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CAC Issues Fresh Guidelines For Bank Recapitalisation

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The Corporate Affairs Commission (CAC) has issued fresh guidelines to assist Deposit Money Banks in the ongoing recapitalisation.
In a statement signed by its management and posted on its Facebook account on Friday, CAC said the new directive was in accordance with its powers under Section 8 (1) (e) of the Companies and Allied Matters Act No. 3 of 2020.
It urged banks to immediately adhere to the policy, saying that the new guidelines were issued to guide proper filing for new incorporations, increase in share capitals, mergers and upgrade or downgrade of licence authorisation.
For new incorporations, the CAC stated that intending applicants must submit requirements, including “an approved name reservation or availability, approval-in-principle from sector regulator, duly completed on-line incorporation form, and payment of stamp duty and filing fees for the category of license authorisation”.
It added that a certificate of incorporation will be issued within 24 hours for applications that satisfy all requirements for incorporation of companies prescribed in the commission’s operations checklists available at www.cac.gov.ng/resources.
It also noted that banking institutions seeking to increase their share capital through private placements, rights issues and/or offers for a subscription must submit a duly signed company resolution, return of allotment and other statutory declaration by directors verifying that the issued share capital is fully paid- up
It added that, “Notice of the fact that regulatory approval is required, an affidavit deposed to by a director of the company to the effect that regulatory approval is required for the increase, an amended memorandum of association reflecting the new share capital.
“Payment of stamp duties and filing fees, Issuance of a letter acknowledging notice of increase and requirement of regulatory approval, filing of regulatory approval and the issuance of a certificate of increase”.
According to the CAC, under the category, the notice of the fact that regulatory approval is required must be filed following the provisions of Section 127 (3), (4) & (5) of CAMA.
“Annual returns and information on persons with significant control must be filed up-to-date and certificate of the increase shall be issued within 24 hours of filing of regulatory approval”, it stated.
It noted that small and medium banking institutions seeking to merge must submit duly signed special resolutions for merger by each of the merging companies.
CAC continued that other requirements are the scheme of merger duly approved by the Securities and Exchange Commission.
Others the statement added, are, “A certified true copy of the court order authorising extraordinary general meeting of each of the merging companies.
“Evidence of publication of Court-ordered meeting in two Newspapers and the Federal Gazette and a CTC of Court order sanctioning the scheme of merger.
“All enquiries and complaints on these Guidelines and applications submitted in pursuance of the recapitalization exercise should be addressed to bankrecapitalization@cac.gov.ng or call +234 816 920 9551”.
Recall that the Central Bank of Nigeria (CBN) in March 2024 directed all banks to increase their capital base for improved productivity.
The apex bank had directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn.
It also said commercial banks with national licences must meet an N200bn threshold, while those with regional authorisation are expected to achieve an N50bn capital floor.
This process has commenced with banks issuing public offers and rights issues to meet the two-year target.

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Minister Constitutes Tech Committee On Aviation Ties With Angola

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Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.

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NIWA Wants Deeper Private Investment In Blue Economy

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The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.

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Discount Airfares: Qatar Airways, Access Bank Extend To Dec

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The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.

Corlins Walter

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