Business
CBN Names Task Force For Troubled Banks
The Central Bank of Nigeria (CBN) has appointed a task force to work with the management of the 10 troubled banks.
The affected banks are Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, UnionBank of Nigeria Plc, Bank PHB Plc, Equatorial Trust Bank Limited, and SpringBank Plc, whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.
According to a statement from the apex bank, the move was in furtherance of the banking sector’s reform embarked upon by the institution which is aimed at ensuring the stability and soundness of Nigeria’s banking industry.
The apex bank named the task force which goes under the appelation of advisers, to include Deutsche Bank, Chapel Hill Denham, Stanbic IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
The CBN said the advisers are expected to work with the boards and management of these banks by exploring all options for securing their stability and long-term future growth.
They are also expected to explore all possibilities for institutionalising best practices and good corporate governance at each of the banks in furtherance of the CBN’s desire that the interests of all stakeholders were respected.
Restating its determination at ensuring the stability of the banking sector within the shortest time possible, the CBN said it was also working assiduously to ensure that the proposed Asset Management Company, (AMC) comes on stream by year end and would continue to come up with measures that would ensure the emergence of a banking system that is sound, strong and stable.
Meanwhile, the high level misdemeanour wreaked on the nation’s banking sector again came to the fore at the weekend following the report released by the Nigeria Deposit Insurance Corporation (NDIC).
The 2008 report exposed executive recklessness, complete erosion of the shareholders’ funds particularly the troubled banks monumental and largescale frauds, forgeries and lopsided ownership structure, among others.
The report showed that about N1 trillion shareholders’ funds in the eight banks which received a lifeline of N620 billion from the Central Bank of Nigeria (CBN) recently, could not be accounted for.
The banks include Oceanic Bank, Intercontinental Bank, Finbank, Spring Bank and Bank PHB. Others are Afribank, Equitorial Trust Bank and Union Bank.
The Central Bank of Nigeria (CBN) has appointed a task force to work with the management of the 10 troubled banks.
The affected banks are Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, UnionBank of Nigeria Plc, Bank PHB Plc, Equatorial Trust Bank Limited, and SpringBank Plc, whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.
According to a statement from the apex bank, the move was in furtherance of the banking sector’s reform embarked upon by the institution which is aimed at ensuring the stability and soundness of Nigeria’s banking industry.
The apex bank named the task force which goes under the appelation of advisers, to include Deutsche Bank, Chapel Hill Denham, Stanbic IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
The CBN said the advisers are expected to work with the boards and management of these banks by exploring all options for securing their stability and long-term future growth.
They are also expected to explore all possibilities for institutionalising best practices and good corporate governance at each of the banks in furtherance of the CBN’s desire that the interests of all stakeholders were respected.
Restating its determination at ensuring the stability of the banking sector within the shortest time possible, the CBN said it was also working assiduously to ensure that the proposed Asset Management Company, (AMC) comes on stream by year end and would continue to come up with measures that would ensure the emergence of a banking system that is sound, strong and stable.
Meanwhile, the high level misdemeanour wreaked on the nation’s banking sector again came to the fore at the weekend following the report released by the Nigeria Deposit Insurance Corporation (NDIC).
The 2008 report exposed executive recklessness, complete erosion of the shareholders’ funds particularly the troubled banks monumental and largescale frauds, forgeries and lopsided ownership structure, among others.
The report showed that about N1 trillion shareholders’ funds in the eight banks which received a lifeline of N620 billion from the Central Bank of Nigeria (CBN) recently, could not be accounted for.
The banks include Oceanic Bank, Intercontinental Bank, Finbank, Spring Bank and Bank PHB. Others are Afribank, Equitorial Trust Bank and Union Bank.
Business
USTR Criticises Nigeria’s Import Ban On Agriculture, Others
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
Business
Expert Seeks Cooperative-Driven Investments In Agriculture
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
Business
NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
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