Business News

CBN Stands Firm In Support Of GTCO, Reassures Public On Safety Of Bank Deposits

by

  In a strong display of support for Guaranty Trust Holding Company (GTCO) and to counter unfounded allegations circulating in the media, the Central Bank of Nigeria (CBN) issued a press release today, reaffirming the safety of deposits held in Nigerian banks. The statement, titled “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds,” was signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali. It opens with a resolute assurance to the public: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.” The release emphasizes the importance of maintaining public confidence in banking operations, declaring that “all deposits in Nigerian banks are secure.” It outlines the CBN’s active role in ensuring that financial institutions adhere to established regulations and best practices, which are essential for preserving the integrity of the financial system. Regular stress testing is conducted to identify potential vulnerabilities, thereby reinforcing the resilience of banks in the country. To fulfill its oversight responsibilities, the CBN elaborates on its comprehensive monitoring of licensed banks in Nigeria and their offshore operations. The statement notes, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.” The Bank employs a Risk-Based Supervision approach, focusing regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy aims to maintain robust oversight while promoting the overall health of the banking sector. Moreover, the CBN has established Memoranda of Understanding with various countries where subsidiaries of Nigerian banks operate. This collaboration enhances regulatory coordination, ensuring that these banks function within a safe and sound framework, complying with both domestic and international banking regulations. In conclusion, Mrs. Sidi Ali emphasized the CBN’s commitment to creating a secure banking environment, stating, “The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”

Rayfield Gardens City Celebrates Nigeria’s 64th Independence With Key Milestones •••Unveils State-of-the-Art Gatehouse, Welcome First Residents

by

    The Chief Executive Officer (CEO) of Fendini Limited, the developer of Rayfield Gardens City, Prince Adelaja Adeoye has announced the completion and opening of Rayfield Gardens City Estate Main Entrance gatehouse boosting security and aesthetic appeal for residents and visitors of the estate. Adelaja, a former Banker and a business man, a graduate of the Prestigious University of Lagos with further studies at the Lead City University is championing a world class Real Estate development in Ibadan, capital City of Oyo State. The Estate, one of the PPP projects under the leadership of Gov Seyi Makinde, welcome it first residents to their completed homes, while massive development is ongoing in other parts of the Estate. The announcement of the two major milestone of the estate was used to celebrate Nigeria’s 64th Independence. The CEO emphasized the state-of-the-art gatehouse reflects the commitment of Fendini group to providing a secure and beautiful living environment for all its residents and intending subscribers. Prince Adeoye on Tuesday while briefing journalists in his office explained that the achievement make a significant milestone for Rayfield Gardens City community, and extended their warmest congratulations to those pioneering residents. He further encouraged other subscribers to follow the step of the pioneer residents by joining the thriving community for them to enjoy a first class living experience. The developer, reaffirmed it commitment to collaborate with more stakeholders that are ready to show willingness to partner with Fendini group to build a conducive and secured environment for prospective residents. He promised the prospective residents an unparalleled comfort, security, convenience, and tranquility and pledged that the development company will exceed their expectations as more infrastructures will be put in place for them. Prince Adelaja said that the completion of Rayfield Gardens City first home demonstrates the group dedication to delivering on promises. He stated further that, Rayfield is a first of its kind in the entire State, boasting of world class infrastructure and amenities, such as the nearly completed Supermall, Schools, planned Hospital, Banking Hall, Hotels and lots more, calling on investors who wants to develop them. “He added that with the massive developments in the phase one wing of the Estate, we will be welcoming more residents soon.” Adelaja stated that “As Nigeria marks its 64th Independence Day, Rayfield Gardens City is proud to announce two significant achievements. “The completion and opening of the Estate Main Entrance gatehouse is a major milestone, boosting security and aesthetic appeal for residents and visitors. “This state-of-the-art gatehouse reflects our commitment to providing a secure and beautiful living environment. Concurrently, we are thrilled to welcome our first residents to their completed homes. “This achievement marks a significant milestone for our community, and we extend our warmest congratulations to these pioneering residents.We encourage other subscribers to follow suit, joining our thriving community.As we continue to develop Rayfield Gardens City, we reaffirm our commitment to collaboration. “We are working closely with all stakeholders to ensure timely delivery of supporting infrastructures.Our goal remains providing a world-class living experience for our residents and subscribers.Rayfield Gardens City is shaping the future of living, with top-notch amenities and services. “Our residents will enjoy unparalleled comfort, secured environment, convenience, peace and tranquility.We recognize the trust our subscribers have placed in us and pledge to exceed expectations. “The completion of our first homes demonstrates our dedication to delivering on promises.With massive developments in the phase one wing, soon, we look forward to welcoming more residents. “Our roads are fixed, power and electricity infrastructures are installed, solar street lights are working, other facilities are available. It is a build and move in immediately system now.Rayfield Gardens City is more than just a housing development, it’s a community. “We’re building a vibrant neighborhood where families can grow and thrive.Our team is dedicated to making Rayfield Gardens City a benchmark for excellence. “As Nigeria celebrates its independence, we celebrate the freedom to live life to the fullest, he said.

