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Tag: Emefiele

  • Emefiele, Dankwambo, Amaechi, others for Blueprint awards

    The maiden edition of an annual impact series and awards event organised by Blueprint Newspapers has been scheduled for Tuesday, in Abuja.

    The theme is Tolerance, Unity and Security: Building a Legacy for National Development. A lecture on the topic will be delivered by the Emir of Birnin Gwari, Mal. Zubairu Jibrin Maigari II.

    Chairman of Blueprint Newspapers, Alhaji Mohammed Idris, said the choice of the topic is informed by the prevailing circumstances in the country where national unity and cohesion are gradually being eroded.

    He expressed the hope that  the company’s modest contribution will help in proffering solutions to the myriad of challenges facing  the nation.

    Highlight of the event is the planned conferment of honours on some distinguished Nigerians such as the Central Bank governor, Godwin Emefiele (Distinguished Financial Policy Strategist of the Year), Governor Ibrahim Dankwambo of Gombe State (Most Outstanding Governor of the Year),Governor, Ibrahim Gaidam  of Yobe State (Distinguished Education Champion award),Governor Simon Lalong  of Plateau State (Distinguished Human Capital Development Champion), Transport Minister Rotimi Amaechi ( Most Distinguished Achiever in Transport Infrastructure).

    Others are Chief of Army Staff, Lt. Gen. Tukur Yusuf Buratai (Distinguished Security award) and Commandant-General of the Nigeria Security and Civil Defence Corps (NSCDC), Alhaji Abdullahi Gana Muhammadu, is to receive the Distinguished Infrastructure Safety award, while the chairman of National Hajj Commission (NAHCOM), Alhaji Abdullahi Muktar will receive the Distinguished Public Service Champion Award.   The National President of National Union of Road Transport Workers, Alh Najeem Usman Yasin (Distinguished Champion of Transport Workers).

    Also to be honoured are: Governor  Aminu Masari of Katsina State (Distinguished Agriculture and Environment Champion award), the Vice Chancellor of the University of Agriculture, Umudike, Professor Francis Otunta (Excellence in Education award)  , Senator Shehu Sani (Distinguished Public Advocacy Champion),and former governor of Kogi State, Capt. Idris Ichala Wada  (Distinguished Award in Patriotism).

    To preside at the event slated for Rockview Hotel ,Abuja is  Alhaji  Samaila Isa Funtua, Patron of the Newspapers Proprietors’ Association of Nigeria (NPAN).

     

  • Emefiele: CBN will convert polymer notes to flower pots, dustbins, others

    As part of its contribution to a safe environment, the Central Bank of Nigeria (CBN) has resolved to recycle polymer bank note wastes into plastics such as flower pots and dustbins.

    Speaking at this year’s World Environment Day in Abuja, the CBN Governor, Mr. Godwin Emefiele said the management of the CBN is “in the process of concluding the recycling of our polymer bank note wastes into everyday plastics uses such as flower pots, dustbins, etc.”

    In addition, he pledged that the top management of the CBN including the deputy governors can be counted on to act as change champions. As a result, he said the committee of governors will be making very serious considerations and alternatives to plastic.

    One of such alternatives he said would be encouraging the use of paper bags as alternatives to plastic bags. “First of all, management havepout the recycling of our paper waste into tissue paper which will be donated to the society as part of our corporate social responsibility,” he said.

    Emefiele noted that the apex bank’s disposal of electronic waste will be “in an environmentally sound manner.”

    Speaking on the dangers of plastics particularly single-use plastics, Emefiele said scientists have calculated the total amount of plastic ever made to be 8.3 million tons.

    He lamented that mankind has “become over-dependent on single use or disposable plastic with its attendant and severe environmental consequences.”

    According to the United Nations (UN), more than 300 million tons of plastic is produced each year and half of it is single use or disposable.  Single use or disposable plastics are used only once before they are thrown away or recycled. These include items such as plastic bag, coffee stirrers, soda and water bottles, disposable utensils and most food packaging.

    Emefiele said: “It is horrifying to learn that across the world, plastic make up about 85 per cent of marine litter; with micro-plastics in the air, water and food  – having an unknown impact on human health.”

