Bank
AfDB approves $1.3 million grant for female financial inclusion research in Africa
The African Development Bank (AfDB) has approved two grants worth $1.3 million for research aimed at increasing women’s access to a range of digital financial services on the continent. In a statement on Monday, AfDB said the grants will be disbursed by Africa digital financial inclusion facility (ADFI), a blended finance vehicle supported by the bank. The grants will be disbursed to two fintech firms, Pula Advisors Kenya and M-KOPA Kenya. AfDB said Pula Advisors will use the $1 million for research of social and economic factors that impact women farmers’ access to microinsurance in Kenya, Nigeria and Zambia while M-KOPA will use the $300,000 funding for research involving 500 women and men in Kenya’s Kisumu, Eldoret and Machakos counties. It said findings from the research will inform th...
CBN donates relief items to IDPs in Borno
The Central Bank of Nigeria (CBN), Maiduguri branch, on Monday donated relief items worth Millions of Naira to the Internally Displaced Persons (IDPs) in the State. Presenting the Items, Alhaji Lawan Tijjani Kanuriyana, the CBN Maiduguri Branch Controller, said that the gesture is to support displaced families at this critical time of needs. Kanuriyana said that that the items which included 300 bags of rice, 151 cartons of Indomie, 20 cartons of maggi, 31 cartons of tomatoes, 151 cartons of spaghetti, 150 bags of semovita, 20 cartons of vegetable oil and 11 cartons of salts would be given to the IDPs. Responding, Hajiya Yabawa Kolo, the Director General of State Emergency Management Agency (SEMA), lauded the bank for the donation, noting that it would go a long way to providing succor to ...
AfDB approves $1.3 million grants for women’s access to digital finance
The African Development Bank (AfDB) has approved two grants of $1.3 million for research aimed to increase African women’s access to a range of digital financial services, including loans and micro-insurance. According to a statement from the AfDB on Monday, the grants for $1 million and $300,000 respectively, will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI). ADFI is a pan-African initiative designed to accelerate digital financial inclusion throughout Africa. It is a blended finance facility of AfDB with two financial technology firms; Pula Advisors Kenya Ltd. and M-KOPA Kenya Ltd. Pula Advisors will use the $1 million for research of social, cultural and economic factors that impact women farmers’ access to micro-insurance in Kenya, Nigeria and Zambia. Mor...
AfDB provides $400,000 grant for SEC
African Development Bank Group (AfDB) on Friday signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) to strengthen securities market regulation and broaden market instruments. The funds, according to a statement from AfDB, will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank. “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremon...
Energy firms’ bank debts rise to N5.94 trillion
The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to the sectoral analysis of banks’ credit by the Central Bank of Nigeria. Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N600bn to N5.18tn in December 2020 from N4.58tn in December 2019. The debt owed by power firms to the banks rose to N763.22bn in December 2020 from N671.45bn in December 2019, the CBN data showed. Oil firms operating in the downstream, natural gas and crude oil refining subsectors owed N393tn as of December, up from N3.42t...
Okomu Oil Palm wants central bank to review anchor borrowers programme
Okomu Oil Palm Company Plc. wants a review of CBN’s Anchor Borrowers Programme (ABP) to accommodate more farmers and to shore up the nation’s foreign earnings from agriculture. The ABP is targeted at smallholder farmers engaged in the production of rice, maize, wheat and cash crops like oil palm, cocoa and rubber, among others. Speaking with newsmen on Monday in Benin, Okomu Oil’s Managing Director, Dr Graham Hefer, noted that cash crop farmers were yet to fully benefit from the programme. He said food crop farmers had an edge because they could cultivate, harvest, sell and repay their loans within the specified one year period. “It is easy for farmers engaged in annual crops to meet their targets. “This doesn’t happen with cash crops because in the first three years of oil palm production...
Chukwuma Soludo: I received 19 threats during banking consolidation era
YouTube The former governor of the Central Bank of Nigeria, CBN, Professor Charles Chukwuma Soludo, at the weekend in Awka, narrated how he received 19 written threats on his life following his decision to embark on banking consolidation in Nigeria in 2004 when he became the boss of the nation’s apex bank. In an interview, Soludo also recalled attempts made to kidnap his children at Offa, Kwara State where they were at the time because many people felt threatened by the policy. He said: “I am a very impatient person to see change happen and I am passionate in anything I focus on. When I was the chief economic adviser to President Olusegun Obasanjo, and the tenure of the former CBN governor ended and I came in. within one month, I announced a 13 – point agenda for banking consolidation. “At...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
Nigerian lady convicted in US for online fraud
Oyindamola Akinrinola, 23, a Nigerian resident of Lawrence, Kansas, has pleaded guilty in federal court for her role in online fraud schemes that targeted victims in the United States. U.S. Attorney Stephen McAllister announced her conviction Monday night, saying she will now face time in federal prison for her crime. “Akinrinola and her co-conspirator in Nigeria victimised individuals, several elderly, through a variety of online scams,” he said. “We will continue to work with our law enforcement partners to prioritise the investigation and prosecution of fraud schemes like these, no matter where they originate. “I also take this conviction as an opportunity to reiterate to all Kansans the vulnerability of our senior citizens to scams and con artists, who prey upon them. “We must all be v...
Nigerian lady convicted in US for online fraud
Oyindamola Akinrinola, 23, a Nigerian resident of Lawrence, Kansas, has pleaded guilty in federal court for her role in online fraud schemes that targeted victims in the United States. U.S. Attorney Stephen McAllister announced her conviction Monday night, saying she will now face time in federal prison for her crime. “Akinrinola and her co-conspirator in Nigeria victimised individuals, several elderly, through a variety of online scams,” he said. “We will continue to work with our law enforcement partners to prioritise the investigation and prosecution of fraud schemes like these, no matter where they originate. “I also take this conviction as an opportunity to reiterate to all Kansans the vulnerability of our senior citizens to scams and con artists, who prey upon them. “We must all be v...
Court dismisses case against CBN’s directives on bank charges
The Federal High Court sitting in Abeokuta, Ogun State Capital, has dismissed a suit instituted by a legal practitioner, Olumide Babalola, challenging the Central Bank of Nigeria (CBN) policy on Current Account maintenance Fee contained in the Guide to the Charges by Banks and other financial Institutions of January 2020. Babalola had instituted the action in the name of his law firm, Babalola LP, in which he contended that the policy and guidelines of the CBN violated his fundamental human rights. The CBN, through its Counsel, Adeleke Agbola, of Cheakley Chambers, however challenged the suit on the ground that the plaintiff lacked the legal capacity to institute the suit on a policy that affects the public. In his Notice of Preliminary Objection to the Suit, Agbola had contended that the ...
Archbishop Sam Zuga: CBN lacks power to stop cryptocurrency
Archbishop Sam Zuga has reacted to the Central Bank of Nigeria’s (CBN) new order on Cryptocurrency. The Apex bank had directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. Reacting to the shocking news, Archbishop Sam Zuga, the CEO of one of Africa’s fastest growing currency, Zugacoin expressed his disappointments at the CBN’s decision, while allaying the fears of Zugacoin investors and intending buyers. According to the Cleric’s message obtained from his social media page, “Cryptocurrency doesn’t need bank account to operate or exist.” He wrote, ”RICH PEOPLE WANT THE POOR TO REMAIN POOR. NOT AGAIN! This is is not news. It has been like this since the beginning of Cryptocurrency. But right n...
