Tag: Godwin Emefiele

26Nov By dthataNo Comments

News

EndSARS: CACOVID To Rebuild 44 Police Stations, Donates ₦100 Billion For Arms – Godwin Emefiele

The Central Bank Governor, Godwin Emefiele, has said the Coalition Alliance Against COVID- 19 will rehabilitate all the police stations that were damaged in the country as a result of wanton destruction and lootings that followed the recent #EndSARS protests . Emefiele spoke during a press briefing in Lagos on Wednesday at the office of the CBN. He also disclosed that CACOVID had so far spent N43 .27bn on the acquisition of medical equipment and supplies, and food palliatives for the vulnerable, among others. The CBN governor said the alliance planned to spend N 150bn on youth empowerment. He said , “ CACOVID has committed to fully rehabilitate all 44 damaged and destroyed police stations nationwide in a bid to restore provision of security in affected locations . “ To further...

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16Nov By dthataNo Comments

Politics

Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014

The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014 Chairman of the House Committee on Public Accounts, Wole Oke, issued the summons based on audit queries issued by the Office of the Auditor General of the Federation for the period. The committee had penultimate week accused the NNPC GMD of refusing to respond to an audit query issued against the corporation over alleged illegal withdrawals from the Nigerian Liquefied Natural Gas Limited’s Dividends Account, totalling of $20.3bn. Kyari, who has yet to appear before the lawmaker...

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6Nov By dthataNo Comments

News

EndSARS: Rinu, Pamilerin, Gatefield’s Bank Accounts Frozen By CBN

The Central Bank of Nigeria obtained a federal court order to freeze 20 bank accounts linked to supporters of the #EndSARS campaign last month, court document obtained by Peoples Gazette showed. Governor Godwin Emefiele filed an ex-parte court application to freeze the account on October 20, which was promptly granted by Justice Ahmed Mohammed of the Abuja Division of the Federal High Court. Former attorney-general Michael Aondoakaa argued the case for the freezing of the accounts on behalf of CBN, documents showed. The bank accounts blocked included those run by Gatefield, a public interest think-tank, and Bassey Israel, a pharmacist. Gatefield has already filed a lawsuit challenging the freezing of its account. The banks that were ordered to freeze bank accounts of the #End...

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13Oct By dthataNo Comments

Politics

We Rejected Governors Emefiele’s Moves To Stop EndSARS Protests – Aisha Yesufu

An attempt by state governors and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to stop the #EndSARS protests met a brick wall on Monday as protesters insisted that they would continue. Activist, Aisha Yesufu, said this in a series of tweets while responding to reports that she and other protesters met with the business community. While admitting that she had a Zoom meeting with the business leaders, Yesufu said she told them that they should speak with the President instead. Yesufu said she was lured into the meeting, adding that she would not have attended it in the first place if she knew the agenda. The activist added, “A brother called me and said would I join a meeting on the #EndSARS issue? I just said yes expecting to enter a meeting with the protest...

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22Jun By dthataNo Comments

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 ...

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20May By dthataNo Comments

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, ...

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12May By dthataNo Comments

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...

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11May By dthataNo Comments

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...

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1May By dthataNo Comments

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...

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22Mar By BobbyNo Comments

News

N380 forex rate is currency adjustment not devaluation – Emefiele

The Governor of Central Bank of Nigeria, Godwin Emefiele has made a clarification on the decision to peg the exchange rate of the Naira at N380 to a dollar.   Emefiele stated that the recent jump in foreign exchange rate was currency adjustment and not devaluation of Naira.   Speaking at an extraordinary bankers committee meeting comprising banks’ chief executive officers and CBN directors in Lagos, the CBN Governor said;   The Central Bank of Nigeria has the responsibility to see to the adjustment in the currency; what you have seen is an adjustment in currency and we have been accused that we have a hand, we don’t have a hand, Emefiele said. We allow the I&E window, which is the dominant market to dictate the exchange rate in the market. At this t...

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12Jan By dthataNo Comments

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...

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21Dec By dthataNo Comments

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...

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6Nov By dthataNo Comments

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...

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5Nov By dthataNo Comments

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...

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29Oct By dthataNo Comments

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...

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21Oct By dthataNo Comments

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 ...

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16Oct By dthataNo Comments

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...

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25Jul By dthataNo Comments

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 ...

