Banking

Court orders immediate reopening of Taraba Microfinance Bank,branches

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The Federal High Court, Jalingo Division has ordered the Taraba Police Command to immediately reopen all the branches of Taraba Microfinance Bank Ltd., pending the hearing and determination of the suite before the court.


The Police has sealed the bank and all its branches three weeks ago following a disagreement between its management, directors and the state government.

The state command Spokesman, DSP David Misal has earlier told newsmen that the closure was “in compliance with an executive order issued by the state government”.

However, the managing director of the bank and members of the board of directors approached the court to compel the first defendant (Nigerian Police Force, Taraba State Command) and others to open the bank and its branches for full operation.

In the motion Ex-Parte issued by Justice Stephen Pam, on Wednesday, the court gave an “interim injunction compelling the first defendant (Nigerian Police Force, Taraba State Command) to immediately open the offices of Taraba Microfinance Bank Nigerian Ltd., lying and situated at Investment House, Jalingo and all the local government branches pending the hearing and determination of the motion on notice”.

Nigeria News Agency reports that Taraba Microfinance Bank has been an issue of multiple litigations following a botched sack of the bank’s managing director and dissolution of the board of directors by other vested interests in the state, thereby affecting the day to day operations of the institution and its viability.

Meanwhile, the Inspector General of Police has ordered the Secretary to the Taraba State Government, Mr Anthony Jellason, the MD of Taraba Investment and Property Ltd., Mr Illiya Ezikiel, and eight others to report to the Force Headquarters in Abuja on Jan. 13 in connection with the alleged invasion of the bank on Dec. 2, 2019, led by one Mr Illiya Ezikiel.

The directors of the bank had earlier petitioned the Inspector General of Police over the role of Mr Illiya Ezikiel and other government officials in a forced move to take over the management of the bank without recourse to the CBN laid down procedures.

Edited by: Olawunmi Ashafa and Abdullahi Yusuf

https://nnn.ng/court-orders-immediate-reopening-of-taraba-microfinance-bankbranches/

Defence/Security

Ebonyi police confirm alleged murder of motorcyclist by suspected lunatic

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The Ebonyi Police Command has confirmed an alledged murder of a commercial motorcyclist in Abakiliki, Mr Elias Ofoke, by a man suspected to be mentally deranged .


The Police Public Relations Officer, DSP Loveth Odah, told the News Agency of Nigeria in Abakaliki, on Saturday that the incident happened at Udensi Bridge on September 18.

Odah said that an eyewitness told police that the suspect was attacked by some youths in the area, who beat him to a state of coma, over an undisclosed offence.

“We were told that the suspect was beaten by the youths until he became unconscious.

“Suddenly, he woke up and picked up a wooden plank that was used to beat him and began to walk down the street.

“On his way, he accosted an innocent unsuspecting motorcyclist, who pulled by the street to drop a passenger, and allegedly hit him in the head with the plank,” Odah said.

She said the victim was immediately rushed to a nearby hospital, where the doctor confirmed him dead.

She said that the suspect was receiving treatment at the police clinic, following the injury imflicted on him by his assailants.

“We are watching over him and investigation is ongoing to identify and arrest those youths,” Odah said.

She said that the remains of the motorcyclist had been deposited at the Alex Ekwueme Federal University Teaching Hospital, Abakaliki, mortuary.

Edited By: Sam Oditah
Source: NAN

 

 

 

 

 

https://nnn.ng/ebonyi-police-confirm-alleged-murder-of-motorcyclist-by-suspected-lunatic/
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Defence/Security

Gunmen invade relaxation spot in Kogi, kill one, injure many

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Three gunmen attacked Royal Garden Relaxation Spot in Egume, Dekina Local Government of Kogi on Friday, killing one person and injuring many others, the police said on Saturday.


Accordding to state police command, the armed men shot sporadically into the premises of the relaxation spot at about 7:45 pm on Friday.

A statement by the command spokesman, DSP William Aya said that the attackers later fled the scene.

The statement did not disclose whether the armed men robbed their victims, but said the Divisional Police Officer in Dekina mobilized operatives to the scene immediately after learning about the incident.

“He met one yet to be identified body lying in pool of his blood and moved him to a nearby hospital where he was confirmed dead.

“The body was deposited at the hospital for autopsy,” the statement said.

According to the statement, the state Commissioner of Police, Mr Ayuba Ekpeji has deployed a team of operatives to hunt for the hoodlums.

He assured that the police will arrest the attackers and prosecute them.

The commissioner advised members of the public to be observant and report suspicious movements or objects around them, as well as activities of criminal elements within their neighbourhoods, to security agencies.

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Edited By: Maharazu Ahmed
Source: NAN

https://nnn.ng/gunmen-invade-relaxation-spot-in-kogi-kill-one-injure-many/
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Economy

MPC: Financial experts seek monetary, fiscal policies alignment 

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cial experts have urged the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to collaborate with the Federal Government on policies that will impact positively on the economy.


