Nigeria News Forum

Two troubled financial institutions, UT Bank and Capital Bank, were yesterday compulsorily taken over by GCB Bank following the revocation of their licences by the Bank of Ghana (BoG). The two banks are said to be financially insolvent – putting customers’ investments at great risk – and the Bank of Ghana (BoG) was compelled to intervene. The acquisition was in line with Section 123 of the Banking Act, 2016 (Act 930), which grants the Central Bank the authority to revoke the licence of any bank that is deemed to be in financial distress. The unannounced action, which was carried out to prevent mass withdrawal by depositors, caused fear and panic among customers, with the BoG assuring that there was no cause for alarm and that their investments are safe. Immediately the announcement was made, the two banks were rebranded with GCB logo at both the Airport and Spintex Road headquarters. The workers of the banks were initially prevented from accessing their offices; ...

The baby, whose manhood was chopped off by his step mother in Niger State, Dauda Buhari, is dead. The Director General of Child’s Right Agency, Mariam Kolo, disclosed that Buhari died in Wada village in Shiroro Local Government Area of the state, after a brief malaria illness. Speaking with Punch, on Wednesday, Kolo said Buhari had “slight malaria which made his temperature to rise and he died even after he had been administered his prescribed drugs.” Kolo revealed that Buhari died at a time he was scheduled to undergo a genital transplant in the United Kingdom, UK. The DG said the sickness was not a relapse on his health, as he was doing extremely well after a series of corrective surgeries. Expressing sadness over the death of the baby who is now over a year old, Kolo said the case of the stepmother who is currently being remanded in the Old Minna Prison would be determined. Recall that Buhari’s step mother, Bara’atu Rabiu, had on June 18, 2016, ch...