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New CBN deputy govs, MPC members assume office

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The new Deputy Governors of the Central Bank of Nigeria (CBN), Mrs Aisha Ahmad, and Mr Edward Adamu have formally assumed office.

Their resumption is following the confirmation of their appointments on March 22 by the Senate.

According to a statement signed by the bank’s acting Director, Corporate Communications, Mr Isaac Okoroafor on Wednesday in Abuja, Prof Adeola Adenikinju, Dr Robert Asogwa and Dr Aliyu Sanusi also commenced their tenure as Members of the Monetary Policy Committee (MPC).

Okoroafor said CBN Governor, Mr Godwin Emefiele congratulated them on their respective appointments and subsequent confirmation by the Senate.

Emefiele expressed gladness that the bank now had a full complement of Deputy Governors to enable it operate optimally as well as the required quorum to enable the MPC hold its statutory meetings for formulating monetary and credit policy.

He, therefore, charged the Deputy Governors and MPC members to bring their experience to bear in the discharge of their new responsibilities, stressing that much was expected of them.

According to Okoroafor, the two Deputy Governors and the three new MPC members later took their Oaths of Office, administered by the acting Director, Corporate Secretariat at the CBN, Mrs Alice Karau.

Thereafter, the Director, Monetary Policy Department, Mr Moses Tule, read out the Charter of the MPC to new members and then they retired into their first MPC retreat.

The retreat is in preparation for the first MPC meeting for 2018 scheduled to hold on Tuesday, April 3 and Wednesday, April 4.

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John Abayomi denies ownership of Instablog9ja, threatens to sue Linda Ikeji

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John Abayomi, Online Editor for Punch newspapers, has threatened a lawsuit against the publisher of Linda Ikeji blog, Linda Ikeji, for publishing false and malicious story about him.Abayomi through his lawyer, Falana and Falana’s Chambers claimed that the publication with the headline, ‘LIB Exclusive: Meet the owner of Instablog9ja-John Abayomi’ has put his life and that of his family in danger.

In the letter delivered to the blogger on Friday, Ikeji was asked to tender an unreserved apology within forty-eight hours or risk legal action.

Linda in the said publication had claimed that ‘the owner of instablog9ja is John Abayomi, a former online editor of Vanguard news and current online editor of Punch’.

However, Falana said the statement is untrue and unfounded, but only calculated to lower Abayomi’s esteem and damage his reputation and professional career.

“Your publication has put him in the harm’s way, thereby endangering his life and the lives of his family members. It has also attracted a lot of negative reactions from members of the public including celebrities who has been eager to know the face behind the blunt and sarcastic blog because of the method of reportage”.

“Your mendacious publication was clearly actuated by malice in that it was deliberately done to portray our client as an imposter, a fraudster and a blackmailer”

“In the light of the foregoing, we have our client’s firm instructions to demand an unqualified apology together with a retraction of the libelous publication in the edition of your blog (Linda Ikeji blog) in addition to having the retraction published on Instagram.

“However, if you fail or refuse to accede to our client’s demands within 48 hours of the receipt of this letter, we shall have no option than to initiate civil proceedings against you at the Lagos State High Court without further recourse to you,” reads the letter which was signed by Chukwuma Onwuemene (ESQ.).

A reliable source has also rubbished reports that Abayomi was summoned to a meeting by his employers, Punch Newspapers, over Linda Ikeji’s publication.

“It is totally untrue. There was no such meeting. John is a top-notch professional and everybody close to him, including his employers, are aware that Linda Ikeji’s publication was completely untrue,” the source said.

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Diamond Bank wins Women’s Market Champions Awards

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Nigeria’s leading retail bank, Diamond Bank Plc has been awarded the prestigious Women’s Market Champion honours by the Global Banking Alliance for Women. This year’s Women’s Market Champions reflect the global nature of the Global Banking Alliance for Women’s work hailing from diverse markets and regions.

According to Vanessa Van Landingha, Manager, Branding and Communications Strategy, Global Banking Alliance for Women (GBA), Diamond Bank was selected as one of the 2018 awardees for its outstanding impact on Women development and providing them with holistic solutions that meet their needs.

“The awarded institutions are true champions of women, working to unleash the economic potential of the female economy,” GBA Chief Executive Inez Murray said. “Their engagement with the GBA network is essential to the work we are doing to economically empower women worldwide and contributes to the Women’s Market success of the entire membership.” Landingha said.

