Zumax Nigeria Limited, an oil services company, has sued the Central Bank of Nigeria (CBN) for N4.1 billion at the Federal High Court in Lagos.
It alleges gross negligence and complicity by CBN over a receivership.
In the case before Justice Akintoye Aluko, Zumax claimed that the CBN failed in its statutory duty to supervise banks and protect customers’ interests.
However, CBN has filed a preliminary objection challenging the court’s jurisdiction in hearing the matter.
Zumax maintained that it had paid over N547 million to a bank, proving it was never in debt to the bank, yet it was placed in receivership, and that the the CBN failed to intervene despite being petitioned.
The company claimed it was unable to operate for two decades due to the receivership based on what it described as an entirely fabricated debt.
The plaintiff is praying for a declaration that the CBN was negligent in its duty to regulate Nigerian banks.
It is also asking for special damages amounting to $41million including lost income and asset depreciation; general damages of N2 billion exemplary damages of N2 billion and legal costs amounting to N100 million.
The plaintiff, a player in the oil services industry, was regularly engaged by oil majors like Shell Explorations Limited and Chevron Limited, and from which jobs it earned regular substantial incomes in dollars.
At the hearing yesterday, Wole Olanipekun (SAN) told the court that the plaintiff had an application dated February 20, 2025, asking the court to hear the application.
He told the court that the plaintiff’s motion and the defendant’s preliminary objection could be consolidated and heard together.
He stated that the priority of which application should be heard first should not arise as the plaintiff has not said CBN’s preliminary objection can’t be heard.
But CBN’s counsel Adeleke Agboola (SAN) told the court that the defendant has a preliminary objection in the suit which commenced as a rit of summons challenging the jurisdiction of the court.
He argued that CBN filed its notice of preliminary objection within time and that the plaintiff has responded to it.
Agboola said: “This preliminary objection has priority over any other applications. The plaintiff’s application is not meritorious.”
In response, Olanipekun said: “My learned friend said the application we filed is not meritorious.
“It is the court that can make any pronouncement on that.
“The court has to determine whether the objection has to be heard first or the Plaintiff’s application dated February 20, 2025, has to be heard first.
“It’s no longer the law, in fact, it has never been the law that when there is a preliminary objection the court will say let’s take it first. We urge your lordship to take our application have not been contested by the defendant.”
Justice Aluko adjourned till April 22, 2025 for ruling on which application to hear first.
According to court documents, Zumax had and maintained in its name an account (with account no: 0101020000026) with the defunct IMB International Bank PLC which by/under several mergers and consolidations of banks ultimately fused into the much larger banking institution.
The plaintiff had obtained a facility from IMB International Bank’s successor, an overdraft facility of N50 million, which was later increased to N200 million in or during the first half of 1998.
However, the bank allegedly inflated the company’s debt and, by December 6, 2002, claimed it had risen to N465.6 million, which was vehemently disputed by Zumax.
“Rather than addressing the dispute, FCMB appointed receivers to take over Zumax’s operations.
“The receivership, which lasted from December 2002 until 2022, led to severe financial losses, including the collapse of Zumax’s business and the loss of contracts without multinational oil companies such as Chevron,” the plaintiff said.
The company claimed it was unable to operate for two decades due to the receivership, which was based on what it describes as an entirely fabricated debt.
Zumax further alleged that despite repeated petitions, the CBN failed to investigate FCMB’s actions or intervene to prevent the alleged financial mismanagement.
The company maintained that a 2007 CBN report confirmed that it had paid over N547 million proving it was never in debt to the bank.
“Additionally, the Court of Appeal ruled in December 2021 that the consent judgment upon which the receivership was based was fraudulent and should be set aside.”
The Central Bank of Nigeria (CBN) has rejected Governor Ademola Adeleke’s nomination of ex-Finance Commissioner, Wale Bolorunduro as a Director of Osun State-owned bank, Living Trust Mortgage Bank.
The Nation recalled that Adeleke had appointed Boluwaduro who served under the administration of Rauf Aregbesola as the Director and Chairman of Living Trust Mortgage Bank in 2024.
Meanwhile, CBN in a letter obtained by The Nation with reference number OFI/SG2/CON/PLI/018/171 dated March 21st 2025 titled “Re: Resolutions Reached At The Settlements Helf on August 28, 2024 In Relation to LivingTrust Mortgage Bank PLC” declined the nomination of Boluwaduro.
The letter which was signed by the Director, Other Financial Institutions Supervision Department, Oluwasola Ajewole of the apex monetary authority approved the nomination of ten others who were nominated as Managing, Executive, Non-Executive, Independent Non-Executive Directors.
The letter read partially “Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis as ascertained in the investigation carried out by the CBN Examiners as at May 31, 2024.
“The OSSG will be required to replace him with a neutral person to ensure stability on the board.
“However, you are required to forward the following additional documents in respect of the below appointees within three months from the date of this letter. Failure to do so would nullify the approval of the appointments of Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola.”
The letter directed that Olatunji should provide a letter of undertaking that he would make good the non-performing loan with Prudential Mortgage Bank while Ogungbile should make available an Executed Code of Conduct form for Directors of Other Financial Institutions.
“Also, note that Mrs. Olaitan who had served on the board between 2018 to date, has only four years remaining as an Executive Director, In line with Section 2.5 of the Revised Guidelines for Mortgage Banks, Likewise, Mr. Michael Omolaja who had served between 2016 to 2023, has only one year remaining as an Independent Non-Executive Director in line with Section 2.5 of the Revised Guidelines for Primary Mortgage Banks in Nigeria.”
Nigerian Deposit Money banks accessed more than N9 trillion to fund operations as the liquidity shortage bit last week. The financial system came under liquidity pressures in the absence of significant inflows and soaring outflows. The market had a sequence of outflows that brought the liquidity balance down, beginning with a massive open market operation (OMO bills auction) early in March and Treasury bills offers debits. As a result, money market rates have remained elevated while the banking deficit hit about N2 trillion on Friday due to the absence of significant inflows to ease the prolonged liquidity crunch.
