₦airaland Forum

The Chairman, Board of Directors, United Bank for Africa Plc, Tony Elumelu, has been named among the “100 most Influential Africans of 2015.”

The list is published by the pan African magazine, New African, and presents Africa’s definitive power list and profiles the continent’s top game changers in the fields of politics, public office, arts and culture, business, civil society, technology, media and sports.

Also on the list are President Muhammadu Buhari and his predecessor, Dr.Goodluck Jonathan, who both made the list for the significant role they played in Nigeria’s 2015 general elections, which saw the first successful transfer of power from a ruling government to an opposition party.

Other Nigerians recognised include the Minister of Environment and former United Nations Special Advisor on Post Development Planning, Amina Mohammed; African Development Bank’s new President, AkinwumiAdesina; and the United Kingdom’s Member of Parliament and Labour Party leadership hopeful, Chuka Umunna; as well as the World Bank Vice President and Treasurer, ArumahOteh.

According to the Group Publisher, New African, Omar Ben Yedder, the list of ‘100 Most Influential Africans’ celebrates the “men, women and organisations that have shaped our beloved continent, the trail blazers, influencers and the rising stars who are redefining Africa’s future in the various spheres in which they operate.”

Explaining the selection of Elumelu as one of the most influential Africans, he said, “In this increasingly global and interconnected world, we need champions; those game changers who are making a difference, changing perceptions and shaping our definition of what is possible.

“This is why it is our honour to recognise you as one of the New African’s 100 most influential Africans 2015. We are so proud of everything you have accomplished.”

Vision4God:
First twas Ambode,
Now Willie obiano.
Next will be...........

BTW, I hop police will use ds cars effectively.

matinos28:
he took a loan of 520m and used a property of 395m as collatera

KOMBE:
Clean ride.

bobby56:
This your comment shows you know "next to nothing" in Accounting. You just want to see people comments to your trash. You think you are smart than the Court and your Creditors when it comes to the issue of Bankrutcy? You DECEIVED yourself. Everything you owned home and abroad would be seized from you except "necessities" (Cloths, shelter, Beddings,etc). Anyway, the Court is yet to declare Oba Otudeko 'BANKRUPT', and untill that is done you cannot say he is Bankrupt cos he could have other means to pay back the loan. But the delay means all is not well with him as regards the DEBTS.

brossam2001:
Not trying to justify the beating though!!! but I think some women deserve this shit, especially when they are cheaters. Madam pls summon the man to marital tribunal and let's try him for assault, battery, attempted woman slaughter.

It will be appropriate to hear the man side of the story bf passing my judgment at the mean time BAIL GRANTED due to insufficient information and evidence of past psychiatric problem.

Case adjoined to 20th January, 2028.

olumide81:
Hope it includes small businesses, the last time i checked such lendings are meant for politician and state goverments.

The net domestic credit of the banking system to the economy grew by 11.1 per cent to N21.4tn at the end of the first half of this year, according to statistics obtained from the Central Bank of Nigeria.

The figure, which is contained in the financial stability report for the first half of this year, represents a decline when compared with the growth of 32.6 per cent and 14.8 per cent at the end of the preceding and corresponding period of 2014.

The CBN said the development reflected an increase in net claims on the Federal Government and the private sector credit.

The report explained that within the period, net credit to the Federal Government rose by 118.45 per cent to N2.51tn, compared with growth of 169.44 per cent or N1.15tn recorded at the end of the second half of 2014.

It stated, “The development reflected, wholly, the rise in investment in treasury securities by the banking system, particularly Nigerian Treasury Bills, which grew by 10.4 per cent.

“Persistent increase in credit to government deprives the private sector of needed credit to boost economic growth.”

The report added that consumer credit fell by 9.6 per cent to N768.67bn at the end of June below the level at the end of second half of 2014.

It attributed the decline to increased risk aversion for consumer credit.

Analysts have said that last week’s reduction of the Monetary Policy Rate from 13 per cent to 11 per cent would stimulate lending.

The Monetary Policy Committee of the CBN had on Tuesday reduced the MRR from 13 per cent to 11 per cent.

The decision was announced by the CBN Governor, Mr. Godwin Emefiele, while addressing journalists shortly after the MPC meeting in Abuja.

That was the first time in about six years that the committee would be reducing the MPR, which is the anchor rate at which the CBN lends money to Deposit Money Banks.

Adesiji77:
It is not too late...

Cc lalasticlala

The Central Bank of Nigeria on Tuesday said it could have removed the chief executive officers and executive management teams of banks that recently violated the Federal Government’s directive on the Treasury Single Account.

The CBN said it chose rather to impose heavy monetary fines on the affected banks because the removal of their CEOs and directors could lead to a major systemic crisis in the financial services sector and the economy in general.

The Deputy Governor, Corporate Services, CBN, Mr. Bayo Adelabu, made the disclosure during the annual business forum of the Bank Directors’ Association of Nigeria in Lagos.

