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E-Financial

CBN Forex Policies May Harm Economic Growth in 2022 — CPPE

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Godwin Emefiele, governor of the Central Bank of Nigeria
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Centre for the Promotion of Private Enterprise (CPPE), an economic think tank, has said the “monetary and foreign exchange policy rigidities” of the Federal Government may disrupt the economic growth of the nation in 2022.

CBN Forex Policies May Harm Economic Growth in 2022 — CPPE

The Central Bank of Nigeria (CBN) is responsible for monetary and forex policy in the country.

The centre made this known in its ‘2022 Economic Outlook’ report, a copy of which was obtained by our correspondent on Thursday.

According to the organisation, there is no indication that the nation will shift from its current monetary and foreign exchange policy and this may hamper economic growth in 2022.

The centre said, “Monetary and foreign exchange policy rigidities may also pose a risk to the growth outlook as there are no indications of any significant shift in monetary and foreign exchange policy stance in the near term.

“Consequently, the distortions inherent in the foreign exchange market will persist in 2022. The constraining effect of the high Cash Reserve Requirement on financial intermediation would also persist in 2022 with a dampening effect on growth outlook.”

According to the private sector body, while the economic outlook for the Nigerian economy in 2022 is largely positive with Gross Domestic Product growth to remain at a fragile three per cent, the problem of insecurity will impact significantly on the economy.

It added that the agricultural sector in particular would be affected, as perception of Nigeria as an investment destination continues to diminish.

It said investors would have to grapple with barriers to international trade experienced in the nation in 2021.

The economic think tank said problems relating to the Lagos ports, the traffic gridlock, port congestion, bureaucratic documentation processes, extortions, and the prohibitive charges by terminal operators and shipping companies might continue in 2022.

The CPPE said, “There will be intense electioneering activities in 2022, preparatory to the 2023 elections. This will cause some serious distractions for political office holders at all levels as they struggle to retain power during the elections.

“This will adversely impact the economy and the investment environment as considerable attention and resources are committed to the electioneering activities in 2022. The aggressive drive for revenue by agencies of government will put enormous pressures on investors in 2022.

“Beyond the regular tax authorities, other agencies of government may become more aggressive in their revenue drive.  This will constitute an additional burden to investors in 2022.”

According to the organisation, the Federal Government is unlikely to fully remove petroleum subsidy in 2022 because of the 2023 elections.

As a result, It said the economy would have to bear the heavy fiscal burden of this policy, and the full implementation of the PIA as well as the reform of the downstream sector would be affected.

It, however, said the proposed Dangote Refinery might abate some fiscal pressure in 2022 if it comes online.

The CPPE said the government would continue to spend a lot of its revenues on debt servicing in 2022.

It said, “Debt service payment is typically a first line charge in budget releases. The ambitious budget size of N17.1tn and the unpredictable revenue outlook elevates the risk of higher fiscal deficit than projected.

“This has implications for macroeconomic outcomes of high fiscal deficits, a new round of monetisation of the deficit, pressures on the exchange rate and the general price level.”

According to the private sector body, the global price of oil will exceed the budget benchmark of $62 per barrel, offering fiscal headroom.

This, it said, would boost the foreign reserve of the nation, and strengthen the capacity of the CBN to support the foreign exchange market.

It added that the impact of COVID-19 on global and domestic economies would reduce, forecasting that nations would ramp up vaccinations and new measures to contain the pandemic.

According to the CPPE, because the service sector is less vulnerable to the structural constraints of the economy, especially the real sector of the economy, it will continue to outpace the real sector in 2022.

It said, “The service sector of the Nigerian economy will continue to outpace the real sector in 2022. In the third quarter of 2021, service sector contribution to GDP was 50 per cent and the growth of the sector was 8.41 per cent.

“Oil sector contribution to GDP was 7.5 per cent; while the non-oil sector contribution was 92.5 per cent. while the industrial sector growth contracted by 1.63 per cent, agriculture grew by 1.2 per cent.”

It added that if the Petroleum Industry Act is implemented in 2022, it would impact positively on the economic outlook, noting that investors would troop into the oil and gas sector on account of the reforms anchored on the PIA.

“This will however depend on the political will deployed to drive the implementation of the provisions of the Act. It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy,” CPPE noted.


