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CIBN Commissions Bankers Hall at Olabisi Onabanjo University

From L to R The Registrar, Olabisi Onabanjo University Mr Femi Ogunwomoju, , Vice Chancellor, Olabisi Onabanjo University; Professor Ayodeji Johnson Agboola, Pro-Chancellor and Chairman of Council, Olabisi Onabanjo University ;Prof. Oluwatoyin Ashiru, President/Chairman of Council, CIBN; Ken Opara, Ph.D FCIB; 1st Vice President, CIBN, Prof Deji Olanrewaju, FCIB, Chairman Odua Investment, Otunba Bimbo Ashiru at the Commissioning of CIBN Bankers Hall at Olabisi Onabanjo University yesterday

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The Chartered Institute of Bankers of Nigeria has reiterated its resolve to strengthen banking and finance education in the country through the injection of professionalism into the teaching and learning of the course.

The CIBN Bankers Hall was commissioned at Olabisi Onabanjo University, Ago-Iwoye on Tuesday, 25 July, 2023. The exquisite ultramodern edifice is a legacy project bestowed to Olabisi Onabanjo University, Ago-Iwoye by The Chartered Institute of Bankers of Nigeria.

The state-of-the-art edifice is one of the seven model projects across the six geo-political zones endowed to various Institutions by the Institute. Olabisi Onabanjo University was chosen based on its pioneering role as the first tertiary institution in the CIBN linkage programme.

The smart, ultramodern edifice, which serves as a lecture theatre, demonstration class and multipurpose centre was commissioned by the President/Chairman of Council of CIBN, Ken Opara, Ph.D, FCIB and the Pro-Chancellor and Chairman of Council, Olabisi Onabanjo University, Prof. Oluwatoyin Ashiru.

While performing the commissioning ceremony, the Pro-Chancellor and Chairman of Council, Olabisi Onabanjo University expressed his profound appreciation for the thoughtful gesture of the CIBN and their extraordinary act of philanthropy and corporate responsibility. “This noble gesture identifies with the spirit of collaboration between Academia and Corporate world. By working together Academia and Industry can bridge the gap between theoretical knowledge and practical application”.

In his remarks, the President/Chairman of Council, CIBN, Ken Opara, Ph.D, FCIB congratulated Olabisi Onabanjo University for being the first tertiary institution in the CIBN linkage institution, an accomplishment which amongst others afforded the Institution the rare privilege of being one of the beneficiaries of the Institute’s Legacy Project.

He said, “It gladdens my heart to note that the linkage collaboration which was consummated between our Institute and Olabisi Onabanjo University on May 4, 1998, is waxing stronger and this building that is being commissioned today, is endowed to this institution in recognition of its pioneering role as the first institution in Nigeria to embrace what has now become a global phenomenon”.

“The Success story of CIBN linkage at this institution led other Universities and even professional bodies to embrace the Linkage scheme. Following the success recorded here in OOU, the Linkage Programme was extended to the Polytechnics in 2009, eleven years after Olabisi Onabanjo University blazed the trail. Today, out of the seventy-seven (77) institutions on the scheme nationwide, twenty-four (24) are polytechnics and four (4) of these Polytechnics are beneficiaries of the Legacy Project. It is also instructive to note that Olabisi Onabanjo University has produced a total of 496 Associates through the Linkage programme from inception to date while a good number of Associates obtained first degree in Banking and Finance through the scheme”.

This is the seventh legacy building to be commissioned by the Institute, in Six geo-political zones. The previously commissioned Legacy Projects are endowed at The Polytechnic Ibadan (South-West Zone), Abubakar Tafawa Balewa University (ATBU) Bauchi (North-East Zone), Federal Polytechnic, Nekede (South-East Zone), Rivers State University (South-South Zone), Kano State Polytechnic (North-West Zone) and the Federal Polytechnic, Nasarawa, (North-Central Zone).

Dr. Opara noted that through the CIBN BANKERS HALL, we aim to bridge the gap between theory and practice, the academia and industry, by providing a world-class learning environment where students can gain practical exposure and hands-on experience. This state-of-the-art facility will serve as a hub for innovation, research, and exchange of ideas thereby fostering a culture of excellence in banking education. I therefore would like to seize this opportunity to urge the students who are the ultimate beneficiaries to use the facility responsibly, so it can serve successive generations.

“I also want to appeal to the Management to give priority attention to the maintenance of this beautiful edifice, so it can retain its functional utility and aesthetic value”. 

“As the conscience of the banking and finance industry, you can be rest assured that the Institute is resolute and committed to the observance and maintenance of ethics and professionalism among practitioners in the industry.

“The Institute will continue to foster and ensure that the highest standard of ethics is observed by practitioners in the discharge of their responsibilities to the banking public as well as enhancing the knowledge and capacity of all practicing bankers and those who desire to become one, with the best- in-class learning models.

He mentioned that the Institute will be celebrating its 60th Anniversary this year beginning with a youth focused programme tagged Generation Next Forum, a gathering of over five thousand youths scheduled to hold on Thursday, August 3, 2023, in Lagos with the option of virtual participation for youths across the globe.

Dignitaries at the event cut across all strata of the society just as the Polytechnic community came out en masse to savour the euphoria of the ceremony. Among those in attendance were; The pro Chancellor, Prof. Oluwatoyin Ashiru; The Vice Chancellor,  Olabisi Onabanjo University, Professor Ayodeji Johnson Agboola; Ebumawe of Ago-Iwoye,  His Royal Highness, Obama Abdul Razak Adenugba; The 1st Vice President, Prof. Plus Deji Olanrewaju, FCIB; The 2nd Vice President, Mr. Dele Alabi, FCIB; The National Treasurer, Mrs Mojisola Bakare-Asieru, FCIB;  Esteemed Past President of the Institute , Prof Wole Adewunmi , FCIB; Esteemed Past President of the Institute , Dr. Bayo Olugbemi , FCIB; Chairman, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, FCIB; Members of the CIBN Governing Council; Members of the Governing Council, Olabisi Onabanjo University; The Chairman of Ago Iwoye Central Devt Council.

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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