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17Jul By dthataNo Comments

Uncategorized

Toni Braxton Hugs Lai Mohammed And Emefiele

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15Jun By dthataNo Comments

News

CBN Disburses N30 Billion To Oil Palm Producers

The Central Bank of Nigeria (CBN) on Friday said it has disbursed the sum of N30 billion to oil palm producers across the country. The CBN says the initiative is aimed at ensuring massive production of the oil palms in the country. Governor of Central Bank, Godwin Emefiele, disclosed this at a meeting with stakeholders in the Oil Palm industry, in Abuja. Emefiele also disclosed that the CBN had commenced investigations into the accounts of suspected palm oil smugglers, vowing to sanction culprits. According to him, he was under a strict presidential directive that palm oil importation must stop and that his team at the CBN were determined to assist its producers to produce enough for local consumption and even export.

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9Jun By dthataNo Comments

News

No Country Can Survive With Republic Of Benin As Neighbour – Dangote

Africa’s richest man, Aliko Dangote, has berated the volume of smuggled goods coming into Nigeria through the Republic of Benin. Dangote spoke at a stakeholders’ session in Lagos between the private sector and the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele. He said smuggling activities from the Benin Republic route is killing manufacturing in Nigeria. His words: “Smuggling is killing Nigeria and most of these smuggled goods come from the Benin Republic. There is no country that can survive with Benin Republic as a neighbour.

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9Jun By dthataNo Comments

Uncategorized

Sanwo Olu, Dangote, Emefiele At CBN Consultative Round Table

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4Jun By dthataNo Comments

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 ...

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16May By dthataNo Comments

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...

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16May By dthataNo Comments

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...

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13May By dthataNo Comments

Politics

Emefiele Smiles As Buhari Congratulates Him On His Reappointment As CBN Governor

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), visited President Muhammadu Buhari on Monday. Last week, Buhari appointed Emefiele for another term of five years.

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10May By Czar Owolabi MarcusNo Comments

Scandals and Rumours

Whistle Blowers Give CBN Gov Emefiele 7 Days To Return Dollars Missing Under His Watch

The Governor of Central Bank of Nigeria, Godwin Emefiele has been asked to explain how over 2.5 billion USD allegedly missed under his watch between 2015 and 2019, and subsequently remit the funds to the Treasury Single Account (TSA) within seven working days. The Whistleblowers Network, under the chairmanship of Dr George Uboh, in a statement made available to journalists in Abuja, called on security agents to arrest Emefiele if he fails to remit the funds before the ultimatum expires. Uboh alleged that the CBN under the watch of Mr Emefiele conspired with NNPC to divert $24,263,008.56 USD in 2015, money he claimed was expected to be shared through FAAC in January 2016 to the three tiers of government. He also alleged that the apex bank boss in 2017 alone, under his watch under-d...

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7May By dthataNo Comments

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.

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27Apr By dthataNo Comments

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...

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15Apr By dthataNo Comments

News

“How Banks Make Free Money From Govt. Funds” – CBN Governor

The oppressive impact of the myriad charges on the transactions of every owner of a bank account in Nigeria was subject of discussion, in this column in recent weeks. Media reports have also suggested that these charges, may contribute trillions of Naira income for banks annually. Indeed, the income from retained stamp duty charges, alone, may have exceeded N6 trillion, if figures bandied by NIPOST and agents are ultimately verified. The substantial incomes from bank charges, invariably, supplement hundreds of billions of Naira income from the regular and extremely profitable business of granting loans to the CBN, States and Federal Governments and several businesses and account holders nationwide. The above title “How Banks make Free Money from Government Funds” (www.lesleba.com) ...

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14Apr By dthataNo Comments

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...

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5Apr By BjNo Comments

News

Reps Panel Summons Emefiele, Others Over N33Billion Missing Pension Fund.

The House of Representatives has summoned Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and others over missing N33 billion pensions fund. The Emmanuel Agbonayinma-led Ad-hoc Committee probing activities of the National Pension Commission (PenCom) and violation of PenCom Act also summoned Accountant General of the Federation (AGF), Ahmed Idris and Acting Director General PenCom, Aisha Dahir Umar over the issue. Agbonayinma said they are to appear before the committee next Tuesday to explain what happened to the fund between January and April 2017. The lawmaker, who met with stakeholders including some pension fund administrators (PFAs) during the Committee’s proceedings, wondered why the missing fund was not listed in the schedule of financial release to PenCom. P...

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13Mar By dthataNo Comments

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...

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5Mar By dthataNo Comments

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. ...

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4Mar By BobbyNo Comments

News

Godwin Emefiele, CBN Governor Asked to Leave Office

The Nigerian government has asked the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to proceed on leave ahead of expiration of his tenure. Emefiele was said to have received a letter to the effect on Monday. The financial expert has been Governor of the Central Bank of Nigeria since June 3, 2014. He was Chief Executive officer and Group Managing Director of Zenith Bank Plc and previously the Deputy Managing Director of Zenith Bank Plc. Emefiele served as Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning of Zenith Bank Plc and has been on the Management team since inception. Emefiele was one time a director at Zenith Bank Plc and Zenith Bank (Gambia) Limited. Before commencing his banking...

