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FIRSTBANK CONVENES NIGERIA ECONOMIC OUTLOOK WEBINAR FOR 2023

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FIRSTBANK CONVENES NIGERIA ECONOMIC OUTLOOK WEBINAR FOR 2023

 

FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the 2023 edition of its Nigeria Economic Outlook event. The virtual event themed “Nigeria Economic Outlook 2023: A look ahead” is scheduled by 8:30am on Friday, 20 January 2023, via Zoom meeting. To register and participate in the event, do click on the link  https://firstbanknigeria.zoom.us/webinar/register/WN_Z-8Izr1sRHmdfRqZ5RiYeQ  

 

 

 

FIRSTBANK CONVENES NIGERIA ECONOMIC OUTLOOK WEBINAR FOR 2023

 

 

The event will promote deliberations and analyses of national and global economic trends to shape 2023. Like its previous edition, the 2023 FirstBank Nigeria Economic Outlook aims to set the tone for the year by providing an opportunity for participants to learn directly from economic experts. Participants will be better informed and knowledgeably empowered to make the right decisions in their socio-economic activities in 2023.

 

‘Biodun Adedipe, Ph.D, founder and Chief Consultant of B. Adedipe Associates Limited (BAA Consult will lead deliberations at the event as its keynote speaker. Other speakers are FirstBank’s Ini Ebong, Executive Director, Treasury and International Banking; Tosin Adewuyi, Executive Director, Corporate Banking; Ugo “Ugodre” Obi-chukwu, Founder, NairaMetrics as well as Mosope Arubayi, economist and global financial analyst. Chike Uzoma, Head, Strategy & Corporate Development, FirstBank will moderate the event.

 

According to Mrs. Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications of FirstBank ‘Our forthcoming Nigeria Economic Outlook webinar is a viable opportunity for one to be informed on key trends and activities that will shape the global socio-economic landcape in 2023. 2022 was indeed a turbulent year and from the 2023 forecast, the growth would still be slow. In addition, bearing in mind 2023 being an election year in Nigeria, like every democratic nation around the world, commercial and business activities in the country will be impacted by the forthcoming election.

 

I encourage everyone to join the event as the keynote speaker and panelists will shed more light and perspectives which will have participants informed on opportunities and happenings that will shape the socio-economic and political environment in the country and the world at large.”

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STERLING BANK: TRUE POSITION ON THE ICPC’S ALLEGATION ON OUR ABUJA REGIONAL OFFICE

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STERLING BANK: TRUE POSITION ON THE ICPC'S ALLEGATION ON OUR ABUJA REGIONAL OFFICE

