Good Morning. Here’s a recap of top trending news stories this morning.
1. The Federal Mortgage Bank of Nigeria (FMBN) has established seven specialized Loan Recovery Task Teams. These teams are tasked with the vital mission of recovering overdue loans across the country’s geopolitical zones and the Federal Capital Territory (FCT), Abuja, thereby ensuring the sustainability of the Bank’s lending operations.
2. The Central Bank of Nigeria (CBN) has revoked Heritage Bank’s operating license due to violations of Section 12 (1) of the Banks and Other Financial Act (BOFIA) 2020. Acting Director of Corporate Communications, Hakama Sidi Ali, stated that this decision was driven by the bank’s poor financial performance and the failure of its Board and Management to address these issues, which threatened financial stability.
3. The organized labour strike over the new minimum wage may soon end, as an agreement was reached with the Federal Government on Monday. After a six-hour meeting in Abuja, the Federal Government expressed commitment to raising the minimum wage above the proposed N60,000.
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4. The Nigerian Medical Association (NMA) has announced it will not participate in the nationwide strike initiated by labor unions on Monday, as it is not affiliated with organized labor. In a statement signed by National Secretary General Benjamin Egbo, the NMA assured the public that doctors will continue to provide necessary medical services at their duty posts.
5. The Commissioner of Police for the Federal Capital Territory, Benneth Igweh, has deployed officers and resources across Abuja in response to an alleged planned bandits’ invasion. The action follows messages circulated on WhatsApp over Sunday and Monday, claiming that bandits, led by a sub-commander named Ardo under the notorious leader Boderi Yellow mai One Million, were mobilizing.
6. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the Federal Government will provide credit facilities up to ₦1 billion at a 9% interest rate to businesses, including manufacturers. He stated that the current administration acknowledges the challenges entrepreneurs face in accessing affordable funds, hence this initiative.
7. Former President of the Nigerian Institute of Building (NIOB), Mr. Chucks Omeife, stated that the persistent issue of building collapses is due to the failure to adopt modern methods and the reliance on outdated laws. He restated that stakeholders cannot continue using old practices and outdated regulations while expecting different outcomes.
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8. A landlord named Apeh Benjamin in Aribabu village, Sotubo, Ogun State, has died following a heated argument with his tenant, Emmanuel, over unpaid rent. During the dispute, Emmanuel threatened to kill Benjamin. The landlord reportedly collapsed and died around 6:30 am on Sunday, according to the Ogun State police command.
9. The Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) has arraigned Blessing Webilor Nchelem and her daughter-in-law, Deborah Jack, before Justice P. I. Ajoku of the Federal High Court in Port Harcourt, Rivers State, on multiple fraud charges. They face a four-count charge involving criminal conspiracy, obtaining money under false pretenses, and retaining proceeds of unlawful acts totaling N6 million.
10. The Central Bank of Nigeria has lifted its ban on onboarding new customers imposed on five prominent fintech startups: Paga, OPay, Kuda, Palmpay, and Moniepoint, with immediate effect.
This comes after the expiration of a May 31 deadline given to the fintechs to meet specific compliance requirements.