skye bank

NIGERIA’S FINANCE MINISTER WANTS PEOPLE RESPONSIBLE FOR BANK’S FAILURE PROSECUTED

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Posted on October 8, 2018

eria’s recently appointed Minister of Finance Zainab Ahmed is not happy about the failure of Skye Bank, a Nigerian lender whose licence was revoked by the central bank last month. She has, therefore, directed the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to investigate and prosecute all the officials of the bank whose action or inaction contributed to the collapse of the bank. She also wants a similar action taken as regards other Deposit Money Banks in liquidation.

“We have to show some examples. We cannot just be bailing out banks and leaving perpetrators of the failure of these banks to go scot-free,” Ahmed said, Friday while on a visit to the NDIC in Abuja.

“Even though you, NDIC, intervene by protecting depositors, but your intervention is limited.

“You’re not able to pay back all that the depositors have. We must show some examples and this is a good one for us to start with,” the Minister said.

The central bank had last month revoked the licence of Skye Bank which failed to stabilize after several attempts of the CBN to save it. Hence, the regulator created Polaris Bank to operate the failed bank until a buyer can be found for its operations. Thus, N786 billion has been injected into the new bank as the Asset Management Corporation of Nigeria (AMCON) commences the sale process.

The central bank had in 2016 sacked the Board and management of the bank due to lapses in corporate governance as well as its “persistent failure […] to meet minimum thresholds in critical prudential and adequacy ratios, which culminated in the bank’s permanent presence at the CBN Lending Window”.

Ahmed stressed the need for the NDIC — an independent government agency created to protect depositors and guarantee payment of insured funds in the event of failure of insured institutions — to continuously monitor banks in the country to ensure issues are detected early and addressed before they end up as crisis.

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GETTING MARRIED OR JUST MARRIED? MONEY SAVING TIPS FOR YOUR NEW LIFE

Penelope O.
Oct. 6 2018, 12:47 pm
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The wedding day is the most important day of everyone’s life, so they say. This is because it is the only major event (well, apart from graduation) that you fully participate in — you were not aware of your naming ceremony, neither will you be alive to witness your funeral. But don’t get too excited about the special day so much that you struggle every other day that follows.

A lot of money goes into planning a wedding and living happily ever after. It requires careful preparation and a fat purse to do it right. No matter how much you care about your wedding day, you should care more about the thousands of days after it and that is why you must start saving now. Saving for your new life is not just savings as usual; there are lessons you need to learn.

Prioritize

Once you decide on getting married, you need to sit with your partner and discuss what your priorities are. Make a list. What this does is that it helps to know where to go all out and where to cut corners. Do you want a small traditional wedding but an elaborate church wedding/Nikkah? Would you rather spend less on your wedding and more on your honeymoon? Would you rather save to buy a house you can move into immediately after your wedding while you tie the knot in the presence of family members alone? Whether you need to cut some costs to accommodate others or increase your budget, or even cut it to save for the new life ahead would be discussed in your priority meeting.

Location and Day

How much you have left in your account after your wedding depends heavily on where your wedding held. Most venues gulp half of the budget of many couples. This is totally uncalled for. If there is any aspect of your wedding that gives you several options, it is choosing your location. From parks to forest reserves, your own back yard or that of a friend or relative, you have several low-cost options to explore. You can make all of these locations as glamorously looking as you want. A lot of money can be saved for your happily ever after from doing this.

If you intend to have huge savings on your wedding, don’t walk down the aisle on a Saturday. Only those that matter to you and you matter to, are likely to come during the week. Pick a Thursday; after all it’s the right day to wed (Wed-next-day is the day before Thursday). You don’t need to cut down your guest list if it’s on a Thursday. Trust me, only your true friends – who are few – will show up. Thank me later.

married

Avoid bridal magazines and TV shows

If you just married and you took tips from bridal magazines or some bridal shows on TV, you can back me up here…well, except you are very rich.

The magazines usually do what they are meant to do, make you desire what you would otherwise never have thought about – promoting a false idea of what a wedding is supposed to be or should have.

Simply put, most of the things they show only happen in celebrity weddings. Except you are one, and you need ideas for your own big wedding, or you are rich enough to tie the knot in a private yatch, just meet your local wedding planner. A good planner will give you a wedding within your budget.

Invitation cards end up in the trash bin

It is not a bad idea to have very beautiful invitation cards but paying a lot of money for them is not a good idea because no matter how fanciful or expensive your invitation cards are, they end up in the trash bin.

Although wedding invitations today set the tone for the wedding and also allow couples show their taste, but it should just be about the fun and not something that will make you break the bank, because no matter how lovely your invitation cards are, your guests will eventually dispose of it.

Your honeymoon can happen anywhere

Now that you have saved money you would have otherwise lavished on your wedding, it is very easy to fall into the temptation of over-indulging yourselves for honeymoon. Indulging yourselves is great. But think of all those things you would need once you return to your everyday lives. If your bank accounts are not fat enough to ensure you live well after the honeymoon, put the dream trip on hold and face reality. Honeymoon is just so that you’d celebrate your marriage with your spouse in intimacy and seclusion; you can achieve that anywhere.


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