STERLING BANK: TRUE POSITION ON THE ICPC’S ALLEGATION ON OUR ABUJA REGIONAL OFFICE

This report is developed for the purpose of providing the true representation of events tothe narrative as expressed by the Independent Corrupt Practices Commission (ICPC) ina tweet late on Tuesday, February 7, 2023.
STERLING BANK: TRUE POSITION ON THE ICPC'S ALLEGATION ON OUR ABUJA REGIONAL OFFICE
Background
1.   A regulatory monitoring team visited our Abuja Central Business District (CBD)Complex on February 3, 2023.
2.  The monitoring team, in the company of the branch service manager and otherstaff, inspected and observed the following꞉
a. The branch’s ATMs were dispensing all denominations of the newly designed notes.
b. The branch was in full compliance with the regulator’s recommendations onOver ‑ The‑Counter (OTC) disbursements.
During the inspection, the monitoring team made inquiries about the details of thecash observed in the vaults. To which the team responded with details of the branch’sATM and OTC cash disbursement processes.
To our knowledge, all responses provided were satisfactory as no further queries were raised.
The monitoring team promptly left the premises upon concluding the inspection.
3.   Approximately  one  hour  later,  officials  of  the  Independent  Corrupt  Practices Commission (ICPC), accompanied by the monitoring team, returned tothe branch and removed two of the branch’s staff for further questioning at theICPC headquarters in Abuja.
4.   The Sterling staff were held at the  ICPC office and were later released withoutany charges levied against them by the close of the business day on February 3, 2023.
About the visit to Sterling Bank, CBD, Abuja
1.   The Sterling branch at the Central Business District, Abuja, is a regional headquartersand serves as a hub for 5 Sterling branches and 15 ATM terminals within the region.
2.   During the visit, members of the monitoring team inspected the vault of the branchand observed the sum of N258,000,000 in N1000, N500 and N200 denominations.
3.  The distribution records from the CBD branch to other locations served within the region were presented for the evaluation of the monitoring team.
4.  The  monitoring team  proceeded to visit two  branches  in  Utako and Wuye as  both locations receive their cash disbursements from the regional headquarters ofSterling in CBD.
5.   Upon their visits to the Utako and Wuye branches, the monitoring team reviewedthe records submitted for the movement of cash from the CBD branch to otherbranches served within the region.  It is important to state that cash was being paidover the counter at  both  branches,  and  the  ATM  terminals  were  dispensing  the  newly  designed denominations during the monitoring exercise.
Matters Arising
Sterling deems it necessary to point out the following꞉
1.   Members of the regulatory monitoring team were informed of the sums contained inthe branch’s vault prior to the inspection. These sums were confirmed with areview of the records as presented by representatives of the Bank.
The assertion of a “discovery”, as presented in the narrative, is inaccurate andgrossly misleading.
2.  All cash observed in the vault of the CBD branch was earmarked for distribution toother branches in the region for disbursement to customers of the bank and the public.
3.  The sum of N5,000,000 each as contained in the monitoring team’s report,represents the cash moved to augment the vault balances of the Utako, Wuye,Seda Close and Kotangora branches (in line with the bank’s daily routine of cashmanagement) and also for disbursement to the public via their ATM terminals.
4.  All balances in our vaults are reported daily to the Central Bank of Nigeria and form the basis for the allocation of new notes in an efficient manner; it is therefore,untrue that such monies are ‘stashed’ or ‘hoarded.’
Sterling’s Distribution of New Notes
From the commencement of the distribution of the re‑designed denominations, the CBD branch has received the total sum of N1,543,000,000 from the apex bankand paid to customers as summarized below꞉
1.   The  sum  of  N892,700,000  paid  out  in  about  104,821 transactions  across  15ATM terminals between January 6 to February 6, 2023.
2.  The sum of N78,600,000 paid out in approximately 3,892 over‑the‑counter transactions across all 6 branches in the Abuja region between February 2, 2023 to February 6, 2023.
This was commenced upon receipt of the directive from the regulator to disburse thenew notes over the counter ‑ subject to a limit of N20,000 per transaction.
3.  The sum of N1,000,000,000 in a combination of old and new notes, wasdisbursed to customers over the counter in about 2,124 transactions betweenDecember 15, 2022 and January 5, 2023.
The current balances across the 6 branches in Abuja as at the close of business onFebruary 7, 2023 stood at N178,670,000.
The average vault balances currently held in the six locations is N30m per branch; well below our historical vault balances.
Conclusions
1. The  representatives of the  bank duly  informed the  regulatory  monitoring teamand officials  of  the  ICPC  of  the  sums  in  the vault,  stating  the  purpose  as  intended  for distribution to other branches.
2. It must be noted that no cash was “stashed” in the vault of the regional office.
For emphasis, we wish to state that Sterling Bank has complied with all the guidelines onthe distribution of redesigned notes from inception to date.

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CBN NAIRA REDESIGN POLICY IS A THREAT TO NIGERIA’S DEMOCRACY AND NATIONAL SECURITY & MUST BE REVERSED NOW!

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CBN NAIRA REDESIGN POLICY IS A THREAT TO NIGERIA'S DEMOCRACY AND NATIONAL SECURITY & MUST BE REVERSED NOW!

CBN NAIRA REDESIGN POLICY IS A THREAT TO NIGERIA’S DEMOCRACY AND NATIONAL SECURITY & MUST BE REVERSED NOW!