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E-Financial

CBN Introduces AML to Fight Financial Terrorism, Gives Banks Deadline

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Central Bank of Nigeria (CBN) has directed all financial institutions to implement real-time transaction alert systems as part of enhanced anti-money laundering (AML) compliance.

CBN Introduces AML to Fight Financial Terrorism, Gives Banks Deadline

The directive was conveyed in a letter dated May 20, 2025, with reference number BSD/DIR/CON/AML/018/033, and titled “Exposure of Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions – Request for Comments.”

The letter, signed by Olubukola Akinwunmi, director of banking supervision, was addressed to all financial institutions and outlines the regulatory expectations for modern AML compliance.

The apex bank emphasised that the initiative is part of its broader commitment to safeguarding the integrity and stability of Nigeria’s financial system, especially in the face of rapid digital transformation and the rise of innovative financial products.

The draft standards, which are now open to feedback from stakeholders, are designed to promote operational efficiency and ensure compliance with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) regulations.

“This standard is informed by a comprehensive assessment of existing solutions within the industry and aligns with global best practices, including recommendations by the Financial Action Task Force (FATF),” the document stated.

According to the CBN, the draft baseline standards are developed with key objectives in mind.

These include strengthening the AML capabilities of financial institutions through advanced, technology-driven solutions; encouraging the adoption of emerging technologies for real-time detection and reporting of suspicious transactions; reducing the inefficiencies associated with manual compliance processes; and ensuring alignment with evolving regulatory expectations both locally and internationally.

The draft document is available for download on the official website of the Central Bank of Nigeria, and all stakeholders have been encouraged to review and provide feedback.

“We look forward to receiving your valuable feedback,” the letter noted, highlighting the collaborative approach to shaping the final version of the standards.

Among the critical requirements outlined in the draft are real-time alerts for transactions considered high risk.

These include cross-border transactions, excessive cash deposits, cryptocurrency-related dealings, and other activities flagged under existing AML regulations.

The document specifies that the time taken to review and act on such alerts must not exceed a predetermined timeline, reinforcing the need for swift response and decision-making.

The CBN mandates that financial institutions implement transaction monitoring systems capable of supporting multiple risk scenarios.

These systems should use configurable filtration rules and customer segmentation techniques to effectively detect suspicious behavior. Institutions are also required to conduct regular stress testing and system validation exercises to minimise false positives.

“Each institution must define a predetermined threshold for false positives and ensure that the rate remains below this threshold,” the document stated, underlining the importance of maintaining a balance between alert sensitivity and accuracy.

The draft also mandates that AML solutions incorporate artificial intelligence and machine learning (AI/ML) capabilities.

These technologies should support anomaly detection, behavioral pattern recognition, automated risk scoring, and adaptive learning based on insights from previously flagged alerts and their resolutions.

The aim is to ensure that the systems not only detect suspicious activity but also evolve over time to become more efficient and accurate.

Real-time access to Customer Due Diligence (CDD), Know Your Customer (KYC), and Know Your Customer’s Business (KYB) data is another essential feature prescribed in the draft standards.

Financial institutions are expected to automate customer onboarding processes with real-time identification and verification in line with existing AML/CFT/CPF regulations.

This includes integration with Bank Verification Number (BVN) and National Identification Number (NIN) databases to ensure instant verification.

Moreover, the draft outlines the need for comprehensive KYC and KYB functionalities.

These must include automated customer risk profiling, transaction behaviour analysis, historical data tracking, and the inclusion of various risk factors derived from money laundering, terrorist financing, and proliferation financing risk assessments and typologies.

The solutions must also enable continuous classification of customers into risk categories to facilitate more targeted and effective risk management.

The Central Bank’s move to expose the draft for industry-wide input reflects its intention to build a robust, technologically advanced AML compliance culture across Nigerian financial institutions.

It signals a significant step towards enhancing transparency, operational efficiency, and international alignment in Nigeria’s financial regulatory environment.

 


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E-Financial

Peter Obi Denies Secret Meeting with Tinubu over Fidelity Bank

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Peter Obi and Bola Tinubu
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Peter Obi, presidential candidate of Labour Party for 2023 elections, has publicly dismissed recent allegations linking him to a secret meeting with President Bola Tinubu over a fabricated debt scandal involving Fidelity Bank, describing the claims as “baseless, malicious, and entirely false.”