Liquidity shortage has impacted market dynamics as cash-rich banks demand higher rates on free funds. Hence, the Nigerian interbank borrowing rate rose, albeit marginally, by 0.07 percentage points to close at 32.90%, reflecting the persistent thinning of system liquidity. At the beginning of the just-concluded week, there was a slight improvement in liquidity balance, but as the week progressed, a huge deficit in the financial system drove interbank rates higher.
According to information on FMDQ platform, the open repo rate peaked at 32.50% midweek before settling at 32.40%, while the overnight lending rate climbed steadily, closing at 32.90%.
Throughout last week, inflows into the money market were minimal compared to funding requirements. The market saw FGN coupon inflows of N254.8 billion, of which the Nigerian Treasury bills auction settlement drained. On Friday, the deficit in the banking system expanded by 7%, closing with a negative balance of N1.96 trillion, TrustBanc Financial Group said in its investors note. The investment firm said at the start of the week, the system recorded a lower deficit of N700.29 billion, supported by an inflow of N255.74 billion from CBN remittances.
However, liquidity conditions deteriorated as banks faced funding shortages due to the combined impact of FX sales settlements and NTB auction settlements of N503.92 billion. To meet short-term liquidity needs, Deposit Money Banks (DMBs) accessed N9.15 trillion through the CBN’s Standing Lending Facility (SLF) window, TrustBanc Financial Group Limited revealed. Consequently, the average system liquidity worsened to settle at a net short position of about N2 trillion ahead of inflows from the Federal Account Allocation Committee in the new week. Analysts expect rates to tighten on the expectation that inflows from FGN bond PMA debits totaling N300 billion will outweigh inflows from FGN bond coupon disbursements of N202 billion.
The naira and Nigeria’s foreign reserves saw significant gains last week, as the Central Bank of Nigeria (CBN)’s policy measures continued to positively influence the forex markets. In addition to maintaining exchange rate stability, the CBN has ramped up interventions, increasing FX supply to retail end-users, reducing market distortions, and ensuring effective foreign reserves management. These liquidity injections, along with improved compliance with FX regulations, have not only stabilised the naira in both official and parallel markets but have also sparked renewed interest from foreign investors in Nigeria’s economy, reports Assistant Business Editor, COLLINS NWEZE
The continued stability in Nigeria’s foreign exchange (forex) market has had a significant impact on both businesses and the broader economy. The Central Bank of Nigeria’s (CBN) timely interventions—through strategic policy measures and liquidity injections—have effectively curbed the naira’s depreciation, restoring stability to the forex market. As part of its commitment to maintaining exchange rate stability, the CBN recently injected $360 million through authorised dealers into the market. This move has helped to mitigate the risk of a sharper devaluation amid growing demand pressures.
The official FX rate stands at N1,530/$, while the naira trades at N1,580/$ on the parallel market. The Central Bank of Nigeria’s (CBN) robust interventions, including last week’s sale of $360 million to authorised dealers, continue to play a key role in stabilising the naira. Naira stability is further supported by inflows from Foreign Portfolio Investors (FPIs), significant contributions from International Oil Companies (IOCs), and the CBN’s previous $18.4 million interventions into the market. Additionally, there is renewed interest from FPIs in the FX market, driven by improved market confidence, a more efficient forex framework, and stronger macroeconomic conditions.
Analysts at Cordros Research reported that Nigeria’s gross FX reserves increased by $12.06 million week-on-week, reaching a total of $38.36 billion. This marks a reversal after nine consecutive weeks of decline. “Concerns about oil receipts underpinned by lower oil prices are likely to temper net FX inflows from Foreign Portfolio Investors, likely sustaining pressure on the naira. Nonetheless, CBN’s sustained market intervention and reduced market distortions are expected to prevent a sharp depreciation of the naira,” the report said.
Philip Sigwart, Group CEO of Baobab Group, stated that the Nigeria forex market has turned a corner, with the restored stability now creating a favorable environment for more companies to invest in the economy. He revealed that, due to the improved business confidence and stability in the forex market, his company plans not only to inject new capital into its operations but also to increase lending to businesses. Sigwart, speaking from Baobab Group’s headquarters in Paris during a media briefing in Lagos, emphasised that the volatility in the forex market, which previously made planning and investment challenging for businesses, has been effectively addressed. He noted that now is the right time to invest and expand Baobab Group’s operations in Nigeria, with plans to grow to at least 100 branches and target a N1 trillion balance sheet.
CBN’s views
CBN Governor, Olayemi Cardoso, explained that the Central Bank faced a significant backlog of over $7 billion in unfulfilled foreign exchange commitments, compounded by a fragmented FX regime with multiple exchange rates. This system created opportunities for arbitrage, which hindered much-needed foreign investment and contributed to the depletion of external reserves, which had fallen to $33.22 billion in December 2023.
To address these challenges, the CBN implemented critical reforms to unify Nigeria’s exchange rate, eliminating market distortions and restoring transparency. According to Cardoso, the FX unification has enabled the apex bank to clear the outstanding $7 billion in foreign exchange obligations, boosting business confidence across various sectors—from manufacturing to airlines—by providing the certainty needed for long-term planning and investment.
To further enhance the functionality of the foreign exchange market, the CBN introduced an electronic FX matching system, which has proven effective in other markets. Governor Cardoso explained, “The introduction of the electronic matching system will correct market distortions by enhancing the price discovery process. Additionally, it will significantly boost the Central Bank’s oversight and intervention capabilities, ensuring a more stable and transparent foreign exchange market.”