Commenting on the award, Karimot Tukur, Head Consumer Banking said; “This award lends credence to the work that Diamond Bank has been doing over the years to advance the cause of women especially in the SME and Financial Inclusion space. Our Diamond Woman proposition is designed specifically for women, by women and dedicated to the economic empowerment of women.”

Diamond Bank Plc is one of Nigeria’s leading commercial bank providing enhanced customer experience through innovation and technology. Regarded as a supporter of Small and Medium-Scale Enterprises through SME lending, capacity building, business seminars and workshops.

Recently, the Bank recorded a landmark funds disbursement of over N1 billion to small business owners under the cash flow-based SME lending scheme in partnership with the Women’s World Banking (WWB), and this has earned the leading financial institution ranked among the top five SME-focused banks in Nigeria in the 2018 KPMG Customer Service Survey.

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FCMB partners WSBI to boost financial inclusion, savings in Nigeria

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First City Monument Bank (FCMB) is set to substantially increase its support to agribusiness, its value chain and growth of the Nigerian economy after signing a Memorandum of Understanding with the World Savings and Retail Banking Institute (WSBI). The memorandum outlines a framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors. As part of the terms of the partnership, in addition to the stated areas of support, WSBI will provide technical oversight supervision on a regular basis to ensure the achievement of mutually agreed goals set by both institutions.

According to the memorandum, the project involves FCMB rolling out an integrated savings account – named ‘Kampe Account’ – to offer financial services under phase one of its plan to 150,000 unbanked and under-banked farmers across five states through agricultural agents operating under the bank’s agency banking proposition. The first set of states to benefit in this first phase are Kaduna, Kano, Nasarawa, Ogun and Oyo. The plan is to reach 2 million farmers across the entire nation by year 2023.

In addition to the financial support to farmers, FCMB plans to deploy its state-of-the art technology and mobile banking solutions to drive the project mainly in the rural and sub-urban farm settlements where most farmers are based. The bank will also organize capacity-building programmes for farmers aimed at facilitating their understanding of the sector and promote innovative ideas that would make the sector attractive, ultimately facilitating job creation that would in turn, impact on productivity and income.

Commenting on the grant from WSBI and the initiative, FCMB’s Managing Director and Chief Executive, Mr. Adam Nuru noted the development will revolutionize agribusiness – one of the various empowerment strategies adopted by the bank that is appreciated by stakeholders within and outside Nigeria.

Adam Nuru said: “Partnering with WSBI and harnessing the business model we have developed to drive it, under our Kampe Account, is built on a sustainable approach which ensures farmers can gain better access to finance and other resources needed to help them build successful businesses.”

Nigerian smallholder farmers have been at a disadvantage due to several factors including land fragmentation, inadequate farming equipment, broken value chains, poor access to finance and inadequate cash flow. Over the years, they have suffered from lack of essential services such as access to good markets to create low economies of scale, challenges in the promotion of agricultural productivity, hurdles in their bid to achieve increase in food security to improve rural livelihoods for engendering systematic growth out of poverty. FCMB and WSBI are optimistic that these challenges will be addressed.

Mr. Nuru added: “Farmers who benefit from this effort can and should make the best use of the opportunity. FCMB will continue to partner with WSBI to create opportunities that would ensure the realization of the personal and business needs of customers.”

WSBI Managing Director Chris De Noose concluded: “The Kampe Savings Project is yet another example of the innovative ways rural communities can flourish through mobile savings and beyond. Expanding banking access and agricultural services through the provision of mobile services to the farming community, which increasingly includes more women, can help knock out any doubt about the payoff that farming can bring.”

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MTN To Offer Nigerians Mobile Banking Services In 2019

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MTN Group will apply for a mobile banking license in Nigeria and launch a service there next year, its CEO said on Tuesday, further embedding the South African telecoms company in its biggest but increasingly problematic market.

“We will be applying for a payment service banking license in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019,” Rob Shuter told a telecoms conference in Cape Town.

MTN, Africa’s biggest telecoms company, has faced challenges in Nigeria where it has been ordered by the central bank to return $8.1 billion which the bank said was illegally sent abroad, and in a separate case has been slapped with a $2 billion tax bill in Nigeria. It is in talks with the central bank about the $8 billion fund transfer.

The success of mobile money over in East Africa, pioneered by Kenya’s Safaricom, has convinced investors and the industry that financial services is the next growth area for telecoms to offset falling prices for basic services.

Shuter, who has led MTN since last year, also said the company would relaunch mobile money services in South Africa, two years after canning the service. The company has also bought a music streaming business Simfy, which Shuter said was “Africa’s leading music streaming business.”

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