Saturday, January 16

Tag: CBN Governor

Emiefele Was Alarmed By Billions Of Naira In Sabiu Yusuf’s Account – kperogi
News

Emiefele Was Alarmed By Billions Of Naira In Sabiu Yusuf’s Account – kperogi

Someone told me CBN governor Emefiele was so alarmed by the hundreds of billions Sabiu "Tunde" Yusuf has in his name in personal bank accounts that he advised Sabiu to mask some of the bank accounts and to divvy up the amounts in them to save his neck in a post-Buhari dispensation. Sabiu reportedly said the billions in his accounts are "gifts" from from people. But why didn't he get such "gifts" when he was a recharge card seller? Accepting "gifts" for favors done while occupying a privileged government position (he's Buhari's Private Secretary and de facto Chief of Staff) is against the law. Aisha Buhari, who is herself neck-deep in unimaginable corruption, has commissioned people to take photos of Sabiu's multi-billion naira properties all over Nigeria. You may soon start seeing ...
CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)
Business

CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)

CBN Governor, Godwin Emefiele, has accused some local and foreign investors of buying dollars from the parallel market, popularly referred to as 'black market',  As the apex bank struggles to stabilise the currency exchange rate. A dollar was sold for N460 at the parallel market on Wednesday, which is higher than the interbank rate of N361 to a dollar. More so, the dwindling oil prices caused by the Coronavirus pandemic have greatly affected the country's economy and have reduced the dollars in circulation. The situation was also compounded by the suspension of sales of foreign exchange to Bureau de Change operators by the CBN. POLITICS NIGERIA reports that the investor and exporters window is also badly affected by the liquidity crisis in the foreign exchange market. However, ...
Go Back To Your Labs, Develop Nigerian Vaccine, We Will Fund It, CBN Tells
News

Go Back To Your Labs, Develop Nigerian Vaccine, We Will Fund It, CBN Tells

The Central Bank of Nigeria has called on Nigerians to head to the laboratories in order to research a vaccine for the novel coronavirus with a promise to assist with funding. CBN governor, Godwin Emefiele disclosed this at the unveiling of the THISDAY Dome Testing, Tracing & Treatment Centre in Abuja, on Tuesday stating that the CBN was developing a framework that would provide grants and long term facilities for researchers to develop the Nigerian Vaccine. Emiefiele said, “Our objective is to improve the capacity of our health system to address emerging public health challenges.” “Needless to state that if we are to wait for foreign countries to develop their own vaccines, we will be the last in the queue to receive curative remedies for our teeming population”. H...
Dollar Sells For N445 As Forex Scarcity Persists
Business

Dollar Sells For N445 As Forex Scarcity Persists

The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators. The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market. “However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at...
We Have Enough FOREX, CBN Tells Investors
Business

We Have Enough FOREX, CBN Tells Investors

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has told investors not to panic, saying the CBN has enough foreign exchange to meet repatriation. He also assured them of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. A statement on Sunday from the CBN quoted Emefiele as saying that “investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.” He said the CBN had put in place policies to ensure an orderly exit for those that might be interested in doing so. He, however, urged investors to be patient as such repatriations were processed owing to the CBN’s policy of orderly exit of investments. Recalling a si...
COVID-19: Withdraw Old Naira Notes From Circulation, Group Tells CBN
Politics

COVID-19: Withdraw Old Naira Notes From Circulation, Group Tells CBN

The Association of Progressive Nigerians has appealed to the Central Bank to withdraw old and tattered naira notes from circulation as the country is battling COVID- 19 pandemic. The group made the appeal in a statement it issued in Lagos on Saturday. The News Agency of Nigeria (NAN) reports that the statement was jointly signed by Alhaji Mohammed Bello, the group’s president and Mr Oluwole Aina, its general secretary. The group said the appeal became necessary as the continued recirculation of old, tattered naira notes, which had passed several hands, might lead to further spread of the pandemic. “We hereby appeal to the CBN Governor, Mr Godwin Emefiele, to please withdraw these old and tattered naira notes from circulation as continued recycling of such notes may endanger publi...
IMF Lists Unpopular Policies CBN Must Reverse
News

