Sell 1 dollar at N360 – CBN orders commercial banks

The Central Bank of Nigeria, CBN, on Monday directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at N360 to the dollar.

In a statement by the apex bank spokesperson, Isaac Okoroafor, all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get it at an exchange rate not more than N360 to 1 dollar.

The terse statement reads, “The CBN to sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” the apex bank said on Monday.

“CBN directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented.

“CBN prohibits banks from selling forex funds meant for invisibles to BDCs”

The apex bank said it would sell to commercial banks at N357 per dollar and banks are to post the new rates in their banking halls of their branches immediately.

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Bank sacks 40 in Akwa Ibom

The Akwa Savings and Loans Limited, owned by the Akwa Ibom government, said it had disengaged about 40 employees. The bank’s Managing Director and Chief Executive Officer, Mr Ebong Bassey, disclosed this at an interactive session with newsmen in Uyo on Monday.

He said, “We have disengaged 40 of our staff and very soon more than 50 others will also be disengaged.

“This is a move to aggressively restructure the bank and reposition it for global competitiveness.”

Bassey said that the move would also strengthen the capital base of the bank. He also said that some branches of the bank would be shut to enhance productivity and quality control.

According to him, some of the employees of the bank, who have been indicted by a special panel on various cases of fraudulent practices, are being interrogated by the police and the Economic and Financial Crimes Commission.

He said that the previous management of the bank had deviated from the core mandate and vision of the founding fathers of the struggling bank.

Bassey blamed the previous management for running the bank as a charitable organisation, adding that his management team inherited N1.8bn debt and within five months of his assumption of office, recovered N1.4m.

He said, “We are doing everything within our power to ensure that we recover all the money.”

The managing director promised to publish names of the bank’s debtors as soon as the external auditors submitted their report in March.

He said that many debtors had written and submitted post-dated cheques to the bank to prevent their names from being published.

The managing director assured esteemed customers that the new management was resolute to reposition the bank to meet modern banking standards.

- NAN

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CBN re-instates banks banned from foreign exchange market

The Central Bank of Nigeria has re-instated all the banks that were banned from the foreign exchange market, the Director, Banking Supervision, Mrs Tokunbo Martins, has said.

She said this on Wednesday in Abuja at a media briefing, stating that the decision was reached after a series of meetings with the body of bank Chief Executive Officers and the Chartered Institute of Bankers of Nigeria.

“Well, we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban.

“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.

“So as a result of that, all those banks have been re-instated in the foreign exchange market.”

The CIBN President, Prof. Segun Ajibola, said that the institute was very much interested in what was happening among all the industry players.

He added that under the aegis of the institute, the body of bank CEOs was now a formidable platform to look at issues that were pertinent to the industry and the economy, to ensure that stakeholders’ interest was protected.

“We will protect the interests of all our stakeholders and especially the bigger picture, which is Nigeria and its economy as a whole.

“So it is a happy development and I believe this will further help to strengthen our system and our economy.”

The Managing Director of Access Bank, Mr Herbert Wigwe, said that the body of bank CEOs under the under the auspices of the CIBN, aims to get banks to work together.

He said that this would ensure that anytime there was a serious issue in the market, bank CEOs could meet to look for a way to resolve them.

The CBN had on Tuesday banned nine Deposit Money Banks from the nation’s foreign exchange market for failing to remit the sum of 2.3 billion dollars belonging to NNPC to the Treasury Single Account.

The CBN then on Thursday re-admitted the United Bank for Africa Plc, saying it had remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s TSA at the CBN.

- NAN

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Segun Agbaje of GTB bags Africa’s Business Leader of the Year award

Leading African financial institution, Guaranty Trust Bank Plc has reaffirmed its position as a leading global brand following the recent recognition bestowed upon its Managing Director/CEO; Segun Agbaje. Agbaje was named Africa’s Business Leader of the Year during the 2015 All Africa Business Leaders Awards (AABLA) held at the Sandton Convention Center, Johannesburg, South Africa.

The All Africa Business Leaders Awards in partnership with CNBC Africa recognizes individuals who have made profound impact in their respective areas by demonstrating innovation, integrity, accountability and adherence to global best standards. According to Roberta Naicker, Managing Director of the ABN Group, CNBC Africa is proud to continue the tradition of celebrating visionary leadership and excellence in business across Africa.

Through this award, we distinguish and honor leaders who have contributed and shaped the African economy. She further stated that, “Over the past two months, CNBC simultaneously conducted award ceremonies across East, South and West Africa in search of Africa’s premier business leader. I am proud to announce that our West Africa finalist; Segun Agbaje has emerged winner of the grand finale.

In winning this award, Segun Agbaje epitomizes the core values of a successful leader; strength, innovation, ingenuity, knowledge and foresight – values that are imperative to creating and sustaining a business within the Pan-African and global economy.

“I am humbled and proud to be recognized as Africa’s Business Leader of the Year. This award is a testament to a great team of unique, passionate and committed people at GTBank working tirelessly to build a Proudly African and Truly International Institution,” Segun Agbaje said.

He then stated that Africa is the best continent and that it is a blessing to be born African and be doing business in Africa. Under his leadership, the bank has maintained its dominance of the industry by continually recording significant and enviable financial and non-financial performance.

His profundity and vivid understanding of diverse financial landscapes has been critical in ensuring the Bank’s successful foray into various financial markets across West & East Africa while maintaining a presence in Europe through its UK Subsidiary.

In due recognition of his visionary leadership, Mr. Agbaje is the recipient of several international accolades such as CEO of the Year from Finance Monthly and Banker of the Year from World Finance.

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Segun Agbaje of GTB bags Africa’s Business Leader of the Year award

Leading African financial institution, Guaranty Trust Bank Plc has reaffirmed its position as a leading global brand following the recent recognition bestowed upon its Managing Director/CEO; Segun Agbaje. Agbaje was named Africa’s Business Leader of the Year during the 2015 All Africa Business Leaders Awards (AABLA) held at the Sandton Convention Center, Johannesburg, South Africa.

The All Africa Business Leaders Awards in partnership with CNBC Africa recognizes individuals who have made profound impact in their respective areas by demonstrating innovation, integrity, accountability and adherence to global best standards. According to Roberta Naicker, Managing Director of the ABN Group, CNBC Africa is proud to continue the tradition of celebrating visionary leadership and excellence in business across Africa.

Through this award, we distinguish and honor leaders who have contributed and shaped the African economy. She further stated that, “Over the past two months, CNBC simultaneously conducted award ceremonies across East, South and West Africa in search of Africa’s premier business leader. I am proud to announce that our West Africa finalist; Segun Agbaje has emerged winner of the grand finale.

In winning this award, Segun Agbaje epitomizes the core values of a successful leader; strength, innovation, ingenuity, knowledge and foresight – values that are imperative to creating and sustaining a business within the Pan-African and global economy.

“I am humbled and proud to be recognized as Africa’s Business Leader of the Year. This award is a testament to a great team of unique, passionate and committed people at GTBank working tirelessly to build a Proudly African and Truly International Institution,” Segun Agbaje said.

He then stated that Africa is the best continent and that it is a blessing to be born African and be doing business in Africa. Under his leadership, the bank has maintained its dominance of the industry by continually recording significant and enviable financial and non-financial performance.

His profundity and vivid understanding of diverse financial landscapes has been critical in ensuring the Bank’s successful foray into various financial markets across West & East Africa while maintaining a presence in Europe through its UK Subsidiary.

In due recognition of his visionary leadership, Mr. Agbaje is the recipient of several international accolades such as CEO of the Year from Finance Monthly and Banker of the Year from World Finance.

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