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Tag: Godwin Emefiele

  • Lubcon wins Guardian manufacturing excellence awards 2017

    Lubcon wins Guardian manufacturing excellence awards 2017

    Lubcon International, in a show of quality and strength, has beaten bigger names in the Nigeria’s lubricant manufacturing industry to emerge Nigeria’s Best Lubricant Manufacturing Company of the year 2017, at the maiden edition of the Guardian Manufacturing Excellence Awards 2017.

    The award was presented by Dr. Martins Ogwuda of the Central Bank of Nigeria, representing Dr. Godwin Emefiele, Central Bank of Nigeria (CBN) Governor last week Friday at the Eko Hotels and Suites in Lagos to the representatives of the company led by Mr. Taiye Williams, Managing Director, Lubcon International.

    Lubcon emerged overall best Lubricant oil manufacturer in Nigeria in a category that includes: Forte Oil Nigeria Plc, Mobil Oil Nigeria Plc ( II Plc ), Oando Plc and Total Nigeria Plc.

    In his acceptance speech, Mr. Williams thanked the organisers of the awards and the awards selection technical committee. He dedicated the award to the board, management and staff of Lubcon International for weathering the storm during the recession period in 2016; a situation that almost incapacitated many players in the Nigerian manufacturing sector. “On behalf of the board, management and staff of Lubcon, please accept my sincere appreciation of this award; it will go a long way to spur us to deliver more quality lubricants that will provide ultimate performance to all our customers. At Lubcon, we compete against the best lubricant brands in the world; and we apply the best global standards in all the markets where we operate. We at Lubcon, are committed to adding value to all our stakeholders”, Williams stated.

    The Guardian Manufacturing Excellence Awards was the maiden edition organised by the Guardian Newspapers in collaboration with the African Development Studies Centre (Inc.). It recognized deserving sector players in the Nigerian manufacturing industry, which outperformed despite challenging economic circumstances in the year 2016, thus helping to spur growth and development, creating new economic opportunities for citizens and communities as well as inspiring the new generation of Nigerians in the manufacturing sector.

    It will be recalled that the Nigerian economy plunged into a recession in 2016 that persisted for six consecutive quarters amidst the already existing challenges of perennial power outages, infrastructure deficit and the prolonged foreign exchange scarcity. These challenges affected the operational existence of many of the nation’s big and small manufacturing companies. Despite these, some sector players like Lubcon became very resilient; able to spot opportunities and maintained excellence by putting in more effort and resources to further engage the dynamic Nigerian market. They addressed competition, adopted cost saving measures and stepped-up their drive for innovation and capacity building in order to do extraordinarily in 2016 and increased productivity through to 2017 till the present period.

    The Guardian, fully aware that manufacturing is a key driver of economic growth decided to bring together industry leaders in the sector with a view to recognizing organizations and individuals that are driving and advancing the course of manufacturing in the nation.

    For the different award categories, the award committee, made up of analysts well-versed with the developments in the manufacturing sector called first for entries from players in the sector and then employed objective parameters and criteria in the process of selecting and short-listing the nominees out of the many hundreds of manufacturing companies, institutions and businesses registered and operating in Nigeria. On Friday November 17, 2017, the organisers eventually unveiled the trailblazing companies that have shown excellence in the course of the past year

    Lubcon is the first indigenous company to blend and market full-synthetic lubes in Nigeria. Ever since it started operations in 1991, the company has been soaring higher and diversifying and winning excellence awards and recognition.

    On August 20, 2015, the Federal Government of Nigeria conferred the National Productivity Order of Merit Award on Lubcon Limited having recognized the leadership position of Lubcon, quality of its world class products, coupled with the economic value the Ilorin, Kwara state based international company is creating in the Nigerian market,

    In the same year 2015, Lubcon won the Ghana Oil & Gas Awards (GOGA) as the Lube Manufacturer Company of the Year. The company won this award through its Ghanaian arm, Lubcon Ghana Limited from among 30 different other categories.