IMF Lists Unpopular Policies CBN Must Reverse

The IMF wants the CBN to end some of its harshest policies including lifting the forex ban on 41 items. The International Monetary Fund, IMF on Tuesday approved a sum of $3.4 billion via a Rapid Financial Instrument to Nigeria. The loans come at a period when countries across the world are battling with the Covid-19 pandemic and the crash in crude oil prices. While the loans do not necessarily come with strings, the IMF did reveal in its press release acknowledging that Nigeria was on the path to unifying its exchange rata and moving towards a flexible exchange rate regime. As Nigerians get acquainted with the terms of the deal, the IMF released more reports shedding more light into what the country might expect to happen in the coming weeks and month should they have their way. O...
CBN Governor, Emefiele Risks Prison Over $53m Garnishee Order
Politics

CBN Governor, Emefiele Risks Prison Over $53m Garnishee Order

The Governor of Central Bank of Nigeria, Mr. Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr. Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E. Ekwo of the Federal High Court, Abuja, had on November 20, 2019 under form 15, issued the judgment summon to Emefiele in a case with suit no: FHC/ABJ/CS/1193/2017 instituted against Central Bank Of Nigeria as Garnishee/Respondent, Linas International Limited and the Hon. Minister Of Finance as Judgment Debtors Garnishees by Mr. Joe Agi Judgment as Creditor/Applicant on behalf of a team of benefitting lawyers. This order is coming barely 48 hours afte...
Yahoo Boy Impersonates CBN Governor,  Godwin Emefiele
Crime

Yahoo Boy Impersonates CBN Governor, Godwin Emefiele

An internet fraudster, Onyebuchi Nwalozie Julius, is currently cooling off in one of the detention facilities of the EFCC, in Uyo, Akwa Ibom State, for impersonating the Governor of the Central Bank of Nigeria, Dr. Godwin Emefiele. Onyebuchi, a native of Ngor-Okpala, Imo State, who said he is into Estate Management, confessed via verbal and written statements that he posed as the CBN Governor, Dr. Godwin Emefiele with email account: emefilegodwin586@yahoo.com to defraud his victims. He said he defrauded one Mr. Omar Es Sh Deeb, an Arab National, whom he said made payments to him through Western Union. He also confessed that he specialized in Business Email Compromise, BEC, and his modus operandi involves searching for email addresses via Google search and sending convincing emai...
Godwin Emefiele Appears Before Senate Committee, Asks To Speak Off-Camera
Politics

Godwin Emefiele Appears Before Senate Committee, Asks To Speak Off-Camera

The Governor of the Central Bank of Nigeria, Godwin Emefiele, appeared before the Senate Committee on Finance on Tuesday in response to an invitation by the panel made on Sunday. Mr Emefiele was summoned by the panel to give detailed explanations on the rationale behind the exchange rates the CBN used for three key projects under the Presidential Infrastructure Development Fund (PIDF). The projects are being funded by the Nigeria Sovereign Investment Authority (NSIA). The PIDF was earmarked from dollar-denominated Sovereign Wealth Fund to partly fund the Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway, East-West Road and Mambilla Hydro Project. The first three projects had already been funded to the tune of N163.8 billion. The CBN governor had sent hi...
Senate Panel Turns Down CBN Governor’s Representative
Politics

Senate Panel Turns Down CBN Governor’s Representative

The Senate Committee on Finance on Monday walked out the representatives of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the issue of exchange rates differentials in the funding of some critical government projects. The Chairman of the Committee, Senator Solomon Adeola, told the Deputy Governor of CBN, Mr. Adebisi Shonubi, who represented Emefiele, to leave with his team because the invitation was for Emefiele and not him. Adeola said Emefiele did not inform the committee that he would not be present at the hearing. He said that Emefiele must appear before the Committee on Wednesday by 2 pm. The committee had on Sunday summoned Emefiele to appear before it on Monday. The Committee said that the Governor was to explain the reason behind exchang...
CBN Governor Gives Conditions For Reopening Nigerian Borders
Politics

