E-Financial
Emefiele and Nigerian Youths: An Appraisal
By Jackson Ugbechie
Central Bank of Nigeria (CBN), under the leadership of Mr. Godwin Emefiele, has come under attack recently.
Mr. Godwin Emefiele, CBN governor
Reason? The CBN applied and obtained court order to freeze the accounts of 19 individuals and a corporate entity in the wake of the recent #EndSARS protests across the nation.
Many Nigerians had commended the youths for their peaceful disposition during the protests and for their organisational skill until it was hijacked by some hoodlums who turned it into a wave of fury and violence.
The likes of Emefiele and other highly placed Nigerians including President Muhammadu Buhari hailed the youths for exercising their fundamental rights to engage in peaceful protest.
But the same Nigerians including the law-abiding youths also rose to condemn acts of violence and brigandage introduced in the protest by a few highly vicious persons.
The introduction of violence, whether by omission or commission, took so much virtue from the protest and tarred it with a veneer of destruction.
For the period the protests lasted, there was movement of money including trans-border transfers.
Such is expected during a national movement of the magnitude of the legitimate #EndSARS protests.
While acknowledging the right of the youths to protest peacefully under the law, we must also acknowledge the unlawfulness on the part of those who resorted to violence, robbery, arson and wide-ranging destructive acts.
Much more so, the illegality on the part of those who shot and killed fellow Nigerians (civilians and security personnel).
The act of killing is condemnable no matter who is involved.
Yet in all of this, it is also unfair not to acknowledge the right of the CBN and indeed any of the relevant financial crimes agencies to undertake investigations into the behaviour of the bank accounts of any person, entity or group suspected to have experienced unusual financial transactions (inflow and outflow).
This is the law. Indeed, the Banks and Other Financial Institutions Act, BOFIA, the CBN Act and even the Act setting up the Economic and Financial Crimes Commission (EFCC), confer on these institutions the power to red-flag any account.
In banking parlance, it’s called post-no-debit-order. In plain language, it means a temporary freezing of an account.
The EFCC Act, for instance, empowers the anti-graft commission to issue a directive to any bank to freeze the account of any of its customers who is under investigation.
What is key is that such directive must be made only after the EFCC has obtained an order of Court to that effect.
Again, the Act provides that this order can be obtained ex-parte, that is, without informing the affected party.
In the instant case of CBN vs the 20 #EndSARS entities, a court order was duly obtained by CBN from a court of competent jurisdiction.
The freezing was for a period not extending beyond what the law permits, and it was only to enable the apex bank and relevant agencies undertake investigation.
The CBN has only acted within the ambit of the law. Nobody has called anybody a money launderer.
The #EndSARS protest was not only a rage against police brutality; it was a symbolic expression of angst against the misgovernance of the nation over the years.
One of the planks of the argument against misrule in the nation is the absence of the rule of law; the inability of the ruling elite and their cronies to submit to the law.
As youths who want to show our failed leaders the path to nobility and good governance, we must not be seen to be above the law.
What CBN has done is the norm everywhere in the world including in the advanced nations that we often cite as examples where good governance is entrenched.
Everybody operates under the rule of law. The latest report that six Nigerians were convicted in the United Arab Emirates (UAE), for their roles in financing Boko Haram terror group, came as a consequence of investigation of their bank account transactions starting with freezing of such account.
So far, the CBN has not acted outside the law. We can only begin to blame the apex bank if after 180 days it is still holding down the accounts of the involved parties without any justifiable reason.
But I wager that CBN under Emefiele cannot willingly stand in the way of Nigerian youths.
On the contrary, Emefiele’s CBN remains one of the best, if not the best, youth-friendly institution in Nigeria.
Aside its many youth empowerment initiatives and capacity building programmes cutting across all frontiers, its Anchor-Borrowers’ programme has refocused many youths to embrace farming with all its value-chain economics.
Add to that the recently launched CBN-financed Nigeria Youth Investment Fund (NYIF). This is an ambitious and progressive N75 billion youth-targeted project designed by the Ministry of Youths and Sports Development and financed by the CBN.
The NYIF is a carefully designed initiative to improve access to finance for youths and youth-owned enterprises.
The target is to financially empower Nigerian youths within the age bracket of 18-35 years to generate at least 500,000 jobs in the country between 2020 and 2023.
This year alone, a chunky N12.5 billion take-off seed fund would be made available.
The Emefiele era at CBN represents the best moment for Nigerian youths. And this is not on paper.
It’s evidential with measurable and identifiable results.
It’s therefore most unfair to label Emefiele anti-youths.
He has been pro-youths far more than any CBN Governor in living memory.
Lawyers and activists who have criticized the freezing of accounts of the affected parties condemn the resort to ex-parte motion which they argue negates the natural course of justice of “hearing from the other party”.
Yet, that’s what the law says, to wit, that the CBN does not need to inform the affected party.
Therefore, rather than rail at CBN under Emefiele for acting in a manner we consider ultra vires even draconian, we should attack the law; not the institution that only obeyed such law.
