💸 The money men are fighting
In this week’s issue
FBN and Honeywell vs CBN
How does Nigeria handle freedom of speech?
The Week in Insurgency
FBN and Honeywell vs CBN
The Central Bank of Nigeria fired all the board of directors of First Bank of Nigeria Limited and its parent company, FBN Holdings PLC.
The board of directors of First Bank removed the Managing Director/CEO of the bank Dr Adesola Adeduntan and appointed Mr Gbenga Shobo as a replacement.
The CBN called it a "risk to the stability of the financial system” and demanded they provide a comprehensive report detailing their reason.
Nobody from the board responded and CBN fired all First Bank and FBN Holdings PLC board members (minus Dr Adeduntan and Mr Shobo who will serve as deputy)
But it’s a private bank so why does Emefiele have a say in who they hire? The CBN's reason:
“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality[...] amongst other prudential indicators."
CBN also directed Honeywell Flour Mills to repay a loan to First Bank within 48 hours of the board clear-out.
The CBN says the business between Honeywell and First bank is fishy (collaterals not adding up). Emefiele ordered the conglomerate to pay up and keep walking.
But the poor get poorer
Despite gripping poverty in Nigeria, particularly in the North due to insurgency and loss of livelihood, Governor Nasir El-Rufai has increased school fees in all Kaduna tertiary institutions— “from a flat N24,000 to a minimum cumulative of N150,000.”
Mr El-Rufai said the goal is to reposition institutions to deliver quality skills to “tackle 21st-century challenges”.
How is anybody going to learn when students are being abducted and/or kidnapped in Kaduna and neighbouring regions every day?
El-Rufai's suggestion? Relocate schools to the same vicinity as military barracks
Also, the Nigerian Electricity Regulatory Commission (NERC) says there are "indications" of a possible increase in electricity tariffs but they won't know until they're done with the "Extraordinary Tariff Review process for the 11 Electricity Distribution Companies". oho
Nigeria vs Freedom
Last week, Channels TV interviewed a leader of the Indigenous People of Biafra (IPOB) to examine the current state of the country: insurgency, the seemingly targeted attacks, and the government's reactions.
The Nigerian Broadcast Commission responded by ordering an immediate stop to the program.
History
This dates back to the Civil War, which began a few years after Nigeria gained independence from Great Britain.
Biafra, consisting of the Eastern Region of Nigeria, declared itself independent in 1967, beginning nearly 3 bitter years of war.
As a result of the naval blockade established by the Nigerian Military Government, over 2 million Biafran civilians are estimated to have died from starvation. Significantly higher than military casualties on both sides combined. Read here
Fast forward to 2017: The Nigerian government proscribes IPOB as a terrorist group. Founded in 2012 by Nnamdi Kanu, the group seeks to restore the independent state of Biafra. Kanu fled the country after being freed from detention on bail in 2018.
The Nigerian government is now mostly trying to either stifle or ignore it.
And Now?
In a letter addressed to Channels TV Managing Director on Monday, NBC accused the station of tolerating the IPOB spokesman’s “derogatory, false and misleading statements”.
The day after the suspension hit the news and social media, NBC 'clarified' that they had merely 'warned' Channels TV.
Keep in mind: NBC suspended Channels, AIT, and AriseTV for allegedly violating broadcasting codes by using footage of the Lekki Toll Massacre obtained from social media and revoked it after public criticism.
The Week in Insurgency
In the past week, there have been at least two reports of attacks on minority and/or vulnerable communities:
Students from Greenfield University have been kidnapped and several of them have been killed. So far, there have been no talks of attempts to rescue them
Killers invaded a village in Oyi LGA of Anambra state. State Police command confirmed that no fewer than nine people died.
Even the Federal Capital is not safe as Boko Haram hoists their flag in Kaure, Niger— a village that's just about 200km away from the FCT.
Then there is Senator Remi Tinubu of the current ruling party in Nigeria All Progressives Congress (APC)
Evidently frustrated by their inability to halt the worsening security situation across Nigeria, two senators (Smart Adeyemi and Ike Ekweremadu) Tuesday asked that the National Assembly be shut down.
Smart Adeyemi, Kogi West Senatorial District who is also an APC member urged the lawmakers to treat the insurgency as urgent “This is the worst instability we are facing. In fact, this is worse than the civil war.”
In response to Adeyemi, Senator Tinubu attempted to accuse him of betrayal, “Are you in PDP? Are you a wolf in sheep’s clothing?” Senator Tinubu said rebuking the lawmaker.
Remember that the general elections are around the corner (2023) and Mrs Tinubu's husband (Bola Ahmed) is attempting to run for president. Vote abeg
Things we didn't big get into:
Schools caught inflating the cost of JAMB forms (duh)
INEC fixes February 18 as the date for the 2023 presidential election
Nigerian police beg Nigerians to go back to pre-END SARS respect relationship- as in when they respectfully terrorised and killed citizens?
EFCC follows the path laid by CBN and warns Nigerians against investing in forex trading and bitcoin.