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TUC Accuses CBN of Selling Forex to Moribund Firms

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Trade Union Congress of Nigeria (TUC) has accused the Central Bank of Nigeria (CBN) of selling foreign exchange to moribund companies through what it called man-know-man connection only to resell genuine companies.

 

In a statement by Comrade Quadri Olaleye, president, and Comrade Musa-Lawal Ozigi, secretary general, in Abuja, the Congress challenged the apex bank to make public the list of companies applying for forex or face legal action.

 

The labour body asked the apex bank to exercise caution in the implementation of its policies, pointing out that stakeholders must be adequately considered while taking critical decision on the economy as such unilateral decisions are capable of crippling economic activities.

 

The statement reads: “the Trade Union Congress of Nigeria (TUC) challenges the Central Bank of Nigeria to make public the list of companies applying for forex if its report as published in the dailies on the subject matter is anything to go by. It is disheartening to read the apex bank say it is going to reduce its forex to companies at this time. The question is, why punish functional companies?

 

“As a stakeholder, we know there is a problem somewhere which the CBN cannot deny. There are many companies that have closed shop but have become dollar agents, using their man-know-man connection to access forex, only to re-sell.

 

“These fictitious companies have to be removed from the list so the active ones can manage the little forex that is available. The list has to be released by the CBN, else we may be left with no option than to go to court.

 

“If we import milk worth $1.2 billion yearly as claimed by the Ministry of Agriculture, what effort is the country making to reduce or probably end importation of dairies foods in the nearest future?

 

“That is exactly how the civilised countries got to where they are today, not by mere rhetorics.

 

“We wish our policy makers manage their private businesses same way they manage the nation’s economy! If we cannot plan to address our deficit in the shortest time possible then there is a problem.

 

“The decision to end importation is a welcome development but there has to be public engagement, else the newly signed African Continent Free Trade Agreement (AFCFTA) will seriously affect the economy.”

 

 

 

 

 

 


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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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