The CBN had a few weeks ago imposed over N8bn fines on First Bank of Nigeria Limited, United Bank for Africa Plc and Skye Bank Plc for failing to adhere to the TSA directive.

The banks were found to have concealed several billions of naira belonging to the Federal Government, especially funds belonging to the Nigerian National Petroleum Corporation.

It imposed a penalty of N1.877bn on First Bank; UBA was fined N2.942bn; while Skye Bank was fined N4bn.

Adelabu said the CBN chose to impose the heavy monetary fines on the banks because it knew that the lenders’ directors would ask questions from the CEOs as to the gravity of the offences committed.

According to him, the central bank now has zero tolerance for rendition of false returns and will not in any way condone such an act.

The CBN deputy governor told the bank directors present at the meeting that they should seek to know the reason why the central bank imposed the heavy fines on the banks that violated the TSA directive.

While First Bank reportedly concealed N37.548bn belonging to the NNPC, UBA was alleged to have concealed N58.843bn of NNPC funds; Skye Bank was alleged to have concealed N40bn.

Adelabu said, “I know that the huge penalty that the CBN has levied on a couple of banks has been a source of concern and subject of discussion. Bank directors need to take interest in this. Nothing stops you from securing a date or appointment with the CBN governor or the Committee of Governors and ask: why this huge penalty?

“All we were used to were the recommendations by the Bank and Other Financial Institutions Act’s N2m fine and all that. This fines has become a chicken change to the banks; all they will say is: let us break the law and we will pay them N2m later on. We are now in the era of zero tolerance.

“Some of the offences committed actually warrant the CEOs being removed; not only the CEOs, but the CFOs, the treasurers, even the entire executive management; but we know the systemic implication of this on the industry at this crucial time in our economy.

“This is why some of them were even converted to financial penalties and we know that the boards will ask questions: why have you incurred these billions as penalties? What is the gravity of the offences you committed? The boards can then decide in their own business that you are not fit to head this bank.

“We know the implication of the regulator sacking an MD; it has a systemic impact. So, when we imposed the penalties, the directors ought to find out the nature of the offences committed by the banks. There is no amount of penalty that is too much for a bank that renders false returns. Why that? So, this is to ensure that the TSA policy has come to stay just as the BVN has come to stay.”

Adelabu, who represented the CBN governor, Godwin Emefiele, had earlier read the governor’s speech to the bank directors present at the forum.

He also said that series of circulars from the CBN were meant to stabilise the economy and the currency, adding that the Bank Verification Number project was good for the country.

“We are in a very difficult situation in this country. Whether we like it or not, we have become poorer than we used to be. I never believe we were rich anyway. Our external reserves are a bit lower than $30bn. We have to protect it. The BVN and other circulars will help in this regard,” he added.

Earlier, the President, BDAN, Dr. Sonny Kuku, had advised the members to build good relationship with their organisations’ internal and external stakeholders.

Speakers at the event included a former CEO of Guaranty Trust Bank Plc, Mr. Fola Adeola, and a management consultant, Mr. Adedotun Sulaiman.

Kuku said the theme of this year’s BDAN forum was apt in view of the recent challenges being faced by many banks and other financial institutions.

Skye Bank has confirmed that it was fined to the tune of N4 billion by the CBN for failing to render appropriate returns on some public sector funds as required by the CBN.

The bank however, provided more clarification on the issue which it called a mixup, saying that it did not at any time conceal any information from the CBN as adjudged.

Skye Bank clarified by saying;

The sum of N40 billion for which the bank was penalized consists of various NNPC account balances, NNPC Pension Funds Accounts, and National Assembly Legislative Aides account balances.
On October 7, 2015, the bank rendered returns on all remitted and unremitted amounts to the CBN, including the balances in the above accounts.
On October 9, 2015, the bank received a communication from the NNPC forwarding a letter from the Accountant General of the Federation on the treatment of NNPC funds. By the communication, the bank was advised that an 18 business day window had been granted by the Vice President within which a plan for the orderly withdrawal of the NNPC funds would be implemented. In rendering the returns requested by the CBN via its directive of October 14, 2015, the bank relied on the letter from the Office of the Accountant General of the Federation as advised by the NNPC, and backed out the NNPC monies from those that were required for the immediate implementation of the TSA arrangement.
The bank however continued to render daily returns of all MDA moneys in its custody to the CBN, including those whose status under the TSA were not yet clear. W e continue to render all due returns daily.
The foregoing shows that the Bank did not at any time conceal information from the CBN in relation to the amounts in question.

It is also important to note that a significant portion of the moneys for which the penalty was applied are NNPC Pension Funds and National Assembly Legislative Aides account balances. These organs have since been confirmed by the CBN that they are not Federal Government agencies and amounts erroneously transferred to the CBN on them by some banks have been refunded.