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Peter Obi explains why he dumped PDP, presidential primary, may join Labour party

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Former Governor of Anambra State and presidential aspirant, Peter Obi, has explained that “recent developments” within the Peoples Democratic Party (PDP) were responsible for his resignation from the opposition party and withdrawal from its presidential primary.

Obi was one of the 15 PDP presidential aspirants cleared by the Senator David Mark-led Presidential Screening Committee last month.

The ex-governor, in a statement addressed to the PDP National Chairman, Iyorchia Ayu, explained that the recent developments won’t make it possible for him to make “constructive contributions”.

The letter was titled, ‘Resignation From Peoples Democratic Party (PDP) and Withdrawal from the Presidential Contest’.

Obi said, “I am writing to intimate you of my resignation from the Peoples Democratic Party, which was conveyed to the Chairman of Agulu Ward 2. Anaocha LGA Anambra, effective Friday 20 May, 2022. Consequently, I am by this letter informing you of my withdrawal for the PDP Presidential Primaries.

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“It has been a great honour to contribute to nation-building efforts through our party. Unfortunately, recent developments within our party make it practically impossible to continue participating and making such constructive contributions.

“Our national challenges are deep-seated and require that we each make profound sacrifices towards rescuing our country. My commitment to rescuing Nigeria remains firm, even if the route differs.

“I wish to thank you personally for your graciousness and leadership. I wish you well and best of luck in the service of the country.”

Some groups had bought the N40m PDP presidential nomination form for Obi last month.

PDP presidential aspirants include former Vice President, Abubakar Atiku; two former Senate Presidents, Bukola Saraki and Anyim Pius Anyim; Governors Aminu Tambuwal (Sokoto); Nyesom Wike (Rivers); Bala Mohammed (Bauchi); Emmanuel Udom (Akwa Ibom); businessman, Mohammed Hayatu-Deen; former governor of Ekiti State, Ayo Fayose; Sam Ohunabunwa, and Dele Momodu.

The party had thrown its presidential ticket open of late attracting rebuke from socio-cultural organisations like the Ohanaeze Ndigbo which maintained that political parties like the PDP and the All Progressives Congress should zone its ticket to the South-East geopolitical zone.

READ  2023: Remove ‘withdrawal letter’ from nomination forms, groups tells APC

Meanwhile, there are indications that Obi may join the Labour Party to actualise his presidential ambition.

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Business

CBN raises commercial banks’ capital base to N500bn

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The Central Bank of Nigeria (CBN) has announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks.

In a statement on Thursday, CBN said the increase was necessary due to prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks.

The statement was signed by Haruna Mustafa, director, financial policy and regulation department.

According to the apex bank, the upward review will enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

 

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and n10 billion, respectively.

To meet the minimum capital requirements, CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

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CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

OTHER REQUIREMENTS FOR EXISTING BANKS

The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds.

Additional tier 1 (AT1) capital shall not be eligible for the purpose of meeting the new requirement.
All banks are required to meet the minimum capital requirement within a period of 24 months commencing from April 1, 2024 and terminating on March 31, 2026.

Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorization.

In line with extant regulations, banks that breach the CAR requirement shall required to inject fresh capital to regularise their position.

OTHER REQUIREMENTS FOR PROPOSED BANKS

The minimum capital requirement shall be paid-up capital.

The new minimum capital requirement shall be applicable to all new applications for banking licences submitted after April 1, 2024.

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The CBN shall continue to process all pending applications for banking licences for which capital deposit had been made and/or approval-in-principle (AIP) had been granted. However, the promoters of such proposed banks shall make up the difference between the capital deposited with the CBN and the new capital requirement not later than March 31

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CBN said all banks are required to submit an implementation plan, clearly indicating the chosen option{s) for meeting the new capital requirement and various activities involved with their timelines.

 

“The plan shall be submitted to the Director, Banking Supervision Department, Central Bank of Nigeria, not later than April 30, 2024,” the apex bank said.

 

CBN said it will monitor and ensure compliance with the new requirements within the specified timeline above.

