Falling oil rig deployment threatens new fields development

•Development of new fields, employment threatened

Oil rigs, the major facility for the exploitation of crude oil both onshore and offshore, have been moved out of Nigeria’s operational territory with none deployed in the past three years, a BusinessDay investigation has shown.

Many of the joint venture companies, BusinessDay learnt, have not had rigs operating on any of their fields, some for as long as three years, an indication that exploration and exploitation of oil have stagnated or dropped over the period.

The uncertainty in the political and economic landscape of the country with the long drawn review of production sharing contracts, reform of the oil industry as well as what is seen as the absence of a discernible policy direction. The withdrawal of rigs has continued to take its toll on the upstream sector of the petroleum industry as lack of direction has forced some companies to relocate some of their assets to relatively more peaceful environments.

A major implication is the threat to employment of specialist manpower in the sector. More importantly, stakeholders are concerned that the withdrawal would have a profound effect on efforts to boost oil reserves, production and drilling development.

Some major companies operating in the country have relocated their rigs to other parts of the world where the rigs would be more useful, BusinessDay gathered. The oil majors have been experiencing a lull in their activities in the country due to their perception of Nigeria’s operational environment as inclement for further investments.

The only place where some of the companies have rigs is in the deepwater blocks. The major problems of the companies are funding and insecurity in their areas of operation. The Federal Government has not been forthcoming in paying its cash calls, stalling investment drives.

Speaking on the development, Femi Odumabo, general manager, government and public affairs for Chevron, said: “we have not had a rig for some time now due to funding constraints in the joint venture, but that the company has pulled out its rigs out of the country is not correct.”

Seye Fadahunsi, chief executive of EMR Energy Resources, said reduction in the number of rigs has the potential to reduce employment in the oil and gas sector. ”The potential for increasing oil reserves and production, or drilling development wells will be highly reduced under such situation”.

BusinessDay investigations also revealed that there have been fluctuations in rig counts in the country. For instance, the rigs available in the country in 2008 were 17 but the situation improved in 2009 with the total rig count hitting 23 in September of that year. The number, however, fell to 19 by October of the same year. Further analysis of the rig situation during the period showed that a total of 10 rigs operated on land while nine operated offshore.

Anxiety mounts in Katsina as Yar’Adua’s mother, others move to S/Arabia

The aged mother of ailing President Umaru Musa Yar’Adua has been moved to Saudi Arabia to be at his bedside further heightening anxiety in his Katsina home state that his health may not be getting better.

Other members of his extended family, including his younger sister, are also said to have joined his mother in Jeddah, a development that is causing anxiety in the rural state. A security operative attached to their family house situated in Yar‘Adua Quarters in Katsina, the state capital, confirmed this to BusinessDay at the weekend.

The operative disclosed that presently no member of the president’s extended family is in the state, as they have all traveled to Saudi-Arabia to be with him.

The operative who told our correspondent that all security operatives attached to the house are under instruction not to disclose any information on the whereabouts of the extended family to any visitor, also does not know when they will return to the state.

Another indication that seems to confirm the increasing anxiety over the president was the Friday stance of the governors of the 36 states of the federation at their meeting in Abuja. They had jointly called on National Assembly to pass a resolution that will authorize Vice President Jonathan Goodluck to start functioning as acting president of the country.

It would be recalled that Governor Bukola Saraki, chairman, Governors Forum, in a submission presented to the vice president, said the forum had resolved that the National Assembly should make a legislative pronouncement that will enable him start acting for the ailing president in all capacities.

President Umaru Yar’Adua has been out of the country since November 23, 2009, precipitating unending speculations on the true state of his health, and as to when he will be returning.

Some concerned residents of the state said the inability of the resident to return to the state on January 29, 2010, as was widely speculated, also points to the reality that his condition may have not improved. However, an elderly male member of the house, whom is said to be one of the personal security guards said the major concern of family members is for him to return healthy.

