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Emefiele and Nigerian Youths: An Appraisal

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By Jackson Ugbechie

Central Bank of Nigeria (CBN), under the leadership of Mr. Godwin Emefiele, has come under attack recently.

Emefiele and Nigerian Youths: An Appraisal

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

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E-Financial

Greenwich Group Celebrates 30 Years of Financial Innovation

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Greenwich Group, a leading financial solutions provider in Nigeria, is celebrating 30 years of delivering innovative financial solutions tailored to the evolving needs of stakeholders while contributing to the growth and development of the Nigerian economy.

Prince Julius Adelusi-Adeluyi, former Minister of Health and Human Resources; Otunba Adeniyi Adebayo, former Minister of Industry, Trade and Investment of Nigeria; Erelu Angela Adebayo, Chairperson of Greenwich Foundation; Chairman of Greenwich Group, Kayode Falowo; Mrs. Dorothy Falowo; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Former governor of Ekiti State, Kayode Fayemi, at an exclusive dinner to commemorate the 30th Anniversary of Greenwich Group held over the weekend at the Grand Ballroom, Oriental Hotel in Lagos.

The lead institution, formerly known as Greenwich Trust Ltd, has transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank. In March 2024, Greenwich Merchant Bank was granted an Approval-In-Principle (AIP) by the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure. Today, Greenwich Merchant Bank is the most capitalized Merchant Bank in Nigeria, with a strong asset base of ₦146 billion as of June 30, 2024.

In commemoration of its 30th Anniversary, the Company hosted an exclusive dinner event at the Grand Ballroom, Oriental Hotel in Lagos, to celebrate and appreciate its loyal Clients and Customers who have been part of the journey, as well as express its deep gratitude to the stakeholders, while rewarding 45 Staff members who have been instrumental in the Group’s journey to success. The event was well attended by dignitaries across board.

Amongst the awardees was a posthumous award for leadership, which was awarded to the late (Sir) Remi Omotosho with the sum of ₦50 million. The best Staff across the Greenwich Group, Mrs. Yakashim Shettem, also received the Kayode Falowo Award for Excellence which also went with a cash prize.

In his welcome remarks, Chairman of Greenwich Group, Kayode Falowo, expressed profound gratitude to God, appreciated the Company’s stakeholders, and noted that the dinner is part of the Group’s broader initiative to further appreciate its Clients and recognize the efforts of the Staff for their loyalty as it progresses to its next growth phase.

According to him, the institution is set to unfold a remarkable transformation by launching into new territories of businesses—Insurance, PFA and Fintech, as it has received an Approval-In-Principle from the Central Bank of Nigeria to operate as a holding company.

Speaking of some of the awardees, the Chairman hinted that Greenwich has continued to build on the legacy of the late (Sir) Remi Omotosho’s good governance, integrity, and professionalism, as he was part of the journey of the Company while alive. He further explained that the recipient of the Kayode Falowo Award for Excellence, Shettem was honored for epitomizing the core values of integrity, efficiency, innovation, loyalty, and transparency.

The Governor of Ogun State, Dapo Abiodun, a special guest at the event, commended the Chairman of Greenwich for demonstrating exemplary leadership and commitment to excellence in his role for spearheading the remarkable traits that have significantly contributed to the growth and success of the Institution.

“We are celebrating the testament of the triumph of tenacity, which is predicated on faith, hope, and fortitude. Kayode is somebody who is dependable, reliable, and very consistent. Kayode upholds all the attributes of good governance. He has demonstrated himself to be a good manager of human and financial resources over the years. I am convinced that your best is yet to come,” he added.

In his vote of thanks, the MD of Greenwich Merchant Bank, Benson Ogundeji acknowledged the presence of the stakeholders, other distinguished guests, top executives of other banks, and valued customers. He emphasized the significance of the celebration, attributing the success of the past decade to the unwavering support and guidance of the Chairman which has been instrumental to the growth of the institution, the commitment of the Staff, and the unwavering faith of the esteemed Shareholders in the Company’s vision, as their continued patronage has been fundamental to Greenwich’s success.

Dignitaries who attended the event included the Ooni of Ife, Oba Adeyeye Ogunwusi; Governor of Ogun State, Dapo Abiodun; Phillip Ikeazor, Deputy Governor, Financial System Stability of the CBN; President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju; Kayode Fayemi – Former Governor Ekiti State; Haruna Jalo Waziri, MD/CEO, CSCS Plc and Dr Emomotimi Agama, DG, SEC. Other dignitaries who attended the event included Mrs. Olufunke Agagu, the wife of a former Governor of Ondo State; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Ray Atelly, Chairman, Nigerian-British Chamber of Commerce (NBCC) and many others.


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E-Financial

SEC Restates Commitment to Transparency in Fintech Regulation

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Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space it is committed to ensuring transparency and integrity in the regulation of the space.

SEC Restates Commitment to Transparency in Fintech Regulation

Dr. Emomotimi Agama, director general, SEC, said it has provided a level playing field to all applicants.

Agama, stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants on Monday.

The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that they have to be very careful even in its desire to be inclusive.

He said, “The process of registration is a very technical process because registration is the hallmark of regulation. It goes beyond onboarding and registering, it requires monitoring, education, and surveillance and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges, which we need to solve because every challenge is solvable.

“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this. The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it. In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.

“We have not only done that, we have also issued new regulations to the public, which we call an exposure document. If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”

Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.

He further disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.

 

 

 


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E-Financial

Ecobank Warns against Fraud during Yuletide

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Ecobank Nigeria has cautioned customers to be vigilant against fraudsters during the Yuletide while promising uninterrupted access to banking services through its digital platforms throughout the holiday season.

Ecobank Warns against Fraud during Yuletide

In a statement on Monday, Adeola Ogunyemi, head, Consumer Banking at Ecobank Nigeria, emphasised that customers can continue their shopping and transactions smoothly via the bank’s various digital channels.

Ogunyemi highlighted the Bank’s long-standing commitment to digital transformation, which aims to improve customer experience and provide alternative access to banking services.

Ecobank Nigeria is an affiliate of the Ecobank Group, the leading pan-African banking group.

The bank offers a comprehensive suite of financial services and solutions to consumer, commercial, corporate, and investment banking customers at over 240 branches and 35,000 Xpress Point agencies across Nigeria.


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