Peter Obi Denies Secret Meeting with Tinubu over Fidelity Bank

Peter Obi and Bola Tinubu

In a statement posted on his official X handle on Thursday, Obi expressed deep concern over what he called a growing business of blackmail targeting his public image.

“It’s obvious that the biggest business for blackmailers now is talking about Peter Obi from every negative perspective,” he wrote, adding that even his “solemn spiritual trip to Rome” had been twisted into a “blackmail campaign.”

Obi addressed a viral claim suggesting he travelled to Rome for a private meeting with President Tinubu in connection with a purported ₦225 billion debt crisis involving Fidelity Bank.

He categorically denied the allegation, clarifying the nature of his brief interaction with the President.

“I have never sought an audience with, nor met, President Tinubu since he assumed office,” Obi stated.

“Except (for a) one-minute meeting at the arena of Saint Peter’s Basilica, Rome during the inauguration Mass of Pope Leo XIV, where I was seated behind, and had to respectfully greet him and other dignitaries present.”

According to Obi, he was in Rome on May 9 for the lying-in state of Pope Francis and departed for London immediately after the Mass before returning to Nigeria.

The former Anambra State governor also refuted renewed claims that he owns Fidelity Bank.

He acknowledged his previous role as Chairman and Director of the bank, but emphasised that he does not own it.

“Fidelity has over 500,000 shareholders, none of whom hold a majority stake,” Obi explained.

“What this blackmailer seeks is to harm these hardworking Nigerians and cause them needless distress.”

He described the individual behind the allegations as a “self-proclaimed blackmailer-in-chief” and criticised the ongoing efforts to tarnish his reputation for political or financial gain.

Obi offered a prayer for those responsible for spreading falsehoods against him: “May God grant you the virtues of gratitude and understanding to know that we came here with nothing and will go with nothing, (and) that they cannot profit from their evil ways.”

 


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E-Financial

PremiumTrust Bank Reassures Customers of Continued Security after Cyberattack Foil

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PremiumTrust Bank, a Nigerian commercial bank, has reassured its customers of the maximum security of their funds after an attempted cyberattack on the bank was foiled by a law enforcement agency.

The bank said in a statement that the swift detection of the breach proves that its system functions precisely as intended, detecting, blocking, and escalating threats without compromising customer trust or data.

“In light of the recent release issued by the Economic and Financial Crimes Commission (EFCC) concerning an attempted cyberattack by some unscrupulous elements, PremiumTrust Bank wishes to reassure our valued customers, stakeholders, and the general banking public that our security architecture remains resilient,” the bank said.

“The attempt to gain unauthorised access to our database and infrastructure was swiftly detected and completely neutralised by our Internal Information Security and IT Surveillance Teams through real-time monitoring and advanced security protocols,” it added.

The bank revealed that the culprits are now facing trial at the Federal High Court, Lagos, as they were prevented from executing their “malicious plan”, underscoring the effectiveness, vigilance, and sophistication of PremiumTrust Bank’s cybersecurity framework.

The EFCC Lagos Zonal Directorate 1, on Tuesday, arraigned two employees of the bank, namely, Kehinde Odeyemi and Matthew Adeniyi Damilola, before Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos.

They were arraigned alongside three others, Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunola, on a seven-count charge bordering on conspiracy to steal.

According to the EFCC, the defendants allegedly attempted to manipulate the bank’s server and domain credentials in an effort to gain unauthorised access to its database and steal customer funds. The commission said the planned fraudulent activity was intercepted before any loss occurred.

PremiumTrust Bank has, however, lauded the EFCC for its swift and highly professional response in not only foiling the cyberattack but also diligently tracking down the syndicate and their collaborators.

“We deeply value the Commission’s unwavering commitment towards safeguarding the integrity of Nigeria’s financial system.

“We remain unwavering in our duty to protect customers’ data and deposits, using a world-class, multilayered security infrastructure,” the bank said.

The lender encouraged customers to practice safe digital banking habits and remain vigilant even as it continues to invest in innovative cybersecurity solutions to prevent breaches.

 


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