The Nation Newspaper

Tag: Godwin Emefiele

  • Emefiele resumes as CBN’s helmsman

    Emefiele resumes as CBN’s helmsman

    The new governor of the Central Bank of Nigeria, Godwin Emefiele, took office on Tuesday with the immediate task of protecting a weak naira.

    With government spending also expected to rise ahead of next year’s presidential election, the new governor will have no room to let up on monetary policy and will have to raise interest rates at some point over the next year, analysts say.

    Emefiele’s appointment follows the departure of Lamido Sanusi, who was suspended by President Goodluck Jonathan in February.

    Sanusi’s removal raised concerns about the bank’s independence and Emefiele will be closely watched by markets fearful of government interference at the bank, Reuters says.

    The government accused Sanusi of irregularities in his handling of the CBN’s budget and President Jonathan has said the bank’s independence will remain sacrosant.

    “The governor resumed today and we are just done with the official handing over,” the CBN spokesman, Isaac Okorafor, said.

    Emefiele, who took over from acting governor Sarah Alade for a five-year term, will give a press conference at 10am on Thursday.

  • Our expectations from the new CBN Gov, by capital market chiefs

    Our expectations from the new CBN Gov, by capital market chiefs

    Capital market operators have urged the new Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, who resumes today, to consolidate on the gains of the previous administration and implement new policies that would strengthen the capital market.

    Leading capital market operators at the weekend said the market was expectant and full of optimism that the new governor would sustain the stability in the exchange market while pushing for new reforms that would remove contradictions.

    Outgoing president of Chartered Institute of Stockbrokers (CIS), Mr. Ariyo Olushekun, said the new governor needs to make policies that would integrate the short and long-term ends of the market to play their traditional roles in a seamless financial system.

    According to him, the new governor should have a broad view of the entire financial market as a single marketplace and make policies with such a mindset.

    “I implore him to make policies that would strengthen the Nigerian capital market. If the capital market is able to play its traditional role of providing long term capital, the banks would be able to focus on short to medium term capital and would therefore be relieved of some significant pressure,” Olushekun, who is also the managing director of Capital Assets Limited, said.

    Managing director, GTI Securities, Mr. Tunde Oyekunle, said the new governor should make the process of obtaining certificate of capital importation (CCI) easier to encourage greater inflow of foreign portfolio investments.

    According to him, the stability of both monetary policy and foreign investment will enhance growth in the capital market.

    “We expect a stable monetary policy that will encourage lending to small and medium enterprises (SMEs) and private institutions in order to stimulate investments in the local economy. Local ideas and business initiatives needs to be nurtured through a stable monetary policy,” Oyekunle said.

    Afrinvest (West Africa) said they expected that new governor’ primary objective will be to ensure the gains in price and exchange rate stability are preserved and therefore maintain the previous regime’s hawkish stance.

    “In view of the 2015 campaign spending, we anticipate further liquidity tightening by an additional increase in the cash reserve ratio (CRR) on public sector deposit to 100 per cent before the end of 2014 and a subsequent reduction post the 2015 election,” Afrinvest stated.

    The investment firm noted that in view of further stimulus tapering in the United States (US) and the expected end to quantitative easing (QE) in November 2014, there could be further capital reversals, hence mounting more pressure on the Naira in the mid-term.

    According to Afrinvest, the pressure will present the CBN with the daunting task of either increasing the Monetary Policy Rate (MPR) to moderate capital flow reversals or permit the devaluation of the Naira to prevent further depletion of the reserves. The former may be the preferred so as to prevent inflationary pressure due to the import dependent nature of the Nigerian economy.

    “Moreover, we expect the present cashless policy may be extended to accommodate dollar and foreign currencies transactions such that foreign currency payment can only be made for smaller amount with all informal payments in foreign currencies reduced,” Afrinvest stated.

     

  • CBN, contractors at war over delayed payment

    CBN, contractors at war over delayed payment

    The wind of change blowing through the Central Bank of Nigeria (CBN) has seen contractors lamenting the delay in the payment for the jobs executed for the apex bank.

    A source outside the CBN told The Nation in confidence that payments to contractors have been delayed since the suspension of Mallam Sanusi Lamido Sanusi as the governor of the apex bank and that the Federal Government has mobilised consultants to look into the activities of the bank as a fall out of the suspension of his Sanusi.

    Some senior workers of the CBN were said to be uncomfortable with the nosy activities of the consultants, alleging that they were being harassed while others are indifferent and actually welcome the probe by the consultants.

    A source in the CBN said the management of the apex bank has opted to “err on the side of caution” and wait for the arrival of the new CBN Governor Mr Godwin Emefiele to know what direction the bank will take.