CBN Governor Gives Conditions For Reopening Nigerian Borders

The Governor of Central Bank of Nigeria, Godwin Emefiele, on Monday revealed conditions to be met before the country’s borders could be closed. Speaking with the State House correspondents shortly after meeting with President Muhammadu Buhari, the CBN governor said until neighbouring countries agree to implement mutual anti-smuggling policies, the borders would remain closed. Mr Emefiele stated that Nigerian rice and poultry farmers have particularly been benefiting from the border closure. “In November 2015 President Muhammadu Buhari, the CBN and some state governors went to Kebbi State to launch the Wet Season Rice Farming. “Since then, we have seen an astronomical growth in the number of farmers who have been going into rice farming and our paddy production has gone up also quite ex...
FG Budgets N600m For National Theatre Despite Banks’ Takeover
Politics

FG Budgets N600m For National Theatre Despite Banks’ Takeover

A total of N600.39 million was budgeted for the National Arts Theatre in the 2020 Appropriation Bill despite the Central Bank of Nigeria (CBN) and the Bankers’ Committee obtaining Federal Government’s approval to take over the cultural landmark. New Telegraph ’s analysis of the 2020 Budget of the Federal Ministry of Information and Culture shows that the N600.39 million expenditure comprise total personnel cost of N356.55 million; total overhead of N144.04 million; total recurrent of N500.59 million and total capital of N99.80 million. A breakdown of some of the figures indicates that salaries and wages are expected to gulp N268.21 million; allowances and social contribution (N88.34 million); allowances (N54.81 million; travels and transport (N18.60 million): electricity charges ...
Don’t Panic; No Nigerian Bank Is Distressed – Godwin Emefiele
News

Don’t Panic; No Nigerian Bank Is Distressed – Godwin Emefiele

As CBN comes hard on telcos extorting banks, customers with USSD Amaechi Ogbonna, and Juliana Taiwo Obalonye, Washington DC Governor of the Central Bank of Nigeria ( CBN), Mr Godwin Emefiele, yesterday, allayed fears over speculated distress syndrome in Nigeria’s banking industry following seven banks failures to scale its recent stress tests.Emefiele who made the clarification at a briefing to roundoff the 2019 annual meetings of the International Monetary Fund and the World Bank in Washington DC, said the Nigerian banking industry still stands on a sound footing hence the widespread speculations about insolvency should be ignored by the banking community.The governor said “First, I will reiterate that the strategic health of the Nigerian banking industry remains very strong. The ...
IMF Faults Forex Restrictions On 43 Items As Hurting Investments
News

IMF Faults Forex Restrictions On 43 Items As Hurting Investments

The foreign exchange restrictions placed on 43 items by the Central Bank of Nigeria (CBN) on Tuesday drew criticism from the International Monetary Fund (IMF). The policy is holding back Foreign Direct Investments (FDIs) into the local economy, IMF’s Divisional Chief, Research Department, Oya Celasun, told a news conference on the World Economic Outlook at the World Bank/IMF Annual Meetings in Washington D.C. Besides, the IMF chief said Nigeria requires a tight monetary policy and the unification of its exchange rates to achieve the desired growth. His position contradicted that of CBN Governor Godwin Emefiele who had always insisted that the apex bank acted in the best interest of the local economy. He said the decision to restrict forex access and shut the official foreig...
Cashless Policy Will Only Affect 10% Of Nigerians
Uncategorized

Cashless Policy Will Only Affect 10% Of Nigerians

The Central Bank of Nigeria on Friday said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system. The CBN Governor, Mr Godwin Emefiele, said this while briefing journalists shortly after the Monetary Policy Committee meeting. He said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to 10 per of bank customers would be affected. The apex bank had in a circular to Deposit Money Banks stated that from Wednesday, September 18, it would impose three per cent processing fees on withdrawals and two per cent processing fees on lodgements of amounts above N500, 000 for individual accounts. For corporate accounts, the apex bank in the circular said t...
CBN To Ban Forex Access To Milk Importers
News