Cardoso emphasised that while the Central Bank will continue to lay the foundation for price stability and create a conducive policy environment, the role of banks in this process is crucial. He stressed that the collaboration between the CBN and financial institutions will be key to ensuring sustained stability and fostering growth in the foreign exchange market. “An FX market defined solely by when and how the Central Bank buys or sells dollars is inadequate for the needs of a dynamic economy like Nigeria’s. Now is the time for banks to step up to their intermediation and market-making responsibilities, providing customers with the right solutions to run their businesses and manage risks effectively,” he said.
Many stakeholders have praised the CBN’s reforms, which have not only stabilised the exchange rate but also attracted a new wave of investment into the economy. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), credited the ongoing stability of the naira against the dollar and other global currencies to the CBN’s policies. Gwadabe highlighted key policies such as the Foreign Exchange (FX) Code, increased investor confidence and foreign direct investment-supporting initiatives, all of which are effectively curbing the activities of FX speculators.
Gwadabe explained that the implementation of the FX Code is comprehensively addressing various aspects of market conduct and practices. For example, the policy authorises the CBN to establish and enforce directives that set the standards for financial institutions regarding how FX transactions should be conducted. He emphasised that the FX Code further promotes transparency and accountability in the market, helping to sustain the stability and rally of the naira over time. Gwadabe also expressed his support for the CBN’s position, stating that all institutions engaged in the foreign exchange market must submit a detailed implementation plan to the CBN, outlining how they will fully comply with the FX Code.
These plans are expected to be formally approved and signed by the institution’s board of directors. Additionally, the plans must be accompanied by relevant extracts from the board meeting where the plan was reviewed and endorsed, ensuring full transparency and accountability in the implementation process.
CEO, Countryside Markets Limited, Stevens Michael, said: “For me, the whole idea is just to ensure that there is a lot more sanity in the foreign exchange market because certain characters have really created a whole lot of problems over the years in the foreign exchange market. I think that is what the CBN is trying to do and the more we’re able to sanitise the markets, I think the more stability it will achieve in the foreign exchange market,” he said.
At the launch of the Nigeria Foreign Exchange Code (FX Code), Cardoso emphasised that integrity, fairness, transparency and efficiency are critical pillars for driving Nigeria’s economic growth and stability. He outlined that the FX Code is built on six core principles: ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes. Cardoso explained that these principles align with international standards while also addressing the unique challenges faced within Nigeria’s foreign exchange market.
According to Cardoso, “The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.”
Commercial banks are key stakeholders in the implementation of the FX Code. Analysts have therefore urged the CBN to establish robust compliance checks to ensure that banks—historically one of the weakest links in FX policy implementation—adhere to the new policy measures. While the CBN has secured the support and commitment of these banks, routine regulatory checks will be essential to sustain the positive market outcomes from the initiative.
The formal signing by participating banks symbolises a unified effort to promote transparency and trust. However, it is crucial for the apex bank to take steps that ensure the banks not only make commitments but also match their words with tangible actions.
Issued as a guideline for the foreign exchange market, the FX Code is backed by the authority of the CBN Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) of 2020. These legislative instruments grant the CBN the power to establish and enforce directives regarding the standards that financial institutions must follow in conducting foreign exchange business in Nigeria. The FX Code, therefore, serves as an official directive that all market participants are expected to adhere to in their operations. As part of the compliance requirements, market participants must conduct a self-assessment of their adherence to the FX Code and submit a report detailing their level of compliance to the CBN by January 31, 2025.
Following this, all institutions engaged in the foreign exchange market must provide the CBN with a detailed implementation plan outlining how they intend to achieve full compliance with the FX Code. This plan must be formally approved and signed by the institution’s board of directors and accompanied by relevant extracts from the board meeting where the plan was reviewed and endorsed. In addition to the FX Code, the apex bank also introduced the Electronic Foreign Exchange Matching System (EFEMS), a system that has proven effective in other economies in enhancing the functionality of the foreign exchange market. The introduction of EFEMS aims to streamline FX transactions, improve transparency and facilitate better price discovery, contributing to a more efficient and stable market.
The EFEMS was introduced to address forex market distortions, eliminate speculative activities, and instill transparency. Commonplace in both developed and developing markets, the EFEMS provides real-time information on currency rates, trading volumes, and market activity, thereby promoting a more efficient and transparent market environment. In line with this initiative, the CBN recently issued a directive requiring all banks operating in the interbank FX market to adopt the Bloomberg BMatch system for trading. The platform, which became operational on December 2, 2024, is designed to enhance transparency and operational efficiency, further supporting the stabilization and development of Nigeria’s FX market.
The CBN also issued comprehensive guidelines for the operations of the interbank foreign exchange (FX) trading system via EFEMS, setting the minimum tradable amount at $100,000, with incremental clip sizes of $50,000. This structure aims to promote transparency and efficiency in the FX market. According to the CBN, the EFEMS initiative is designed to ensure “transparent, fair and efficient FX trading, minimise counterparty risks, and enforce compliance with CBN regulations,” thereby enhancing the stability and integrity of Nigeria’s foreign exchange market.
Between December 2, when the new electronic trading platform commenced, and December 10, 2024, the naira gained N147.69 against the dollar in the official market. The naira also appreciated substantially at the parallel market during this period, reflecting the positive impact of the new trading platform on the FX market.
CBN’s policies support remittances inflows
As part of its efforts to boost diaspora remittances and support naira stability, the CBN recently introduced two new financial products aimed at serving Nigerians living abroad. The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account were created to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora. These products are designed to facilitate easier financial transactions, promote savings, and strengthen economic ties between Nigeria and its global diaspora community. It said, “The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.”
