E-Financial
CBN in Trouble for Recruiting PMB Relatives, Others
Central Bank of Nigeria (CBN) has come under attack by some civil society leaders and lawyers who accused managment of the apex bank of secretly recruiting dozens of family members of top government officials, including children of ministers and a nephew of President Muhammadu Buhari.
The activists, according to Premium Times have demanded the immediate withdrawal of employment offers secretly awarded by the bank over several months to hundreds of beneficiaries – amongst them family members of serving and past government officials.
According to news website, SaharaReporters, the CBN hired children and relatives of politically-exposed Nigerians without advertising the positions to allow other Nigerians apply, as required by law.
“What this thing has told us is that all animals are equal but some are more equal than others,” said Achike Chude, Deputy Chairman, Joint Action Front.
“And this is what we see in virtually every aspect of our national life.
“This tells us once more that there are two Nigerias: a Nigeria for the rich, the powerful, and the influential, and a Nigeria for those who do not have privileges, who do not have what it takes.”
Debo Adeniran, executive director of Coalition Against Corrupt Leaders, said, “It is a manifestation of the old order whereby people of privileged class are given undue advantage over others.”
“The Buhari administration must be seen to live up to its mantra of change and equal opportunity must be given to everybody.”
The CBN had responded to the scandal by saying it did nothing illegal in hiring without advertising the positions, claiming the bank sought to employ “specialists” and therefore got a waiver to recruit without advertising.
The beneficiaries of the recruitment, according to a list released by SaharaReporters, include a nephew of President Buhari, daughter of former Vice President Atiku Abubakar; son of the Minister of State for Petroleum Resources, Ibe Kachikwu; daughter of former Speaker of the House of Representatives, Ghali Na’aba.
Others include the daughter of Nigeria’s Police Inspector-General, Solomon Arase; son of the Minister of Internal Affairs, Abdulrahman Danbazzau, among others.
Isaac Okoroafor, CBN’s acting Director of Corporate Communications had told PREMIUM TIMES, that the bank got a waiver from the Federal Character Commission, allowing them to recruit with advertising.
“In the last two years, we have had cause to recruit specialists, and what the law says is that if we are going for that kind of recruitment we should apply for waiver, so that we can do targeted recruitment,” Mr. Okoroafor said.
But Monday Ubani, former chairman of the Nigerian Bar Association, Ikeja chapter, said those who were recruited without advertisements ought to be shown the door.
“The law says there must be a proper advertisement of vacancies for such positions and every Nigerian should be in a position to compete for such a very sensitive position. And it should reflect federal character,” said Mr. Ubani.
Mr. Ubani also said the manner of the recruitment showed a faulty process and “that something is hidden.”
”Why will you go and begin to head-hunt only big men’s children into the banking sector? That is discriminatory, that is contrary to the provisions of the Constitution. That is nepotism of the highest order.”
Olanrewaju Suraju, Chairman of Civil Society Network Against Corruption, called on the CBN to make public the provisions of the law that allowed the Federal Character Commission to grant it employment waiver.
“It is the beginning of accountability in the process, though the response from the CBN is still very ludicrous in terms of saying that they are catchment areas under federal character and that they deliberately refused to advertise,” Mr. Suraju said.
“It is a challenge to the current government to ensure that they probe the recruitment process and if it is found to have violated any of the extant laws, then they need to actually sack all those that are beneficiaries of the recruitment.
“Thereafter they should conduct a highly publicised recruitment process that gives access to every other person that is qualified.”
Last week, the Socio-Economic Rights and Accountability Project gave an ultimatum to the CBN to withdraw the letters of employment it issued to the beneficiaries of the “seriously flawed recruitment process”.
Adetokunbo Mumuni, Executive Director, SERAP, said the procedure for engaging people into public institutions is to make adequate notice and then allow eligible Nigerians to compete for positions.
“We are talking about equity, justice, and fairness to all Nigerians,” Mr. Mumuni, a lawyer, told PREMIUM TIMES.
“It doesn’t matter to me if the cousin of the president was eventually chosen, provided the process was fair and all other Nigerians were also allowed to compete on the same level.
“Why would it be that you want to recruit into a body as important as CBN and some Nigerians who are also equally qualified, even more qualified than those that were eventually selected will not know about it? That is short-changing an overwhelming population of Nigeria.”
Mr. Mumuni said the waiver granted the CBN by the Federal Character Commission was a violation of the Constitution.
“The Federal Character Commission cannot be superior to whatever the Constitution provides,” he said.
“The Constitution says you cannot conduct the business of the any institution of government in Nigeria in a matter that deprives some Nigerians the opportunity to participate.
“In any case, the Federal Character Commission itself is a creation of the Constitution and the Federal Character Commission cannot give a waiver that flouts express constitutional provisions. So that waiver is an illegal waiver.”
SERAP had given the CBN a 14-day ultimatum to put in place a system of recruitment based on non-discrimination and transparency or face legal action.
“We have evidence that we had written to them, we have evidence that the letter is with them, all that remains is that we wait for them to react. But we won’t wait for them forever,” said Mr. Mumuni.
“Like we said in our letter, if nothing happens positively as we expected, in the interest of overwhelming majority of Nigerians, we would go to court and test this matter there.
“So they would come and put it as part of their defence, that the Federal Character Commission gave them a waiver, then we’ll take it from there.”
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
Gigbanc, Nigerian fintech startup, has announced it is winding down operations, after three years, citing a tough fundraising climate.
Paul Omoregie Okundaye, and Babatope Oni, co-founders of Gigbanc
The company, which set out to build cross-border financial infrastructure for African freelancers, creators, entrepreneurs and businesses, confirmed the decision in a statement signed by its co-founders.
“After careful consideration, Gigbanc’s leadership has made the difficult decision to wind down operations,” the company said, adding that the move “reflects the broader funding environment affecting early stage startups in Africa, a challenge that has been widely documented across the ecosystem.”
Since its founding, Gigbanc grew a community of more than 150,000 people across multiple countries and processed over $7.28 million (N10 billion) in payment volume, helping thousands of users receive their first international payment.
The company also ran conferences, fellowships and community events aimed at connecting entrepreneurs and creators across the continent.
`Despite the shutdown, Gigbanc said it is not walking away emptyhanded.
The company disclosed that it is in active acquisition discussions with a prominent financial infrastructure firm, with further details to be shared once the process closes.
Paul Omoregie Okundaye, co-founder and CEO, and Babatope Oni, co-founder and CTO, framed the closure as the end of a chapter rather than the erasure of Gigbanc’s impact.
“While Gigbanc is winding down operations, we don’t see this as the end of what we built together. Instead, we see it as the completion of an important chapter,” the founders said. “The relationships, lessons, community, and impact we’ve created will continue to outlive the company itself.”
The founders thanked users for their trust throughout the company’s run, citing everything from transactions and feature requests to bug reports and criticism as forces that shaped the product
“We leave this journey incredibly proud. Proud of our team, who gave everything they had.
Proud of the community that rallied behind us,” they said.
Gigbanc’s exit adds to a growing list of African startups that have shut down or scaled back operations in recent years as venture funding on the continent has tightened, with founders increasingly citing capital scarcity as the primary driver behind closures and consolidations.
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