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Dogara Condemns Bad Banking Practices, Advocates Sanctions

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Yakubu Dogara, speaker of the House of Representatives, has called for action to be taken concerning prevalent banking practices which have adverse effects on business growth and entrepreneurship in Nigeria.

He made the call on Monday at the launch of a book on banking reforms by a member of the House of Representatives, Dr. Bode Ayorinde, representing Owo/Ose Federal Constituency. Dogara highlighted issues such as high lending rates and difficulties in accessing loans; and compared prevalent practices in the country with what is obtainable in other climes.

He said: “The challenge in the banking industry in Nigeria is such that it is organised in such a way that it creates buoyancy and development in other jurisdictions, not in Nigeria. I have had cause to say this before, that unless you have assets or equipment, there is no way you can take loans or access loans from Nigerian banks to do the business. If you are not careful in taking loans from Nigerian banks, one will just end up in the poverty gap.”

“I don’t think our citizens are supposed to do their businesses with money they already have in their pockets. Businesses elsewhere are executed by loans by the banking industry in those countries. I don’t know why the interest rate in Nigeria is so high. What is it that we can do to lower the cost of funds in Nigeria, so that our young men, women and entrepreneurs can risk taking money from our financial institutions in order to realise their dreams?”

Dogara queried the likelihood of success of business reforms in the country, in light of the fact that loans remain largely inaccessible to those who most require such financial aids to grow their businesses.

“I love the fact that the Vice President is chairing the council on the ease of doing business in Nigeria but in dealing with most businesses, you are forced to ask, what business are we doing? How do we fund these businesses?” Dogara said.

The Speaker, who lamented that the political will to tackle the challenge has been lacking, called on all stakeholders to work together to strengthen the various institutions within the country in line with international best practices.

His words: “That has been the challenge, from the point of view of the Executive down to the Parliament, the political will to address this has not been there. And the answer has always been that just one opinion cannot solve the issue, all hands need to work at it. We cannot afford to continue having weak institutions in Nigeria, not after so many years of having balance.”

“So I believe that concerning some of these borrowing voyages such as been embarked upon recently can be avoided by applying the required formulas that work even here in Nigeria. The sharp parallel that is drawn between the practice here in Nigeria and the practices in over 20 other jurisdictions of the world.”

The event also had in attendance the Vice President, Professor Yemi Osinbajo, and the governor of Ondo State, Rotimi Akeredolu, among several other dignitaries.

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King Charles Reportedly “Really Unwell” And Funeral Plans Are Currently Being Reviewed

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King Charles III’s health is causing concern for friends and the palace as he continues to battle cancer.

“Speaking to friends of the king in recent weeks about his health, the most common response is … ‘It’s not good,’” Tom Sykes of the Daily Beast reported Thursday, April 25.

A friend of the monarch claimed Charles “is determined to beat it and they are throwing everything at it,” adding, “Everyone is staying optimistic, but he is really very unwell. More than they are letting on.”

Royal writer Tina Brown also hinted at the monarch’s health struggles, writing recently that Charles’ cancer has put Prince William and Kate Middleton “in frightening proximity to ascending the throne just when they had hoped for a span of years to parent their children out of the public eye.”

“The prospect of it, I am told, is causing them intense anxiety.”

Sykes also reported that the king’s funeral plans, codenamed “Operation Menai Bridge”, are currently being reviewed.

A separate document that states what went well at Queen Elizabeth’s September 2022 funeral and what could be done better the next time a monarch dies is also circulating, according to the Daily Beast.

All the sources emphasized that royal funeral plans are constantly in review. However, one former staffer in particular conceded that Charles’ health woes have given his plans a different urgency.

“The plans have been dusted off and are actively being kept up to date,” the former staffer explained.

“It’s no more than what you would expect given the king has been diagnosed with cancer. But the circulation of them has certainly focused minds.”

Buckingham Palace announced in February that after undergoing surgery for a benign prostate enlargement, it was discovered that the king has cancer.

We hope the king gets well soon.

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EFCC: New Documents Extracted Shows Yahaya Bello Allegedly Paid School Fees To The Tune Of $845,852,84 For His Family Members

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Still on the EFCC trailing on Ex Governor of Kogi State, Yahaya Bello, Documents serving as exhibits have shown how he allegedly paid school fees in advance for his family members already in the school and even those to be enrolled in future with hundreds of thousands of dollars withdrawn from the state coffers.

A letter from the American International School of Abuja to the Economic and Financial Crimes Commission (EFCC) has shown the school admitting that Bello, the former governor of Kogi State, paid $845,852,84 into their bank account since September 2021 as advance school fees for 4 family members from the present class until they graduate.

Payment was also made for any future student to be enrolled by the family.

The document alleges that the payment was made by Mr. Ali Bello, alleged to be the eldest son of Yahaya Bello.

In the document, the school stated that they have deducted the fees for the educational service already rendered to the Bello children in the institution and what is left is $760, 910, which would be refunded to an account provided by the EFCC as the commission continues investigation into alleged money laundering levelled against Yahaya Bello.

the school fees documented payment

The school also added that from the Bello family kids, “no further additional fees are expected in respect of tuition until they graduate from ASIA.”

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Niger State Prisoners Run From Facility After Rainstorm Brings Down Part Of Fencing

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Many prisoners serving time at the Suleja Correctional Centre, located in Suleja Local Government of Niger state, fled the facility after a rainstorm brought down a part of the inner fencing.

This incident happened as a result of the heavy rainfall which fell on Wednesday night. This led to a cell being torn down, providing incarcerated individuals with a chance at freedom.

Reporters gathered that security forces fired many shots in the air, attempting to scare the inmates out of hiding.

While the State Comptroller of Prisons declined to speak to the press, it has been noted that security has been beefed up on the Minna-Suleja and Suleja-Kaduna roads, including the Madalla axis to Abuja road, which is a likely escape route out of the state for the inmates.

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