Nike Popoola The Central Bank of Nigeria has said that there are clearly spelt out procedures for accessing its intervention funds, which are disbursed through Participating Financial Institutions, such as Deposit Money Banks, Development Finance Institutions and microfinance banks. It stated that its attention had been drawn to fraudulent messages in the social media requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans provided by the Federal Government through an e-mail address ) purportedly being handled by the CBN.The Director, Corporate Communications, CBN, Isaac Okorafor,…
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CBN IDENTIFIES FRAUDULENT LOAN OFFICERS ON SOCIAL MEDIA
The Central Bank of Nigeria (CBN) has warned Nigerians against fraudulent messages on social media requesting loan seekers and owners of small-scale businesses to apply for loans purportedly provided by the Federal Government. The fraudulent message requests loan seekers to access loans through an e-mail address (empowermentcbnloan@gmail.com) said to be handled by the CBN, Igbere TV reports. In a statement on Monday by the apex bank’s Director of Corporate Communications, Isaac Okorafor, CBN denied the existence of such loans, adding that it does not interface directly with prospective applicants. The…
Read MoreCBN HAS BEEN HIJACKED BY POLITICIANS SAYS EX-DEPUTY GOVERNOR
Farmers urge caution over forex restriction Adelani Adepegba and Okechukwu Nnodim, Abuja A former Deputy Governor of the Central Bank of Nigeria, Dr Obadiah Mailafia, has criticised the directive by President Muhammadu Buhari, to the CBN to stop allocation of foreign exchange for food importation. He faulted the claims that the nation was self-sufficient in food. Mailafia noted that the policy was not well thought out, stressing that it would encourage all forms of illegal activities, including smuggling. Speaking on Channels Television Sunrise programme on Thursday, the development economist said…
Read MoreBUHARI: I’VE WARNED CBN TO STOP EVERY FORM OF FOOD IMPORTATION
President Muhammadu Buhari, Tuesday, in Daura, Katsina State, has disclosed that he has warned the Central Bank of Nigeria (CBN) to stop providing foreign exchange for importation of food into the country, with the steady improvement in agricultural production, and attainment of full food security. The President, who hosted the All Progressives Congress (APC) governors to Eid-el-Kabir lunch at his country home in Daura, said the foreign reserve will be conserved and utilized strictly for diversification of the economy, and not for encouraging more dependence on foreign food import bills.…
Read MoreCBN LICENSES THREE NEW BANKS, SEE THEIR NAMES
The Central Bank of Nigeria (CBN) has expanded the banking space in the country with the issuance of banking licenses to three new players in the industry. With the additional licenses, the numbers of banks operating in the country have increased to 23 from the previous 21, according to a report on the regulatory bank’s website. The new operators are; Titan Trust Bank Limited, TAJ Bank Limited and Globus Bank Limited. While two of the newly licensed banks will operate as commercial lenders, the third one, TAJ Bank Limited was licensed…
Read MoreCBN BOSS, EMEFIELE CONFIRMS 500BIL MISSING, CLAIMS PHONE WAS BUGGED, CALLS FOR INVESTIGATION OF SAHARA REPORTERS
Godwin Emefiele, Governor of the Central Bank of Nigeria, has once again confirmed the authenticity of a report by SaharaReporters revealing that Emefiele and other top officials of the apex bank connived to conceal the N500 billion-scandal rocking the bank. SaharaReporters had in May 2019 made public a phone conversation of Emefiele; his deputy, Edward Lametek Adamu; Director for Finance Dayo M. Arowosegbe including one of the Special Advisers to the CBN Governor, Emmanuel Ukeje discussing how to cover up the loss of over N500 billion stolen from the CBN…
Read MoreCOURT ARRAIGNS WHISTLEBLOWER WHO EXPOSED CBN GOVERNOR
George Uboh, Chairman of George Uboh Whistleblowers Network (GUWN), has been arraigned during the week for exposing financial misappropriation by Godwin Emefiele, Governor of the Central Bank of Nigeria. Uboh was arraigned at the Federal High Court, Abuja on a two-count charge of disseminating false information about the CBN Governor. Meanwhile, Uboh was the first to file a suit against Emefiele. In a case with the Suit No: FHC/ABJ/CS/419/2019 which has Uboh as the sole plaintiff and Godwin Emefiele, the senate president, the senate, Federal Republic of Nigeria and the President…
Read MoreDESPITE PROTESTATIONS, EMEFIELE BEGINS SECOND TERM AS CBN GOVERNOR
Despite all protestations including allegations of a 500billion fraud, the powers that be simply turned a blind eye and asked him to.continue in office. Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele Monday commenced his second term in the position. This followed the confirmation of his re-appointment as Governor by the Senate on May 16, 2019. Emefiele formally assumed duty after subscribing to the relevant Oath of Office administered by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs. Alice Karau. Emefiele, who was received into the Bank…
Read MoreBANKS LOANED 12TRILLION FROM CBN IN 6MONTHS
Central Bank of Nigeria (CBN) Liquidity problems with Nigerian banks have persisted as the last six months have not been easy. The trend of tushing to CBN for cash continues. The nation’s Deposit Money Banks have made frequent visits to the facilities’ window of the Central Bank of Nigeria (CBN) in the last six months, resulting to N12.09 trillion borrowings. Meanwhile, CBN Governor, Godwin Emefiele, would kick off his second term in office tomorrow, having earlier been confimrmed by the National Assembly. He is now expected to roll out new…
Read MoreCBN GOVERNOR SPEAKS ON MULTIPLE FOREIGN EXCHANGE RATE
Godwin Emefiele THOSE accusing the Central Bank of Nigeria (CBN) of operating multiple foreign exchange (forex) rates are wrong, CBN Governor Godwin Emefiele has said. What obtains are multiple foreign exchange (forex) windows, Emefiele said. The CBN boss spoke at the University of Ibadan (UI) Distinguished Leadership Lecture Series, organised by the university in collaboration with the apex bank in Ibadan. The multiple forex windows ensures that forex reaches critical sectors of the economy, he added. Emefiele noted that the naira exchange rate had substantially converged around N360/$1, whether it…
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