    The source said the affected contractors are those whose jobs have “encumberances” and for which some top shots of the banks may have questions to answer. As a result, the bank has opted to be cautious and allow proper investigation to be carried out to clear all misgivings.

    However, another senior official of the CBN said the bank has been paying contractors and that the bank is solvent and has been promptly paying contractors whose jobs have not raised any question with the Financial Reporting Council of Nigeria (FRC).

    Sanusi was suspended by President Goodluck Jonathan based on the report of the FRC, among other reasons. The report noted what it called the “persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria.”

    According to the FRCN, “by virtue of Section 15 (1)(a) of the Public Procurement Act, the provisions of the Act are expected to comply to ‘all procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’

    This definition clearly includes the Central Bank of Nigeria.”

    The FRCN, however, said it was “regrettable that the Central Bank of Nigeria, under his (Sanusi Lamido Sanusi) leadership, has refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA), one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost of effectiveness and professionalism in the public sector procurement system”.

    The council said: “Available information indicates that the Central Bank has over the years engaged in procurement of goods, works and services worth billions of Naira each year without complying with the express provisions of the PPA, and by deliberately refusing to be bound by the provisions of the Act, the CBN has not only decided to act in an unlawful manner, but has also persisted in promoting a governance regime characterised by financial recklessness, waste and impunity, as demonstrated by the contents of its 2012 Financial Statements.”

  • ‘Support Ndokwa aspirants’

    The people of Ndokwa in Delta State have said it is their turn to produce the next governor.

    The Chairman of the Organisation for Ndokwa Unity, also known as Ndokwa Unite, Steve Uweh, said it would be fair for an Ndokwa man or woman to be governor.

    He observed that Ndokwa land is strategically located and serves as a bridge among ethnic groups.

    “We are not insisting that it is compulsory for the next governor to come from Ndokwa land but, in terms of fairness and objectivity, reasonable Deltans will see reasons to advocate for the next governor to come from Ndokwa land.

    Uweh congratulated Godwin Emefiele on his confirmation as the Central Bank of Nigeria (CBN) governor.

    He said the appointment was a good development and urged him to use his experience to handle the nation’s banking sector well.

  • Senate screens Emefiele today

    The Senate may today screen President Goodluck Jonathan’s nominee for the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

    Also to be screened by the Senate in the Committee of the Whole is CBN’s Deputy Governor nominee, Mr. Adelabu Adebayo Adekola.

    According to a notice paper of the Senate obtained by The Nation yesterday, the Senate Leader Victor Ndoma-Egba would move the motion for the screening and confirmation of the nominations.

    The order reads in part: “That the Senate do commit to the Committee of the Whole, the request of Mr. President, Commmander-In-Chief, for the confirmation of the following nominees for appointments as Governor of the Central Bank of Nigeria and Deputy Governor of the Central Bank of Nigeria, in accordance with Section 81(1) and (2) of the Central Bank of Nigeria (CBN) Act 2007.”

    Emefiele and Adekola and their positions were on the paper.

    Similarly, the Senate may today confirm Justice Zainab A. Bulkachuwa as the President of the Court of Appeal.

    Jonathan nominated Justice Bulkachuwa for the Appeal Court President.

  • Godwin Emefiele, nominated CBN governor

    He is the Group Managing Director of Zenith Bank Plc, a position he has held since August 2010. Until then, he was the Deputy Managing Director of the bank, having been appointed into that position in 2001. Emefiele has been on the bank’s management team since inception and has held various management positions, including the bank’s Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning.

    Until he took over as Group Managing Director, Emefiele was responsible for the group’s local subsidiaries, Treasury and Correspondent Banking, and Multilateral, Conglomerates and Private Banking. He also had responsibilities for direct supervision of majority of the bank’s branches in Lagos and northern Nigeria.

    Emefiele has over 26 years banking experience. He holds a B.Sc and an MBA in Finance from the University of Nigeria, Nsukka (UNN). Before he began his banking career, Emefiele lectured in Finance, Bank Management and Insurance at the UNN and University of Port Harcourt.

    He is an alumnus of Stanford University, Harvard and Wharton Graduate School of Business, where he took courses in Negotiation, Service Excellence, Critical Thinking, Leading Change and Strategy.

    Under Emefiele’s leadership, Zenith Bank has strengthened its position as a leading financial institution in Africa, winning recognition and getting endorsement at home and abroad in key performance areas, such as corporate governance, service delivery and deployment of cutting-edge ICT as well as impact in the bank’s numerous spheres of operations.

  • Zenith Bank’s Emefiele picked as Sanusi’s successor

    Zenith Bank’s Emefiele picked as Sanusi’s successor

    President Goodluck Jonathan on Thursday asked the Senate to confirm Mr. Godwin Emefiele as Central Bank of Nigeria (CBN) Governor with effect from June 2.

