Connect with us

News

2019 Elections: CBN To Monitor Banks’ Lending To Politicians

Published

on

The Central Bank of Nigeria on Thursday said it would monitor the rate at which banks provide loans to politicians to finance their campaign spending ahead of the 2019 general elections.

The Governor of the CBN, Mr Godwin Emefiele, disclosed this while briefing journalists shortly after a two-day Monetary Policy Committee meeting which were held at the headquarters of the apex bank in Abuja.

Responding to a question on what steps the apex bank was taking to check excessive lending by banks to politicians, the governor said that the CBN would be monitoring their activities with a view to intervening when things are about to go wrong.

He expressed optimism that due to past experiences, Deposit Money Banks would not want to take excessive risks by increasing their lending exposure to politicians.

Emefiele said that while banks have their own risk assessment criteria, the apex bank would be closely monitoring their activities so as to protect the banking sector.

He said that the CBN had met with chief executives of banks and during the meeting; they were warned on the dangers of involving in money laundering activities.

The CBN boss said that for any bank that is caught in money laundering activities; the apex bank would not hesitate to impose the appropriate sanction on such bank.

He said, “We have had meetings with the banks and we have asked them to be very careful on money laundering issues, and I believe they will be careful themselves because they know that if they are caught, it means that they will be heavily penalised.

“When you talk about lending to politicians, banks have their risk acceptance criteria and I don’t think that the banks would do that at this time. Everybody must have learnt their lessons.

“We at the Central Bank we are watching. When things go wrong or about to go wrong, we will deal with it as appropriately as possible.”

On the MTN $8.1bn controversy, he said that apex bank had met with top executives of the company who came in from South Africa on the issue.

He said very soon, a final decision of the apex bank on the matter would be announced.

Emefiele said apart from MTN, no other company in Nigeria was under investigation for irregular Certificates of Capital Importation.

He said, “We are in a process where we are saying this matter will be resolved. We have held meetings with the MTN Group.

“They flew in from South Africa and we have held meetings and we are at the verge of making announcement on what the agreements are. I am very optimistic that we have reached the end of the road on this subject.

He added, “The sanctity of our CCI is sacrosanct and no other company is being investigated on the issue of CCI. No other person is being investigated on the issue of CCI. This is an isolated matter.”

On the Monetary Policy Rate, the governor said the Monetary Policy Committee left the rate unchanged at 14 per cent.

He explained that all the 11 members of the committee that attended the meeting agreed to maintain the current monetary policy stance

He said apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent. Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

Explaining the rationale to hold the MPR at 14 per cent, the governor said, “The committee continues to hold the view that although loosening will encourage the flow of credit to the real sector, help in the reduction of aggregate cost of credit on small business spending and investment, it, however, believes that doing so will reverse more rapidly the gains of pro and exchange rate stability achieved so far.”

He said while the rate of inflation had been trending downward, there were still some risks in the short term.

He gave some of these risks as destruction of agricultural products from flooding, insurgency in the North-East, herdsmen and farmers’ crises, high cost of energy, anticipated spending in the run up to the Christmas festivities and campaign relates spending towards the upcoming general elections.

He said there was need to come up with measures to address these challenges as well as to ensure speedy implementation of the budget.

On the issue of minimum wage, the CBN governor explained that the increase in wages would boost aggregate demand in the economy.

Emefiele also said the apex bank was working on a new initiative to channel the flow of credit to small businesses in the rural areas.

He said, “The committee urged the bank to deepen and broaden access to finance to high employment elastic sector with particular emphasis on small and medium enterprises.

“The committee called on the bank to extend the success recorded under the Anchor Borrowers’ Programme to other items including fish and palm oil by introducing more stringent measures to curb access to foreign exchange for products that can be produced in Nigeria.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

ASR AFRICA HOLDS GROUNDBREAKING CEREMONY FOR A N250 MILLION ABDUL SAMAD RABIU MEDICAL SCIENCE LABOURATORY FOR CRESCENT UNIVERSITY

Published

on

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

ASR Africa has commenced the construction of a N250 Million medical science laboratory for Crescent University, Abeokuta in Ogun State.

