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    Banks play a crucial role in the economics and life of the citizens of every nation and that's why it's failure has adverse effects and is "generally considered to be of more importance than the failure of other business firms" - Wikipedia.

    Banks facilitate economic sustenance, create enabling environments for businesses to thrive and grow, create job employments, helps the Gross Domestic Product (GDP) of every nation, helps investors with capital, assists small medium scale enterprises, facilitate loans and more importantly warehouse a legally recognised medium of payment which is key for meeting a financial obligation.

    This legally and globally recognised medium of payment is called "Money" or a "Legal Tender"

    The lifeline of every bank is depositors funds and also creditors funds. When the bank fail to provide depositors access to their funds, the bank has failed in it's primary obligations as a bank. This often creates a panic, and most times, it's this panic that actually kills the bank faster than it's incapacity.

    The creditors funds help the banks startup, help with liabilities and serve as a capital base for it's banking operations.

    In Nigeria, the minimum capitalization for any of it's bank is N25 Billion Naira. This minimum capitalization was introduced in 2005. This led to a lot of consolidation in the Banking sector.

    In the words of the then Central Bank Governor Prof. Charles Soludo, "Consolidation of banking institutions through mergers and acquisitions. Banks that do not meet the minimum paid up capital by end of December 2005 or which remain un-sound/marginal would be liquidated by January 2006", (Banks Consolidation and N25bn Recapitalization -Another Perspective By Bello Abdullahi.)

    According to the Nigerian Deposit Insurance Corporation, the following list of 45 banks are termed Closed Financial Institutions.

    By terming them as closed, they've had their licences revoked by the Central Bank of Nigeria, between 1994 and 2006. The Federal High Court issued orders for them to be wound up and appointed the Nigeria Deposit Insurance Corporation (NDIC) as Liquidator of the banks.

    The Corporation is currently winding up the banks.

    List of Closed Financial Institutions under Liquidation and their dates of closure.

    • Abacus Merchant Bank Ltd - Jan. 16, 1998

    • ABC Merchant Bank Ltd - Jan. 16, 1998

    • African Express Bank Ltd - Jan. 16, 2006

    • Allied Bank of Nigeria Plc - Jan. 16, 1998

    • Allstates Trust Bank Plc - Jan. 16, 1998

    • Alpha Merchant Bank Plc - Sept. 08, 1994

    • Amicable Bank of Nigeria Plc. - Jan. 16, 1998

    • Assurance Bank of Nigeria Plc - Jan. 16, 2006

    • Century Merchant Bank Ltd. - Jan. 16, 1998

    • City Express Bank Plc - Jan. 16, 2006

    • Commerce Bank Plc - Jan. 16, 1998

    • Commercial Trust Bank Ltd - Jan. 16, 1998

    • Continental Merchant Bank Plc - Jan. 16, 1998

    • Coop. & Commerce Bank Plc - Jan. 16, 1998

    • Credite Bank Nig. Ltd - Jan. 16, 1998

    • Crown Merchant Bank Ltd. - Jan. 16, 1998

    • Financial Merchant Bank Ltd. - Jan. 21, 1994

    • Great Merchant Bank Ltd. - Jan. 16, 1998

    • Group Merchant Bank Ltd. - Jan. 16, 1998

    • Gulf Bank Ltd - Jan. 16, 2006

    • Hallmark Bank Plc - Jan. 16, 2006

    • Highland Bank of Nig Plc - Jan. 16, 1998

    • ICON Ltd. (Merchant Bankers) - Jan. 16, 1998

    • Ivory Merchant Bank Ltd. - Dec. 22, 2000

    • Kapital Merchant Bank Ltd. - Jan. 21, 1994

    • Lead Bank Plc - Jan. 16, 2006

    • Lobi Bank of Nig. Ltd. - Jan. 16, 1998

    • Mercantile Bank of Nig. Plc. - Jan. 16, 1998

    • Merchant Bank of Africa Ltd. - Jan. 16, 1998

    • Metropolitan Bank Ltd. - Jan. 16, 2006

    • Nigeria Merchant Bank Ltd. - Jan. 16, 1998

    • North-South Bank Nig. Plc. - Jan. 16, 1998

    • Pan African Bank Ltd. - Jan. 16, 1998

    • Pinacle Commercial Bank Ltd. - Jan. 16, 1998

    • Premier Commercial Bank Ltd - Dec. 22, 2000

    • Prime Merchant Bank Ltd. - Jan. 16, 1998

    • Progress Bank Ltd. - Jan. 16, 1998

    • Republic Bank Ltd - June 29, 1995

    • Rims Merchant Bank Ltd. - Dec. 22, 2000

    • Royal Merchant Bank Ltd. - Jan. 16, 1998

    • Trade Bank Plc - Jan. 16, 2006

    • United Commercial Bank Ltd. - Sept. 8, 1994

    • Victory Merchant Bank Ltd. - Jan. 16, 1998

    • Eagle Bank Plc. - Jan. 16, 2006

    • Liberty Bank Plc. - Jan. 16, 2006

    For corrections and contributions, kindly use the comment box below.


