Wednesday, April 21

Tag: Godwin Emefiele

USSD War: Banks Unblock MTN, Reconnect Telco To Banking Channels
Business

USSD War: Banks Unblock MTN, Reconnect Telco To Banking Channels

After 48 hours of disconnecting MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, commercial banks on Sunday have reconnected MTN customers to banking channels. Our correspondent gathered that the development followed the intervention of the Minister of Communications and Digital Economy, Isa Pantami; and the Governor of the Central Bank of Nigeria, Godwin Emefiele. The PUNCH had reported that the banks blocked MTN customers on Friday, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrations. MTN, with about 77 million subscribers, making up about 45 per cent of the total telecommunication market share in Nigeria, is arguably the largest telecommunicati...
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...
Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN
Business

Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN

The Central Bank of Nigeria (CBN) said there was no time the bank banned the activities of Cryptocurrencies in the country. The Governor of the bank, Godwin Emefiele, disclosed this in Abuja at the 30th seminar for Finance Correspondents and Business Editors organised by the bank. Emefiele, who was represented by Adamu Lamtek, Deputy Governor, Corporates Services, said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities. "The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector."
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/$."
Arewa Consultative Forum writes CBN governor over the Financial exclusion of the North
News

Arewa Consultative Forum writes CBN governor over the Financial exclusion of the North

The Arewa Consultative Forum (ACF) has written to the governor of the Central Bank of Nigeria, Godwin Emefiele, stating that the Northern states are financially marginalized. In the letter signed by its National Chairman, Audu Ogbeh, the Forum said the north is “unserved and underserved” despite its status as the most populous region in the country. He observed that the Microfinance Banks that are looked upon to serve the majority of the people all over the country are not properly positioned to do this in the North. Part of the letter reads “The microfinance banks that are looked upon to serve the majority of the people all over the country are not properly positioned to do this. Only one government-owned microfinance which is fairly new in the business is being patronize...
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...
EndSARS: CACOVID To Rebuild 44 Police Stations, Donates ₦100 Billion For Arms – Godwin Emefiele
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...
Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014
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...
EndSARS: Rinu, Pamilerin, Gatefield’s Bank Accounts Frozen By CBN
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...
We Rejected Governors Emefiele’s Moves To Stop EndSARS Protests – Aisha Yesufu
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...
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...
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...
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...
N380 forex rate is currency adjustment not devaluation – Emefiele
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...
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...
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...
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 ...
CBN Disburses N30 Billion To Oil Palm Producers
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.
No Country Can Survive With Republic Of Benin As Neighbour – Dangote
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.
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...
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...
Reps Panel Summons Emefiele, Others Over N33Billion Missing Pension Fund.
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...
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. ...
Godwin Emefiele, CBN Governor Asked to Leave Office
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...
Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!!
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...
UPDATED: CBN Revokes Skye Bank’s Licence, Polaris Bank Takes Over
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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...
Nigeria MPC Unlikely To Hold Meeting Next Week
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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...
CBN Dissociates Emefiele From Twitter Handles
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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...
Ogun Launches Own Branded Rice, MITROS
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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...
Nigerian Annual Inflation Slows For Tenth Month, To 15.90% – NBS
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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...
Bankers Aid Money Laundering In Nigeria – Nuhu Ribadu
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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...
Naira Stabilises As CBN Boosts Forex Market With $514M
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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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