The Nation Newspaper

Tag: Godwin Emefiele

  • Ohanaeze applauds FG on agric initiatives

    The President of Ohaneze Ndigbo, Chief Nnia Nwodo, has applauded the agricultural initiatives of the Federal Government saying they are yielding positive results in Igbo speaking states.

    Ohanaeze Ndigbo is the apex socio-cultural organisation of Igbo speaking states in Nigeria.

    Addressing newsmen in Enugu on Wednesday, Nwodo contended that with the implementation of the initiatives, the federal government had taken the best move to take the people out of recession.

    He said that the various agricultural schemes embarked by the government through the Central Bank of Nigeria (CBN) were a huge success.

    The Ohanaeze chieftain said that the CBN governor, Mr Godwin Emefiele, should be commended for the intervention of the apex bank in various empowerment programmes aimed at stimulating the economy.

    Nwodo said: “we want to use this opportunity to salute the governor of the Central Bank.

    “This gentleman has had one of the most difficult challenges that have faced any governor of the CBN.

    “What he has done lately in terms of fighting the value of the naira is most commendable.

    “His programmes at assisting agriculture have impacted positively on the sector.

    “It is working in Imo, Ebonyi, Abia, Anambra and it is beginning to work in Enugu state and we are immensely grateful to him.

    “We encourage him to continue to work in this way to ensure that the ordinary people in Nigeria can bounce back as this recession continues to recede in its calamitously effect on our standard of living.”

    Nwodo said that the achievements of the government in the petroleum sector should not be overlooked as the Nigeria National Petroleum Corporation (NNPC) had been reinvigorated.

    He said that the achievements recorded in the NNPC during the tenure of Dr Ibe Kachikwu as Minister of State for Petroleum and Managing Director were outstanding.

    “Since the NNPC was incorporated, no minister or managing director has ever put the corporation on public portal.

    “But by the click of the mouse, when our son was there, you could tell how much came into NNPC every day and how much was spent.

    “For the first time, petroleum subsidy was removed without the economy collapsing,” he said.

    The Ohaneze president appealed to the Federal Government to intervene and rehabilitate the Enugu/Port Harcourt expressway which he described as “death trap.’’

    “While we commend the minister of Power, Works and Housing for the work that has started on the Enugu/Onitsha road, we want to draw his attention to the road between Enugu and Port Harcourt.

    “The road is a death trap. It is tortuous and God knows how long it will take to rehabilitate the road especially with all the stops by security men,” he said.

    Nwodo expressed concern that the entire South-East seemed to be under security siege by officers of the armed forces, who he alleged, extort money openly from innocent citizens and road users.

    He said that complaints by the organisation against the brazen impunity of the security agencies on the roads across the zone had remained unattended to.

  •  Economist wants CBN to pump money into circulation

    An Economist, Dr Tunde Adeoye, has advised the Central Bank of Nigeria (CBN) to pump more funds into the economy in order to pull the nation out of current recession.

    Adeoye, who is a Senior Lecturer, Department of Economics, University of Lagos, told the News Agency of Nigeria (NAN) in Ota, Ogun on Wednesday that the apex bank should also regulate interest rate.

    He was reacting to the comments by the CBN Governor, Mr Godwin Emefiele, who said on Tuesday that the nation would be out of recession by the third quarter of the year.

    Emefiele had said that the nation had more than $31 billion in its external reserve, which was enough to defend the Naira and bring down the prices of goods.

    Adeoye noted that the prices of goods have gone up due to slow economic activities in the country.

    He added that the nation’s external reserves depended on the price of oil in the international market, as such “Nigeria should not rely on rise in oil prices to get out of recession because the country does not have control over the prices.

    “Instead, the nation should look for long lasting solutions by pumping more money into circulation and regulating the interest rate.”

    According to him, when there is more money in circulation, it will make funds available in the system and people will have access to them.

    “This will boost economic activities and bring down the inflation rate.’’

  • Economist urges CBN to pump money into the circulations

    An Economist, Dr Tunde Adeoye, has advised the Central Bank of Nigeria (CBN) to pump more funds into the economy in order to pull the nation out of current recession.

    Adeoye, who is a Senior Lecturer, Department of Economics, University of Lagos, told the News Agency of Nigeria (NAN) in Ota, Ogun on Wednesday that the apex bank should also regulate interest rate.

