Saturday, May 15

Tag: CBN Governor

Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele
Business

Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele

The Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele has revealed how boardroom guru and major shareholder with the First Bank Nigeria Limited, Dr. Obafoluke Otudeko spurned his calls and pleas not to interfere with the running of the bank by engineering the removal of its managing director/Chief Executive Officer, Dr. Adesola Adeduntan. According to the CBN Governor, Otudeko, a major shareholder controlling about 10 percent of First Bank, rebuffed his calls and also refused to pick the calls of 2 other major shareholders of the Bank, sought to intervene. “I spoke to Mr. Oba Otudeko, he refused to grant my request. I had to call two of his fellow major shareholders to call him to ask the board not to take such decisions without the approval of the CBN. He refused to pi...
First Bank Shake-Up: Hassan-Odukale Replaces Awosika As Chairman
Business

First Bank Shake-Up: Hassan-Odukale Replaces Awosika As Chairman

The Central Bank of Nigeria on Thursday, wielded its big stick on one of Nigeria’s oldest banks, First Bank of Nigeria Limited, and sacked all the board members of the bank including its Chairman, Board of Directors, Ibukun Awosika. Awosika was appointed First Bank Chairman in September 2015, making her one of the first women to hold the esteemed position. However, the apex bank on Thursday, announced the immediate appointment of Tunde Hassan-Odukale as Chairman of First Bank. Before his appointment, Hassan-Odukale was the Managing Director of Leadway Assurance Company. The re-organisation of First Bank by the regulator was not unconnected to the removal of Adesola Adeduntan as the Managing Director/Chief Executive Officer of the bank and the appointment of Gbenga Shobo as MD/...
Freeze Pantami’s Accounts – Rinu Oduala Urges CBN
Politics

Freeze Pantami’s Accounts – Rinu Oduala Urges CBN

An #EndSARS campaigner, Rinu Oduala, has urged the Central Bank of Nigeria to freeze the bank accounts of the Minister of Communications and Digital Economy, Isa Pantami, over his past controversial comments supporting the activities of terrorist groups including Taliban and Al-Qaeda. Pantami had since renounced his radical pro-terrorists comments, saying he now knows better but Nigerians have been unsparing and relentless in the call for the resignation or sacking of the minister. Oduala, who tweeted via @SavvyRinu on Thursday, urged the CBN Governor, Godwin Emefiele to freeze Pantami’s accounts just as the apex bank swiftly froze the accounts of at least 20 #EndSARS promoters last year over terrorism-related allegations. “Godwin Emefiele, when are you going to freeze the bank acco...
FG Didn’t Print ₦60 Billion – National Economic Council (NEC)
Politics

FG Didn’t Print ₦60 Billion – National Economic Council (NEC)

The National Economic Council (NEC) has dismissed allegations by the Federal Government printed N60 billion to shore up March allocation to States. Edo Governor Godwin Obaseki had accused the Federal Government of financial recklessness in printing extra cash to meet up with allocations faulting the current administration’s borrowing pattern. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had denied the allegation. However, during its virtual meeting on Thursday, NEC presided over by Vice President Yemi Osinbajo, having received presentations from Minister of Finance, the Central Bank (CBN) Governor Godwin Emefiele and Nigerian Governors’ Forum (NGF), said it was satisfied with that no money was printed for March allocation. The meeting was attended b...
Nine Suspected Attackers of ex-CBN Gov Soludo Arrested
News

Nine Suspected Attackers of ex-CBN Gov Soludo Arrested

Nine suspected attackers of former Central Bank of Nigeria (CBN) Governor, Prof Chukwuma Soludo  have been arrested in Anambra State. Recall that three of Soludo's police orderlies were killed while others were injured in the attack which occurred during a town hall meeting in Isuofia last month. Update of the arrest was given by Governor Willie Obiano at Prof Dora Akunyili Women’s Development Centre in Awka. Obiano who spoke at the public presentation, said; “7 years of delivering good governance in Anambra State written by about ten persons, including Dr Emeka Arinze. “What happened last month was unfortunate, but let me tell you, we have restrategised and we are coming out like a smoking gun. “We are not going to take prisoners. The nine people that attacked Prof Soludo...
FG Admits Revenues Crashing, Says Nigeria Faces Hard Times
Politics

