The Monetary Policy Committee has retained key lending rates at 11.5%.
Governor of the Central Bank of Nigeria (CBN) announced this on Tuesday, saying it is part of efforts to boost the Economic growth of the country.
This is coming days after a new report released by the Nigeria Bureau of Statistics, disclosed that Nigeria has slipped into another recession after the economy shrank in the third quarter of this year.
The same happened in 2016, making it the second recession in a space of four years.
The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 per cent just as it recorded a -6.10 per cent in the second quarter.
According to Emefiele, recession was anticipated and measures were put in place to manage its impact.
Meanwhile, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021.
276 total views, 3 views today
UBA Announces New Group Managing Director And Executive Board Appointments
United Bank for Africa has announced the appointment of Oliver Alawuba as the new group managing director as it named four others as executive directors on its board. The appointment is subject to the approval of the Central Bank of Nigeria (CBN).
Alabuwa’s appointment which became effective on Monday, August 1, 2022 will see him overseeing all the Group’s banking operations across its twenty African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates.
The bank also announced the appointment of Muyiwa Akinyemi, as deputy managing director, Sola Yomi-Ajayi, executive director, Treasury and International Banking, Ugochukwu Nwagodoh, executive director, Finance and Risk Management,Mr. Alex Alozie, Executive Director and Group Chief Operating Officer and Ms. Emem Usoro, Executive Director, North Bank.
Oliver Alawuba who replaces Kennedy Uzoka joined UBA in 1997 and has held a series of senior positions, including as the chief executive of UBA Ghana, the chief executive of UBA, Africa and most recently, as group deputy managing director.
UBA group chairman, Tony Elumelu, stated ‘I am very pleased to announce Oliver Alawuba as the new group managing director of the UBA Group. Oliver has extensive experience in Nigeria and our African network and is well equipped to advance our pan-African and global strategy.
“I have no doubt that Oliver will build on the legacy of Kennedy Uzoka, who has exemplified transformational leadership by championing a customer-first philosophy; launching our twentieth operation in Africa, UBA Mali; acquiring a wholesale banking licence for UBA UK in the United Kingdom; and opening our fourth global operation, UBA Dubai, in the United Arab Emirates”.
Alawuba, on his part expressed his commitment to his new role as group managing director saying “I am grateful for the opportunity to lead this great institution and would like to thank the UBA group chairman and the members of the board of directors for the confidence they have put in me to deliver the mandate.”
The newly appointed DMD, Akinyemi, joined UBA in 1998, as a senior banking officer in UBA’s Energy Bank, and has served the Group in Nigeria and our broader Africa network for 24 years.
Also, executive director, Treasury and International Banking, Yomi-Ajayi, has been with the Group since 2004 and has considerable international experience, culminating in her appointment as CEO of UBA America.
Nwagodoh, who was appointed executive director, Finance and Risk Management, joined the Group from PwC in October 2004. He has since held a series of significant roles in the areas of performance management, compliance, financial control and reporting.
The new executive director and group chief operating officer, Alozie, who joined the Group in 2019 and has driven the Group’s digital transformation and operational efficiencies.
Emem Usoro, the executive director, North Bank, joined the Group in 2011 and has served in a series of senior regional appointments across Nigeria, covering the retail, corporate and public sectors.
The board also announced the retirement of the following executive directors, who have completed their tenor, many of whom will continue to serve the broader Group upon regulatory approval of a holding company structure. They are the outgone GMD, Kennedy Uzoka, Uche Ike, Chukwuma Nweke, Ibrahim Puri and Chiugo Ndubisi
A further announcement was made on the retirement of a non-executive director, Ambassador Joe Keshi, who served as vice chairman of the board. This takes effect from August 1, 2022 after a completion of his tenure of 12 years.
The group chairman congratulated the retiring directors on the completion of their tenors and their exemplary records.
1,340 total views, 34 views today
Senate Summons CBN Governor Emefiele Over Naira Depreciation
The Senate has summoned the governor of the Central Bank of Nigeria, Godwin Emefiele, over the depreciation of the naira.