“Our prayer and that of other concerned people in the state, is for him to come back well. The issue before us now is not about the Presidency,” the man, who spoke in Hausa told BusinessDay.

Nura Bello, a petrol hawker on the major road leading to the family house, said the people of the state are very worried about the health of the president and his long absence.

Meanwhile, socio-economic activities in the state are going on normally as residents were seen attending to their businesses, amidst of a long queue of motorists waiting to buy fuel at the NNPC mega station.

The mega station is the only product marketing outlet selling the commodity to motorists in the state capital. Some large bill boards carrying the photographics of the president, Vice-President Goodluck Jonathan as well as the ones carrying his picture and that of the state governor, Ibrahim Shema, were seen displayed on some major roads leading to the family home.

LCCI urges FG to curb influx of prohibited items

The Lagos Chamber of Commerce and Industry (LCCI) on Monday urged the Federal Government to curb the influx of substandard and prohibited items into the country.

Obi’s victory seals Ojukwu, Ekwueme supremacy tussle

•Ojukwu factor may have swung voters

The Anambra governorship election held on Saturday was in many respects a test of supremacy between Emeka Odumegwu-Ojukwu, Ikemba Nnewi, and second republic Vice President Alex Ekwueme.

Political pundits are of the view that the victory of incumbent Governor Peter Obi may have brought to an end the silent battle for supremacy between both men who are illustrious sons of Anambra State.

It was Ekwueme who convinced Chukwuma Soludo, candidate of the People’s Democratic Party (PDP), to enter the race after he completed his tenure as governor of the Central Bank of Nigeria. He enlisted the support of other PDP chieftains like Tony Anenih to make Soludo’s candidacy sail through the party’s primary in the face of stiff opposition from within the party. At the time the party primary was halted, there were 47 aspirants. Ekwueme, generally seen as the founder of PDP, had remained quiet since he lost the party’s presidential ticket for the second time to ex-President Olusegun Obasanjo in 2007.

On his part, Ojukwu, founder of the All Progressives Grand Alliance (APGA), Obi’s platform, joined the governor’s campaign team when it became apparent that the threat of defeat was real.

The leadership tussle between erstwhile national chairman of the party, Chewas Okorie and the current chairman, Victor Umeh, factionalised APGA such that it was only a court decision that resolved the tussle.

Thus, when Obi flagged off his campaign, he did not have much advantage of an incumbent as the threat from the opposition parties was real. Ojukwu’s entry into the campaign is believed to have changed all that.

The Ikemba is a folk hero in Igboland because of his heroic exploits as leader of the defunct Biafra and in Anambra, his home state, he is well respected. He told the people that his last wish was for them to return Peter Obi as governor. In all the campaign rallies, he implored the people to vote Obi as a way of honouring his (Ojukwu’s) last wish. The magic worked, combined with Obi’s performance in infrastructure development in the state.

The rivalry between Ojukwu and Ekwueme dates back to 1982 when Ekwueme was vice president and Ojukwu returned from a 12-year exile in Ivory Coast. Though Ojukwu later declared for the then ruling National Party of Nigeria (NPN), the then vice president’s party, Ekwueme was not comfortable the development given the awesome popularity of Ojukwu on his return.

Ojukwu contested for Nnewi senatorial seat on the NPN platform and not a few people felt he would win easily but a relatively unknown Edwin Onwudiwe, a medical doctor, who was candidate of the defunct Nigerian People’s Party (NPP) defeated him.

For many political observers at the time, the election was rigged by those NPN members who were uncomfortable with Ojukwu’s stature in favour of the NPP candidate. The seed of rivalry between the two Igbo sons had been sown.

The rivalry of battle for supremacy between both men found expression in a number of ways. At various fora convened by the southeast political elite to chart a way forward for the zone, the rivalry between both men always derailed proceedings or truncated such efforts. But the governorship election of last weekend may have decided the supremacy tussle.