CBN To Ban Forex Access To Milk Importers

The Central Bank of Nigeria (CBN) has said it will soon implement forex restriction on milk importation, noting that the country can be self-sufficient in milk production. CBN Governor Godwin Emefiele stated this, yesterday, while briefing journalists at the end of the July 2019 edition of the Monetary Policy Committee (MPC) meeting held in Abuja. At the meeting, the CBN held all key parameters constant with the benchmark lending rate still at 13.5 percent. Mr. Emefiele said the backward integration from the milk importers in Nigeria has become inevitable and might not only impact local production of milk but also be a panacea to the recurring herders/farmers conflicts. This is even as the CBN has promised that anyone willing to ranch cattle in Nigeria and produce milk will be ...
Sanwo-olu Sponsored APC Chieftains To Nations Cup With N470m – PDP
Politics

Sanwo-olu Sponsored APC Chieftains To Nations Cup With N470m – PDP

The Peoples Democratic Party (PDP), Lagos State Chapter on Sunday alleged that Governor Babajide Sanwo- Olu withdrew the sum of N470m to sponsor chieftains of the All Progressives Congress (APC) to the ongoing African Cup of Nations in Egypt. The party in a statement signed by Gani Taofik, its Publicity Secretary also called on the Lagos State House of Assembly to probe the incident, adding that the trip by the governor is a clear case of misplaced priority. However, in a swift response, the governor in a statement by Gboyega Akosile, the Deputy Chief Press Secretary denied the allegation saying the trip was sponsored by the Federal Government which nominated as part of a five-man delegation to attend the event. “The federal government actually sponsored the trip. Governor San...
CBN Asks Banks To Return All Mutilated Notes Between June 3 & September
News

CBN Asks Banks To Return All Mutilated Notes Between June 3 & September

The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing. The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend. In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes. Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.” “CBN is working today because we have a competent h...
Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele
Uncategorized

Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has stated that oil discovery exposed Nigeria’s economy to vulnerability. According to the CBN boss, the increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors, and also exposed the economy to vulnerabilities that normally accompanied an increased dependence on a single commodity for survival. Emefiele who disclosed that oil discovery exposed Nigeria’s economy to vulnerability, further revealed in his economic blueprint for the economy for the next five years that if Nigeria had maintained its market dominance in the palm oil industry, which stood at 40 per cent in the 70s, the country would be earning above $20bn annually from the cultivation and processing of pa...
Emefiele Begins Second Tenure As CBN Governor
News

Emefiele Begins Second Tenure As CBN Governor

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Monday began his second tenure, following the confirmation of his re-appointment by the Senate on May 16. According to a statement by the Director Corporate Communications, Mr. Isaac Okoroafor, Emefiele was sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs. Alice Karau. Emefiele after taking the oath, expressed gratitude to God, President Muhammadu Buhari for nominating him and the Senate for confirming his appointment. He also thanked the management and staff as well as the media for all their support during his first term in office. Emefiele disclosed that he will unfold a new roadmap for the Bank and the economy, in the days ahead, after a series of consultations with ...
Emefiele: Nigeria Under Buhari Has Defeated Ethnic And Religious Bigotry – Group
Politics

Emefiele: Nigeria Under Buhari Has Defeated Ethnic And Religious Bigotry – Group

The Coalition for Good Governance and Change Initiative, a civil society organization, on Monday staged a ‘thank you’ rally in appreciation to President Muhammadu Buhari for reappointing Godwin Emefiele as the Central Bank of Nigeria, CBN, Governor for another term. The group led by Coalition for Good Governance and Change Initiative and the crowd in their thousands in an open letter addressed to the president, commended him for defeating what it tagged ‘ethnic and religious bigotry’ with Emefiele’s reappointment. Comrade Okpokwu Ogenyi, National Coordinator/Convener in the letter noted that security and the economy were too sensitive to consider ethnic or religious coloration and Mr. President has proven that these two sectors were very dear to his heart, hence, his reappointmen...
Senate Confirms Emefiele As CBN Governor, Reacts To CBN’s ‘Stolen N500 Billion’
Politics

