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More Groups Join Arewa Youth’s Call for CBN Governor’s Resignation

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Seven different groups have added their voices to that of the Arewa Youth Assembly, calling for the resignation of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), over his alleged inability to stabilise the country’s bleeding economy.

More Groups Join Arewa Youth’s Call for CBN Governor’s Resignation

Godwin Emefiele, governor of the Central Bank of Nigeria

Earlier, Mohammed Salihu, speaker of the Arewa Youth Assembly, said, his organisation has given Mr Emefiele three options to either resign voluntarily, get sacked by Presiden Muhammadu Buhari or youths will occupy the CBN premises in their numbers until he resigns.

“Based on the Arewa Youth Assembly earlier call on the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele to resign his position as the apex bank boss over his inability to stabilise the glaring nose-diving country’s economy, we have noticed the sponsored backlash and propaganda against our persons instead of the issues we have raised.

“The fact that the sponsored messengers of the propaganda couldn’t come up with an issue-based argument is a clear indication that Mr Emefiele has truly failed and they are only helping in further exposing his flaws because Nigerians are watching.

“Mr governor would have proved us wrong with facts and figures, and possibly, engage the services of those with related intellectual to defend his inability to stabilise our bleeding economy.

“We are surprised that, Mr governor would engage those with track records in dirty jobs because of their stomach infrastructure. Those that never promoted a genuine course that can prosper the country except sowing the seed of divisional tune in the country are the ones Mr governor is paying to insult us just for saying the obvious.

“While we maintain our three options available for Emefiele – to resign, to get sacked by President Muhammadu Buhari or to force us to occupy the CBN complex, it is important to remind Mr governor and his think-thank the personality of his defenders in this stance.

“We expect Mr Emefiele’s errand boys to come out in his convincing defence. They should tell us that it is not true that our legal tender, the naira has drastically lost its value against other foreign exchanges even in Africa where Nigeria is a big brother.

“They should tell us that it wasn’t true that ₦150bn NIRSAL loan money got missing under Mr Emefiele’s watchful eyes. They should tell us that CBN under Mr Emefiele has been very up to date with her audited report.

“They should tell us that the dishing out of BDC licenses has followed due process and are being issued to the right individuals. They should tell us that Mr Emefiele is not nursing a secret Presidential ambition that has stolen his attention and plunged the Nigerian economy into a quagmire.

“They should also come out to tell us that their action in defence of Mr Emefiele is not for the money they have collected from the CBN to do so. Failure to do all these puts them clearly on the plates as Mr Emefiele’s number one enemies who are hell-bent on ensuring that he gets sacked”, he said in a statement.

Relatively, in a statement made available by a coalition of 35 groups though signed by seven of them, Isah Abubakar hinged the current high poverty rate in the land on the failure of the country’s economy under Mr Emefiele’s watch as CBN governor.

The group who signed the press statement include The Nigeria Citizens Action Group, Unified Nigerian Youth Forum, Concern Northern forum, Igbo unity forum of Nigeria, Federation of Idoma Youths, Igbo Youth Assembly and Itsekiri National Youth Council.

“The Nigeria Citizens Action Group (NCAG), a coalition of 35 civil society organisations is constraint to lend its voice with that of numerous other concerned Nigerians that have been calling on Mr Godwin Emefiele, Nigeria’s CBN to resign with immediate effect to save the country from total collapse.

“This call became necessary following the extensive review of the tenure of Mr Godwin as the head of our apex bank which has come to the sad conclusion that he should humbly step aside and allow a more competent person to step in to save our country from total collapse.

“We understand that it will be difficult for him and his heirs to reason with us, but we wish to beg on them to put on their garment of patriotism and save our country”, Isah said.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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