Business

Bank Reform: CBN To Overhaul Corporate Governance Soon

Published

16 years ago

December 17, 2009

A complete overhaul of corporate governance and risk-base consolidated supervision of banks will form the fulcrum of the second phase of banking sector reforms coming up in the first quarter of 2010, the Central Bank of Nigeria (CBN) has said.

But a major player in the industry thinks otherwise, saying one-size-fits-all approach to corporate governance will continue to lead us to sub-optimal outcomes.

Kingsley Moghalu, deputy governor, Financial Sector Surveillance, Central Bank of Nigeria (CBN), revealed that by the first quarter of 2010, the new harmonised and comprehensive corporate governance code will be issued by the apex bank, adding that it will also ensure compliance by enforcing it.

Also, CBN said the reform in the banking sector will focus on disclosure and international financial reporting standards as well as consumer protection.

The proposed harmonised corporate governance code which the Financial Sector Regulatory Consultive Committee (FSRCC) is working on not just the individual codes issued by Nigerian Deposit Insurance Corporation (NDIC), pension commission (PENCOM) and the CBN.

Moghalu, who spoke in Lagos at a public lecture with the theme, ‘The Financial Crisis, Banking Regulation and Payment System in Sub-Saharan Africa,’ organised by London School of Economics Alumni Association of Nigeria, noted that the banking sector watchdog is putting in place, a risk based supervision framework which will focus on proactive examination of banks, proactive management of risks, examining banks from the perspective of risks analysis and risks management.

Also at the lecture, Atedo Peterside, chairman, Stanbic IBTC Bank, faulted the proposed harmonised corporate governance, noting that ‘our regulator imposed corporate governance codes and arrangement but do not take cognisance of vastly deferring ownership/management dynamics, nor are they adjusted or fine-tuned for the unique set of risks facing each institution”.

In another development, Moghalu revealed that CBN will soon commence a comprehensive training programme for every examiner of the CBN, whereby after completion, every supervisory staff member of the CBN becomes a risk management expert, with the skills to be able to apply the risks based supervisory framework to examining banks operating in Nigeria.

According to CBN, the second phase of the reforms will also include the creation of the Assets Management Company (SMC) which Moghalu described as very important for the resolution of the banking crisis because “the AMC will buy toxic assets off the rooms of these banks and we believe that, that will generate confidence.”

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

5 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

5 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

5 days ago

May 6, 2026

The Tide

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.

In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.

The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.

The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.

It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.

Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.

The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.

The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.

The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.

Nkpemenyie Mcdominic, Lagos