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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.
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.
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.
President Bola Ahmed Tinubu has clinched the APC presidential ticket for 2027 after a landslide win in the party’s primaries held Saturday across 36 states and the FCT.
The results were declared Sunday at the Bola Ahmed Tinubu International Conference Centre in Abuja. Tinubu polled 10,999,967 votes, defeating sole challenger Stanley Osifo who got 16,504 votes.
Osifo failed to register a single vote in 21 states and the FCT. His only recorded vote came in Edo State.
His best showings were in Niger with 5,248 votes, Kano with 2,675, Bauchi with 2,650, and Abia with 1,007.
Tinubu swept every state, with his highest tallies in Lagos at 814,988, Adamawa at 644,149, Kaduna at 618,914, and Imo at 582,960. Kano delivered 500,852 votes, Katsina 467,003, and Gombe 450,517.
Other notable results:
– Bayelsa: 227,192
– Delta: 407,646
– Borno: 414,988
– Enugu: 383,382
– Akwa Ibom: 389,197
– Benue: 374,787
– Ogun: 322,485
– Kwara: 310,990
– Sokoto: 301,000
The party said the primaries covered all 484 wards in Kano, where Tinubu also swept every ward.
With the outcome, Tinubu is now the official APC candidate heading into the 2027 general election.
Abuja Electricity Distribution Company has finally announced that it has restored electricity supply to State House, Nnamdi Azikiwe International Airport, Lugbe, Garki, and other areas in the nation’s capital after an outage.
AEDC disclosed this in a notice on Saturday night.
Recall that major parts of Abuja were thrown into darkness due to the Transmission Company of Nigeria’s Apo substation fault.
TCN had on Saturday issued an update noting that its engineers were working to fix the fault.
In a notice later on Saturday night, AEDC announced electricity supply has been restored to affected areas.
“Abuja Electricity Distribution Plc (AEDC) is pleased to inform our esteemed customers that power supply has now been restored to affected feeders following the successful restoration of the 100MVA Transformer (TR3) at the Apo Transmission Substation by the Transmission Company of Nigeria (TCN),” AEDC stated.
By Kayode Sanni-Arewa
Joshua Adeji & Co, a Lagos-based law firm established in 2016 by Joshua Osemudiamen Adeji has opened its new office and mediation center in Lagos.
The office is situated at 16, Adeniran Ogunsanya, Surulere, in Lagos.
Speaking at an event that brought together clients, business leaders, and key figures in Nigeria’s legal community to celebrate the firm’s continued growth and commitment to excellence, the Principal partner, Joshua Adeji reiterated the firm’s steadfastness to offer top-tier legal services to clients across multiple sectors of Nigeria’s and Africa as a whole.
He further stated that the newly established law firm and its Mediation Centre would serve as a hub for fast, amicable and efficient resolution of commercial disputes.
The Firm, he stated, would assist clients to amicably resolve their disputes to align with their commercial goals and help clients navigate complex laws, protect their rights, and resolve disputes.
Tinubu clears APC primary elections with 10.9m votes, secures 2027 ticket(See results)
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