The PUNCH: Four of the tier-1 banks in the country, FBN Holdings, Access Holdings, Guaranty Trust Holding Company Plc and United Bank for Africa Plc have indicated plans to raise about over $3.03bn (N3.46tn) in fresh capital. This came barely one month after the Central Bank of Nigeria directed Deposit Money Banks to recapitalise.
Vanguard: With Band A customers expressing anger over the failure of electricity Distribution Companies, DisCos, to meet the 20-hour minimum supply, some communities have approached their respective DisCos, requesting to be downgraded to Band B.
The Nation: Anti-graft agency, Economic and Financial Crimes Commission (EFFC), has intensified its investigation into the culpability of bank chief executive officers (CEOs) in the mismanagement of COVID-19 funds and World Bank loans. Also under probe is the alleged mismanagement of recovered Abacha loot given to the Humanitarian Affairs, Disaster Management and Social Development ministry for disbursement to beneficiaries of the Federal Government support-for-the-poor programme.
ThisDay: The new Electricity Act 2023 (EA) prescribes more punishment for Nigerians who steal power, illegally connect electricity, tamper with metering devices, or embark on destruction of facilities belonging to operators in the value chain. The new law, which replaces the Electricity Power Reform Act (2005), prescribes a conviction of a fine not less than three times the amount calculated for the infraction or at least three years imprisonment or both.
Daily Trust: Countries around the world Sunday condemned Iran’s attack on Israel, warning that it could destabilize the Middle East. Late Saturday night, Iran’s Revolutionary Guards Corps announced that they had launched “dozens of drones and missiles” towards military sites on Israeli territory.