Senate Confirms Emefiele As CBN Governor, Reacts To CBN’s ‘Stolen N500 Billion’

The Nigeria Senate has reacted to the allegations of stolen N500 billion at the Central Bank of Nigeria (CBN). The Senate Committee on Banking, Insurance and other Financial Institution dismissed the allegations on Wednesday at plenary. This was as Governor of the CBN, Godwin Emefiele appeared before the committee for screening and confirmation for second term. Igbere TV reports that Chairman of the Committee, Rafiu Ibrahim, said the allegations were targeted at bringing down the CBN governor. Our National Assembly correspondent reports that the committee, thereafter, approved a second term for Godwin Emefiele as Governor of the Central Bank. Igbere TV recalls President, Muhammadu Buhari had last week nominated Emefiele for a second term. During the screening, the com...
No Monies Missing Or Stolen In CBN – Central Bank Of Nigeria
News

No Monies Missing Or Stolen In CBN – Central Bank Of Nigeria

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials. Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation - the beginnings of which was omitted to create a different impression - was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet. As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC alloc...
Okowa Reacts To Reappointment Of Emefiele As CBN Governor By Buhari
Politics

Okowa Reacts To Reappointment Of Emefiele As CBN Governor By Buhari

Representative of Ifeanyi Okowa of Delta State on Thursday, praised Mr. Godwin Emefiele on his reappointment as the Governor of the Central Bank of Nigeria (CBN). The representative likewise congratulated with Funke Egbemode on her re-appointment as the President of the Nigeria Guild of Editors (NGE) at the organization’s thirteenth yearly gathering in Lagos. Okowa’s different celebratory messages were passed on in an announcement issued by his Chief Press Secretary, Mr. Charles Aniagwu in Asaba. The representative praised the initiative characteristics and insightful commitments of Emefiele to the monetary improvement of Nigeria since he was named in 2014. He depicted the CBN representative as a ‘renowned child of Delta’, whose wonderful commitments to the financial busine...
CBN: Emefiele Ruled Out For Second Term, Failed To Get Buhari’s Endorsement
Politics

CBN: Emefiele Ruled Out For Second Term, Failed To Get Buhari’s Endorsement

Investigation indicates that the current Governor of the Central Bank of Nigerian, CBN, Godwin Emefiele may be on his way out as inside sources has revealed that efforts by the CBN governor to hang on to power for a second term in office may not yield result. It would be recalled that Emefiele’s tenure at CBN ends next month June, while stakeholders and policy experts are divided on the possibility or otherwise of his re-appointment. Words reaching our news desk from sources within the Presidency said Emefiele’s case may be a closed one as work is at an advanced stage by the federal government to shop for his replacement.
Race For CBN Governor Heats Up
Uncategorized

Race For CBN Governor Heats Up

WITH the five-year tenure of the governor of the Central Bank of Nigeria, Godwin Emefiele, due to end in June, the jostle for his seat is already at a crescendo. Although no one seems to know the mind of President Muhammadu Buhari on the matter, there appears a consensus of opinion that the President is happy with Emefiele because CBN’s policies under him have stabilised the nation’s economy to a large extent. As it would be expected, lobbyists are all over the place bandying different names as Emefiele’s potential successor. The names being touted include those of a female banker and a governorship candidate in the just concluded elections. But the most prominent of the touted names is that of a serving governor who is believed to have won Buhari’s heart with his performan...
84-Year-Old Ambassador To US Asked To Retire By Nigerians, For Being Old For The Job
Politics

84-Year-Old Ambassador To US Asked To Retire By Nigerians, For Being Old For The Job