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday admitted that Nigeria’s economy was facing a difficult time, saying states must improve their internally generated revenues. Ahmed, who stated this in an interview on a daily breakfast show on the Nigerian Television Authority, Good Morning Nigeria, stated that the money shared at the March Federation Account Allocation Committee was short of N50bn. The minister was speaking on a controversy generated by a claim by the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60bn in March to augment the money shared at March FAAC. But the minister and the CBN Governor last week dismissed Obaseki’s claim. In the interview on the NTA on Monday, the finance minister stated the cou...
Why Nigeria Can’t Stop Borrowing – CBN
News

Why Nigeria Can’t Stop Borrowing – CBN

The Central Bank of Nigeria (CBN) has said that Nigeria cannot stop burrowing, especially when it is necessary as it is part of fiscal responsibility. The CBN Governor, Mr. Godwin Emefiele, said this on Friday in Abuja at the National Dialogue on the Nigeria’s rising debt profile, titled: “The Rising Public Debt in Nigeria and the Challenges of National Development” organised by the ActionAid Nigeria (AAN). This is as AAN and stakeholders, expressed worry over unstable levels of borrowings and rising national debt profile under the President Muhammadu Buhari-led administration and rising poverty level. According to Emefiele, represented by the Assistant Director, Monetary Policy Department, CBN, Dr. Tawose Joseph, there is no crime in borrowing, but that there should be monito...
Anambra Commissioner Abducted During Attack on ex-CBN Gov, Charles Soludo, Regains his Freedom
News

Anambra Commissioner Abducted During Attack on ex-CBN Gov, Charles Soludo, Regains his Freedom

The Anambra state Commissioner of Public Utilities, Engr Emeka Ezenwanne, who was abducted during the attack on the former CBN governor, Charles Soludo , in Isuofia on March 31, has regained his freedom. A statement released by the spokesperson of the state police command, Tochukwu Ikenga, states that the commissioner returned home unhurt, in the early hours of today April 4th. Ikenga said five suspects have been arrested in connection with the incident and remains committed to apprehending the remaining gang members.
Missing $9.5m: Senate Gives Emefiele 72 Hours To Honour Invitation
Politics

Missing $9.5m: Senate Gives Emefiele 72 Hours To Honour Invitation

Senate Committee on Public Accounts on Monday gave Central Bank of Nigeria Governor Godwin Emefiele, 72 hours to appear it over the alleged disappearance of $9.5million interest that accrued from Petroleum Profit Tax (PPT) investment Chairman of the Committee, Senator Matthew Urhoghide, had complained that the principal sum deposited, tenor, and rate of interest on the transaction were shrouded in secrecy. Petroleum Profit tax (PPT) is a tax applicable to upstream operations in the oil industry. It is particularly related to rents, royalties, margins, and profit-sharing elements associated with oil mining, prospecting, and exploration leases. Urhoghide said there were many issues Emefiele needed to respond to corroborate some statements of account. He added that the apex ba...
Report Banks Hoarding FOREX, CBN Tells Nigerians
Business

Report Banks Hoarding FOREX, CBN Tells Nigerians

In view of the lingering foreign exchange scarcity in the country, the Central Bank of Nigeria has urged Nigerians not to panic, saying there is enough forex for business owners, travelers and parents with students abroad to meet their obligations. CBN Governor, Godwin Emefiele, stated this on Tuesday at the 278th MPC Press Briefing in Abuja. He also said at least $80m are disbursed to banks on a weekly basis to enable Nigerians meet their forex responsibilities. He, therefore, charged Nigerians to report any bank withholding forex to a special call centre of the apex bank. The PUNCH had reported that the lingering foreign exchange scarcity in Nigeria was taking a heavy toll on foreign tuition payment, as many parents and guardians groan over difficulty in paying their children...
CBN Governor, Godwin Emefiele Confirms Adjustment of Naira to N410/$1
News

CBN Governor, Godwin Emefiele Confirms Adjustment of Naira to N410/$1

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has confirmed that exchange rate of naira to dollar has been adjusted to N410/$1 at the official market. Addressing bankers at a summit on the economy in Lagos on Friday February 26, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. Emefiele also disclosed that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He expressed hope of increased exports helping to boost dollar supply. He said; “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$."
Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban
Politics

Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban

The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele to brief it on the recent ban on cryptocurrency in the country. The Senate also invited the Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, to meet with its joint committee on the issue. It explained that the information that would emanate from the briefings from the two regulatory bodies would assist the Senate to “determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.” This resolution of the upper chamber was sequel to its consideration of a motion titled: “CBN’s decision to stop Financial Institu...
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
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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
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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...

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