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CBN mourns former Governor Adamu Ciroma

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The Central Bank of Nigeria has mourned the passage of its former Governor, Mallam Adamu Ciroma.
The message on the death of Ciroma was contained in a statement by the Bank’s Management.
It said: “With a deep sense of loss, the Governor and Management of the Central Bank of Nigeria (CBN) announce the passage of Mallam Adamu Ciroma, who died on July 5, 2018.  He was the Governor of the Bank from September 24, 1975 to June 28 1977.
“Mallam Ciroma was born on November 20 1934 in Potiskum, Yobe State. He was a graduate of University of Ibadan and served in different capacities in the Public Service.  He was appointed to the Board of the Central Bank of Nigeria in 1970 where he served as a Director before his appointment as the Governor in 1975. He also served as Minister in the Ministries of Industry, Agriculture and Finance and on the Board of several companies.
“Until his demise, Mallam Ciroma was still of immense service to the Bank. He was a firm believer in the sanctity and independence of the CBN.
“While we mourn the loss of a very good man, an astute central banker and a patriot, we also celebrate his remarkable life and contribution to the banking industry in Nigeria.
“He is survived by his wife and children and has since been buried according to Islamic rites.
“We pray Almighty Allah to grant his family and the nation the fortitude to bear the irreparable loss.”
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BUSINESS

CBN, NDIC inject 786bn into Polaris Bank (defunct Skye Bank)

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The Central Bank of Nigeria in conjunction with the Nigeria Deposit Insurance Corporation (NDIC) has injected N786bn into the Polaris Bank, (The defunct Skye Bank).

Recall that following the withdrawal of the operating licence of Skye Bank Plc, the Central Bank of Nigeria (CBN), established Polaris Bank, a bridge bank to assume the  ownership of the assets, all deposit liabilities and some other liabilities of Skye Bank.

Godwin Emefiele, (middle), announcing the death of Skye Bank and birth of Polaris Bank in Lagos on Friday

CBN Governor, Mr. Godwin Emefiele, who disclosed this on Friday, said the strategy was for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.

“By this decision, the licence of the defunct Skye Bank is hereby revoked.

We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.

“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.

The CBN chief further noted that the existing Board, Management and Staff of the defunct Skye Bank has been retained for its good performance whilst the CBN also assures depositors and customers of the safety of their funds.

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Polaris Bank takes over Skye Bank, CBN assures depositors

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Following the withdrawal of the operating licence of Skye Bank Plc, the Central Bank of Nigeria (CBN), in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge bank known as Polaris Bank, to assume the assets and liabilities of the defunct bank.

CBN Governor, Mr. Godwin Emefiele, who disclosed this on Friday, said the strategy was for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.

“By this decision, the licence of the defunct Skye Bank is hereby revoked.

We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.

“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.

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Nigeria’s foreign debt hits $22bn

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The country’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively at the end of the second quarter of this year, according to figures released by the National Bureau of Statistics.

Figures from the NBS obtained by our correspondent on Thursday revealed that Lagos State had the largest share of the foreign and local debts among the 36 states of the federation and the Federal Capital Territory.

The NBS stated, “The Nigerian states and federal debt stock data as of 30th of June, 2018 reflected that the country’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively. Further disaggregation of Nigeria’s foreign debt showed that $10.88bn of the debt was multilateral; $274.98m was bilateral (AFD) and another $2.12bn bilateral from the Exim Bank of China, JICA, India and KFW, while $8.80bn was commercial.

“Lagos State has the highest foreign debt profile among the 36 states and the FCT, accounting for 34.17 per cent, while Edo (6.57 per cent), Kaduna (5.48 per cent), Cross River (4.56 per cent) and Bauchi (3.18 per cent), followed closely.

“Similarly, the total domestic debt was N3.48tn, with Lagos State accounting for 14.88 per cent of the total domestic debt stock, while Anambra State has the least debt in this category with a contribution of 0.08 per cent to the total domestic debt stock.”

On the domestic debt stock of the states and the FCT, the NBS data revealed that Lagos owed N517.367bn; Delta, N222.680bn; Akwa Ibom, N179.714bn; while Kaduna had N75.606bn.

The statistics also revealed that Abia owed N57.467bn; Adamawa, N67.460bn; Anambra, N2.612bn; Bauchi, N78.076bn; and Bayelsa, N123.031bn.

The NBS statistics further revealed that the Federal Government’s domestic debt stock totalled N12.151tn during the period under review.

A breakdown of the figure showed that FGN Bonds amounted to N8.927tn or 73.47 per cent; Nigerian Treasury Bills totalled N2.953tn or 24.31 per cent; Nigerian Treasury Bonds, N150.988bn or 1.24 per cent; while the FGN Savings Bond was N8.521bn or 0.07 per cent.

Others are FGN Sukuk of N100bn or 0.82 per cent and FGN Green Bond of N10.690bn or 0.09 per cent.

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