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CBN to retire 1,000 workers, focuses on contactless payment systems
CBN to retire 1,000 workers, focuses on contactless payment systems
To safeguard Nigeria’s financial system, nurse the economy back to good health and restore investor confidence, the Central Bank of Nigeria (CBN) has issued a stern warning to banks and other culprits of anti-money laundering (AML) and counter-terrorism financing (CTF) regulations violations to live above board or face unpalatable consequences.
To whip them into line and insulate the economy from further vandalism, the apex bank has mandated a comprehensive overhaul of governance and compliance frameworks across all financial institutions, which would be subjected to regulatory scrutiny by 2025.
Speaking at the 59th Annual Bankers’ Dinner in Lagos at the weekend where he unveiled the CBN’s 2025 policy agenda, the Governor, Dr Yemi Cardoso, highlighted the need for structural reforms to prevent further economic setbacks.
While emphasising the need for stricter adherence to regulatory standards, he noted that as part of the CBN’s enforcement drive, 29 Deposit Money Banks (DMBs) were fined a total of N15 billion for failing to comply with AML/CTF requirements. These penalties, be stated, reflect the apex bank’s unflinching determination to fostering transparency and accountability within the financial sector while deterring illicit financial activities.
Cardoso, while addressing the governance lapses, also shed light on the wider economic consequences of systemic inefficiencies.
He revealed that Nigeria incurred a huge loss of N6.2 trillion in 2022 due to distortions in the foreign exchange (FX) market and restrictive policies that stifled economic activities.
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He added that the FX challenges, compounded by inadequate policy implementation, created an environment of uncertainty that undermined investor confidence and stymied growth across critical sectors.
Cardoso emphasised that addressing these issues requires a multifaceted approach, starting with robust reforms in the financial sector and proactive measures to stabilise the FX market.
He outlined the CBN’s policy agenda for 2025, which aims to recalibrate the regulatory landscape, restore market confidence and promote sustainable economic development.
He said: “Historically, the industry has struggled with recurring issues, but we are confident that this approach will help change that narrative. A bank that prioritises compliance does more than protect itself, it strengthens the entire financial ecosystem. It directs financial resources toward growth, innovation, and prosperity rather than crime and corruption. Together, we must exceed standards, demonstrating to the public and the world that we are stewards of integrity and trust”.
He revealed that to further enhance the functionality of the foreign exchange market, the apex bank is introducing an electronic FX matching system, which has proven effective in other markets.
Cardoso said, “The current dollar exchange rate reflects the price that the most desperate buyers are willing to pay, and this does not represent the true market value of the naira.
“The introduction of the electronic matching system will correct these distortions by enhancing the price discovery process. Additionally, it will significantly boost the Central Bank’s oversight and intervention capabilities, ensuring a more stable and transparent foreign exchange market”.
The CBN governor noted that the CBN was aware of payment delays and has encouraged customers to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.
Among the policy thrusts the governor listed include; the ambitious target to achieve 80% financial inclusion by 2026, implementation of its open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox and exiting the FATF grey list by the second quarter (Q2) of 2025, which he assured that the CBN remains committed towards achieving despite higher interest rates and rising inflation.
Economic analysts have praised the CBN’s actions as a critical step toward rebuilding Nigeria’s financial integrity.
CBN to retire 1,000 workers, focuses on contactless payment systems
metro
Yuletide: Travellers want fare discount for road trips
Yuletide: Travellers want fare discount for road trips
- Bemoan high fares
Passengers travelling to their country homes for the Christmas and new year day celebrations have urged the Federal Government to extend the free rail services announced early in the week to road transport routes across the country.
Some of the travellers who complained about the high fares called on the Federal Government to restore the 50 percent fare reduction on inter-state luxury bus routes granted to road passengers at this time last year.
The passengers who spoke at various terminals and loading stations of long distance road transport companies in Lagos, were reacting to the upsurge in fares to about N40,000 on luxury buses and N65,000 on mini buses going to the South-East.
Reports from some of the boarding stations revealed that upon hearing the announcement of free train ride, some passengers thronged the loading stations at various points in Lagos to benefit from the gesture, but were disappointed when they were informed that the offer did not cover road transport.
At Terminal 1 in Oshodi, Alafia, Jibowu, Mazamaza, and private stations in the Cele/Ejigbo axis, on Saturday, passengers bemoaned the high cost of travelling on both the big and small buses, disclosing that many people were not travelling because they couldn’t afford “the exorbitant fares the transport firms are collecting.”
Interestingly, a trip on board Toyota Sienna which used to attract slightly higher fare than on a typical mini bus, is the same at N40,500.
One of the passengers told our reporter one if the stations in Cele, “You press people should please tell (President Bola) Tinubu that poor masses cannot afford to go home this Christmas because there is no money in the country.
“(President) Tinubu should please repeat the 50 percent discount on long distance fares which some of us enjoyed last year to travel home.”
At the nearby Young Young Shall Grow station, a passenger who planned to travel to the east recalled how he took advantage of the 50 percent fare discount to travel from Abuja to Onitsha and back in 2023, and wondered why the Federal Government has not considered the re-introduction of the palliative this festive season.
According to the man who gave his name as Chinedu Uzoechina, his intention to travel to Anambra state and back with his wife and five children, has been stalled by the high transport fares being charged at the various terminals.
Uzoechina, who came to book for seats in advance, lamented, “I was hoping that the 50 percent fare discount that followed the increase in fuel pump price would be available this year, but that has not been the case this year. Forty thousand into seven is N280,000 for one-way luxury tickets.