    Jonathan also requested the upper chamber to approve the appointment of Mr. Adelabu Adebayo Adekola as Deputy Governor of the apex bank.

    Before his nomination Emefiele was the Managing Director and Chief Executive of the Zenith Bank Plc.

    He will take over from Mallam Sanusi Lamido Sanusi as CBN Governor if confirmed.

    Sanusi, whose tenure will end on June 1, was suspended on Thursday over allegation of financial recklessness and misconduct.

    The nomination of Emefiele is contained in a letter dated February 19, 2014 entitled: “Appointment of Governor of the Central Bank of Nigeria,” read by the Deputy Senate President, Ike Ekweremadu, who presided over the plenary on Thursday.

    Jonathan said, “In view of the fact that the tenure of the current Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, will end on June 1, 2014 and pursuant to the provisions of Section 8(1) and (2) of the CBN Act, 2007, I hereby forward the name of Mr. Godwin I. Emefiele for kind consideration and confirmation by the Senate of the Federal Republic of Nigeria for appointment as Governor of the Central Bank of Nigeria.”

    Jonathan prayed the Senate to accord the consideration and confirmation of the nominee its usual expeditious consideration.

    For Adekola, Jonathan also asked the Senate to consider and confirm him as Deputy Governor of the apex bank.

    He will take over from Mr. Tunde Lemo who retired as CBN Deputy Governor recently.

    Adekola is an Executive Director with the First Bank of Nigeria Plc.

    Jonathan also asked that Senate to consider and approve the nomination of Alhaji Hassan Bashir (Bauchi State) and Hon. Lanre Fayemi (Ekiti State) as members of the National Population Commission.

     

     

     

  • Zenith Bank’s 22nd AGM

    Zenith Bank’s 22nd AGM

  • Zenith named most customer-focused bank

    Zenith named most customer-focused bank

    Zenith Bank Plc. has emerged the Most Customer-Focused Bank in the country.

    Global professional services organisation,  KPMG in its 2013 Banking Industry Customer Satisfaction Survey (BICSS), ranked  Zenith Bank’s best-in-class service delivery as the best in both the retail and corporate banking categories.

    The ranking was on  the basis of a Customer Satisfaction Index (CSI) which took into account key factors like, Convenience, Product/Service Offering, Transaction Methods and Systems, Pricing and Customer Care. The survey covered more than 14,000 retail customers, 3,000 SMEs and 400 corporate/commercial organizations across Nigeria.

    The retail customers surveyed mentioned excellent customer service (35%), financial stability (26%), image and reputation (11%), employer requirements (10-%) and proximity of branches (10%) as their top reasons for maintaining banking relationships.

    The  corporate/commercial organizations mentioned excellent service (29%), financial stability (27%), image and reputation (8%), banking support of business (7%) and efficiency of credit processing (8%) as the top reasons for maintaining banking relationships.

    In the current edition of the survey, KPMG introduced a survey to understand the perception of young professionals on how they intend to interact with their banks in the future – about 50% preferred not to visit a branch. This fits into Zenith bank’s current disposition as a leading technological advanced financial services provider in Nigeria.

    last week, Zenith Bank consolidated its position in the  Nigeria’s banking industry with an  operating result that indicated excellent performance in all parameters .

  • Zenith Bank shares listed in London Stock Exchange

    Zenith Bank shares listed in London Stock Exchange

    Zenith Bank Plc listed $850 million worth of its ordinary shares on the floor of the London Stock Exchange as global depository receipts (GDRs) at $6.80 apiece, the bank said on Thursday.

    One GDR represents 50 ordinary shares, the bank said, adding that JP Morgan is the depository bank, while Citi is the custodian.

    It listed 125,000,000 units of the receipts.

    Zenith Bank Chief Executive, Godwin Emefiele, said the listing will allow foreign investors to buy their shares on the LSE and improve liquidity rather than to raise capital immediately.

    Reuters reports that the lender has a primary listing in Nigeria with a market capitalisation of more than $4 billion.

    “The GDR will allow us to raise money cheaply in the future,” Emefiele, told CNBC Africa television, adding that Zenith was well capitalised with a capital ratio of 30 percent.

    Emefiele said the bank’s operations were focused on Nigeria and he expected plenty of financing opportunities to come from developments in the infrastructure and power sectors in Africa’s second-biggest economy.

    Nigeria is reforming its infrastructure and power sectors, creating financing opportunities for banks as it tries to diversify away from its commodity-based economy in order to boost growth and unlock a consumer market of 160 million people.

    The LSE this month said it expected an increase in new listings from African companies this year as businesses in the continent’s fast-growing economies seek to attract foreign investors.