All set for BusinessDay’s banking conference on Thursday

All is now set for the long awaited BusinessDay’s conference on banking risk, corporate governance, and regulation this Thursday, February 11, 2010.

Featuring at the conference includes Sanusi Lamido Sanusi, the Central Bank of Nigeria (CBN) governor; Umaru Ibrahim, acting managing director, Nigeria Deposit Insurance Corporation (NDIC), and Remi Babalola, minister of state for finance.

Confirmed to attend the conference which holds at Federal Palace Hotel, Ahmadu Bello Way, Victoria Island, Lagos with the theme ‘Banking reforms in Nigeria: what next after CBN’s intervention”, include Svein Harald Oygard, former governor, Central Bank of Iceland, who presently is a director at Mckinsey and Company.

Also, other banking experts and financial analysts confirmed to grace the conference include Mario Blejer, former governor of the Central Bank of Argentina and former director, Centre for Central Banking Studies, London; Razia Khan, head of economic research and regional head of research, Africa at Standard Chartered Bank, UK; Tara O’Connor, managing director, Africa Risk Consulting, UK; and Dirk Cupei, director, deposit protection, German Banking Association, who is also vice-chairman, European Forum of Deposit Insurers.

The conference is coming at a time when the entire financial landscape in Nigeria changed significantly following the interventions by the Central Bank of Nigeria (CBN).

Following the global financial crisis, and in particular, its peculiar Nigerian type, the world’s attention has focused on the twin issue of risk and regulation in the financial system.

While governments around the world have been concerned and working to ensure that the effect of the global crisis is reduced, attention has been focused on finding solutions and ensuring that future occurrence is either eliminated or minimised.

FG urges religious leaders to educate members on climate change

Taking the climate change agenda to another frontier, the minister of environment, John Odey, has called on regional religious leaders to take a proactive role by helping educate members on the crucial task and responsibilities all must play to safeguard the environment.

Anambra election: NLC passes vote of no confidence on INEC

Leadership of Nigeria Labour Congress (NLC) has passed a vote of no confidence on the Independent National Electoral Commission (INEC) following alleged flaws during last Saturday’s gubernatorial election in Anambra State.

The congress, however, showered encomiums on Vice President Goodluck Jonathan for failing to join the league of ‘do-or-die’ members of the Peoples Democratic Party (PDP) by promptly congratulating Governor Peter Obi, the declared winner of the election, just as it called on the political elite to emulate his leadership virtue.

Abdulwaheed Omar, NLC president, who stated this in a statement issued in Abuja, expressed pessimism over the ability of INEC under the leadership of Maurice Iwu to conduct free and fair election on a national scale.

He said, “We must not, therefore, be carried away by the relative success recorded in the Anambra election because these noticeable flaws are fundamental to laying a strong foundation for the growth of democracy.

“Congress strongly believes that the Anambra election indicates that the current INEC leadership under Prof. Maurice Iwu is incapable of organising a proper free and fair election on a national scale. It is our belief that the relative success recorded in Anambra is because the election was an isolated one where over 45,000 personnel, which include INEC officials, security, election observers from civil society groups and international organisations.

“One wonders how INEC could cope with 36 states to conduct the elections of not only the president but governors, senators, House of Representatives members, etc all about the same time. INEC certainly needs to be repositioned with a competent and credible leadership before 2011 if we are to avert a worse disaster greater than what was experienced in 2007. This means that INEC under Prof. Iwu lacks the vision and the capacity to conduct a trouble-free election.”

‘US envoy’s visit to Nigeria a unique access to Obama’s ears’

•To improve relations with Nigeria

The visit to Nigeria of US Assistant Secretary of State, Johnnie Carson, provides Nigeria with perhaps a unique access to President Barack Obama’s ears, according to a former senior Nigerian diplomat who once served in Washington. The US embassy in Abuja has described the visit as follow up to the visit in August last year of Secretary of State, Hilary Clinton, and that Carson will meet with senior government officials and leaders of civil society on a broad array of issues of common interest.

