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CBN, NAMB To Review Recapitalisation Of MFBs

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12 years ago

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The Central Bank of Nigeria (CBN) and National Association of Micro Finance Banks (NAMB) have agreed to set up a technical committee to resolve “grey areas’’ in the recapitalisation of micro finance banks.

Mr Jethro Akun, the National President of NAMB said in Abuja that the two reached the agreement in a meeting, chaired by CBN Governor, Malam Sanusi Lamido Sanusi, last week.

Akun said that the meeting discussed challenges facing operators of Micro Finance Banks (MFBs) in complying with the Revised Microfinance Policy Framework (RMPF).

He said that the meeting also discussed extensively issues on the capital requirements for each category of MFBs and existing branches as well as cash centres.

“We discussed and we finally agreed that as partners who are working toward financial inclusion, providing access to finance for development and employment for many unemployed people, there is need for us to set-up a technical committee.

“‘The committee is made up of CBN and NAMB to look at grey areas of policy for the smooth operation of the micro finance sub-sector and the benefit of the entire society.

“We all acknowledged the contribution of micro finance banks to the economy and we are all happy that the CBN governor is passionate about the development of the sub-sector,’’ he said.

Akun said that the meeting also agreed to look at “any other thing seen as an impediment’’ to the smooth growth and expansion of the microfinance sub-sector.

The CBN before now had given MFBs up till Dec. 31, 2012 to comply with its new stipulated minimum capital requirements.

The policy provides for three categories of MFBs, namely unit, state and national.

According to the CBN, a unit MFB licence is authorised to operate in one location and shall be required to have a minimum paid up capital of N20 million.

The unit MFB is also prohibited from having branches or cash centres.

In the second category, state MFB is authorised to operate in one state or the Federal Capital Territory (FCT) with a minimum paid up capital of 100 million.

The state MFB is allowed to open branches within the state or the FCT, subject to prior written approval for each new branch or cash centre.

In the third category, national MFBs are expected to have N2 billion and are allowed to open branches in all states of the federation and the FCT, subject to prior written approval for each new branch or cash centre.

We also recalled that the CBN had previously issued circulars threatening to revoke licences of MFBs operating unapproved branches and cash centres after the expiration of the December 31, 2012 deadline.

However, till date, the apex bank has yet to sanction any defaulting bank.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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