    About three years ago, Lubcon was appointed by JXTG NIPPON, one of the biggest Oil and Gas Companies in Japan to blend Yamalube on its behalf for the Yamaha Motorcycles and outboard motors being assembled in Nigeria. This was after a very rigorous certification of its plant and operations

    The Nigerian Civil Aviation Authority (NCAA) in 2015 recertified the multiple award winning firm, to supply aviation fuel to domestic and foreign airlines at airports in Nigeria.

    LUBCON Limited is Nigeria’s first indigenous Oil & Gas Company to be ISO certified in 2002. It is situated in Ilorin, Nigeria, and has been providing World Class Lubricants and other services to several regions of Africa since 1991. Lubcon Limited is also the first Nigerian Company to be awarded the prestigious NIS award for lubricating oil. The top graded Nigerian lubricant producing firm is the first official lubricant blender for the Nigerian Automobile Technicians Association (NATA) since 1995.

    With blending plants and business operations in Ghana, Niger, Liberia and Ethiopia, Lubcon blends premium brand of lubricants for various categories of domestic consumers and the export market. The brand has a nationwide acceptability.

    Other top management staff of Lubcon at the award ceremony were: Chief Kalu Onwunta, Group Managing Director, Mr. Adesoji Fagbemi, Group Executive Director; Mr. Mohammed Kabir Ibrahim, Project Manager, and Engr Audu Saliu Onimisi, General Manager Lubcon 3P.

  • Nigeria’s inflation rate to fall to single digit in mid 2018 – Emefiele

    Nigeria’s inflation rate to fall to single digit in mid 2018 – Emefiele

    Nigeria’s Central Bank Governor ( CBN ) Godwin Emefiele said on Friday he expected inflation rate to fall at a faster pace and hit high single digit rates mid-next year.

    “We are very optimistic that food prices will come down and as they come down, it will help to complement the reduction in core inflation,” Emefiele told journalists on the sidelines of an investment conference at the London Stock Exchange.

    “I expected a more aggressive moderation.

    “We are hoping that by the middle of next year we should begin to approach the high single digits,” he said, adding that around nine percent would be a good target.

    Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 per cent.

    Read also: Emefiele wins Forbes Achievement Award

    NAN

  • CBN orders banks to keep database of fraudulent customers

    CBN orders banks to keep database of fraudulent customers

    The Central Bank of Nigeria ( CBN ) on Thursday directed banks to establish a database of their customers identified through their Bank Verification Numbers (BVNs) to be involved in confirmed fraudulent activities.

    The directive is contained in the Regulatory Framework for Bank Verification Number (BVN) Operation and Watch-list for Nigerian Financial System released by the CBN. The implementation of the framework is with immediate effect.

    CBN Director Banking & Payments System Dipo Fatokun, who signed the framework, said bank customers are to abide  by  the  regulatory  framework for  BVN  operations and  the watch-list for the Nigerian Banking Industry and also report all suspicious or unauthorised activities on their accounts.

    Data from the CBN showed that Nigeria experienced a total of 3,500 cyber-attacks with 70 per cent success rate and loss of $450 million within the last one year mainly through cross channel fraud, data theft, email spooling, phishing, shoulder surfing and underground websites.

    Although e-fraud rate in terms of value dropped by 63 per cent, after the BVN introduction and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 per cent.

    The new regulation is expected to assist the CBN to a great deal, in curbing the menace of fraudsters

    According to Fatokun, the new framework is in exercise of the powers conferred on the CBN, by Sections 2 (d) and 47 (2), of the CBN Act, 2007, to promote the development of efficient and effective payments systems for the settlement of transactions.

    He said the framework provides standards for the BVN operations and watch-list for the Nigerian Banking Industry. The watch-list comprises a database of bank customers’ identified by their BVNs, who have been involved in confirmed fraudulent activity in the banking industry in Nigeria.

