News

Reps To Probe Banks, Other Financial Institutions Over Non-compliance With CBN Directives

Published

2 years ago

February 7, 2024

The House of Representatives has resolved to conduct an investigative hearing on the non-compliance by banks and financial institutions with Central Bank of Nigeria, CBN, directives on the Net Open Position Limits.

The resolution of the House followed the adoption of a motion of urgent national importance on the need for banks to implement CBN’s policies on holding excess long foreign exchange and net open position limits, moved at the plenary on Wednesday by Hon. Babajimi Benson.

Moving the motion, Benson explained that CBN is saddled with the responsibility of regulating the monetary policies of the country as provided for by the CBN Act.

He said in the performance of this duty, the CBN is empowered to make regulations and give directives for commercial banks and certain financial institutions to implement.

The lawmaker added that Section 8 (4) and (5) of the CBN Act requires that the CBN Governor is expected to brief the relevant Committees of the National Assembly during the semi-annual hearings as well as provide periodic reports on the performance of the economy to the National Assembly.

He expressed concern that there had been a steady rise in the exchange rate of the Dollar in comparison to the Naira, adding that it rose to N1,520 in the last week.

Benson expressed worry that the astronomical rise has been caused by diverse market forces and certain economic policies adopted by the government, including the liberalisation of the Dollar.

He also lamented that commercial banks and certain financial institutions in Nigeria usually hold back a large part of forex they obtain, either through purchase, borrowing or allocation from the CBN, rather than lending to their customers, with a view to selling it when the exchange rate is high.

Benson noted that this speculative activity by commercial banks and certain financial institutions has further exacerbated the harsh economic situation in the country and led to difficulty by legitimate businesses to obtain forex for their business transactions.

He emphasised that the CBN has intervened by introducing new monetary policies to check the rise in the rate of the Dollar among which are the Net Open Position Limits and holding excess long foreign exchange.

The lawmaker stated: “We are also aware that commercial banks and certain financial institutions are reluctant to implement the monetary measures put in place by the apex bank to check this unwholesome practices by banks and other financial institutions in the country.”

Benson was of the opinion that unless drastic legislative measures are taken to enforce the implementation of these directives, the country would continue to experience dire economic hardship as a result of continuous rise in foreign exchange rates.

The House resolved to “mandate the House Committees on Banking Regulations and Banking Institutions to conduct an investigative hearing on the non-compliance by banks and financial institutions with CBN directives on the Net Open Position Limits”.

It further mandated the Committee on Legislative Compliance to ensure full implementation.

News

Bumper Harvest: Foundation Distributes 6,000 Fertilizers To Farmers In Bauchi

Published

1 hour ago

August 14, 2025

Editor

A group, Wunti Al-Khair Foundation has donated 6,000 50kg bags of fertilizer to farmers in Bauchi state in order to have a bumper harvest.

Speaking during the flag off ceremony of the distribution of the fertilizers on Thursday, Mr Abubakar Mohammed, Monitoring and Evaluation Officer, Wunti Al-Khair Foundation, said the distribution was only for the indigent farmers in the state.

He said the fertilizers would be distributed to farmers in underserved communities across the three Senatorial Districts of the state.

“We are gathered here to flag off the free distribution of fertilizers to farmers, especially the indigent farmers that don’t have the means to buy fertilizer for their farms.

“That is the reason why the founder of this foundation bought the fertilizers and distributed them to the low income farmers in the state.

“We have gone round the nooks and crannies of the state to identify the underserved communities and those that deserve this particular gesture.

“We planned to distribute about 6,000 bags of fertilizer and due to the populous nature of the Bauchi LGA, they have the largest share but some other local governments too have hundreds of beneficiaries which we divided into Senatorial zones,” he said.

According to him, today was the flagging off of the Bauchi South Senatorial District, adding that the extension of the gesture would commence in Bauchi North and Bauchi Central Senatorial Districts tomorrow.

Mohammed explained that the only criteria used in selecting the beneficiaries were underserved communities and low income farmers, adding that “we know that a large number of the farmers in Bauchi state are low income farmers.

“Those are the people that we identified, verified and they are our beneficiaries and we have warned the general public about the activities of some unscrupulous elements that go round to impersonate our foundation.

