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CBN says Nigeria’s financial system remains stable, funds safe
CBN says Nigeria’s financial system remains stable, funds safe
The Central Bank of Nigeria, CBN yesterday assured the public of its commitment to the stability of the financial system and safety of depositors’ funds.
Meanwhile, the Chartered Institute of Banking of Nigeria, CIBN and Body of Banks Chief Executive Officers, have expressed concern over the persistent social media criticisms targeted at Nigerian banks, stressing that such attacks not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate targeted banks.
Expressing the position of the CBN in a statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds, Director, Corporate Communication Department, Hakama Sidi Ali said: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system. The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure. “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.
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Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient. In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector. Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.
This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”
CBN says Nigeria’s financial system remains stable, funds safe
News
Supreme Court dismisses 16 govs suit challenging EFCC legality
Supreme Court dismisses 16 govs suit challenging EFCC legality
The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.
The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).
In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.
The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.
It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state’s houses of assembly.
News
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
His suspicion was on the order of the Minister of the Federal Capital Territory, Nyesom Wike.
Senior Special Assistant on Public Communications and New Media to the Minister, Lere Olayinka, disclosed this in a statement on Thursday evening.
No reason was given for the suspension.
Ahmad was directed to hand over to the Director, Engineering Services in the FCDA.
The statement read: “The Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
“According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory FCT, Nyesom Wike, the suspension of Engr Hadi Ahmad is with immediate effect.
“The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA.”
News
Just in: Rivers, Anambra high court judges suspended for one year
Just in: Rivers, Anambra high court judges suspended for one year
The National Judicial Council (NJC) has suspended two state high court for over acts of professional misconduct.
The NJC named the affected judges as Justice G. C Aguma of the High Court of Rivers State and Justice A.O Nwabunike of the Anambra State High Court.
They were both suspended for the period of one year without pay and thereafter placed on watch list for two years.
The decision was taken at the 107th Meeting of the NJC chaired by the Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun on 13 and 14 November 2024.
A total of five serving judicial officers were sanctioned for various acts of misconduct.
The Council also recommended two Heads of Court for compulsory retirement over falsification of age.
The duo of the Chief Judge of Imo State, Hon. Justice T. E. Chukwuemeka Chikeka and the Grand Kadi of Yobe State, Hon. Kadi Babagana Mahdi, were recommended for compulsory retirement for falsification of their ages.
The Council considered the Report of its Preliminary Complaints Assessment Committee, which considered a total number of 30 petitions, empanelled six committees for further investigation.
Twenty-two cases were dismissed for lacking in merit, two were sub judice.
The Council also empanelled a committee to investigate all complaints and petitions against Hon. Justice O. A. Ojo, Chief Judge, Osun State.
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