Business
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
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.
Business
Dangote Petroleum announces N1,245 new price template for marketers
The new pricing, making it the fourth time since the Middle East war began, is set to take effect from midnight on March 21, 2026.
The Dangote Petroleum Refinery has announced a fresh hike in the ex-depot price of its petrol to N1,245 per litre from N1,175 per litre while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne.
The new pricing, making it the fourth time since the Middle East war began, is set to take effect from midnight on March 21, 2026.
In a notice sent to marketers on Friday night the company explained that the revision reflects global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the refinery’s control..
” Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” it stated.
The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.
Business
Global energy costs take its toll on Nigerian Manufacturers
The recent surge in global fuel prices, driven by geopolitical tensions, is compounding the challenge. While some manufacturers have temporarily absorbed the increases, Onafowakan warned that the full impact could materialise within the next three to four months.
The Managing Director/CEO of Coleman Technical Industries Ltd, Mr George Onafowakan, said that the global higher energy costs occasioned by Iran -US Israeli war has started impacting on manufacturers in Nigeria.
Onafowokan said that findings across major industrial zones reveal a sector heavily dependent on diesel-powered generators, with factories running at high energy costs to sustain operations. Engineers and technical teams now work around the clock to monitor fuel consumption and prevent disruptions that could halt production lines.
Onafowakan stressed that power outages routinely stall factory operations, placing manufacturers under intense pressure to meet delivery timelines.
“When the lights go off, everything stops. We rely on generators, but the costs are rising, and there is constant uncertainty about meeting production targets,” he added.
The recent surge in global fuel prices, driven by geopolitical tensions, is compounding the challenge. While some manufacturers have temporarily absorbed the increases, Onafowakan warned that the full impact could materialise within the next three to four months.
“By the second quarter, businesses may be forced to make difficult decisions around production planning and pricing,” he said.
Beyond individual firms, the impact is already rippling across supply chains. Production delays are affecting dependent businesses and, ultimately, consumers, who are likely to face higher prices for goods.
Despite the growing pressure, Onafowakan said widespread layoffs or major operational restructuring may not occur immediately but cautioned that the situation could deteriorate without timely intervention.
Business
CBN orders banks to reverse failed ATM transactions immediately
The requirement will be implemented gradually over three years, with banks expected to meet 30 percent of the threshold in 2026, 60 percent in 2027 and full compliance by 2028.
The Central Bank of Nigeria (CBN) has directed banks to immediately reverse failed automated teller machine (ATM) transactions.
The apex bank said that the revised framework is designed to strengthen ATM service reliability, improve fraud monitoring, enhance security and ensure stronger consumer protection across Nigeria’s fast-growing digital payments ecosystem., tightening rules aimed at improving consumer protection and reliability across the country’s payment infrastructure.
Beyond refund timelines, the regulator introduced new requirements for ATM deployment nationwide.
All card issuers are required to deploy at least one ATM for every 7,500 payment cards issued.
The requirement will be implemented gradually over three years, with banks expected to meet 30 percent of the threshold in 2026, 60 percent in 2027 and full compliance by 2028.
Under new Guidelines on the Operations of Automated Teller Machines in Nigeria, the apex bank said failed “on-us” ATM transactions, where a customer uses the ATM of their own bank, must be reversed instantly. Where an instant reversal fails due to technical issues or system glitches, banks are required to complete a manual reversal within 24 hours.
For failed “not-on-us” transactions, where a customer uses another bank’s ATM, the refund timeline must not exceed 48 hours.
The guidelines also state that automated reversals for on-us transactions should occur in less than five minutes, while not-on-us transactions should be resolved in less than 15 minutes where automated systems function properly.
The CBN added that in cases where transaction failures arise from biometric mismatch or device errors, ATM operators must provide an immediate fallback to non-biometric verification where it is considered safe.
Such events must also be logged for diagnostics while the stipulated refund timelines are maintained.
The Central Bank also directed that ATMs must be located within reasonable proximity to one another across both urban and rural areas, while deployment, relocation or decommissioning of machines must receive prior written approval from the regulator.
The guidelines also set operational and service benchmarks for ATM operators.
Dangote Petroleum announces N1,245 new price template for marketers
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