Tag Archives: CBN

2006 bank recapitalisation: Court fixes Dec to try ex-bankers’ suit against CBN, NDIC

The National Industrial Court sitting in Lagos has fixed December 17 and 18 to try the suit initiated by over 1,000 former bank workers affected by the recapitalisation exercise in 2006.

The defendants in the suit are the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).

At the proceedings on Tuesday, the court was informed that one of the defendants, the NDIC, was not present or represented by its counsel.

The defendant’s lawyer was said to have sent in word that he was stranded in Abuja.

Although the court was not happy about the development, it granted another adjournment to enable the defendants to file their reply to the interrogatories filed earlier by the former bank workers.

On the other hand, the other defendant, CBN particularly asked the court for a short time to file its reply to the interrogatories.

The apex bank explained that it needed time to access its archives spread all over the country, in order to come up with an appropriate response to the interrogatories.

Reacting to the adjournment on behalf of his colleagues, chairman of the former bank workers, Magnus Maduka, reiterated their commitment to pursue the case to a logical conclusion to ensure that their terminal benefits and allowances were paid.

Interrogatories, also known as requests for further information, are a formal set of written questions by one party and required to be answered by another party or parties in a suit, in order to clarify matters of fact and help to determine in advance what facts will be presented at the trial of a case.

Reps to probe alleged non-repayment of $7bn Foreign Reserves

Reps in session


The House of Representatives says it will investigate the alleged non-repayment of seven billion dollars from the country’s foreign reserves, disbursed to 14 global asset managers and 14 banks by the Central Bank of Nigeria since 2006.

The move followed the unanimous adoption at the plenary on Thursday of a motion titled ‘Need to Investigate the Non-Repayment of $7bn from Nigeria’s Foreign Reserves Disbursed to 14 Global Asset Managers and 14 Nigerian Banks by the Central Bank of Nigeria Since 2006.’

A member, Mr Abubakar Ahmad, who moved the motion recalled that sometime in 2006, the CBN disbursed $7bn of Nigeria’s $38.07bn foreign reserves to 14 Global Asset Managers and their 14 Nigerian banks local partners to manage.

According to the motion, the CBN gave each asset manager and its Nigerian bank counterpart a sum of $500 million dollars from the nation’s foreign reserves to manage.

The lawmakers are worried that after 13 years, the $7 billion foreign reserves has not been repaid to the CBN.

KONGA Yakata kicks off with global Singles Day shopping Fiesta 



All is set for the commencement of the 2019 edition of Konga Yakata, the much-anticipated Black Africa sales of foremost e-commerce giant, Konga. The massive discount sales kick off on Monday, November 11, 2019; a day which coincides with the globally celebrated Singles Day sales popularized by China’s retail giant, Alibaba.

Equally important, the month-long shopping fiesta will run throughout November and end on Thursday, December 12th, 2019.

Konga Yakata, widely regarded as the biggest sales event in Nigeria’s shopping calendar, starts annually on 11/11. Indeed, the day has become a global shopping festival which has grown steadily to become the largest offline and online shopping day in the world.

Information released by the management of Konga indicates that the company has finalized plans for a bumper Konga Yakata.

“We are ready to deliver the biggest discount sales ever, beginning from Monday, November 11th or 11/11 which also represents the very popular Singles Day sales,” declared Chidalu Ekeh, Head of Marketing at Konga. “Konga Yakata is by far, the biggest discount sale in the annual shopping calendar and this year, we intend to make it even bigger than before.

“We are anticipating a 600% increase on sales recorded in 2018 and this is down to the increased shopping appetite among our customer database, which has grown exponentially. Our retail stores have also grown to cover more locations across Nigeria. Furthermore, there are more merchants on the Konga platform today, many of whom have increased their product assortment through the soft loans and credit facilities we graciously extended to them,” she disclosed.

On what to expect from the 2019 edition of Konga Yakata, Chidalu affirmed that shoppers are in for a mega sales extravaganza.

