The Central Bank of Nigeria (CBN) has confirmed the issuance of banking licences to three new players, bringing the number of banks operating in the country to 23.
According to a circular hosted on the apex bank’s website, the new operators are; Titan Trust Bank Limited, TAJ Bank Limited and Globus Bank Limited. While two of the newly licensed banks will operate as commercial lenders, the third, TAJ Bank Limited, was licensed to operate as a non-interest bank.
The newly licensed TAJ Bank Limited has joined Jaiz Bank as the only two operating as non-interest banks in the country.
With the latest development, the number of commercial banks with national authorization now stands at 11. Banks with national authorisation are banks with a capital base of N25 billion and are allowed to operate in all states of the federation but barred from having offshore operations.
The number of commercial banks with regional authorization (having a capital base of N10 billion and restricted to operate within a geographical scope of a minimum of five and a maximum of 10 contiguous states) now stands at three. Also, the licensing of TAJ Bank Limited as a non-interest bank with regional authorisation means there are now two non-interest banks operating in the country.
Recall, that Jaiz Bank is the first and only non-interest rate bank to be licensed by the CBN with the license to operate in all states of the federation (national authorisation).
According to sources, Globus Bank Limited obtained its regional banking license in 2019 and began operations on May 2, 2019. The executive director of Globus Bank Limited is Elias Igbinakenzua who has had stints as Executive Director of Zenith Bank and Access Bank respectively.
Titan Trust Bank was established in 2018 but officially obtained its license in April 2019 as a national bank and started operations. The executive director is Adaeze Udensi. The bank’s operations include SME banking, Digital banking and Commercial banking.
Tag: Licence
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CBN confirms issuing operational licenses to three new banks
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NCAA suspends FirstNation Airways indefinitely over alleged licence infraction
The Nigerian Civil Aviation Authority has announced the suspension of the Air Operators Certificate of FirstNation Airways indefinitely.
The NCAA said on Sunday that the suspension was conveyed to the airline via a letter with reference no. NCAA/DG/CSLA/RM/1-06/18/2304 dated May 11, 2018, and signed by the Director-General, Capt. Muhtar Usman.
According to the NCAA, the airline has acknowledged the receipt of the letter.
In a statement signed by the General Manager, Public Relations, NCAA, Mr. Sam Adurogboye, the regulator stated that the suspension was sequel to the flagrant and continuous violation of the terms and conditions of the issuance of its AOC by the carrier, thereby carrying out unauthorised and illegal operations.
Adurogboye stated that when the AOC of FirstNation Airways expired, the airline did not have at least two airworthy aircraft capable of servicing its approved schedule as required by Part 9.1.1.6(b) (2) (ii) of Nigerian Civil Aviation Regulation (Nig.CARS), 2015.
He said, “Consequently, the airline’s Air Operators Certificate was, upon renewal, restricted to non-scheduled operation (charter) only. However, FirstNation Airways embarked on scheduled operations with continuous advertisement of its services and sold tickets at its check-in counters in Lagos and Abuja airports.
“The NCAA had earlier notified the airline that it was investigating these violations. Subsequently, by a letter dated 31st of August 2017, the airline was directed to stop the illegal operations forthwith, warning that failure to desist would lead to a suspension of its operating authorisation.”
He added that upon further investigation, it was discovered that the airline had disregarded all warnings and continued with the unauthorised and illegal operations in violation of its AOC terms and conditions of issuance.
Adurogboye stated, “This is contrary to the provisions of Part 9.1.1.4(d) of the Nig.CARS 2015, which provides that ‘each AOC holder shall at all times continue in compliance with the AOC terms and conditions of issuance, and maintenance requirements in order to hold that certificate’.
“The authority has therefore determined that, pursuant to Section 35(2),(3) (a) (ii) and (4) of the Civil Aviation Act, 2006, FirstNation Airways is no longer fit to operate air transport business under the authority of the AOC. Accordingly, the airline’s AOC has been suspended indefinitely with effect from the 11th of May, 2018, when it received the notice.”
According to Adurogboye, in addition, the operators of the airline are expected to return the AOC to the NCAA’s Director of Operations and Training within seven days of receiving the letter.
He added that anytime the airline demonstrated ability and willingness to comply with the extant regulations, the NCAA would review its suspension and restore the AOC to enable it to commence operations.
