The level of corruption and fraud in Nigeria has reached a super-alarming-proportion. It would soon become a standard for measuring the level of fraud in the world, I would not be surprised to see it approved and published in subsequent metric tables. This is owing to the recent attacks on Nigeria by Sony Corporation, which portrayed Nigeria firstly, as a fraudulent nation,
NIGERIA@49: Tracing the economic Interventions
Every October 1st Nigeria marks its anniversary of its independence. It would therefore be 49 years of liberty from its colonial master that had chained and persecuted our forefathers in the name of liberation. Initially, Nigeria was predominantly agricultural oriented economy, endowed in abundance with Tin and coal as major mineral resources; while sawmill and cotton served as the major
Debtors Should Pay…But CBN is unfair- Jimoh Ibrahim, NICON Groups Boss
He is just 43 years old but his businesses cut across different sectors of the Nigeria’s economy. He is a lawyer, publisher, national award winner, oil magnet, hotelier and owns the major insurance company in the West Africa in addition to other investments in financial institutions and estates at home and abroad. He is Barrister Jimoh Ibrahim, the Chief Executive officer of Global Fleet group of Companies. After the recent directive of Central Bank of Nigeria (CBN) to major debtors in the Nigerian banks
CBN to submit 14 banks audit for review in two weeks
THE Central Bank of Nigeria (CBN), on Monday, said it would submit for final review, audit results of the remaining 14 banks in two weeks, even as it stated that they appeared to be in better health than those already examined.
The apex bank said it injected $2.6 billion (N420 billion) into five banks in August 14, after finding out that were so weakly capitalised and that they posed a systemic risk to the economy.
The earlier move by the CBN sent shockwaves through corporate Nigeria, and triggered a sell-off of banking stocks just as investors were worried whether more liquidity problems would be exposed as the audit continued on the other financial houses.
The report said CBN examiners had completed their audit of 11 more banks and made significant progress on the remaining three institutions – Citibank, Stanbic IBTC and Standard Chartered.
“The CBN confirms that the completed reports are due to be presented to and deliberated upon by the committee of governors of CBN and the executive committee of the Nigeria Deposit Insurance Corporation (NDIC) in the next two weeks,” the report said.
The examiners’ report is expected to be made public after the final review by senior CBN officials, which include its governor, Mr. Lamido Sanusi.
A source close to the regulator, earlier this month, had said that examiners found some infractions in the 11 banks, but none on the scale of those at the five rescued banks.
“Based on the reports received so far, the clear indications are that the bulk of the problems have been effectively dealt with in the first round,” the CBN said.
The apex bank said it injected $2.6 billion (N420 billion) into five banks in August 14, after finding out that were so weakly capitalised and that they posed a systemic risk to the economy.
The earlier move by the CBN sent shockwaves through corporate Nigeria, and triggered a sell-off of banking stocks just as investors were worried whether more liquidity problems would be exposed as the audit continued on the other financial houses.
The report said CBN examiners had completed their audit of 11 more banks and made significant progress on the remaining three institutions – Citibank, Stanbic IBTC and Standard Chartered.
“The CBN confirms that the completed reports are due to be presented to and deliberated upon by the committee of governors of CBN and the executive committee of the Nigeria Deposit Insurance Corporation (NDIC) in the next two weeks,” the report said.
The examiners’ report is expected to be made public after the final review by senior CBN officials, which include its governor, Mr. Lamido Sanusi.
A source close to the regulator, earlier this month, had said that examiners found some infractions in the 11 banks, but none on the scale of those at the five rescued banks.
“Based on the reports received so far, the clear indications are that the bulk of the problems have been effectively dealt with in the first round,” the CBN said.
Oronsaye’s Civil Service reform: Another Option
IT is said that in every action, there is always an opposite reaction. This may be why the recent circular by the Head of Service of the Federation that Permanent Secretaries would serve for a renewable term of 4years and Directors would compulsorily retire after serving 8years, has elicited a lot of debate. The regional dimension of the debate was more often than the substance or desirability of the new Policy. Whatever it is, the new policy has open the long held believe that the Civil Service at all level of Government is in dire need of reform in all facets. From Tudoe Davis Commission of 1945 to Dotun Philips Panel of 1985, several efforts have been made to reform the Civil Service system but because of politics, sentiments and mediocrity, the recommendations of several committees were never implemented to the latter.