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3Oct By dthataNo Comments

News

Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!!

When Godwin Emefiele was appointed the substantive Central Bank Governor in June 2014 to replace Mrs. Sarah Alade, many people were not too enthused about it. For Goodluck Jonathan, Emefiele was a safe pair of hands who wasn’t likely to rock the boat like Sanusi Lamido Sanusi. Nobody needed to inform Emefiele that his brief as head of the Central Bank did not include policy statements that painted the government in bad light. Alhaji Sanusi had to be sacked because he was behaving like a politician, or so the government of the day wanted us to believe. Godwin Emefiele had lots of experience in the banking sector. He had reached the very top at Zenith Bank. So the position of Nigeria’s number 1 banker felt like putting a round peg in a similarly shaped hole. He fitted perfectly. There are...

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22Sep By dthataNo Comments

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...

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19Jan By raymonNo Comments

News

Nigeria MPC Unlikely To Hold Meeting Next Week

It’s unlikely that the Nigerian central bank’s Monetary Policy Committee will meet as scheduled next week to decide on interest rates because new committee members haven’t been approved, according to two people with knowledge of the matter.  The nation’s Senate has yet to approve the appointment of at least five new MPC members, which means the committee will probably not be able meet to discuss policy decisions, or make an announcement on interest rates on Jan. 23, the people said, asking not to be identified because the potential delay hasn’t been publicly announced.  “We are not considering the confirmation” of the MPC members, Rafiu Ibrahim, the head of the senate banking committee, said by phone from Abuja on Friday, without commenting on a possible delay. “The senate has an issue w...

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10Jan By raymonNo Comments

News

CBN Dissociates Emefiele From Twitter Handles

The Central Bank of Nigeria, CBN, has dissociated itself from several Twitter handles allegedly operated by its governor, Godwin Emefiele. A statement signed by Isaac Okorafor, acting director, corporate communications of the bank, said that the existing Twitter handles in the governor’s name are fake. Mr. Okoroafor said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to the existence of several Twitter handles purportedly owned by the governor, Godwin Emefiele. “We wish to inform members of the public, particularly members of the social media community that Mr Emefiele currently has no Twitter handle. “We wish to state categorically, therefore, that the Twitter handles bearing the name and photographs of Mr Emefiele are fake and targeted at misleading unsus...

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22Dec By raymonNo Comments

News

Ogun Launches Own Branded Rice, MITROS

Ogun State governor, Senator Ibikunle Amosun, yesterday launched the state’s own branded rice, MITROS, at the Farmers Market, Asero, Abeokuta, the Ogun State capital. Governor Amosun, who launched about 110,000 bags of MITROS Rice, made up of Ofada and parboiled rice, produced, processed and packaged by the state government, said the state remains the industrial capital of Nigeria, following its determination towards improving and revamping the agricultural sector. He further said his government was taking pro-active steps to provide infrastructural and agricultural demands for the influx of people relocating to the state from neighbouring states. The governor added that his administration would continue to partner with the federal government and the organised private sector to ac...

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18Dec By ZIHONo Comments

News

Nigerian Annual Inflation Slows For Tenth Month, To 15.90% – NBS

Annual inflation in Nigeria slowed for the tenth month in a row in November, easing to 15.90 percent, the National Bureau of Statistics (NBS) said on Monday in a report. A separate food price index showed inflation at 20.30 percent in November, compared with 20.31 percent in October. In October Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach high single-digit rates by the middle of 2018. The bank has kept its main rate at 14 percent for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency. However, the government wants to see interest rates come down to lower its borrowing cost and stimulate the economy. It repaid some treasury maturities last week. The West Afri...

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12Dec By ZIHONo Comments

News

Bankers Aid Money Laundering In Nigeria – Nuhu Ribadu

The First Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Nuhu Ribadu, has said several money laundering frauds happen in Nigeria with the active connivance of banks and their workers. Mr Ribadu who stated this in his keynote address at the Book Launch in Abuja on “Improving Anti-Money Laundering Compliance: Self-protecting Theory and Money Laundering Reporting Officers” noted that the banking system is prone to abuse by corrupt elements. The book is authored by Dr. Abdullahi Usman Bello of the Abdulbel Consulting. “Our banking system is prone to abuse by corrupt elements. As investigations reveal every now and then, almost no case of corruption occurs without the involvement of banks and bankers,” he said. Ribadu in his characteristic frankness po...

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11Dec By raymonNo Comments

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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...

