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CBN Weighs In: Responds To Attempts To Misinform The Banking Public And Reasserts Its Role As Apex Banking Authority

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In a show of strong support for GTCO and move to debunk false allegations being levelled against the GTCO and its Executive Management by faceless and unqualified entities using the media, the Central Bank of Nigeria (CBN), issued a Press Release today reassuring the public that their deposits with Nigerian Banks are safe.

The Statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds” and signed by Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.), begins with a firm assurance: “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.” It further stated, “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. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”

On how the Monetary Authority fulfills its oversight responsibility, ensuring system-wide monitoring of licensed Banks in Nigeria as well as their offshore operations, the Statement says, “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.”

In closing, the Ag. Director said, “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.

BIG STORY

Nnamdi Kanu Seeks Transfer From DSS Custody To National Hospital

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The Federal High Court in Abuja will today (Monday) hear an application filed by Nnamdi Kanu, detained leader of the proscribed Indigenous People of Biafra (IPOB), seeking transfer from the custody of the Department of State Services (DSS) to the National Hospital, Abuja, for urgent medical attention.

The motion, filed on September 3 by Chief Kanu Agabi (SAN), followed what Kanu’s lawyers described as a “worrisome decline” in his health while in detention.

Vacation judge, Justice Musa Liman, had earlier granted leave for the case to be heard during the court’s annual recess, stressing its urgency.

In a supporting affidavit, Emmanuel Kanu, the IPOB leader’s brother, said recent medical tests revealed kidney and liver complications, dangerously low potassium levels, and a swelling under Kanu’s armpit requiring immediate investigation.

Agabi told the court that doctors led by Prof. Austin Agaji had advised Kanu’s transfer to the National Hospital as an interim step. He noted that letters to the DSS on the issue had not been answered.

“The applicant’s health is seriously deteriorating considering the nature of his confinement,” Agabi argued, adding that granting the transfer would not prejudice the DSS.

Kanu has been in DSS custody since 2021 following his arrest in Kenya and repatriation to Nigeria. He is currently facing terrorism-related charges before Justice James Omotosho of the same court.

A bail application filed in May is still pending. The court is expected to hear arguments from both sides before ruling on the transfer request today.

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World Bank, IMF Forced Nigeria To End Petrol Subsidy — Femi Falana

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Human rights lawyer Femi Falana (SAN) says the federal government’s removal of petrol subsidies was not a domestic policy choice but a condition imposed by international lenders.

Speaking on Sunday Politics on Channels Television, Falana argued that no country in the world has fully abolished subsidies.

“Even the United States, the United Kingdom, France and others subsidise electricity, agriculture and many aspects of people’s lives,” he said.

Falana accused the World Bank and the International Monetary Fund (IMF) of pressuring Nigeria to scrap the policy.

President Bola Tinubu announced the end of petrol subsidy during his inauguration on May 29, 2023, alongside a foreign exchange market unification policy. Both measures triggered record inflation and worsening living standards.

Falana also warned against the federal government’s plan to introduce a five percent fuel surcharge, urging it not to worsen economic hardship. He said existing laws already mandated a fuel levy, but funds were never remitted to the Federal Roads Maintenance Agency (FERMA).

Between 2007 and 2011, Falana said FERMA confirmed it received nothing despite deductions from petrol sales.

“By 2022, even the Senate confirmed that over one trillion naira was owed to FERMA. Before introducing new levies, the government must explain what happened to those earlier deductions,” he said.

Falana also called for an end to the dollarisation of the economy, stressing that rejecting the naira remains a criminal offence.

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Peter Obi Visits Olubadan-Designate Ladoja, Says Nigeria’s History Is Incomplete Without Ibadan

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Peter Obi, the Labour Party (LP) presidential candidate in the 2023 election, says Nigeria’s history cannot be written without Ibadan, the Oyo state capital.

Obi stated this on Sunday during a visit to Rashidi Ladoja, the Olubadan-designate, at his Bodija residence.

He praised Ibadan’s central role in Nigeria’s political and socio-economic development and commended its people for their hospitality.

“The position of Ibadan in the history of Nigeria cannot be ignored as a home to all because of the hospitable nature of the indigenes,” Obi said.

He described Ladoja, a former governor and senator, as a leader whose experience will shape his reign as the 44th Olubadan of Ibadanland. Obi also pledged personal support to the incoming monarch.

In response, Ladoja said ascending the throne was “another opportunity to serve humanity,” stressing that the Olubadan stool is not about glamour but service.

“It is God who enthroned Olubadan, not because you have money or influential people around you. The time of glamour is gone; it is about service and what you have on the table for the people,” he said.

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