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BBC News
28-04-2025
- Entertainment
- BBC News
Inside di judgement wey sentence gospel singer Osinachi husband to death
Court for Abuja don give judgement on di death of Gospel Singer Osinachi Nwachukwu. Justice Njideka Nwosu-Iheme of di High Court of di Federal Capital Territory, Wuse Zone 2, Abuja, sentence her husband Peter Nwachukwu, to death by hanging. Justice Nwosu-Iheme for im judgement say Peter Nwachukwu dey guilty of culpable homicide wey result to di death of Osinachi Nwachukwu on 8 April, 2022. Di judge wey sama Peter Nwachukwu wit death sentence tok say di sentence dey come afta court bin hold prosecution and dem get plenti proof by di law and di court find di defendant guilty. Wen Osinachi Nwachukwu bin die, both families raise alarm, di mama for one interview wit BBC Pidgin tok say 'Peter Nwachukwu bin tell my pikin say if she no go home alive, she go go in death' How di court mata start Afta di sudden death of di popular gospel artist Osinachi Nwachukwu bin go viral on 8 April, 2022, dem drag Mr Nwachukwu go court. Na Nigeria Goment thru di Office of di Attorney General of di Federation drag am go court. Nigeria goment sama am 23-count charge wey border on culpable homicide wey dey punishable by death, criminal intimidation, cruelty to children, criminal intimidation of children, beating of im wife, and plenti oda tins. Mr bin show face for court on 3 June 3, 2022 to stand trial and defend imsef. Di prosecution bin call 17 witnesses, wey include di two children of di late Osinachi. Tori be say dem be di fourth and fifth prosecution witnesses, and goment bring 25 documents as exhibits wey dem show di court. Di defendant Nwachukwu bin testify for im defence, im bin also call four oda witnesses and submit four exhibits to defend imsef. Death by hanging plus 5 and half years imprisonment According to tori pipo Channnels, befor di judge read di judgement to sentence di defendant, lawyer for Mr Nwachukwu, Reginald Nwali, bin beg di court make e no dey too hard wit di judgment. Di prosecuting counsel, wey dey tok for goment on behalf of di late Osinachi Nwachukwu, Mrs Aderonke Imala, tell di court to give force to di law as e suppose be. Justice Nwosu-Iheme come sentence Nwachukwu to death by hanging on Count 1, while court sama am to two years imprisonment each on Counts 2, 3, 8,9, 12, 13, and 18. Di court bin sentence Nwachukwu to six months imprisonment on Count 10, three years imprisonment on Count 11. Court also sama am a fine of N500,000 and N200,000 for Counts 6 and 7. Wetin Dr Paul Enenche bin tok Meanwhile, founder of Dunamis International Gospel Centre, di church wey di late singer bin dey attend bifor she death, Dr Paul Enenche bin don tok about wetin im know say dey worry Osinachi before she die. Enenche for one broadcast say im bin no know say Osinachi dey suffer domestic violence. E say im bin dey aware say di singer dey sick for some time before she well. "Na Cameroon I dey for one crusade wey I hear of di unfortunate incident. If na domestic violence wey happun during wen she dey sick or wey make am dey sick, I know dey aware," di pastor tok E say all di tins wey im hear after Osinachi die dey "strange" to am. "First I ask di twin sister if she bin know wetin say Osinachi dey pass thru all dis tins and she say she dey aware and I ask her why she no tell us. "Di sister say Osinachi dey always beg her make she no ell me. "Even di son tell me say dia father dey always monitor dem. "Di last one wey touch me pass na di music producer wey tell me how di husband slap di woman inside im studio. Di producer say Osinachi beg am to leave her husband alone. "All dis tins na wetin we just dey discover. As a pesin and as a church everybody know say we get zero degree tolerance to domestic violence." Who be Peter Nwachukwu? Tori be Peter Nwachukwu bifor all dis kasala happun, na pastor for Dunamis International Gospel church, Abuja. Na for di same church wia im wife also be one of di lead singers bifor she die. Dem born Peter for Omaboma, for Nnewi South, inside Anambra state, South East of Nigeria.. Pesin wey dey close to am, Doctor Felix Onyimadu tell BBC say na Okekenwa dem name Peter Nwachukwu wen dem born am. Dr Onyimadu add am say im no too sabi many tins about Peter becos im name no dey for dia register. But report tok say Peter dey above 50 years for age. Na for one choir ministration im meet Osinachi bifor dem two marry. Nigeria police arrest Peter Nwachukwu, afta di death of di popular gospel artiste wey be im wife, Osinachi. Na di FCT Police tok tok pesin DSP Josephine Adeh confam di arrest to BBC Pidgin. She add say dem bin dey run investigation for di mata go court and now court don give judgement. Wetin to sabi about Osinachi Nwachukwu Di singer bin dey in her forties wen nshe die for Abuja. Bifor her death, Osinachi na singer, songwriter wey becom veri popular for her song Ekwueme wey be collabo she do wit singer Prospa Ochimana. Di hit gospel song bin get ova 71 million views for Youtube. Osinachi don feature for songs like Nara Ekele by Pastor Paul Enenche and Ema You no dey use me play and also release new song wey she title God of all power. She dey usually sing for di Igbo language wey pipo from Nigeria southeast dey speak. Osinachi leave behind her husband and her four children. Some pipo bin describe her voice as angelic and say e touch dem wella.
