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The 61st FirstBank Lagos Amateur Open Golf Championship Tees Off This Friday

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FirstBank

In furtherance of its commitment to the development of sports in Nigeria, First Bank of Nigeria Limited has announced that the 61st edition of the FirstBank sponsored Lagos Amateur Golf Championship has been scheduled to tee-off at the golf section of Ikoyi Club 1938 on Friday 18th, to Sunday 20th of November 2022.

To be played over 54-holes (3-days), the FirstBank Lagos Amateur Open Golf Championship is a World Amateur Golf Ranking (WAGR) listed competition that attracts the best golfers from the amateur scene, not only in Nigeria but across the world. The emerging winner of the Championship, the Amateur Champion for the year, also earns points that contribute to their WAGR ranking. The 61st FirstBank Lagos Amateur Open Golf Championship is also supported by Seven-Up Bottling Company, One Spirit Company and Palton Morgan Holdings.

On behalf of the tournament organisers, Ibukun Obatoyinbo, Director Concierge Sports said “FirstBank Lagos Amateur Open Golf Championship has been the premier amateur golf event in West Africa. It is notable that some of the top golf professionals within this environment have been participants & past winners of the Championship. As we mark the 61st edition this year Concierge Sports are committed to the continued promotion & support of the development of the sport in Nigeria. We are confident that a new set of stars will emerge courtesy of FirstBank’s unwavering sponsorship of the Championship. We look forward to an exciting 2022 edition.”

Anticipating the thrills of fun and excitement to be witnessed in the 61st FirstBank Lagos Amateur Open Golf Tournament, Oluwaseyi Otulana, Chief Marketing Officer, Palton Morgan Holdings said “Palton Morgan Holdings is proud to be a partner at the 61st edition of the FirstBank Lagos Amateur Open Golf Championship. The game of golf is truly a game of the masters and as the budding masters converge this year at the Ikoyi Club 1938 Golf Course, a long-standing tradition since the Championship’s inception in 1960, we look forward to an exciting tournament as participants journey from far and near to grace this prestigious event.

We understand that great things come from humble beginnings which is why we are glad to be a part of this year’s event. Palton Morgan as masters in our own right wishes all the participants the best of luck.”

Speaking ahead of the 61st edition, Mrs. Folake Ani-Mumuney Group Head, Marketing and Corporate Communications highlights FirstBank’s consistent role in driving development through sports: ‘’As an institution that is woven into the fabric of the society for nearly 129 years, FirstBank has been at the forefront of the growth and development of sports in Nigeria for decades. Our constant commitment to sports is a demonstration of our belief that sport remains a major vehicle for social and economic development. From infrastructure development, employment generation to social skills, sport remains a unifying force for socio-cultural interaction and development regardless of language, culture and religion.’’

Assuring participants of a memorable tournament, Dr. Anthony Oboh, Golf Captain, Ikoyi club 1938 stated that “It’s our pride and honour to welcome participants to the 61st edition of the FirstBank Lagos Amateur Open Golf Championship, the premier amateur golf event in West Africa. 61 years of continued partnership with FirstBank has been phenomennal. It is a partnership we are proud of and we look forward to fostering for many more decades.

To participants from across Nigeria and Africa, we invite you to enjoy our facilities. This 2022 edition promises to be more exciting and better than those before it. Go swing, enjoy your golf, and we can’t wait to congratulate the Amateur Champion for the year.”

Expressing his appreciation to FirstBank for its unbroken sponsorship through the years, Ademola Mumuney, Chairman, Ikoyi Club 1938 noted that “golfing in Nigeria and particularly Ikoyi Club 1938, cannot be sufficiently described without due recognition of FirstBank’s consistent and unbridled partnership, year over year, for more than six decades. Greatness is well exemplified in this fusion of Golf and FirstBank. I hope other organisations would latch on to this for better enhancement of sports in Nigeria”.

Since its debut, FirstBank Lagos Amateur Open Golf Championship has been the most consistent and premier amateur golf event in West Africa and has produced great champions most of who are competing in the elite professional golf cadre. Last year, the Championship threw up Ilorin based Aminu Kadir who won the landmark edition. It is expected that this year’s edition will produce another great winner.

Other FirstBank-sponsored sporting events include the Georgian Cup of Kaduna Polo Tournament, sponsored for 102 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the Obasanjo Pro-Amateur Golf tournament of Abeokuta Club now in its 6th year. The Bank’s influence in the development of sport in Nigeria is under its First@Sport initiative.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Tinubu Aide Urges CBN Governor to Consider Political Impact of Economic Reforms

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Central Bank of Nigeria (CBN)

Tunde Rahman, a senior aide to Nigerian President Bola Tinubu, has said Central Bank of Nigeria (CBN) Governor Olayemi Cardoso must start factoring in the political effects of CBN’s decisions.