Ahead of his departure for Nigeria, Carson said, “Our friendship and relationship with Nigeria has not changed. We thank Nigerians for their well wishes since the December 25 attempted attack, and as good bilateral partners we will work together against global threats such as this to the citizens of both our countries.”

Lagos State government officials confirmed to BusinessDay that Carson met on Saturday night with Governor Babatunde Fashola and this meeting appears to underscore the desire of the Obama administration to identify and support shinning examples of good governance in Nigeria.

Carson’s attention shifted to the oil industry on Sunday morning when he met with top executives of US oil companies operating in Nigeria. It has also emerged that Shell officials were also in attendance at the meeting, which was held in Lagos.

The former Nigerian diplomat, who spoke with BusinessDay on condition of anonymity, said he expects that Carson’s visit will help bring about an improvement in relations, which suffered in the aftermath of the listing of Nigeria as a country of interest following the December 25 incident.

“So much has been said in the local press about how Nigeria is no longer relevant to the US. I am not exactly sure if that is the official US position. Nigeria will continue to occupy a key place in US foreign policy. It is true that as a partner we have not lived up to expectation, but that is exactly why I think Carson has come, to reset the button and start the process of rebuilding the relations,” the former diplomat said.

It is unclear if the visit was timed to coincide with last weekend’s crucial election in Anambra State given that the embassy statement said Carson would also focus on efforts to improve governance and elections.

Carson comes with a good understanding of Nigeria having served in Lagos between 1969 and 1971 as a junior staff officer during a 37-year diplomatic career that has taken him to several key African countries and also served as staff director for the African subcommittee of the US House of Representatives.

Prior to being appointed assistant secretary of state, Carson was the national intelligence officer for Africa at the NIC following his service as senior vice president of the National Defence University in Washington.

Vandals compound fuel crisis, break NNPC pipeline

The Nigerian National Petroleum Corporation’s (NNPC) efforts to put an end to the excruciating fuel scarcity bedevilling the country suffered a setback on Sunday following the vandalisation of the pipeline at Abaji in Kogi State conveying crude oil to Kaduna refinery.

The vandalised pipeline was said to contain condensate which was pumped into it when Shell had problem of condensate at Utorogu Gas Power Plant. According to a source, attempt by the oil thieves to siphon the condensate threw spanners in the works of NNPC which has been working hard to meet the deadline given to it by Rilwanu Lukman, minister of petroleum resources.

The minister had given the corporation’s management up to Thursday, this week, to ensure that there is enough fuel in the country or be sacked.

According to a senior official of NNPC, if the corporation is able to fix the pipeline, crude would get to the refinery between today and tomorrow, saying that by the end of this week, the 60,000 barrels per day plant would have come on stream.

“Our major concern now is to ensure that Kaduna refinery gets crude oil and makes premium motor spirit (PMS), otherwise known as petrol, available”, the official said.

He said that efforts are being made to ensure that the refinery stores crude oil that it would use for production to effectively take care of its production needs in order to speedily solve the energy crisis in the country.

Meanwhile, the 125,000 barrels per day Warri refinery has started production and will soon begin to push out products.

Levi Ajuonuma, group general manager, public affairs, NNPC, told BusinessDay that the Warri Refinery and Petrochemical is now working at 60 percent installed capacity.

With the coming on stream of the refinery, a big relief is expected to come the way of Nigerians following the biting fuel scarcity.

Major oil marketing companies and oil importers have refused to import fuel on account of the debt owed them by the Federal Government.

Yar’Adua: Governors to meet National Assembly over Jonathan

•To harmonise position on power transfer to VP

The constitutional crisis resulting from the continued absence of ailing President Umaru Yar’Adua who is spending his 78th day today in far away Saudi Arabia may be resolved this week when governors of the 36 states present their resolution to the National Assembly and harmonise position on how to transfer power to Goodluck Jonathan as acting president.

