EFC Report: Windfall Tax Amid Industry Recapitalisation Will Break Banks Says poor policy decisions shrinking shareholders' net worth Declares CBN should be worried over development as banks' shares are impacted Industry under high regulatory costs as six banks paid $1.8 billion in 2023, $7.6bn in 5 years James Emejo in Abuja
A new report has warned that
implementing a windfall tax amid a Central Bank of Nigeria (CBN) mandated recapitalisation could
"break the camel's back" for banks. The report by a US based Emerging & Frontier Capital, also
revealed that the banking industry was currently under high regulatory costs from Cash Reserve Ration
(CRR), AMCON levy, and deposit insurance premium. It disclosed that top six banks
incurred regulatory costs to the Continued on page 25
Tuesday 06 August, 2024 Vol 29. No 10709. Price: N400
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Nigerian Stock Market Joins US, Others to Depreciate, as Investors Trade with Caution... Page 25
Electricity Grid Experiences Partial Disturbance as Supply Slumps Emmanuel Addeh in Abuja
Nigeria experienced partial distur-
bance on the national electricity grid yesterday as generation fell to as low as 1.255.78mw at around 3pm,
throwing parts of the country into darkness. The last time the country was
plunged into darkness due to the grid failure was on July 6, 2024. However, the disturbance
happened after supply peaked at 4,067.77mw during the day, before slumping, but had begun to pick,
hitting 3.005.82mw at about 9pm Continued on page 25
Tinubu, Security Heads Meet over State of Nation as Protests Persist in Kaduna, Kano, Plateau CDS says protests hijacked, warns hoisting foreign flags treasonable, vows military will resist any attempt to topple democratic govt Soldiers, protesters clash on Abuja-Kaduna road as police, DSS deny using live bullets Kano to establish inquiry commission over killings, displeased with use of Russian flag Sani imposes 24hrs curfew on Kaduna, hoodlums attack bank, vandalise vehicles Mobsters confront security in Jos despite restricting movement Obi revisits Tinubu’s speech, insists it failed to address critical issues that triggered protests Our Correspondents President Bola Tinubu, yesterday, met with all heads of security agencies in the country to review the state of the nation amid ongoing protests embarked upon by aggrieved Nigerians, which had turned violent in some parts of the country. The situation in many northern cities had become precarious, with daily reports of violence since the protests against hardship and hunger began some five days ago countrywide. Chief of Defence Staff (CDS), General Christopher Musa, who briefed newsmen at the end of the security meeting, described as a treasonable offence the hoisting of the Russian flag by protesters in some Nigerian towns. Musa also ruled out the possibility of a coup to remove the democratically elected government of Tinubu, Continued on page 25
Securing the Nation on their minds...
L-R: Comptroller-General of Customs, Bashir Adewale Adeniyi; Inspector General of Police, Kayode Egbetokun; Chief of Naval Staff, Vice Admiral Emmanuel Ogalla; Chief of Defence Staff, Gen. Christopher Musa; and Chief of Army Staff, Lieutenant General Taoreed Lagbaja, after the security meeting, with President Bola Ahmed Tinubu, at the Presidential Villa Abuja ...yesterday PHOTO: GODWIN OMOIGUI.