    Fatokun said the regulatory framework shall guide activities of the participants in the provision of the BVN operations in Nigeria and that the CBN, Nigeria Inter-Bank Settlement System (NIBSS), Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Bank Customers are participants in its implementation.

    He said the CBN, in collaboration with the Bankers Committee, proactively embarked upon the deployment of a centralized BVN System and launched the BVN in February, 2014. This, he said, is part of the overall strategy of ensuring effectiveness of the Know Your Customer (KYC) principles, and the promotion of a safe, reliable and efficient payments system.

    The BVN gives a unique identity across the banking industry to each customer of Nigerian banks.

    “This framework also defines the establishment and operations of a Watch-list for the Nigerian Banking Industry, to address the increasing incidences, of frauds, with a view to engendering public confidence in the banking industry.

    This framework, without prejudice to existing laws, is a guide for the operations of the watch-List in the Financial System”.

    The Watch-list is a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities.

    The framework is expected to clearly define the roles and responsibilities of stakeholders; clearly define the operations of the BVN in Nigeria; define access, usage and management of the BVN information, requirements and conditions and provide a database of watch-listed individuals.

    It is also expected to outline the process and operations of the watch-List and deter fraud incidences in the Nigerian Banking Industry.

    In implementing this framework, the CBN is expected to approve the Regulatory Framework and Standard Operating Guidelines as well as approve eligible users for access to the BVN information.

    The Nigeria Interbank-Settlement System (NIBSS) is to collaborate with other stakeholders to develop and review the Standard Operating Guidelines of the BVN while the banks are to ensure proper capturing of the BVN data and validate same before the linkage with customers’ accounts.

  • CBN Governor Emefiele in quiet 56th birthday celebration

    GODWIN Emefiele, the boss of the Central Bank of Nigeria, one of the nation’s most important establishments, is incredibly reclusive when it comes to social matters. It was his 56th birthday recently, but rather than the high drama and fanfare that usually accomplish the birthday celebrations of other men and women of his status, there was only a quiet celebration with family members and friends. So quiet, in fact, that the day came and went with many people caught unawares.

    As the country’s financial gatekeeper, the amiable beau of Margaret was said to have been wary of any noisy celebration at a time when the country’s political and economic situation remains precarious, hence he opted for a low key celebration with close friends and family members who only joined him in thanking God for seeing him through difficult times, while asking for strength to successfully navigate the tasks ahead.

  • Economy: Buhari meets CBN Governor, Finance, Budget ministers

    Economy: Buhari meets CBN Governor, Finance, Budget ministers

    For about two hours Monday, President Muhammadu Buhari met with the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, Finance Minister Mrs. Kemi Adeosun and her Budget & National Planning counterpart, Senator Udoma Udo Udoma.

    Their discussion centered on the state of the economy, including the implementation of this year’s Appropriation Act and preparation for next year’s estimates, among others.

    Buhari, who returned penultimate week from the United Kingdom (UK) after a 103-day medical vacation, expressed delight over the improving economy.

    The CBN chief and the ministers took turns to brief the President, according to statement by Buhari’s Special Adviser on Media & Publicity, Mr. Femi Adesina.

    The statement reads: “For almost two hours, President Muhammadu Buhari, Monday, received briefing from the Minister of Budget and National Planning, Senator Udoma Udo Udoma, the Minister of Finance, Mrs. Kemi Adeosun, and Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, after which a delighted President declared that he was pleased with the progress being made on different fronts.”

    According to the statement, the ministers and the CBN governor updated the President on the improving state of the economy, the implementation of the 2017 Budget, the preparation for the 2018 Budget, revenue strategies, combined cost reduction and debt management.

    They also discussed monetary policy strategies and their economic impact.

    Reminding managers of the economy that reviving the economy was one of the major planks that his All Progressives Congress (APC) party based its campaign, the President expressed gladness that things were looking up after two years in the saddle.

