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New Naira: We Will Consider Our Options But Not Change Date, CBN Affirms

The monitoring exercise will end by Saturday when we hope to have enough feedback even if it means tinkering with our policies so that the new naira notes can be everywhere

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Godwin Emefiele - Investors King

In a bid to ensure that the new naira notes are well circulated by the set deadline, the Central Bank of Nigeria (CBN) has said it would take appropriate measures where necessary to increase money supply in the economy.

This new development was disclosed by the CBN Director and Managing Director, NIRSAL Microfinance Bank, Mr. Abubakar Abdullahi Kure, while conducting on-the-spot checks on some banks to ascertain their level of compliance with the recent apex bank’s directive to dispense the newly redesigned banknotes via ATMs.

Mr. Kure explained that the decision will be made based on the reports given by the different monitoring teams who are inspecting banks’ compliance with ensuring they dispense new notes through their ATMs.

“The monitoring exercise will end by Saturday when we hope to have enough feedback even if it means tinkering with our policies so that the new naira notes can be everywhere, we will do that.”

“Tinkering means whether there will be a need to increase supply or the monitoring evaluation may show that there is a diversion for penalties or whether the banks are hoarding the banknotes deliberately or whether the banks are not even picking it; it could be available and the bank may not be picking it – there could be many issues. So, this monitoring exercise will reveal many things,” he concluded.

Kure’s monitoring team visited two different banks and found out that only one out of their four ATMs was dispensing the new naira notes while others were still dispensing the old currency notes. In their separate responses, the bank managers told the monitoring team that they had not received the new naira stock.

Investors King also confirms that banks in Bauchi metropolis were also monitored by CBN officials to ensure that the ATMs dispensed the new redesigned notes to customers.

Leader of the Bauchi team, Abdulkadir Jibrin, Director, CBN Medical Services, confirmed that ATMs in the state were dispensing the new Naira notes to its customers.

“We monitored all the banks and ATMs in the state and ensured that they dispensed the new notes, this is in line with CBN efforts to ensure that the new notes go round and reach the citizens.”

The Central bank of Nigeria has repeatedly said it will not extend the deadline date for changing of old naira notes to new naira notes from January 31, 2023.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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Banking Sector

FBN Holdings Announces Key Director Appointments

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Femi Otedola

FBN Holdings PLC, a leading financial services group in Nigeria, has disclosed significant appointments within its Board of Directors.

FBN Holdings Plc Appointments:

  1. Mr. Olusola Adeeyo – Non-Executive Director: With an illustrious career spanning over four decades in Corporate Banking, Treasury, Financial Advisory, and transformational leadership, Mr. Olusola Adeeyo brings a wealth of experience to his new role. He is currently the Chairman of Astral Waters Limited, a prominent water bottling and delivery company licensed by NAFDAC. Mr. Adeeyo’s extensive background includes founding management team involvement in building and nurturing Investment Banking & Trust Company Limited (IBTC), now Stanbic IBTC Bank Plc.
  2. Mr. Viswanathan Shankar – Independent Non-Executive Director: With over 44 years of global financial sector experience, Mr. Viswanathan Shankar brings a wealth of expertise to FBN Holdings. He is the Co-founder and CEO of Gateway Partners, a private equity and alternative investments manager focused on dynamic growth markets. Previously, Mr. Shankar served as CEO – Europe, Middle East, Africa, and Americas, and was a member of the global board of Standard Chartered Plc.

First Bank of Nigeria Limited (FirstBank) Appointments:

  1. Mrs. Remilekun Adetola Odunlami – Non-Executive Director: Mrs. Odunlami boasts over 30 years of extensive experience in enterprise risk management, compliance, and general management. She has held leadership positions at CitiBank Nigeria Limited and served as Executive Director, Chief Risk Officer at FirstBank.
  2. Mr. Anil Dua and Mrs. Fatima Ibrahim Ali – Independent Non-Executive Directors: Mr. Dua brings over 50 years of vast experience in portfolio and risk management, while Mrs. Ali has over 15 years of experience in strategic business planning, marketing communications, and socio-economic development.

These appointments underscore FBN Holdings’ commitment to strengthening its governance structure and positioning for sustained growth in Nigeria’s financial.

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