From Right: Mr. G. T. Ogunmefun (University Acting Bursar); Barr. A. M. Ajiobla, SAN (Proprietor); Prof. Ibraheem Gbajabiamila (Vice- Chancellor); Dr. Ubon Udoh (MD/CEO, ASR Africa); Barr. Z. A. Ajibola (Registrar) and Prof. M. K.  Momodu (Dean, College of Law) at the ground breaking ceremony of the Medical Science Laboratory for Crescent University, Abeokuta.

August24news.com gathered that the laboratory will enhance the capacity of the institution in meeting the National Development Plans and Transformational Agenda (NDTA) of the Federal Government of Nigeria, whilst filling the gap created by laboratory scientists who have left the country recently.


Speaking at the ceremony, the Vice Chancellor of the University, Prof. Ibraheem Gbajabiamila, expressed gratitude for the institution’s nomination by ASR Africa under its Tertiary Education Grant Scheme (TEGs).

He applauded ASR Africa for the award of the grant and noted that the project is the university’s topmost priority, considering its drive to expand its College of Health Sciences programs.


In his response, the MD CEO of ASR Africa, Dr Ubon Udoh, commended the management of the university for their academic achievements and systematic growth which is evident by the addition of three new colleges recently.

These colleges include the College of Environmental Sciences (COES), Bola Ajibola College of Law (BACOLAW) and the College of Health Sciences (COHES). Dr Udoh reiterated the commitment of ASR Africa in ensuring a timely completion of the project.


The N250 Million grant will provide fixtures and fittings for the medical science laboratory which features a 300 sitting capacity auditorium, offices for Head of Departments and lecturers, lecture /seminar rooms.

It will also cater as laboratories facility for Medical Laboratory Science, Medical Biology, Hematology, Pharmacology/Therapeutics and Chemical Pathology.


The ASR Africa Tertiary Education Grant Scheme is targeted at supporting quality education within the tertiary education system in Nigeria and so far over 30 tertiary institutions in Nigeria have benefitted from this grant which ranges from N250 million to N 2 billion.


ABOUT ASR AFRICA
The brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa. 

Continue Reading

News

Seplat Energy Clinches ‘Deal of the Year’ at New Telegraph Award

Published

on

Seplat Energy Clinches ‘Deal of the Year’ at New Telegraph Award

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has clinched the ‘Deal of the Year’ Award at the recently held New Telegraph Newspaper Awards.

L-R: Stanley Opara, Manager Corporate Communications, Seplat Energy; Mr. Gbenga Omotoso, Lagos State Commissioner for Information & Strategy; and Adebowale Eboda, Associate General Counsel Corporate & Compliance, Seplat Energy at the New Telegraph Newspapers Awards where Seplat Energy clinched the ‘Deal of the Year Award’ in Lagos … on Friday.

Seplat Energy completed the deal on the acquisition of Mobil Producing Nigeria Unlimited – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU) from ExxonMobil in December 2024. 

The Award ceremony was not just a ceremony but a heartfelt tribute to outstanding organisations and individuals that have made significant contributions across various sectors, including governance, business, education, and technology. The event honoured those who have excelled in their fields and inspired others through their work.

In his remarks, the Managing Director/Editor-in-Chief of the New Telegraph Newspaper, Mr Ayodele Aminu, said: “Tonight, we celebrate not just achievements but the transformative power of love, dedication to work, those who have transcended expectations, those who have defied barriers and inspired digital growth and made extraordinary waves and impact in their various fields.”

“The true essence of these awards lies not in accolades or trophies, but in the enduring impact of each orgnanisation and individual’s contributions,” Aminu  said, urging awardees to continue to push boundaries and inspire others for greater heights.

L-R: Stanley Opara, Manager Corporate Communications, Seplat Energy; Mr. Gbenga Omotoso, Lagos State Commissioner for Information & Strategy; and Adebowale Eboda, Associate General Counsel Corporate & Compliance, Seplat Energy at the New Telegraph Newspapers Awards where Seplat Energy clinched the ‘Deal of the Year Award’ in Lagos … on Friday.

The MPNU deal was transformative for Seplat Energy, with the capacity of more than doubling production and positioning the Company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.

The completion of the acquisition has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.

The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors have transitioned to the Seplat Group.