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10Dec By ZIHONo Comments

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Governor Ambode Tells Central Bank To reduce Lending Rate On MSME Fund

Lagos State Governor, Mr. Akinwunmi Ambode, yesterday, said it was time for the government to review policies that inhibit growth, as well as come up with an efficient low-cost financial system that will work for all Nigerian. Ambode contended that for Nigeria to meet its growth ambitions and achieve full economic potential, concerted efforts must be made to create at least four million jobs annually, while jettisoning policies that stifle development. The governor challenged the CBN, the Nigeria Deposit Insurance Commission (NDIC), commercial banks and other players to decide the type of policy that would really impact on employment and bring more people into the formal financial system. Ambode, who spoke at the opening session of the 9th Annual Bankers’ Committee Retreat of the ...

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13Nov By ZIHONo Comments

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Nigeria’s External Reserves Will Hit $40bn In 2018 – Central Bank Chief

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has predicted that the nation’s external reserves will hit $40bn in 2018. Emefiele, who gave this forecast at the weekend in Lagos during the annual bankers’ dinner of the Chartered Institute of Bankers of Nigeria (CIBN), said the reserves would continue to grow as they “have recovered significantly from just over $23 billion in October 2016 to over $34.3 billion as of November 3, 2017.” In his address entitled, “Policy Options for Sustaining Nigeria’s Economic Upturn”, Emefiele updated the gathering on the economy, the apex bank’s efforts on the macroeconomic and financial policies, as well as outlook for the coming year. The CBN boss noted that the foreign reserves grew by over $10 billion over the last 12 months, f...

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30Oct By ZIHONo Comments

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Nigeria Is Ready For Business – CBN Chief Godwin Emefiele Tells Investors

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has urged investors to come over to Nigeria, declaring that the nation’s Return on Investment (ROI) in all sectors of the economy are among the best in the world. Addressing an elite gathering of capital and money market players, investment bankers, treasurers and other fund managers at the London Stock Exchange over the weekend, Emefiele’s message was summed up in one key sentence: “Nigeria is ready for business” At a forum organised by the London Stock Exchange, in collaboration with the Nigerian Stock Exchange, Emefiele, who drew intermittent applause from the gathering, told the story of how Nigeria emerged from what was its worst recession in decades, revealing the ongoing reforms and the huge opportunities availa...

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16Oct By ZIHONo Comments

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Nigeria Must Borrow More To Deliver Infrastructure – Kemi Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Sunday, said the nation must borrow more in the short term to deliver critical infrastructural projects such as roads, rail and power. According to her, Nigeria currently has one of the lowest debt-to-Gross Domestic Product figures in the world and the administration has no plan to go into massive borrowing that it cannot sustain. Adeosun spoke at a press conference marking the conclusion of the 2017 World Bank/International Monetary Fund Annual Meetings in Washington DC, United States. She said, “Nigeria’s debt-to-Gross Domestic Product ratio is one of the lowest actually. It is about 19 per cent. Most advanced countries have over 100 per cent. I am not saying we want to move to 100 per cent. But I’m saying we need to tolerate a litt...

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20Sep By Czar Owolabi MarcusNo Comments

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IPOB: Parable Of The Stubborn Fly

True to prophecy, the mere shadow of armoured tanks approaching River Niger bridge last week was enough to dismantle the rather imposing castle of conceit Nnamdi Kanu had erected across the south-east in recent times, like straws under a Category 5 hurricane. The little braggart who had romanticized rebellion so vigorously, who had threatened fire and brimstone so darkly, suddenly went into hiding when war arrived his doorstep. Today, how pathetic that lieutenants of the absconding coward who yesterday spoke the language of thunder, evoking the imagery of bloodshed and Armageddon, are suddenly defending that “IPOB is non-violent”. For clarity, keen followers of this column will attest yours sincerely has consistently been a vigorous advocate of a Nigeria that guarantees accommodation...

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7Sep By Czar Owolabi MarcusNo Comments

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Naira Closes At 365 To The Dollar Despite CBN Interventions

The naira closed at 365 per United States dollar at the parallel market on Wednesday, the same rate it closed on Tuesday. This was despite the Central Bank of Nigeria’s injection of $250m in the foreign exchange market on Tuesday. The naira had traded flat at 365/dollar on Monday, having closed at 365/dollar on Friday. The Federal Government had declared Friday and Monday public holidays. The CBN injected $250m into the various segments of the inter-bank foreign exchange market on Tuesday, in order to lift the naira against other major currencies. The central bank had also last week reportedly injected $297m into the Retail Secondary Market Intervention Sales segment, raising the total intervention for the week to the sum of $547m. Out of the $250m injected on Tuesday, figur...

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31May By Czar Owolabi MarcusNo Comments

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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...

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