The initiative is also expected to provide a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. Since the beginning of this year, eligible Non-Resident Nigerians (NRNs) have continued to have the opportunity to open any of the Non-Resident Nigerian accounts. The Non-Resident Nigerian Ordinary Account is specifically designed to facilitate remittances by enabling non-resident Nigerians to send foreign earnings into Nigeria and manage funds in either foreign currency or naira. This account supports deposits from various sources, such as salaries, allowances, and dividends, while also allowing spending on family maintenance, education and healthcare, thus promoting financial inclusion and supporting the needs of NRNs.
On the other hand, the Non-Resident Nigerian Investment Account offers NRNs an opportunity to invest in Nigeria’s financial markets, including foreign currency-denominated bonds, fixed deposits, and local assets such as equities, government securities, and mortgage products. The CBN explained that both accounts provide currency flexibility, allowing holders to maintain balances in either foreign currency or naira. Account holders will also have the ability to convert funds between the two currencies at prevailing exchange rates through authorized dealers, further enhancing the accessibility and functionality of these accounts for Nigerians abroad.
The Non-Resident Nigerian Investment Account was designed to promote investments in Nigeria’s financial instruments, such as the Diaspora Bond, and encourage active participation in the country’s economic development. The CBN stated that the introduction of these accounts will help harness the economic potential of Nigerians in the diaspora by boosting remittances and fostering investments in critical sectors, thereby supporting national growth and stability. Through these accounts, the CBN aims to deepen financial inclusion and strengthen the ties between Nigeria and its global diaspora community.
These measures, along with granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs, are designed to further enhance the efficiency and transparency of Nigeria’s remittance inflows. Diaspora remittances are a vital source of foreign exchange for Nigeria, complementing both foreign direct investment and portfolio investments.
The CBN’s initiatives have driven continued growth in these inflows, aligning with its goal of doubling formal remittance receipts within a year. As a result, remittances in the economy are expected to increase, fuelled by the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability—critical factors for sustained economic growth.
In a report titled “Diaspora Remittances: The Power Behind Africa’s Sustainable Growth,” Mohamed Touhami el Ouazzani, Regional Vice President of Africa at Western Union, emphasised that while remittances can be measured by the movement of money, their true impact is seen in the lives they change. He highlighted that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product (GDP) of entire nations. This underscores the crucial role of remittances in driving economic development and improving the livelihoods of millions across the continent.
He added that remittances symbolise deep ties that keep communities connected across borders. “Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability.
“Beyond their immediate impact, remittances are powerful drivers of economic change. They fuel infrastructure development, spur entrepreneurship, and promote financial inclusion – all essential for long-term economic development. Ghana’s National Financial Inclusion and Development Strategy (NFIDS) is simplifying access to remittances, while countries like Kenya, Ethiopia and Nigeria are tapping into diaspora bonds to fund infrastructure and other national projects,” he added.
For remittances to be truly transformational, it begins with understanding and meeting people’s aspirations. Ensuring that individuals who strive for more can send and receive funds, regardless of their financial status, is crucial. It’s essential to cater to diverse needs, providing accessible, reliable, and affordable financial services to empower people and help them achieve their goals. By doing so, remittances can play a key role in fostering economic inclusion and supporting sustainable development across communities.
“In a continent renowned for its entrepreneurial spirit, offering multiple channels for remittance access is key. Whether through bank accounts, digital wallets, mobile money apps, or cash pickups, this flexibility ensures that funds are delivered in ways that best suit local realities. Providing innovative and inclusive solutions empowers individuals to not only manage their immediate needs but also to invest in long-term growth opportunities,” he added.
According to him, every remittance is a seed of change – a deliberate investment in a future where borders blur. Each transfer represents more than just money; it is a step toward greater global connectivity and a catalyst for positive transformation in the lives of individuals, families, and entire communities. By fostering these connections, remittances help bridge gaps and create opportunities, contributing to long-term growth and prosperity.
“The future of remittances in Africa transcends mere financial support. By strategically directing funds into sectors that need them most, Africa’s diaspora is not just sending money home; they are building resilient economies and challenging traditional models of progress.
“This power demands that we unite with purpose, reimagine prosperity and empower future generations. The question then becomes whether we are prepared to unlock the continent’s true potential and reshape the global narrative of success,” he stated.
Understanding diaspora remittances
Globally, Nigeria is among the leading countries that attract funds from migrant workers, alongside other nations such as Pakistan, Canada, the USA, Australia, and Vietnam. Nigeria stands out as one of the countries with a large number of migrant workers worldwide, who send remittances back home. These funds, estimated at $23 billion annually, serve as a reliable source of foreign exchange for the domestic economy. Diaspora remittances play a crucial role in supporting the country’s foreign currency reserves, contributing to economic stability, and improving the livelihoods of millions of Nigerians.
Such remittances remain a cheap source of funding because they do not need to be repaid with interest. Instead, they go directly into improving lives by contributing to the construction of houses, payment of school fees, healthcare, and other essentials, all of which add significant value to the economy. Diaspora remittances represent household income from foreign economies, arising mainly from the temporary or permanent movement of people to those economies. These remittances can be both cash and non-cash items that flow through formal channels, such as electronic wire transfers, or informal channels, like money or goods carried across borders. They play an essential role in supporting the livelihoods of families, boosting local economies, and providing a reliable stream of foreign exchange for the receiving country.
Meanwhile, recent data from the International Monetary Fund (IMF) under its Currency Composition of Official Foreign Exchange Reserves (COFER) points to the rise of nontraditional reserve currencies, including the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singaporean dollar, and Nordic currencies. Stakeholders have agreed that the measures instituted by the CBN under Governor Cardoso have not only lifted the forex market and entrenched long-lasting stability but have also laid the foundation for sustainable economic growth. These reforms are seen as crucial steps in strengthening Nigeria’s economic resilience and ensuring a more balanced and diverse foreign exchange environment.
• FCT: No going back on revocation of 4,794 properties
Titles of landed properties belonging to the Peoples Democratic Party (PDP), Central Bank of Nigeria (CBN) and the Independent National Electoral Commission (INEC) were among 4, 794 revoked by the Federal Capital Territory (FCT) Minister Nyesom Wike, it was learnt yesterday.