This strongly connects to Seplat Energy’s mission of delivering value to all its stakeholders, and building a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria.

Responding, Seplat Energy thanked the New Telegraphy Newspapers for its recognition whilst lauding the Newspaper’s commitment to excellence and professionalism. “At Seplat Energy we are proud of the contributions we can make to improving affordable energy access for Nigerians through the safe, responsible development of Nigeria’s oil and gas reserves,” it added.

Continue Reading

News

Olusunle, Now Fellow Nigerian Mining & Geosciences Society (FNMGS)

Published

on

…As Society Celebrates 64 Years of Existence

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

A research Director of the National Agency for Science and Engineering Infrastructure (NASENI), Engr. Dr. Samuel Olugbenga O. Olusunle has been conferred with the prestigious Fellow of Nigerian Mining and Geosciences Society (FNMGS), one of the oldest professional bodies in the history of Nigeria.

NASENI Research Director, Engr. Dr Samuel Olugbenga O. Olusunle, FNMGS, (right) receiving the Conferment Award plaque and Certificate from Prof. Akinade Sadrach Olatunji, the President of the Nigerian Mining and Geosciences Society(NMGS)(left) during the Awards Night which took place at the Chida International Hotels Abuja on Wednesday 19 February 2025.

The Nigeria’s late sage, Pan Africanist and President during the First Nigerian Republic Dr. Nnamdi Azikiwe was the first patron of the Nigerian Mining and Geosciences Society.     

The Society yesterday in Abuja concluded its 60th Annual International Conference and Exhibition (AICE), and it was time for the body to honour and recognize its members who had contributed tremendously not only to the growth and development of the Mining and Geosciences profession in the country, but the accomplishments of the honourees having direct bearing on the general socio-economic development of the country.

The event which was held between 16th to 19th February 2025 at the Chida International Hotel Abuja, came to a climax with Awards Night and recognition. Dr. Olusunle and 42 other members were honoured with the prestigious fellow category, which is the highest election attainable in society.

This conferment has added new appellation to Engr.Dr. Olusunle’s name as FNMGS.  In 1977, the Nigerian Mining and Geosciences Society (NMGS) succeeded the Nigerian Mining Geological and Metallurgical Society (NMGMS) which was founded on 15th January 1961 and officially inaugurated on 17th December, 1962.

The society is an international professional organization. Its Objectives include: Advancement and practice of Mining, Earth sciences and Metallurgy, Acquisition, preservation and dissemination of mining geoscientific and metallurgical knowledge, publication of an interdisciplinary learned journal of Mining and Geology (JMG), the CRUST, periodicals and specialized books including annual books of abstracts and programmes of the society’s conferences and activities and upholding the ethics and safeguarding the interests of the professionals covered by the society.

The society also has statutory representation in the council of the Nigerian Mining Engineers and Geoscientists (COMEG) established by the Federal republic of Nigeria Decree No. 40 of 1990. The categories of membership are Fellow, Corporate, Graduate, Students, Affiliate, Institutional and Honorary fellow, the highest of all is the Fellow category.

When asked to speak on the significance of the society’s recognition to him and NASENI where he serves as Director Research, a highly elated Olusunle had this to say: “I give God the glory and I am really humbled to be elected FELLOW of NMGS. It should be noted that the mandate of NASENI and the core concerns of NMGS are knittingly related. NASENI has one of its institutes operating within the purview of solid minerals exploitation (SOMMEDI).

NASENI also under wonderful leadership of the EVC/CEO, Khalil S. Halilu, is actively involved in the CNG project of the Federal Government. These and other notable activities/intervention of NASENI are collaborative windows between the agency and NMGS”.

Before he became research director, Dr. Olusunle was former Managing Director, Engineering Materials Development Institute (EMDI) Akure, one of NASENI Development Institutes. Also, he is a FELLOW of the Nigeria Institute of Mechanical Engineers (NIMechE), the Materials Science and Technology Society of Nigeria (MSN), the Nigeria Society of Engineers (NSE), The Nigeria Institute of Management (NIM), The Nigerian Metallurgical Society (NMS)and many others.

Continue Reading

Trending

Copyright © 2021 All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from August24news.com
This Website is designed and Managed by: August 24 Communications Nigerian Limited (RC: 798585)