    Buhari urged them not to rest on their oars, renewing his administration commitment to bring sucour to Nigerians across all walks of life.

  • Monetary policy offers limited tools for economic recovery – Emefiel

    Monetary policy offers limited tools for economic recovery – Emefiel

    Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country.

    Emefiele said this while delivering a keynote lecture at the 2017 Annual Conference of Nigerian Bar Association (NBA) in Lagos.

    The lecture was titled “The Dilemma of Monetary Policy During a Recession: Potential Options for Nigeria”.

    Emefiele identified the current challenges facing Nigeria as falling Gross Domestic Products (GDP) growth rate, rising inflation, persistently high interest rates, falling foreign exchange reserves and depreciating exchange rate.

    He said the CBN could not tackle these challenges with the tool available to it with the objective of changing the outcomes for the better.

    The governor pointed that CBN had always used monetary policy implementation at its disposal in controlling interest rates and money supply to moderate inflation and achieve economic growth.

    Emefiele said these problems occurred simultaneously and needed to be dealt with over a short period of time.

    According to him, the real dilemma the country is faced with is that there are significant trade-offs in outcomes of economic variables regardless of what specific monetary policy the nation implemented.

    “For example, one would expect that given the bank’s core mandate to pursue low inflation, the central bank would implement policies geared towards that.

    “In order to tackle high inflation, the correct monetary policy would be to tighten money supply either by increasing the Cash Reserve Requirement (CRR) of banks, mopping up money through increased Open Market Operations or raising the Liquidity Ratio of banks.

    “While doing any or a combination of these would help moderate inflationary pressure, it could ensure that interest rates remain high and may even be inimical to restoring economic growth in the short term.

    He, therefore, said that bank would need the support and cooperation of the NBA to build synergy towards the achievement of the various policy options enumerated.

    According to him, the CBN is leading other stakeholders through the Financial System Strategy 2020 (FSS2020) in order to achieve stability in the financial system.

    He said this would help to develop a robust, globally competitive and market friendly legal framework for Nigeria’s financial sector by the year 2020.

    “FSS 2020 intends to apply the instrumentality of the law as a vehicle to fast-track the development of Nigeria’s financial system.

    “As such, this is one area where the CBN would need the support of the NBA.”

    Emefiele said that one of the major lessons learnt from the recent global financial crises was the need to develop adequate frameworks and appropriate tools for managing financial stability.

    “In this regard, the Financial Services Regulation  Coordinating Committee led by the CBN, is putting together a robust framework that will adequately promote stability of the Nigeria’s financial system.

    The governor also said that it was imperative that the NBA should be ready and willing to partner with the CBN in areas like legislative advocacy.

    He said this would ensure quick promulgation of robust legislations in support of chosen policy options and vigorous support for establishment of commercial courts to facilitate speedy resolution of commercial disputes.

    Others, he said, were provision of constructive inputs for the development of robust financial sector legislative bills and other regulations and checkmating unbridled recourse to the use of interlocutory applications to frustrate legitimate expectations in commercial and financial disputes to contribute.

    He urged every Nigerian to contribute his or her quota to national development.

    “I am not unaware of the short-term pains we are all going through right now. But gold glitters after it has gone through enormous heat.

    “Let us, therefore, use this opportunity to look inwards, diversify our economy, produce locally, and create jobs
    for our unemployed youths.

    “Even when we disagree about the way forward, we should do so in good faith and never lose sight of what is important.

    “We should remain resolutely committed to the course and be motivated by the achievability of our desire to strengthen our economic fundamentals.”

     

  • How CBN is tackling inflation, exchange rate volatility – Emefiele

    How CBN is tackling inflation, exchange rate volatility – Emefiele

    The negative impact of high inflation and exchange rate volatility has prompted the Central Bank of Nigeria (CBN) to tackle both developments head-on, its Governor, Godwin Emefiele, said on Tuesday.

