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CBN plans tough sanctions for banks

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By Francesca Hangeior

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has vowed to pursue an aggressive regulatory environment to reduce infractions in the country’s banking system.

He said this on Tuesday in Abuja at the Monetary Policy Committee meeting of the apex bank, the first since he assumed office in September 2023.

He also stated that an in-depth investigation was underway to determine the necessary actions against banks involved in infractions, stressing that the bank was in the process of formulating “stringent regulations” to cleanse and purify the country’s foreign exchange market.

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The governor, responding to questions on steps taken to promote trading on the foreign exchange market, also revealed that its foreign reserves increased to $34bn as of February 20, up by $2bn from the $32.23bn recorded at the end of January.

The naira has depreciated to an all-time low since the new administration floated the currency and unified the exchange rate windows.

The Nigerian currency weakened from over N700/$1 in May 2023 to over N1,500/$1 on Tuesday.

However, Cardoso said that the apex bank was moving to a “very aggressive regulatory environment”, adding that the CBN would do all within its powers to curb arbitrage aided by banks and BDCs.

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He said, “What we are doing at the moment is a collaboration between the central bank and the law enforcement agencies to ensure that we can understand better what is going on in the market and where infractions are taking place. They will be speedily dealt with.

“Now, I must say that we are moving as far as the central bank is concerned, we are moving to a very aggressive regulatory environment, where those policies have been coming out, as you can see, and tolerance for people not to abide by the regulations that are coming out and to comply is zero.

“People will have to abide by those regulations, and those that do not will face the consequences. I can assure you that a very thorough exercise is going on to identify what needs to be done on banks aiding infractions. And once we come out with the outcome of those, it is not something that we will keep to ourselves. We will advise you accordingly and we will do what we have to do.”

According to Cardoso, the apex bank would continue to make the market more liquid and to ensure that those who are genuine and want to abide by the rules and regulations that have been set by the central bank will be free to do so, adding that those who do not should be ready to face the consequences.

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Photo news: Gov Fubara performs groundbreaking/ foundation laying ceremony of Riven Medical Industries Project at Rumuosi, Port Harcourt

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L-R: Managing Director, Enbay Pharmaceutical Industries Ltd, Mr Eniye Oweifie; Chairman, Obio-Akpor LGA, Dr Gift Worlu; Director Medical Services/Ag. Permanent Secretary, Rivers State Ministry of Health, Dr Vincent Wachukwu; Governor of Rivers State, His Excellency, Sir Siminalayi Fubara and Deputy Governor, Rivers State, Prof Ngozi Odu, during the groundbreaking/ foundation laying ceremony of the Riven Medical Industries Project at Rumuosi, Port Harcourt last Wednesday.

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FG honours outgoing IMF Resident Rep, reaffirms strategic partnership with body

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The Federal Government has reaffirmed its commitment to deepening its longstanding partnership with the International Monetary Fund (IMF), while paying tribute to the Fund’s outgoing Resident Representative in Nigeria, Dr. Christian Ebeke, for his significant contributions to the country’s economic reform efforts.

The commitment was reaffirmed at a farewell dinner held in Abuja in honour of Dr. Ebeke, where the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, described him as a trusted partner whose professionalism, technical depth and constructive engagement helped strengthen cooperation between Nigeria and the IMF during a critical period of economic transition.

The Minister noted that Dr. Ebeke’s tenure coincided with the implementation of far reaching reforms aimed at restoring macroeconomic stability, strengthening public finances, improving investor confidence and laying the foundation for sustainable economic growth. He said throughout that period, the outgoing IMF Resident Representative remained closely engaged with Nigerian authorities, providing valuable technical support while demonstrating a deep appreciation of the country’s unique economic realities.

According to the Minister, Dr. Ebeke made significant contributions to policy discussions on fiscal reforms, domestic revenue mobilisation, public debt management, foreign exchange reforms and other strategic priorities of government. He added that his commitment to dialogue, mutual respect and practical problem solving further strengthened the longstanding relationship between Nigeria and the IMF.

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Mr. Oyedele observed that beyond his professional responsibilities, Dr. Ebeke distinguished himself through his humility, accessibility and ability to build confidence across institutions. Rather than prescribing solutions from a distance, he engaged stakeholders with openness, listened carefully to differing perspectives and worked collaboratively in support of Nigeria’s development aspirations.