    He was reacting to the comments by the CBN Governor, Mr Godwin Emefiele, who said on Tuesday that the nation would be out of recession by the third quarter of the year.

    Emefiele had said that the nation had more than $31 billion in its external reserve, which was enough to defend the Naira and bring down the prices of goods.

    Adeoye noted that the prices of goods have gone up due to slow economic activities in the country.

    He added that the nation’s external reserves depended on the price of oil in the international market, as such “Nigeria should not rely on rise in oil prices to get out of recession because the country does not have control over the prices.

    “Instead, the nation should look for  long lasting solutions by pumping more money into circulation and regulating the interest rate.”

    According to him, when there is more money in circulation, it will make funds available in the system and people will have access to them.

    “This will boost economic activities and bring down the inflation rate.’’

  • CBN: Nigeria will exit recession in Q3

    CBN: Nigeria will exit recession in Q3

    • Foreign reserve now $31b

    Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, yesterday said  the country will be completely out of recession in second or first half of the third quarter (Q3).

    Emefiele spoke after emerging from a closed session with Senate President, Abubakar Bukola Saraki, in Abuja.

    The CBN chief  who said  the Senate President invited him to  give the upper legislative chamber update on the foreign exchange market (forex), said the country’s foreign reserve currently stood at $31 billion.

    He said the increasing strength of the foreign reserve is giving the CBN the necessary fire power to play in the forex market.

    Emefiele said: “Actually, the Senate president invited us to come and brief the Senate in a closed session and the leadership about providing some updates about the forex markets.

    “You will all have observed that in the last two months, the CBN  has been involved in some form of intensive intervention in the forex market and this has fortunately resulted in a downward trend in the parallel market price of forex from as high as N525 to as low as N370. Right now it hovers between N370 to N380.

    “I think it’s an opportunity for me to say that we are going to continue this intervention because the reserve looks very good; as I speak to you, our reserve stands at above $31 billion and that provides us enough of firepower or ammunition to be able to defend the currency. We will do so with all intensity to ensure that forex is procured by everybody.

    “You want to import raw materials, you will get foreign exchange, you want to import plant and equipment you will get forex, you want to pay school fees or you are a small business that wants to buy forex for you to import your small items you will procure forex.

    “And indeed we have started to see a downward trend even in prices and you have also must observe that inflation is also trending downward.

    “We are very much optimistic that by the end of the second quarter very latest third quarter we should be out of recession that we are in right now.

    “I think what is important is that last week we brought out an announcement which is meant to encourage our foreign investor community to get involved as well in the forex market.

    “It is the market or window that is opened for them to inflow their forex and come into the market on what we called a willing buyer, willing seller basis in which case there will be no form of any price intervention by anybody and indeed even including the Central Bank.”

  • Nigeria will be out of recession by end of 2nd quarter – Emefiele

    Nigeria will be out of recession by end of 2nd quarter – Emefiele

    The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has assured Nigerians that the country would get out of economic recession latest by the end of June this year.

    This, according to him, is based on emerging positive economic indicators to that effect.

    Emefiele gave the assurance at the National Assembly Complex on Tuesday while fielding questions from journalists after a closed-door meeting with the leadership of the Senate.

    He said one of the indicators was the downward trend in the parallel market as regards the value of   Naira against the dollar which has appreciated from as higher as N525 per dollar to between N370 to N380.

    Other indicators according to him are the already confirmed reduction in the rate of inflation by the National Bureau of Statistics (NBS).

    He said that the CBN had been involved in some form of intensive interventions in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange from as higher as N525 to as low as N370.

    “I think it’s an opportunity for me to say that we are going to continue this intervention because the reserve looks very good. As I speak to you our reserve stands at above 31 billion dollars and that provides us enough of firepower or ammunition to be able to defend the currency and we will do so with all intensity to ensure that foreign exchange is procured by everybody.

    “We have started to see a downward trend even in prices of goods and commodities and you have also must have observed that inflation is also trending downward as confirmed by NBS.

    “We are very much optimistic that by the end of the second quarter very latest third quarter this year, we should be out of recession that we are in right now”.

    He assured that the downward trend in the parallel market in favour of the Naira  would be sustained by the CBN through its needed interventions and in particular, through the policy of willing buyer and willing seller basis.

    “I think what is important is that last week we brought out an announcement which is meant to encourage our foreign investor community to get involved as well in the foreign exchange market.