84-year-old Nigerian Ambassador to the U.S, Sylvanus Nsofor asked to resign by Nigerians, after seeing him fidgeting during a walk with the CBN governor, Godwin Emefiele at an event in Washington DC. Recall that the United States once rejected the former Justice, for not being a “dynamic and energetic person”. His nomination two years ago, as an Ambassador to the U.S also sparked controversy when President Buhari sent his name to the Nigerian Senate. The man who's claimed to be poor but a man of integrity, earned notoriety during his membership of the Appeal Court panel that decided the election tussle between Muhammadu Buhari, presidential candidate of the All Nigeria Peoples Party (ANPP), and Olusegun Obasanjo, candidate of the Peoples Democratic Party (PDP), who was declare...
Nigeria’s External Reserves Hit $44bn First Time In 2019
News

Nigeria’s External Reserves Hit $44bn First Time In 2019

For the first time in 2019, the external reserves of Africa’s largest economy, Nigeria, reached $44 billion on Monday, March 25, 2019. Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that the amount grew to the present level from $43.7 billion on Friday, March 22, 2019, representing 0.69 percent increase. Business Post reports further that the last time the foreign reserves stayed in the $44 billion region was on October 2, 2018. From October 3, 2018, the reserves started declining gradually to even $41 billion at some point in the year. The CBN Governor, Mr Godwin Emefiele, who leaves office in June 2019, has managed the nation’s reserves effectively. He has also regularly used part of the reserves to keep the local currency, ...
Kyari And Osinbanjo To Check How Much Outgoing Ministers Spent On Projects
Politics

Kyari And Osinbanjo To Check How Much Outgoing Ministers Spent On Projects

President Muhammadu Buhari has set up an audit committee, for the policies, programmes and projects under his administration. This was contained in a statement from the Office of the Secretary to the Government of the Federation, signed by Olusegun Adekunle. The committee will be headed by the Vice President, Yemi Osinbajo, while the Chief of Staff to the President, Abba Kyari, is one of its members. Buhari has tasked the committee with auditing and determining the status of implementation of the policies, programmes and projects, either inherited or commenced in his first tenure. The President also asked them to identify and highlight the challenges, that may affect the successful implementation of such policies, programmes and projects. The committee is also to prepare a comprehensi...
Aisha Ahmad, Ahmed Kuru May Replace Godwin Emefiele As CBN Governor
Uncategorized

Aisha Ahmad, Ahmed Kuru May Replace Godwin Emefiele As CBN Governor

Ahmed Kuru, the managing director of the Asset Management Company of Nigeria and Aisha Ahmed, deputy governor of Central Bank of Nigeria (CBN) are among top candidates penned down to replace Godwin Emefiele as CBN governor. According to a report by Reuters, sources at the apex bank said the current CBN governor, Godwin Emefiele may go on 3-month terminal leave before his tenure expires in June 2019. The Central Bank Of Nigeria (CBN) said Emefiele is still in the office performing his role as head of the monetary institution. The officials declined further comment, according to Reuters. Who is Ahmed Kuru? Ahmed Kuru is the head of Nigeria's state-backed "bad bank" AMCON who led the sale of some of the country’s nationalised banks such as Keystone bank, Afribank, Spring bank. ...
CBN Governor: Aishah Ahmad, 8 Others Struggle For Emefiele’s Job
Uncategorized

CBN Governor: Aishah Ahmad, 8 Others Struggle For Emefiele’s Job

As the clock ticks away for the tenure of the Central Bank Governor, Mr Godwin Emefiele, speculations are rife that a woman top banker, Mrs Aishah Ahmad, one of his deputies, and any among eight others may be his likely successor if he’s not re-appointed, although the position has a tradition of rotating between the north and the south. The other eminent Nigerians being thought fit for the job include Professor Soji Adelaja, Mohammed Dikwa, Bismarck Rewane, Umaru Abdul Mutallab , Obadiah Mailafia, Bello Maccido, Adesola Adeduntan and Herbert Wigwe. What makes the position of an apex bank governor tick is its direct implication on the economy as he is expected to advise the president on both fiscal and monetary policies from time to time. Aside this, the CBN Act, 2007, states that the...
CBN Gives Dangote N75b Forex Support – Emefiele
News

