The Governor of Central Bank of Nigeria (CBN) governor, Godwin Emefiele has apologised to Nigerians for the glitches experienced while trying to effect various e-payment transactions.
Emefiele made the apology while responding to questions from journalists after the Monetary Policy Committee (MPC) briefing in Abuja.
The CBN governor admitted that some “isolated cases still persist” but they were being resolved by the various stakeholders.
Commenting on the recent waves of banks collapse in the United States of America, Emefiele said Nigerian banks are safe and sound as a result of the existing prudential guidelines instituted by the CBN to protect banks against collapse that will wipe out depositors’ money.
Emefiele, explained that “no depositor has lost one kobo since 2008 from bank crisis because of the prudential guidelines put in place to protect depositors fund.”
He also warned bank shareholders that banking licence is a privilege and not a right as it will be withdrawn from shareholders who misbehave.
“We would rather dispense with the shareholders than put depositors money at risk.”
At the end of the MPC meeting, it agreed to increase Monetary Policy Rate to 18 percent from previous 17.5 percent adopted in January.
Yemi Cardoso Assumes Duty as Acting CBN Governor
Dr. Olayemi Michael Cardoso, has formally assumed duty as the acting Governor of the Central Bank of Nigeria (CBN).
Following the resignation of Godwin Emefiele, President Bola Tinubu appointed Cardoso pending the confirmation of the senate.
Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.
Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday, and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.
An Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings over three decades of managerial experience on board.
He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies.
He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.
LCCI Unveils 2023 Lagos International Trade Fair, Reels Out Event Plans.
The Lagos Chamber of Commerce & Industry, the non-profit organization that promotes the interests of the business community in Lagos, has unveiled the 37th edition of the fair and reeled out the event plans for the week long activities scheduled to hold from Nov. 3 to Nov. 12th 2023.
Eng. Leye Kupoluyi, The Chairman, Trade Promotion Board, LCCI, on Thursday while addressing newsmen at a Press Conference, held at the Chamber House in Lagos, noted that the 37th edition with the theme, “connecting businesses, creating value” will be declared open by President Bola Ahmed Tinubu.
According to Eng. Leye, while reeling out the programmes lined up for the 10- days event said, this year’s edition of the event would feature ‘The Africa Hall Project’, an umbrella for businessmen and women within the African continent to come together under the same roof for 10 days.
He said, “The Africa Hall Project started six years ago as an umbrella for businessmen and women within the African continent to come together under the same roof for 10 days. It has been a successful adventure since then”.
Speaking further, Kupoluyi said that this year’s LITF would also feature an entertainment village in recognition of the contribution of the creative and entertainment industry to the Nigerian economy.
To mark the LCCI’s 135th anniversary, different specialised fairs would be held at the same time at TBS which will feature activities like the Children’s Corner, Tech Hub, The Africa Hall, United Asia International Exhibition Co. Limited Exhibition, The Japan External Trade Organization(JETRO), lagos Island Connect, LCCI Mentees, 3 Days Free Entry, Eng. Leye said.
“The LITF tech hub is a single pavilion that hosts techpreneurs, tech enthusiasts in telecoms, software, and Information and Communication Technology (ICT) to showcase their innovative products and services,” he said.
He said the the United Asia Exhibition Company was currently concluding logistics to host three different trade exhibitions at the event and urged Nigerian businesses on commercial agreements and distributorship deals.
“The Japan External Trade Organisation (JETRO) and the Japanese hall has become a major attraction at the Lagos international trade fair and there will be a three -day free entry for visitors at the fair this year.
“It is my sincere hope and expectation, that when the fair is declared closed by the Governor of Lagos, Mr Babajide Sanwo-olu, we shall all proclaim the 2023 LITF as the best so far in 37 years,” he said.
The sponsors and partners of the 2023 LITF are United Bank of Africa plc. (UBA), Japan External Trade Organisation (JETRO), United Asia International Exhibition co. Ltd.
Others are New Home Distribution Africa ltd. – distributors of Scanfrost and Sony Products in Nigeria, Dangote Group, FEDAN Investment Ltd, Lifemate Nigeria Ltd., Rite Foods, NCC, SON among others.
NNPCL directs more management staff to proceed on early retirement
Following the recent exit of three Executive Vice Presidents of the Nigerian National Petroleum Company Limited, the national oil company has directed some management staff with less than fifteen months to proceed on early retirement.
The move saw some top management officials exiting the Company yesterday.
According to NNPCL, the early retirement is part of the company’s bid to pursue effective organizational renewal to support the delivery of its strategic business objectives.
The retirement of the top management staff is coming barely three days after the retirement of the Executive Vice President, Gas, Power and New Energy Abdulkabir Ahmed; Executive Vice President of Upstream, Engr. Adokiye Tombomieye; and Executive Vice President, Downstream Adeyemi Adetunji.
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