“Wunti Al-Khair Foundation is not charging a kobo for every part of its activities, be it education, healthcare, economic empowerment and community development”.

Responding, one of the beneficiaries, Emmanuel Samson, described the support as a timely intervention that would greatly enhance his farming activities and appreciated the foundation for the intervention.

Another beneficiary, Salisu Maidawa, who was short of words for the gesture, said the gesture came at a time when he was in dire need of it.

News

IYC Urges Tinubu To Sack NCDMB Boss

Published

2 hours ago

August 14, 2025

Editor

Ijaw Youth Council (IYC), Western Zone, has urged President Bola Tinubu to immediately sack Engr. Felix Omatsola Ogbe, the Executive Secretary of Nigeria Content Development and Monitoring Board (NCDMB) for allegedly not “keeping up to the fundamental mandate,” upon which the agency was established.

This was contained in a statement jointly signed by Comrade Nicholas Igarama, Comrade Ebi Joshua Olowolayemo, and Comrade Tare Magbei, Western Zone
Chairman, Secretary, and Information Officer respectively, and made available to newsmen in Warri on Thursday, August 14, 2015.

According to the IYC, the call for Ogbe’s sack becomes necessary following his incompetence and ethnic bias, adding that Ogbe has turned the agency meant for the whole Niger Delta to his Itsekiri ethnic group alone.

The IYC, while noting that efforts to meet the NCDMB Executive Secretary to discuss critical issues as they affect the region and its people have proved abortive, said it can no longer fold it arms and watch while things go from bad to worse.

“As Executive Secretary of the NCDMB, Ogbe has consistently failed to input his supposed industry track record in the advancement of the mandate upon which the agency was founded.

“He has continually had a sectional engagement with his fellow Itsekiri Kits and Kin, thereby shutting all other ethnic nationalites in the Niger Delta region out.

“Repeatedly, he avoided critical youth engagement in the region while sponsoring that of his Itsekiri ethnicity through different human capacity development initiatives, while other ethnic nationalites are left unattended.

“As Ijaw, mostly from the western flank where Engr. Ogbe also hails from, we will not sit and watch others benefit from the resources that we produce without our practical involvement to better the lives of our people as well.

“It is on record that the leadership of Ijaw Youth Council (IYC) Western Zone has tried to establish communication with Engr. Ogbe, for the last ten months, but every medium of communication to get his attention has fundamentally proven to be abortive.

“As youths, we can no longer have leaders in office who have now equated themselves to demi-god and have refused to attend to most significantly youthful issues in the Niger Delta Region.

“To this end, we therefore call on President Bola Ahmed Tinibu to immediately sack Engr. Felix Omatsola Ogbe, who has consistently displayed disregard for critical actors in the Niger Delta and has also exhibited the highest level of gross inefficiency by not keeping up to the fundamental mandate upon which NCDMB was founded,” the statement reads.

The IYC also called for the probe Ogbe as Executive Secretary after his sack.

Efforts to reach Dr. Obinna Ezeobi, the General Manager, Corporate Communications, NCDMB, for reaction proved abortive.

News

I’m Being Impersonated – Goodluck Jonathan Disowns Social Media Account

Published

4 hours ago

August 14, 2025

Editor

Former President Goodluck Jonathan, on Thursday said he is being impersonated by fraudsters.

Jonathan alleged that a fraudulent Instagram handle has been impersonating him.

In a statement by his Media Aide,
Ikechukwu Eze, the former President insisted that he does not operate any Instagram handle.

The statement is titled ‘Beware of fake Instagram account impersonating H.E. Dr Goodluck Ebele Jonathan’.

“Our attention has been drawn to a fraudulent Instagram account operating under the handle goodluck_ebelejonathan, which is falsely impersonating former President Dr. Goodluck Ebele Jonathan.

“This impostor account has been deceitfully posting content, some copied from Dr. Jonathan’s Facebook page, while pretending to represent the former President.

“We wish to emphasise that Dr. Jonathan does not operate any Instagram account.

“The media and members of the public are strongly advised to disregard, avoid sharing, or promoting any content originating from this fake profile,” the statement read.