    Speaking at the 2017 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, the CBN governor said “high inflation hinders economic growth and is not only harmful to growth in the long run, it discourages saving and inhibits planning and investment as people become more skeptical on the direction of prices of goods and services.”

    Emefiele, who spoke on the theme: “The Dilemma of Monetary Policy During a Recession: Potential Options for Nigeria,” said achieving low inflation is a major priority for the CBN, adding that any decision the apex bank takes on the economy usually has certain repercussions.

    He said the naira depreciated from $1/N155 in June 2014 to as high as over $1/N500 in the parallel market around February 2017, adding that the country is also dealing with the perennial problem of high interest rates in Nigeria.

    “The naira exchange rate against the dollar has however improved after the CBN introduced the Investors and Exporters FX Window.

    “If we had chosen to reduce interest rates and increase money supply, we would have further deepened the recession, while assuring foreign investment outflows which would worsen foreign exchange reserves situation,” he added.

  • Ajimobi inaugurates CBN projects at technical varsity

    Ajimobi inaugurates CBN projects at technical varsity

    Gov. Abiola Ajimobi of Oyo State  on Tuesday in Ibadan inaugurated  an e-library and  administrative block built by the Central Bank of Nigeria (CBN)  at the Technical University (TechU) in Ibadan.

    The News Agency of Nigeria (NAN) reports  that the  university  located on the Ibadan-Lagos expressway is an initiative of  the Oyo State Government.

    Speaking at  the inauguration, Ajimobi expressed  appreciation to the board and management of CBN for the donation, promising that the facilities would be put  to good use.

    The governor said the institution will offer  degree programmes  of international standard through collaboration with relevant global institutions.

    “Our vision is to be a world-class institution for technical studies that are anchored on entrepreneurial practices, innovation and commitment to international best practices.

    “We plan to produce exceptional graduates who are not only socially conscious but technically competent enough to turn around the fortunes of the state and Nigeria,’’ he said.

    He stated that no government could  single-handedly bear  the huge responsibilities of providing qualitative education.

    The governor  said  partnership in repositioning the education  sector  in the state was desirable and appreciated.

    The CBN governor, Mr Godwin Emefiele,  said  that the country  was experiencing acute shortage of high quality and world class educational institutions.

    Emefiele, who was represented by Mr Adebayo Adelabu, CBN Deputy Governor, Operations,  said that this  shortage informed the surge in the number of Nigerian students going abroad to seek quality education.

    “This has implications for the demand for foreign exchange and supply of qualified personnel to support the productive capacity of the country.

    “Our primary mandate at CBN includes maintenance of price and exchange rate stability, functional and stable financial system, effective payment system and credible currency.

    “We have a responsibility for development financing through regular intervention in critical sectors of the economy of which education is one to bridge the manpower and infrastructural deficits accumulated over time,’’ he said.

    He urged the beneficiaries, including staff and students of the university,  to make use of the buildings and derive the full benefits for which the project was intended.

    “I want to take this opportunity to express the hope that the university management will adopt the necessary maintenance culture to keep the buildings and equipment  for many years.

    “Government cannot fund education alone. The private sector equally has very important roles to play.

    “Tertiary institutions are supposed to be the drivers of research and innovation relevant to industry and commerce,’’ he said.

    The Pro-Chancellor of the university, Prof. Oyewusi Ibidapo-Obe, on his part,  described  the e-library as  one of the best in  the world.

    “We intend to work very hard to ensure that the minimum achievement of any student must be second class lower.

    “We are going to run the university as a scheme of 12 programmes,’’ he said.

    The Alaafin of Oyo, Oba Lamidi Adeyemi,  and the Olubadan of Ibadanland, Oba Saliu Adetunji,  in their  remarks, commended  the governor for establishing the university.

    While Adeyemi said that the governor had  planted a legacy that would linger for many years, Adetunji, who was represented by High Chief Lekan Balogun, described  the institution as  a great innovation.