The governors under the aegis of Governors’ Forum at the end of their meeting, last week, resolved to meet the National Assembly and prevail on the latter to pass a resolution to formally hand over power to Jonathan as acting president.

The governors, it was learnt, initially wanted to have audience with principal officers of the National Assembly and especially with Senate President David Mark as chairman of the National Assembly, but Mark was reported to have rejected the idea.

According to a reliable source, Mark objected to the governors meeting with only the principal officers on the excuse that he would not want the leadership especially of the Senate to be blackmailed if the governors restrict their meting with them.

Mark was said to have advised that the governors meet with the entire members and table their request and allow the federal lawmakers make their contributions before a final decision is taken. Asked if the new move of the governors would not be unconstitutional, a source said “what other alternative do you think is open? The expected letter from the ailing president is not forthcoming and will not come, so, the other option is impeachment and nobody is talking about that for now”.

The source disclosed that once the National Assembly agrees to pass a resolution transferring power to the vice president in acting capacity “every other thing will fall into place; with the service chiefs firmly behind the vice president as acting president, nobody needs to tell anybody that the vice president is acting president”.

The governors had already met with Jonathan, last week, and conveyed their resolution to have the National Assembly pass a resolution to have him assume office as acting president.

A formal motion is expected to be tabled on the floor of the Senate after the governors must have presented their demands to the National Assembly and this may be tomorrow during plenary and which may be preceded by a close-door session to agree on modalities for the motion.

Central Bank Of Nigeria Help Desk For Complaints On ATM Transactions

The Central Bank of Nigeria (CBN) has noted with serious concern the growing complaints by the customers and the general public on ATM transactions and the inability of banks to resolve them within a reasonable time frame. In order to sustain public confidence in the Nigerian Payment System, the CBN has directed that henceforth all complaints on card transactions should be treated and responded to within 72 hours of receipt of the complaints by banks. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks
The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks

The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters
In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters

In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

New Monetary Policy Committee (MPC) Members

Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade

This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

CBN Appoints Executive Directors for Three Banks

The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones.
Click here for more.
Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.
Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

Re: Publication Of Interest Rates
In line with the CBN policy to ensure that Transparency and Accountability are entrenched in the banking sector, banks are henceforth required to submit on weekly basis to the CBN their average deposit and lending rates in line with our previous circulars numbers BSD/DIR/GEN/CIR/02/019 dated January 29, 2009 and BSD/DIR/GEN/CIR/01/023 dated October 14, 2009.
Click here for more.

Press Statement On The CBN and Disengagement of Bank's Workers
The Central Bank of Nigeria has noted with dismay, several untrue reports in the media alleging that the Central Bank of Nigeria ordered the mass sack of Deposit Money Banks' staff and rationalization of their branches.
Click here for more.

Federal High Court Grants Mareva Injunction On Akingbola's Assets Worldwide - 31st Dec. 2009

A Federal High Court sitting in Lagos, on Thursday, December 31, 2009 has granted a freezing injunction and attachment worldwide on all assets of Dr. Erastus B. O. Akingbola, former Managing Director of Intercontinental Bank PLC, for total offences amounting to the tune of N346,185,841,243.75 and GBP Sterling 1,085,515.00.Click here for more.

Press Release On Third Quarter (Q3) Results Released By Deposit Money Banks - 11th Dec. 2009

In line with the Central Bank of Nigeria's new disclosure standards which are central to the Bank's ongoing banking sector reforms, all deposit money banks (DMBs) in Nigeria have announced financial results for the third quarter 2009 in line with clearly defined and transparent reporting requirements.
Click here for more.

Press Statement On Update on Banking Reforms 13th November, 2009

In furtherance of the banking reforms exercise aimed at ensuring the stability and soundness of Nigeria's banking industry, the Central Bank of Nigeria, (CBN), has appointed advisers that will work with the ten deposit money banks - Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc Equatorial Trust Bank Limited and Spring Bank Plc - whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.
Click here for more.

