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CBN Sacks Another 40 Staff

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The Central Bank of Nigeria (CBN) has continued with the disengagement of staff in furtherance of its ongoing restructuring as it sacked a fresh batch of 40 staff mostly from the development finance department (DFD), Daily Trust reports.

Details of those affected are sketchy but  we learnt that Musa Zgabawa Bulus, an Assistant Director of the CBN, heading the National Collateral Registry (NCR) was affected.

NCR is an initiative of CBN aimed at improving access to finance particularly for Nano Micro Small and Medium Enterprises (MSMEs) leveraging movable assets.

Daily Trust gathered that deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from Medicals and Procurement Services Department.

Recall that not less than 27 members of staff, most of them directors at the Central Bank of Nigeria, were affected by the first batch of dismissals, even as more are set to be axed in the coming days.

Amongst those affected were eight directors, 10 deputy directors, five assistant directors, two principal managers and two senior managers.

With the latest number of affected staff, the total has now reached 67, in what appears to be a series by the Olayemi Cardoso-led Board of Governors.

Why DFD staff were affected

Daily Trust learnt that the move may not be unconnected with the refocusing of the CBN away from development finance interventions.

The CBN governor had on several occasions voiced his concern about the development finance intervention of the apex bank.

On October 12, 2023, the CBN governor said the apex bank would pull back from direct development interventions, stressing the need for the apex bank to return to its core function of monetary policies and advisory roles to support economic growth.

Briefing after the last Monetary Policy Committee meeting, Cardoso said: “The intervention has two dysfunctions. One, it takes a lot of time for something you do not have an expertise to do, and two, if not carefully handled, creates a lot of distortions in your economy through inflow of money supply.

“The interventions that took place in the recent past were estimated in excess of N10 trillion. I’m not talking about ways or means. What was the budget of the federal government of Nigeria? What was the budget of the largest states in Nigeria? Do the maths and it would tell you the extent of damage too much of what may appear to be good things can do to an economy.”

Senior Management members of the CBN who spoke to our reporter on the condition of anonymity also raised concern about the perpetration of illegality which has seen the current Coordinator of the Currency Operations Department, Olayemi J. Solaja, append his signature on the Naira note.

The findings suggest that Mr Solaja has not yet gone through the process of being confirmed a full-fledged Director and his letter of appointment indicates that he is to Coordinate the affairs of the department.

According to the source: “The process has not been followed by the CBN Governor who talks about institutional discipline. How can someone sign the national currency as Director currency when not confirmed or appointed?

“From the history of currency to when naira and kobo were printed and minted, there is a CBN policy on modalities to sign Banknotes.”

 

In finding out who signs the currency in the absence of a substantive director, the source said: “They continue printing using the former director’s signature. Throughout the period of the acting appointment of the previous occupant, she did not sign the currency until she was given an appointment letter as a director.”

 

The Managing Director of the Nigerian Security Printing and Minting (NSPM) drew the attention of the CBN to the irregularity, The Deputy Governor, Operations, Mrs. Emem Nnan Usoro allegedly overruled, insisting that the coordinators’ name be imprinted on the currency.

The CBN rule book( a compendium of policies and Regulations) stipulates the process of appointment in the Bank for appointment as Director is as follows: (a) Advertisement of the vacancy, indicating the requirements for a prospective candidate. (b) Screening of candidates/documentation (c) Conducting interviews for qualified candidates (d) Final results/ communications of appointment.

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FG, States, LGs Share N1.2trn April Revenue 

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The Federation Account Allocation Committee (FAAC) disbursed a total sum of N1,149.816 trillion, which came in as revenue in January 2024 to the federal government, states, and local government areas.

 

The allocation, shared during the May 2024 FAAC meeting, comprised:

– Distributable statutory revenue of N284.716 billion

– Distributable Value Added Tax (VAT) revenue of N466.457 billion

– Electronic money transfer levy revenue of N18.024 billion

– Exchange difference revenue of N438.884 billion

 

The balance in the Excess Crude Account (ECA) for last month was put at $473,754.57.