     

     

     

     

     

     

     

     

     

  • Emefiele enforces OTC forex order

    • CBN boss says no one should buy USD above N360

    The Governor of the Central Bank of Nigeria (CBN),  Godwin Emefiele, yesterday paid unscheduled visits to three commercial banks in Abuja to monitor compliance with the Over The Counter (OTC) sales order of forex to qualified buyers.

    The visit followed the apex bank’s new directive  that all Deposit Money Banks (DMBs) must sell foreign exchange (forex) to customers and non-customers alike.

    Emefiele, went to the regional head offices of FirstBank at Commassie House, Central Business District, Zenith Bank, Maitama and United Bank for Africa (UBA), all in Abuja, where he urged members of the public to go to the banks for all their forex needs.

    He said: “We have issued a directive that all banks are to sell Basic Travel Allowance (BTA) to anybody that walks into their banks; whether he is a customer or not a customer of that bank.  It is the bank’s primary responsibility to provide currency for travelers out of the country.

    “So all that you need present to get your forex, are your BVN (Bank Verification Number), your passport, your visa and your return ticket.  You are not expected to just deposit your documents and go away. You are expected to be attended to over the counter.”

    He pointed out that the essence of the visit,  “is to see whether the banks are doing what they were asked to do.  I must say that I am happy.  The policy hasn’t gained ground.  I would have loved to see a long queue of people wanting to buy BTA from the bank.

    Emefiele said all the banks are stocked with foreign currency, assuring that people should not have problem coming to a bank to buy forex. “I repeat, whether it is your bank or not, walk in and you will see a cubicle marked PTA/BTA, or Bureau de Change.  You can go in there and buy your dollar.

    “The price is N360 to a dollar that you are going to pay; there is ample liquidity for every eligible traveler and nobody should fall into the temptation of buying BTA or PTA from a bank at more than N360/$1.  The banks are entitled to their margins.  Their margins have been built into it.  You don’t have to pay any charge. It is symbolic that I see for myself and we will also be talking to the management of the banks.”

    He said CBN examiners will continue the on-the-spot assessment to find out and be sure that people who are travelling get attended to on-the-spot at the counter.

    “If you are a customer, you give them details of your account , they debit your account and give you foreign currency.  If you are not a customer, you give them your card or you transfer money into the bank and they will release the foreign currency to you. The essence is to ensure that customers get forex promptly across the counter once they presented valid documents,” he said.

    Speaking with reporters, Executive Director (Northern operations) of Zenith Bank Plc, Umar Ahmed, said the bank has been attending to both customers and non customers that walked in for BTA.  “We are attending to customers irrespective of whether the customer has account with us or not. All we required is for the customer to present eligible papers and he gets his currency in matter of minutes,“ he said.

    Also the Head, Branch Services, FirstBank Plc, Zainab Darlington said the bank has since complied with CBN’s directive on selling forex to eligible customers whether they banked with FirstBank or not.

    “We’ve been attending to customers whether you have an account with us or not. We validate their documents and BVN and then sell forex to them. It doesn’t take time,” she said.

    At Zenith Bank, the Executive Director, Umar Ahmed said it takes the bank less than five minutes to serve a customer once the documents have been verified.

    According to him, “ we pay promptly and we do not encounter any challenges. We’ve enough forex supply to meet demands. We have a new set of forex seekers which is those going for umrah lesser hajj.”

    The Head of Branch Services of First, Ms. Zainab Darlington, and Ms. Jennifer Iloabachie, an Assistant General Manager of UBA who spoke with journalists confirmed that they had enough forex to meet customers’ demand.

  • FinTech big threat to banks, says Emefiele

    The Central Bank of Nigeria (CBN) has identified the rising influence of Financial Technology (FinTech) firms in providing financial services to consumers as a big threat  to banking.

    CBN Governor Godwin Emefiele stated this in Lagos during the Chartered Institute of Bankers of Nigeria (CIBN) investiture of Uche Olowu as its 20th President/ Chairman Council.

    Digital financial technology, or FinTech, and particularly the global spread of mobile phones, has facilitated access to financial services by hard-to-reach populations and small businesses at low cost and risk.

    Emefiele said: “Banking has a common threat. The enterprise risk posed by FinTech is real and there is need to be at the forefront of sensitising the banking sector about the real threats posed by FinTech.”