In his piece, titled “Navigating the Dilemma: Political Considerations in Economic Reforms,” sheds light on the complexities facing Cardoso as he seeks to stabilize Nigeria’s economy.

Rahman’s commentary shared through the Presidency’s official channels, acknowledged the challenges Cardoso confronts, particularly regarding the country’s currency devaluation and the contentious plan to relocate CBN staff from Abuja.

While Rahman refrained from direct criticism of Cardoso’s policies since his appointment by Tinubu, he underscored the necessity for the CBN governor to strike a delicate balance between economic imperatives and political sensitivities.

The upcoming meeting of the monetary policy committee presents a pivotal juncture for Cardoso, where discussions are expected to revolve around potential interest rate hikes to counter inflation and bolster the national currency.

Rahman’s insights underscore the high stakes involved in these decisions, especially given the public outcry over soaring living costs and inflation rates nearing three-decade highs.

Cardoso’s commitment to orthodox central banking, following a period marked by blurred monetary and fiscal policy lines, reflects his determination to navigate Nigeria’s economic landscape with prudence.

Nonetheless, Rahman’s op-ed serves as a reminder of the intricate interplay between economic reforms and political realities, urging Cardoso to exercise flexibility in policymaking, especially in matters with broader political implications.

As Nigeria grapples with economic challenges, the spotlight remains firmly fixed on Cardoso and the CBN’s response to the nation’s evolving financial landscape.

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Banking Sector

CBN’s New Foreign Currency Gateway Bank Raises Concerns Over Nigerian Banks’ Liquidity: Fitch Ratings

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Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN)’s announcement of a new Foreign Currency Gateway Bank has stirred concerns over the liquidity of Nigerian banks, according to recent commentary from credit rating agency Fitch Ratings.

The proposed bank, designed to centralize correspondent banking activities, has prompted Fitch to issue cautionary remarks regarding its potential impact on the banking sector’s foreign currency (FC) liquidity.

Governor of the CBN, Dr. Olayemi Cardoso, unveiled plans for the Foreign Currency Gateway Bank to streamline and centralize correspondent banking functions, currently dominated by two major banks.

The initiative is part of the CBN’s efforts to address Nigeria’s persistent forex crisis.

Fitch Ratings expressed apprehension, highlighting the potential negative effects on the banking sector’s FC liquidity.

The agency noted that the centralization of correspondent banking activities, coupled with recent measures by the CBN, might exacerbate liquidity challenges for Nigerian banks.

Furthermore, Fitch cautioned that the recent devaluation of the naira, coupled with the CBN’s circular prohibiting banks from holding net long foreign currency positions, could further strain FC liquidity.

The prohibition on net long FC positions may leave banks more vulnerable to naira depreciation, potentially affecting their capital positions.

The CBN’s move to harmonize different segments of the foreign currency market last June led to significant naira devaluation, with the local currency closing at 899/$ at the official market by the end of last year.

As of February 13, the naira experienced a second devaluation, reaching 1,516/$, marking a 40% devaluation.

While the shift away from a managed exchange rate regime aims to attract capital inflows and mitigate forex shortages, it poses short-term risks such as heightened inflation and potential strains on loan quality and capital adequacy within the banking sector, as highlighted by Fitch Ratings.

As discussions continue, stakeholders closely monitor the implications of the proposed Foreign Currency Gateway Bank on Nigeria’s financial landscape.

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Banking Sector

CBN Mandates Automated Transaction Monitoring to Combat Fraud in Nigeria

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Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has introduced new regulations mandating banks to implement automated transaction monitoring systems to combat the growing threat of fraud in the country’s financial sector.

Under the CBN’s latest ‘Consumer Protection Regulations’ draft, banks are required to adopt advanced measures to protect customers’ assets and prevent fraudulent activities.

These measures include multi-variant customer identification, multifactor authentication mechanisms for transactions, automated transaction monitoring, alert functions, and behavioral monitoring.

The move comes amid a significant rise in fraud cases across Nigeria, with the first half of 2023 witnessing 24,232 reported fraud cases totaling N12.33 billion.

The banking industry has seen 110 executives and junior staff members dismissed due to fraud-related offenses amounting to N82 billion over the past two years.

According to the CBN, sensitizing customers on fraud threats or scams and providing secure and simple user interfaces for digital financial services are crucial steps to minimize the risk of fraudulent activities.

The regulations emphasize the importance of continuous efforts to enhance cybersecurity and protect consumers in an increasingly digital financial landscape.

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