Business

Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions Mourns Passage of Herbert Wigwe and Others

Published

2 years ago

February 12, 2024

388 Views

The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions Mourns The Passage of Herbert Wigwe and Others

In his words:

I am devastated by the sad news of the helicopter crash in California, United States of America, that claimed the life of my dear friend, brother and professional colleague, Herbert Wigwe, the Group Chief Executive Officer of Access Holdings PLC, his lovely wife of many years, son, and Abimbola Ogunbanjo, the Group Chairman of the Nigerian Exchange Group PLC, alongside two others.

Herbert Wigwe’s visionary leadership and commitment to excellence have left an indelible mark in the business world, particularly banking and financial services industry . His passion, dedication, and innovative spirit have inspired many, and his legacy will be remembered far beyond his years.

A fearless and accomplished accountant and businessman, Herbert exemplified commitment to causes of public good and national development, evident in initiatives like the Wigwe University project and numerous philanthropic gestures across Nigeria and beyond. This is a national tragedy of monumental proportion.

Having maintained a personal relationship with Herbert since our days at Guaranty Trust Bank in 1991, I witnessed his extraordinary goal-driven professionalism. He reached the pinnacle of his career in the banking industry and business, leaving an indelible mark on the generation of accomplished bankers who cut their teeth at Guaranty Trust Bank.

As we come to terms with this devastating loss, we share in the grief of Access Holdings PLC, the families, friends, and colleagues of those who lost their lives in this unfortunate incident.

Our thoughts and prayers are with you during this unimaginably difficult time. May the memories of Herbert Wigwe and all those who died in the helicopter crash comfort and strengthen all those who knew and loved them. Ameen. Let us remember their contributions and honor their lives by continuing to uphold the values they believed in.

And in this time of sorrow, and as we navigate this dark moment, let our resolve in Almighty God remain unwavered. God bless.

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

9 hours ago

July 21, 2026

OCHEFA

23 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

18 hours ago

July 21, 2026

OCHEFA

21 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.