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Central Bank of Nigeria Leaves Rate at 14%

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Godwin Emefiele CBN - Investors King
  • Central Bank of Nigeria Leaves Rate at 14%

The Central Bank of Nigeria led monetary policy committee left interest rate unchanged at 14 percent on Tuesday.

The committee cited rising inflationary pressure and falling external reserves as some of the reasons for the decision.

While the economy was projected to grow at 1.75 percent rate in 2018, the committee highlighted slowing economic growth as a threat to recovery following a drop in growth rate from 1.95 percent in the first quarter to 1.50 percent in the second quarter.

The economic slowdown in the second quarter was attributed to the slowdown recorded in the oil sector, with linkages to employment and growth in other key sectors of the economy.

Therefore, taking advantage of rising oil prices to rebuild fiscal buffers, strengthen government finances in the medium term and reverse the current slowdown in output growth will stimulate economic activity and enhance productivity.

Also, the implementation of the Economic Recovery and Growth Plan (ERGP) will create jobs and bridge output gap.

Still, the committee expressed concern over the impact of liquidity injections from election-related spending and increase in FAAC distributions which is rising in tandem with increase in oil receipts.

Due to growing uncertainty ahead of the national election, slowing economic growth and rising interest rate in developed economies, the seven-member committee voted to leave interest rate unchanged at 14 percent. Retain the asymmetric corridor of +200/-500 basis points around the MPR; retain the CRR at 22.5 per cent; and retain the Liquidity Ratio at 30 per cent.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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FirstBank Reinforces Support for Georgian Cup Tournament, Sponsors the 102nd Edition in Kaduna

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FirstBank Headquarter - Investors King

First Bank of Nigeria Limited, the title sponsor of one of polo’s most prestigious trophy, the Georgian Cup is grabbing all the headlines and attention as the 102nd edition of the competition gets underway in Kaduna. 

The competition, scheduled to hold 23rd – 30th October 2021 at the Kaduna Polo Club, will feature High Goal teams drawn from across the country who are already on the Guinness Book of World Records as the longest running sponsorship in sports and Kaduna El-Amin as the defending Champion.

Expectedly, this year’s edition of the famous Georgian Cup is generating lots of excitement within Kaduna and beyond as combatants storm Kaduna is quest for honour and fame on the turf. Led by the son of former Military Head of State, Mohammed Babangida, the team overpowered the then defending champions, Abuja Rubicon by 9-7 to emerge winner.

The victory was the 15th for El-Amin in the competition. Sporting Nigeria’s best player, Bello Buba (19 times winner of Georgian Cup), Argentine imports; Raul and Martin Sowedo, as well as hard hitting Mohammed Babangida (15 times winner), the victory was a soothing balm sort of for their defeat in 2018 and 2019 to Abuja Rubicon.

FirstBank has since maintained the sponsorship of the prestigious cup since 1919 and has remained a key support to the Kaduna Polo Club. This year marks the 102nd year of sponsoring the Georgian Cup Tournament and the sponsorship is reportedly the longest standing sports sponsorship association in the world, a reflection of a long-lasting association that aligns with heritage, values, performance and quality, all worthy of celebration. This year’s also coincides with the unveiling the Remodeled Murtala Square.

Speaking on the Bank’s contribution to sports development in Nigeria, the Group Head, Marketing & Corporate Communications of FirstBank, Ms. Folake Ani-Mumuney said “we are always delighted to continue our sponsorship of various sporting events.  In line with our nation-building goal, sports have a huge role to play with regards to nation-building which is evident in different elevating qualities such as discipline, determination, teamwork a passion for fitness in the psyche of a nation as well as economic development. And this is in line with our nation-building goal which also involves deliberate long-term support.

FirstBank sponsored events include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the FirstBank Lagos Amateur Open Golf Championship in Ikoyi Club which will be in its 60th year this November and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 5th year. The Bank’s influence in the development of sport in Nigeria is under its First@Sport initiative”.

The Georgian Cup, donated by FirstBank in 1918 is the oldest and most respected Polo trophy in West Africa. The Kaduna Polo Club was founded in 1918 by the British Army and is one of the most prestigious clubs in Nigeria.

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Disengaged Npower Beneficiaries Threatens Nationwide Protest, Gives Minister Sadiya 15 Days Ultimatum to Fulfil Exit Package

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Npower

The Minister of Humanitarian Affairs, Sadiya Farouk has been issued a 15 days ultimatum by aggrieved disengaged Npower beneficiaries to address issues concerning their allowance and other exit packages as promised by the government.

The disengaged Npower workers represented by Jibril Yahaya in a statement said that Minister Sadiya Farouk claiming to have started paying their allowances was one of her tricks and deceit.

“Sadiya has played us enough, and we are tired of her tricks and deceit. “

Recall that Minister Farouk had earlier announced the payment of disengaged Npower beneficiaries in August 2021 as reported by SaharaReporters. However, it was revealed that only 200 disengaged beneficiaries have claimed to receive their allowances across the country as at September 2021

The statement read in full, “Disengaged Npower beneficiaries to embark on another nationwide protest over Minister Sadiya’s failure to fulfill her numerous promises and continuous negligence of 500,000 exited beneficiaries.

“The disgruntled beneficiaries have given Minister of Humanitarian Affairs who is in charge of NPower Scheme, Sadiya Farouk, a 15-day ultimatum to address their issues, between October 26 and November 9, 2021, or we will occupy her office by November 10.

“Recall that the minister had published in the newspapers that she paid all the affected beneficiaries their five months backlog of stipends which was false and deceit (to deceive Nigerians).

“Recall also that the minister had announced that her ministry would commence training of the exited Npower beneficiaries in October in furtherance to the implementation of the Nexit loan programme.

“Till date, no schedule has been released by the ministry in preparation for the said training as a prerequisite for disbursing the Nexit loan to the beneficiaries.

“Sadiya has played us enough, and we are tired of her tricks and deceit. We are mobilising for another nationwide protest. We will occupy her office comes November 10th, until exit package is implemented.”

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2022 Access Bank Lagos City Marathon Registration To Start Nov 1

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Organisers of the 2022 Access Bank Lagos City Marathon have set the official registration date to the 1st of November, 2021.

The Head of Communication and Media for the Access Bank Lagos City Marathon, Mr. Olukayode Thomas, affirmed that the registration process and date for the 2022 race have been confirmed.

“Any interested participants in the Feb. 12, 2022 race will have the chance to register online or by picking hard copy forms at the Marathon Office inside the Teslim Balogun Stadium.

“The forms for the 2022 race will also be made available in selected Access Bank branches.

“Unlike the last edition which was restricted to only elite runners, the 2022 race will be open to all, including fun runners in the 10-km category,” he said.

Mr. Thomas explained that across the world, road races had since returned to full capacity after the initial reduction in the number of participants and outright cancellations occasioned by the coronavirus pandemic.

“We are back to full capacity just like the other top races across the world.

“With the return of the 10-km fun run, we should be having between 80,000 and 100,000 participants at the seventh edition of our yearly race.

“Already seen as the biggest one-day event on the continent, the Access Bank Lagos City Marathon is set to become the first marathon in Nigeria to organize the 7th edition.

“Access Bank Lagos City Marathon is also the first race to win a World Athletics Bronze Label in Africa after two editions and the first in the world to win the prestigious Silver Label after four editions,” he said.

Thomas stated that the race ranks among the top 10 in the world and in terms of the number of participants, the Lagos race is proudly among the top five in the world.

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