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

Christmas: Otuaro Preaches Peace, Unity In N’Delta, Hails Tinubu’s Support For PAP

Published

4 hours ago

December 25, 2025

Editor

The Administrator of the Presidential Amnesty Programme (PAP), Dr Dennis Otuaro, has extended warm Christmas greetings to the people of the Niger Delta, calling for renewed commitment to peace, unity and communal harmony as the region prepares to enter the New Year.

Otuaro, in a message issued by his Special Assistant on Media, Mr Igoniko Oduma, thanked stakeholders, traditional rulers, ex-agitators, youths and communities across the Niger Delta for their sustained support for the PAP and for the administration of President Bola Ahmed Tinubu.

He described peace and unity as the bedrock upon which sustainable development in the Niger Delta must continue to be built, urging the people to remain steadfast in protecting the hard-earned stability currently enjoyed in the region.

“Peace and unity remain the strongest foundations for sustainable development. As a people, we must continue to reject violence and embrace dialogue, cooperation and mutual respect as we work collectively for the progress of our region.

“I also express my profound appreciation to all stakeholders and the people of our region for your sustained support for the administration of His Excellency, President Bola Ahmed Tinubu, GCFR,” he said.

Otuaro noted that the PAP recorded significant milestones in 2025, including improved welfare for beneficiaries, enhanced educational and vocational opportunities, and strengthened reintegration outcomes, all aimed at empowering Niger Delta youths to contribute meaningfully to society.

He attributed these achievements to the visionary leadership of President Tinubu and the institutional support of the Office of the National Security Adviser (ONSA), which provides strategic guidance for the effective implementation of the programme.

Reflecting on the meaning of Christmas, the PAP boss described it as a season that embodies love, sacrifice, compassion and reconciliation, values that resonate deeply with the communal culture and shared heritage of the Niger Delta people.

“Christmas reminds us of the power of love, sacrifice and togetherness. These values align naturally with the communal spirit of the Niger Delta, where collective responsibility, mutual support and shared progress have always defined our identity,” he added.

He urged beneficiaries of the Programme and residents of the region to celebrate the season with moderation and a renewed sense of responsibility to their communities.

Otuaro wished the people of the Niger Delta a Merry Christmas and expressed optimism that the New Year would usher in greater opportunities, peace and prosperity for the region and the nation at large.

“As we step into the New Year, I am confident that with continued unity, peace and collaboration, the Niger Delta will record even greater progress. I wish our people a Merry Christmas and a Happy, Prosperous New Year,” the PAP Administrator stated.

News

Okpebholo Slams ₦25bn Libel Suit On Edo PDP Chairman

Published

5 hours ago

December 25, 2025

Editor

Governor Monday Okpebholo of Edo State has given Dr. Anthony Aziegbemi, a seven-day ultimatum to pay ₦25 billion in damages over alleged defamatory statements.

In a letter by the governor’s counsel, Ray Okezie, and addressed to Aziegbemi, the PDP State Chairmen was also requested to publish a public apology in three national dailies over the alleged defamatory statements.

Aziegbemi was said to have allegedly accused the governor of using thugs and non-state actors to carry out official duties.

“In the letter dated December 22, 2025, and titled ‘Demand for Damages and Apologies for Defamation of the Character of the Executive Governor of Edo State, Senator Monday Okpebholo,’ the PDP Chairman was said to have in a press statement of December 7, 2025 portrayed Okpebholo as an unintelligent, dishonest, and, lawless person.

“Accordingly, we have the instructions of our client to demand from you the sum of N25, 000,000,000.00 (Twenty Five Billion Naira only) being compensation for the damage you have inflicted on his reputation through your said press release.

“The above stated sum must get to our client within seven (7) clear days from the date of this letter. In addition, you are required within seven (7) days to publish a retraction of the said press release in three (3) National Newspapers which must include the Guardian and the Vanguard newspapers,” the letter partly reads.

The governor’s counsel threatened to proceed on legal action in any Nigerian court should the PDP State Chairman fail to comply with the demands

News

YULETIDE: UBTH CMD Charges Nigerians To Be Hopeful In Coming Year

Published

8 hours ago

December 25, 2025

Editor

The Chief Medical Director of the University of Benin Teaching Hospital (UBTH), Prof. Idia Ize-Iyamu has urged Nigerians to remain optimistic about the upcoming year, despite current challenges.

Prof. Ize-Iyamu expressed optimism that the coming year would bring improvements for everyone.

The CMD made these remarks during the Nine Lessons and Carol night /End of Year Party organized by UBTH for staff and students held in Benin.

Prof. Ize-Iyamu encouraged everyone to place their trust solely in Christ to overcome the numerous challenges facing the country.

She expressed her gratitude to the hospital community for their support during her first four months in office.

Prof. Ize-Iyamu assured them that the coming years hold many opportunities and that hope in Christ would transform lives daily, just as Christ’s birth brings joy and is the reason for the season.

She also extended her appreciation to everyone in the spirit of the season.

“I want to appreciate everyone in the spirit of the season. Our commitment to excellence and professionalism remains at UBTH.

“UBTH CARES and just like Christ cares. As we celebrate Christ and the season. Let’s hope on him. When you have Christ, you have hope.We are hopeful that the coming year will be better as a people and institution,” Ize-Iyamu said.

The ceremony’s highlight featured a visit to the hospital wards where the CMD distributed gifts to patients and newborns, with management, staff, and students in attendance.