The Minister thanked Dr. Ebeke for his friendship, dedication and invaluable service to Nigeria, noting that the relationships built during his assignment would continue to strengthen cooperation between the Federal Government and the International Monetary Fund. He wished him and his family continued success, good health and fulfilment as he proceeds to his next assignment.

The Director, Internationl EconomicsRelations Department (IER) Stanley George, said Dr. Ebeke’s tenure would be remembered for its professionalism, constructive engagement and steadfast support for Nigeria’s economic reform efforts. He noted that the partnership between Nigeria and the IMF had grown stronger through sustained dialogue, mutual respect and shared commitment to the country’s economic progress, adding that Dr. Ebeke’s contributions would leave a lasting impact on the relationship between both institutions.

In a goodwill message, the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, said Dr. Ebeke’s tenure coincided with a defining period in Nigeria’s economic reform journey, during which the Federal Government and the Central Bank implemented bold policy measures to restore macroeconomic stability, strengthen policy credibility, improve market confidence and lay a firmer foundation for sustainable growth. He commended the outgoing IMF Resident Representative for promoting constructive dialogue, facilitating technical cooperation and bringing professionalism, objectivity and a practical understanding of Nigeria’s economic realities to every engagement. The Governor expressed confidence that the strong collaboration between Nigeria and the IMF would continue under Dr. Ebeke’s successor.

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Responding to the tributes, Dr. Christian Ebeke described his three year assignment in Nigeria as both a privilege and a professionally enriching experience. He said serving as the IMF Resident Representative gave him the opportunity to engage with government officials, development partners, the private sector, academia and other stakeholders committed to Nigeria’s economic development, describing the experience as one he would always cherish.

Dr. Ebeke said he would leave Nigeria with profound admiration for the resilience, talent and entrepreneurial spirit of its people. He expressed confidence that, with sustained reforms, sound economic policies and continued collaboration among stakeholders, Nigeria is well positioned to achieve inclusive and durable economic growth.

He expressed appreciation to the Federal Government, the Honourable Minister of Finance and Coordinating Minister of the Economy, the Governor of the Central Bank of Nigeria, officials across government institutions, development partners, members of the media and his colleagues at the International Monetary Fund for their friendship, cooperation and support throughout his assignment. He added that the cordial relationship between the IMF and Nigerian authorities had further strengthened the longstanding partnership dedicated to advancing the country’s reform agenda and sustainable development.

Reflecting on his time in Nigeria, Dr. Ebeke said the relationships he built and the memories he created would remain with him long after his departure, adding that he looked forward to following Nigeria’s progress and remaining a friend of the country in the years ahead.

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The farewell dinner was attended by top government officials, including the Director General of the Debt Management Office, Mrs. Patience Oniha; the Statistician General of the Federation, Prince Adeyemi Adeniran; chief executives of government agencies; representatives of development partners and the diplomatic community; senior officials of the Federal Ministry of Finance; and other distinguished guests, all of whom joined in celebrating Dr. Ebeke’s remarkable service and enduring contribution to Nigeria’s economic reform journey.

The evening concluded with renewed appreciation for the enduring partnership between Nigeria and the International Monetary Fund and a shared commitment to sustaining the collaboration that has supported the country’s ongoing fiscal and macroeconomic reforms. Guests also wished Dr. Ebeke and his family continued success and fulfilment as he embarks on his next assignment.

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‘One of my outstanding ministers’ – Tinubu hails Umahi at 63

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President Bola Tinubu has felicitated the Minister of Works, David Umahi, on the occasion of his 63rd birthday, praising his dedication to delivering lasting infrastructure projects across Nigeria.

Before joining Tinubu’s cabinet, Umahi, born on July 25, 1963, represented Ebonyi South in the Senate after completing two consecutive terms as governor of Ebonyi State between 2015 and 2023.

In a statement released on Saturday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu described the works minister as “one of my outstanding, hardworking ministers.”

The president applauded Umahi’s commitment to his responsibilities, noting that the minister is focused on constructing durable roads and bridges capable of serving Nigerians for generations.

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According to the statement, Tinubu commended Umahi for his “passion, dedication to duty, and deep sense of patriotism.”

He also encouraged the minister to sustain the momentum in road construction, rehabilitation and project delivery in line with his administration’s vision of improving the quality of life for Nigerians while stimulating economic growth.

“As a minister, he does not just sit in his office or rely on reports from subordinates; he is constantly on the road, personally monitoring construction work nationwide to ensure compliance with specifications and approvals,” Tinubu said.

The president extended his best wishes to Umahi and his family, praying for continued good health and renewed strength as he remains in public service.

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