Business

President Tinubu’s reform initiative will grow economy- CIBN

Published

2 years ago

September 6, 2023

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

Reps pass bill to give foreign investors Nigerian citizenship

The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

Published

10 hours ago

March 27, 2025

OhiBaba

The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.

Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.

In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.

The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.

Business

FG Directs MAN, NECA, FRCN to Review 10% Financial Reporting Levy

Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private sector.

Published

12 hours ago

March 27, 2025

OCHEFA

The Federal Government has temporarily suspended the implementation of 10 percent financial reporting levy imposed on public interest enterprises by the Financial Reporting Council, for the next two months.

This was in response to the requests by the private sector’s operators – the like of the Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria (NECA) calling for the suspension of the FRCN Act, which imposes on non-listed entities. a 10 percent penalty on unpaid dues for every month of default, accumulating until full payment.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the government’s decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.

Oduwole emphasized that the government directed the Financial Reporting Council to pause in the implementation of the new annual dues.

She explained: ” A suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly.

A pause is an administrative process simply to review, in line with what we discussed .

”Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private secto

“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.

“We are going to set up a technical working group comprising the FRC and the organised private sector who have formally written in, and this will be reviewed,’ she added.

Business

Police Investigates over N270m Thefts in UBA

CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

Published

3 days ago

March 25, 2025

OCHEFA

The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.

The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.

The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.

Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.

The suspects are in custody and will face prosecution as the investigation continues.

The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.