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CBN leads financial dialogue with JP Morgan, NGX, others, in pre-spring meetings Forum

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By Dr. Ibrahim Modibbo

In anticipation of the International Monetary Fund (IMF) and World Bank Group (WBG) Spring meetings which commenced on Monday, April 21, 2025, the Central Bank of Nigeria (CBN) partnered with J.P. Morgan, the Nigerian Exchange Group (NGX) and Africa Private Capital Association (AVCA) to host a high-profile global forum at Nasdaq MarketSite in New York on Thursday, April 17, 2025, according to press statement by Dr Ibrahim Moddibo.

The forum, titled “The Nigeria Investment Agenda: Pathways for Growth & Global Partnerships,” convened global investors, diaspora leaders, and senior financial stakeholders to examine Nigeria’s macroeconomic prospects and ongoing reform progress.During his commanding address, Governor Olayemi Cardoso outlined his comprehensive reform strategy encompassing monetary tightening, foreign exchange market transparency, and enhanced financial governance.

He emphasized that these initiatives are establishing the foundation for sustainable macroeconomic stability and heralding a new era of transparency and confidence.Governor Cardoso reaffirmed the CBN’s unwavering commitment to rebuilding credibility through orthodox monetary policy, transparency, and consistency.

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“We inherited a crisis of confidence but chose a different path. We’re not turning back,” he stated decisively.In a powerful fireside chat between the Governor and Nobel Prize-winning economist Dr. James Robinson, Reverend Richard L. Pearson Professor at the University of Chicago, Governor Cardoso elaborated on his vision to reestablish the CBN as a credible, trusted institution – rooted in domestic excellence and respected internationally.Mr. Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the CBN, delivered a macroeconomic update highlighting sharp increases in foreign exchange turnover, emerging signs of disinflation, and strengthening external reserves. “With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy,” he noted.

Welcoming participants to the forum, Dr. Nkiru Balonwu, Adviser to the CBN Governor on Stakeholder Engagement and Strategic Communication, framed the forum as a key moment in the Bank’s broader engagement strategy. “Today is more than a conversation,” she noted.

It’s about opening the books on the CBN’s transformation story under Governor Cardoso – sharing the facts, interrogating the progress, and looking ahead together at what more can be done to build sustainable partnerships and unlock long-term capital,” she explained.

Another key highlight of the event was the panel discussion entitled “Repricing Nigeria: Assessing the Scope for Sustained Change.” Moderated by Gavin Serkin, Founder of New Markets Media & Intelligence, the panel featured global financial luminaries: Joyce Chang, Chair of Global Research at JPMorgan Chase; Jason Rekate, Global Co-Head of Corporate Banking at Citi; Razia Khan, Chief Economist for Africa & Middle East at Standard Chartered; and Ahmad Zuaiter, Co-Founder & CIO of Jadara Capital Partners. Each panelist provided expert perspectives on Nigeria’s investment landscape, noting renewed international interest driven by improved fundamentals, strengthened governance, and clearer policy direction.

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The CBN Board and Monetary Policy Committee were represented by US-based diaspora members Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu, underscoring the Bank’s global engagement and commitment to leveraging Nigerian talent worldwide. Temi Popoola, Group CEO of NGX, moderated the Q&A session, while Dr. Olubukola Akinniyi Akinwunmi, Director of Banking Supervision at CBN, delivered the closing remarks.The forum focused on substantive discussions and future prospects: engaging critical voices, evaluating progress, and identifying requirements for building lasting partnerships and attracting long-term capital. Central to this endeavor is a clear objective: reestablishing the CBN as a credible, trusted institution respected globally and dedicated to excellence at home.

Dr. Ibrahim Modibbo, a public affairs analyst writes from Abuja.

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Primaries:”You’ve no right to declare winners, APC chairman tells state primary electotoral chairmen, insists only NWC can declare winners

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The National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, has declared that no state chapter or electoral committee of the party has the authority to announce winners of the party’s ongoing primary elections, insisting that only the National Working Committee (NWC) can ratify and officially declare results.

Yilwatda made the clarification on Sunday night in an interview with a national tv station.

According to the APC chairman, all results from the primaries conducted across the country must be transmitted to the party’s national headquarters in Abuja, where the NWC will carry out final verification before any winner is officially recognized.

“The states cannot announce winners until the NWC gives its verdict,” he stated during the live interview, stressing that the party’s constitution and internal guidelines place the final authority for primary election declarations on the national leadership.

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The directive effectively nullifies several results already announced by state chapters and local collation committees following the recently concluded primaries.

The development comes amid growing controversies trailing the APC primaries in some states, with allegations of irregularities and manipulation emerging from different camps.

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Rep Ugochinyere Alleges Plot to Frame Him, Warns Against Move to Silence Opposition Parties

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…accuse police unit of abducting constituents, as he appeal to IGP, PSC to intervene

By Gloria Ikibah

Member representing Ideato North and South Federal Constituency of Imo State in the House of Representatives, Ikenga Imo Ugochinyere, has accused some officers attached to the Tiger Base and Violent Crime Response Unit of the Imo State Police Command of abducting and torturing his constituents in what he described as an attempt to implicate him in criminal activities.