    “It is the market or window that is opened for them to inflow their foreign exchange and come into the market on what we called a willing buyer, willing seller basis in which case there will be no form of any price intervention by anybody and indeed even including the Central Bank,” he said

  • Financial inclusion: We are concerned about the unbanked, says Emefiele

    Financial inclusion: We are concerned about the unbanked, says Emefiele

    The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said that financial education remains of great importance to the bank, until financial services becomes affordable to the un-banked in the society.

    Emefiele, represented by CBN’s Director, Human Resources, Mr. Edward Lamtek , said this on Tuesday in Abuja at the Financial Literacy Summit to commemorate the 2017 Global Money Week, with the theme “Learn, Save, Earn”.

    Present at the summit were primary and junior secondary students from various public and private schools within the Federal Capital Territory.

    He said that financial inclusion ensures that irrespective of income level, all individuals, households and businesses have access to appropriate and affordable financial services products.

    “We are concerned about the level of financial inclusion because individuals and households lacking adequate access to affordable and convenient formal financial services would be severely constrained in participating fully in the economy.

    “This will imply that the financial sector would be constrained in terms of expansion, as the disposable income in the hands of excluded persons could constitute greater savings and wider deposit base for banks.

    “To address our financial inclusion challenges, we have continued to implement various initiatives to ensure that as much of the eligible target population has the opportunity to access a variety of financial services.

    “These services, ranges from credit, savings and payments, remittances, pensions, capital markets and insurance services,” he said.

    Emefiele said that for consumers to fully utilise these services, it was important that they increase their financial literacy skills, complemented by consumer protection measures of the CBN.

    The CBN boss expressed happiness over the approval of the Financial Literacy Curriculum at basic and senior secondary schools level, which would commence at the beginning of the 2017/2018 academic year.

    He said that the apex bank was currently developing a Teacher’s Guide to aid the teaching of financial education in formal school system.

    “This I hope will be one of my legacies to the youth and to the country as the CBN Governor,” he said.

    Meanwhile, The Director, Consumer Protection, CBN, Mrs. Umma Dutse reiterated the apex bank’s commitment to ensure financial inclusion, through continued financial education of consumers.

    “It is only when the vast majority of the Nigerian population is financially literate that they can participate and take up opportunities from the formal financial system, thereby contributing to financial stability.

    “Financial education is no doubt crucial to the future and stability of our financial system,” she said.

    It will be recalled that a survey conducted in Nigeria in 2008 by a development finance organisation, the Enhancing Financial Innovation and Access revealed that about 53 per cent of adults were excluded from financial services.

    The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53 per cent in 2008 to 46.3 per cent in 2010.

    Encouraged by the positive development, the CBN on October 23, 2012 launched the National Financial Inclusion Strategy aimed at further reducing the exclusion rate to 20 per cent by 2020.

    Specifically, adult Nigerians with access to payment services is to increase from 21.6 per cent in 2010 to 70 per cent in 2020, while those with access to savings should increase from 24 per cent to 60 per cent.

    Also, access to credit is targeted to increase from 2 per cent to 40 per cent, Insurance from 1 per cent to 40 per cent and Pensions from 5 per cent to 40 per cent, within the same period.

  • Buhari orders CBN, Finance Ministry to pay states London-Paris Club refunds

    Buhari orders CBN, Finance Ministry to pay states London-Paris Club refunds

    President Muhammadu Buhari on Thursday directed the Minister of Finance, Mrs. Kemi Adeosun and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to act appropriately and with dispatch in releasing the second tranche of the London-Paris Club refunds to the states in order to ease their financial hardships.

    He gave the directive while addressing the meeting of the National Economic Council (NEC) made up of State Governors and chaired by the Vice-President Yemi Osinbajo at the Presidential Villa, Abuja.

    Buhari, who met the governors behind closed doors, however, made a strong case for settlement of unpaid salaries and pension liabilities of workers in their states.

    The President in a statement by the Senior Special Assistant on media and publicity, Garba Shehu, said: “I will not rest until I address those issues that affect our people.  One of these basic things is the issue of salaries.

    “It is most important that workers are able to feed their families, pay rent and school fees, then other things can follow,” he said.

    President Buhari, who went round the Council Chambers to greet the governors one after another, praised the unity of the Forum of State Governors.

    He thanked them profusely for their display of “love and respect” to him.

    According to him, he was overwhelmed by his recent experience in which states, irrespective of political differences charged their citizens to pray in mosques and churches for his well-being and apologized to Governors for barring them from visiting him while he was in London.