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News

Good morning! Here Are Some Major News Headlines In The Newspapers Today: Nationwide blackout as national grid collapses again

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1.Nationwide darkness hit Nigeria as the National Grid collapsed for the fourth time in 2024 amid the Easter Holidays. According to sources from electricity Distribution companies in Nigeria, the grid collapsed around 4:30 pm on Thursday.

 

2. Hoodlums numbering about 30 on Thursday burnt a part of the Anaocha Local Government Headquarters in Neni, Anambra State.The hoodlums, who were said to be heavily armed, also set ablaze the Neni Police Station.

 

3. The price of cement decreased between 22 per cent and 26 per cent for a 50kg bag in the Federal Capital Territory within the last five weeks. A market survey conducted on Thursday by DAILY POST in Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp and Gwarinpa showed that the price of Dangote and BUA cement dropped to N7,800 and N11,000 per 50kg bag from 10,000 and N15,000 on February 16, 2024.

 

4. Ikolo Clement, King of Ewu kingdom and one of the suspects declared wanted by the Nigerian military, has surrendered himself to the authorities. Clement, a newly installed traditional ruler of Ewu Kingdom in Ughelli South Local Government Area, Delta State, was among the eight persons declared wanted by the Defence Headquarters.

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5. A former National Chairman of the Peoples Democratic Party, Uche Secondus and members of the Presidential Campaign Council of the party for the 2023 general elections in Rivers State have declared support for President Bola Tinubu and the state governor, Siminalayi Fubara. A former Minister of Transportation and the Director-General, PDP-PCC Rivers State, Dr Abiye Sekibo, made the declaration at a news briefing in Port Harcourt on Thursday.

 

6. The Federal Airport Authority of Nigeria, FAAN, has shut down the KFC outlet in Murtala Muhammed International Airport in Lagos over discriminatory treatment meted out to a passenger with Reduced Mobility. The Director of Public Affairs and Consumer Protection of FAAN, Mrs Obiageli Orah, disclosed this in a statement on Thursday.

 

7. Detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser, NSA, Nuhu Ribadu, and the Economic and Financial Crimes Commission, EFCC, over the alleged violation of his fundamental rights. Gambaryan, in a motion dated and filed 18 March by his lawyer, Olujoke Aliyu, sought five reliefs before Justice Inyang Ekwo.

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8. A Federal High Court in Borno State has ordered the military to release 313 suspected terrorists, for lack of evidence to nail the suspects after investigations. The Director, Defence Media Operations, Gen. Buba Edward, on Thursday, disclosed this during a briefing on military operations across the country in Abuja.

 

9.The Defence Headquarters has said troops neutralized 121 terrorists, apprehended 253 and rescued 244 kidnapped victims in different operations across the country in one week. The Director of Defence Media Operations, Maj-Gen. Edward Buba disclosed this while giving an update on military operations on Thursday in Abuja.

 

10. The Federal Competition and Consumer Protection Commission, FCCPC, on Thursday, said it has uncovered fraudulent methods used by syndicates to sell rice below the claimed weight at the Garki Modern Market, Abuja. The commission in a statement signed by its acting Executive Vice Chairman, Adamu Abdullahi, said the fraudulent practice was discovered after a targeted enforcement operation at the modern market.

READ  BREAKING: Peter Obi dumps PDP

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Hoodlums attack, set police tation ablaze in Anambra

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Hoodlums have attacked and razed the Neni Divisional Police station in Anaocha Local Government Area of Anambra State.

 

Emerging reports suggest that the attackers numbering about thirty stormed the area at about 2am in the morning on Thursday, wreaking havoc on several buildings.

 

The State Police Public Relations officer, SP Tochukwu Ikenga, said the hoodlums attacked the police station with Improvised Explosive Devices (IEDs).

 

He, however, stated clearly that the hoodlums did not take away any arms or kidnap any police personnel.

 

The police imagemaker further disclosed that the hoodlums were forced to flee after the police operatives subdued them in a superior fire-power adding that tactical operations are still ongoing in the area.

 

Mr Ikenga assured that more updates on the sad incident will be availed to the public in no time.

 

He did not give much details as regards the extent of damages done to the facility.

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