    posted in Banking read more
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    New Structure in The Redeemed Christian Church of God

    Pastor Joseph Obayemi Assumes Leadership Position in RCCG Nigeria

    The Redeemed Christian Church of God announced a new leadership structure today, the 7th of January 2017. According to an Internal Memo sent to all Assistant General Overseers, Special Assistant to General Overseers both Home and Abroad, Pastors in Charge of Regions, Pastors in Charge of Provinces and Country Coordinators, the new structure was sequel to some legal provisos guiding the operations of registered Religious organisations and civil society organisations in Nigeria.

    According to the memo:

    • Pastor Joseph Obayemi, the Assistant General Overseer [Finance], will be the new Overseer for RCCG Nigeria;

    • Pastor Funsho Odesola, the Assistant General Overseer [Admin], will be the new General Secretary for RCCG Nigeria;

    • Pastor Joseph Adeyokunnu, the Financial Controller, will be the Treasurer for RCCG Nigeria.

    It went further to state that the new structure is particular to Nigeria alone, as Pastor Adeboye, Daddy G.O., remains the Spiritual Leader and Global Missioner of the Redeemed Christian Church of God.

    posted in Religion read more
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    Here is the 1st part of this series. Agro Business in Nigeria Part I
    Here is the 2nd part of this series. Agro Business in Nigeria Part II
    Here is the 3rd part of this series. Agro Business in Nigeria Part III
    Here is the 4th part of this series Agro Business in Nigeria Part IV

    Today we shall be profiling the agricultural products and raw materials that are fairly abundant in Nigeria and which has demand outside the shores of this country and also their location locally.

    Raw Cashew Nuts Exports Profile

    Cashew (Anacardium Occidentale L.) is a tree crop of considerable economic importance to Nigeria and other tropical countries. Apart from being a source of useful products and byproducts for feed, medicinal and industrial applications, cashew gives also a useful shade, while ornamental and alley trees are suitable for the control of soil erosion, particularly for the protection of watersheds and dams.

    Cashew nut setting begins in the middle of dry season, while harvesting takes place mainly in February of March. The entire harvest period occupies about 16 weeks. In the Eastern and Western parts of the country, where quality cashew nuts are grown, nuts are allowed to drop to the ground before they are collected. This practice ensures that only ripe nuts are collected. Nuts normally fall to the ground with their apples attached; the two are normally separated with a twisting action during collection. The remnants of the apple flash adhering to the nuts are removed with a sharp knife. After picking, the nuts are dried in the sun for 2 to 3 days, to reduce their moisture content to about 12%. Properly dried nuts are packed in jute bags and can be kept for 6 to 10 months, if stored in suitable condition.

    Major cashew growing areas in Nigeria are, by order of importance: Enugu, Abia, Imo, Anambra, Ebonyi and Cross River states in the eastern part of the country; Oyo, Osun, Ondo, Ekiti, and Ogun States in the Western part, as well as Kwara, Kogi, Nassarawa, Benue, Taraba, Niger in the Middle Belt and Sokoto and Kebbi states in the North West part of the country. The majority of export quality nuts come from Western and Eastern parts of the country.

    According to SGS (quality inspectors), the standard for raw cashew nuts, unshelled, is specified as follows:

    • Nut count: 180 – 200 per kg

    • Moisture content: 8 – 10% max

    • Defective nuts: 15% max

    • Float Rate: 18%max

    • Admixture 0.25% max

    • Foreign matter 0.25% max

    • KoR: 48-50 lbs/bag

    The cashew nut is a popular snack, and its rich flavor means that it is often eaten on its own, lightly salted or sugared. In addition to this, cashew nutshell liquid (CNSL), a byproduct of processing cashew, is mostly composed of anacardic acids. These acids have been used effectively against toot abscesses due to their lethality to bacterial.

    Export Market
    The major buyers of cashew nut from Nigeria are mainly India and Singapore. Smaller percentage goes to Europe.