    “I didn’t want government to move to London. I wanted it to remain here and I am glad it did,” he said.

    After narrating what he went through while on that vacation, President Buhari noted the suggestion by the Governors for him to add more rest, but insisted that he would remain relentless in the pursuit of the interest of the Nigerian people at all times.

    This, he said, was the only way to show his gratitude to the people who, he said, “had given so much to me.  I was overwhelmed by the celebration of my return all across the country.”

    The Chairman of the Nigerian Governors Forum, Abdul-Aziz Yari of Zamfara State assured the President, on behalf of his colleagues, that they will continue to support his policies and actions which they had adjudged as being in the nation’s best interest.

    The governors of Imo, Akwa-Ibom, Osun and Abia States thanked President Buhari for saving the day for states through the first tranche of the London-Paris Club refunds while calling for the immediate release of the second one.

    They also commended the trust the President reposed in the Vice-President, Prof. Yemi Osinbajo, whom they said did not disappoint when he acted as President.

     

  • Photo: Emefiele briefs Buhari

    Photo: Emefiele briefs Buhari

    President Muhammadu Buhari receives briefing from Central Bank Governor Godwin Emefiele at the Presidential Villa yesterday. PHOTO AKIN OLADOKUN.
    President Muhammadu Buhari receives briefing from Central Bank
    Governor Godwin Emefiele at the Presidential Villa yesterday. PHOTO
    AKIN OLADOKUN.
  • Adeosun urges CBN to extend BVN to micro finance banks

    Adeosun urges CBN to extend BVN to micro finance banks

    The Minister of Finance, Mrs. Kemi Adeosun, has urged the Central Bank of Nigeria (CBN) to extend Bank Verification Number (BVN) requirement to account holders in Microfinance Banks (MFBs).

    She said this would facilitate the detection of bank accounts which might have been opened and operated in such banks by ghost workers and other syndicates.

    A statement by the ministry’s Director of Information, Mr. Salisu Dambatta in Abuja on Monday, said Adeosun had written to the CBN Governor, Mr. Godwin Emefiele, to make her case.

    The minister said that the introduction of BVN by the CBN had contributed immensely in improving the integrity of the Federal Government payroll on which more than 50,000 ghost workers were detected and removed.

    She said that operating bank accounts in Microfinance Banks without requirement for BVN had left a huge loophole which individuals with intent on financial crimes could use to hide and launder proceeds of crime and successfully escape detection by law enforcement agencies.

    Adeosun referred the CBN governor to the discovery that prior to the deadline for obtaining the BVN, there had been movement of a large number of salary accounts of federal employees from commercial banks to microfinance banks.

    “This is a suspicious activity and we have already commenced a review of such cases to identify and investigate any cases of fraud.

    “We know that extending the requirement for BVN to Microfinance Banks may put a huge financial strain on the smaller Microfinance Banks; however, some MFBs such as National Police Force Microfinance (NPF), have over 27,000 salary accounts.

    “Our inability to perform checks on such a large number of salary earners is a key risk.

    “I am therefore seeking your cooperation to enforce compliance with BVN on any MFB with over 200 active salary accounts or those above a certain size.

    “This will support the Federal Government’s efforts at reducing leakages to create headroom for the capital projects that will support the growth of the economy,” she said.

    The CBN had, in September 2016, announced its intention to extend the requirement for the extension of the BVN to MFBs in the country, but the exercise had not taken off. 

     

  • Reps panel threaten to arrest Emefiele over oil blocs

    The House of Representatives has threatened to issue warrant of arrest on the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and the Accountant-General of the Federation (AGF), Mr. Ahmed Idris, over oil licenses.

    The threat is in respect of the sale of Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) to some international oil companies, the News Agency of Nigeria (NAN) reports.

    The Chairman of the House Adhoc Committee on OPLs/OMLs, Gideon Gwani (PDP-Kaduna), issued the threat while briefing journalists on Friday in Abuja.

    He said the committee’s mandate was to carry out investigation of all the OPLs and OMLs granted by the Federal Government.

    Gwani said the committee, in the course of investigation, discovered that there were many anomalies in the process leading to the award of oil blocs to IOCs by the government.

    The lawmaker said other issues being investigated by the committee include the award of marginal fields and signature bonuses among others.

    Gwani added that no production activity took place in some oil blocs awarded to the IOCs over 30 years ago.