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CBN dismisses boards of Union, Keystone, Polaris, Titan Banks

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The Central Bank of Nigeria (CBN) has dismissed the boards of Union Bank, Polaris Bank, Keystone Bank, and Titan Trust Bank.

In a meeting held on Wednesday, the boards and chief executives of these banks were individually addressed for 30 minutes by Deputy Governor Phillip Ikeazor, responsible for Financial System Stability.

A panel, comprising three other governors, namely Deputy Governor Emem Usoro (Operations), Muhammad Abdullahi (Economic Policy), and Bala Bello (Corporate Services), presented a litany of issues related to non-compliance and other infractions committed by the affected banks, leading to the formal removal of their boards.

This decision comes in the wake of a recent report from Special Investigator Jim Obazee on the Central Bank of Nigeria (CBN) and related entities.

President Bola Tinubu had appointed the special investigator, who had earlier extended invitations to Titan Trust Bank investors. However, reports indicate that they declined to attend a meeting with the Special Investigator.

The Central Bank of Nigeria is poised to release an official statement, shedding more light on the circumstances surrounding this significant shakeup in the banking sector.

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NYSC to Increase Corps Members’ Allowance to ₦77,000 Monthly

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The management of the National Youth Service Corps (NYSC) has announced that corps members across the country will soon begin receiving ₦77,000 as their monthly allowance.

 

The Director General of the NYSC, Brigadier General YD Ahmed, disclosed this on Tuesday in Abuja, according to a statement issued by the NYSC spokesperson, Caroline Embu.

 

General Ahmed emphasized that the welfare of corps members remains a top priority for his administration, noting that arrangements for the payment of the new allowance have been finalized.

 

The increase in corps members’ allowances is in line with the recent review of Nigeria’s minimum wage from ₦30,000 to ₦70,000, which was signed into law by President Bola Tinubu in July 2024.

 

This development marks the second major adjustment in corps members’ stipends in recent years. In 2020, the NYSC increased the allowance from ₦19,800 to ₦33,000 following the implementation of the ₦30,000 minimum wage.

 

The latest increment reflects the government’s commitment to improving the living standards of Nigerian youths serving their country under the NYSC scheme.

 

President Tinubu’s signing of the new minimum wage bill in July 2024 came after months of negotiations between government authorities, labor unions, and private sector stakeholders. The adjustment aims to address inflationary pressures and improve the economic well-being of workers across the country.

 

The NYSC has assured corps members of its continued commitment to their welfare and development as they contribute to national unity and service.

 

 

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Unprofessional Conduct: Police Demote Officer, Disband Unit

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The Abia State Police Command has demoted a police corporal, Okonkwo Ebuka, to the rank of constable following his involvement in unprofessional conduct and incivility towards members of the public.

The Command’s Public Relations Officer, Maureen Chinaka, confirmed the disciplinary action in a statement released on Tuesday.

According to her, the demotion was the outcome of an administrative proceeding where the officer was tried in an orderly room and found guilty of discreditable and unprofessional behaviour.

“The Commissioner of Police, Abia State Command, CP Danladi Isa, in alignment with the vision of the Inspector General of Police (IGP) to establish a professionally competent, service-driven, rule-of-law-compliant, and people-friendly police force, has disbanded the Command’s Anti-Cultism Unit for unprofessional conduct and incivility towards members of the public,” the statement read.

It further stated that Corporal Okonkwo Ebuka, formerly attached to the Area Command in Aba but deployed on special duty at Isuochi, was demoted as part of efforts to enforce discipline within the Force.

“The Commissioner of Police emphasized the Command’s zero-tolerance policy for any form of unprofessional conduct among officers that could tarnish the good image of the Force,” the statement added.

The Abia State Police Command reiterated its commitment to upholding professionalism and fostering positive engagement with the public in line with the principles of ethical policing.

 

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Saki Town Mourns as Okere’s Wife, Queen Waliyat, Dies

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Queen Waliyat Olabisi, the second wife of the Okere of Sakiland, His Royal Majesty, Oba (Dr.) Khalid Oyeniyi Olabisi Oyedepo III, has passed away.

She died on Tuesday morning, leaving the people of the ancient town in mourning.

As of the time of filing this report, the cause of her death remains unknown. However, her sudden demise has sent shockwaves across the community.

Many indigenes of Saki have taken to social media to express their grief, sharing heartfelt tributes and condolences for the royal family.

The late Queen Waliyat was celebrated for her elegance and impactful contributions to both the palace and the community.

 

 

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