Zawya
21-04-2025
- Business
- Zawya
CBN: Aligning banks' recapitalisation with monetary, fiscal policies, FG's economic vision
In this piece, JOSEPH INOKOTONG reports how the Central Bank of Nigeria (CBN's) banks' recapitalization aligns monetary, fiscal policies with the Federal Government's vision of prosperity for the people, businesses and the economy. The Central Bank of Nigeria (CBN's) decision to embark on the recapitalisation of banks was to align monetary, fiscal policies with the Federal Government's vision of prosperity for the people, businesses, and economy. The exercise, which is far underway, is recording significant successes, with successful capital raising by many banks and a surge in credit expansion to the domestic economy. CBN Governor, Olayemi Cardoso, explained that with stronger capital bases, banks can provide more loans to businesses and support the government's quest for a $1 trillion economy. Building bigger and stronger banks comes with great benefits to the banks, their customers, and the wider economy. For a government that wants to grow its economy to the $1 trillion mark, the support of the financial services sector led by the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, is crucial. The CBN Governor had explained that bank recapitalisation ensures that lenders are well-capitalised, enabling them to take on greater risks, particularly in underserved markets. With stronger capital bases, banks can provide more loans and financial products to Micro Small and Medium Enterprises (MSMEs), rural communities, and other vulnerable segments that have previously struggled to access formal financial services. The CBN had on March 28, 2024, announced a two-year bank recapitalisation exercise which commenced on April 1, 2024, and is expected to end on March 31, 2026. The recapitalisation plan requires a minimum capital of N500 billion, N200 billion, and N50 billion for Commercial Banks with International, National, and Regional licenses, respectively. Others included merchant banks N50 billion; non-interest banks with national licence N20 billion, and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026. Cardoso said the recapitalisation policy not only strengthens financial stability but also serves as a catalyst for inclusive growth. 'By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation, crucial for driving digital financial services such as mobile money and agent banking. These technologies are keys to breaking down geographic and economic barriers, bringing financial services to even the most remote areas,' he stated. He said Nigeria has what it takes to deepen financial inclusion and support the growth of business and economy, stressing that the recapitalization exercise would also support the government's efforts to achieve a $1 trillion economy. The CBN further underscored the importance of banking recapitalisation as a major catalyst for the achievement of the $1 trillion economy agenda of the government. Banking sector remains robust Cardoso explained that the banking sector remains robust, with key indicators reflecting a resilient system. 'The non-performing loan ratio remains within the prudential benchmark of five percent, showcasing strong credit risk management. The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 percent, a level that ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test also reaffirmed the continued strength of our banking system. 'I am pleased to note that a significant number of banks have raised the required capital through rights issues and public offerings well ahead of the 2026 deadline. I believe that the banking sector is in a strong position to support Nigeria's economic recovery by enabling access to credit for MSMEs and supporting investment in critical sectors of our economy,' he said. Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), Ms. Emem Usoro, said the journey to a $1 trillion economy requires structured planning, clearly defined policies, unwavering implementation, and an inclusive approach that aligns public and private sector interests. In her Keynote address in Abuja at a seminar organised by the CBN for business editors and financial correspondents, Usoro said that one of the key components of the $1 trillion ambition is the recapitalisation of Nigerian banks. She noted that banks must be sufficiently capitalised to meet the financial demands of a larger and more dynamic economy. 'As we work towards building a $1 trillion economy, we must consider the recapitalisation of our banks to be able to fund, finance, and power the economy, and to favourably compete globally,' Usoro said. She further called for a collective effort from all stakeholders, adding that the financial system must be prepared to play its role in powering development. 'We should particularly pay significant attention to bank recapitalisation to ensure that our banks are strong, resilient and stable enough to carry out financial intermediation, and the much-needed financing of development projects and programmes,' Usoro said. Supporting her position, Dr. Olubuka Akinwumi, Director of the Banking Supervision Department at the CBN, provided insights into the state of the banking sector. He disclosed that banks have so far remained within the prudential thresholds stipulated by the regulator, including benchmarks for the capital adequacy ratio and non-performing loans. 