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Fg embeds finance education in primary/secondary curriculum

Fg embeds finance education in primary/secondary curriculum

FG EMBEDS FINANCE EDUCATION IN PRIMARY/SECONDARY CURRICULUM

BY OMOKHUALE PUAH

In an attempt to improve the financial literacy of Nigerians, the Central Bank of Nigeria (CBN), in conjunction with the Nigeria Education Research Development Council (NERDC) would commence the teaching of financial education, for all levels of the Nigerian education system.

At a press briefing on Tuesday in Lagos, Haijia Umar Dutse who is the Director, Consumer Protection, CBN, announced that the essence of this move is to teach children on how to be better financial managers.

In the words of Haijia Dutse, “I cease this medium to thank the CBN and the stakeholders for the support they have given to undertake this project.

“Of course we know that financial education is not an activity an individual or an organization can effectively carryout, because its framework has taken the approach and so, all hands must be on deck so as to achieve an expected result. I am very happy saying that with the commitment of the various stakeholders, I think this has a long way to go and at the end of the year, this country will be a reference point with the development of the curriculum”. She said.

The executive Secretary, Nigeria Educational Research and Development Council (NERDC), Professor Ismail Junaidu said that one of the greatest lessons learnt from the recent global financial crises, resulting to the collapse of the Nigerian financial system of course lack of consumer and we are aware that the Nigerian Consumers lack knowledge and skill to enable them to understand financial concepts and to enhance their financial wellbeing by managing their personal financial matters.

In his words “As part of the efforts to address the issue on ground, the Federal Government had launched a National Financial Inclusion Strategy in 2012 which placed a high premium amongst the rest on financial literacy which is a measure route to the achieving this goal.

“The development of a financial education in both the primary, secondary and tertiary school curriculum has to be inculcated, in order to imbibe a desired financial habit in the minds of the citizenry from a very young age to adulthood to enhance good financial decisions” she added.

“Due to this huddle, the project of developing a financial school curriculum for our Nigerian Education at both basic and secondary school level is taking place under the auspices of the financial Group regulators; CBN, NDIC, PENCOM, NAICOM, NSE, GIZ, bankers committee, MercyCorps, NGOs and other stakeholders” he continued.

According to Professor Junaidu, the innovative curriculum which has been approved by the Federal Ministry of Education comprises of various themes as, money, savings, credit, insurance, deposit insurance, pension planning and budgeting, capital market, financial landscape and entrepreneurship.

He further added “each of this theme contains various concepts, activities, contents, learning resources and evaluation guides, which are sequenced and graduated for an effective implementation and learning objectives in their various lessons and schools”- Thisday.

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World bank refuses to loan nigeria until 2017

World bank refuses to loan nigeria until 2017

WORLD BANK REFUSES TO LOAN NIGERIA UNTIL 2017

BY OMOKHUALE PUAH

World Bank and other international lenders have refused to lend out money to Nigeria.

Embedded in a report from the Financial Times, it was discovered that the International Monetary Fund (IMF) and World Bank is demanding some financial reforms from Nigeria, before it could be granted a loan.

On Wednesday last week, the Central bank of Nigeria (CBN) made an attempt to lend a sum of N129.67bn in a short-dated Treasury bill from the World Bank.

In view of the attempted loan, the Apex bank said that it would raise N28bn in three-month paper, N33.49bn in six-month bills and N 68.18bn in one-year bills.

According to Apex bank, the nation’s interbank lending rates were flat at 15.25 percent for overnight lending that Friday, as the market liquidity dropped because of persistent sales of Treasury bills by the central bank.

Still on the trend, Reuters reported on Friday, that cash balance was not available with the central bank, but traders said that insisted that market liquidity should be below N100bn, due to consistent cash withdrawal by the CBN via Treasury bill sales.

Traders complained that the CBN had sold about N1.2trn in the Operations treasury bills at 14 auctions in one month at a bid to reduce liquidity in the banking system and curb pressure on the foreign exchange market.

On this note and others, the World Bank said it would no longer disburse loans until 2017 at the earliest.

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Former CBN governor shuns on interest rate

Former CBN governor shuns on interest rate

FORMER CBN GOVERNOR SHUNS ON INTEREST RATE

By OMOKHUALE PUAH

The former governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi, had on Wednesday summoned the (CBN), for a major policy disagreement with the Minister of Finance, Kemi Adeosun, on interest rate.

During an MPC meeting held on Monday and Tuesday, the Minister of Finance, advised the Apex Bank’s Monetary Policy Committee to reduce the rate on interest, by reducing its monetary policy rate (MPR) from its 14 percent, to encourage investment and restore the economy.

It was also stated during the meeting that the MPC, which is the highest policy making body in the CBN, has chosen to hold on to the policy rate in an agreed vote by the members on Tuesday.

Sanusi, also said that he is in support of the MPC’s decision on the grounds that it supports the independency of the apex bank.

During the meeting, he stated that he worried over the Minister of Finance’s position and feared that the Apex bank could yield to the minister, but he became pleased by the Apex bank’s decision, when it was announced.