    The CBN boss, represented by CBN Deputy Governor, Economic Policy, Joseph Nnanna, said the apex bank would look into the threats posed by the FinTech to lender’s operations.

    “The institute must not relent in bridging the knowledge gap among commercial, microfinance and mortgage banks. This is the time banks and the economy are facing cyber insecurity. The CBN will partner with CIBN to ensure that financial transactions are secured,” he said.

    He called on CIBN to be at the forefront of sensitising bankers on the threat by FinTech. Emefiele said: “I also admonish the new president that you will remain focused and avoid omission risk. Do exactly what your predecessor has done; he reached out, he was a superb bridge builder. Up your ante as far as advocacy is concern. Advocacy should be your major focus, in addition to providing solution to the threat pose by FinTech.”

    Olowu said the industry is contending with some challenges triggered by regulations, disruptive models and technologies.

    He sees competition from FinTech and telecommunication firms as part of the issues the banking industry has to contend with.

    “It’s a new dawn for banking in Nigeria because we are playing at the global stage.

    ‘’Findings by Nigeria Interbank Settlement System (NIBSS) showed that banking halls are getting less attractive to customers. Huge transactions now happen outside the banking halls, courtesy of rising influence of FinTech in taking financial services to customers.

    ‘’The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks and card companies.’’

    NIBSS Managing Director, Adebisi Shonubi, said banks-branch transactions had dropped by 25 per cent in the last one year, as more customers embrace electronic payment, especially Unstructured Supplementary Service Data (USSD) technology platforms.

    Banking transactions are moving towards zero human interactions, saving cost and time for customers. The USSD is a Global System for Mobile (GSM) communication technology now deployed by banks to offer transfer services to their customers using Android phone.

    Platforms that have taken chunks of banks’ businesses and profitability are: Facebook, Twitter, LinkedIn, My Space, Tumblr, Instagram, Alibaba, Jumia, Konga, Supermart, Amazon, Square, Cellulant, Apple, Google, Visa and MasterCard.

    Companies, such as Uber, Taxify and Airbnb, have developed radical business models that continue to surprise many institutions.

    Secure online payments systems, such as PayPal and mobile payments and transfer solutions, are changing the ways in which payments for goods and services are made.

    These firms are helping consumers to make payments, secure credits, and do things that banks consider impossible. They satisfy customers’ thirst for speed and variety, leaving banks struggling for customer loyalty.

    Technology is rapidly reshaping financial services operations. Banks and FinTech companies have identified a shift in consumer behaviour towards digital channels. Rising acceptance of FinTech start-ups’ services by banks’ customers threatens lenders’ control of market space.

     

  • Senate summons Emefiele, Adeosun, Dan-Ali over $462m payment for helicopter

    •Reps refer matter to ethics committee

    THE Senate yesterday summoned Defence Minister Mansur Dan-Ali, Finance Minister Kemi Adeosun and Central Bank of Nigeria (CBN) Governor Godwin Emefiele.

    It followed alleged withdrawal of  $462 million for purchase of helicopters from an American firm.

    The House of Representatives also referred  the matter to its Ethics and Privileges and Finance committees to look into alleged  constitutional breach.

    The upper chamber said Dan-Ali, Adeosun and Emefiele should appear before its Appropriation Committee to explain the withdrawal and payment of the money to the American firm.

    The resolution followed a Point of Order by  Senator Samuel Anyanwu (Imo East), who told the Senate the Federal Government withdrew the money in March, 2018.

    The Appropriation Committee was given one-week to report back to the Senate in plenary for consideration.

    Anyanwu, who came under Order 43 and Section 80 (20(3) of the Constitution, which prescribed the way and manner money from the Consolidated Revenue Fund of the Federation can be withdrawn, prayed the Senate to look into the matter.

    He said the withdrawal and payment were done without National Assembly’s authorisation as required by the Constitution.

    Anyanwu said: “I have it on good authority that in March, 2018, from the Federation Account, a whooping sum of $462 million was withdrawn by the Federal Government. The money was paid to an American firm for the purchase of helicopters called Helicopters Techno Fight.

    “This was done without approval from this Senate and from the National Assembly. I know that there was no time any request was brought here for the approval of such an amount by the Federal Government from the Federation Account.

