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NUC Urges Universities to Key into Remita

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Abubakar Rasheed, Executive Secretary of the National Universities Commission (NUC), advised Directors of Academic of Planning of Nigerian Universities to key into the Treasury Single Account, (TSA), or CBN Remita account to avoid getting involved in ‘embarrassing financial transactions.’

He stated this during a meeting with directors of academic planning of Nigerian universities in Abuja on Thursday.

The Remita is an e-Payments and e-Collections system used by many establishments while the TSA was introduced by the government to ensure effective monitoring of government revenue.

He noted that the Nigerian educational system is ‘losing a lot’ of foreign grants, incentives and scholarships due to lack of credible data.

He said the country ought to have advanced to a position where data on any subject matter that concerns its educational sector could be readily accessed, rather than statisticians brandishing data which are inconsistent with realities on the ground.

He said foreign grants are usually offered to nations with a solid database of realities in their educational sector.

“As the Executive Secretary of NUC, what if I don’t know the number of students in Nigerian universities and I don’t want to approximate. I should be able to know the number of students in Nigerian private and public universities. Most times, these figures are just concocted by people who really do not know,’’ he said.

According to him, until there was accurate and reliable data, the educational system in Nigeria cannot be taken seriously at both local and international communities.

He said the commission had resolved to resume the publication of accurate statistics for all the universities under its purview.

“There are many international agencies that may want to intervene in our tertiary education sector. But when the data is not there, they will move to the next African country. I found it embarrassing that Nigerian university system has been operating without planning as they lack database,’’ he said.

The commission also declared its intention to review all academic programmes run in Nigerian universities with a view to weeding out courses not necessary or relevant to developmental needs.

Mr.‎ Rasheed said the universities regulatory agency would not oppose new programmes that would challenge the status-quo, noting that institutions were at liberty to bring up new course concepts.

Yahaya Yusuph, Chairman, Committee of Directors of Academic of Planning of Nigerian Universities, in his remarks assured NUC that the collation of data would start as soon as possible.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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