In his words “I was concerned about CBN succumbing, but it is a positive one to note they have started being independent” he said.

After Sanusi made these remarks yesterday, at the Afrinvest Launch, Nigerian Banking report 2016, he insisted that even if the MPR gets lowered to a 200 bases point, it would not increase banks credit onto the economy, because there are lots of limiting factors.

He further noted that a lower MPR implies lower yields on more market instruments, which are discouragements to investments in the money markets, especially in the fixed income security segment and ultimately put a restraint on foreign portfolio investment inflows.

According to Sanusi, a normal MPR would encourage inflation, which is already high and the overvaluing of naira on the issue of foreign investment inflow.

He said that “though CBN was right, following its flexible exchange policy, but what was needed was, getting the policy on its right path”.

In his argument, “ the naira was currently overvalued and if the policy was implemented to allow the market forces and have the naira to find its true level, it would attract inflows of foreign exchange which is very vital and finding solutions to the current economic recession” he said.

With the fact that market does not obey orders, Sanusi said that it is only profit and safety that drives investment flows.

He explained that if the economy receives a greater inflow of dollars, it would correct most of the troubles associated with all the failures that have occurred so far, which also make the market, would see the narrowing of the gap between parallel and interbank exchange rates.

Following the macroeconomic challenges, Sanusi observed that the charge of the government is fixed on taxation, but he stated that “this ought to be reviewed critically in the light of how much it could achieve” he said.

Sanusi therefore advised; “we must redeem our minds from the thoughts of government, raising money to buid infrastructure and raising monies for big industries, we must look at creating a conducive environment for private capital inflow”…. He advised.

He however added, that “following the days demographics, in 20 years from now, Nigeria will comprise of over 80 million indigenes, between the ages of 20 and 40 and obviously, with the current economic model of big government, with its focus on taxation and government led employment and development, the country will never be able to accommodate this population.

He finally advised the government, to sell some of its asset, in such a transparent manner that will not hurt the country and they should have a buy back option on the sale transactions.

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Banks close down as recession increases

Banks close down as recession increases

BANKS CLOSE DOWN AS RECESSION INCREASES

By OMOKHUALE PUAH

Report has shown that due to Economic recession, a number of deposit banks in Nigeria will close its branches, so as to save the cost of salary payment.

Investigation made, yet revealed that banks are still on, to the laying-off of hundreds of staff between now and December, due to the recession.

This point became clearer 24 hours ago, after Unity Bank Plc sacked 300 more workers, other than the 220 mentioned last week.

According to report, it has been discovered that most banks could no longer vouch their existence as the analysis on cost showed that banks spent more on the salaries and overheads of workers, than their income.

According to some top bank executives who claimed anonymity, “we laid-off some staff members and we are yet to dismiss others, because so many banks are just existing with no essence; no income. Such branches might be closed before the end of this year” they said.

Mr. Johnson Chukwu, an exbanker and Chief Executive Officer, Cowry Asset Management Limited described the closure as an action ongoing in the bank sector especially in this period of Economic Recession, but it is very necessary for banks to notify the Central Bank before any closure.

It was also identified that the recessioin in the economy, which started based on non performing loans in the financial system, made deposit banks loose at least N17bn profit in the first quarter of this year.

In records of financial institution posted on the website of the Nigerian Stock Exchange, it was discovered that Ecobank, Transnational Incorporated, Guaranty trust Bank Plc, Unity Bank Plc and Diamond bank Plc recorded a combined decline of N17bn in their profits before their three months tax ended in March 31, 2016.

It was compared with the PBT of N30,52bn, N32,65bn, N4.26bn and N7.94bn which was recorded by the banks in the first quarter of last year. The combined PBT of the four banks dropped by N17bn of N75.4bn in the first quarter of last year to N58.4bn in the same period of 2016.

Mr. Ayodeji Ebo, An economic analyst and head, investment advisory, Afrinvest West Africa Limitedsaid that the declining profit in the Financial sector was a reflection to the challenges facing the Nigerian economy.

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CBN LIFTS BAN

CBN LIFTS BAN

CBN REINSTATES EIGHT BANKS

BY OMOKHUALE PUAH

The Director, Banking Supervision, Mrs. Tokunbo said that the Central Bank of Nigeria (CBN) has lifted Ban from the Foreign Exchange Banks which were suspended in the last week, due to the non-remittance of $2.12bn belonging to the Nigerian National Petroleum Corporation.

This statement which was made at a media briefing on Wednesday in Abuja was reached after a series of meeting with the body of bank Chief Executive Officers and the Chartered Institute of Bankers in Nigeria.

Mrs. Martins listed the banks which were involved as, First Bank of Nigeria-$469m, Diamond Bank-$287m, Sterling Bank-$269m, Skye Bank PLC-$221m, Fidelity Bank-$209m, Keystone Bank-$139m, First City Monument Bank Plc-$125m and Heritage Bank $85m, saying that the United Bank of Africa which was also suspended last week, was reinstated last week Wednesday, after it remitted the NNPC dollar fund it had in its custody to the TSA.