    “As a sitting senator of this country, I want to find out how this thing was done. I will request that we invite the CBN governor, the Ministers of Defence and Finance. They need to tell us how these monies were withdrawn and paid to this American firm without the approval of the Senate.”

    Deputy Senate President Ike Ekweremadu, who presided, agreed with Anyanwu that the allegation should be investigated to put the record straight.

    Ekweremadu said: “You have heard Senator Anyanwu. I think we should refer this matter to the Senate committee on Appropriation to find out the true position of things regarding that.

    “The Appropriation committee should invite the three people to throw more light on this and report within one week. ”

    The House said the Presidency has by that action rendered the National Assembly nonfunctional, which was a breach of the constitution and the privileges of the lawmakers.

    Tobi Okechukwu (PDP, Enugu), while raising a point of order on breach of members’ privileges, said the payment of $400 million to a United States (U.S.)company for the military equipment’s procurement was a breach of the constitution and an affront on the National Assembly.

    “This is a breach of privileges of members because the expenditure of $400 million made from the Federation Account was not ratified by the National Assembly.

    “As I learnt, the Federal Government breached our collective privileges by making the parliament completely nonfunctional.

    “There’s a mischief intended about this by not informing the parliament and this is exclusive of the $1 billion that was said to have been approved for the procurement of military equipment to tackle insurgency in the Northeast,” he said.

    In his ruling, Speaker Yakubu Dogara did not allow debate of the issue but referred it to Ethics and Privileges and Finance Committees to look into it.

    Saying that the referral was not a full blown investigation yet, the Speaker noted that removal of monies from the Federation Account without the explicit approval of the parliament amounted to stealing of public funds.

    He said the veracity of the allegation must be investigated whether the breaches occurred or not  and to what extent.

  • Adeosun, Emefiele join economic experts at IMF/World Bank’s meeting

    The Minister of Finance, Mrs Kemi Adeosun and Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, left Nigeria for Washington DC on Sunday to join other economic experts from around the world to discuss issues affecting global economy.

    Discussions would take place under the auspices of the World Bank Group and the International Monetary Fund (IMF).

    The Spring Meetings of the IMF and the World Bank will bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and the academia.

    The experts will discuss issues of global concern, including the world economic outlook, poverty eradication, economic development and aid effectiveness.

    There will also be seminars, regional briefings, press conferences and many other events with focus on global economy, international development and the world’s financial system.

    The meetings will hold between April 16 and April 22, 2018.

    Nigeria attends the meeting each year because of the quantum of investments and assistance it receives from both the IMF and the World Bank.

    Although Nigeria currently has zero loans with the IMF, it enjoys technical support from the organisation.

    The World Bank Group on the other hand is helping to fight poverty and improve living standards in the country through 33 Core Knowledge Product Reports and 29 ongoing National and Regional projects.

    This is in addition to about 60 Trust Funds.

    The World Bank Group since 1958 supported Nigeria with loans and International Development Association (IDA) credits worth about 14.2 billion dollars.

    The group in 2017 fiscal year alone committed 1.51 billion dollars to the country and so far in 2018, it already spent 486 million dollars on different development projects across the country.

    Some of the projects include Electricity Transmission Project, Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project, Polio Eradication Support Project and Housing Finance Development Programme, among others. (NAN)

  • CBN begins agribusiness, SMEs cash disbursement

    The Central Bank of Nigeria (CBN) has commenced the disbursement of N26 billion Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) fund contributed by all deposit money banks to finance eligible projects, the CBN Governor, Godwin Emefiele, said on Thursday.

    Speaking at a ceremony to commence disbursement of the fund, Emefiele said lenders contributed five per cent of their Profit After Tax (PAT) annually to the AGSMEIS fund which is expected to exceed N60 billion by June this year.

    He said: “I am therefore very delighted that we have come to this stage where we are ready to begin the disbursement of these funds to deserving beneficiaries. These beneficiaries are youths who have been trained on various entrepreneurship, vocational and management skills across the country by Entrepreneurship Development Institutions and Centres such as Fate Foundation, Lagos Business School, House of Tara and Thrive Agric,” he said.

    Emefiele said that upon completion of their vocational training, the specific implements needed to practice their vocations are procured under the scheme.

