Business

Tijjani Borodo Takes Over at IoD As President

Published

3 years ago

June 23, 2023

596 Views

Alhaji Tijjani Mohammed Borodo, has emerged as the President and Chairman of Governing Council of the Institute of Directors Nigeria (IoD Nigeria).

This followed the expiration of the tenure of Office of Dr. Mrs. Ije Jidenma, after she’d meritoriously served the Institute in the same capacity for two years.

The premier corporate governance Institute and a leading promoter of ethical professional standards in Nigeria, has elected Alhaji Tijjani Mohammed Borodo, LLM, F.IoD as President and Chairman of Governing Council,

In a statement, Mr. Dele Alimi, Director General/ Chief Executive Officer of IoD Nigeria said that Borodo to will steer the ship of the Institute and take charge of its affairs for the next two years.

“Alhaji Borodo emerged as President after a duly conducted election at the Institute’s 39th Annual General Meeting held on Thursday 22nd June 2023 at the Institute’s Secretariat, Ikoyi, Lagos,” he said.
He continued that Alhaji Borodo, a Fellow of the Institute of Directors Nigeria, a distinguished lawyer and the pioneer Company Secretary of FBN Holdings Plc., is an astute boardroom executive who has served the Institute previously in various capacities such as First Vice President, Second Vice President, Chairman, Finance & General-Purpose Committee, Chairman, Membership and Branch Development Committee and Honorary Legal Adviser among others.”

The Director -General added: “Indeed, we are very pleased as Alhaji Tijjani Borodo assumes the role of President of IoD Nigeria. As a previous office holder and Council Member of the Institute, he had brought his extensive knowledge and experience to bear and has provided inspirational leadership and direction for the success of the Institute.

His emergence as the President will enhance the Institute’s role as the leading corporate governance advocate, promoting sound ethical standards.”
Profile
Alhaji Tijjani Borodo, is the Founder and Principal Partner at Tijjani M. Borodo & Associates Law Firm and an accomplished Board Executive of repute.

He is a member of the Nigerian Bar Association, member of International Bar Association (IBA) and an Alumnus of the prestigious Ahmadu Bello University, Zaria and University of Essex, United Kingdom.

He is also an Independent Non-Executive Director at Cowry Asset Management Limited, Signature Bank Limited and Sanlam Life Insurance Nigeria Limited.

Business

Naira Exchange Rates Wednesday, July 22

Published

36 minutes ago

July 22, 2026

OCHEFA

2 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,408 Sell ₦1,413

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,905

EURO (EUR) Buy ₦1,585Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,375. 31

GREAT BRITISH POUND (GBP) ₦1,841. 13

EURO (EUR) ₦1,569.78.

SWISS FRANC (CHF) ₦1,694.98

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦203. 25

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦366.36 SOUTH AFRICAN RAND (ZAR) ₦83.50

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

16 hours ago

July 21, 2026

OCHEFA

24 Views

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

1 day ago

July 21, 2026

OCHEFA

22 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.