which can help reduce liquidity in the banking system and support government fundraising.’’

Cardoso said the apex bank would use its monetary policy tools to keep inflation low and stable.

He said, “The Central Bank of Nigeria is committed to achieving monetary and price stability. This is not just a technical objective, but it has real-life implications for the well-being of our citizens.

“Through targeted policies, transparent market operations, and coordination between monetary and fiscal authorities, we can ensure a more stable exchange rate, control inflation, and create an enabling environment for businesses and individuals to thrive.’’

He noted that the apex bank had taken steps to improve the effectiveness of its monetary policy tools and to strengthen the transmission mechanism so that its policy decisions have a greater impact on the economy

Cardoso added that the ability of the monetary policy committee to influence the economy through its decisions had been weakened because the channels through which monetary policy was transmitted had become disrupted.

The CBN governor said the apex bank was planning to make changes to the country’s foreign exchange regulations by developing new guidelines and legislation.

He stated that banks and foreign exchange operators would be consulted before making any final decisions.

(NAN)

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NUC upgrades universities medical-related programmes

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The National Universities Commission (NUC) says it has upgraded some medical-related programmes in the Nigerian universities from Bachelor’s degree to doctoral status.

This is disclosed in a statement signed by the commission’s Acting Director of Public Affairs, Mrs Franca Chukwuonwo, and made available to newsmen in Abuja on Wednesday.

Chukwuonwo said the decision was driven by the need to incorporate more clinical and practical sessions, improve foundational course coverage, enhance clinical skills, and address all specialty areas comprehensively.

She noted that the upgrade aligned with global best practices for training professionals in these fields.

“This quest to upgrade the status of some medical-related programmes from Bachelor’s Degree to Doctor was borne out of the desire to incorporate more clinical/ practical sessions.

“It is to provide sufficient coverage of foundation courses, improve on clinical skills and cover all specialty areas.

“The trend seeks to also align with global best practices applicable in the training of professionals in these medical related programmes.

“Furthermore, the certificates obtained from the Nigerian University System (NUS) can be at par with those obtained in similar programmes from other climes” she said.

She added that it would also ensure the requisite harmonisation, mutuality and global competitiveness of Nigerian graduates in terms of certificates evaluation, employability and further studies in the relevant disciplines.

She listed the programmes upgraded as: Doctor of Pharmacy (Pharm D), Doctor of Physiotherapy (DPT), and Doctor of Optometry.

She added that the duration of the programmes was increased from five to six years to accommodate the additional courses and clinical incorporated into the curriculum.

“The general public and all stakeholders are hereby informed that the Doctor of Medical Laboratory Science (DMLS) programme does not exist in the NUC’s BMAS or CCMAS.

“And thus has not been captured as an upgraded programmes. Consequently, DMLS programme is not approved in any university in the country,” she said.

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NCDC urges collaborative action on health emergencies

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Nigeria Centre for Disease Control and Prevention (NCDC) has reaffirmed the critical role of risk communication and community engagement in addressing public health challenges.

Dr Tochi Okwor, the Head of Disease Prevention and Control at NCDC, made this known during the reopening meeting of the National Risk Communication Technical Working Group (NRCTWG) in Abuja on Wednesday.

Okwor stressed the urgency of proactive measures to safeguard Nigeria against current and emerging health threats.

She acknowledged the foundational work of the first Risk Communication Lead at NCDC, whose leadership facilitated the establishment of the NRCTWG in June 2018.

She said “this multispectral platform has since played a pivotal role in coordinating responses to public health emergencies across ministries, departments, agencies and partners.”

She highlighted the multiple health challenges the country continues to face, including annual outbreaks of Lassa fever, cholera, cerebrospinal meningitis and the growing threat of antimicrobial resistance, which she referred to as “the silent pandemic.”

She also raised concerns about looming threats such as the re-emergence of Ebola, the Marburg virus, and the ongoing response to human metapneumovirus.

“Our preparedness and response efforts hinge on effective risk communication and community engagement.

“This is not just about sharing information but ensuring the right information reaches the right people at the right time, inspiring trust and action,” she said.

She stressed the devastating consequences of misinformation, citing the saltwater bath rumours during the Ebola outbreak and the conflicting narratives during the COVID-19 pandemic.

“These instances highlight the critical need for harmonised, evidence-based communication to manage health emergencies effectively,” she added.

Nma Ogbonna, Head of Health Promotion at the Federal Ministry of Health, commended efforts in risk communication, particularly in public health emergency surveillance at airports.

Ogbonna revealed the ministry’s active involvement, including an information committee focused on risk communication.

However, she acknowledged gaps in formal reporting and expressed the need for better documentation and collaboration with international partners to strengthen Nigeria’s public health response.

Dr Olufemi Ayoola, Director of Health and Social Care at the National Orientation Agency (NOA), expressed gratitude for past collaborations that have nurtured growth.

Ayoola highlighted professional advancements within the team and reaffirmed the commitment of the Agency under new management to strengthen partnerships, including with NCDC, for continued public health progress.

Mrs Maureen Kojo, Chief of Animal Health at the Federal Ministry of Livestock Development (FMLD), announced that the Ministry has notified all 36 states and the FCT to be on alert and take preventive measures to avoid the spread of anthrax.

Kojo said that a surveillance team has been deployed to the states and RCCE activities have begun to educate and raise awareness about the disease.

Mr Yunus Amadou, State Facilitator,

UNICEF, emphasised using the meeting as a platform to reflect on past achievements, identify areas for improvement, and strategize for greater impact in the future.

Amadou acknowledged the hard work, collaboration, and commitment of stakeholders in protecting Nigerians’ health and well-being, urging continued collective efforts to make a difference.

Ms Racheal Abujah, Senior Health Correspondent at the News Agency of Nigeria (NAN), underscored the importance of transparent communication and accurate reporting in public health efforts.

Abujah stated that collaborative efforts, such as those between NCDC, NOA, and international partners, are crucial in building trust and ensuring effective risk communication, particularly during health emergencies.

Additionally, she highlighted the role of the media in disseminating clear, reliable information to the public, reducing misinformation, and driving community engagement to improve health outcomes in Nigeria.

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Tanker explosion kills driver, injures 1 in Ibadan

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A tanker loaded with Premium Motor Spirit (PMS) has exploded, killing its driver and injuring one other person in Ibadan.

Mr Yemi Akinyinka, General Manager (GM), Oyo State Fire Service Agency, confirmed the incident in a statement made available to newsmen on Wednesday in Ibadan.

He explained that the tanker lost control, rammed into two other trucks, and somersaulted into a nearby pit before bursting into fire.

The GM said the incident resulted in the death of the tanker driver and injured the motor boy.

“The incident happened around Fijabi House, Agbowo, Ojoo/Iwo Road Expressway.

“The agency received a distress call about the fire incident at exactly 2.45 a.m. through a telephone call.

“The service swiftly deployed personnel to the scene and curtailed the fire from spreading to the nearby residential area.

“On arrival, we met three trucks of 20-metre distance from one another involved in the fire incident,

“The driver was burnt to death while the motor boy was rescued alive and taken to the University College Hospital (UCH), Ibadan, for treatment,” he said.

Akinyinka stressed that the tanker was utterly destroyed by the fire while the other two trucks were rescued by the agency’s personnel.

“The agency’s Director of Operations, Mr Ismail Adeleke with team members, the police, and some other security agencies were at the scene to prevent a breakdown of law and order,” he said.

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