Three Marketers To Import 141 Million-Litres Of Petrol

by

  On Monday, the NNPC announced it would sell petrol sourced from the Dangote refinery for over N1,000 per liter in the northern regions. Its spokesperson, Olufemi Soneye, disclosed in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’. Soneye explained that the price may go for as high as N1,019/litre in Borno State and N999.22 in Abuja, Sokoto, Kano, and others. In Oyo, Rivers, and other areas in the South, it will be N960/litre. The lowest price, according to an infographic released by the NNPC, is N950 in Lagos and its environs. Reacting to this on Tuesday, a major marketer confirmed that the deregulation of the downstream sector had fully set in, stressing that three dealers are expecting their products (PMS) this week. The marketer, who spoke to our correspondent in confidence due to lack of authorisation to speak on the matter, stated that each vessel would bring in about 35,000 metric tonnes of PMS. This means the three dealers are expecting about 105,000 metric tonnes of PMS this week, all things being equal. Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 141 million litres of petrol. “Most marketers often import three parcels for this kind of transaction and the lowest parcel is about 35,000 metric tonnes of PMS. Now, because of how the business is run, you see marketers bringing in between two and three parcels. “This week, we expect about three marketers to bring in products. However, some of these imports are not cast in stone, in the sense that the influence of many regulatory authorities is still there. So it is not that you will just go and bring in products and you then start to sell them. “The regulators, such as the NMDPRA, have to look at the quality, flash points and so many other things that should be taken into consideration before the product comes in. And when it lands, they will take samples and check them in their labs,” the marketer stated. On whether the three parcels of each of the marketers would land this week, the dealer replied, “All of them are not going to bring in the three parcels at the same time. They bring in a parcel first and later, say in one week time or so, another parcel comes in. All these imports have storage implications. “It is not something you do in a day. You can’t bring in one vessel today (Tuesday) and you bring in another one on Saturday. No, it is not done like that. This is not the importation of 20,000 or 30,000 litres of PMS.” When contacted, the spokesperson of the NMDPRA, George Ene-Ita, said marketers with approved import licenses were free to import PMS, but stressed that the products must be subjected to three major tests by the agency. “The products must be subjected to our testing protocols at the ports. The products must conform to stipulated standards before we give them the authorisation to offload to their terminals. “Also, before the smaller vessels bring it further inland to Nigeria our people will fly to the place to see the product and carryout some tests to ensure the right specification is upheld. “Tests are also done at the products’ origins. And when the products come in, before they are released to the market, further tests would be conducted to ensure that they meet the specifications,” he stated.

Solar Hybrid Mini-Grid: Makinde, Ashamu Boosting Sustainable Energy In Southwest Region

by

    Oyo State has always been at the forefront of innovative development, and under the visionary leadership of Governor Seyi Makinde, the state is taking bold steps towards energy sustainability. One of the standout initiatives is the Solar Hybrid Mini-Grid project, a transformative energy solution that is set to revolutionize electricity access across the state. Spearheaded by the Oyo State Ministry for Energy, this project is a testament to the government’s commitment to leveraging renewable energy for the betterment of its citizens. The Solar Hybrid Mini-Grid project is a strategic response to the energy challenges faced by many rural and underserved communities in Oyo State. By harnessing solar power, this initiative not only provides a reliable source of electricity but also reduces dependence on the national grid, which has been plagued by inconsistencies. The use of solar energy aligns with global trends towards renewable energy and underscores Oyo State’s dedication to environmental sustainability. Under the capable leadership of the Oyo State Minister for Energy, this project has been meticulously planned and executed, ensuring that even the most remote areas of the state can benefit from modern energy solutions. The impact of this initiative is already being felt, with numerous communities now enjoying stable electricity for the first time. This has had a ripple effect on local economies, improving business operations, enhancing education through better lighting in schools, and ensuring that healthcare facilities can operate efficiently around the clock. Governor Seyi Makinde’s administration has shown that with the right leadership, even the most challenging issues can be addressed with innovative solutions. The Solar Hybrid Mini- Grid project not only demonstrates the government’s foresight but also its commitment to inclusivity, ensuring that no part of the state is left behind in the march towards development. The success of this project serves as a model for other states to emulate, highlighting the benefits of investing in renewable energy. It is clear that with continued support and expansion, the Solar Hybrid Mini-Grid project will play a crucial role in driving Oyo State towards a future of sustainable development, improved quality of life, and economic growth.

Stay Informed. Stay Ahead

Get breaking news and top stories delivered to your inbox every morning.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

Get the Morning Briefing

Tops stories from Nigeria delivered free to your inbox every day.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

Your No 1 Trusted News Source 

Email info@citybuzz.com 

Web Citybuzznews.com

LEGAL

SECTIONS

©Copyright Citybuzz News. All rights reserved.