TheNewsGuru

Tag: CBN

CBN

  • Don’t start doing things as if Nigeria is Lagos – Ndume warns Tinubu

    Don’t start doing things as if Nigeria is Lagos – Ndume warns Tinubu

    The Chairman, Senate Committee on the Army, Senator Ali Ndume, has warned President Bola Ahmed Tinubu that there will be consequences if he insists on relocating some departments of the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria (FAAN) headquarters to Lagos.

    He also noted that only those who don’t know Nigeria, and only know Lagos, will run Nigeria as if is Lagos.

    While speaking on Channels TV on Tuesday, January 23, Ndume maintained that the president was being misled by a cartel he termed “Lagos Boys”.

    Recall that the CBN in an internal memo had recently said it was moving some offices of the apex bank to Lagos due to congestion of some departments. Also, the government announced that it was relocating the headquarters of FAAN to ensure seamless operations and save costs.

    “Some of them think that they know better than everybody. But they don’t know anything. When you don’t know Nigeria, you only know Lagos, then you start doing things as if Nigeria is Lagos. Lagos is in Nigeria. That’s a wrong decision. We will not accept it. Besides, you know, they are not doing any favour to Mr. President, because this will have political consequence. Yes. I’m telling you this.

    And these guys who are just sitting down there, trying to hang on to Mr. President will not be there to amend the political mistakes or even to correct it because they don’t know anybody. They only know their offices. And they only know that they have brains,” he said.

    He emphasised that it was not the votes from Lagos only that brought Tinubu to office, advising him to jettison any plans to implement the relocation decision.

    “All these Lagos boys that are thinking that Lagos is Nigeria are just misinforming or advising the president wrongly. The regulators or the financial institutions are supposed to be in Abuja. Now, you want them to move because you say Lagos is the commercial capital. This is one of the mistakes. And I’m sure the president will reverse it, because it doesn’t work. You can’t have two capitals or is the CBN governor going to be operating from Lagos and headquarters of the CBN is in Lagos?

    Do you say that because majority of our oil is extracted from South-south, you take the Nigerian National Petroleum Company Limited (NNPC) to the South-south or because Nigeria’s agricultural produce are more in the north, you take the Ministry of Agriculture to anywhere in the north.

    It doesn’t work that way. And that is one of the problems that is cropping up, but I’m very sure, I’m very confident that Mr. president will look at this because he’s a nationalist, not just a Lagos man,” the federal lawmaker said.

    He insisted that Lagos does not represent the whole of Nigeria, explaining that there will not only be increase in cost of operations but “risk to the lives” of workers who will constantly be flying by air or on the road, if it eventually happens.

    “This is a decision that is not well thought out. And I think the president will reverse it. I’m confident that. And if that does not happen, of course, this is democracy and we know what to do. CBN has offices that they can rent or build on their own to increase efficiency, but moving some departments to Lagos is not the best of ideas at all or moving any agency at all” he added.

  • Relocation of CBN units, FAAN headquarters to Lagos unfair to the North – ACF protests

    Relocation of CBN units, FAAN headquarters to Lagos unfair to the North – ACF protests

    The pan-northern socio-political organisation, Arewa Consultative Forum (ACF), has condemned the relocation of key departments of the Central Bank of Nigeria and the Federal Airports Authority of Nigeria to Lagos by the President Bola Tinubu-led administration.

    According to the ACF, the relocations of the two agencies are a deliberate ploy to further underdevelop the northern region of the country.

    The CBN in an internal memo last week announced plans to transfer some of its departments to Lagos State, citing congestion at the headquarters in Abuja

    “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimize the operational environment of the bank.

    “This initiative aims to ensure compliance with building safety standards and enhance the efficient utilization of our office space,” the CBN memo said.

    Similarly, the Federal Government announced the relocation of the Federal Airports Authority of Nigeria’s headquarters from Abuja to Lagos.

    The relocation was officially announced by the Minister of Aviation and Aerospace Development, Festus Keyamo, in a memo dated January 15, 2024, and signed by the Managing Director of FAAN, Mrs Olubunmi Kuku.

    However, the ACF, through its National Publicity Secretary, Prof. Tukur Mohammed-Baba, in a statement in Kaduna on Sunday, kicked against planned relocations of the two federal agencies from Abuja to Lagos.

    The statement was titled: ‘Planned relocation of key CBN units and FAAN headquarters to Lagos deliberate ploy to further underdevelop northern Nigeria.’

    The ACF contended that the planned relocation of the agencies was in bad faith.

    Besides, the ACF spokesman said the northern elders also faulted the recent appointment in the Ministry of Aviation where “only eight of 40 directors recently appointed are from the North!”

    “The ACF calls on the Federal Government of Nigeria, and the National Assembly, to call on those agencies to retrace their steps and apply other honest means of addressing the alleged overcrowding in offices.

