Banking
Zenith Bank appoints Adaora Umeoji first female GMD/CEO

The Board of Directors of Zenith Bank Plc has announced the appointment of Dr. Adaora Umeoji as the Group Managing Director and Chief Executive Officer (CEO) of the bank.
This is contained in a statement issued by bank’s Company Secretary, Michael Osilama Otu on Tuesday.
The bank said her appointment is with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN).
Umeoji takes over from Dr. Ebenezer Onyeagwu, whose tenure expires on May 31, 2024.
“The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within,” the statement said.
Prior to this appointment, Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to 30 years cognate banking experience of which 26 years has been with Zenith Bank.
She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program.
She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First Class honors in Law from Baze University, Abuja.
She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.
She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA.
Umeoji also attended the executive program in Strategic Management, and has a Certificate in Leading Global Business all from Harvard Business School, USA.
She is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others.
In 2022, the Federal Government of Nigeria honoured Umeoji with Officer of the Order of the Niger, as a recognition of her contributions to nation building. She is a Peace Advocate of the United Nations (UN-POLAC).
Umeoji has impacted many lives through her philanthropic and humanitarian activities through her NGOs; Pink Breathe Cancer Foundation and the Adorable Foundation that educates, caters for Cancer patients and indigent children education especially the GirlChild.
Her continuation to humanity was recognized by the Sun Newspaper which recently bestowed on her the Humanitarian Service Icon Award for 2023.
As a result of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Umeoji, founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity.
She is a Lady of the Order of Knights of St. John International (KSJI), and was awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.
Banking
CBN restricts BDCs to one dealer bank per week for $25,000 FX purchase

The Central Bank of Nigeria (CBN) has introduced new regulations allowing Bureau de Change (BDC) operators to purchase up to $25,000 weekly from a single Authorised Dealer Bank (ADB) to cater to retail forex demand for eligible invisible transactions.
The directive, outlined in a circular from the Trade and Exchange Department and signed by Dr. W. J. Kanya, the Acting Director, is dated February 5, 2025. It sets compliance requirements aimed at promoting transparency and curbing potential forex misuse.
Key Provisions of the New Guidelines include: Single Dealer Bank Rule: Each BDC can only source FX from one authorised dealer bank per week, a measure designed to prevent speculation and enhance regulatory oversight.
It says violators will face sanctions.
According to the bank, authorised dealers must sell FX to BDCs at the prevailing rate in the Nigerian Foreign Exchange Market (NFEM) window, ensuring uniform pricing.
BDCs cannot charge more than Ipercent above their purchase price when selling FX, regardless of its source, to prevent excessive charges and promote fairness.
“Purchased FX can only be used for specific transac-tions, with a cap of $5,000 per transaction per quarter.
Eligible uses include:Busi-ness Travel Allowance (BTA)
/ Personal Travel Allowance (PTA); Overseas school fees ;Overseas medical expenses;
Strengthened Anti-Money Laundering Measures, ” the circular.
To combat financial crimes, the CBN mandates that BDCs to maintain proper records, including the Bank Verification Number (BVN) of end-users.
It also mandates them to endorse disbursed amounts in beneficiaries’ international passports;Strictly comply
with Anti-Money Laundering (AML) laws and Know Your Customer (KYC) requirements.
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To enhance transparency, both ADBs and BDCs must submit reports to the CBN.
They must send weekly reports of FX sales to BDCs in a specified Excel format via teddmo@cbn.gov.ng.
The CBN noted that BDCs must render daily returns on forex purchases and utilisa-tion through the Financial Institutions Forex Reporting System (FIFX).
The CBN warns that any BDC or Authorised Dealer Bank found violating these guidelines-including forex diversion-will face severe sanctions, including the suspension of their dealership license.
In a related development, the CBN has extended the deadline for BDC operators to access the Nigerian Foreign Exchange Market (NFEM) for weekly FX purchases. Initially set for January 31, 2025, the deadline has been pushed to May 30, 2025.
The extension is expected to stabilise the parallel market, improve liquidity, and reinforce the CBN’s commitment to ensuring forex accessibility while maintaining regulatory oversight.
These new measures align with the apex bank’s broader strategy to stabilise the naira, curb speculative activities, and enhance forex market transparency.
Banking
Nigeria’s economy to expand by 4.17%, inflation to ease in 2025 — Cardoso

The Central Bank of Nigeria Governor, Olayemi Cardoso, on Thursday, said the country’s Gross Domestic Product is expected to grow by 4.17 percent and inflation is expected to ease in 2025.
Cardoso disclosed this at a recent conference, according to Reuters.
While Nigeria’s inflation currently stands at 34.80 percent, Cardoso is optimistic that it is expected to decline as President Bola Tinubu’s reforms start to yield results.
He also said foreign exchange reserves rose gradually, driven by increased oil production. Oil output is forecast to reach 2.3 million barrels per day by mid-year, Cardoso said.
Cardoso pledged to take Nigeria’s foreign exchange reserves to more than $40 billion after recording a $6 billion FX inflow in 2024.
According to Cardoso, the central bank’s priority remained to maintain price stability and to bolster market confidence. To this end, the bank aims to enhance transparency and efficiency within the foreign exchange market.
“With limited opportunities for FX arbitrage, we expect that there will be more appetite for real sector development,” he stated.
Banking
CBN fines 9 banks N150m each over scarcity of cash in ATMs

The Central Bank of Nigeria, CBN, has issued fines to at least nine Deposit Money Banks for failing to ensure cash availability via automated teller machines, ATMs, during the festive season.
The fines total N1.35bn, with each of the banks fined N150m.
The banks were found culpable after spot checks revealed non-compliance with the Central Bank’s cash distribution guidelines.
A statement released by CBN acting Director of Corporate Communications, Mrs Hakama Sidi Ali, on Tuesday, read: “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”
The fine will be debited directly from the banks’ accounts with CBN.
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