 

Here is the breakdown of the N1,208.081 billion total distributable revenue for April 2024 :

– Federal Government: N390.412 billion

– State Governments: N403.403 billion

– Local Government Councils: N293.816 billion

– Derivation revenue (13% of mineral revenue): N120.450 billion

 

The distributable statutory revenue of N284.716 billion was allocated as follows:

 

– Federal Government: N112.148 billion

– State Governments: N56.883 billion

– Local Government Councils: N43.855 billion

– Derivation revenue (13% of mineral revenue): N71.830 billion

 

The distributable Value Added Tax (VAT) revenue of N466.457 billion was allocated as follows:

– Federal Government: N69.969 billion

– State Governments: N233.229 billion

– Local Government Councils: N163.260 billion

 

The Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion was allocated as follows:

– Federal Government: N2.704 billion

– State Governments: N9.012 billion

– Local Government Councils: N6.308 billion

 

The Exchange Difference revenue of N438.884 billion was allocated as follows:

– Federal Government: N205.591 billion

– State Governments: N104.279 billion

– Local Government Councils: N80.394 billion

– Derivation revenue (13% of mineral revenue): N48.620 billion

 

The total revenue available for the month of April 2024 was N2,192.077 billion, with total deductions for cost of collection and transfers, interventions, and refunds amounting to N983.996 billion.

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FirstBank and Rotary Club Empower 102 Beneficiaries with N20m Start-Up Kits

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First Bank of Nigeria Limited, in partnership with Rotary Club International, District 9110, has distributed N20 million worth of start-up kits to 102 beneficiaries in Lagos, empowering them across various trades, NAN report.

 

The start-up kits include grinding machines, plumbing kits, deep freezers, sewing machines, generators, gas burners, and cylinders, among others.

 

The community intervention project had beneficiaries from the three major ethnic groups in Nigeria, drawn from Lagos, Ogun, and Oyo states.

 

According to the News Agency of Nigeria (NAN), Mrs. Helen Ihonre, Unit Head of Other SME Products e-Business and Retail at FirstBank, emphasized the importance of financial management and economic discipline during the presentation. She encouraged beneficiaries to prioritize saving from the inception of their businesses and discouraged them from keeping funds at home, which might lead to misuse.

 

Rotary District 9110 Governor, Ifeyinwa Ejezie, highlighted the significance of economic empowerment in Rotary’s initiatives and called for government collaboration to reach grassroots communities effectively.

 

She emphasized the role of Rotary in complementing government efforts and stressed the need for recognition and partnership to enhance community development.

 

Bukola Bakare, Rotary International District Governor Nominee Designate, explained the process and challenges of raising funds for the project and how they incorporated Rotary from Singapore to absorb shocks from inflation.

 

She mentioned that FirstBank was a major sponsor for the project, and the 102 beneficiaries were chosen based on a needs analysis from Igbos, Hausa, and Yorubas resident in Lagos, Ogun, and Oyo states.

 

Mr. Babatunde Adewale, Permanent Board Member of Lagos State Universal Basic Education, lauded the empowerment program, while reeling out contributions and projects of Rotary International to schools in the state. Mrs. Kemi Kalesanwo, Director of Lagos State Agency for Mass Education, said that 22 out of the 102 beneficiaries were from the agency’s vocational training centers.

 

Otumba Wemmy Osunde, Chairman of Illisan Development Association, Ogun State, pledged personal commitment to ensuring beneficiaries utilize the items for economic gain. Adekunmi Adeniyi, an industrial gas burner and cylinder beneficiary, expressed gratitude to Rotary International and FirstBank for the initiative, acknowledging the impact on their respective trades and crafts.

Culled from NAN

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MONIEPOINT INC RANKED AS AFRICA’S FASTEST GROWING FINANCIAL INSTITUTION BY THE FINANCIAL TIMES FOR THE SECOND CONSECUTIVE YEAR

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…World’s leading financial publication confirms Moniepoint’s rapid revenue growth

 

 

Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

 

 

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

 

 

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

 

 

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria. The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

 

 

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

 

 

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “we are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

 

 

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

 

 

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation. 2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

 

 

 

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

 

 

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed. Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

 

 

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

 

 

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.

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