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CBN, NDIC to set up bridge bank for struggling financial institutions

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The CBN and the NDIC have been empowered to set up a Banking Sector Resolution Fund to ensure the safety of depositors’ funds.

Godwin Emefiele, Governor of Central Bank of Nigeria, speaks at the Nigeria Capital Markets and Banking Forum. Chris J Ratcliffe / Bloomberg

The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have been enabled to set up a Banking Sector Resolution Fund to guarantee the security of contributors’ assets and work as a scaffold bank to fortify striving banks back to wellbeing.

The CBN is required to infuse the amount of N10 billion ($26 million) or any sum that will be dictated by its board into the asset consistently.

As indicated by a report from Thursday, this divulgence is contained in the Banks and Other Financial Institutions Act (BOFIA) 2020 which was simply endorsed by President Muhammadu Buhari.

Segment 74 of the BOFIA states that without bias to the arrangements of the Asset Management Corporation of Nigeria (AMCON) Act, the Resolution Fund will be domiciled with the national bank, and into which will be paid all commitments and concurred demands.

As indicated by the Act, the CBN Governor, Mr. Godwin Emefiele, with the endorsement of the leading group of the bank, is to decide the date of initiation of the asset.

This new course of action is, notwithstanding, separate to that of AMCON which was set up to purchase awful obligations following the financial emergency that occurred in 2009.

In the new demonstration, each bank is required to make yearly commitments that are identical to 10 premise purposes of their absolute resources or a rate that the CBN will in any case need to settle.

The new guideline expresses, “This will be founded on the budgetary foundations’ absolute resources as at the date of their evaluated fiscal reports for the promptly going before money related year distributed compliant with this Act, and which will be payable on the initiation date, and at the very latest the 30th day of April in each ensuing schedule year following the beginning date.”

The assets are relied upon to be utilized to balance working expenses of an extension bank, to pay the expenses of moving the entire or any piece of the matter of a bank, particular bank, or other monetary establishment as per a goal measure.

The new demonstration additionally expresses, “The Resolution Fund will not be liable to burden and as needs be, all monies gathering to, installments produced using, and instruments and exchanges identifying with the Resolution Fund will be absolved from all types of expenses, demands, obligations, charges, or inconvenience howsoever portrayed.

“Any yearly toll paid by a bank, particular bank or other money related organization in compatibility of this Act, will be deductible for the motivations behind the organizations’ personal expense of the paying bank, specific bank or other budgetary foundation under the Companies Income Tax Act.

“A bank, particular bank or other money related organization that is in default of installment of the toll forced under this Act or any part thereof, will be disallowed from delivering profits or other reason for the Resolution Fund,” it added.

This new guideline is required to go about as an alleviation to some more modest or medium-sized banks who in some cases battle during the worldwide budgetary emergency like the one that occurred in 2016 or the one that hit that Nigerian money related framework in 2009, which prompted the breakdown of some monetary foundations.

we had revealed that President Muhammadu Buhari, occasionally back consented to the Banks and Other Financial Institutions Act (BOFIA) 2020, with a few new arrangements to upgrade the adequacy of the nation’s money related framework.

It likewise reinforces the administrative and administrative structure for the monetary business and gives extra apparatuses to overseeing bombing budgetary foundations and fundamental trouble to save money related dependability.

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Rage as Fela Kuti is not among the inductees into the Rock and Roll Hall of Fame 2021 class

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Godfather of Afrobeat, Fela Anikulapo Kuti who received the posthumous honour to be among those vying to be inducted into the Rock and Roll Hall of Fame 2021 some few months back, sadly failed to secure a spot despite being top two on the voting polls.

Fela Kuti gets shunned from the inductees despite being top two.

Today, May 12, the committee announced the inductees by means of a 3-minute video through president and CEO, Gregg Harris. Fela was nominated in the Performers Category, amassing a total of 545,000+ votes, making him the second most voted act after Tina Turner (548,000+ votes) but to the surprise of the masses, Fela was not included in the list of inductees.

Shockingly included are performers like rap icon and mogul – JAY-Z and LL Cool J who failed to secure a top five spot on the poll, infact, they were the least voted acts when voting concluded.

Although, quite frankly there is a disclaimer on the website were the poll was conducted, stating that votes do not guarantee induction but for a Top 2 voted act in Fela Anikulapo Kuti, that should not even be the case and Nigerians have taken to Twitter to express their disappointment at the ‘rigging’, ‘clout chasing’ and inconsiderate conduct regarding how the Rock and Roll Hall of Fame committee unjustly treated the voting polls and Fela Kuti.

On what might have transpired regarding the voting stage and selection of inductees, Fela’s first son, Femi Kuti had this to say:

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Video: Mojisola Oduola -Kabiyesi

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At last the long awaited video is out . KABIYESI The unquestionable God.

watch and make sure you subscribe to my YouTube channel. May God bless you as you do so.

This will surely serve as my birthday gift from my love ones.
Click on the link below

CLICK TO DOWNLOAD

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Funny tweets, memes and videos from Twitter NG for “Happy 420”

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Today’s date, April 20, stylised as 4/20 is a day worldwide commemorated by stoners or smokers of weed to celebrate marijuana. In short, it is treated as a public holiday for weed/marijuana and termed—Happy 420.

Twitter NG i.e users of Twitter in Nigeria, as it is the yearly custom are trending “Happy 420” as the number one topic in the country. While many really used the medium to share their unwavering love for weed, others have taken it upon themselves to make funny tweets, memes, skits and share several videos in relation to weed smoking and “Happy 420” as an entity.

While some tweeps take jab at those who don’t smoke weed but indulge in the “woke” culture by wishing stoners a “Happy 420”, others in their own way intentionally misinterpret certain scriptural verses for comedic purpose in order to aid and bait their smoking habits, still others take it upon themselves to disperse various memes which for sure will bring a smile upon your face. That’s not all, though, for we have some tweeps who did brainstorm to form some of the best puns concerning weed and stoners jokes ever. Well we can say irrespective of the way they passed their message regarding “Happy 420”, they all ended on a high note. Enjoy!

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