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SEC Has Final Say On Majority Shareholder OF First Bank – CBN



BREAKING: How Nigerians Keeping N2.7 Trillion At Home, Others Caused Naira Redesign - Emefiele

The Central Bank of Nigeria (CBN) has said that it will be guided by the decision of the Securities and Exchange Commission (SEC) on the ownership structure of FBN Holdings Plc, the parent company of First Bank Plc.

The company’s majority stake recently became a subject of controversy among investors, following the announcement of a significant share acquisition by billionaire business mogul, Femi Otedola.

Commenting for the first time on the controversy, the Governor of the CBN, Mr Godwin Emefiele, while fielding questions at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said that SEC, as the capital market regulator has the final decision on the ownership structure.

He said: “We have cleaned up the Balance Sheet of the bank. The NPL has dropped. People are now competing for the shares of First Bank.

“Should I quarrel that people are now competing for the shares of First Bank which, six years ago was N2.00 and they were running away from it? The last time I looked at it, last weekend, it was N 11. 55.

READ ALSO: How Bureaux De Change Finance Terrorism – CBN

“I am happy that they are competing for the shares. But of course, we should all know that First Bank is so big that no one person can say he owns First Bank.

“I have read the SEC clarifying the shareholding percentages and differences and indeed they are the people that are supposed to look at it.

“Our examiners were also opportuned to look at it. I think we should take the SEC ‘s position because the SEC is the regulator of the capital market.

“We will take their position and they will give guidance on this subject.

“And of course as it affects the operation and the running of the bank we will ensure that the right things are done.”

On developments in the domestic economy, Mr Emefiele said that the MPC noted the continued improvement in the Manufacturing Managers Index.

“This improvement indicated the gradual recovery of output growth driven largely by increase in new orders associated with rising aggregate demands and off-swing in business activities,” he said.

Emefiele noted that there were no major challenges of flooding this year and that as such he was optimistic of a bumper harvest.

A good harvest, he said, would further drive down the rate of inflation, given that the food basket has been a major driver of inflationary trends.

On forbearance, the CBN boss said that the institution expected all those who took bank loans should be able to start repayment next year, when the forbearance earlier announced would end.

READ ALSO: First Bank Makes U-turn, Says Otedola Is Majority Shareholder

He said: “At this time, we believe that global economy has opened up, lockdown has been lifted and of course, we know the casualties, the economic damage and the fatalities that were caused as a result of the lockdown, and I am so sure that not too many countries, if at all, will embark on a wholesome lockdown any longer, particularly because most countries are all administering vaccination that they think should assist in reducing the impact of the spreading of the virus.

“So, we believe in Nigeria, businesses are back or companies are back to business, revenue has been improved and if revenue improves , then you expect naturally that companies that took loans should be able to pay back their loans.

“So as a result, we do not see a likelihood of increase in NPL. Indeed, we have worked so hard to bring the NPL down from as high as about 9% to 10% about two years ago to the level it is today, which is about 5.3%.

“And we are gratified that we are aggressively working NPL down to the maximum threshold that has been set by the CBN.”

The CBN had, at the outbreak of the COVID-19 pandemic, last year, announced a one-year moratorium for loans that people, companies and businesses had taken from banks.

It was later extended by another one year, early this year. Emefiele announced the decision of the MPC to retain the Monetary Policy Rate (MPR) at 11. 5 per cent and the asymmetric corridor of +100/-700 basis points around the MPR.

READ ALSO: Otedola Not Our Majority Shareholder – FBN

He added that the Cash Reserve Ratio, CRR, at 27.5 per cent and the 30% Liquidity Ratio were equally maintained.


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BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1



BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500



Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate
President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.

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BREAKING: FCMB Founder Olasubomi Balogun Dies



Olasubomi Balogun

Theo Founderf First City Monument Bank (FCMB), Otunba Michael Olasubomi Balogun, is dead.

According to reports, family sources revealed that Balogun died in London Friday morning at the age of 89.

He was Otunba Tunwase of Ijebuland before his death.

As a ranking Ijebu Chief, his death will, however, only be officially announced in line with tradition.



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