The Central Bank of Nigeria (CBN) has cautioned banks over appointment of chief compliance officers. In a circular titled, “Statues of Chief Compliance Officers of Banks”, the apex bank frowned at the practice where banks refuse to appoint substantive chief compliance officers.

Dr. Ahmed Adekunle, is currently the Special Assistant to the Minister of Agriculture, Dr. Adesina Akinwumi, on mechanization. He also doubles as the Mechanization team leader of the Agriculture Transformation Agenda team as well as the chairman Advisory Ministerial Committee.

Federal Government has reiterated its commitment towards the implementation of ISO 26000 as Standard Organisation of Nigeria launches guidance standard on Social Responsibility practices in the country.

Diamond Bank Plc has partnered with the Rivers State government on wealth creation and poverty reduction summit 2013 with the theme “Developing an Effective Comprehensive Framework for Wealth Creation and Poverty Reduction in Rivers State.”

Heritage Bank has offered funding support to small and medium enterprises at concessionary interest rate.

About 81 per cent or 130 million Nigerians, out of the about 160 million Nigerians, generated their own electricity through alternative sources to compensate for irregular power supply, according to the result of a series of Power Sector Polls conducted by NOI Polls Limited for the second quarter of 2013.

…blames fake Naira notes in ATM on banks
The Central Bank of Nigeria, yesterday, further reduced the amount of money in the economy by directing banks to keep 50 per cent of public sector deposits as Cash Reserve Requirement, CRR.

The pension fund under the Contributory Pension Scheme, CPS, has been growing since it became operational in 2004. Accordingly, there have been various efforts from many quarters to access the pension fund for developmental purposes. Even state governments are not left out in the quest to access the pension fund for developmental programmes in their various states.

Managing Director of Anchor Insurance, Mr. Adeduro Mayowa has said that the board of the company is considering widening the scope of ownership and investments in the company.

President Goodluck Jonathan has said his administration is aware that insurance is an essential ingredient of economic growth and development of any country and will support the insurance sector in Nigeria.

We featured in this column last week the first part of a consideration of the 2012 annual report and accounts of FBN Holdings Plc, FBNH. Our primary conclusion is that FBNH is under-performing. We then asked the question, why is the recovery of FBNH slow post the 2008 market crash.

The Central Bank of Nigeria (CBN) has stated that the Chief Executive Officers (CEOs) of banks in the country have indicated their preference for high interest rate rather than the devaluation of the naira.

The Federal Government earned about N522.1billion from Petroleum Profit Tax, PPT, royalties and domestic crude oil and gas sales in May 2013, according to data released by the Central Bank of Nigeria, CBN.

THE immediate past Chairman of the Association of Nigerian Licensed Customs Agents, (ANLCA), Apapa Chapter, Mr. Kayode Farinto has protested the outcome of the biometric exercise carried out by the group’s current national executive.

The Nigeria LNG Limited, NLNG, the nation’s foremost liquefied natural gas, producer, may have lost about $525 million as a result of the ongoing dispute with the Nigerian Maritime Administration and Safety Agency, NIMASA, over levy.