'As we speak, all our banks are still within the prudential thresholds that were set. And they are actively pursuing various recapitalisation efforts,' Akinwunmi said. On the possibility of mergers and acquisitions, Akinwumi said such developments may occur naturally as banks assess their positions and seek strategic alignments. 'Banks are currently focused on raising their capital, but engagements are ongoing, and when the opportunities arise, they will be taken,' Akinwunmi added. Regarding the licensing of new banks, he confirmed a recent uptick in applications and approvals, noting that the apex bank continues to monitor and support institutions that align with national development goals. He said priority sectors such as agriculture, infrastructure, and manufacturing are receiving attention from both the government and financial institutions, as they are key to achieving a trillion-dollar economy. 'If you look at this year's national budget, it reflects a clear emphasis on critical sectors like health, education, infrastructure, and agriculture. Banks are taking cues from these priorities, recognizing them as viable areas for business expansion,' Akinwumi said. Responding to questions on how many internationally active banks had met the new N500 billion capital requirement, he noted that substantial progress has already been made. 'We are halfway through the journey in terms of timeline, and capital already raised; we are also at least halfway through. That is a positive signal,' he said. He added that starting the recapitalisation process early has helped insulate the financial system from emerging global and domestic shocks. 'The emerging global economic shifts and pressures were not lost on the management of the CBN. We started early. If we had waited till now, the challenges would have been greater. But we acted in time,' he remarked. Dr. Akinwumi expressed confidence that the recapitalisation requirements will be met, stressing that existing shareholders' funds continue to serve as a buffer. However, the CBN deliberately opted for fresh capital inflows, particularly from foreign investors who have shown renewed confidence in Nigeria's financial system. 'International perception of Nigeria's banking sector is improving. The reforms over the past year, especially around the foreign exchange regime and improved transparency regarding reserves, have boosted investor confidence,' he said. He cited recent disclosures on Nigeria's net reserves and improvements in regulatory credibility as key factors that are reshaping the outlook for foreign direct investment in the banking sector On the Loan to Deposit Ratio (LDR), Akinwumi explained that the current 50 percent benchmark does not reflect a reluctance to lend but rather a contextual response to inflation and other macroeconomic challenges. 'As the macroeconomic environment stabilizes, banks will naturally increase lending. It's a cautious approach to ensure that lending supports sustainable growth,' he said. He also touched on the Cash Reserve Ratio (CRR), stating that there has been marked improvement in transparency. Banks now have a clearer understanding of CRR computations, unlike in the past, which enhances predictability and compliance. Addressing Small and Medium Enterprises (SMEs) funding, he confirmed that banks continue to make provisions, but the CBN remains actively engaged to ensure proper disbursement and sectoral targeting. Supervisory oversight, he explained, is being deployed to verify compliance and effectiveness of disbursed funds. On incentives, he said the most powerful incentive for banks lies in the opportunities provided by a growing economy. 'A stronger bank can take on big-ticket businesses, including infrastructure financing. The current reforms, such as the infrastructure concessioning plans, present viable business opportunities for well-capitalized banks,' Akinwumi explained. The capital verification process, according to him, is thorough and designed to ensure that only legitimate, unborrowed funds are used for recapitalisation. An industry-wide tracking mechanism has been established to streamline verification across institutions and enhance collaboration. 'Our examiners follow each capital trail meticulously, moving from one bank to another as necessary. Even if it's not your bank under verification at that moment, we expect full cooperation to trace the sources of capital,' he said. On the broader question of resilience to global shocks, he maintained that Nigerian banks are being positioned to remain attractive to investors and capable of withstanding external disruptions. 