FirstNation Airways had in August 2017 switched temporarily from offering scheduled flights to charter services, following a reduction in its fleet size.
Usman, who disclosed the development to journalists at the time, said the airline’s non-scheduled status would remain so until it improved its aircraft fleet to at least two and meet the requirements for scheduled services.
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FG approves licences for Admiralty, Spiritan, four other new private universities
The Federal Ministry of Education on Tuesday issued provisional licences to the six newly established private universities.
The Minister of Education, Adamu Adamu, gave the provisional licences to the institutions in Abuja.
The institutions are Admiralty University Ibusa in Delta, Spiritan University Neochi, Abia, Precious Cornerstone University in Ibadan, Oyo State, and Pamo University of Medical Sciences, Port Harcourt.
Others are Atiba University in Oyo, Oyo State and Eko University of Medical and Health Sciences, Ijaniki, Lagos State.
Mr. Adamu, who was represented by the Permanent Secretary of the ministry, Sonny Echono, said the Federal Executive Council approved the take-off of the universities on Dec. 6.
He said the approvals were given to the universities to provide quality education in Nigeria.
He said the approval had increased the number of private universities in the country to 74.
“The problems of access to quality education in Nigeria has posed serious challenges and therefore required serious efforts to address them.
“The approval of the universities tends to address the issue of access to university education.
“Private universities in Nigeria have contributed and will continue to contribute to the development of education in the country.
“The competition of private universities has contributed to healthy delivery within the system.”
He called on the institutions’ administrators to ensure highest standard of best practices to achieve academic excellence in their programmes.
Earlier, the Executive Secretary, National Universities Commission (NUC), Abubakar Rasheed, said quality control must be strictly adhered to.
“With about two million candidates applying for admission into universities annually, the university system is only able to accommodate about 500,000 students yearly.
“And so, there is need to licence more universities to help deal with the challenge of access to education,’’ he said.
Also, a former head of state, Abdusalami Abubakar, called on Nigerians to maintain peace in the country to ensure educational development.
Mr. Abubakar also urged universities to maintain and ensure quality education for the betterment of all Nigerians.
He said with a total of 160 universities in Nigeria out of which 74 are private universities, 46 states and 40 federal universities, there was need to ensure peace to achieve educational development.
He called for the engagement of the youth educationally, adding that the universities should be adequately equipped for meaningful development.
NAN
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Brokers hail NAICOM for abolishing annual licence renewal
The President, Nigeria Council of Registered Insurance Brokers (NCRIB), Mr Kayode Okunoren, has applauded the National Insurance Commission (NAICOM) for considering abolishing annual renewal of brokers’ licence.
Okunoren made the commendation in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday.
The NCRIB boss said that the council had been calling for the abolition, and expressed the hope that it would give insurance business a boost.
Okunoren, however, urged the NAICOM to consider life licensing for brokers or a five-year licence renewal.
“We praise NAICOM for abolishing the annual renewal.
“Let NAICOM consider five-year or life licensing regime.
NAN reports that NAICOM had at the 2017 National Insurance Conference in Abuja recently, said that it resolved to extend the brokers’ licence renewal period.
Mr Sunday Thomas, the NAICOM Deputy Commissioner for Insurance (Technical), who made this known, said that the process of annual renewal of the licence had become cumbersome.
Thomas had said: “NAICOM is ready to make changes where necessary. Life licensing for brokers may not be possible for now, but there are challenges in the annual licence renewal.
“We can consider a licensing system that has a longer life span.” (NAN)
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Customs set to license inland bonded vehicle terminals
The Nigeria Customs Service (NCS) says it is set to issue licences for inland bonded vehicle terminals in the country.
Mr Joseph Attah, the Public Relations Officer of the service, disclosed this in an interview newsmen in Abuja on Tuesday.
Attah said that the licence was for motor dealers and any interested persons that wanted to operate inland bonded vehicle terminal in Nigeria.
He said that interested applicants should have a large plot of land and fenced before he or she could apply.
“The coming into effect of this bonded vehicle terminals apart from securing government revenue, it will also provide job opportunities for our teeming youths.
“Security is guaranteed because unlike smuggling, these vehicles come through the bushes across the border which sometime you don’t even know what these vehicles carry inside the country.
‘These vehicles are coming from the seaport, properly examined and escorted into the hands of the final users.