The titles were revoked over non-payment of ground rent, in some cases, for over 40 years.
Those of the Nigerian National Petroleum Company Limited (NNPC), CONOIL Plc, Borno State Government, Nigerian Television Authority (NTA), Niger Delta Development Commission (NDDC), National Universities Commission (NUC), M.R.S Investment Company Limited (owners of MRS Petrol Stations) and Kaduna State Government were also revoked.
Others affected are the Nigerian Port Authority (NPA), News Agency of Nigeria (NAN), Federal Ministry of Environment, Nigerian Security Printing and Minting Company, University of Calabar, Nigerian Postal Service and Power Holding Company of Nigeria (PHCN), among others.
In the Central Area, Garki I and II, Wuse I and II, Asokoro, Maitama and Guzape, 8,375 property owners have not paid ground rent in the last 43 years.
Wike’s spokesman Lere Olayinka and Federal Capital Territory Administration (FCTA) Director of Lands, Chijioke Nwankwoeze, briefed reporters on the revocations on Monday.
“The FCTA made numerous publications in national newspapers and announcements on broadcast media since 2023, calling on defaulters to pay up all outstanding bills and ground rents.
“All these yielded little responses, as several allottees failed to pay,” the officials said.
“This is in contravention of the terms and conditions of grant of the rights of Occupancy, in line with the provisions of Section 28, Subsections 5(a) and (b) of the Land Use Act.
“Consequently, the titles of the properties in default of payment of Ground Rent for 10 years and above have been revoked forthwith.
“A grace of 21 days is also given to title holders that are in default of payment of Ground Rent for between one and ten years, after which the affected titles will be revoked.”
PDP angered
The action angered the PDP.
In January 2022, the party leadership contemplated occupying three floors of the building (then under construction) in the Central Area of Abuja, and rent out the rest.
While many had assumed that only the New PDP Secretariat building was affected, PDP National Publicity Secretary, Mr. Debo Ologunagba, told reporters that the Wadata Plaza national secretariat was also affected.
Ologunagba said the PDP would challenge the revocation in court.
“To let you know how despicable this action is, it is both properties: both the new one under construction and the one the PDP has been occupying for almost two decades – the Wadata Plaza.
“It is an attempt to stifle opposition: the attempt by the All Progressives Congress government to revoke the Right of Occupancy of the National Secretariat of the PDP is highly condemnable.
“It is aimed at stifling opposition in this country and of course a drive towards totalitarianism and it is a threat to democracy.
“The PDP National Working Committee (NWC) now is meeting and I will get back to you shortly with a detailed response of our party to this development,” Ologunagba said.
More details of the owners of some of the 4, 794 land titles revoked by the Federal Capital Territory (FCT), Minister Nyesom Wike have emerged.
Wike, through his aides, on Monday night said that the land titles were revoked over non-payment of ground rent, in some cases, for more than 40 years.
The affected land title holders from the new details obtained by THE NATION include the Central Bank of Nigeria (CBN); Independent National Electoral commission (INEC); Nigeria’s leading opposition party – Peoples Democratic Party (PDP) – and the Nigerian National Petroleum Corporation (NNPC).
They also include CONOIL Plc, Borno State Government, Nigerian Television Authority (NTA), Niger Delta Development Commission (NDDC), National University Commission (NUC), M.R.S Investment Company Limited (owners of MRS Petrol Stations) and Kaduna State Government.
Others are Nigerian Port Authority (NPA); News Agency of Nigeria (NAN); Federal Ministry of Environment; Nigerian Security Printing and Minting Company; University of Calabar, Nigerian Postal Service and Power Holding Company of Nigeria (PHCN), among others.
Findings revealed that most of the big names affected were owing more than 20 years ground rent.
On Monday, the FCT minister’s office announced the revocation of 4,794 land titles, over non-payment of ground rent, for more than 40 years.
In the Central Area, Garki I and II, Wuse I and II, Asokoro, Maitama and Guzape, a total of 8,375 property owners have not paid ground rent in the last 43 years.
The Minister’s Senior Special Assistant on Public Communications and Social Media, Lere Olayinka, Federal Capital Territory Administration (FCTA) Director of Lands, Chijioke Nwankwoeze, made the announcement while briefing reporters in Abuja on Monday.
“It should be noted that the FCTA made numerous publications in national newspapers and announcements on broadcast media since 2023, calling on defaulters to pay up all outstanding bills and ground rents. All these yielded little responses, as several allottees failed to pay.
Olayinka said lists of land titles in default of payment of Ground Rent were compiled in the 10 oldest districts of Phase 1 of the Federal Capital city (FCC), which are Central Area District (Cadastral Zone A00), Garki I (Cadastral Zone A01), Wuse I (Cadastral Zone A02), Garki II (Cadastral Zone A03), Asokoro (Cadastral Zone A04), Maitama (Cadastral Zone A05), Maitama (Cadastral Zone A06), Wuse II (Cadastral Zone A07), Wuse II (Cadastral Zone A08) and Guzape (Cadastral Zone A09).
He added that N6,967,980,119 was owed as ground rent by 8,375 property owners.
He also said a total of 4,794 land titles were in default of ground rent payment for 10 years and above.
“This is in contravention of the terms and conditions of grant of the rights of Occupancy, in line with the provisions of Section 28, Subsections 5(a) and (b) of the Land Use Act.
“Consequently, the titles of the properties in default of payment of Ground Rent for 10 years and above have been revoked forthwith.
“A grace of 21 days is also given to title holders that are in default of payment of Ground Rent for between one and ten years, after which the affected titles will be revoked.”
With macroeconomic stabilisation taking hold, the Central Bank of Nigeria (CBN) is shifting its focus toward broader financial sector reforms, with financial inclusion as a key priority.