    The beneficiaries’ details including their Biometric Verification Numbers (BVN) are forwarded to the deposit money banks to confirm that they are their customers before accessing the fund.

    He said the commencement of funds disbursement under the AGSMEIS continues a tradition of voluntary initiatives by the Bankers’ Committee to promote developmental programmes for sustainable economic growth.

     

     

  • CBN to finalise N500b NEXIM cash for manufacturers

    The Central Bank of Nigeria (CBN) said on Monday it is in the process of finalizing the creation of a N500 billion fund with the Nigeria Export-Import Bank (NEXIM) to assist local manufacturers interested in non-oil exports.

    The CBN Governor, Godwin Emefiele, who disclosed this at the ongoing financial journalists workshop in Uyo, Akawa Ibom State, said the fund would enable the economy consolidate on the gains of local production and boost non-oil exports.

    Emefiele, who was represented by CBN Deputy Governor, Corporate Services, Edward Adamu, said the apex bank would continue to take major steps to support the economy and real sector operators.

    Speaking on the theme: “Sustaining Economic Growth Beyond Recession,” the CBN governor said it is key to remember how the economy got into a recession in the first instance.

    He said Nigeria entered recession due to significant fall in oil prices from an average of about $110 per barrel to as low as $28 per barrel, normalization of Monetary Policy by the United States’ Federal Reserve System, which led to a stoppage of injection of about $85 billion per month into the global economy; and geopolitical tensions amongst critical trading routes and partners around the world.

    This, he said, led to slowdown in economic growth, culminating in five consecutive quarters of Gross Domestic Product (GDP), contraction bottoming at -2.3 per cent in the third quarter of 2017, having grown by nearly seven per cent in previous years; rising Inflation, peaking at over 18 per cent in January 2017, from as low as nine per cent, in January 2016.

    He said the foreign reserves would continue to grow, adding that the reserves may hit $50 billion sometime later this year even as the economic recovery continues.

  • MPC meeting to hold after Senate confirmation of deputy governors – Emefiele

    The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, said on Thursday the Monetary Policy Committee (MPC) meeting would hold between seven and 10 days after the Senate confirms the list of deputy governors and MPC members submitted by President Muhammadu Buhari.

    Emefiele stated this after the inspection of the Sunti sugar factory owned by the Flour Mills of Nigeria and part funded by the CBN.

    The President submitted the list of two deputy governors and six MPC member to the Senate last year for confirmation.

    Addressing journalists after the inspection, the CBN governor said he was “delighted that Senators have decided to screen the nominees earlier sent to them by Mr. President.”

    “We will have a few days delay. MPC was supposed to hold on the 19th or 20th of March. What I suspect is that we will be holding our committee of governors meeting and we will decide. And I believe we will just have between seven and ten days delay and the MPC will hold,” he added.

    Speaking on the success of the sugar factory, Emefiele said “with the success of this sugar factory, nothing is impossible and no hurdle is insurmountable, that we could see this happen in Nigeria. Nigeria is a country endowed with a lot of resources. It is endowed with youth and intelligent people, good soil and I believe we can do it. I want to repeat the promise I have made, if any company is interested in any agricultural, agro allied and agro processing industry, we are ready to support them.”

     

     

  • Emefiele calls for more female bank CEOs

    Emefiele calls for more female bank CEOs

    The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has called for more participation of women at the highest decision- making level in Nigerian banks.

    He made the call while speaking at an event organised by the CBN to celebrate the International Women’s Day.

    Emefiele described as unacceptable the current development where only three out of the 27 chief executive officers of banks in Nigeria are women.

    He said the apex bank was mindful of the importance of women in the society, which is why it is championing the cause of women in the society.

    The CBN governor said: “In realization of male domination of senior positions of the financial industry, the Bankers’ Committee adopted the quota system to increase women representation on Boards to 30 per cent and that of senior management level to 40 percent by the 2014.

    “As a result today, three out of the 27 Bank CEOs are female with three women appointed as Chair of the Boards of three banks for the first time. Despite this progress, it is obvious we have not met our goals. Therefore, we have to work much harder to improve these numbers and attain our objectives.”

    Emefiele called for increase in the level of women participation in key positions in the private sector especially in banks.