Business

NACCIMA’s Dele Oye To Address World Chambers Congress Next Week In Geneva

Published

3 years ago

June 21, 2023

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The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Oye, is billed to address delegates at the 13th World Chambers Congress about Nigeria’s business opportunities.

In a statement, NACCIMA said that the congress being organised by the International Chambers of Commerce (ICC), World Chambers Federation and Geneva Chambers of Commerce, is the world’s largest economic forum for chambers and businesses.

This year’s edition, with the theme, “Achieving Peace and Prosperity Through Multilateralism,” is taking place in Geneva, Switzerland, next week (June 21 -23).

It said that the congress, will bring together economic actors, business leaders, and policymakers from across the globe to exchange experiences and examine issues affecting international trade and businesses, among others with the aim of shaping the next economic era in service of peace and prosperity.

During the event, Oye, a lawyer with over 33 years of experience in litigation and business transactions, will be sharing insights into the nation’s non-oil export sector, which holds immense potential for economic growth and diversification.

The NACCIMA boss will also be providing perspectives into other diverse sectors that showcase Nigeria’s tremendous potential, including agriculture, manufacturing, and the nation’s booming creative sector, which has continued to gain global recognition, as well as the African Continental Free Trade Area, which has immense potential to foster trade, spur economic growth, and deepen cooperation within Africa.

Related Topics:Dele Oye Geneva NACCIMA World Chambers

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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

4 hours ago

July 21, 2026

OCHEFA

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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

13 hours ago

July 21, 2026

OCHEFA

20 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.