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

Ovia South West Council Chairman, Edobor Bags National Merit Award

Published

11 hours ago

October 24, 2025

Editor

The Acting Chairman of Ovia South West Local Government Council in Edo State, Hon. Charles Nosakhare Edobor, has bagged the 2025 Nigerian Local Government Merit Award (LOGMA).

He was awarded as the Best Performing Local Government Chairman in Nigeria (Security and infrastructure development, purposeful leadership).

Speaking after being conferred with the prestigious award, Edobor applauded the organizers for recognizing his administration’s commitment to localizing good governance.

He highlighted his leadership’s remarkable strides in building a sustainable, livable, and prosperous council area through numerous people-oriented programmes and projects-particularly in road infrastructure and the provision of basic social amenities.

Edobor dedicated the award to the Governor of Edo State, Senator Monday Okpebholo, and to the good people of Ovia south west Local Government Area.

He expressed satisfaction with the honour. He emphasized that the award would further spur him to work harder in pursuing people-centred programmes aligned with Senator Monday Okpebholo’s S.H.I.N.E and President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Edobor commended Governor Okpebholo for his visionary leadership and unwavering support for local government administrations across the state.

He reaffirmed his administration’s commitment to deepening rural development, empowering youth and women, and ensuring the dividends of democracy reach every ward in Ovia south west local government.

Earlier, in his welcome address at the event which held on Wednesday at the National Merit House, Abuja, the National Coordinator of LOGMA, Chief Bayode Ojo, stated that the award was designed to showcase the achievements of local government chairmen and reward excellence in grassroots governance – particularly those who have demonstrated exceptional commitment to promoting grassroots development despite the challenges confronting the third tier of government.

He congratulated all the awardees for making the final list after rigorous scrutiny and spot-checking of some of their executed projects to verify the authenticity of their claims.

Chief Ojo further urged the awardees to continue to be shining examples of sustainable growth at the grassroots and in the country at large.

News

JUST IN: Tinubu Sacks CDS Musa, Names New Army Boss

Published

11 hours ago

October 24, 2025

Editor

President Bola Tinubu has made changes in the hierarchy of the Service Chiefs in furtherance of the efforts of the Federal Government of Nigeria to strengthen the national security architecture.

The President appointed General Olufemi Oluyede to replace General Christopher Musa as the new Chief of Defence Staff.

More to follow…

News

Lagos Inaugurates 24-hour Traffic Management Operations

Published

1 day ago

October 23, 2025

Editor

The Lagos State Government has launched two transformative initiatives designed to recalibrate traffic governance and restore environmental sanctity across the metropolis.

In a visionary bid to guarantee seamless mobility and safe commuting at all hours, the Lagos State Traffic Management Authority (LASTMA) has formally instituted a 24-hour operational framework for traffic management and enforcement across Lagos State.

The groundbreaking initiative, officially commissioned by the Special Adviser to the Governor on Transportation, Sola Giwa, constitutes a seminal moment in the evolution of Lagos’s transportation governance.

It manifests Governor Babajide Olusola Sanwo-Olu’s strategic ambition to ensure the uninterrupted movement of people, goods and services within Nigeria’s economic epicentre—a city that operates continuously, unhindered by congestion or disorder.

According to Giwa, the 24-hour operational regime epitomises the administration’s steadfast dedication to constant vigilance, operational efficiency and disciplined traffic regulation, especially as the metropolis approaches the festive period, traditionally characterised by heightened vehicular and commercial activity.

This information was contained in a statement yesterday by the Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq.

He elaborated that the framework is meticulously designed to facilitate continuous monitoring, rapid emergency response and immediate clearance of traffic obstructions irrespective of time, thereby mitigating congestion and enhancing the commuter experience.

“This initiative exemplifies the Lagos State Government’s resolute commitment to safeguarding mobility, preserving lives and sustaining economic productivity through perpetual traffic oversight,” Giwa stated.

A pivotal component of the initiative is the establishment of the Night Rapid Response Gang, a specialised unit within LASTMA charged with swiftly addressing nocturnal traffic incidents, including vehicular breakdowns, collisions and other obstructions along critical arteries of the metropolis.

In tandem with these traffic management reforms, the Lagos State Government also executed a comprehensive clearance operation along Apapa Road, Costain and the Ijora Under Bridge, eliminating illegal structures, shanties and unregulated trading that had long obstructed free vehicular flow and compromised public safety.

The far-reaching enforcement exercise, spearheaded by Sola Giwa in coordination with LASTMA, the Nigeria Police Force, Mobile Police (MOPOL), the Lagos State Task Force and the Lagos State Environmental Sanitation Corps (LAGESC), culminated in the removal of unauthorised traders, makeshift structures and multiple environmental infractions.

During the operation, enforcement teams uncovered an illegal diesel dumping site and impounded substantial quantities of expired plantain chips and cheese balls, stored under unsanitary conditions—a testament to the government’s prioritisation of public health and environmental integrity.

The exercise followed persistent warnings and public sensitisation campaigns urging illegal occupants under bridges to vacate. Teams also identified blocked drainage channels choked with metallic debris, contributing to perennial flooding and environmental degradation.

Furthermore, several commercial buses and tricycles operating unlawfully along the newly constructed Costain Bridge and Apapa Road were impounded.

Shanties adjacent to St. Catholic Church School, Apapa Road, were demolished, reinstating the area to its intended urban and educational purpose, while criminal hideouts beneath the Ijora Bridge were dismantled to enhance public security.

Giwa reaffirmed that the Sanwo-Olu administration will not compromise on public safety, environmental protection or the rule of law, stressing that Lagos must remain a city distinguished by structure, order and discipline.

General Manager of LASTMA, Olalekan Bakare-Oki, appealed to traders, transport operators and commuters to comply with government directives, utilise designated markets and parking facilities, and actively support the administration’s efforts to maintain a safe, efficient and orderly metropolis.

He emphasised that the integration of 24-hour traffic management with environmental enforcement represents the Lagos State Government’s holistic approach to sustainable urban mobility—one that blends innovative regulation, proactive enforcement and civic responsibility.