Business
Awosika breaks silence after sack as First Bank chair
…says reinstated MD was sacked in FBN’s interest
Sacked former chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika, has insisted the decision to sack reinstated Managing Director of the bank, Adesola Adeduntan, was taken in the best interest of the institution.
She said maintained consistency in her contributions to development of the bank in over five years as chairman.
Awosika explained she joined the bank’s board in October 2010 after which she was appointed to chair the board of FBN Life Insurance Limited.
The Central Bank of Nigeria (CBN) wielded the big stick on Awosika and Chairman of FBN Holdings, Mr. Oba Otudeko on Thursday.
The CBN named Mr. Remi Babalola as replacement for Otudeko (FBN Holdings Chairman) and Tunde Hassan-Odukale as Mrs. Awosika’s replacement FBN (Chairman).
Awosika, in a statement shared on Instagram, titled “My FBN Group Journey”, stated the decision to end the tenure of Adesola Adeduntan as the bank’s Managing Director was taken in the bank’s best interests.
But the Central Bank of Nigeria (CBN) rejected the move by the bank’s board of directors
CBN argued the tenure of Adeduntan was yet to expire.
She said: “In October 2010, I was appointed to join the board of First bank of Nigeria.
“A few months later, I was appointed to chair the board of its startup FBN Life Insurance Limited (a joint venture with Sanlam of South Africa). As its pioneer chairman, I had the privilege of working with a strong management team led by Val Ojumah.
“Together with the rest of our team we built a company that became profitable in twenty four months and continues to be so.
“In early 2013, I was moved from FBN Life Insurance Ltd to assume the chairmanship of FBN Capital working with a brilliant team led by Kayode Akinkugbe as the Managing Director.
“We worked hard to build the institution, bought Kakawa Discount House which I was again asked by the Group to Chair.
“We eventually merged the companies to create the FBN quest Merchant Bank Group, which I chaired until my appointment as chairman of First Bank of Nigeria on January 1st 2016.
“For over five years, I have worked with a dedicated team of board and management, with the support of the Central Bank of Nigeria to rebuild and restructure the institution for its future.
“This included cleaning up non-performing loans, establishing good operational governance systems and processes, building controls and an effective and robust risk management system.
“I am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large.
“As a board, we acted in what we clearly believed to be in the best interest of the bank and we had great plans and aspirations for where the bank could go to in its future, building on all the work that has already been done in the last five plus years.
“Without a shadow of doubt, I will unequivocally state that I have always acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the nation.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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