According to Mrs. Martins, a presentation on the payment plan for their outstanding dollar deposits from NNPC/NLNG in every of their possession to the TSA was made by the CEO’s during the meeting and as a result, all the banks were reinstated.

In the words of Mrs. Martins, “I am happy to announce that the nine banks that were banned has been reinstated, because after the meeting on Wednesday, the CEOs of the various banks and CIBN submitted credible repayment plan, which the CBN has found acceptable”.

In an interview with the president, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, it was discovered that the institute was highly interested in the happenings of the industry players. “Due to the interest we have at heart, the CIBN in partnership with the Bank CEOs has decided to seek the resolution of the situation for the interest of the Nigerian economy”.

The Managing Director, Access Bank Plc, Mr. Herbert Wigwe has promised that the affected banks would fully be up and doing, as regards the new repayment plan.

 

In accordance with his words, under the auspices of the CIBN, the body of banks would work together so as to ensure that when there is a serious issue, the CEOs can meet to discuss tactics and objectives.

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CBN BANS FOREX MARKET

CBN BANS FOREX MARKET

CBN BANS NINE BANKS FROM FOREX MARKET

By: OMOKHUAL PUAH

Central bank of Nigeria (CBN) has on Tuesday barred nine banks from the Forex Trading Market, for refusing to remit a total of $2.334 billion to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

In a briefing with the Nigeria President Muhammadu Buhari, each of the nine affected banks have been mandated to move their monies into the TSA as they await the prospects of further fines.

In a report by THISDAY Tuesday afternoon, the nine suspended banks include the United Bank for Africa (UBA) Plc – $530 million, First Bank of Nigeria (FBN) Ltd. – $469 million, Diamond Bank Plc – $287 million, Sterling Bank Plc – $269 million, Skye Bank Plc -$221 million, Fidelity Bank Plc – $209 million, Keystone Bank Ltd. – $139 million, First City Monument Bank (FCMB) Ltd. – $125 million, and Heritage Bank Limited – $85.5 million.

The suspension which started after CBN restricted the flow of dollars to commercial banks in March has forced the banks to delay hard-currency loan and trade repayments and increased their risk of default.

In the words of Diran Olojo, a spokesman for First City Monument Bank (FCMB), “it is the problem of dire macroeconomic situation and illiquidity in the forex markets, not a willful non- compliance by the banks and the banks are working hard with the CBN to resolve the issue”.

In an appeal made by the executives of the affected banks, it was stated that “the remittances were delayed by the dollar illiquidity of the Nigerian system and so, the CBN should sell us the dollars, by debiting our various accounts so that we could return the monies to the TSA”.

The executives further pleaded that the CBN gives them more time to refund the huge amounts, because “a large amount of the funds were loaned to the power sector, oil sector and the gas sector. Since the most amount was issued to the international oil companies (IOCs) to patch up the government failures in terms of arrears, the government should try to fund its cash calls obligations, so that the IOCs will be able to refund us and in turn remit the TSA”.

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CBN ENDORSES WEMA BANK

CBN ENDORSES WEMA BANK

CBN ENDORSES COMMERCIAL BANKING FOR WEMA BANK 

Wema bank of Nigeria has been finally approved of the Central Bank of Nigeria (CBN), to convert from regional banking to national banking.


This statement was made by the managing director of Wema bank, Segun Oloketuyi during the weekend in Lagos.

According to Mr. Oloketuyi, “with the approval, the bank now operates as a fully fledged commercial bank in the various geo political zones and in the Federal Capital Territory (FCT). Based on this report, the bank has received testimonials based on the introduction of the product and in the next three months, Wema bank is prepared to re-open five branches in Kaduna, Lokoja, Minna, Aba and Enugu.

He pointed out in the fact, in quote “This is a great achievement for the bank, which is presently undergoing a thorough business evolution. The appointment of Wema Bank as a primary dealer definitely implies that we control a relatively higher proportion of forex market volumes, which will be positive for our net interest revenue line.”

He went further to say that the lender previously had more than one percent market share and operated on outdated technology, as non-performing loans (NPLs) operated at 89percent. With the new management, NPLs have dropped to 2.9percent, as its profitability has risen to a greater and better height.

Still during the weekend, the bank decided to raise a #50 billion naira Tier-2 capital, through bonds to enable its market effectiveness and productivity.

Mr. Oloketuyi, also said in his words, that “This is a great achievement for the bank, which is presently undergoing a thorough business evolution. The appointment of Wema Bank as a primary dealer definitely implies that we control a relatively higher proportion of forex market volumes, which will be positive for our net interest revenue line.”

The CBN Governor, Godwin Emefiele in unveiling the broad forex frame work last week, said that maximum dealers should be able to deal in minimum sizes of $10m for spot transactions and $5m for forwards, forex swaps and futures.

In his statement, he said that the Foreign Exchange Primary Dealers system is one where interested authorised dealers are accorded access to transact forex products directly with the CBN.

 

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