Business
President Tinubu’s reform initiative will grow economy- CIBN

The Chartered Institute of Bankers of Nigeria (CIBN)has commended the reform initiatives of President Bola Tinubu’s renewed hope agenda, saying it will help grow the economy.
The President of CIBN, Ken Opara, said this during the16th Annual Banking and Finance Conference of the institute on Tuesday in Abuja.
Opara expressed hope that the reforms if followed through would not only unlock the full potentials of our economy but place the nation on a recovery trajectory to drive the prosperity of the continent.
The theme of the Conference is “Nigeria’s Economic Growth and Empowerment: The Role of the Financial Services Industry”.
According to Opara, the event is the largest gathering of banking and finance professionals in Africa.
`’It is a platform for stakeholders in the banking and finance ecosystem to come together to drive conversation on topical issues critical to the growth and stability of the country.
With a view to providing insightful solutions that will impact the entire system and the economy at large. According to the President, theme is very apt as it resonates with the context of our current realities in the country.
It amplifies the fact that agenda setting for the country must be a continuous exercise, especially now that we have a new government in place.
The topic also resonates with the current administration’s reforms agenda. He said the CIBN would continue to be a vanguard for capacity and skills development in the financial services industry. He also urged for more collaboration of critical stakeholders to drive the sector. The Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso, pledged the continued support of the National Assembly to the CIBN and the country's financial sector. Izunaso, called for collaboration of critical stakeholders in the sector to help resolve the challenges before us which according to him is enormous. He also urged companies enjoying Nigeria patronage to ensure to be listed in the country's capital market. The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu decried the low contribution of the sector to the GDP and challenged the financial sector to make wfforts to move from 3.6 to about nine per cent growth contribution to the GDP. Bagudu said to achieving this was possible as the financial sector was indeed well placed to contribute to economic growth. The minister then reiterated the present administration's commitment to ensure its renewed hope agenda for Nigerians was achieved.
The reforms are intended among others to give the private sector all the necessary confidence to mobilise and invest more resources in the economy.
We appreciate the contribution of the financial sector but expect more.
We appreciate that the challenges we are experiencing are those that other countries have experienced and surpassed.
We are in no doubt that the vision and boldness of our leaders, the renewed Hope Agenda will be pursued with vigor and Nigeria will have positive remarkable growth in the years ahead,"he said. The Acting Governor of the Central Bank of Nigeria(CBN), Folashodun Shonubi, said when we look at our economic contribution, we are fighting below our weight.
Can we promise them that instead of 3.6 per cent, we will be contributing a lot more than that. And we will sit down and find what the drivers are that we can influence and do.
I dont want to put a number infront of us but it is what I will like to see at the end of the conference.
I don’t think we contribute a lot of ourselves , we as bankers need to be more conscious, a bit more active on advocacies that are actionable,”Shonubi said.
Also, the Chairman, Body of Banks CEO, Mr Ebenezer Onyeagwu, also urged for a deliberate effort by stakeholders towards growing the country’s economy.
On balance of payment, he said we are importing more than we are exporting and to change the narrative we need to grow what we consumes and export what we consume.
We have enormous potential, the biggest potential we have is in our market. Our market is depleted by the number of people we have.
The time has come for our growth to focus on effectively realising the huge potential of our endowment.
“It is imperative therefore for us to encourage growth in our endeavours. Banks also have to be deliberate, determined to execute the mandate of growth in our economy,”Onyeagwu said.
Business
We didn’t shutdown Tummy Tummy noodles factory – NAFDAC
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.

The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a formal disclaimer concerning an audio recording circulating on social media.
The audio recording falsely claims the agency shut down the Tummy Tummy noodles manufacturing facility in Anambra State.
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
According to her, the same audio first appeared in Oct. 2023 and was thoroughly investigated at the time.
“The claims made in the recording are entirely false.
“The Tummy Tummy noodles facility in Anambra State was not sealed,” she stated.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
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