The presidency has refuted reports alleging that President Bola Tinubu had asked Yemi Cardoso to resign from his position as the Governor of the Central Bank of Nigeria (CBN).

The report claimed that the president ordered Cardoso to resign following his inability to stop the poor performance of the economy, most especially, the free fall of the Naira.

Also, the report alleged that Tinubu gave the order to Cardoso before departing Nigeria for China.

However, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, has countered the report suggesting that Tinubu ordered Cardoso’s resignation.

The presidential spokesman spoke via his X handle, describing the report as a “bundle of lies.”

“It’s all lies. President Tinubu has not asked Yemi Cardoso to resign,” Onanuga said while dismissing the report.

Cardoso was nominated as CBN Governor by President Tinubu on September 15, 2023, and assumed office as CBN Governor on September 22, 2023.

He and his deputies were cleared by the National Assembly days before he took over from acting CBN Governor, Folashodun Shonubi.

Cardoso has been under heavy pressure to address the ongoing economic challenges and stabilise the Naira.

It is the dawn of a new era for Keystone Bank, a top player in the Nigerian banking sector.

As part of a broader strategy to ensure sustained growth for Keystone Bank, the Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for the financial institution.

The new board consists of a new board chairman, five non-executive directors, and two new directors, all carefully selected to take the bank to new heights.

The apex bank confirmed the latest development via a statement on Wednesday.

Steering the ship of leadership is Lady Ada Chukwudozie, as the new board chairman.

Lady Ada Chukwudozie, brings with her a truckload of experience.

A prominent figure in Nigeria’s corporate sector, Ada has nearly three decades of experience in business strategy, management, and administration.

Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.

Indeed, to whom much is given, much is expected.

With her extensive background and experience, Ada will now shoulder the responsibility of guiding the bank toward achieving its long-term goals.

The good news is that she is not alone. Joining her on the board are five non-executive directors, each bringing their unique skills to the table.

The five non-executive directors are Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.

Together, they will play a critical role in shaping the future of the bank.

Furthermore, two new executive directors, Ladi Oluwole and Abubakar Usman Bello were also confirmed by the CBN.

Meanwhile, Keystone Bank’s Managing Director and CEO, Hassan Imam, bragged about his confidence in the new team.

To him, he was certain they would drive the bank’s growth and ensure reliable service for customers.

Imam noted that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.

His words: “We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank.

We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam concluded.

Recall that in January, the CBN dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank.

The African Development Bank Group has approved $400,000 in grant funding for the Liberia Pension Sector Intervention Project, to support  the expansion of pension coverage  in Liberia.

The grant is being sourced from the Capital Markets Development Trust Fund (CMDTF), a multi-donor trust fund, managed by the African Development Bank that supports development of  efficient and diversified capital markets in African countries. The CMDTF is funded by donors including the Ministry for Foreign Trade and Development Cooperation of the Netherlands and the Ministry of Finance of Luxembourg.

Liberia`s National Social Security and Welfare Corporation (NASSCORP), the only existing pension service provider in country, currently provides coverage to mainly formal sector public service employees. There is thus a gap in coverage for the private sector, and particularly informal businesses.

Under the Liberia Pension Sector Intervention Project, the funding will support targeted reforms of Liberia’s pension sector including an assessment of the current pension system towards development of a national strategy, and capacity building for the pension sector ecosystem, including public and potential private pension sector operators.

The project is expected to enhance the enabling enviroment and support the emergence of domestic institutional investor base,  thereby broadening the pension coverage and enabling the pension system to mobilise additional savings for investment, including through domestic financial markets. It will be implemented by the Central Bank of Liberia, which oversees the country’s financial sector.

Hon. Henry F. Saamoi, Acting Executive Governor of the Central Bank of Liberia said, “The CBL appreciates the continued support of the African Development Bank toward the development of Liberia’s pension sector and looks forward to working with the Bank to implement this important reform. The Liberia Pension Sector Intervention Project should enhance Liberia’s readiness for the development of its capital market by institutionalising the investor base, and improving the pension sector’s legal and regulatory environment,” Mr. Saamoi added.

Ahmed Attout, African Development Bank Director for Financial Sector Development said, “We are excited to partner with the Central Bank of Liberia on this operation that is expected to facilitate a reformed pension system capable of mobilising domestic savings, that can be chanelled through financial markets, thereby contributing to deepen the domestic capital markets in Liberia. This aligns with the Bank’s goal of facilitating the emergence of well-functioning capital markets that can efficiently mobilise and allocate savings to fund the credit needs of economic agents and the continent’s development while reducing intermediation costs.”