CBN/Commercial Banking

Access Holdings Names Bolaji Agbede As Acting CEO Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe. Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria “Further to its announcement dated February 11,…

CBN Uncovers $2.4 Billion False Forex Claim Pressuring Naira – Cardoso The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, central bank governor Yemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the central bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7 billion backlog of unmet dollar demand…

Those celebrating Naira’s Fall On Twitter Are Clowns – Shettima Vice President Kashim Shettima has expressed his disappointment with Nigerians who find amusement in the depreciation of the Naira against the dollar, labeling them as ‘clowns.’ Shettima made this known while speaking at a function in Abuja on Wednesday, January 31. In the video which was shared by Symfoni, Shettima said, ‘”It is not only disheartening and disenchanting, but also heartbreaking that yesterday when the Naira culminated to N1,500 to the dollar, instead of us to coagulate into a single force and salvage our nation economy, sadly, some clowns are…

FG Floats Special Bank For Youths, Set To Reform NYSC The federal government has announced initiatives to transform the prospects and opportunities for Nigerian youth. The initiatives include a reform of the National Youth Service Corps, NYSC, to focus more on ensuring that when young people finish school, they are ready to obtain good jobs or start their own businesses. Additionally, the establishment of the NextGen Bank in April 2024 will assist young people with funding to start their own entrepreneurial projects. Other initiatives include implementing a mandatory 30% quota in government appointments to amplify youth voices in decision-making and…

Tinubu Shakes Up Oil Industry, Directs CBN To Take Over Crude Sales From NNPC President Bola Tinubu has announced a shake-up in the oil sector to ensure transparency amid concerns about declining oil revenue and opaque practices within the Nigerian National Petroleum Company Limited (NNPCL) The President has directed the Central Bank of Nigeria (CBN) to take over responsibility for crude oil sales from NNPCL. Previously, the NNPC solely controlled crude oil sales, only submitting accounts to the federal government. Critics have long argued that this arrangement lacked transparency, allowing the NNPC to underreport earnings. The new directive requires the…

SLS on the CBN and moves on relocating departments and functions There are a number of errors in the previous write ups on the CBN’s initial strategy on departmental locations. I did not demolish the old building. The credit for the design and the contract for the new Lagos building goes to Charles Soludo. But it is true that I did the formal foundation laying ceremony when JB brought the building to ground level, and I opened the building and used it before I left the CBN. There was no "blue print". Yakasai may have been informed by someone of…