CBN/Commercial Banking - Abia ThinkTank News

Jan

2024

President Tinubu Shakes Up Oil Industry, CBN To Take Over Crude Sales From NNPC

CBN/Commercial Banking, Economy, News Flash

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…

Jan

2024

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By Abia ThinkTank

SLS Speaks On CBN Relocating Departments To Lagos

CBN/Commercial Banking, Economy, News Flash

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…

Jan

2024

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By Abia ThinkTank

Gov Otti To Investors: Abia Open For Business ….. As Signature Bank Launches 2 Branches

Abia State, CBN/Commercial Banking, Economy, Good Governance, News Flash

January 24, 2023 Press Release: GOV OTTI TO INVESTORS: ABIA OPEN FOR BUSINESS … AS SIGNATURE BANK LAUNCHES TWO BRANCHES Abia State Governor, Dr. Alex Otti, OFR, says Abia is open for business and that his government would do all that is possible to support legitimate investors with a view to boosting the economy of the state, creating wealth and taking the people out of poverty. Governor Otti stated this on Wednesday at the official opening ceremony of two branches of Signature Bank Limited in Aba and Umuahia. He said the opening of two branches in one day by Signature…

Jan

2024

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By Abia ThinkTank

Student Loans Scheme: FG Gives Fresh Update

Abuja, CBN/Commercial Banking, News Flash

FG Gives Fresh Update On Student Loans The federal government, on Monday, January 22, assured that the soon-to-take-off Student Loan Scheme would be devoid of human intervention as every action would be taken on an application, specifically designed for the purpose. This assurance was given by the Executive Secretary and Chief Executive Officer of the Students Loan Board, Akintunde Sawyerr, who spoke, along with the chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, to journalists at the State House, Abuja, after a briefing meeting with President Bola Tinubu. He explained that the government was keen to ensure that…

Jan

2024

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By Abia ThinkTank

Forex Reserves Rise To $33.2 Billion Amid Optimism On Oil Earnings

CBN/Commercial Banking, Economy, News Flash

Forex Reserves Rise To $33.2 Billion Amid Optimism On Oil Earnings Nigeria’s foreign exchange (forex) reserves have risen to $33.25 billion amid optimism that the country may surpass its crude oil earnings’ projections. The nation’s forex reserves rose by $140 million to close weekend at $33.25 billion, sustaining a build-up that had raised expectations of a stronger outlook among analysts. The reserves, which had closed 2023 at $32.91 billion, closed penultimate week at $33.11 billion. Brent crude oil price inched higher by 1.6 per cent to $78.48/bbl at the weekend as escalating tensions in the Middle East and disruptions in…

Jan

2024

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By Abia ThinkTank

Moving CBN Staff To Lagos Will Disrupt Operations – Northern Elders

CBN/Commercial Banking, Economy, News Flash, Politics

Moving CBN Staff To Lagos Will Disrupt Operations – Northern elders The Northern Elders Forum has warned that the movement of key departments of the Central Bank of Nigeria from Abuja to Lagos State may lead to brain drain. The development, the elders said would cause a strain and disruption on the bank’s performance and efficiency. The apex bank, on Sunday, in an internal memo said it was moving some of its departments to Lagos. The move, according to an official of the CBN who spoke on condition of anonymity, is to decongest the apex bank’s head office. Reacting to…

Jan

2024

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By Abia ThinkTank

Tony Elumelu Reunites Old Standard Trust Bank Team

CBN/Commercial Banking, Gossips, News Flash

Tony Elumelu Speaks "I reunited some of my team from Standard Trust Bank (STB) days. Our first reunion" It was an amazing get-together: Some now work elsewhere; or have become entrepreneurs, something I love to see, and some, of course, work with Heirs Holdings or UBA Group. STB was born in 1997 and quickly redefined the face of banking in Nigeria. As CEO of STB, I wanted to challenge the status quo and democratise access to banking in Nigeria – and then Africa. What was a dream, quickly became a reality. The symbol we chose – the mustard seed –…

Jan

2024

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By Abia ThinkTank

CBN Moves Departments To Lagos

CBN/Commercial Banking, News Flash

CBN Decongests Head Office, Moves Departments To Lagos The Central Bank of Nigeria is set to transfer some of its departments to Lagos State. This was stated in an Internal memo made by CBN The move, according to an official of the CBN who spoke on condition of anonymity, is to decongest the apex bank’s head office. Although some staff members of the bank have reportedly resisted the transfer and claimed that it is motivated by tribal sentiment, the source said it is for their safety and increased productivity. “What is happening now at the CBN is likened to a…

Jan

2024

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By Abia ThinkTank

EFCC Storms Dangote Office Over Deals With Emefiele

CBN/Commercial Banking, Crime, News Flash

EFCC Storms Dangote Group’s Head Office Over Alleged Forex Allocations By Emefiele The Economic and Financial Crimes Commission (EFCC) on Thursday stormed the headquarters of the Dangote Group of companies in Lagos over alleged foreign exchange allocation fraud. The Commission is probing the foreign exchange allocations made to about 52 companies, including Dangote Plc, during the tenure of the former Governor of the Central Bank of Nigeria, Godwin Emefiele. Emefiele is standing trial for related matters and other sundry fraud following investigation by the administration of President Bola Tinubu. “The commission (EFCC) is investigating Dangote Plc and about 51 other…

Dec

2023

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By Abia ThinkTank

CBN Assures Nigerians Of Funds Safety In All Banks

CBN/Commercial Banking, Economy, News Flash

CBN Assures Nigerians Of Funds Safety In Banks The Central Bank of Nigeria has officially reassured the public about the security of funds held in Nigerian banks, underscoring the robust stability of the nation’s banking sector. This was made known in a statement issued by the acting, Director, Corporate Communications, Sidi-Ali Hakama via its X handle on Wednesday, December 27. The statement reads: “The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions. “For the avoidance of doubt, Nigerian banks remain safe and…