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Economy

CBN To Prosecute Bank Directors With Non-Performing Insider Loans – Experts

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CBN

CBN To Prosecute Bank Directors With Non-Performing Insider Loans – Experts

CBN to prosecute bank directors with non-performing insider loans. Abanking expert, Dr Uju Ogubunka, has urged the Central Bank of Nigeria to prosecute bank directors with non-performing loans, saying the move will serve as a deterrent measure.

Mr Ogubunka, a former executive secretary, Chartered Institute of Bankers of Nigeria, said this during an interview in Lagos, on Tuesday.

He stressed that prosecuting directors associated with non-performing loans was one of the best ways of addressing the challenge.

Mr Ogubunka stated, “We expect the regulators to prosecute them in court and hope for justice, as a deterrent measure to other erring bank staff. This is a more innovative approach in tackling bad loans than just only asking the directors to resign without facing the consequences of their actions.’’

He emphasised that prosecuting bank directors associated with bad loans would enforce corporate governance and engender investors’ confidence.

Mr Ogubunka said, “This is imperative to ensure credibility in the system and foster economic growth.’
Also, President, Progressive Shareholders Association of Nigeria, Boniface Okezie, said that the CBN’s decision to check bad loans was timely.

Mr Okezie said, “Bank directors are not restrained from securing loans to advance their business interests. However, they should ensure such facilities do not end up becoming non-performing loans.

Which is not right and does not befit the status of a bank director who ought to be exemplary in his actions.’’
He stressed that the CBN’s directive would lead to sanity in the banking sector.

“This punitive measure from the regulator will ameliorate the insider abuse in the banking sector and restore trust in the system. This has been the hallmark of banking practice over the decades,” Mr Okezie said.

CBN

CBN

The CBN ordered bank directors with non-performing insider-related loans to immediately resign from their positions as part of efforts to strengthen corporate governance and reduce credit risk exposure in the banking sector.

The directive was issued in a circular signed by the acting Director of Banking Supervision, Dr Adetona Adedeji.

In the circular addressed to all banks, the apex bank mandated compliance with insider-related credit limits as stipulated in Section 19 of the Banking and Other Financial Institutions Act, 2020.

Crime

Customs Seizes 34,470L Of Smuggled Petrol At Taraba-Cameroon Border

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Cameroon Border

Customs Seizes 34,470L Of Smuggled Petrol At Taraba-Cameroon Border

Customs seizes 34,470L of Smuggled petrol at Taraba-Cameroon border. The Nigeria Customs Service (NCS) has intensified its crackdown on fuel smuggling, seizing 34,470 liters of Premium Motor Spirit (PMS) and a heavy-duty transportation truck in a three-hour operation along the Taraba-Cameroon border.

The enforcement, led by the Customs’ Operation Whirlwind unit, targeted smugglers operating through Gembu and Kan-Iyaka in Sardauna LGA, a known smuggling corridor.

Speaking at a public auction in Jalingo, Comptroller General of Customs, Bashir Adewale Adeniyi, disclosed that the operation was carried out with support from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Office of the National Security Adviser.

Adeniyi explained that intelligence from the inter-agency intelligence fusion center detected unusual fuel movement patterns in the Sorofi and Kan-Iyaka areas between March 8 and 9, 2025.

Acting on this, field teams executed a series of coordinated interceptions, disrupting what appeared to be an emerging smuggling route.

The seizure included 1,149 Jerry cans of PMS, each containing 30 liters, totaling 34,470 liters. A specialized transportation truck valued at ₦4 million was also confiscated, bringing the total duty-paid value to ₦37.78 million.

Adeniyi noted that a significant portion of the smuggled fuel was intercepted in Gembu, while 180 Jerry cans and the truck were seized en route to the Kan-Iyaka border crossing.

Cameroon Border

Cameroon Border

Describing fuel smuggling as a threat to national security and economic stability, Adeniyi urged security agencies to remain vigilant. He stressed that petrol is vital to economic activities and warned that shortages could slow down the economy.

He reaffirmed the NCS’s commitment to tackling smuggling networks and safeguarding Nigeria’s energy sector and economic interests.