  • ‘Experience gave me the 6th CBN Tennis Championships title’ – Babalola

    ‘Experience gave me the 6th CBN Tennis Championships title’ – Babalola

    Top seed, Abdulmumuni Babalola, has said that experience and dedication guided him to his 6th men’s singles title of the Central Bank of Nigeria (CBN) Senior Tennis Championships.

    The News Agency of Nigeria (NAN) reports that Babalola defeated Joseph Imeh, the most experienced junior player at the tennis courts of the National Stadium, Lagos, won 6-4, 6-3 on Saturday.

    An elated Babalola, who was recently elected the players’ representative on the board of the Nigeria Tennis Federation (NTF), said that hard work saw him through the final.

    Babalola thanked CBN for the annual championships and challenged other corporate organisations to sponsor tennis competitions for players to have regular championships that would make them develop.

    “Tennis in Nigeria is really growing because the unseeded players have for the past three years now been giving the seeded and more experienced players a run for their money.

    “I had to really prepare very well so that my opponent, Joseph, do not disgrace me,’’ he said.

    Meanwhile, in the women’s singles, last year’s CBN junior champion, Mary Love Edwards was beaten to the title by top seed, Sarah Adegoke 6-0, 6-3.

    Adegoke was quick to note that “five years down, I was defeated by a top seed and today I have won this competition.

    “Words can’t express how I feel about my win and I’ll say this; my opponent is a good player though she needs to work more on her footwork.

    “I won this game because I was able to capitalise on my opponent’s weak footwork, so I placed my balls at the corners of her court’’.

    Others winners include Babalola and Shehu Lawal who won the men’s doubles.

    Blessing Samuel and Christie Agugbom claimed the women’s doubles, while in the wheelchair men’s singles, Adewale Alex won and Kafayat Omisore clinched the women’s singles title.

    The CBN Governor, Godwin Emefiele, while praising the players for their efforts, said the organisation was happy to promote the competition to the benefit of the youth.

    Emefiele, represented by the Deputy Governor, Financial System Stability, Joseph Nnanna, said they would continue to improve to make the sport grow in the country.

    “We feel glad that Nigerian youths are doing well in tennis.

    “The prize money is not the problem in sponsoring the tourney. We will continue to improve on the tournament and tennis too.

    “The winners will be sponsored to Equatorial Guinea for the African Championships after which they will have the opportunity to participate at the Davis Cup to be held in Egypt.’’

    NAN reports that the total prize money for the 2017 edition in which no fewer than 400 players featured is N11.2 million.

    The tennis event which served off on May 29 ended on June 3.

  • Buhari gets briefs on foreign exchange stability

    Buhari gets briefs on foreign exchange stability

    President Muhammadu Buhari on Thursday received briefings from the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on the stability in the Foreign Exchange market and other activities of the apex bank.

    Speaking with State House correspondents at the end of the closed door meeting, Emefiele said that the President was delighted over the stability in the forex market.

    He explained that the parallel market is currently stabilising at between N380 and N385 against one US dollar.

    He said ‘`Basically as it is expected what we normally do is from time to time to brief the President about activities about the Central Bank of Nigeria particularly at this time as it relates to the efforts that the Central Bank is doing to stabilise the forex market

    “We briefed him regarding the activities so far and he was very delighted to hear that the market is stabilising at the level that it is right now and I am saying the parallel market which currently stabilises at between N380 and N385,’’ he said.

    According to him, the sudden rise in crude oil production and the subsequent increase in export of the commodity are the main factor responsible for the stability in the forex market.

    He said that the crude oil prices which has been oscillating between 50 and 56 dollars per barrel, have helped to boost the nation’s revenue position and also provided some ammunition for the Central Bank to defend the currency.

    He said: “Given what we have right now the fact that the revenues are looking good, the state of the economy is good and I believe that we are going to pull out of the problem in due course.’’

    He also reassured that the apex bank would continue to make the foreign exchange available to those in need to enable them to import or carry out eligible transactions.