“Today customs is ready for this and any interested persons need to start by writing application through the Area Comptroller of the command where he wants to locate or site his bonded terminal.
“There is a bond, we call it bonded vehicle terminal, he will have to approach a bank and enter into a bond to the tune of N50 million, a bank bond of N50 million.”
Attah said that the essence of the bank bond was to ensure that government revenue was secure, adding that a bond from any licensed commercial bank would be accepted by Customs.
According to him, before introducing bond terminals, the service has carried out studies to know that car park is the major thing that attracts some of Nigerian youths and car dealers to our neighbouring countries ports.
Attah said that the essence of the vehicle terminal was to strengthen businesses of car dealers and boost employment rate in the country.
The spokesman reiterated that the requirement to operate bonded vehicle terminals was formal application through the area command of the proposed terminal.
He said that an environment conductive for working was required, with computerised system that could be connected to Customs ICT.
He added that others were Certificate of Incorporation, Memorandum and Article of Association and current customs agent licence.
Attah said that an audited account of the company’s current tax clearance certificate, bank recommendation, among others, were required to operate a vehicle terminal.
He said that with the help of a bonded terminal, an operator could import vehicle from any part of the world and manifest it as vehicle destined to any terminal within the country.
He said that on arrival at the seaport, customs officers would escort the vehicles to the dealer’s terminal without payment of duty, adding that the vehicles would stay in his terminal at least 30 days without paying of duties .
“Customs will establish an outpost within each of these terminals; if any customer comes and buys a vehicle, he will simply pay duty at the customs outpost located in that particular terminal.
He said that wherever the terminals were commercial banks would begin to open branches because of the volume of commercial transaction that would take place.
According to him, the vehicle terminals will create job opportunities, ensure security and enhance revenue generation.
TheNewsGuru.com reports that the policy of banning importation of vehicles through the land borders took effect on Jan.1.
Toward the end of January, customs and the Association of Motor Dealers of Nigeria met to discuss the modalities on how to operate inland bonded vehicle terminals in the country.
NAN
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Only Buhari can approve licence for type of gun found with Justice Ademola-witness
A prosecution witness in the trial of Justice Adeniyi Ademola, ASP Tanimu Jeremiah told the FCT High Court on Thursday that only the President could approve for use the type of gun found in Ademola’ s residence.
TheNewsGuru.com reports that Justice Adeniyi Ademola, a Federal High Court Judge, his wife, Olabowale and Joe Agi (SAN) are standing trial before Justice Jude Okeke on allegations bordering on fraud and possession of illegal arms.
The witness said the firearm was Avar magnum with capacity of eight rounds with cartridge of 12 inches each.
“The law is clear about issuance of licence for this type of firearm for private use. Only the President reserves the right to approve application for licence for such firearm.
“This was not so with this present situation,’’ he said.
Another witness, Mr Awoyemi Adisa, an accountant with the Federal High Court tendered some documents on salaries and emolument of the first defendant (Ademola). .
Adisa informed the court that the consolidated annual salary for a federal judge was about N6.3 million.
He also told the court that the judges were given N5.3 furniture allowance in every four years, adding that the document covered 2009 and December 2016 financial year.
According to him, others welfare packages for judges included N305, 000 as medical allowance and a slot for an overseas trip once in a year.
Adisa said a total of 6, 300 US dollars was paid for the defendant’s overseas trip and for his medical allowance in 2016.
He also said a total of N180, 474 was remitted to him as leave allowance for the out-gone year.
Adisa further told the court that a judge was entitled to a car advance worth N7.2 million repayable within 5 years.
Giving evidence also, Miss Christie Ende, the Deputy Registrar of the Federal High Court, tendered the certified true copies of some of the cases handled by Ademola.
These included the case of Federal Government against Dr Sani Shaibu and Teidi Friday Ukpong against the Chief of Naval Staff.
Also the case between Jenkins Duvie Giane Gwede and the Delta State House of Assembly was admitted as evidence.
She said the third defendant (Agi) had appeared as counsel in the listed cases decided by Ademola.
Another witness, Mr Stephen Opara, an official of the Department of State Service (DSS) who interviewed and took Mrs Ademola’s statement also tendered the video in court.
Ademola was one of the seven judges prosecuted after the sting operations carried out by the DSS on October, 2016