The experts spoke with the News Agency of Nigeria on Friday in Lagos against the backdrop of the 275th MPC meeting slated for Sept. 21 and 22 in Abuja.

They said that monetary and fiscal policies must align to grow businesses and attract investments into the country.

Mazi Okechukwu Unegbu, a former President, Chartered Institute of Bankers of Nigeria called on MPC to engage fiscal authorities on Value Added Tax (VAT) reduction currently at 7.5 per cent.

Unegbu observed that VAT needed to be reviewed in line with economic realities caused by COVID-19 pandemic.

He noted that VAT increment was affecting both small and big businesses in the country.

“Increasing tax is not the best way to help this economy, because when the tax rate is high, employers will sack people from their jobs.

“When the tax is reduced, you will see increase in productivity, more tax returns and more employment.

“Central Bank of Nigeria should work with the fiscal section for their own policies to work because when CBN makes a policy that is contrary to the fiscal policy, it will not make any headway,” he said.

Unegbu said that challenges in the monetary system were huge and should be addressed beyond provision of palliatives for banks by CBN.

According to him, the increase in VAT which has affected all other taxes; also, CBN should consider helping the banks further as COVID-19 has further disrupted liquidity of banks across the system.

He said that the recent increase in electricity tariff when there was no stable power, should be addressed.

Adebayo Adeleke, former General-Secretary, Independent Shareholders Association of Nigeria said that the committee should find ways to ensure that the country did not plunder into recession.

Adeleke told NAN that CBN should lower interest rates on borrowing, which would encourage people to restart their businesses.

“The committee should be looking at ensuring the continuity of policies that will not drive the country into recession.

“What CBN has done so far is to try as much as they can to discourage savings by lowering interest rate.

“There are two legs to it, if you lower interest rate so that people do not bring their money and dump in the bank, is because you want more money in circulation in the economy.

“The next leg is that we lower interest so that we can inflate the economy. The economy has taken a downturn because of COVID-19; a lot of businesses have been affected.

“So if you are closing the gate to deposit or by discouraging people with the lower interest rate, then we should lower the interest on borrowing.

“Interest on loan should be lowered. That will also encourage people to take more money to restart their businesses because we need to bring the economy back on stream,” he said.

Adeleke said he would be expecting to see more deliberations on how businesses could access more funds, which he believed was a major expectation of the general investing public.

Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd. said that he would be expecting CBN to maintain the current rates of the interest rate, cash reserves ratio among others.

Kurfi said that the committee should consider maintaining the rate on treasury bill, which will attract banks to lend out money to businesses.

“If you want to push the economy upward, you need to have lower interest rate in terms of borrowing.

“Treasury bill should be low to attract banks to lend out their money because if you remember in 2016 when the treasury bill was 15 to 16 per cent, banks took all their money to buy treasury bill and could not lend which affected the economy.

“What I expect CBN to do is to likely maintain the rates on MPR, treasury bill and others; the MPC meeting taking place next week will see that most of the rates remain the same.

“The threshold of three to four per cent above the MPR will also remain the same, NPR and the cash reserve ratio will remain the same, that is my anticipation,” he said.

Kurfi said that devaluation of naira was another challenge to be tackled but envisaged that CBN would continue to intervene at least with the bureau de change to bring down the price of dollar.

He said that before CBN intervention, dollar was trading in the parallel market at N470 but now less at N450 or N445.

He expressed optimism that the upward price change of petrol would encourage establishment of new refineries and attract investors once the price is right.  

 

 

 

 

Edited By: Grace Yussuf
Source: NAN

https://nnn.ng/mpc-financial-experts-seek-monetary-fiscal-policies-alignment/
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Defence/Security

Attack: Police confirm DPO, Inspector’s death in Sokoto

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The Sokoto State Police Command has confirmed the death of the Divisional Police Officer (DPO) and an Inspector attached to Gidan Madi Division in Tangaza Local Government Area of the state.


The command’s Spokesman, DSP Sadiq Abubakar, told newsmen on Thursday in Sokoto that about 100 unknown gunmen invaded the town and engaged  the police in a gun battle.

Abubakar said the incident occured at about 1:30 a.m. and two officers, including Mr Aliyu Bello, the DPO, and Muhammad Abdullahi, an Inspector, were shot death by the the armed men dressed in army camouflage.

He said another ASP Sani Abdullahi sustained injuries and was hospitalised, while the  police have drafted senior officers to undertake assessment of the situation.

According to him, emergency meetings were conducted by the police along with sister security agencies, district heads and council administrators.

He reiterated the police commitment to safeguard people’s lives and property and urged citizens to assist the authorities with useful information.

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Edited By: Benson Iziama/ Wale Ojetimi
Source: NAN

https://nnn.ng/attack-police-confirm-dpo-inspectors-death-in-sokoto/
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