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Sanusi Explodes, Says President Jonathan Surrounded by Fraudsters

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Mallam Sanusi Lamido Sanusi , the sacked governor of the Central Bank of Nigeria (CBN), on  Sunday, described President Goodluck Jonathan, who removed him from office, as a simple man trying to do well, but  being undermined by incompetent and fraudulent aides.

Sanusi, it will be recalled, was suspended by President Jonathan on Thursday, last week, over alleged financial misconduct, a move seen by many analysts as politically motivated.

In an interview with AFP in Lagos, Sanusi said many of the people advising Jonathan were sycophants, who did not speak frankly or honestly about the extent of corruption in government.

“When you sit with President Jonathan himself, he appears a nice and simple person who is trying to do his best.

But only a few governments too would have tolerated the defiance Sanusi applied to his brief.

The CBN governor wrote the President accusing the Nigerian National Petroleum Corporation (NNPC) of not remitting $49.8 billion (about three times the nation’s annual budget) to the Federation Account.

He later blamed CBN’s Reserve Department for misleading him and told a Senate committee investigating the allegations that he had apologised privately to those his letter indicted, but there are indications that NNPC’s accounts are untidy.

Sanusi’s garrulousness was legendary. In 2010, he told the media at the World Bank meeting in Washington that all arrested bank managing directors would be jailed. He asked the media to quote him.

The cases were in court and it was improbable he knew the verdict.

Those who fear Sanusi’s sack could rock the economy do not consider the consequences of his utterances that were out of character with a holder of his office.

Suggestions that Sanusi was sacked for fighting corruption, however, taint whatever the Presidency intends to achieve, though records show Sanusi ran CBN like his fiefdom.

Sanusi learnt of his removal from office while in Niger, on Thursday and immediately returned to Lagos, where agents from the Directorate of State Services (DSS) seized his passport.

On Friday, he secured a temporary protective order from the Federal High Court in Lagos, barring Nigerian intelligence agents from the DSS or police from arresting him.

“I thought taking away my passport was the beginning of infringement on my fundamental human rights,” Sanusi told AFP, explaining why he had already sought court protection.

While no charges had been filed against him, Sanusi said he was prepared for whatever attacks may come.

“That we are here today means that I have taken the decision that I will face the consequences of whatever I do.

“If I am sacrificed in whatever way, my freedom or my life… if it does lead to better accountability it will be well worth it,” he 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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