A civil society organization Centre for Social and Economic Rights (CSER) has come out to condemn the naira redesign policy of the Central bank of Nigeria due to the untold trauma, hardship, pain and suffering it has inflicted on innocent Nigerians and businesses in the last couple of weeks.
CBN NAIRA REDESIGN POLICY IS A THREAT TO NIGERIA'S DEMOCRACY AND NATIONAL SECURITY & MUST BE REVERSED NOW!
According to a press statement issued in Lagos today Tuesday 7th February 2023 by it’s executive director Nelson Ekujumi, the group, “frowned at and condemned in the strongest terms the punitive, wicked, satanic, irresponsible, insensitive, provocative, threat to democracy and national security implementation of the naira redesign policy on Nigerians, which was initially applauded as laudable by even CSER in another press statement of the 29th of January 2023 when the deadline for phasing out old naira notes as a legal tender was extended till February 10 and it’s redeemable status extended to 17th February 2023”.
In the last two weeks based on our physical monitoring and observation of developments, the pains, sufferings, trauma, threat to public peace and security that this naira redesign policy has generated within the polity, has exposed to any discerning mind, that the CBN Governor Mr Godwin Emefiele and his associates have employed the naira redesign policy as a ploy to unveil their sinister agenda of inflicting untold hardship, pains and incite Nigerians to anarchy in order to truncate the peaceful conduct of the 2023 general elections.
We have watched in horror how innocent Nigerians have been subjected to unimaginable sufferings in queues at banks, ATM’s points, POS operators points, etc to withdraw their hard earned money to no avail on a daily basis and despite the extension of the deadline on the 29th January 2023, the situation has gotten worse across the country and there is no end in sight.
According the organization, what is even more painful is the exploitation and extortion generated by this wicked and anti people naira redesign policy, whereby innocent and hardworking Nigerians are fleeced of their money as they are forced to pay commission as high as N6000 in exchange for cash of N20, 000. Infact, CSER has been inundated with calls of different phases of extortion that makes one to wonder that only a sadist and a degenerate institution will be happy to see people undergo such amount of torture and suffering in order to take possession of what legitimately belongs to them.
The group stated that, “Even as we speak, the CBN is in default of enforcing and monitoring the implementation of it’s directive issued to deposit money banks via a memo dated 6th December 2022, whereby it instructed banks and other financial institutions to pay customers only a maximum of N20, 000 daily via ATM’s and that it should be in the N200 naira denomination. Till date, since about two weeks ago, customers have been unable to access above N5, 000 daily from their personal accounts, businesses are gradually winding down and dying because customers and petty traders who engage in little daily cash transactions for daily needs have been denied their legitimate money warehoused in the banks”.
By this amount of wickedness unleashed, suffering and torture of innocent Nigerians and businesses by the CBN, the little gains accruing from the advocacy of banking culture that we have struggled for over the years among our rural populace, has obviously been eroded and it is sad and unfortunate.
The traumatizing aspect of the wickedness by CBN and it’s associates in inflicting pains and hardship on Nigerians by this policy which has revealed the sinister plot of Mr Emefiele and his cohorts, is the effontery in mobilizing groups, political parties and politicians to hold rallies, press conferences and even issue shameless threats of a boycott of the 2023 general elections if the naira redesign policy is reversed and the pains of Nigerians ameliorated. We are confident that these agents of anarchy and their sponsors will fail because the victory of evil over good is just temporary.
As the 2023 general elections draws near in a couple of days, Nigerians are enjoined to take note of politicians and political parties gloating over the pains and misery of Nigerians by this policy for political capital in contrast to those who have shown genuine concerns and raised the red flag early enough as caring and respond appropriately to them with their votes at the polls.
At CSER, we sympathize with Nigerians and share in their pains, just as we urge that they keep faith with democracy and remain law abiding even in the face of this needless provocation by agents of destabilization.
CSER then demanded a total reversal of the naira redesign policy because it’s objective which was hidden has become manifest in the untold pains and sufferings visited on innocent Nigerians and businesses which is undemocratic and unacceptable, just as it called on the national assembly to immediately pass a vote of no confidence on the headship of the CBN through a resolution demanding the removal from office of Mr. Emefiele for official misconduct act of undermining national security and democracy and communicate it to President Muhammadu Buhari for executive action.
God bless the Federal Republic of Nigeria.
Thank you.
Yours Sincerely,
Nelson Ekujumi,

Executive Director.