    “Against the situation in Lagos, there is plenty of land in the Federal Capital Territory for expansion of office and other infrastructural facilities and such factors should not be used to obfuscate sinister motives.

    “The ACF wishes to remind all concerned that decades ago, the seat of the capital of the Federal Republic was moved from Lagos to Abuja for reasons that remain valid, it is constitutional even more so today, constitutionally so, although, of course, a section of the country never liked the decision,” the ACF said.

  • CBN announces first MPC meeting under Cardoso

    CBN announces first MPC meeting under Cardoso

    The Central Bank of Nigeria (CBN) has scheduled the first Monetary Policy Committee (MPC) meeting, under the tenure of Mr Olayemi Cardoso as governor, for Feb. 26 and Feb. 27.

    According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, the apex bank , consequently, held a two-day strategic session for members of the MPC preparatory to the meeting.

    Sidi-Ali said that the session aimed to brainstorm and engage in an in-depth discussion about the committee’s objectives.

    She said that the critical focus areas during the retreat included deliberations on the strategic plan to effect necessary improvements in the monetary policy transmission mechanism.

    She said that the sessions were facilitated by former MPC members, monetary policy communication specialists from the IMF and directors of departments critical to the MPC process.

    “The valuable insights gained from these discussions will significantly contribute towards the robustness of the forthcoming MPC meetings,” she said.

    Recall that the last meeting of the MPC was held in July 2023, and was presided over by erstwhile acting governor,  Folashodun Shonubi.

    At the July 2023 meeting, the MPC raised the benchmark interest rate, known as the Monetary Policy Rate (MPR), by 25 basis points to 18.75 per cent from 18.50 per cent.

    Meanwhile, a calendar of meetings of the Monetary Policy Committee (MPC) for 2024 published on the CBN website indicates that the meetings have been scheduled for February, March, May, July, September and November.

  • EFCC again files 20 amended charges against ex-CBN gov, Emefiele

    EFCC again files 20 amended charges against ex-CBN gov, Emefiele

    The Economic and Financial Crimes Commission (EFCC) on Thursday filed an amended 20-count charge against the suspended governor of Central Bank of Nigeria (CBN), Godwin Emefiele in an FCT High Court.

    EFCC dragged Emefiele to court earlier on six counts bordering on alleged breach of procurement procedure in the award of the contract to April1616 Investment Limited.

    The anti-graft agency had in August 2023, charged Emefiele and Sa’adatu Yaro and a company, April 1616 Investment Limited with breach of the procurement Act in respect of the purchase of some vehicles.

    EFCC’s lawyer, Mr Rotimi Oyedepo, SAN, on Nov. 28 drew the attention of the court to an amended charge dated Nov. 8, 2023.

    In that charge Emefiele was the sole defendant and the charges reduced from 20 to six, to which Emefiele pleaded not guilty.

    Justice Hamza Muazu on Nov. 22, 2023, granted him bail in the sum of N300 million.

    Muazu in addition, ordered for two sureties in the like sum of the N300 million who must have property in Maitama district of Abuja.

    The sureties who must in addition present the title documents and certificates of occupancy (C of O) to the court for verification.

    The judge further added that Emefiele should submit to the registrar of the court his travelling documents and must be within Abuja within the period of his trial.

    However, when the case came up today, Oyedepo told the court that they filed another amended charges of 20 counts against Emefiele.

    He said they filed the defendant just yesterday.

    Responding, defendant ‘s counsel, Matthew Burkaa, SAN, told the court that he needs time to study the new charge sheet.

    Subsequently, Justice Muazu adjourned the case until Friday for rearriagnment.

  • CBN clears $2 billion in outstanding FX liabilities

    CBN clears $2 billion in outstanding FX liabilities

    The Central Bank of Nigeria (CBN) says it has paid approximately two billion dollars in its bid to clear the backlog of outstanding foreign exchange liabilities across various sectors.

    According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali in Abuja on Thursday, the benefiting sectors include manufacturing, aviation, and petroleum.

    Sidi-Ali said that the apex bank had also cleared up the entire liability of 14 banks and started settlements with foreign airlines, adding that it would continue settlement of verified fx backlog.

    She said that payment of the fx backlog for qualified transactions had commenced, adding that the CBN had commissioned an independent forensic review by a reputable firm.

    She, however, said that the forensic review revealed grave infractions, gross abuse, and significant non-compliance with market regulations by some of the stakeholders.

    “Appropriate sanctions will be enforced by the CBN in collaboration with relevant regulatory and law enforcement agencies.

    “Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently done in the last three months,” she said.

    She emphasised the resolve of the CBN to sanitise the financial services sector and foster trust among all market participants, including internal and external stakeholders in the Nigerian economy.

  • CIBN backs CBN on banking reforms

    CIBN backs CBN on banking reforms

    The Chartered Institute of Bankers of Nigeria (CIBN) has hailed the Central Bank of Nigeria (CBN) for the recent reform in some banks.

