Tag Archives: CBN

edition 49

Emefiele Under the Gun

Emefiele Under the Gun

Much uncertainty grips the Central Bank of Nigeria as the Presidency probes alleged irregularities in the audited financial statement of the bank for the 2015 financial year, ­— even in the midst of the institution’s curious foreign exchange transactions The love of money, the good book says, is the root of all evil. And so has it been at the Central Bank of Nigeria, CBN, in the last couple of years. In 2014, for instance,

Kemi Adeosun

CBN, SEC, PTDF, NAFDAC, Others To Return N450bn

Top government agencies including the Central Bank of Nigeria, CBN, Petroleum Technology Development Fund, PTDF, National Agency for Food and Drug Administration and Control, NAFDAC, are to refund about N450 billion to the Federal Government. Others are the Nigerian Television Authority, NTA, and the Securities and Exchange Commission, SEC, among others. To this end the  Federal Ministry of Finance has constituted a committee to recover unremitted operating surpluses of agencies of government, running into N450billion.

Ernest Ebi

Fidelity Bank Gets New Board Leadership

Fidelity Bank Plc appoints three new non-executive directors, among them, a former deputy governor of the Central Bank of Nigeria A former Deputy Governor of the Central Bank of Nigeria, CBN, Ernest Ebi has emerged as a non-executive director and chairman designate of the board of directors, Fidelity Bank Plc. The appointment comes on the heels of the retirement of the erstwhile chairman of the bank, Christopher Ezeh who, after over 11 years of meritorious


CBN Grants Loan To SKYE Bank

The Central Bank of Nigeria, CBN, has provided a short term loan facility to Skye Bank Plc as a way to boost its liquidity. The move is aimed at assuring the bank’s depositors and creditors that the bank is safe. Isaac Okoroafor, the CBN acing director, corporate communications said the loan will ensure that the withdrawals the bank suffered “in the wake of the undue panic of last week(caused by a change in management in

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Tackling The Exchange Rate Palaver

By Adetutu Bashorun  It is interesting to observe that the CBN is grappling with thorny problems arising from its ambitious experiment leading to the inauguration of the Bureau de Change.  We recall how CBN operated like a herdsman, gathered the street forex peddlers under one umbrella and approved guidelines to operate as a currency expert infrastructure named ‘Bureau de Change’.  That is the birth of the BDC and the guidelines named and sealed it.  Interestingly,

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The Kids Are Not Growing

The character of any nation is the sum of its leadership quality. Leadership is not necessarily one person. But there must be an arrowhead whose virtues or vices, as the case may be, pull people of like minds to the core of its being. I was not surprised to see the names reeled out by the Economic and Financial Crimes Commission, EFCC as sharers of the booty from Goodluck Jonathan’s pot of gold from the

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Nigeria: Still Investors’ Haven

Despite the lull in economic activities due to lack of clear policy direction and the delisting of Nigerian bonds by JP Morgan, the Central Bank and financial experts insist that the economy remains attractive to foreign investors To many Nigerians, the nation’s economy is in dire straits owing to lack of clear economic policies and direction four months into the administration of President Muhammadu Buhari. The fact that the President is yet to appoint his

Thomas Etu, Chairman, Unity Bank

Unity Bank Repositions for Growth

The management of Unity Bank says it is set to reposition the financial institution to underpin Nigeria’s growth even as Henry Semenitari, its managing director, MD, resigned last week. This is after a successful recapitalisation and re-branding exercise that evolved the bank into a profitable and customer-focused financial services company. In compliance with the requirements of the Central Bank of Nigeria, CBN, the bank says it will appoint a new managing director from within to

Diamond Bank Declares Profit in Half-year Report

Diamond Bank plc, has posted an impressive performance scorecard. Assuring its stakeholders of its ability to sustain growth in all parameters, the financial institution increased its gross revenue from N96.8 billion in the half year of 2014 to N103.0 billion as at end of June 2015. Uzoma Dozie, group-managing director of the bank, attributes the bank’s continued success in spite of regulatory headwinds to its implementation of strategies that promote sustainable growth and profitability for


Senate Directs CBN to Recover Illegal N30 billion Import Waivers

The Senate has directed the Central Bank of Nigeria, CBN, to ensure urgent recovery of the N30 billion waivers illegally granted to some importers. Bukola Saraki, senate president, gave the directive on Wednesday while receiving Godwin Emefiele, CBN governor, and other members of the management team of the apex bank who came to brief the Senate on the state of the economy and measures the bank is adopting to ensure financial stability in the country.