In a recent development, President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to put on hold the implementation of the 0.5% recapitalization requirement for Nigerian banks. This move is aimed at ensuring a thorough review of the policy and its potential impact on the banking sector.
The CBN had earlier announced plans to increase the minimum capital requirement for banks in the country, with the goal of strengthening their financial base and enhancing their ability to lend to businesses and individuals. However, the President's directive has put a temporary hold on the implementation of this plan.
According to sources close to the Presidency, the decision to suspend the recapitalization requirement was taken to allow for further consultation and review of the policy. The President is said to be keen on ensuring that any policy implemented is in the best interest of the country and its citizens.
In a related development, the CBN has announced plans to work closely with law enforcement agencies to monitor the recapitalization process. The Director of the CBN's Financial Policy and Regulation Department, Haruna Mustafa, disclosed this in a circular released on Friday.
Mustafa stated that the CBN is committed to ensuring the stability and soundness of the banking system, and will work closely with relevant stakeholders to achieve this goal. He added that the CBN will continue to monitor the situation and make adjustments as necessary to ensure the smooth operation of the banking sector.
Meanwhile, the Nigerian Defence Headquarters (DHQ) has announced plans to place a bounty on individuals declared wanted over the killing of 17 soldiers in Okuama community, Delta State. The DHQ made this known in a statement released by the Director of Defence Media Operations, Major General Buba Edward.
According to the statement, the military is fully committed to apprehending all individuals who have been declared wanted in connection with the incident. The DHQ urged members of the public to provide information that could lead to the arrest and prosecution of the suspects.
In another development, the Independent National Electoral Commission (INEC) has announced that 19 political parties will be participating in the November 16 governorship election in Ondo State. The Ondo State Resident Electoral Commissioner, Mrs Oluwatoyin Babalola, disclosed this in a statement released by the Commission.
Babalola stated that the political parties have notified the Commission of their readiness to participate in the poll, and that INEC is working to ensure a free and fair election. She urged the political parties and their supporters to conduct themselves in a peaceful and orderly manner during the election.
Overall, these developments highlight the government's commitment to ensuring the stability and security of the country, as well as the smooth operation of its institutions. The suspension of the banking recapitalization requirement, the planned bounty on suspects in the killing of soldiers, and the preparations for the Ondo State governorship election all demonstrate the government's focus on maintaining peace and order in the country.
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