“Recall that Singles Day or 11/11 is a globally celebrated shopping fiesta. On Monday which marks the commencement of Konga Yakata, we intend to offer Nigerians a taste of what makes this day so special. Shoppers are guaranteed rock-bottom prices unmatched anywhere else in the market.”

Continuing, she disclosed that: “Konga Yakata is set to feature lots of amazing activities including Flash Sales, Treasure Hunts for the fastest fingers, amazing travel discounts and deals to exotic destinations through Konga Travel, walk-in discounts across all Konga retail stores nationwide and Social Media giveaways.

“Furthermore, there will be a Live sales show on DSTV Channel 369 every Saturday from the 16th of November, until the 7th of December 2019. Most importantly, every Friday throughout Konga Yakata is Black Friday, so you are guaranteed unbeatable prices.”

Among the wide assortment of products across multiple categories on offer will be laptops, desktops and accessories, computing products, mobile phones and tablets, Home & Kitchen appliances, fashion, electronic devices, educational materials, Baby, Kids and Toys as well as Wine, Spirits and other categories, among others.

Meanwhile, Konga has also put in place plans to assure swift delivery and seamless payment throughout the period.

“We have set a target of same-day delivery for the majority of orders we expect to flood in. This is because of the regional warehousing facilities and capabilities we possess and the improved capacity of our in-house logistics arm, Kxpress. In addition, we have rounded off weeks of painstaking work on both our back end and front end to enable us accommodate the high volume of requests from shoppers from November 11″.

“Payments is another area we have brought the Konga efficiency to bear on. Our customers can access a multiplicity of payment options to conclude their payments swiftly. These include through KongaPay, our CBN-licensed e-wallet. Customers can also pay online or via Payment on Delivery (POD) and Pay on Collect”.

“From 11/11 till 12/12, you can be rest assured that the place to be is Konga,” she concluded.

Muhammadu Buhari

Buhari appoints Sarah Alade as Special Adviser on Finance and Economy

President Muhammadu Buhari has approved the appointment of Dr (Mrs) Sarah Omotunde Alade, as Special Adviser to the President on Finance and the Economy, domiciled in the Ministry of Finance, Budget, and National Planning.

The President stated this on Tuesday in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu.

Dr. Alade, who holds BSc (Economics) and Ph.D. in Management Science (Operations Research), retired from the Central Bank of Nigeria (CBN) as Deputy Governor in 2017 after spending 23 years in the apex bank.

She had also acted briefly in 2014 as the CBN Governor.

We will continue to resist any attempt to force IPPIS on Federal universities until all concerns are addressed


Dr Aniekan Brown, Coordinator, Academic Staff Union of Universities (ASUU), Calabar Zone has said that the association’s rejection of Integrated Payroll and Personal Information System (IPPIS), was not an endorsement of corruption.
Brown, at a press conference on Sunday in Uyo, said that ASUU’s position was hinged on its conviction that IPPIS was “not congenial with the modus operandi of the university system, given the institution’s peculiarities”.

“Besides, the NNPC, FIRS, NJC, CBN, Nigerian Security and Minting Press and National Assembly Service Commission, among others, have not been forced into the IPPIS. Why will the Office of the Accountant General of the Federation forcefully migrate staff of federal universities to IPPIS”?

“This speaks volumes of the fight against corruption. The question is, why are universities, whose conditions of services and peculiarities are incongruous with IPPIS, be forced into the scheme?” he asked.
Brown said that the Accountant-General’s office should redirect its energies toward addressing the concerns raised by ASUU on IPPIS as regards the universities, so as to avert industrial crisis.
The ASUU official suggested that the Office of the Accountant General should focus more on tackling pressing issues that were threats to industrial harmony and the growth of universities.
He said that the struggles of ASUU were always against corrupt tendencies, adding that ASUU was synonymous with integrity, credibility and accountability.
Brown said that ASUU was made up of law-abiding citizens who would continue to ensure that a better university system in Nigeria was in place.
The Co-ordinator said that ASUU would continue to resist any attempt to force IPPIS on Federal universities until all its concerns were addressed. (NAN)