News
CBN Governor allays fears over MPC meeting
…Says Economy remains strong
By Joseph INOKOTONG
The Central Bank of Nigeria (CBN), would continue to maintain the key monetary variables as decided in the last Monetary Policy Committee (MPC) meeting of November 2017, which held Monetary Policy Rate (MPR) at 14 percent, CRR at 22.5 percent, Liquidity Ratio at 30 percent and the Asymmetric corridor at +200 and -500 basis points around the MPR.
This is as a result of the inability of the Bank to hold the MPC meeting earlier scheduled for Monday, January 22 and Tuesday, January 23, 2018 due to the non-confirmation of the MPC nominees by the Nigerian Senate.
However, the CBN Governor, Mr. Godwin Emefiele, has allayed the fears of Nigerians and the international community over the inability of the Bank to hold the MPC meeting as earlier scheduled.
A statement personally signed by Mr. Emefiele and issued to the media explained that the MPC meeting would not be holding in January 2018 as a result of the Bank’s inability to form a quorum as stipulated in the CBN Act 2007.
In spite of the statutory meeting not holding in January, the CBN Governor noted that key economic indicators continued to move in the right direction.
Mr. Emefiele assured that a revised schedule of the Meetings for the MPC would be communicated as soon as the Bank meets the statutory requirements of membership and quorum for the MPC.
He cited the recovery in oil prices and boost in domestic production, Nigeria’s exit from recession in 2017, decline in inflation rate to 15.37 percent, and accretion to the country’s Foreign Exchange Reserves, which now stands at $40.78 billion, as positive indicators, stressing that these underscored the fact that the Nigerian economy remained strong.
Furthermore, he noted that strong investor confidence in Nigeria had attracted inflows of about $13 billion through the Investors’ and Exporters’ (I&E) window, opened by the CBN in 2017.
According to him, these inflows have boosted FX supply and helped to stabilize the exchange rate.
“We have also seen Market Capitalization of our Stock Exchange improve by 22.3 per cent from N13.21 trillion on November 30, 2017 to N16.15 trillion as at 19 January 2018, while the All-Share Index (ASI) rose by 18.8 percent from 37,944.60 to 45,092.83 over the same period,” he added.
He also assured that the Management of the CBN would continue to sustain the gains recorded in the economy as well as its vigilance and proactivity to ensure overall macro-economic stability throughout 2018.
It will be recalled that the President, Muhammadu Buhari, last October nominated Mrs. Aisha Ahmad as Deputy Governor of the Central Bank of Nigeria.
He also sought the confirmation of Adeola Festus Adenikinju, Aliyu Rafindadi Sanusi, Robert Chikwendu Asogwa, and Asheikh Maidugu as members of the CBN’s Monetary Policy Committee.
However, none of the nominees has been confirmed by the Senate, thereby preventing the committee from forming a quorum.
The Second Schedule of the CBN Act (Section 12(5) and 54, stipulates that the MPC shall meet at least four times in a year and that the quorum shall be six members, two of whom shall be the Governor and a Deputy Governor or two Deputy Governors.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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