Deputy Governor, Corporate Services Directorate of the CBN, Ms. Emem Usoro, made this known during her presentation titled “Accelerating Women’s Financial Inclusion: Unlocking Opportunities for Growth and Investment” at Citibank’s inaugural Women in Central Banking event in London, United Kingdom.
A statement from the CBN said the event held in celebration of International Women’s Day, brought together female deputy governors from the central banks of Kenya, Türkiye, Israel, Kazakhstan, Nigeria, and the United Kingdom.
According to Usoro, financial inclusion remains a central concern for CBN Governor Olayemi Cardoso. She noted that inclusion plays a transformative role in economic growth, particularly for women-led businesses, professionals planning their financial futures, and rural communities gaining access to banking services for the first time.
“It is undeniable that when women thrive, economies prosper and opportunities multiply,” she said.
Usoro stated that the CBN, in partnership with development organizations, conducted an assessment of women’s financial inclusion in Nigeria. The study identified key barriers such as low trust in financial service providers and limited financial literacy, revealing a nine percent gender gap in access to finance.
In response to the findings, the CBN established a Gender Desk within its Financial Inclusion Unit to address these challenges. Usoro expressed confidence that the bank’s strategic initiatives under Governor Cardoso’s leadership will significantly improve financial inclusion for women and other underserved groups, thereby unlocking economic potential.
Reflecting on the challenges faced by the current CBN management team upon assuming office, Usoro outlined critical reforms aimed at realigning the bank with its core mandate. She noted that the bank’s efforts will support entrepreneurship, expand market participation, and enhance financial resilience.
“The Bank remains committed to bold, data-driven policies that accelerate access to finance, drive investment, and foster a more inclusive, dynamic economy,” she said.
She further detailed several key initiatives launched by the CBN to advance gender financial inclusion. These include the Women Entrepreneurs Finance (WE-FI) Code Commitment, developed in collaboration with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI), and the Framework for Advancing Women’s Financial Inclusion in Nigeria (FAWFIN). Additionally, the CBN inaugurated an inter-agency Special Interventions Working Group, prioritizing women’s access to finance.
Usoro called on participants at the event to collaborate with financial institutions to expand credit access for women-owned businesses. She also urged stakeholders to invest in the fintech ecosystem—particularly in digital finance infrastructure—and support capacity-building programs that enhance women’s financial literacy and entrepreneurship.
According to her, these collective efforts will not only strengthen financial inclusion but also contribute to broader economic development.
In a strategic move to bolster its operations and regulatory oversight, the Central Bank of Nigeria (CBN) has appointed new directors to key units within the bank. These appointments align with the CBN’s 2024–2028 strategy, which focuses on the active engagement of all staff in driving the successful implementation of its objectives. The involvement of PricewaterhouseCoopers (PwC) in the selection process has been widely acclaimed by industry leaders as a prime example of due diligence in shaping critical policy decisions and implementation, writes Assistant Editor, COLLINS NWEZE.
Every organisation, whether in the public or private sector, understands the importance of a highly efficient and productive workforce. The capacity of its workforce not only influences the efficiency and strategic direction of the institution but also directly impacts its overall performance.
For the Central Bank of Nigeria (CBN), the recent appointment of 16 directors and the thorough process behind these appointments highlight the institution’s commitment to securing top-tier talent. Under the leadership of Olayemi Cardoso, the CBN has introduced its new strategy for 2024-2028, emphasising the crucial role of every staff member in ensuring the successful execution and ownership of this strategy. So, the newly appointed directors are part of the broader vision of the bank to ensure that its policies and programmes are viably implemented in the overall interest of the economy.
Emergence of new CBN directors
Details have emerged on the process that led to the appointment of 16 new directors at the apex bank. Sources close to the regulator revealed that, in a departure from past practices, the CBN’s management engaged global consultancy firm PricewaterhouseCoopers (PwC) to oversee the selection process for the directors, ensuring an objective and transparent approach. A source within the bank, who spoke anonymously, disclosed that PwC conducted a two-phase appointment process designed to eliminate ethnic or religious biases. According to the source, “No objective-minded person at the CBN will question the transparency of this selection process or the qualifications of those appointed. The consensus within the bank is that management got it right this time by prioritising merit.”
The appointments, which took effect from March 3, saw over 35 per cent of the new directors being women. The newly appointed directors and their respective departments include Dr. Rakiya Yusuf (Payment System Supervision), Dr. Adenike Olubunmi Ojumu (Medical Services), Dr. Aisha Isa-Olatinwo (Consumer Protection), Mrs. Rita Ijeoma Sike (Financial Policy and Regulation), Mrs. Monsurat Vincent (Strategy Management and Innovation), and Mrs. Omoyemen Avbasowamen Jide-Samuel (Information Technology).
Other directors named in the appointment are Mr. Hamisu Abdullahi (Banking Services), Dr. Usman Moses Okpanachi (Statistics), Dr. Obom Victor Ugbem (Monetary Policy), and Mr. Farouk Mujtaba Muhammad (Reserve Management). Dr. Adetona Sikiru Adedeji, formerly Acting Director of Banking Supervision, now assumes a substantive role as Director of the Currency Operation and Branch Management Department. His appointment means his signature will now appear on Nigeria’s currency alongside that of CBN Governor Cardoso.
Mr. Mohammed-Jamiu Olayemi Solaja, who previously led the Currency Operations Department, has been assigned to head the Other Financial Institutions Supervision Department. Additionally, Mr. Musa Nakorji now oversees the Trade and Exchange Department, while Mr. Kayode Olarewaju Makinde leads the Procurement and Support Services Department. Also included in the appointments are Mr. Ibrahim Hassan, who now heads the Development Finance Institutions Supervision Department, and Dr. Olubukola Akinniyi Akinwunmi, the new Director of Banking Supervision.