Press Statement On Deregulation 4th November, 2009
The Central Bank of Nigeria (CBN) has noted reports in some sections of the press alleging in screaming headlines that the CBN is against the Federal Government's policy of deregulation of the downstream sector of the petroleum industry. These press reports arose from the Monetary Policy Committee, MPC briefing by the CBN Governor on Tuesday, 3 November 2009.Click here for details

Press Statement On Equatorial Trust Bank Limited 4th November, 2009
Following the Special Examination of all banks operating in the country, and the subsequent actions by the CBN, the shareholders of Equitorial Trust Bank Limited requested the permission of the Central Bank of Nigeria to be allowed to rectify lapses identified in the bank. In pursuance to that, the shareholders executed a Deed of Covenant, the specific terms and conditions of which included the following:Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009
The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009

The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank Of Nigeria Invitation For The Submission Of Quotations For The Supply Of Cybex Gym Equipment
The Central Bank of Nigeria requires the supply of Cybex Gym Equipment to the Bank under the Year 2009 Budget. Consequently, the Bank wishes to invite ONLY ACCREDITED MANUFACTURERS REPRESENTATIVES of Cybex Gym Equipment to submit quotations for the supply Click here for details

Central Bank Of Nigeria Invitation For The Pre-qualification Of Contractors For The Execution Of Capital Development Projects Under 2009 Budget
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the Refurbishment of the Burnt CBN Kano old Branch Building/Development of a Learning Centre (Ref No CBN/CDP2009/03). Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the Project.Click here for details

Press Statement 23rd October, 2009
The Central Bank of Nigeria (CBN) has noted a story on the back cover of the Guardian Newspaper of Thursday, 22nd October 2009 alleging that the CBN has directed commercial banks "to place a lid on the loans they offer airlines in the country, which has put the airlines on the edge as they are finding it difficult to source funds to run their operations"Click here for details

Revised Microfinance Banks' Returns Template
For the benefits of all microfinance banks that attended the Workshop on Returns Rendition recently organized across three locations in the Country and those that could not attend, a revised template is now available Click here for details


Job Opportunities At The International Monetary Fund (IMF)
The International Monetary Fund (IMF) is planning a Recruitment Mission to Nigeria on
November 10, 2009. The Mission will identify suitable candidates for mid-carrier
economist pipeline in the Economist Program for recent PhD graduates and other
specialist positions. The Federal Ministry of Finance and the Central Bank of Nigeria are
coordinating the recruitment exercise on behalf of the IMF.Click here for details

Public Statement 17th Oct. 2009
The Central Bank of Nigeria (CBN) has noted the front page story of the Champion Newspaper of Friday 16th, October 2009 with the above caption alleging that the CBN Governor, Sanusi Lamido Sanusi had told the Senate that his life was in danger. The paper also attributed to the Governor "how a business associate of one of the sacked bank Managing Directors gave out loans in two separate payments to two of his friends, (and that) the bank chief had given out the loans to a friend who said he would refund it in less than one week".
Click here for details


Public Statement 16th Oct. 2009
Further to the recent regulatory action taken by the Central Bank of Nigeria (CBN) in respect of Bank PHB Plc, Spring Bank Plc, Unity Bank Plc, Wema Bank Plc and Equitorial Trust Bank Ltd, the CBN wishes to make these clarifications:Click here for details

Press Statement on the Outcome of Special Examination of 14 Banks

In furtherance of the Central Bank of Nigeria's statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks- and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
Click here for more details

Questions and Answers on The Examination of 14 Banks

FAQ on the recent CBN intervention involving 5 banks

Invitation to a Town Hall Meeting in London

The Central Bank of Nigeria is pleased to invite stakeholders to a presentation by the Governor of the Central Bank of Nigeria at Andaz hotel London, on Friday, 28 August, 2009. The presentation will address recent developments in the macroeconomic environment and banking sector in Nigeria.
Click here for more details.