CBN Gives Dangote N75b Forex Support – Emefiele

The Central Bank of Nigeria (CBN) has given assurance to Dangote Group that it will support it access Foreign Exchange, Forex to build its proposed $14 billion refinery in the country. Mr. Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day. The tour of the facility held at its location within the Lekki Free Trade Zone in Lagos. The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality. “Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt. We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to fo...
UPDATED: CBN Revokes Skye Bank’s Licence, Polaris Bank Takes Over
News

UPDATED: CBN Revokes Skye Bank’s Licence, Polaris Bank Takes Over

The Central Bank of Nigeria (CBN) on Friday announced the takeover of Skye Bank. The apex bank also withdrew the operating licence of the bank. Godwin Emefiele, CBN governor, said in consultation with the Nigerian Deposit Insurance Corporation (NDIC), the CBN decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye bank. Mr Emefiele added that the strategy is for the Asset Management Company of Nigeria (AMCON) to capitalize the bridge bank and begin the process of sourcing investors to buy out AMCON. “By this decision, the licence of the defunct Skye Bank is hereby revoked,” he said, adding that “all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank.” The...
Singer, Paul Okoye Shares Lovely Playtime Photos With His Kids
Celebs

Singer, Paul Okoye Shares Lovely Playtime Photos With His Kids

Singer, Paul Okoye just shared some really cute photos of himself and his lovely children having a swell time in the swimming pool. Rudeboy as he is now known shared some playtime photos of himself beside the pool with his first son Andre and his adorable twin children, Nathan and Nadia on Instagram. In one of the photo, Paul Okoye shared he was carrying his twins, Nathan and Nadia while his son Andre sat beside him. More photos of Paul and his lovely kids below; Anita his wife took to Instagram to declare how thankful she was to God when she dedicated her twins in church few months ago. According to her, she had suffered 4 miscarriages in the past while trying for more kids. She wrote: Who would have thought after 4 miscarriages, I’d be dancing and singing and dedicating TWINS to God...
Naira Stabilises As CBN Boosts Forex Market With $514M
News

Naira Stabilises As CBN Boosts Forex Market With $514M

The Central Bank of Nigeria (CBN) has boosted foreign exchange (forex) market transactions for the week with $303.9 million, even as it earlier in the week sold $210 million to sustain liquidity. reports that this is the second week in succession that the apex bank has exceeded a $500 million intervention in the past five weeks. The development comes on the back of a disclosure by the CBN Governor, Godwin Emefiele, that the country is now sitting atop $38.2 billion reserves’ profile. Consequently, the naira has remained stable across all segments of the market due to the flow of forex liquidity, as the first two trading days of the week, recorded N359.91/$ and N359.83/$ pricing by investors. This subsisted at the popular Investors and Exporters’ (I&E) Window at N359.83/$ until th...
Only A Leader With Purpose Can Develop Nigeria – Andy Uba
News

Only A Leader With Purpose Can Develop Nigeria – Andy Uba

Senator Andy Uba has said that the social and economic development of Nigeria is dependent on exemplary and purposeful leadership. Sen. Uba a governorship aspirant of the All Progressives Congress (APC) in the upcoming November polls in the state, said that the problem of Nigeria was leadership without purpose. The Senator spoke during the 50th birthday celebration of Rt.Rev. Dr. Owen. C. Nwokolo at the Basilica of St. Andrew Odo-Akpu, Onitsha; Anambra state. Uba said that if Nigerian leaders could exemplify such purposeful leadership like the one shown by Rev. Nwokolo, Nigeria would have been a better place. He expressed optimism that that more people like him (the priest), the society will experience a lot more transformation and positive conscientization. The celebration ...
CBN Pledges To Sustain Dollar Injection In FX Market
News

CBN Pledges To Sustain Dollar Injection In FX Market

Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week. The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday. Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day. To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates so...
Banks Lose N2.19b To Fraudsters In 2016, Says CBN
News

