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  As the months-long crisis between factions loyal to the Ondo State Governor, Rotimi Akeredolu (SAN), and his Deputy, Mr Lucky Aiyedatiwa, seems to have ended, the Presidency has declared that Akeredolu remains the governor of the state. Advertisement This was according to a statement by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, on Saturday. The clarification came amidst reports that President Bola Tinubu may have ordered the state lawmakers to invoke the doctrine of necessity and declare Ayedatiwa the acting governor. Saturday PUNCH earlier reported that the deputy governor, lawmakers, and others involved embraced peace and vowed to maintain the status quo, after hours of deliberations between the President and state officials, including members of the All Progressives Congress, who converged on the Aso Rock Presidential Villa, Abuja, until late on Friday night. Advertisement The statement read, “In his bid to restore political stability in On

  Advertisement Justice James Omotosho of the Federal High Court Abuja has dismissed the National Broadcasting Commission (NBC)’s motion seeking an order setting aside its judgement restraining the commission from imposing fines on broadcast stations in the country. Delivering Judgement, Justice Omotosho dismissed all the grounds put forward by the NBC, describing same as an afterthought. Justice Omotosho held that despite being served with the originating process and hearing notices in the case leading to the judgment, the commission failed to file its defence. The judge said contrary to the NBC’s argument that it was not served with court processes that led to the judgement, the court file showed that services were effected on NBC but failed to file and refused to entered appearance. Advertisement He said there was affidavit of facts deposed to by the court bailif that confirmed that court processes were served on the commission on different occasions. “The respondent applicant canno

  The Central Bank of Nigeria (CBN) has disclosed plans to increase the capital base of banks in the country.          Advertisement In his speech at the 2023 Bankers’ Dinner on Friday, CBN Governor Dr Olayemi Cardoso said while there has been stability in the banking sector, banks in the country were not adequately capitalised to meet the need of a $1 trillion economy which the present government was aiming to achieve. Advertisement “Will Nigerian banks have sufficient capital relative to the finance system’s needs in servicing a one trillion dollar economy in the near future? In my opinion, the answer is no, unless we take action,” he said. “Therefore, we must make tough decisions regarding capital adequacy. As a first step, the Central Bank will be directing banks to increase their capital.” The CBN czar also stressed the importance of technology in delivering financial services as well as enhancing financial inclusion. He also spoke on financial institutions that have breached thei