These newly appointed directors join the existing leadership at the apex bank, which includes Mrs. Rashida Jumoke Mongonu (Bank Secretary and Director, Corporate Secretariat), Mr. Kofo Salam-Alada (Legal Adviser and Director, Legal), Mr. Muhammad Abba (Director, Human Resources), Dr. Blaise Ijebor (Director, Risk Management), Dr. Omolara Duke (Financial Markets), Aderinola Shonekan (Research), Mrs. Lydia Ifeanyichukwu Alfa (Internal Audit), Mr. Musa Itopa Jimoh (Payments System), and Mr. Musa Rabiu (Finance). While the CBN has yet to issue an official statement on the appointments, the process has been widely regarded within the institution as a step towards strengthening governance and operational efficiency, and also dispel insinuations that the management was planning to hire new directors from the outside – contrary to the CBN Act.
Views from stakeholders
President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, said although the CBN is entitled to decide the best approach to appoint new directors, but it decided to entrench transparency in the process through the engagement of PwC. He said the best part of the appointment was that the new appointees all came within the bank, and are staff who are already part of the implementation of the bank’s strategy. He said: “The directors coming from inside the apex bank is a plus for the Cardoso-led CBN. They already know the CBN’s vision and plans. They will simply hit the ground running.”
Also, the CIBN recently commended the CBN for its current reforms in the banking sector, encouraging the public to continue their transactions and activities without hesitation. The Chief Executive of the CIBN, Mr. Akin Morakinyo, reassured the public of the safety and soundness of the banking system. “CIBN would like to reassure the general public that the Nigerian banks remain strong and resilient and that the CBN is committed to ensuring a stable financial system,” he noted.
Speaking further, he stated that the institute would continue to support laudable initiatives of the CBN and other stakeholders for a virile economy. While noting that the CBN under the leadership of Cardoso has engaged in notable initiatives geared towards stabilising the monetary space, he also commended the apex bank for lifting the ban on 43 items that it had hitherto restricted access to forex from the CBN. It is also worth noting that the CBN had previously dissolved the management of several banks due to non-compliance with regulatory standards, corporate governance failures, violations of the terms under which their licenses were granted, and involvement in activities that threatened financial stability.
The CBN dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. Consequent upon the dissolution of the boards and management of the above-mentioned banks, the apex bank swiftly appointed new executive officers for the affected banks and regulatory framework that can address the challenge of corruption and develop a policy framework that would harmonise available data to activate economic growth. Other members of the working group are the National Identity Management Commission (NIMC), the Federal Competition and Consumer Commission (FCCPC), the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS).
New strategy for efficiency, best practices
Cardoso, during the unveiling at the CBN’s Strategy for 2024–2028, at the CBN Head Office, said that the vision of the Bank was to be a trusted and respected central bank promoting confidence in the economy, driven by five strategic themes to address the five focal areas that have been identified as the most critical to achieving the Bank’s objectives at this time. Highlighting the themes, the Governor said that the first thematic area – Price Stability and Monetary Policy Effectiveness, would guide the leveraging of established monetary policy instruments and rigorous data analysis to pursue the unwavering commitment to price stability.
He said the second theme focuses on building a “Robust and Resilient Financial System” to deliver a resilient financial sector and ensure that financial inclusion objectives are an integral part of policy design to broaden access to financial products that promote sustainable economic growth. “Governance, Compliance and Advisory Partners to the Federal Government” was adopted as the third theme, stemming from the Bank’s commitment to being a transparent, reliable, and trusted advisor to the Federal Government.
Speaking further, he stated that, conscious of the importance of the role of people, processes and technology in the attainment of the Bank’s objectives, two enabling themes: “Excellence in Central Banking Operations” and “An Impact-focused High-Performance Organisation” had been adopted as the fourth and fifth thematic areas, respectively. He listed “integrity, meritocracy, professionalism, accountability, courage, and tenacity” as the core values needed to guide the Bank’s actions toward ensuring professionalism, transparency, accountability, and unwavering commitment to the Nigerian people. While commending the Director, Strategy Management Department, and his team for coming up with the strategy, in-house, without external technical support, he urged every staff to take decisive actions to prioritise the principles of ethics, good governance, and transparency.
He, therefore, called for collaboration from all stakeholders, noting that the strategy was not just for CBN, but belonged to every Nigerian, to build a prosperous Nigeria as well as ensure that the Bank becomes a respected and highly credible organisation. Members of staff of the apex bank said that the new strategy, which is the fourth in the history of the CBN, aspires to reposition the Bank to its core mandate and to be an institution at the forefront of economic transformation.
They recalled that, over the years, the CBN had implemented three strategy cycles from 2012 to 2015, 2015 to 2019, and 2021 to 2024, all of which had their peculiar focus. They expressed his appreciation to the Bank’s management and the staff of the Strategy Management Department for their commitment and unwavering support to the development of the first in-house strategy within a short period. The highlight of the launch was the unveiling of the elements of the new strategy theme: “Repositioning for Impact.” Other stakeholders acknowledged that the new strategy resonates with the thematic model of repositioning the Mission, Vision, and Values of the CBN for greater impact. They lauded the management and all the staff in the Bank and across the branches for galvanising the Bank’s workforce for the engagement that brought the project to life, and for their unwavering backing, and reassured the support of everyone in executing the strategy.
Other policy plans
Earlier, Cardoso said the apex bank has intensified surveillance of market activities to ensure compliance and eliminate bad actors who attempt to undermine the system. “Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations.
“Within the banking sector, I am pleased to note that the sector remains robust with key indicators reflecting a resilient system. The non-performing loan ratio remains within the prudential benchmark of five per cent, showcasing strong credit risk management.
“The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 per cent, a level which ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test conducted also reaffirmed the continued strength of our banking system,” he added.