Reports revealed a United States dollar is exchanged to N658 in a parallel market on Wednesday.
The depreciation of the currency fuelled the lawmakers’ decision to invite the CBN governor following a motion by Olubunmi Adetunmbi, senator representing Ekiti north.
Contributing to the debate, Sani Musa, senator representing Niger east, said the naira would appreciate only if the country become a productive one.
“Let’s eat what we have; let’s do with what we have. Naira will continue to appreciate until we start manufacturing,” Musa said.
On her part, Biodun Olujimi, senator representing Ekiti south, accused the CBN of not taking responsibility which has led to the crash of naira.
“Someone should be able to say I have failed, and that is the CBN,” Olujimi said.
“Most of what is happening is because people are taking out the dollar and selling and bringing them back in — we should be penalising somebody for what has happened to the naira-dollar rate.”
“The time has come for us to look holistically into what is happening. What is happening to the dollar is a replica of what is happening to Nigeria.”
The Red Chamber asked the apex bank to stop the express deterioration of the value of the naira.
2,057 total views, 34 views today
Access Bank To Support Education With $1.7m Raised At 2022 UK Charity Polo Tournament
Seeking to improve the state of education in Nigeria, Access Bank has raised $1.7 million at its Charity Polo Tournament held at The Guards Polo Club, Egham, Surrey, United Kingdom on Saturday, 16 July 2022.
The money, the Bank confirms, will be directed towards the building and equipping of over 100 classroom blocks in the less developed areas of Nigeria.
These donations, according to the Group Managing Director of Access Corporation, Herbert Wigwe, “Serve as building blocks towards achieving a brighter future for the country, while challenging the various state governments to take sustainable actions towards ensuring all boys and girls complete free, equitable and quality primary and secondary education.”
“We thank all attendees and donors for buying into our vision and assure that Access Bank will not relent in its efforts to see that every Nigerian child regardless of tribe, gender and religion is given a fair chance for a better tomorrow.”
Roosevelt Ogbonna, Managing Director of Access Bank, also added that the polo event remained the greatest investment towards ensuring a great future for the vulnerable Nigerian child.
The Polo tournament, which is executed in partnership with Fifth Chukker and UNICEF, in Kaduna, South Africa and the UK has been an extension of Access Bank’s efforts to support anti-poverty and anti-HIV/AIDS campaigns in Nigeria.
This is the first edition of the UK-based tournament to be held since the outbreak of the COVID-19 pandemic.
2,107 total views, 34 views today
- Suspended Accountant General Idris, Three Others Seek Plea Bargain – EFCC
- You’re Absolutely Wrong, Akeredolu Disagrees With CDS Over Kuje Prison Escapee, Idris Ojo
- Don’t Abort Any Pregnancy, Actress Yvonne Nelson Warns Ladies
- Actor Jide Awobona Recounts Wife’s Robbery Encounter On 3rd Mainland Bridge
- Don’t Return Rivers To Dark Days Of Fear, Intimidation, Abe Tells Wike
JOIN US ON FACEBOOK
Entertainment11 months ago
BBNaija: Nigerians Drag Angel For Showing Off Her Private Part To Housemates (Watch Video)
Headline1 year ago
Female Italian Fan Go Topless, Gives Free Show After Euro 2020 Win (Watch Video)
Headline5 months ago
BREAKING: Lagos CP Orders Security Beef Up Following MC Oluomo’s Suspension
Entertainment11 months ago
BBNaija: “Shameful For A Married Woman” – Boma, Tega Doing ‘Stuff’ Under Duvet Sparks Outrage (See Video)
Entertainment6 months ago
Singer, Oxlade In Big Mess After His Sex Tape With A Strange Lady Surfaces Online (Watch Video)
Headline3 months ago
Just In: 2023: We Won’t Support Tinubu’s Ambition -Ambode Campaign Organisation
Entertainment2 years ago
BBNaija: Kiddwaya Sucks Erica’s Boobs, Licks Dorathy’s Neck In Truth Or Dare Game (Video)
World news4 years ago
Why I Quit Nun To Become A Porn Star After 8 Years At Convent – Yudi Pineda