    Cashew Nut Specification in Detail
    The crop season in West Africa is from March to June. There is not a general standard for cashew nuts but some parameters can establish the quality of the cashew and the appreciation on the market.

    • Out-turn/Yield: It is the quantity of cashew kernel that can be obtained after decorticating (remove the shell of a cashew nut) 80kg of raw cashew nuts. The count is in pounds per 80kg . A good out turn is from 43 – 48 lbs. An excellent out turn is from 48 – 55 lbs.
    • Nut count: It is the number of raw cashew nuts pert kg
      170 excellent
      180 - 190 very good
      190 – 200 good
    • Moisture/Humidity: For export 12% and less, otherwise there are risks for the goods during the shipping
    • Foreign matter : 5% max
    • Float rate: This is the total number of cashew nuts that will float when poured into water. A good float rate is 18% max

    For enquiries kindly contact via WhatsApp this mobile Number 08094635254 or place a call to 07063396991

    posted in Agriculture read more
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    The Nigerian Federal Government will starting from January 2017 stop importation of brand new & Tokunbo used vehicles through the Nigerian Land Borders. This is as a result of a new Prohibition Order enacted by the Nigerian Federal Government and sent to the Nigerian Customs Service.

    This order will take effect as from January, 2017.

    The Nigerian Customs through it's spokesperson, Mr. Wale Adeniyi, advised importers of vehicles through the land borders to utilise the grace period up till December 31 to clear their vehicles landed in neighbouring countries’ ports.

    One of such major ports for vehicles importation is the Seme Port, where Ships laden with imported vehicles berth at Cotonou and then vehicle importers drive them in through Badagry Lagos and Ogun State respectively.

    This move by the Federal Government will surely draw mixed reactions from the Nigerian populace who are currently passing through a bitter recession, the first of it's kind in 20 years. This ban also follows the ban on importation of rice through the land borders since April, 2016.

    How this new prohibition will help Nigeria's automobile policy is yet to be seen, but will definitely help local producers like Innoson Vehicles and Manufacturing Industries, that have championed the course for local content production capability in automobile production.

    Foreign vehicle manufacturers have been setting up assembly plants in Nigeria, examples are Nissan which was launched during the past Government of President Goodluck Jonathan.

    A Director of NADC ( National Automotive Design and Development Council), Mr. Aminu Jalal, speaking on behalf of the government, added that it was a means of controlling the influx of used vehicles, popularly called ‘Tokunbo’, into the country.

    Mostly, these Tokunbo vehicles fail road worthy tests, the Government will like to protect the lives of it's citizens in this regard and prevent Nigeria from been a dumping ground for old and used vehicles.

    Stakeholders in the automotive industry had earlier called for strict regulation of the importation of vehicles, noting that poor implementation of the auto policy was driving down the volume of their products.

    The Nigerian automobile policy prescribed the imposition of 70 per cent tariff on imported cars, both old and new ones.

    Source: Ask Nigeria, Punch NG

    posted in Autos read more
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    @dipsix how much are your products per tonne? For Maize and Soybean?

    posted in Agriculture read more
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    @donbabajay12 said in 1000 tons of maize and soybean needed in Ikeja Lagos.:

    @admin we can supply as much as 50-150 tonnes weekly ..And we can also meet with the required amount specified In a space of 2-3Months.

    Ok. Thanks. I'll revert.

    posted in Agriculture read more
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    @dipsix said in 1000 tons of maize and soybean needed in Ikeja Lagos.:

    @admin I can supply between 50 to 100tons per week but, can assure you that your total demand will met before two months elapse.

    Ok @dipsix thanks. I'll revert ASAP.

    posted in Agriculture read more
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    @dipsix said in 1000 tons of maize and soybean needed in Ikeja Lagos.:

    I can supply both the soya beans and maize in good time. I reside in Kaduna. I am a farmer myself and also have access to farmers with large enough warehouses to meet your needs and more at a very good price too.

    Reach me on 08089620159.

    Best regards.

    How many tonnes can you supply per day and per month?

    posted in Agriculture read more
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    @donbabajay12 said in 1000 tons of maize and soybean needed in Ikeja Lagos.:

    @admin I can supply the above agricultural produce(Maize) ..Info on the maize include .
    Price:330,000 per tonne

    We have good knowledge on Agricultural produce procurement and logistic..produce ranging from cashew nuts,cocoa,sesame seed,maize etc

    How many tonnes can you supply per day and per month?

    posted in Agriculture read more