'CBN is monitoring developments closely and adjusting where necessary. The recapitalisation process is not just about compliance, it's about long-term stability, competitiveness, and economic transformation,' he said. The Group Managing Director of United Bank for Africa (UBA), Mr. Oliver Alawuba, described the CBN's ongoing bank recapitalisation policy as both timely and essential in positioning the financial system to meet the demands of a growing and globally competitive economy. According to Alawuba, the initiative is expected to boost the resilience of the banking sector by strengthening its capacity to withstand economic shocks such as inflation, currency volatility, and global geopolitical disruptions. He noted that the policy will also place Nigerian banks on a stronger footing to finance the country's long-term economic transformation, including funding of large-scale infrastructure and industrial projects. Alawuba stressed that the recapitalisation policy goes beyond regulatory compliance, but is a forward-looking strategy aimed at equipping Nigerian banks to operate at the scale and sophistication required by a trillion-dollar economy. He said the move would enhance the sector's ability to support both traditional economic drivers, such as oil and gas, agriculture, and manufacturing, as well as emerging sectors like fintech, green energy, and infrastructure development. 'Nigerian banks need adequate capital buffers to meet the evolving demands of these sectors. Without this, the industry cannot effectively rise to the challenge,' he said. Alawuba pointed out the sharp contrast between Nigerian banks and their counterparts in more advanced economies, where bank assets typically range from 70 to 150 percent of Gross Domestic Product (GDP). In Nigeria, bank assets accounted for just 11.97 percent of GDP as of 2024, a gap he said must be addressed if the country's financial system is to align with international standards. He commended the CBN's recent directive mandating a significant increase in minimum capital thresholds, describing it as recognition of the urgent need for stronger financial institutions capable of delivering on national priorities such as infrastructure expansion, digital transformation, inclusive financial services, and economic diversification. Alawuba reiterated that a robust, well-capitalised banking sector is critical for Nigeria's aspiration to become a one trillion-dollar economy, and the recapitalisation drive is a step in the right direction to achieve that goal.
Zawya
03-03-2025
- Business
- Zawya
Investors flock to Nigerian bonds as inflation rate drops to 24.5%
NIGERIA'S bond market experienced a significant surge in investor interest in February 2025, following a notable drop in the country's inflation rate to 24.5 percent year-on-year from 34.8 percent in December 2024. The sharp decline, driven by the rebasing of the Consumer Price Index (CPI), combined with compelling yields on government bonds, attracted investors seeking to lock in favorable returns amid expectations of a more accommodative monetary policy. The Debt Management Office (DMO) conducted its February Federal Government of Nigeria (FGN) bonds primary auction on Monday, February 24, 2025, offering two bond papers worth N350 billion—N200 billion for the April 2029 bond and N150 billion for the February 2031 bond. The auction marked the first since the Monetary Policy Committee (MPC) opted to pause its monetary tightening cycle, fueling speculation that rate cuts could follow in future meetings. The bond auction recorded overwhelming investor demand, with subscriptions totaling N1.6 trillion, representing a bid-to-offer ratio of 4.7 times – more than double the N669.9 billion subscription recorded in the January auction. The February 2031 bond attracted the highest interest, accounting for approximately 72 percent of the total subscription, with bids worth N1.2 trillion. However, the DMO chose to allot only N605 billion of this amount, reflecting the government's prudent debt management strategy. In total, the agency allotted N910.4 billion across both bond papers, significantly lower than the total subscription amount, underscoring the government's commitment to managing its borrowing levels despite high investor appetite. The auction also witnessed a decline in marginal rates, with the April 2029 bond clearing at 19.20 percent and the February 2031 bond at 19.30 percent. This represented a substantial drop from the 21.79 percent and 22.50 percent recorded at the previous auction in January. Market analysts attributed the falling yields to growing expectations of a monetary policy loosening in the coming months, as inflationary pressures ease and the Central Bank of Nigeria (CBN) looks to support economic growth. The improved inflation outlook has also reduced the negative real returns on fixed-income investments, making government bonds more attractive to investors. In the secondary market, demand for government bonds remained strong, particularly in the short- and mid-term segments of the yield curve. Investors sought to take advantage of elevated interest rates, despite tight liquidity conditions in the financial system. Analysts predict that the bullish momentum will persist in the coming weeks, driven by expectations of potential rate cuts and a sustained decline in inflation. Nigeria's bond market is poised for continued strong performance as investors reposition their portfolios amid evolving macroeconomic conditions. The significant reduction in inflation, combined with attractive yields, is expected to sustain interest in government securities. However, the DMO's conservative debt issuance strategy signals the government's commitment to balancing its borrowing needs with fiscal discipline. As the MPC's next policy meeting approaches, market participants will closely watch for signals of a possible monetary policy easing, which could further bolster demand for fixed-income assets in Africa's largest economy.