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Akwa Ibom

Akwa Ibom Lawmaker Covers Medical Bills For Patients At Palmer Memorial Hospital

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Akwa Ibom

Akwa Ibom Lawmaker Covers Medical Bills For Patients At Palmer Memorial Hospital

Akwa Ibom Lawmaker covers medical bills for patients at palmer memorial Hospital. For patients at Palmer Memorial Hospital in Ikot Usen, Ibiono Ibom Local Government Area, financial hardship often stood between them and life-saving treatment. That changed when Rt. Hon. (Barr.) Ime Basy Okon, the Member Representing Itu-Ibiono Ibom Federal Constituency, stepped in to settle outstanding medical bills, offering patients a renewed chance at life.

The compassionate gesture came during Day 2 of the ongoing free medical and surgical outreach sponsored by the lawmaker across Itu and Ibiono Ibom Local Government Areas. While inspecting the outreach on Day 1, Okon learned of emergency cases where patients remained stranded due to unpaid hospital bills.

Moved by their plight, he personally cleared their debts a decision he emphasized was outside the outreach’s budget, but a private intervention to support his constituents in urgent need.

Among the beneficiaries was Abasima Offiong, who had suffered a spinal cord injury and required emergency surgery. With no means to cover the cost, his condition was critical, until Hon.Okon’s intervention ensured his procedure was fully funded.

Another case was Idongesit Ndifreke, who had undergone a Caesarean section but remained in the hospital for over two weeks due to unpaid bills. The lawmaker’s generosity not only secured her discharge but also allowed her to return home with her newborn.

Akwa Ibom

Akwa Ibom

One of the most harrowing stories involved a woman whose unborn child had died in the womb. Lacking funds for an emergency procedure, her life hung in the balance. Overcome with emotion, Okon immediately took over the cost of surgery, ensuring swift medical intervention to save her life.

Speaking during the event, the lawmaker reaffirmed his commitment to humanitarian efforts. “When God blesses us, we should also be a blessing to others,” he said, underscoring the importance of compassion and community support. Grateful beneficiaries and their families hailed Okon’s intervention as both timely and life-saving.

As the free medical and surgical outreach continues, it remains a beacon of hope for residents of Itu and Ibiono Ibom, reinforcing Okon’s dedication to accessible healthcare and the well-being of his constituents.

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Economy

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

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Muhammadu Inuwa Yahaya

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

Government approves N1.149bn for solar street lights, infrastructure in Gombe. He said the governor approved the projects to align with his vision for infrastructure development.

The Gombe government has approved N1.149 billion for the installation of solar street lights and other infrastructure in three local government areas of the state.

Mahmood Yusuf, director-general, Joint Project Development Agency, stated this at a news conference on Thursday in Gombe.

He said the Joint Project Council (JPC) meeting chaired by Gov. Inuwa Yahaya, approved the projects to align with his vision for infrastructure development.

Mr Yusuf listed the projects to include the installation of solar street lights on newly constructed roads in Kumo at the total cost of N740 million; fencing of the NALDA market and installation of solar street lights at Kwadon area of Yamaltu/Deba, costing N362 million.

He said that N47 million has been approved for the expansion of the grains market and construction of six public toilets in Billiri.
Mr Yusuf said that the N112 million grain market project was approved in 2024, but reviewed upward to N159 million, to provide six additional toilets.

The director said the council also approved the deployment of GOSTEC and Operation Hatara personnel, to scale surveillance in schools and cemeteries in the state.

He said the measure was sequel to complaints over spate of theft in public buildings by the ALGON Chairman, Sani Haruna.

“The council has resolved to implement stricter security measures by deploying GOSTEC and Operation Hattara to enhance surveillance. The scope of Operation Hattara would be expanded to cover all the 11 LGAs,” he said.

Muhammadu Inuwa Yahaya

Muhammadu Inuwa Yahaya

Also, Fatima-Binta Bello, chairperson, Shongom Local Government Council, expressed readiness to consolidate on Mr Yahaya’s achievements in education and health sectors.

She stressed the need to strengthen human resources through recruitment of qualified personnel to address manpower gaps and enhance quality service delivery, especially at primary healthcare and basic education level.

Similarly; Ahmad Wali, chairman, Kwami LGC, said the council had initiated resurvey and remapping of grazing reserves and cattle routes to check farmer/herder clashes.

He warned that anyone found encroaching cattle routes and grazing lands would be sanctioned.

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