E-Financial
Pressure on Sanusi to Quit as CBN Governor

The office of the governor of the Central Bank of Nigeria (CBN) is embroiled in a web of claims and counter charges as the presidency has reportedly asked Mallam Sanusi Lamido Sanusi, the governor to resign over the leakage of his letter alleging non-remittance of $49.8 billion oil revenue to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).
Sanusi on his part has reportedly insisted he will leave office on June 2 this year and not before that date
Nigeria CommunicationsWeek cannot independently confirm the presidential directive but some sections of the media reported that President Goodluck Jonathan accused Sanusi of leaking the confidential letter to former President Olusegun Obasanjo.
The leaked letter formed a major flank of Obasanjo’s recent open letter to the president entitled, “Before It Is Too Late.”
According to reports, President during a heated telephone conversation with the CBN governor accused him of disloyalty and asked Sanusi whose terminal leave begins in March, to tender his resignation before the close of business last Tuesday.
Sanusi, however, denied leaking the letter and was reported as saying it could have been leaked from the Presidential Villa where he directed it or at the Federal Ministry of Finance where copies were available.
In addition, he reportedly told the president that since his job was a tenured one; he could only be removed by two-third of the Senate and not by the President.
Elsewhere, the apex bank Thursday confirmed that Mallam Sanusi Lamido Sanusi , governor of the apex ban will leave office on June 2 this year.
Mr. Ugo Okoroafor, CBN’s spokesman, said Sanusi held a “family meeting” with staff of the bank and told them that he was no longer proceeding on “terminal leave” but will serve out his tenure in office as CBN governor till June 2.
He spoke to journalists at the end of a press briefing on the execution of the Payments System Vision 2020 (PSV2020) Strategy, in Abuja.
Reports indicated that the CBN governor had agreed to proceed on “terminal leave” in March following the fiasco generated by the report of the allegedly missing $49.8 billion that was supposed to have accrued to the federation account.
However, Okoroafor, has dismissed the report, saying the “terminal leave” if it was ever in the offing was no longer feasible as Sanusi has resolved to leave office in June 2.
Earlier, the apex bank said that it has introduced a new payment system called Real-Time Gross settlement (RTGS) system as part of efforts to implement Payment System Vision (PSV) 2020 strategy.
Tunde Lemo, outgoing CBN’s deputy governor (Operations), made this known while briefing journalists on yesterday in Abuja.
Lemo, who is expected to proceed on retirement on January 11, said that CBN put live operations to the new system on December 16, 2013.
He said the new RTGS was integrated with Scrip less Security Settlement System (SSSS) and would replace the old payment system in use since seven years ago.
“The SSSS, on the other hand, is a new initiative to issue, manage and settle government and other money market securities processed as electronic records in a Central Securities Depository (CSD) system.”
He explained that the RTGS was an inter-bank payment infrastructure that was facilitating the real time settlement of electronic funds transfers on gross and irrevocable basis.
Lemo said that RTGS was built on swift standards to allow for safer, easier and faster inter connectivity with other payment system infrastructure both locally and internationally.
“It serves as the nucleus of the national payment system, as all payments finally settle in central bank money through settlement accounts maintained for designated financial institutions.”
On SSSS, he said it would facilitate the electronic management of the entire life cycle of securities transactions.
He said the system would manage the primary and secondary market securities and facilitate efficient open market operations.
E-Financial
World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.
In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.
It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.
It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.
The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.
“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.
“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.
“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.
The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.
E-Financial
UBA Unveils Revamped Website, Heralds New of Digital Experience

United Bank for Africa (UBA), Plc, Africa’s Global Bank, has launched its revamped Group website to enhance users’ digital experience.
The newly revamped website boasts of a faster, smarter, and more dynamic digital platform, designed to deliver live news updates, real-time Nigerian stock prices, and a world-class user experience among other world-class features.
The upgrade marks a significant leap in the bank’s digital transformation journey, setting new standards for speed, accessibility, and innovation in the African banking industry.
Alero Ladipo, group head, Marketing and Corporate Communication, UBA, who spoke excitedly about the revamped website, explained that the redesign focuses on simplifying user-journey, improving responsiveness across all devices, and incorporating a language-agnostic interface that caters to the bank’s diverse global audience.
She explained that with its sleek, intuitive layout and enhanced navigation, the site empowers customers, investors, and stakeholders to access critical information instantly – whether it is the latest market movements, breaking financial news, or UBA’s wide range of products and services.
Ms Ladipo said, “We are thrilled to unveil our new website, which represents a significant milestone in our digital transformation journey. Our goal is to provide a world-class digital experience that meets the evolving needs of our customers and stakeholders.”
Continuing, she added, “A major highlight of the upgrade is its speed, powered by an upgraded server infrastructure with enhanced load balancing to ensure minimal downtime and lightning-fast performance. By combining speed, accessibility, and live market intelligence, our new platform strengthens our position as an industry leader.”
She pointed out that the site also integrates automated news updates powered by International agency, Bloomberg and real-time stock prices tracking, ensuring visitors remain informed at all times.
Throwing more light on the new features, Amanda Oguamanam, head, Digital and Online Marketing, UBA, said; “We have transformed our website to be faster, cleaner, and more engaging, removing clutter by over 60%, upgrading servers for speed and reliability, streamlining navigation, and tailoring content to inspire global partners while making it easier for customers to find what they need.”
Other standout features, she added, include improved accessibility for users with disabilities, dark/light mode toggle, advanced search functions, and a simplified content structure, which are all designed to deliver an inclusive, modern experience for a global audience.
The revamped website is live and accessible at www.ubagroup.com.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
E-Financial
NBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off

Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.
VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.
In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.
Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.
However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.
Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.
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