FIRST BANK CRISIS – WHY ELEPHANTS DON’T DO BREAKDANCE
By Tope Fasua
April 29, 2021
Founded by the proprietor of Elder Dempster Agencies, Alfred Lewis Jones in 1894, the British Bank of West Africa was meant to facilitate the importation of silver currency into the region, where Jones held a monopoly. The bank therefore had a clear historical and business advantage from the beginning, with the imprimatur of the British crown which held sway over half of the world in its colonial supremacy. The world hadn’t cavorted into a needless war yet at that time. The sun was deemed never to set on the Empire. BBWA was the clear standard for banking in the West African region and beyond. An acquisition by Standard Bank in 1965 led to a name change, and later, as Nigeria’s military leaders decreed the indigenization of all foreign-owned companies, the bank had to change nomenclature to First Bank of Nigeria in 1979. It is interesting to note that by then, Standard Bank had already becom
Last year, the global demand for energy dropped triggering a significant decline in crude-oil, prices, a major source of foreign exchange receipt for Nigeria. Amid the drop was a temporary respite for the global ecology. Considering that exploration activities had to be tapered by 8.0% to manage the supply glut and prices, gas flaring activities according to the world bank report on gas flaring for 2020 also reduced 5.0% y/y, globally. Annually, large
amounts of carbon emission are released into the atmosphere leading to global warming and other environmental degrading concerns.
The United Nations Framework Convention on Climate Change (UNFCCC) was organized due to a global realization that global ecology is being degraded from sustained carbon emissions. The conception and establishment of the convention has continued to get Nations of the world to commit to reduced carbon emission and has given rise to the Kyoto protocol as agreed in Japan on 11 December 1997 before coming into f
Olumuyiwa Olowogboyega
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The Central Bank of Nigeria has directed the Oba Otudeko owned Honeywell Flour Mills to repay a loan to First Bank within 48 hours, according to a memo seen by TechCabal.
In the letter seen by TechCabal dated April 26, 2021, the CBN stated, âConsequently, the company (Honeywell Flour Mills) is required to fully repay its obligations to the bank within 48 hours, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.â
Insider lending is when a bank makes a loan to one or more of its own officers or directors.
Oba Otudeko serves as the chairman of FBN Holdings PLC, the holding company which owns First Bank. Otudeko also served as Chairman of First Bank until 2010 and is also the Chairman of the Honeywell Group.
CBN sacks First Bank Directors, retains Adeduntan as MD vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
1.0 Good afternoon ladies and gentlemen.
2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.
3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank. It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the