The Central Bank of Nigeria (CBN) has sounded the alarm over the growing trend of illicit transactions involving banknotes, urging immediate intervention to curb the practice.
CBN Governor, Olayemi Cardoso, made this known at the Bank’s Security Workshop held in Abuja on Thursday, where security and law enforcement agencies gathered to address the issue.
Cardoso disclosed that recent mystery shopping exercises conducted in major commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, uncovered disturbing instances of Naira commoditization and abuse.
“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20 percent to 40 percent per transaction,” the CBN Governor stated. “The gravity of this situation is further exposed by a recent exercise where banknotes amounting to N2.3 million were acquired with a total payment, including premiums, of N3.2 million.”
Cardoso warned that this practice not only distorts the value of the Naira but also undermines public confidence in the financial system. He noted that the abuse of the Naira is frequently displayed on social media, where individuals are seen mishandling, spraying, and even stepping on banknotes at social events.
“When we talk about credibility and trust, we don’t build it this way,” he stated. “The blatant disregard for our nation’s legal tender not only weakens the value of the Naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong Naira, we are deceiving ourselves.”
The CBN Governor called for strict measures to deter these practices, emphasizing the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings.
“By sending a strong message to the public that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency,” he added.
Beyond these cash-related concerns, Cardoso outlined broader security challenges affecting the CBN’s operations, including: limited availability of armed security personnel, especially in high-risk areas; delays in obtaining necessary security clearances for operations such as currency evacuations; interference in routine approvals, affecting operational efficiency; uncoordinated handling of cash-in-transit services, leading to unwarranted arrests and detentions and the need for stronger collaboration to combat illicit currency trading activities.
According to Cardoso, addressing these challenges requires a more structured approach, improved security protocols, and enhanced cooperation between regulatory agencies and law enforcement bodies.
“We all have a tremendous responsibility to protect what has been accomplished,” he said. “This is not just a Central Bank problem. We all have to work together and take pride in restoring confidence in the financial system. The Naira is more than just a currency; it is a symbol of our national identity, and its strength is crucial for the economy.”
In his remarks, the National Security Adviser, Mallam Nuhu Ribadu, stressed the need for law enforcement agencies to take stronger action against offenders.
“From time to time, when law enforcement acts, I think they should do more. Bringing people to justice, no matter how bitter, is necessary,” Ribadu stated. “Impunity is the mother of all the problems we have. Nobody is punished for bad behavior, and they don’t even see it as a bad thing until they are held accountable.”
Addressing the movement of cash within the country, Ribadu called for stricter regulations and oversight. “When you have a regulated system where one authority supervises currency movement, it ensures proper accountability. The moment something comes in, you should know why it is coming, verify it, and track it.”
He raised concerns over the unregulated transportation of cash, noting that, “In Nigeria today, if you board a commercial aircraft, half of the seats are occupied by money—not to mention private aircraft, boats, and other means of transport. This lack of control creates an avenue for illegal activities to thrive.”
Ribadu urged financial institutions to strengthen their internal security measures and called on law enforcement agencies to be proactive in tackling emerging threats. “Engage with operators, collaborate with law enforcement, and take responsibility,” he said. “We are in a transformation period, and we must change the way we handle our financial security.”
With macroeconomic stabilization taking hold, the Central Bank of Nigeria (CBN) is shifting its focus toward broader financial sector reforms, with financial inclusion as a key priority.
The Deputy Governor, Corporate Services Directorate of the CBN, Ms. Emem Usoro, made this known during her presentation titled “Accelerating Women’s Financial Inclusion: Unlocking Opportunities for Growth and Investment” at Citibank’s inaugural Women in Central Banking event in London, United Kingdom.
A statement from the CBN said the the event, held on March 10, 2025, in celebration of International Women’s Day, brought together female deputy governors from the central banks of Kenya, Türkiye, Israel, Kazakhstan, Nigeria, and the United Kingdom.
According to Usoro, financial inclusion remains a central concern for CBN Governor Olayemi Cardoso. She noted that inclusion plays a transformative role in economic growth, particularly for women-led businesses, professionals planning their financial futures, and rural communities gaining access to banking services for the first time.
“It is undeniable that when women thrive, economies prosper and opportunities multiply,” she said.
Usoro stated that the CBN, in partnership with development organizations, conducted an assessment of women’s financial inclusion in Nigeria.
The study identified key barriers such as low trust in financial service providers and limited financial literacy, revealing a nine percent gender gap in access to finance.
In response to the findings, the CBN established a Gender Desk within its Financial Inclusion Unit to address these challenges.
Usoro expressed confidence that the bank’s strategic initiatives under Governor Cardoso’s leadership will significantly improve financial inclusion for women and other underserved groups, thereby unlocking economic potential.
Reflecting on the challenges faced by the current CBN management team upon assuming office, Usoro outlined critical reforms aimed at realigning the bank with its core mandate.
She noted that the bank’s efforts will support entrepreneurship, expand market participation, and enhance financial resilience.
“The Bank remains committed to bold, data-driven policies that accelerate access to finance, drive investment, and foster a more inclusive, dynamic economy,” she said.
She further detailed several key initiatives launched by the CBN to advance gender financial inclusion.
These include the Women Entrepreneurs Finance (WE-FI) Code Commitment, developed in collaboration with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI), and the Framework for Advancing Women’s Financial Inclusion in Nigeria (FAWFIN).
Additionally, the CBN inaugurated an inter-agency Special Interventions Working Group, prioritizing women’s access to finance.
Ms. Usoro called on participants at the event to collaborate with financial institutions to expand credit access for women-owned businesses.
She also urged stakeholders to invest in the fintech ecosystem—particularly in digital finance infrastructure—and support capacity-building programs that enhance women’s financial literacy and entrepreneurship.
According to her, these collective efforts will not only strengthen financial inclusion but also contribute to broader economic development.
