Connect with us

News

Edo State Govt demolishes Kabaka’s multi-million naira hotel for violating building laws.

Published

on

The Edo State Government has demolished T. Latifa Hotel owned by Mr. Tony Adun also known as Kabaka, for violating building laws as the structure sits across a road in the Ugbor-Amagba axis of Oredo Local Government Area of the state.

The hotel building was reduced to rubbles on Wednesday afternoon, after an injunction secured by Mr. Adun against the exercise was vacated by the state government.

The government penciled the structure for demolition, as it was illegal, without an approved building plan for a hotel and sitting across a road.

The deed of transfer being paraded by Mr. Adun is also not registered with the state government, according to court papers filed by Solicitor General of Edo State, Oluwole Iyamu SAN.

Bulldozers and caterpillars were mobilized to the site for the exercise while security operatives mounted guard to ensure the process was not disrupted by thugs in the area loyal to Mr. Adun.

The leader of the security team cordoned off the area and urged residents and shop owners around the area not to panic while the exercise lasted.

Advertisement

News

Lagos State Govt Invade Shops, Confiscate Styrofoams Aka Take Away Packs

Published

on

By

Officials from the enforcement agencies under the Lagos State Ministry of the Environment and Water Resources on Thursday, March 29, intensified the mopping up of banned styrofoam food containers across markets in the state.

Recall that the state government banned the use of Styrofoams in the state in January this year.

Announcing the ban, the state Commissioner for Environment and Water Resources, Tokunbo Wahab, said the decision was reached following the menace the single-use plastics especially the non-biodegradable Styrofoams were causing on the environment.

 

Lagos state govt invade shops, confiscate Styrofoams aka Take Away packs (photos)

 

 

Continue Reading

News

CBN Pegs Minimum Capital Base For Banks At N500bn, N200bn

Published

on

By

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion.

A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.

CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday.

According to Ali, the new minimum capital base for commercial banks with national authorisation is now ₦200 billion, while the new requirement for those with regional authorisation is ₦50 billion.

The apex bank also disclosed that the new minimum capital for merchant banks would be ₦50 billion, while the new requirements for non-interest banks with national and regional authorisations are ₦20 billion and ₦10 billion, respectively.

The announcement comes just days after CBN Governor, Olayemi Cardoso, urged deposit money banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system.

Last November, Cardoso, who assumed office two months earlier, had said commercial banks in the country would be directed to increase their capital base to service a $1 trillion economy ambition of the President Bola Tinubu administration.

The last time the CBN increased capital base for banks was in 2005, when the current Anambra State Governor, Charles Soludo, was the apex bank chief. Capital base was raised from ₦2bn to ₦25bn.

 

Continue Reading

News

Okuama Massacre: Military May Place Bounty On Monarch, Others Declared Wanted

“We will do whatever it takes to get these people, even if it means we place a bounty on them, we will do that.”

Published

on

By

The Nigerian Defence Headquarters, DHQ, has revealed plans to place a bounty on those declared wanted over the killing of 17 soldiers in Okuama community, Delta State.

The Director of Defence Media Operations, Major General Buba Edward said the military was fully committed to apprehending all individuals who have been declared wanted.

In a statement, Edward said: “We will do whatever it takes to get these people, even if it means we place a bounty on them, we will do that.”

On March 14, the troops of 181 Amphibious Battalion, Bomadi Local Government Area of Delta State, while on a peace mission to Okuama Community, were ambushed and killed by some irate youths.

The deceased soldiers were buried at the Military Cemetery in Abuja on Wednesday.

Shortly after their burial, the Military declared eight people, including a woman, wanted.

The suspects include: Prof. Ekpekpo Arthur, Andaowei Dennis Bakriri, Akevwru Daniel Omotegbo (a.k.a Amagben), Akata Malawa David, Sinclear Oliki, Clement Ikolo Ogenerukeywe, Reuben Baru, and Igoli Ebi.

Continue Reading

Trending

%d bloggers like this: