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CBN Dismisses Rumours of Plans to Convert Forex in Customer’s Domiciliary Accounts into Naira

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Central Bank of Nigeria (CBN) has allayed fears over domiciliary account deposits as it dismissed rumours of plans to convert foreign exchange in customer’s domiciliary accounts into Naira.

CBN Dismisses Rumours of Plans to Convert Forex in Customer’s Domiciliary Accounts into Naira

Osita Nwanisobi, acting director, Corporate Communications, CBN, told journalists Monday, that the CBN never planned to tamper with the foreign exchange deposits in the accounts of customers, insisted that those making such allegations were criminal speculators whose intention was to create panic in the foreign exchange market.

According to him, at no time did the CBN ever suggest or imply that it would tinker with the foreign exchange deposits of customers.

He therefore urged operators of domiciliary accounts and other members of the banking public to go about their legitimate foreign exchange transactions and disregard fictitious stories aimed at pitching them against the Bank and triggering chaos in the system.

Nwanisobi also said that the apex  has put in place monitoring mechanism to guarantee the seamless sale of foreign exchange to customers who supported their requests with relevant documentation.

He said the CBN has also extracted the commitment of the banks, through their Chief Executive Officers, that customers with legitimate requests will not be turned back.

It will be recalled that Godwin Emefiele, governor of CBN at his post Monetary Policy meeting (MPC) briefing on Tuesday, July 27, 2021, disclosed that the CBN would stop the weekly sale of foreign exchange to Bueaux de Change (BDCs) and that deposit money banks would henceforth sell to customers to meet their foreign exchange needs.

Sequel to the instruction, bank chief executives met at the weekend and affirmed their readiness to meet the foreign exchange demands from genuine Foreign Exchange (FX) end-users as directed by the Central Bank of Nigeria.


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E-Financial

Benson Ogundeji Takes Helm as MD/CEO of Greenwich Merchant Bank

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Board of Directors of Greenwich Merchant Bank Limited has announced the appointment of Mr. Benson Ogundeji as its substantive Managing Director/Chief Executive Officer, following the receipt of the approval of the Central Bank of Nigeria (CBN).

The Chairman of the Board, Mr. Kayode Falowo, stated, “The Board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer”.

Ogundeji brings over three decades of extensive banking experience to this role. A seasoned financial services professional, he previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank. In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.

Before joining Greenwich, Ogundeji held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria Plc, GTBank Plc, and other notable banks, where he consistently displayed exceptional leadership skills.

Throughout his career, Ogundeji has demonstrated exceptional expertise in business development and operational excellence. His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans.

Having related closely with Ogundeji as an Executive Director and Acting Managing Director in the last four years, the Board is confident about his ability to lead the bank in delivering our strategic goals.


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SEC Flags Marino FX as Illegal Crypto Exchange

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The Securities and Exchange Commission (SEC) has issued a public notice disowning Marino FX Limited, a company claiming to be a SEC-licensed cryptocurrency exchange.

According to the regulatory body, Marino FX is neither registered nor authorized to operate in any capacity within Nigeria’s capital market, including the facilitation of cryptocurrency trading.

In a recent notice, the SEC clarified, “Any claim to the public by the company of its registration or license by the SEC is false and misleading.”

The Commission also urged the public to avoid engaging with Marino FX or its representatives. “Transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment,” the SEC emphasized.

The SEC reaffirmed its commitment to safeguarding investors and combating fraudulent activities in the Nigerian capital market. This recent clamp down on Marino FX demonstrates that the regulator continues to enhance measures aimed at protecting the integrity of the market and reducing exposure to scams.

Recently, a public hearing was held on the proposed Investments and Securities Bill (ISB) 2024 which proposes a penalty of N20million or 10-years imprisonment or both for Ponzi scheme operators.

Emomotimi Agama, the Director-General of SEC, while speaking at the event, said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi operator.

He said that SEC introduced an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes to ensure that illegal fund managers were not allowed to fleece unsuspecting Nigerians of their funds.

Agama added that the commission had observed areas which required review in the ISB 2007 to “strengthen existing provisions, remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market.”


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CBN Set to Retire 1,000 Staff, Earmarks N50Bn for Settlement

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Central Bank of Nigeria (CBN) is poised to retire approximately 1,000 employees before the end of the year, according to sources within the apex bank.

CBN Set to Retire 1,000 Staff, Earmarks N50Bn for Settlement

This move is part of a broader strategic realignment aimed at streamlining the CBN’s workforce.

Insiders revealed that the retirement package will cost the bank over N50 billion, with affected workers set to receive generous payouts.

The CBN’s Board of Governors, led by Olayemi Cardoso, has been driving this initiative to reduce the workforce and enhance operational efficiency.

According to Daily Trust, in recent months, the CBN has already disengaged several staff, including 17 directors who served under former Governor Godwin Emefiele.

A circular released by the bank three weeks ago announced the opening of applications for the Early Exit Package (EPP), which will close on December 7.

According to officials, the EPP is a voluntary programme offering eligible employees a financial incentive to exit the CBN early.

At least 860 staff members have already applied for the package, which includes financial incentives, financial planning, and entrepreneurial capacity-building programmes.

The CBN has emphasized that the EPP is a one-time offer, and staff cannot change their minds after applying. The bank has set a deadline of December 31, 2024, for the exit of affected employees.

Staff members who spoke to Daily Trust expressed mixed reactions to the EPP.

One staff revealed that they were offered a package worth between N92 million and N97 million for their four years of service.

Another staff expressed disappointment with the package, stating that it was inadequate considering their years of service.

 

 

 


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