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Pressure on Sanusi to Quit as CBN Governor

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The office of the governor of the Central Bank of Nigeria (CBN) is embroiled in a web of claims and counter charges as the presidency has reportedly asked Mallam Sanusi Lamido Sanusi, the governor to resign over the leakage of his letter alleging non-remittance of $49.8 billion oil revenue to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

Sanusi on his part has reportedly insisted he will leave office on June 2 this year and not before that date

Nigeria CommunicationsWeek cannot independently confirm the presidential directive but some sections of the media reported that President Goodluck Jonathan accused Sanusi of leaking the confidential letter to former President Olusegun Obasanjo.

The leaked letter formed a major flank of Obasanjo’s recent open letter to the president entitled, “Before It Is Too Late.”

According to reports, President during a heated telephone conversation with the CBN governor accused him of disloyalty and asked Sanusi whose terminal leave begins in March, to tender his resignation before the close of business last Tuesday.

Sanusi, however, denied leaking the letter and was reported as saying it could have been leaked from the Presidential Villa where he directed it or at the Federal Ministry of Finance where copies were available.

 In addition, he reportedly told the president that since his job was a tenured one; he could only be removed by two-third of the Senate and not by the President.

Elsewhere, the apex bank  Thursday confirmed that Mallam Sanusi Lamido Sanusi , governor of the apex ban will leave office on June 2 this year.

Mr. Ugo Okoroafor, CBN’s spokesman, said Sanusi held a “family meeting” with staff of the bank and told them that he was no longer proceeding on “terminal leave” but will serve out his tenure in office as CBN governor till June 2.

He spoke to journalists at the end of a press briefing on the execution of the Payments System Vision 2020 (PSV2020) Strategy, in Abuja.

Reports indicated that the CBN governor had agreed to proceed on “terminal leave” in March following the fiasco generated by the report of the allegedly missing $49.8 billion that was supposed to have accrued to the federation account.

However, Okoroafor, has dismissed the report, saying the “terminal leave” if it was ever in the offing was no longer feasible as Sanusi has resolved to leave office in June 2.

Earlier, the apex bank said that it has introduced a new payment system called Real-Time Gross settlement (RTGS) system as part of efforts to implement Payment System Vision (PSV) 2020 strategy.

Tunde Lemo, outgoing CBN’s deputy governor (Operations), made this known while briefing journalists on yesterday in Abuja.

Lemo, who is expected to proceed on retirement on January 11, said that CBN put live operations to the new system on December 16, 2013.

He said the new RTGS was integrated with Scrip less Security Settlement System (SSSS) and would replace the old payment system in use since seven years ago.

“The SSSS, on the other hand, is a new initiative to issue, manage and settle government and other money market securities processed as electronic records in a Central Securities Depository (CSD) system.”

He explained that the RTGS was an inter-bank payment infrastructure that was facilitating the real time settlement of electronic funds transfers on gross and irrevocable basis.

Lemo said that RTGS was built on swift standards to allow for safer, easier and faster inter connectivity with other payment system infrastructure both locally and internationally.

“It serves as the nucleus of the national payment system, as all payments finally settle in central bank money through settlement accounts maintained for designated financial institutions.”

On SSSS, he said it would facilitate the electronic management of the entire life cycle of securities transactions.

He said the system would manage the primary and secondary market securities and facilitate efficient open market operations.


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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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