Marriage scandal: FCMB under pressure to sack MD, 1,500 sign petition – Newstrends
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Marriage scandal: FCMB under pressure to sack MD, 1,500 sign petition

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  • Bank dismisses allegation as baseless

First City Monument Bank has come under intense pressure to sack its Managing Director, Adam Nuhu, accused of twice impregnating his subordinate in the office, Moyo Thomas, a wife of another FCMB worker, Tunde Thomas.

The discovery by Tunde Thomas that he is not the father of his two children was said to have led to depression and his eventual death. Some are accusing the FCMB MD of being responsible for his death.

Although about 1,500 people have signed a petition sent to the Central Bank of Nigeria (CBN) calling for the sack of Nuru for alleged unethical behavior, the bank’s authorities currently investigating the matter may find him blameless under its rules.

The bank in its latest reaction dismissed the allegation as baseless and cooked up by some people.

The petition, initiated last week Wednesday, alleged that Nuru was responsible for the demise of Tunde Thomas on December 16.

According to the petition, the FCMB MD allegedly had an affair with Moyo Thomas, the deceased’s wife, resulting in two children.

It alleged that Moyo had informed her husband that she was leaving Nigeria for the United States with the kids only to call him upon arrival there that the children were not his.

The petition claimed the news initially caused Thomas to be down with a stroke but later recovered and thereafter met another lady whom he planned to marry.

Thomas was, however, said to have suffered a cardiac arrest after returning from work — about two days before his introduction to his already pregnant girlfriend.

The petition, addressed to the CBN Governor, Godwin Emefiele, and the FCMB’s board, described the case as “an unjustifiable economic oppression by the elite” against the underprivileged.

It called for a holistic investigation into the matter, alleging that the MD had been trying to sweep the issue under the carpet.

The petition read in part, “This is a case of gross misconduct based on ethical grounds and an unjustifiable economic oppression by the elites (Adam Nuru) against the less privileged in the society.

“The MD has been doing everything possible to sweep this case under the carpet. We implore the Central Bank of Nigeria as the apex regulator and the board of FCMB to investigate this for the integrity of the bank and Nigerian banking industry.”

But reacting on Thursday, an employee of the bank, Rafiu Mohammed, who spoke on behalf of the FCMB’s spokesman, Diran Olojo, dismissed the petition as a “mere allegation”.

Mohammed told TheCable that it was unfortunate that people would come up with unsubstantiated claims which the deceased never raised when he was alive.

He also said the fact that Thomas had impregnated another lady and was on the verge of remarrying before his death showed that he had already moved on from what transpired during his marriage to Moyo.

“Assuming there was a DNA report that said there was indeed an affair between them and the children belong to the MD, that’s an evidence. But so far, there’s none. Also, has any evidence established his (Thomas’s) death was caused by our MD? Anyone can suffer cardiac arrest,” he said.

Olojo had earlier said the bank was aware of the allegations against its MD and that bank’s board of directors had already commenced a review into the matter, adding that its findings would be disclosed in due course.

He had said, “We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru, a former employee Ms Moyo Thomas and her deceased ex-husband, Mr Tunde Thomas.”

“While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of this code of conduct ethics.

“We enjoin all our stakeholders to bear with us as we conduct this review and to please respect the various families involved. Our Board of Directors is reviewing all aspects of this report and once they are done with their review, we will revert to you.”

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How to use $23bn forex reserves to stablise exchange rate, by Uwaleke

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How to use $23bn forex reserves to stablise exchange rate, by Uwaleke

A financial expert, Prof. Uche Uwaleke has said the accretion of Foreign Exchange Reserves (NRER) at 23.11 billion dollars to Nigeria’s external reserves puts the Central Bank of Nigeria (CBN) in a stronger position to defend the value of the naira.

“The CBN can leverage rising external reserves to intervene in the forex market whenever it becomes necessary to stabilise the exchange rate,” Uwaleke said while arguing that the current size of the NER will positively impact on the value of the Naira.

Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, is also the President of the Capital Market Academics of Nigeria, however, raised concerns that the increase in the nation’s foreign reserves had been largely on account of temporary FX inflows such as Foreign Portfolio Investments (FPIs) and foreign loans.

He said that they represented unsustainable sources of growing external reserves.

“Impatient capital such as FPIs carry a lot of risks and have the potential of destabilising the economy whenever they leave the country.

“Against this backdrop, the government should pay more attention to diversifying the export base of the economy, especially via agriculture and solid minerals.

“The government should also create the enabling environment that attracts sustainable Foreign Direct Investments (FDIs) ,” he said.

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The CBN recently revealed that the NFER stood at 23.11 billion dollars at the end of 2024, their highest level in three years.

The apex bank said that the development signalled a major improvement in the country’s external financial position.

It said that the NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at 3.99 billion dollars at the end of 2023.

According to the CBN Governor, Yemi Cardoso, the improved position was due to substantial reduction in short-term foreign exchange liabilities, notably swaps and forward obligations.

Cardoso cited measures aimed at boosting forex market confidence and reserves, alongside increased non-oil foreign exchange inflows.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” Cardoso said.

He said that Gross external reserves also climbed to 40.19 billion dollars at the end of 2024, up from 33.22 billion dollars the previous year.

“Reserves declined in the first quarter of 2025 due to seasonal factors and foreign debt interest payments, the CBN anticipates a steady uptick in reserves throughout the second quarter,” Cardoso said.

 

How to use $23bn forex reserves to stablise exchange rate, by Uwaleke
(NAN)

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Fuel prices to fall as global cost of crude drops

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Fuel prices to fall as global cost of crude drops 

Nigerians are expected to pay less for Premium Motor Spirit, also known as petrol, as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.

The price of Brent is used globally to benchmark the prices of other crudes. major feedstocks – and by extension petroleum products prices.

The development was partly fueled by the US President Donald Trump’s announcement of sweeping new tariffs.

This was reportedly fueled by the decision of the Organisation of Oil Producing Countries and its allies to increase oil output by 410,000 barrels per day starting May 2025 far above the 135,000 barrels originally planned.

A report by Vanguard stated that the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.

Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.

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According to petroleumprice.ng, oil marketers would likely adjust their pump prices downwards as they get new supplies this week, if the current market condition persists.

The Vanguard report quoted the President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, expressed optimism that the development would culminate in low costs of fares, goods and services if the fundamentals persist in the market.

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CBN injects $197.71m to boost FX as Trump trade tariff spreads

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CBN injects $197.71m to boost FX as Trump trade tariff spreads

The Central Bank of Nigeria (CBN) has supplied $197.71 million to the foreign exchange market through sales to authorised dealers.

The apex bank’s director of financial markets department, Omolara Duke, disclosed this in a statement on Saturday in Abuja.

She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity and supporting orderly market functioning.

According to Ms Duke, the move reflects the CBN’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.

She said the decision was largely influenced by recent movements in the FX market, driven by the announcement of new U.S. tariffs and declining crude oil prices.

“The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.

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“These are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies.

“These developments stem from the recent announcement by the United States government of new import tariffs on goods from several economies, triggering a period of adjustment across global markets,” she said.

Ms Duke said crude oil prices had dropped by over 12 per cent, falling to approximately $$65.50 per barrel, introducing new challenges for oil-exporting nations like Nigeria.

She said the CBN would continue monitoring global and domestic market conditions.

Ms Duke expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust in line with evolving economic fundamentals.

“All authorised dealers are reminded to strictly adhere to the principles outlined in the Nigerian FX Market Code and uphold the highest standards in their dealings with clients and market counterparties,” she said.

CBN injects $197.71m to boost FX as Trump trade tariff spreads

(NAN)

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