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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.
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President Tinubu Speaks On Ajuri Ngelale’s Indefinite Leave Request
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By Kayode Sanni-Arewa
President Bola Ahmed Tinubu’s administration has endorsed Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, indefinite leave request.
Recall Ngelale, in a statement on Saturday, announced an indefinite leave of absence.
He proceeded on the leave to attend to pressing medical matters affecting his immediate family.
In a statement he posted on his general communication WhatsApp platform on Saturday, Ngelale revealed that he submitted a memo to the Chief of Staff on Friday.
He noted that the memo was a means of notifying him of the decision to pause his functions, including his roles as Special Presidential Envoy on Climate Action and Chairman of the Presidential Steering Committee on Project Evergreen.
Ngelale explained that the decision was after consultations with his family due to a worsening medical situation at home.
He expressed hope to return to full-time national service when circumstances permit.
In a statement posted on X by Tinubu’s Special Assistant on New Media, Olusegun Dada and signed by the Presidency, Tinubu approved Ngelale’s request.
Tinubu stated that he fully understands his Chief spokesperson’s reason and sympathizes with the circumstances that have led to this seemingly difficult decision.
The statement read: “The President has received the memo from Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity and Official Spokesperson of the President as well as Special Presidential Envoy on Climate Action, informing of his decision to proceed on an indefinite leave of absence for personal and health reasons.
“The President accepts his reasons for the leave, fully understands them and sympathizes with the circumstances that have led to this seemingly difficult decision.
“While extending his heartfelt prayers and best wishes to Chief Ngelale and his family during this challenging moment, the President hopes for a speedy recovery and full restoration to health.
“The President notes his tireless efforts and dedication in serving the nation, and thanks him for the remarkable contributions he made in his various capacities, especially in advancing national discourse and leading efforts on climate action and other key initiatives.
“The President wishes him well in all his future endeavors.
“During this period, we kindly ask that the wish for privacy of Chief Ngelale and his family be respected.”
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Confusion As FG Denies Ownership Of Yacht Spotted In France With Nigerian Flag
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-235621.png)
…says it belongs to an undisvcosed private individual
By Kayode Sanni-Arewa
The presidency, on Saturday, denied ownership of a yacht spotted hoisting Nigerian flag in St-Tropez, a coastal town in France.
There had been reports of a “presidential yacht belonging to the Nigerian government being used for vacation at St Tropez” on social media.
Senior Assistant to President Bola Tinubu on digital and new media, Otega Ogra, in a post on X, said the yacht belongs to a private individual.
The presidential aide said flags used by the president or armed forces do not contain the coat of arms like the one on the yacht.
Ogra said on Saturday, “There have been false claims circulating that a private individual’s yacht was spotted in St. Tropez is a Nigerian government yacht. Here are some points to consider in order to discern the truth.
“The 42m Bennetti yacht currently being shared online has been privately owned for around 5 years since it was constructed.
It is important to note that this specific yacht has no connection or ownership ties to the Nigerian government, president or armed forces. Any claims or assertions suggesting otherwise are simply not true and inaccurate.
“It is not uncommon for luxury yachts to fly the flag of the owner’s country as well as the flag of the country in which they are registered.
“The official Nigerian flag is Green-White-Green without a coat of arms in the middle. Flags representing the Nigerian President or the Armed Forces do not contain a coat of arms in the center. Placing anything in the center of the flag is a clear deviation
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Constituency Devt: Senator Manu fulfils promise, installs solar energy as alternative source of power for constituents(Photos)
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-234433.png)
By Kayode Sanni-Arewa
In a bid to enhance better life for his constituents, Senator Manu Haruna has facilatated installation of solar energy in Takalafiya community in Bali Local Government Area of Taraba State.
Senator Manu who represents Taraba Central Senatorial District in the National Assembly fulfilled his promise of ensuring the energy needs of his constituents are adequately taken care of.
This initiative reflects his unwavering commitment to addressing the energy needs of his constituents by providing a reliable and sustainable power source.
The solar energy project is expected to improve the quality of life in the community, enabling access to electricity for homes, schools, and local businesses, while also promoting environmental sustainability.
This project is part of Senator Haruna’s broader efforts to enhance infrastructure and development in Taraba Central.
Manu is also working tirelessly to make sure areas not connected to the national grid are connected within the shortest period possible.
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