CBN to review IT standards in banking sector

Godwin Emefiele

Central Bank of Nigeria in collaboration with the Information and Technology Standards Council is reviewing the IT standards blueprint in the banking sector.

The aim is to align the IT standards in the sector to current realities and trends in the financial sector.

The IT Standards Council, a body set up by the CBN, is also planning to drive an industry-wide remediation exercise on the gaps identified during the baseline assessment that was conducted on banks last year.

These were outcome of a meeting between the Deputy Governor, Operations, CBN, Suleiman Barau, and outgoing members of the IT Standards Council in Lagos on Friday.

The meeting was a forum where activities and achievement of the council in the last two years were discussed.

Barau, who commended the outgoing council members for their achievements, assured them of the CBN’s continued support.

CBN directs banks to end rendition on Microcredit Fund

CBN BUILDING

Five years after the operation of the Central Bank of Nigeria’s Micro credit Fund MCF was discontinued, the apex bank says some banks are still making rendition of their returns on the scheme to the CBN.

In a letter addressed to all the nation’s money deposit banks, signed by the Director of Banking Supervision, Tokunbo Martins, stated that the CBN observed that some banks still render returns on MCF to the Central Bank of Nigeria more than five years after the discontinuation of the scheme.

The letter which titled Cessation of Rendition of Returns on Micro Credit Fund, Martins adds that that the Micro Credit Fund (MCF) which had been in operation since February 8, 2008 was discontinued through the decision reached at the 298th Bankers’ Committee Meeting of March 15, 2010.

She explained that the decision to stop the implementation of the scheme was borne out of the fact that after two years of its existence, deposit money banks were not forthcoming in their contributions to the fund and in the same vein, only few states responded to the programme, consequently, the Bankers’ Committee decided to discontinue its operations.

The apex bank explained that the micro credit scheme was initially put in place to ensure a wider and equitable distribution of credit around the country to deserving entrepreneurs by allowing
Consequently, the apex bank last week directed the affected banks to stop the process forthwith.

Analysts seek improved monetary, fiscal policy collaboration under Buhari

Buhari

The incoming administration of Major General Muhammadu Buhari has been advised to ensure improved collaboration between the monetary and fiscal authorities in economic management.

A report by Renaissance Capital Limited on Wednesday, specifically noted that such collaboration would ensure that corruption, wastage, revenue leakages, among others, are tackled.

The report, however, pointed out that the effect of Buhari’s victory on monetary policy would be “neutral.”
It also argued that there was no reason to think a Buhari win would put the Central Bank of Nigeria CBN leadership at risk.

The report titled: “Nigerian Banks: Thoughts on a Buhari Win,” while commenting on the effect of the outcome of the election on Nigerian banks’ oil and gas exposure, argued that the impact on the banking sector, in the near term would be negative, but positive in the long term.

However, Rencap’s oil & gas analysts do not see the risk as high, particularly since President Goodluck Jonathan has conceded victory and has appealed to the militants for calm.

Nigeria earned $77bn from oil export in 2014

Nkozi Okonjo

Nigeria’s real net oil export revenue dropped to $77bn in 2014, the lowest since 2011, data from the newly released OPEC Revenues Fact Sheet have revealed.

The fall in global oil prices by more than 60 per cent between June 2014 and January 2015 resulted in the decline in revenue of oil-exporting countries such as Nigeria.

Global benchmark Brent crude, against which Nigeria’s oil is priced, slumped below $50 per barrel from a peak of $115 in June last year.

The country’s earnings from oil export had in 2011 reached a peak of $99bn, up from $70bn in 2010, according to the report from the Energy Information Administration, the statistical arm of the United States’ Department of Energy.

Nigeria’s oil export revenues for 2012 and 2013 were put at $94bn and $84bn respectively, up from $57bn in 2005.

Net oil export earnings of members of the Organisation of Petroleum Exporting Countries, except those of Ecuador and Iraq, dropped last year, the EIA data showed.

For 2014, EIA estimated that, excluding Iran, OPEC members earned about $730bn in net oil export revenues (unadjusted for inflation). This represents an 11 per cent decline from the $824bn earned in 2013, largely because of the decline in average annual crude oil prices, and to a lesser extent from decrease in the amount of OPEC net oil exports.

Jonathan In Secret Meeting With Buhari

Buhari & Jonathan

Nigeria’s President-elect, General Muhammad Buhari (Rtd.), has met behind closed doors with President Goodluck Jonathan.

The meeting took place inside the Presidential Villa and was handled as a strictly private affair.

It was the first time the two leaders would be meeting since the Independent National Electoral Commission (INEC) declared Buhari winner of the March 28 presidential election.

What would they have discoursed in that meeting?
 
More details soon.

10 Lagos Governorship Candidates Step Down For APC’s Ambode

Akinwumi Amobode

As the race for the governorship seat gets intense, ten candidates in Lagos State have withdrawn from the contest.

The ten governorship candidates also declared support for the governorship candidate of the All Progressives Congress APC, Akinwumi Ambode, in the presence of their party Chairmen.

According to them, this action is to allow progress and stability of governance in the state.

The candidates had a joint press conference on Friday, where they said they have decided to join hands with Mr. Ambode to give Lagos a deserving government.

The Peoples Democratic Party PDP and three other political parties were not part of this coalition.

As the first stage of the postponed 2015 general elections in Nigeria has been conducted, the electoral body is set for the final stage which will hold on April 11.

The ten candidates who withdrew from the governorship race are:

Adeshina Buruji – Accord Party
Obadia Akinola – Independent Democrats
Ishola Aregbesola – Action Alliance
Babatunde Sarumi – Allied Congress Party of Nigeria
Abiodun Oyegunle – African People’s Alliance
Victor Adeniji – KOWA Party
Adeshina Olayokun – All Progressives Grand Alliance
Sesan Olatunde – New Nigeria’s People Party
Sylvester Eze – The Citizens Popular Party
Pauline Ojochide – Progressives People’s Alliance