CBN says Nigeria's financial system remains stable, funds safe – Newstrends
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CBN says Nigeria’s financial system remains stable, funds safe

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CBN Governor, Olayemi Cardoso

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

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Senate demands apology from Libya over Super Eagles’ maltreatment

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Senate demands apology from Libya over Super Eagles’ maltreatment

The Nigerian Senate has called on the Libyan government to issue a formal apology to Nigeria following the ill-treatment of the Super Eagles, the senior male football team, during their visit to Libya.

The issue arose after Libya’s 1-0 loss to Nigeria in Uyo, Akwa Ibom State, on Friday. Both teams were scheduled for a rematch in Benina for their fourth Group D encounter in the 2025 AFCON qualifiers.

On Sunday, the Super Eagles departed for Libya, but the Nigerian Football Federation (NFF) reported that the team’s flight, which was an hour away from Benghazi, was unexpectedly diverted to Al Abraq, a city more than two hours from their intended destination.

Upon landing, the Super Eagles were left stranded, with no transportation or assistance provided by the Libyan Football Federation.

As a result, the Nigerian team was stranded at the airport for over 12 hours, prompting them to threaten to pull out of the AFCON qualifier against Libya. The incident sparked outrage among football fans and officials alike.

During Tuesday’s plenary, Senator Sulaiman Abdulrahman Kawu Sumaila (Kano South), Chairman of the Senate Committee on Sports, raised a motion condemning Libya’s actions.

He criticized the Libyan authorities for failing to adhere to international sports best practices, stressing that such treatment was unacceptable.

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The Senate urged the Libyan government to apologize for the disrespect shown to Nigeria’s national team, emphasizing the need for fair treatment and respect in international sports relations.

The Deputy President of the Senate, Barau I. Jibrin, who presided over the session said, “The essence of sports is to promote unity and competition and enhance brotherhood among the countries on the continent. The way our players were treated is terrible and condemnable.

“Fortunately, you (Kawu) have come through a personal explanation, and this is what we intended it to do because we don’t want a diplomatic row. So, we call on the ambassador and whoever is concerned and the authorities to come out and apologise for what they have done to our national team.”

Earlier in a statement by his Special Adviser on Media and Publicity, Hon Eseme Eyiboh, the Senate President, Godswill Akpabio demanded a thorough investigation into the matter.

Akpabio said, “We demand a thorough investigation from the Disciplinary Committee of the Confederation of African Football (CAF) and appropriate sanctions to be meted out against those involved.

“It is also imperative that the Libyan authorities take immediate action to investigate this incident and ensure that those responsible are held accountable to prevent future occurrences.”

 

Senate demands apology from Libya over Super Eagles’ maltreatment

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Soludo rejects LG autonomy, signs bill to deduct from council allocations

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Anambra State Governor, Prof. Chukwuma Soludo

Soludo rejects LG autonomy, signs bill to deduct from council allocations

Anambra State Governor, Prof. Chukwuma Soludo, on Tuesday passed into law a bill for local government administration in the state.

The governor said granting full autonomy to local government areas in the country was impractical and could lead to “humongous chaos” and hinder sustainable development.

He spoke in Awka on Tuesday after signing the “Anambra Local Government Administration Law 2024”.

The Anambra bill, which was passed by the State House of Assembly last Thursday, provides a framework for local government administration within Anambra.

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“The absolute autonomy to the 774 local government areas in the country is an impossibility,” Soludo said.

“In fact, it is a recipe for humongous chaos. The attendant challenges before the issue of local government autonomy are such that would certainly deepen the fate of the system and spell doom for the expected beneficiaries of the process if not well planned.”

Soludo explained that the new laws are consequential to the Supreme Court judgment and not intended to undermine it.

“The new laws by Anambra House of Assembly are therefore consequential to give operational life to the Supreme Court judgment and not to undermine it,” Soludo stated. “If the State House of Assembly abdicates this constitutional duty, the Local Government will then have no law on the use and management of its finance.”

Newstrends reports that the bill requires local government areas (LGAs) to remit a portion of their federal allocations into a consolidated account controlled by the state.

Section 13(1) of the bill stipulates that the state shall maintain a “State Joint Local Government Account” into which all federal allocations to LGAs must be deposited. Section 14(3) of it mandates that each LGA must remit a state-determined percentage to the consolidated account within two working days of receiving their allocations.

Meanwhile, Section 14(4) outlines that if the state receives the LGA’s allocation on their behalf, it must deduct the specified percentage before disbursing the remaining funds to the LGA.

Soludo rejects LG autonomy, signs bill to deduct from council allocations

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Ahead Ondo poll, PDP demands removal of INEC commissioner

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Ondo State Resident Electoral Commissioner (REC), Oluwatoyin Babalola.

Ahead Ondo poll, PDP demands removal of INEC commissioner

The Peoples Democratic Party (PDP) on Tuesday expressed lack of confidence in the Resident Electoral Commissioner (REC) in Ondo state, Oluwatoyin Babalola.

The governor of Oyo state, Seyi Makinde, therefore called on the national chairman of the Independent National Electoral Commission (INEC), Prof. Yakubu Mahmoud, to remove the commissioner ahead of the governorship election slated for November 16 in the state.

Makinde made the call while addressing a crowd of party supporters in Akure during the official flag-off ceremony of the 2024 Ondo state PDP governorship election campaign.

The Oyo state governor, who is also the PDP south-west leader, said the removal of the REC would prevent what happened during the last gubernatorial election in Edo state and ensure a free, fair and credible election in Ondo.

He warned that the opposition party would not fold its arms and allow a repeat of the drama that characterised the Edo election in Ondo.

Makinde asked Mahmoud to deploy another REC that will be fair and allow a level playing field in order to safeguard the integrity of the electoral process.

He said: “This message is for the INEC national chairman, Prof. Yakubu Mahmoud. You must remove the REC in Ondo state, Mrs Oluwatoyin Babalola.

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“The last governorship election in Edo state was a fraud and we don’t want that in Ondo state. The current REC is from Ondo state. We don’t want her to conduct this election. We will not condone injustice.

“What they did in Edo will not succeed in Ondo. We will protest until she is removed. Bring another REC that will be fair, that will allow a level playing field. We as PDP aren’t afraid of any contest. Remove her or else, we will continue to protest.”

Also, the PDP governorship candidate, Agboola Ajayi, asked for the deployment of Babalola from the state, saying the REC would not be fair if allowed to conduct the poll.

“Ondo REC must be redeployed. She was born here. Her parents live here. She can never be fair in this election. We don’t want her in Ondo state. Babalola must leave,” Ajayi said.

Agboola promised to diligently implement his 7-key agenda for the state which includes infrastructure, agriculture and health development.

The Chairman, Ondo National Campaign Council, Governor Ademola Adeleke of Osun state, described the PDP candidate, Ajayi, as a tested hand.

The PDP National Chairman, Umar Damagun, said: “We don’t want what happened in Edo state in Ondo state.

“We want free, fair and credible elections in Ondo state. Our governorship candidate, Agboola Ajayi, is a well tested candidate that can deliver dividends of democracy for the good people of Ondo state.”

 

Ahead Ondo poll, PDP demands removal of INEC commissioner

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