“If you add the cost of coming back, it means I will spend nothing less than N560,000 on transportation alone for seven of us. Where will I get that kind of money? I have called my wife to inform her of the situation here (at the terminals in Cele).
“She is not happy that we are not travelling anymore, but what can I do?”
According to him, the only thing that can make his family travel again is if the Federal Government extends the free train ride offer to long distance road transport routes, like Lagos-east, or reduces the fares in collaboration with the operators.
Like Uzoechina, many other intending travellers were still hopeful that the government wiuld still intervene with a fare discount, even as they disclosed that they would either cancel the trips outrightly or reduce the number of tickets to be bought, if their hopes are dashed.It was learnt that the fares were slightly lower by about N2,000 at Terminal 1 where both big and mini buses have been loading for day and night trips at Oshodi.
Reacting to the passengers’ complaints about high fares at the terminal owned by the Lagos State Government, Damian Ezuma, the manager of Izu Chukwu Transport, blamed the situation on the rising cost of maintaining the buses as well as on the pump price of diesel, which he said, is as high as N2,000 a litre in some parts of the country.
“It is not our fault. The cost of maintenance is so high that it is only by the grace of God that some of transport companies still manage to keep their buses on the road these days. Do you know that one big bus tyre costs between N250,000 and N500,000, depending on the quality and brand?” Ezuma argued.
He confirmed that many intending travellers who heard about the free train services offer by the Federal Government have been coming to the terminal make enquiries on whether long distance-plying buses are part of the gesture and whether last season’s fare discount applies this year.
Many of them leave the terminal disappointed and deciding not to travel anymore, but opting instead to wait for a possible fare palliative from the government.
Also commenting on the reason for the high fares, a manager at Chisco Transport’s head office in Lagos explained that the unfavourable naira-dollar exchange rate has impacted on the prices of replacement parts and maintenance costs generally.
But a major factor is the fact that during the peak festive season, buses are usually full when leaving major cities like Lagos and Abuja, but are almost empty in their return journeys.
So some operators slightly adjust their fares upward to cover the losses incurred during return trips.
In 2023, the special fare discount by government through the luxury bus owners took effect on December 21, and lasted till the second week of January, 2024.
metro
Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
The Nigerian Navy Ship (NNS) BEECROFT has successfully apprehended 19 individuals attempting to stow away on Europe-bound vessels.
In a statement issued on Saturday in Lagos, the ship’s Information Officer, Lt. Hussaini Ibrahim, disclosed that 15 stowaways were intercepted on Dec. 19 aboard the European-bound Moto Tanker (MT) KRITI RUBY. Another four were caught on Dec. 21 aboard MT MCC YANBU.
“Preliminary investigation revealed that the stowaways boarded the vessels at night and concealed themselves in the rudder compartment while attempting to illegally migrate to Europe,” Ibrahim stated.
The Navy’s Quick Response Team (QRT), operating from ATLAS COVE and using the Falcon Eye Alignment under the Nigerian Navy Maritime Domain Awareness Facility, facilitated the interception of the 15 individuals near the Lagos fairway buoy.
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Ibrahim further explained that credible intelligence led to the interception of the additional four stowaways by Navy personnel deployed on escort duties aboard the vessel.
“The prompt response of the QRT saved the stowaways from exposure to life-threatening situations during the long voyage,” he added.
The first group of 15 individuals has been handed over to the Nigeria Immigration Service, Lagos State Port/Marine Command, Apapa, for further investigation and necessary action. The remaining four suspects will also be transferred in due course.
“The presence of stowaways poses serious security threats to maritime operations, including risks of smuggling, piracy, drug and human trafficking, among other maritime crimes,” Ibrahim noted.
He emphasized that under the leadership of Chief of Naval Staff Vice Adm. Emmanuel Ogalla, NNS BEECROFT will continue maintaining security along Lagos waterways and surrounding creeks to support safe maritime activities and economic growth.
Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
metro
Troops arrest four Ambazonian rebels in Taraba
Troops arrest four Ambazonian rebels in Taraba
Troops of the 6 Brigade Nigerian Army/Sector 3 of the Operation Whirl Stroke (OPWS), have arrested four suspected members of Ambazonian rebels in Taraba.
The News Agency of Nigeria (NAN) reports that Ambazonia is a rebel group operating in neighbouring Cameroon Republic.
A statement on Saturday in Jalingo by Capt. Olubodunde Oni, Acting Assistant Director Army Public Relations, said the suspects were arrested at a hotel in Takum town.
The statement said that acting on credible intelligence, the suspects were tracked and apprehended.
According to the statement, during initial interrogation, the suspects confessed to being part of the rebel group involved in arms proliferation in exchange for cocoa with their Nigerian collaborators.
It said that four mobile handsets were recovered from the suspects now in detention undergoing further investigation.
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The statement also said that in another operation following actionable intelligence, troops deployed at Natilde community in Bantaji District of Wukari Local Government Area intercepted a truck with registration number WKR 66 BB, transporting 19 pieces of stolen pipelines belonging to the Nigerian National Petroleum Corporation Limited (NNPCL).
It said that further collaborative efforts with the Nigeria Security and Civil Defence Corps (NSCDC) in Wukari Division led to the recovery of an additional 11 pipes, bringing the total to 30.
“The recovered items have been handed over to the NSCDC Wukari Division for further investigation and necessary action.
“The 6 Brigade Nigerian Army will remain resolute in its commitment to safeguarding lives and property while ensuring the security of critical national infrastructure.
“We urge members of the public to continue providing timely and credible information to security agencies to enhance our collective efforts in maintaining peace and security,” the statement added.
Troops arrest four Ambazonian rebels in Taraba
(NAN)
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