This has been the argument of some of us, that some of our laws, including the constitution, need a thorough rejig. We should mind the root cause of the sickness, not the symptoms.
But no matter, when this whole storm fades away, history will judge Emefiele as the best youth-friendly Governor of CBN. It’s a case of res ipsa loquitor (the fact speaks for itself).
- Jackson Ugbechie writes from Abuja
Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.
SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.
The CBN gave the warning in a statement signed by Hakama Sidi-Ali, acting director of corporate communications department, on Tuesday in Abuja.
The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.
According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.
“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.
“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.
“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”
Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.
“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.
“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.
“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.
“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”
The CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.
She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.
Federal Government is to establish a National Youth Development Bank and a Youth Data Bank, according to President Bola Tinubu.
President Bola Tinubu, represented by Kashim Shettima, his vice, , disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja.
The President described the banks as crucial tools for “providing financial and informational support to young Nigerians.”
He said since assumption of office, his administration unveiled a comprehensive youth development strategy spanning multiple key sectors to drive Nigeria’s economic transformation.
Tinubu extolled the legacy of the late Sardauna of Sokoto and former Premier of Northern Nigeria, Ahmadu Bello
” The late Sir Ahmadu Bello, the Sardauna of Sokoto, was one of the towering giants on whose shoulders we have ascended as a nation.
” His vision was clear: the North cannot progress in isolation, and Nigeria cannot prosper unless every part of this nation thrives,” he said.
Tinubu declared that the development of Northern Nigeria remains fundamental to the nation’s prosperity.
According to him, “whatever disrupts the growth of one region sets back the entire nation.
“For far too long, we have been taunted as a nation with the most children out of school—a reality that should not elicit pride but provoke urgent action.
“This alarming statistic has turned the promise of our population into a challenge rather than the dividend it ought to be,” he added.
In a move that signposts its market leadership, Africa’s fastest-growing financial institution, Moniepoint has been recognized as the Financially Inclusive Fintech of the Year at the 2nd International Financial Inclusion Conference (IFIC).
This prestigious event which was hosted by the Central Bank of Nigeria (CBN) had in attendance, several key stakeholders in the financial services industry that include Deputy Governor, Financial System Stability, Central Bank of Nigeria, Philip Ikeazor, Director-General, National Pension Commission (PenCom), Omolola Oloworaran, Country Manager and Area Business Head for West Africa, Mastercard, Folasade Femi-Lawal, and Chairman of Committee of e-Business Industry Heads (CeBIH), Ajibade Laolu-Adewale among others.
Themed “Inclusive Growth: Harnessing Inclusion for Economic Development,” this year’s conference brought together global experts, policymakers, and industry leaders to explore strategies for advancing financial access and fostering economic development.
Moniepoint’s stellar contributions and nationwide impact in promoting financial inclusion across underserved communities were celebrated alongside its innovative products and solutions that bridge gaps and provide a secure, fast and transparent way to access digital financial services .
In addition to this accolade, in recent weeks Moniepoint has received several other industry awards, further cementing its position as a leader in driving financial inclusion and economic empowerment across Nigeria.
Commenting on the awards and wins, CEO Moniepoint Inc, Tosin Eniolorunda said “these recognitions underscore our commitment to engineering financial happiness via solutions that empower individuals, small businesses and communities at large. At Moniepoint, we believe that financial inclusion is not just a goal but a necessary foundation for sustainable economic growth and development. We are honored to contribute and support the Federal Government’s aspirations and agenda to become a trillion dollar economy by 2030 and we remain dedicated to making a meaningful impact.”
He continued, “the laurels and accolades are a strong validation of the hard work and dedication that our DreamMakers put into powering the dreams of millions of Nigerians, and it will continue to fuel our passion for driving excellence in Nigeria’s financial services sector. It’s just Day One for us and we will continue to develop solutions that make financial services more accessible to all.”
Scoring an uncommon hattrick, Moniepoint Inc was listed for the third year in a row in the seventh edition of CB Insights annual Fintech 100, a list of the 100 most promising private fintech companies in the world and described as high-momentum companies shaping the future of financial services.
At the prestigious BusinessDay Banks & Other Financial Institutions BAFI Awards 2024, now in its 12th year, which highlights excellence and innovation within the financial services sector and celebrates the institutions that have set new standards in performance, customer service, and leadership, Moniepoint Microfinance Bank won the award for “SME Microfinance Bank of the Year” and Tosin Eniolorunda emerged as the Fintech CEO of the Year.
At the Phillips Consulting (pcl.) Digital Jurist Awards 2024, which celebrates the remarkable achievements of organizations that have exemplified innovation and excellence in leading digital transformation across various sectors in Nigeria, Moniepoint was recognised for Best Digital and Best Website in the Microfinance Bank sector, while winning the award for the Overall Best OFI in Digital Banking Solution Delivery (Vision Category) at the NEXUS 2024 Gala and Awards Night organized by Qore, a leading fintech infrastructure and Banking-as-a-Service platform provider.
Moniepoint Inc. is Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools since 2019. As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $17 billion monthly for its customers while operating profitably.
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