Banks Lose N2.19b To Fraudsters In 2016, Says CBN

DEPOSIT Money Banks (DMBs) lost N2.19 billion to fraudsters last year, the Central Bank of Nigeria (CBN) said yesterday. According to the apex bank, 19,531 fraud cases were reported for banks last year as against 10,743 recorded in2015. CBN Governor Godwin Emefiele broke the news while unveiling the Nigeria Electronic Fraud Forum annual report in Abuja. The Nigeria Electronic Fraud Forum NEFF stakeholders workshop on cybercrime “Tackling Enforcement Challenges under the Cybercrime Act” as its theme. A breakdown of the actual amount lost showed that across the counter transactions of N511.07 million accounted for the highest losses. This was followed by Automated Teller Machine (ATM) transactions with N464.5 million, internet banking (N320.66 million), Point-of-Sale transacti...
23 Banks Got N28.7bn Inflows From Dubious MMM Transactions
News

23 Banks Got N28.7bn Inflows From Dubious MMM Transactions

No fewer than 23 Nigerian banks received inflows amounting to N28.7 billion executed in 460,000 transactions through the Mavrodi Mondial Moneybox (MMM) Ponzi scheme within six months, the 2016 annual report of the Nigeria Electronic Fraud Forum (NeFF) has revealed. The amount, which was moved between June and December 2016, is 61 per cent higher than the budget of the Federal Ministry of Education and almost six times over the budget of the Nigerian Defence Headquarters (DHQ) in the 2017 budget, the report erroneously stated. A quick fact-check by THISDAY of the 2017 budget, as passed by the National Assembly, showed that N139.3 billion was allocated to the Ministry of Defence for its capital spending programme for the year, while N330.54 billion was allocated for recurrent expenditu...
5 Banks Contribute N245.8bn To Cbn’s Real Sector Support Facility
News

5 Banks Contribute N245.8bn To Cbn’s Real Sector Support Facility

5 Banks Contribute N245.8bn To CBN’s Real Sector Support Facility In a move to towards increasing credit to priority sectors of the nation’s economy, Zenith Bank Plc, United Bank Plc and three other commercial banks invested N245.8 billion to Central Bank of Nigeria (CBN) Real Sector Support Facility (RSSF). The other three banks are Access Bank, Diamond Bank Plc and Stanbic IBTC Holdings Plc. The N300 billion RSSF introduced by CBN in January 2016 and was meant to unlock the potential of the real sector to engender output growth, value added productivity and job creation. Commercial banks were to contribute five per cent of total naira deposits and the Facility will be used to support large enterprises for startups and expansion financing needs of N500 million up to a maximum of N10 ...
Nigeria Among Top Global Investment Destinations For 2018
News

Nigeria Among Top Global Investment Destinations For 2018

Nigeria has been identified as one of the top five countries for growth acceleration for 2018. Other countries in the group include Kuwait, Oman, Kazakhstan and Tunisia. The Global Chief Economist at Renaissance Capital, Charles Robertson, who made this forecast in a report titled: “Africa 2017,” urged investors to take advantage of the opportunities in these countries. “These are some of the markets I think investors should be considering because of the growth acceleration story,” he explained. According to Robertson, Nigeria still has a very positive demography, pointing out that the country’s working age population has been growing at 15 per cent over the past five years. The global analysts observed: “Nigeria’s Ease of Doing Business is presently at 169th in the world. But ...
N15bn Cash: NIA Chiefs Disown Suspended DG
News

N15bn Cash: NIA Chiefs Disown Suspended DG

The Deputy Director General in charge of Administration at the National Intelligence Agency (NIA), who is now the acting Director General, Ambassador Arab Yadam and the Deputy Director General (Operations), Ambassador Emmanuel Okafor, have told the Yemi Osinbajo investigative panel that they were not privy to the about N15 billion cash that was kept at the Osborne Towers in Ikoyi, Lagos. The Director-General of NIA, Ambassador Ayodele Oke, was suspended over the discovery of $43.3 million, N23.3 million and £27,800 cash in a luxury apartment at Osborne Towers in Ikoyi, Lagos, which he claimed belongs to the agency. A source close to the Osinbajo investigative panel told New Telegraph yesterday that the two top intelligence chiefs confessed to the panel that Oke ran a one-man show at ...