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
Lagos Declares Manufacturing, Selling, Distributing single-use Plastics a Crime
Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.

• Tokunbo Wahab
The Lagos State Government has announced the commencement of full enforcement of the ban on the use and distribution of Single-Use Plastics (SUPs) across the state, effective July 1, 2025.
Mr. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, made the announcement on Tuesday during a media briefing held at Alausa, Ikeja.
He emphasized that offenders will be prosecuted in line with the State’s Environmental Laws.
Wahab stated that the decision to enforce the ban follows an 18-month transition period granted to residents, manufacturers, and vendors to adjust and adopt more sustainable alternatives.
“The decision to ban Single-Use Plastics in Lagos was not arbitrary. It was an existential one, influenced by multiple factors,” he said.
Wahab explained that Lagos, a coastal city situated below sea level with the smallest land mass in the country—just 3,575 square kilometers—houses about 10 percent of Nigeria’s population.
“That alone is a recipe for environmental crisis. We did not just wake up whimsically and choose to ban styrofoam food packs in 2024.
We had always stated that within the next 12 months, all single-use plastics would follow.
Now, nearly 18 months later, we believe ample time has been given for all to transition. Enforcement starts July 1, and heavens will not fall.
Banned Items and Reasons
Styrofoam Packs: Banned due to their non-biodegradable nature and harmful environmental impact.
Plastic Straws: Prohibited to reduce plastic waste and promote eco-friendly alternatives.
Disposable Plastic Cups and Cutleries: Banned to curb single-use plastic pollution.
Lightweight Nylon Bags: Outlawed because they are not reusable or biodegradable, contributing significantly to environmental degradation.
Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.
Business
BREAKING: Dangote refinery Reduces petrol price from N880 to N840 per litre

….New rate takes effect from June 30.
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.
Anthony Chiejina, the Spokesman for the Dangote Group, confirmed the price adjustment on Monday night.
Chiejina said the new rate took effect on June 30.
He said, “PMS price has been reduced from N880 to N840 per litre effective 30th June,.
Recall that Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of crude oil to almost $80 per barrel.
Also, marketers anticipated that there would be a new price regime from Monday.
Dangote’s partners like MRS, Heyden and AP are expected to adjust their pump prices soon.
Business
FG Suspends Implementation of Financial Reporting Council (Amendment) Act 2023
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.

• Minister of Industry, Trade and Investment, Dr Jumoke Oduwole
The Federal Government has suspended the implementation of contentious provisions in the Financial Reporting Council (Amendment) Act 2023 following concerns raised by private sector stakeholders.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.
She said that it followed a series of high-level consultations with key industry groups.
These include the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS).
At the heart of the concerns is the reclassification of large private companies as Public Interest Entities, requiring them to remit annual dues between 0.02 and 0.05 percent of turnover without a ceiling.
This is in contrast to the ₦25 million cap placed on publicly listed companies regardless of their size.
Stakeholders warned that the provision could increase compliance costs and hurt investor confidence.
But the minister said the policy was part of President Bola Ahmed Tinubu’s pro-business posture under the 8-Point Agenda and has responded with practical measures.
She explained that a stakeholder consultation was held on March 26, 2025, leading to an administrative pause and the formation of a Technical Working Group.
The group, she noted, comprised representatives from NECA, MAN, ALTON, NACCIMA, CAC, SEC, and others and held six meetings over three weeks that culminated in the submission of a comprehensive report on April 17, 2025.
“To provide immediate relief, the Ministry has now directed the Financial Reporting Council to impose an interim cap of ₦25 million on annual dues for private sector PIEs, aligning them with the publicly quoted companies.
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