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Reps Mull Board Chairman for CBN to Check Governor’s Powers in New Bill

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A bill to create the position of Chairman of the Board of the Central Bank of Nigeria (CBN), separate from the position of the governor, scaled second reading in the House of Representatives yesterday.

Reps Mull Board Chairman for CBN to Check Governor's Powers in New Bill

Francis Waive, sponsor of the bill, who spoke at plenary in Abuja, said there was need to amend Section 6 to separate both positions, so the governor could be checked and not have all the powers.

The bill also proposed that in the event of the need for currency swap or  naira redesign, as witnessed from late last year to early this year, the bank would be directed to call in its notes or coins, subject to a notice of not less than one year.

”This amendment reinforces the need for adequate time for the notice of change of naira notes before exercising the power to call in the old notes,” Waive said.

He said the proposed amendment to Section 6 of the Central Bank of Nigeria Act represented a significant step toward strengthening the governance structure of the CBN.

He said the amendment, which sought the differentiation between the Chairman of the Board and the Governor,  introduced a level of independence, oversight, and accountability that is essential for the effective functioning of the CBN.

The amendment to Section 6, he said, aligned with international best practices and demonstrated a commitment to transparent and prudent monetary policy management.

“The proposed amendment introduces a crucial change in the composition of the CBN’s Board of Directors as outlined in Section 6 of the Principal Act. The proposed amendment adds a new paragraph, Section 6(2)(a), which mandates that the Chairman of the Board shall be a Former Governor of the CBN, a former Chairman of the Bank, or a former Managing Director of a bank.

“This provision introduces an essential shift by requiring the Chairman to have a background outside of the current leadership of the CBN. Secondly the amendments also provide for the separation of the Chairman of the Board from that of the Governor. Importance of a Distinct Chairman,” he said.

Speaking on other areas of amendment, Waive said:  “Amendment to Section 7 (1): Day-to-Day Management and Accountability. The proposed amendment to Section 7 (1) of the Principal Act addresses the day-to-day management of the Central Bank of Nigeria, CBN.

”This amendment states that ‘Section 7 (1) the Governor or in his absence the most senior Deputy Governor shall be in charge of the day-to-day management of the Bank and shall be answerable to the Board for his acts and decisions.’

“This is opposed to the current provision which gives the Governor the power to choose which of the Deputy Governors to act in his absence.

”This amendment clarifies the chain of command within the CBN, ensuring that the governor or the most senior deputy governor takes on the role of managing the bank’s daily operations. This allocation of responsibility minimizes ambiguity and ensures efficient decision-making.

“The provision that the Governor or Deputy Governor is accountable to the Board for their actions strengthens oversight. It enhances the Board’s role in reviewing operational decisions and ensures that such decisions are aligned with the broader objectives of the CBN.

“Amendment to Section 8 (3): Determination of Salaries. The proposed amendment to Section 8 (3) of the Principal Act addresses the Governor and Deputy Governors of the CBN subject to the approval of the Revenue Mobilization and Fiscal Commission and not the Board of the Bank.

“Section 8 (3) The salaries or allowances including pension and other allowances payable to the Governor and to the Deputy Governors shall be as stipulated, from time to time, by the Revenue Mobilization Allocation and Fiscal Commission subject to approval of the President Strengthening Fiscal Accountability”

“Amendment to Section 16: Exchange Rate Mechanism. The proposed amendment to Section 16 of the Principal Act addresses the determination of the exchange rate of the Naira. The amendment states that; ‘The exchange rate of the Naira shall be determined, from time to time, by a suitable mechanism devised by the Bank for that purpose, provided that such rates shall at all times be uniform throughout the country both at the Bank, Commercial Banks or any such persons licensed to carry on the business of Bureau De Change.”

 


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E-Financial

Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

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Fidelity Bank Plc is basking in endless and stakeholders are happy.

Fidelity Bank "Basking in Approval" under Onyeali-Ikpe, CEO

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc

With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.

This a crucial evidence for investors that the bank is solution driven.

For instance, at the capital market, the bank was the toast of investors as  its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.

Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.

Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.

Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and  the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.

Despite the immense responsibility and intense pressure, especially during turbulent times,  Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.

Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as  reputation.

She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.

The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.

This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.

Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.

By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.

Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.

Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.

A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.

Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.

Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).

The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).

Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution  upward trajectory will be indelible.

She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.

 

 

 

 


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E-Financial

FCMB, BHM Champion New Revenue Models for Media Sustainability

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First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

FCMB, BHM Champion New Revenue Models for Media Sustainability

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.

The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.

Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.

Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.

Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”

Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”

The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.

The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.


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E-Financial

CRMI Backs CBN’s New Measures to Curb Fraud

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Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

CRMI Backs CBN’s New Measures to Curb Fraud

Kevin Ugwuoke, president and chairman of Council,  in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.

He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.

“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.

The institute, however, stressed that the success of the measures would depend largely on effective implementation.

It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.

CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.

The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.

The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.

Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.

The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.

In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.

 


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