Press Release - 19th August, 2009
The Central bank of Nigeria has noted claims by some individuals on the published list of debtors/defaulters that the figures posted against them are not correct and threatened to go to court. The bank has also noted some typographical errors regarding the titles of some government officials and some companies and wish to comment as follows:
Click here for more details.

CBN Advertorial On Bank Debtors - 18th August, 2009
Following the recent regulatory action of the Central Bank of Nigeria on the five (5) banks, it has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment.
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Public Statement-18th August, 2009
Following the recent regulatory action taken by the Central Bank of Nigeria in respect of Afribank, Finbank, Intercontinental, Oceanic and Union banks, it has become necessary to make the following clarifications:
Click here for details

Toyota in global recall of Prius

Toyota recalls thousands of Prius cars in Japan because of braking problems, in the latest blow to the world's largest carmaker.

Swiss bank UBS returns to profit

Swiss bank UBS reports its first quarterly profit for a year, helped by lower costs and a large tax credit

Ex-Merrill boss takes over at CIT

The former chief executive of Merrill Lynch, John Thain, was at the heart of the bonus row - now he has a new job as boss of US lender CIT.

Indian economy 'to grow by 7.2%'

India's economic growth forecast raises the chance that state support could be withdrawn.

SAP chief Leo Apotheker resigns

The chief executive of SAP unexpectedly resigns after his contract is not renewed, the company says.

Tullow close to Ugandan oil deal

Heritage Oil says the sale of its assets in Uganda to the UK's Tullow Oil will be approved "imminently".

Japanese brewers call off merger

Japanese brewing and food groups Kirin and Suntory call off merger talks having failed to agree terms.

Nokia dismisses US legal action

Nokia says it will defend itself "vigorously" against a class action filed in New York alleging the firm misled investors.

Ex-IMF economist warns on UK debt

Britain should be seen in the same category of highly indebted countries such as Greece, a leading economist says.

Finance minister falls foul of 'welcome' igloo

A Canadian minister was lucky not to get a frosty reception after wrecking an igloo built by Inuit to welcome officials to G7 talks.

Debt fears drag Dow below 10,000

The Dow closed below 10,000 Monday for the first time in three months, with financial shares leading the way, as worries about the U.S. economy and European debt weighed on investor sentiment.

After the gold rush

It hasn't been a good year for the black and gold.

Treasurys mixed ahead of auctions

Treasurys were mixed Monday as investors prepare for a weekly offering of U.S. debt, worth $81 billion, amid ongoing concerns about struggling European economies.

Dollar slips against the euro

The dollar weakened against the euro Monday, but held firm against other major currencies, as concerns about Greece's fiscal health eased slightly.

Oil rebounds on weaker dollar

Oil prices rose toward $72 a barrel Monday on a weaker dollar, recovering from last week's losses.

Markets: Shaky after the slump

Wall Street avoided a bigger walloping late last week, with sellers finally calling it quits after a nearly 10% plunge in less than three weeks. But the week ahead could be pivotal as investors either jump back in - or retreat even further.

Stocks claw out a gain after late rally

Stocks erased big losses by the close Friday, with technology shares leading the advance, following a three-session rout that had taken the market to its lowest point since last fall.

Market panic returns -- sort of

Investors are starting to get nervous again. And who could blame them?

Treasurys gain on global economic jitters

Treasurys rose Friday as concerns about struggling European economies overshadowed a mixed U.S. jobs report and boosted demand for safe-haven assets.

Dollar strengthens after jobs report

The dollar rose against its main trading partners Friday amid ongoing concerns about sovereign debt problems in Europe and a mixed report on the U.S. job market.

