E-Financial
The New CBN Governor by Sanusi
Whoever will be picked by President Goodluck Jonathan to take over at the Central Bank of Nigeria (CBN) must be able to develop the market, according to Sanusi Lamido Sanusi, governor of the apex bank .
Sanusi who is due to step down as CBN boss in June next year, said he would not seek reappointment at the expiration of his five-year tenure.
He spoke at the weekend during the Women in Successful Careers (WISCAR) fifth anniversary in Lagos and also urged President Jonathan to name his successor in March or April, 2014.
This, he said, would ensure “everybody knows who that person is, what the views are, and so people prepare accordingly.”
Sanusi said that “Central banking has changed. I think the market has developed. To be honest, if any Central Bank Governor misbehaves, the market punishes the economy immediately. So, the market is a major factor. Even as a governor, by the time your capital market crashes, and your currency goes down, you will know that it is either you restore stability, or you are out of the job. That’s important”.
“Now, tomorrow (yesterday), it will be six months to the end of my tenure. Probably a bit early to be talking about the next Central Bank governor, but I do hope that about two-three months before then, there should be some announcements; I suppose. Central bank governors don’t make comments on who they think the person should be. It is not my business to do that. It’s the President’s decision.” The CBN governor added.
He said although names of his likely successors were already in public view, new candidates might emerge before the announcement.
Analysts have tipped some of the CBN deputy governors among Sanusi’s likely successor. Deputy Governor, Operations, Tunde Lemo; Deputy Governor, Economic Policy, Sarah Alade; and Deputy Governor, Financial System Stability, Kingsley Moghalu have been mentioned.
Also linked with the job are: Managing Director, Asset Management Corporation of Nigeria (AMCON), Mustafa Chike-Obi; Managing Director, First Bank of Nigeria, Bisi Onasanya and Managing Director, Access Bank, Aigboje Aig-Imoukuede.
Sanusi said it would be good for his successor to be named on time. “If I have anything to say, I would want to encourage that we announce two to three months before the end of my tenure so that everybody knows who that person is and what his views are,” he said.
On the economy, Sanusi spoke of the need to invest in areas that promote growth, adding that progress is being made in the power sector reforms.
“If you want to invest in the economy, then you need to invest in areas that create growth. And there are a lot of things to look out for. First, where is the government budget and where are we spending money? Nigerians have to decide whether to invest short term or long term. We want to enjoy cheap petrol, but the money subsidising petrol is the money that could go into education. It could go into infrastructure. It could go into power. It’s a choice,” he said.
Sanusi said low interest rate alone cannot foster growth, unless it is accompanied by structural reforms. “And even if you have very low interest rate, that will not create growth and services without structural reforms. I always tell people, I am only the governor of the Central Bank; I am not the Minister of Agriculture or Minister of Education. I am not the Minister of Finance. I am not the Minister of Industry. We have to continue to improve services across the entire value-chain for growth to happen,” he said.
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
Abiodun Olokunjuwon, a retired civil servant based in Ibadan has instituted a N50 million lawsuit against Moniepoint Microfinance Bank at the Oyo State High Court, alleging that the fintech company opened unauthorized bank accounts in her name without her knowledge or consent.
Filed in February 2026, the suit is among the first significant cases testing the enforcement of the Nigeria Data Protection Act 2023 against a Nigerian fintech institution.
According to the statement of claim, the plaintiff became aware of the alleged unauthorized accounts only after her legitimate bank account was restricted pursuant to a garnishee order linked to a debt she denies incurring.
The restriction reportedly prevented her from accessing funds needed for essential transactions.
The claimant alleges that Moniepoint opened two separate accounts in her name using her National Identification Number (NIN) and Bank Verification Number (BVN) without proper authorization or verification.
Following the discovery, she submitted a Data Subject Access Request (DSAR) under the NDPA 2023. Documents allegedly provided by the bank, according to the suit, revealed significant verification lapses.
The plaintiff claims the accounts were opened using falsified documents, including what she describes as a fake NIN slip and contact information unrelated to her.
She further alleges that the accounts listed a Lagos residential address where she has never lived.
The suit contends that Moniepoint failed to implement adequate identity verification and address confirmation procedures before creating and operating the accounts. It further alleges breaches of statutory obligations under the NDPA 2023, including:
- Failure to ensure personal data processed was accurate and lawfully obtained
- Failure to implement appropriate technical and organizational security measures
- Failure to prevent unauthorized or fraudulent processing of personal data
The claimant maintains that these alleged lapses resulted in serious personal and financial harm.
The plaintiff is seeking N50 million in damages for emotional distress, health complications, and disruption to her financial life.
She is also asking the court to order the permanent closure of the allegedly unauthorized accounts.
No date has been fixed for hearing on the matter.
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