Speaking at a press conference in Abuja on Monday, the lawmaker alleged that some of the detained individuals were being forced to make statements linking him to terrorism, gun-running and murder.

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He said: “Imo police are abducting my constituents and torturing them in a bid to frame me for frivolous criminal allegations, terrorism, gun-running and murder,” Ugochinyere alleged.

“They are creating fear and uncertainty in Imo State and attempting to intimidate opposition voices ahead of the elections.”

The federal lawmaker claimed that the activities of some officers attached to the controversial Tiger Base unit had turned the police structure into what he described as a tool for political persecution.

He appealed to the Inspector-General of Police and the Police Service Commission to intervene urgently and investigate the officers involved, particularly those allegedly linked to unlawful arrests, extortion and torture.

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Ugochinyere also raised concerns over what he described as a coordinated attempt to deregister opposition political parties through the courts ahead of the 2027 elections.

He mentioned parties including the African Democratic Congress, Accord Party, Action Peoples Party and the Zenith Labour Party as groups allegedly targeted in the legal action.

According to him, the move was aimed at shrinking the political space and frustrating opposition candidates ahead of future elections.

“What kind of anarchy do you want this country to go through?” he asked.

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“You cannot deregister political parties a few months to elections and expect Nigerians to fold their arms. You are playing with fire”, he added.

The lawmaker warned that any attempt to eliminate opposition parties through judicial means could create political instability and undermine democratic participation.

He, however, commended the Court of Appeal for suspending proceedings in the case seeking the deregistration of some political parties.

Ugochinyere praised the appellate court judges for granting a stay of proceedings against a Federal High Court ruling he claimed had raised serious constitutional concerns.

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“The Constitution is clear. Once a party wins even one councillorship seat, deregistration does not arise,” he stated.

He cited Section 225A of the Nigerian Constitution, maintaining that parties which had secured elective positions could not legally be deregistered.

The lawmaker also urged the Independent National Electoral Commission not to challenge a recent Federal High Court judgment relating to aspects of the electoral timetable, warning that further legal disputes could heighten political tension ahead of the elections.

“The country cannot afford confusion at this critical moment.

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“Appealing this judgment will create tension, uncertainty and doubts about the credibility of the elections,” he said.

In his closing remarks, Ugochinyere appealed to President Bola Ahmed Tinubu, the Chief Justice of Nigeria, security agencies and the National Judicial Council to protect democratic institutions and prevent what he described as attempts to weaken opposition politics through intimidation and exclusion.

“Democracy is about participation, not exclusion.
“You don’t claim to be popular while running around disqualifying opponents, deregistering parties and framing critics with criminal allegations”, he said.

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SEDC Launches Venture Capital Drive to Unlock South-East Business Growth

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By Gloria Ikibah

The South East Development Commission has commenced the grand finale of its inaugural South East Venture Capital Programme, marking a major step towards expanding access to investment funding for emerging businesses across the region.

The event, taking place at the International Conference Centre in Enugu, features 50 finalist ventures selected from more than 1,200 applications submitted by entrepreneurs from across the South-East and other parts of the country.

According to the Commission, the initiative forms part of a broader strategy aimed at creating sustainable investment structures for innovation-driven enterprises and strengthening the region’s economic competitiveness.

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The finalists emerged after a rigorous selection process involving video pitch reviews, phased assessments and judging rounds. The businesses were grouped into two categories, the Accelerator Track for ventures with measurable market traction and the Incubation Track for early-stage startups with strong growth potential.

Ahead of the final presentations, participants underwent an intensive investment-readiness bootcamp in Enugu focused on business development, investor engagement and pitch refinement.

Speaking before the grand finale, the Managing Director and Chief Executive Officer of the Commission, Mark Okoye, described the programme as a strategic economic intervention rather than a routine competition.

“What is taking place here is not simply a startup pitch event. It is the deliberate construction of institutional capital infrastructure for the South East. For far too long, exceptional entrepreneurial talent in this region has operated without the kind of structured financial backing required to scale sustainably. The South East Venture Capital Program is our response to that gap, carefully designed to create long-term pathways for capital, innovation, and enterprise growth,” he said.

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The 30 successful ventures selected from the finale will be unveiled during the inaugural investment ceremony scheduled for Tuesday, May 26, 2026. The selected businesses are expected to receive structured early-stage investment support under the South East Venture Capital Fund.

The Commission explained that the Fund was established to tackle one of the region’s longstanding economic challenges, limited access to institutional startup financing. It added that the investment framework is expected to attract up to $50 million in blended financing from public institutions, development finance partners, private investors and diaspora contributors over time.

Also speaking, the Executive Director of Finance at the Commission and Chairman of the South East Venture Capital Programme, Stanley Ohajuruka, said the initiative had already demonstrated the depth of entrepreneurial talent within the region.

“What this programme has demonstrated very clearly is the depth of entrepreneurial ambition that exists across the South East. The volume and quality of participation affirm that there is no shortage of high-potential ventures in the region. The challenge has always been creating credible structures through which promising ventures can access early support, build investor confidence, and progress toward scale. This initiative is an important first step in building that bridge between enterprise and capital,” he stated.

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The programme aligns with the Federal Government’s economic agenda focused on enterprise development, innovation and job creation under the Renewed Hope initiative.

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