    Recall the apex bank on Jan. 10, dissolved the boards and management of Union, Polaris, Keystone and Titan Trust banks due to their non-compliance with the Banks and Other Financial Institutions Act, 2020.

    The CIBN in a statement by Mr Akin Morakinyo, the Chief Executive of the Institute, on Thursday, reassured the public of the safety and soundness of the banking system.

    Morakinyo encouraged the banking public to continue their transactions and activities without hesitation.

    “CIBN will like to reassure the general public that the Nigerian banks remain strong and resilient and that the CBN is committed to ensuring a stable financial system,” he said.

    Morakinyo said the institute would continue to support laudable initiatives of the CBN and other stakeholders for a virile economy.

    The CBN appointed new management team for the three banks it earlier dissolved.

  • CBN appoints new executives for Union, Keystone, Polaris banks

    CBN appoints new executives for Union, Keystone, Polaris banks

    The Central Bank of Nigeria (CBN) has appointed new executives for Union Bank, Keystone Bank and Polaris Bank.

    Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.

    This follows the dissolution of the board and management of Union Bank, Keystone Bank and Polaris Bank.

    The newly appointed executives are to oversee the affairs of the banks, according to Mrs Sidi-Ali.

    Yetunde Oni was appointed the Managing Director/Chief Executive Officer of Union Bank with Mannir Ubali Ringim as Executive Director.

    For Keystone Bank, Hassan Imam was appointed Managing Director/Chief Executive Officer with Chioma A. Mang as Executive Director.

    Lawal Mudathir Omokayode Akintola was appointed Managing Director/Chief Executive Officer of Polaris Bank

    with Chris Onyeka Ofikulu as Executive Director.

    “The appointments take immediate effect,” the statement by Sidi-Ali reads.

    Recall that the CBN had dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank.

    According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of Banks and Other Financial Institutions Act, 2020.

    She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

    She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.

    “The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust

    financial system in Nigeria.

    “Our banking system remains strong and resilient,” she said.

  • UPDATED: CBN sacks mgt of Union Bank, Keystone Bank, Polaris Bank

    UPDATED: CBN sacks mgt of Union Bank, Keystone Bank, Polaris Bank

    The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank.

    Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.

    According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of Banks and Other Financial Institutions Act, 2020.

    She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

    She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.

    “The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

    “Our banking system remains strong and resilient,” she said.

  • Court awards ex-CBN gov, Emefiele N100m in damages

    Court awards ex-CBN gov, Emefiele N100m in damages

    Justice Olukayode Adeniyi of an FCT High Court on Monday awarded N100 million in damages to suspended former governor of the Central Bank of Nigeria (CBN) against the federal government and Economic and Financial Crimes Commission (EFCC) for violations of his rights.

    The embattled Emefiele had dragged the Federal Government, Attorney-General of the Federation (AGF), EFCC to enforce his fundamental rights to life, personal liberty, fair hearing and freedom of movement.

    Emefiele sought a declaration of the court that his continued detention by the agency of the first and second respondents since June 10, 2023 and subsequent transfer to the custody of the third and fourth respondents on October 26, 2023 without being arraigned in court is unlawful.

    He said the respondents in deviance of several valid subsisting court orders for his release amounts to a grave violation of his fundamental rights to life, personal liberty, as guaranteed by the 1999 Constitution of Nigeria (as amended) and the African Charter on Human and Peoples’ Rights.

    He, therefore, among others sought an injunction restraining the respondents from further arresting and or further detaining him up on his release by the court without proffering a criminal charge against him.

    He also sought damages of N1 billion in his favour for the violation of his fundamental rights.

  • Court awards Emefiele N100m in damages

    Court awards Emefiele N100m in damages

    Justice Olukayode Adeniyi of an FCT High Court on Monday awarded N100 million in damages to suspended former governor of the central bank of Nigeria (CBN) against the federal government and Economic and financial Crimes Commission (EFCC) for violations of his rights.

    The embattled Emefiele had dragged the Federal Government, Attorney-General of the Federation (AGF), EFCC to enforce his fundamental rights to life, personal liberty, fair hearing and freedom of movement.

    Emefiele sought a declaration of the court that his continued detention by the agency of the first and second respondents since June 10, 2023 and subsequent transfer to the custody of the third and fourth respondents on October 26, 2023 without being arraigned in court is unlawful.

    He said the respondents in deviance of several valid subsisting court orders for his release amounts to a grave violation of his fundamental rights to life, personal liberty, as guaranteed by the 1999 Constitution of Nigeria (as amended) and the African Charter on Human and Peoples’ Rights.

    He, therefore, among others sought an injunction restraining the respondents from further arresting and or further detaining him up on his release by the court without proffering a criminal charge against him.

    He also sought damages of N1 billion in his favour for the violation of his fundamental rights.