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Abiodun engages CBN, Bankers Committe over cash scarcity

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Abiodun engages CBN, Bankers Committe over cash scarcity

Abiodun engages CBN, Bankers Committe over cash scarcity

…extracts promise of relief from Tuesday

 

 

 

 

The Ogun State Governor, Dapo Abiodun, on Monday, paid an unscheduled visit to the Abeokuta branch of the Central Bank of Nigeria to seek relief on the amounts that citizens can withdraw in exchange for deposits made in commercial banks.

 

 

 

 

 

 

 

 

The governor also offered to lend members of his cabinet to monitor cash distribution to banks to ensure that no commercial bank or their agents hoard the new naira notes in the state.

The governor stated these when he visited the management of the apex bank led by the Branch Controller, Wahab Oseni, in Abeokuta.

 

 

 

 

 

 

 

 

Abiodun who later met with Bankers Forum, made up of managers of commercial banks in the state, also extracted a commitment from both the CBN and commercial banks to make cash available to bank customers from Tuesday.

 

 

 

 

 

 

According to the governor, it is disappointing to see long queues of residents at Automated Teller Machines (ATMs), waiting to cash money from the system with so much stress and some not getting enough to meet their immediate needs.

 

 

 

 

 

 

 

 

 

 

He added that it is humiliating that those who were attended to were paid not more than two thousand naira per transaction.

 

 

 

 

 

 

 

 

Abiodun, however, urged the CBN to ensure the availability of new notes at commercial banks for people to withdraw their money.

The governor explained that he was compelled to visit the state branch of the CBN as the “landlord to find out how we can collaborate to ensure that success of the CBN policy on the new notes and currency swap”.

 

 

 

 

 

 

 

 

 

“I’ve met with the President and CBN governor. It is within the right of the CBN by law and as enshrined in the Constitution.

 

 

 

 

 

 

 

“Our people went out in their numbers but our people who deposited money and felt they would have as much money as they had deposited or need for their daily needs and welfare and wellbeing.

 

 

 

 

 

 

 

 

“We’ve had to suspend our campaigns. I met with people over the weekend who said to me that they have not eaten for days, especially, those from the informal sector.

 

 

 

 

 

 

 

 

“As a governor, whose primary function is the welfare and security of our people, I need to find out how we can interact with you to see how we can improve on the current level of distribution of the currency in order to diffuse tension”, Abiodun submitted.

 

 

 

 

 

 

 

The governor who appealed to the youths in the state not to embark on any civil unrest, noted that such actions would only shut down the economy of the state and make things much more difficult.

“I want to use this medium to talk to our youths that when there is a problem, the solution is not to hit the streets and to start protest marches; we can not solve a problem with another problem.

 

 

 

 

 

 

 

 

“I want to plead with our youths that rather than sending social media announcements of impending disobedience around town, they should embrace peace. We are a very peaceful state; we are very orderly and we have spent a lot of time and energy to invest in that peace and security.

 

 

 

 

 

 

 

“You cannot because of this problem now want to begin to hit the street to shut down the system and commercial activities.”

Earlier in his remarks, the state controller of the Central Bank of Nigeria, Wahab Oseni pleaded with the people to exercise patience.

He assured the people of the state that they will start having access to more cash as from tomorrow, Tuesday, February 7th, 2023.

Oseni while noting that the Ogun State branch of the bank has enough cash to distribute among commercial banks in the state, disclosed that the bank has come up with a plan that would see 40% cash disbursed to money agents, 30% paid across the counter and 30% paid through the Automatic Teller Machine.

He also added that Microfinance banks in the state have also been added to the plan of cash disbursement across the country.

At the meeting were representatives of the Central Bank of Nigeria from Lagos and Abuja, Mr Adefuye Adeyemi and Mr Kayode Makinde while assuring the good people of the state that the situation will improve Tuesday noted that the bank would ensure full compliance by commercial banks on the disbursement of cash.

Both the controller and the State government team led by Gov. Abiodun later had a session with commercial bank executives in his office to on modalities agreed with the apex bank to ease the naira scarcity facing the people.

 

 

 

Abiodun engages CBN, Bankers Committe over cash scarcity

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