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Cardoso, 11 others confirmed by senate as MPC members

The Senate has officially approved the appointment of 12 individuals as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

The committee has Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, CBN as its chairman.

Other members are;  Muhammad Sani Abdullahi, CBN deputy governor), Bala M. Bello (CBN deputy governor), Emem Usoro (CBN deputy governor), Philip Ikeazor (CBN deputy governor), Lamido Yuguda, (DG Securities and Exchange Commission), Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance), Murtala Sabo Sagagi (CBN director) Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi and Bamidele A.G. Amoo.”

President Bola Tinubu, had in a letter to the Senate Senate on Wednesday, February 14th sought the confirmation of the nominees, ahead of the MPC meeting next week.

The confirmation of the nominees by the Senate followed its consideration and approval of the report of its Committee on Finance, Banking, Insurance and Other Financial Institutions led by Senator Tokunbo Abiru on the screening of the nominees.

Adetokunbo said the committee screened six of the 12 nominees on Wednesday, February 21.

However, he said the Committee did not screen the CBN governor, deputy governors and the permanent secretary of the finance ministry because they were recently screened by the Senate for their current positions.

He added that the screening revealed that all the nominees are experienced in economics and financial matters and their appointment is in line with provisions of the CBN Act 2007, and we did not receive any petition against them,” Adetokunbo said.

While contributing to the report, Deputy Senate President Jibrin Barau assured that the committees can execute the task ahead of them.

Senate President Godswill Akpabio commended President Tinubu for the quality of the nominees.

He, however, called on the new MPC members to use their expertise to redirect the monetary policy of the CBN for the good of the country.

The MPC, the highest decision organ of the CBN has the mandate to: review economic and financial conditions in the economy; determine appropriate stance of policy in the short to medium term; review regularly, the CBN monetary policy framework and adopt changes when necessary.

The first meeting of MPC under Cardoso will be held next week

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Banking

Oyebanji Engages Bank of Industry on Strategic Development

In a bid to foster robust development in Ekiti State, the Governor of the state, Mr Biodun Oyebanji on Thursday had in a crucial meeting with the leadership of the Bank of Industry Limited, led by Dr. Olasupo Olusi, in Lagos.

At the meeting held at the Head office of the Bank in Marina, Lagos, deliberations revolved around forging prospective collaborations in crucial sectors such as youth empowerment, agricultural revitalization, women’s empowerment, and infrastructural advancement, among others.

Addressing newsmen after the strategic session, Governor Oyebanji emphasized his unwavering commitment to engaging both governmental and non-governmental organizations and agencies in realizing the developmental goals of the state.

Stressing that a strategic partnership with the BOI is crucial in actualizing his administration’s shared prosperity agenda, Governor Oyebanji expressed optimism in the anticipated outcomes of the collaborative efforts, foreseeing positive results in the near future.

“Bank of industry is very critical to our shared prosperity agenda. I can only expect a better collaboration, the critical government officials would be here to take this discussion further. I am extremely excited because of the opportunities it offers our people” Stated the Governor

Governor Oyebanji lauded the Bank of Industry management for their array of programs and initiatives, stressing that the people of Ekiti State are eager for increased presence of Federal Government agencies and development partners in the state.

The BOI MD/ CEO, Dr Olasupo Olusi said the bank is committed to the collaboration between the bank and Ekiti State Government even as he lauded Governor Oyebanji’s development agenda for the state.

“We will ensure a stronger collaboration between Ekiti state Government and Bank of industry. For Governor Oyebanji to be here demonstrates the strong interest in developing the state. Different areas of development have been discussed and we will follow up”, Dr Olusi added.

Present at the meeting by the Commissioner for Budget and Economic Planning and Performance management, Mr Niyi Adebayo and his Industry, Trade and Investment counterpart, Mrs Tayo Adeola as well as the management team of the bank.

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Cardoso sacks eight CBN directors, 32 others

Governor of Central Bank of Nigeria (CBN), Yemi Cardodo has sacked a fresh batch of 40 staff mostly from the Development Finance Department (DFD), in furtherance of its ongoing restructuring.

According to Daily Trust report, deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from the Medicals and Procurement Services Department.

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.

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.

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Nigeria’s inflation rate to remain high in 2024 — World Bank

The World Bank has stated that Nigeria’s inflation rate will remain high at 24.8 percent year-on-year, YoY, in 2024.

The World Bank also reaffirmed its projection of 3.3 percent economic growth for Nigeria in 2024 and reduced its projection for 2025 to 2026 by 0.1 percentage points to 3.6 percent from its January projection of 3.7 percent.

In its Africa’s Pulse Report, April 2024 edition, released Monday, April 8, the World bank stated:

“Growth in Nigeria is projected at 3.3 percent in 2024 and 3.6 percent in 2025–26 as macroeconomic and fiscal reforms gradually start to yield results.

“A more stable macroeconomic environment, as the reforms’ initial shock dissipates, will lead to sustained but still slow growth of the non-oil economy.

“The oil sector is expected to stabilize with recovery in production and slightly lower prices. “Structural reforms will be needed to foster higher growth.

“Average inflation will remain elevated at 24.8 percent in 2024, although it is expected to ease gradually to 15.1 percent by 2026 on the back of monetary policy tightening and exchange rate stabilization”.

“By February 2024, about one third of the Sub-Saharan African countries with monthly available food price information (14 of 40 countries) had double-digit year-on-year rates of food inflation, with the fastest increases experienced in Ethiopia, Malawi, Nigeria, Sierra Leone, and Zimbabwe.”

“The region also faces the triple challenges of high extreme poverty, high inequality, and low transmission of growth to poverty reduction.

“The speed of poverty reduction has decreased tremendously since 2014. The rate of reduction was 3.1 percent between 2010 and 2014, subsequently decreasing to 1.2 percent between 2014 and 2019.

“In contrast, the rest of the world reduced extreme poverty on average by 9.2 percent per year within the same time horizon, suggesting that the Africa region is falling further behind.

“In addition, there is substantial regional heterogeneity in where the poor are with Nigeria and the Democratic Republic of Congo accounting for one in three of those living in extreme poverty.

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