IMM Currency Specs Added to Long USD Postions on Sovergn Debt Concerns

CFTC data released Friday February 5th showed currency speculators increased long positions on the US dollar from $3.11 Billion to $5.84 billion in the week ending February 2nd, according to Reuters News. Significant changes in last Friday's report include a decrease in long positions and an increase in short positions in European currencies including the Euro, Swiss Franc and Pound Sterling, resulting in net short positions in all of those three currencies. Net long positions decreased

Majors started a correctional move

The euro and the pound took a correctional move to the upside in today's Asian session, after sharp declines we witnessed during last week. Yesterday the market was fluctuating especially with the absence of fundamentals from major economies, but today we are having the German CPI and the British trade balance on queue that will affect the market. The USDIX that tracks the dollar's strength against a basket of major currencies fell in the Asian session to record a low of 80.10 and a high of

The bond market faced a sharp sell-off

Czech Republic CNB on hold as expected, as it adaopts a wait-and-see stance Hungary The bond market faced a sharp sell-off Poland The zloty only slightly affected by negative contagion The Week Ahead Czech GDP should record growth for the third quarter in row Overview Is Central Europe Set for a Negative Correction? Finally, Central Europe after all felt the negative impact of the increases in the risk premiums on government debts in the euro area. Even so, the depreciation – of both

Last week the greenback extended its gains from the prior week to emerge

USD – Last week the greenback extended its gains from the prior week to emerge as the clear favorite of the world’s major traded currencies. Bolstered by the combination of souring global risk sentiment and ameliorating economic fundamentals, the USD was poised to reach its highest level against the EUR and GBP since May of last year. Concerns stemming from sovereign credit risk in the Eurozone, and even concern over the US’s own mounting budget deficits (topping over $1.2 trillion), sparked a

Japan's current account narrowed slightly in December

News and views In a fairly uneventful evening, most markets consolidated recent gains and losses. US equities are largely unchanged, the S&P500 up 0.1%, although the banks’ sub-index is down 1.3%. US Treasury Secretary Geithner said in an interview the US is in no danger of losing its AAA sovereign credit rating, but equity investors remain concerned about southern European sovereign risks. The world’s largest bond fund, PIMCO, said as much at a press conference yesterday, commenting on

Crude's Gain Capped as Dow Closed below 10000

Energy prices rose Monday but pared gains in NY session as stock markets declined and DJIX closed below 10000 for the first time in 3 months. Moreover, worries about Greece's issue and oil inventory increase exerted further pressure on prices. WTI crude oil added +1% to settle at 71.89. The contract's intra-day high was at 72.39. Dow Jones Industrial Average plunged -1.04% to close at 9908 yesterday. It was the first close below 10000 since November 2009 as banking stocks tumbled amid concerns

Daily Video Recap: Quiet Start to the Week

U.S. Forex Market Commentary

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3710 level and was supported around the $1.3620 level.  Dealers lifted the common currency during the North American session but the pair remains on a downward trajectory, having traded on Friday at its lowest level since May 2009.  PIMCO’s El-Erian today reported the global bond giant prefers German government bonds over U.S. Treasuries.  This statement highlights the

Asia: Weekly Observatory

Economic and Financial Market Highlights With spare capacity, inflation remains in check across the region, although higher food prices and base effects are causing year-on-year CPIs to rise in some cases. Central banks will be watching these trends carefully in the coming months. Australia’s central bank surprised markets this week by pausing on interest rate hikes after retail sales and new building construction data showed that domestic demand weakened as a result of the three previous rate

Fourth week in a row with downward corrections in commodity prices

A stronger US dollar, the negative tone in financial markets as well as the lack of evidence of a solid recovery in physical demand have all contributed to another week – the fourth in a row - of downward correction in commodity prices. Oil, copper and most grains prices have lost more than 10% in the last month while the prices of some metals, such as lead and zinc, have dropped more than 20%. Energy The US refinery utilization rate dropped to 77.7%, a new record low (except for the