Business

Fraudulent Microfinance Banks To Face EFCC

Published

15 years ago

January 10, 2010

The Central Bank of Nigeria (CBN) said it will liquidate any microfinance bank found engaging in fraudulent practices and hand over its operations to EFCC.

Olufemi Fabanwo, the CBN director, Other Financial Institutions Department (OFID) on sanctions, told newsmen in Lagos that CBN would expose such fraudulent operators.

Fabanwo said if any of the five failed microfinance banks operators is found to be fraudulent, he or she will be handed over to the EFCC or any other anti-graft agency.

According to him for microfinance banks that are still solvent but needed management experts, there will be some kind of special restructuring.

He said the CBN and Nigeria Deposit Insurance Corporation (NDIC) were still conducting examination on other microfinance banks.

Fabanwo said the NDIC had conducted examination on 150 microfinance banks while the apex bank had carried out similar examination on some microfinance banks in 2009.

“All licensed microfinance banks are dully insured by NDIC and NDIC will step in after the comprehensive report has been compiled,” he said. The CBN Chief, however, assured customers of the failed microfinance banks that their money deposited with the banks are in safe custody.

At the present 930 microfinance banks are operating in the country with 205 microfinance banks based in Lagos.

The five failed microfinance banks are: Integrated Microfinance Bank, KFC Microfinance Bank, Bristol Microfinance Bank, Unique Microfinance Bank, and Milestone Microfinance Bank, all based in Lagos.

Business

NCDMB Assures Greater Local Industry Participation In Oil, Gas Projects

Published

21 seconds ago

February 5, 2025

The Tide

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has assured local oil servicing companies operating in the country of their capabilities to undertake huge projects in the industry through the board’s capacity building opportunities.

Ogbe gave the assurance when he led a delegation of senior officials of Shell Petroleum Development Company (SPDC) on a tour of facilities at Brightwaters Energy Limited, Port Harcourt, Rivers State, recently.

The visit was to assess Brightwaters Energy’s upgrade of its technical capabilities, which would position them for upcoming industry projects.

The tour to the company’s facilities at Choba, Port Harcourt and Emohua, in Emohua Local Government Area of Rivers State was a follow up on the NCDMB’s boss’ earlier visit to the company and some pipe coating facilities in May 2024.

At the visit, Ogbe pledged the Board’s support for local service companies, giving them opportunities in the oil and gas industry and creating jobs in the economy.

Ogbe noted the Board’s determination in ensuring that capabilities of local oil and gas service companies are known and adequately utilised by operating companies in the industry to boost local content and provide employment, in line with the economic aspirations of President Bola Ahmed Tinubu’s administration.

He noted that Brightwaters had performed well in the execution of projects in the exploration and production segment of the industry over the years with a clientele that included SPDC and Chevron Nigeria Limited, among other major oil and gas operators.

Ogbe expressed conviction that the company has the capacity required for key scopes in upcoming industry projects.

He charged operating oil and gas companies to support qualified service companies, while ensuring that the best quality service is delivered at all times and on schedule.

Also speaking, the Manager, Community and Corporate Affairs, Brightwaters, Solomon Aluge, stated that the firm had been engaging the team from SPDC and equipped to carry out heavy or light fabrication works adding that Brightwaters has carried out many onshore and offshore pipeline engineering and installation works for various clients.

Explaining the scope of operations of the company in the oil and gas sector, Aluge said “Brightwaters is mobilizing for Chevron and Tulcan pipeline works at the moment”.

On his part, the Chief Executive Officer, Brightwaters, Scott Gregory, expressed joy at the presence of the Executive Secretary, Engr. Ogbe and the representatives of SPDC at the meeting assuring that the company has the capabilities for services in the oil and gas industry.

He provided technical details of a number of projects executed by the company’s offshore and onshore in its many years of operation in Nigeria, noting that some of the upcoming field projects were well within the company’s competencies.

Ariwera Ibibo-Howells, Yenagoa

Business

Oil Production Resumption: Ogoni Youths Seek Inclusion In FG’s Plans

Published

2 mins ago

February 5, 2025

The Tide

Youths of Ogoni ethnic nationality have demanded their inclusion in the plans of the Federal Government to resume oil and gas production in the region.

The President General, Ogoni Youth Federation, Yamaabana Legborsi, made the demand while speaking at the Ogoni Youth Stakeholder’s Extraordinary Meeting held in Port Harcourt, Last Thursday.

Legborsi stated that youths and women should be included in any deliberations bothering on the planned resumption of oil exploration in Ogoniland.

Reading out the Communique signed by 26 Ogoni youths, Legborsi, who was also the convener of the meeting, described youths and women as critical components of the Ogoni people in community engagements with the federal government.

The Ogoni youth leader noted that the youths were not opposed to oil production but were confident in the National Security Adviser’s appointment to lead the deliberations.

“We urge him to harmonise and bring together all stakeholders’ interests, particularly young people, for a smooth and robust discussion for results.

‘’This oversight does not augur well with us, but with love and humility to our leaders, we appeal for proper inclusion and representation moving forward,’ he said.

As leaders of tommorow, Legborsi stressed the need for their incorporation in the scheme of things of such importance “in order to get it right in future when the leaders of today leave the stage”.

He commended the President for his courage and will to end the three and a half decades of Ogoni’s struggle for social, economic, political and environmental justice owing to Ogoni’s environment and livelihood devastation.

“We welcome the idea of oil exploration activities in Ogoniland, as we believe the modus operandi this time would be different from what was obtainable in the past,” he explained.

Legborsi said that a carefully selected steering committee of the Ogoni youth stakeholders had been drawn to interface and join forces with other Ogoni leaders to deliberate on the important issues concerning their future.

“We, therefore, urge everyone to keep faith in the government to herald a peaceful and fruitful outcome, he stated.

He further appealed that the Ogoni people should be included in the talks concerning the nomination and approval of investors for the operation and development of the Ogoni Fields in OML 11/51.

Business

REA, RESCOs Sign Agreement To Establish 23 Mini-grids

Published

2 mins ago

February 5, 2025

The Tide

As parts of its quest for a closeout on rural electrification, the Rural Electrification Agency (REA) said it has signed a grant agreement with 18 Renewable Energy Service Companies (RESCOs) to establish 23 new mini-grids across the country.

The REA disclosed this in a post on its X (formerly Twitter) handle at the Weekend.

It said over 70,000 Nigerians would benefit from the Africa Mini-Grids Programme (AMP) supported by the Global Environment Facility (GEF), as part of a major push for rural electrification.

The agency stated that the initiative was supported by the United Nations Development Programme (UNDP), adding that the move was aimed at improving access to clean, reliable, and affordable energy for underserved and off-grid communities.

According to REA, the Africa Mini-Grids Program (AMP) is a multi-country initiative designed to accelerate the adoption of renewable energy solutions in rural areas.

It said the programme, in Nigeria, is expected to drive economic growth, enhance energy security, as well as reduce carbon emissions.

The agency insisted that the selected RESCOs would deploy innovative renewable energy technologies, including solar hybrid mini-grids, to power homes, businesses, and public facilities.

It further noted that the project aligns with Nigeria’s commitment to achieving universal energy access and transitioning to cleaner energy sources.

“70,000+ Nigerians to be impacted as the Global Environment Facility (@theGEF), @UNDP and Rural Electrification Agency (REA) Sign Grant Agreements with 18 Renewable Energy Service Companies, to Deliver 23 New Mini-Grids Nationwide through the GEF-Funded Africa Mini-Grids Program (AMP)”, REA tweeted.