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June 20, 2024 First Bank Appoints Alebiosu as MD, Ebong as DMD

First Bank Appoints Alebiosu as MD, Ebong as DMD

First Bank of Nigeria Limited has confirmed the appointment of Olusegun Alebiosu as the substantive Managing Director (MD) and Chief Executive Officer (CEO) of the bank. The bank's Secretary, Adewale Arogundade, announced this update to the Nigerian Exchange Group on Wednesday. Alebiosu's appointment is pending approval from the Central Bank of Nigeria (CBN).

Alebiosu has been serving as acting Managing Director since April 2024, following the resignation of the former MD, Adesola Adeduntan. Additionally, First Bank appointed Ini Ebong as the Deputy Managing Director (DMD) and Alao Olatunde-Olaifa as a Non-Executive Director, with both appointments also awaiting CBN approval.

Before his new role, Alebiosu held positions such as Executive Director, Chief Risk Officer, Executive Compliance Officer, and Group Executive/Chief Risk Officer. He has over 28 years of experience in the banking and financial services industry, with expertise in credit risk management, financial planning and control, credit and marketing, trade, corporate and commercial banking, agricultural financing, oil and gas, transportation (including aviation and shipping), and project financing.

Ebong, previously the bank’s Executive Director of Treasury and International Banking, brings over 20 years of banking experience to the Executive Management of First Bank. Olatunde-Olaifa, currently the Group Financial Officer of Leadway Holdings, has extensive experience in corporate finance, including capital raising, debt restructuring, acquisition planning, project financing, and asset management.

June 11, 2024 Dangote Refinery Shifts Petrol Supply To Mid-July

Dangote Refinery Shifts Petrol Supply To Mid-July

The Dangote Petroleum Refinery and Petrochemicals in Lagos State have postponed the supply date for Premium Motor Spirit (PMS), commonly known as petrol, from June to mid-July. Aliko Dangote, the president and CEO of the refinery, attributed the delay to minor setbacks but assured that the premium commodity would be available in the market by the second to third week of July.

Dangote made this announcement during a visit from a Senate delegation led by Senate President Godswill Akpabio, who toured the $20 billion facility in Lagos on Sunday. Dangote stated, "We had a bit of a delay, but PMS will start coming out by the 10th or 15th of July. However, we want to keep it in the tank to allow it to settle. By the third week of July, we will be able to sell it in the market."

Senate President Akpabio praised the refinery, calling it the "9th wonder of the world," and commended Dangote for his efforts on the project. The refinery, which commenced operations last December with a capacity of 350,000 barrels per day, has already begun supplying diesel and aviation fuel to marketers in the country.

Oil marketers are optimistic that the price of petrol from the Dangote refinery will be significantly lower than the current retail prices of imported refined products, which range from N568 to N700 depending on the region.

 

May 22, 2024 CBN Announces OPay, Moniepoint, and Others to Resume Onboarding New Customers Within Months

CBN Announces OPay, Moniepoint, and Others to Resume Onboarding New Customers Within Months

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers "in another couple of months." CBN Governor Olayemi Cardoso made this statement on Tuesday during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the interest rate was increased from 24.75 percent to 26.25 percent.

Cardoso mentioned that the CBN has been working with these companies to enhance their operations. To prevent money laundering and illicit financial flows, the CBN has introduced "remedial measures" to tighten the onboarding process and manage existing customer bases more effectively.

He expressed confidence that within a few months, these issues would be resolved, allowing the sector to resume normal operations with a stronger regulatory framework.

READ ALSO: CBN Raises Interest Rate To 26.25%

In April, the CBN halted fintech companies from onboarding new customers, a move perceived as a crackdown by the Cardoso-led CBN. However, Cardoso clarified that this was not a targeted action against fintechs, emphasizing that the CBN is proud of their achievements and continues to support and strengthen them.

Cardoso highlighted the importance of regulation in this rapidly growing sector, particularly in addressing illicit financial flows and money laundering. He noted that recent investigations into these issues, especially concerning cryptocurrencies, revealed the need for heightened surveillance.

The CBN has collaborated with security agencies to identify areas for tighter regulation and oversight. Cardoso stressed that these measures are intended to improve regulation, not to drive fintechs out of business, and assured that no fintech licenses have been revoked.

May 21, 2024 CBN Raises Interest Rate To 26.25%

CBN Raises Interest Rate To 26.25%

The Central Bank of Nigeria (CBN) has increased the interest rate by 150 basis points, raising it from 24.75 percent to 26.25 percent. This decision was made following a two-day meeting of the bank’s Monetary Policy Committee (MPC), which concluded that a rate hike was necessary to control the country's soaring inflation, which stood at 33.69% in April 2024.

CBN Governor Yemi Cardoso, who also serves as the MPC chairman, announced the decision on Tuesday after the MPC's 295th meeting on May 20th and 21st. The meeting reviewed recent economic and financial developments and assessed risks to the economic outlook.

“The MPC has decided to raise the Monetary Policy Rate (MPR) by 150 basis points to 26.25 percent from 24.75 percent,” Cardoso stated.

Despite the rate increase, the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) was maintained at 45 percent. The MPC also kept the asymmetric corridor around the MPR at +100 and -300 basis points and retained the liquidity ratio at 30 percent.

Cardoso acknowledged the rising inflation levels in the country, emphasizing that the primary focus of the MPC meeting was to achieve price stability using available tools to control inflation. He pointed out that inflation pressures are mainly driven by food inflation, which is influenced by rising transportation costs, infrastructure and security challenges, and exchange rate issues.

Monday's announcement comes amid skyrocketing commodity prices and a rising cost of living. These challenges have been exacerbated by the removal of the fuel subsidy last year and the floating of the naira, leading to historic inflation levels in Nigeria.

Despite protests and pressure from labor unions, President Bola Tinubu has repeatedly urged patience, expressing confidence that his government’s reforms will eventually be beneficial.

To combat the declining value of the naira, the CBN has also recently focused on regulating the operations of cryptocurrency exchange Binance.

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