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Nigeria Moves To Join New York, Others As Int’l Financial Hub
Nigeria is set to join a very small elite group of countries operating an international financial hub.
The international financial centre will take off in September, 2022, when the Central Bank of Nigeria will establish The Nigerian International Financial Centre (NIFC).
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, disclosed this in Abuja, yesterday, at the 14th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN).
The conference is themed, “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance”.
Emefiele revealed that, “the NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure”.
According to Emefiele, “The NIFC will take advantage of our existing laws such as the BOFIA 2020, NEPZA and other CBN regulations to create a fully global investment and a financial hub where monies, ideas, and technology will move freely without hindrance.”
This new financial hub, he said, “will curate local and international banks to make them global champions”.
When operational, “the NIFC will be a 24/7 Financial Centre that will complement London, New York and Singapore financial centres and enable an acceleration of our home-grown initiatives”.
He described the theme of the conference as apt, given the unprecedented events of 2020, especially when considered along the measures put in place by policy makers to reverse a significant downturn in economic activities last year.
He revealed that the CBN will, in the next 12 months, establish the Nigerian International Financial Centre (NIFC) to consolidate the growth and resilience of Nigerian banks in the last decade.
He said the NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure.
“This new financial hub, will curate local and international banks to make them global champions. The NIFC will be a 24/7 Financial centre that will complement London, New York and Singapore financial centres and enable an acceleration of our home grown initiatives such as the Infracorp Plc, the N15trillion infrastructure fund which we will be launching in October 2021.
“The NIFC will also complement our initiatives on the Nigerian Commodity exchange and the National Theatre creative hubs for our youths as well as the e-Naira project which will also debut in October 2021. The NIFC will take advantage of our existing laws such as the BOFIA 2020, NEPZA and other CBN regulations to create a fully global investment and financial hub where monies, ideas, and technology will move freely without hindrance”, Emefiele explained.
To prevent an economic crisis occasioned by Covid-19 from spilling into a financial crisis, Emefiele said the CBN worked to protect the interest of depositors by ensuring that banks made adequate capital provisions to cover for unexpected losses.
“We also enabled banks to restructure loans granted to individuals and businesses significantly affected by the pandemic. Our banks also demonstrated exceptional resilience by putting in place business continuity plans, along with the deployment of digital channels, which ensured that the provision of financial services to customers was not disrupted by the Covid-19 pandemic.
“We are delighted that these measures have paid off. Indeed, key indicators in the banking sector continue to reflect that our banking sector remains strong, resilient, and healthy. Capital Adequacy Ratio and Liquidity Ratio in the banking sector have remained above the prudential limits at 15.5 and 41.3 per cent, respectively. The Non-Performing Loan Ratio of the banking industry in July, 2021 stood at 5.4 per cent reflecting continued improvements from 6 per cent in September, 2020. Our banking sector remains well positioned to support the recovery efforts of the fiscal and monetary authorities”, he noted.
Emefiele also stated that the apex bank’s efforts to strengthen the loan-to-deposit ratio policy, has resulted in a significant rise in loans provided by financial institutions to banking customers.
Speaking at the event, President Muhammadu Buhari, urged members of the banking and finance ecosystem to collaborate towards making Nigeria one of the leading economies of the world.
Buhari commended the Nigerian financial services industry for working assiduously to achieve financial inclusion targets and fostering economic growth of the country.
He urged speakers at the event to share insights that will help reposition Nigeria economically and otherwise.
He described the rampaging Covid-19 pandemic as a game changer that altered the way of life across the globe, urging financial experts and other key stakeholders in the country to latch on the opportunities provided by ICT to drive growth.
He hailed current economic rejuvenation efforts by various umpires and called for the tempo to be sustained.
In his goodwill message, the President of Rwanda, Mr Paul Kagame urged the banking sector to live about board to retain their integrity; while working to build a more resilient economy for Africa.
Also speaking at the event, President and Chairman of Council (CIBN), Dr Bayo Olugbemi, said that the conference offers members of the financial sector robust room to brainstorm and forge way forward for the country.
He revealed that the 14th edition has 10,000 participants across global spread and aims to seek ways of moving Nigeria and Africa’s economy forward.
He added that two-day event will drive financial inclusion.
“We have to unleash the potential of the Nigerian economy. We’re poised to develop the members of CIBN and pressed to uphold ethos of the job to get value creation.
“Special focus is on youths considering the importance of their demography. They are here in large numbers. There are macroeconomic issues that need to be tackled. There is work to be done in meeting the financial inclusion target, women empowerment and more”, he explained.
News
NARD Raises Alarm Over Exclusion From Specialist Allowance

The Nigerian Association of Resident Doctors (NARD), has decried the continued exclusion of its members from payment of specialist allowance despite performing specialist functions in various health institutions across the country.
It also condemned the persistent casualisation and poor remuneration of members by chief executives of tertiary hospitals.
The President of the association in Akwa Ibom State, Dr Osundara Tope, raised the concerns while addressing a press conference where he read the communique issued at the end of the May ordinary meeting and scientific conference with the theme: “The Medical Profession: Policies, Politics, and Future Prospects,” held in Uyo at the weekend.
The communique was signed by the association’s President, Dr Osundara Tope, Secretary-General, Dr. Odunbaku Kazeem Oluwasola, and Public and Social Secretary, Dr. Amobi Omoha, respectively.
“The OGM observed with disappointment the continued exclusion of resident doctors from the payment of specialist allowances, despite their active role in delivering specialist care across various health institutions.
“The OGM strongly condemns the continued and persistent casualisation and the consequent poor remuneration of doctors by the chief executives of tertiary hospitals .The meeting also expressed disappointment over the non-payment of arrears from the upward review of the CONMESS salary structure and other outstanding salary arrears,” the communique read.
The association condemned federal government’s failure to pay the 2024 Accouterments Allowance arrears and persistent shortchanging of its members for the past 16 years due to absence of consequential adjustments to the CONMESS structure, which it noted was a breach of the 2009 Collective Bargaining Agreement.
He further expressed disappointment over lack of response to multiple correspondences on the issue, emphasising that such contradicts the National Policy on Health Workforce, which advocates improved incentives to retaining healthcare workers.
According to Tope, “The OGM notes with concern the persistent short-changing of members for 16 years, due to the absence of consequential adjustments to the CONMESS structure, in breach of the 2009 Collective Bargaining Agreement.
“This contradicts the National Policy on Health Workforce, which advocates improved incentives to retaining healthcare workers.
“The OGM is dismayed at the lack of response to multiple correspondences sent over the past six months regarding the consequential adjustments.The OGM condemns the Federal Government’s failure to pay the 2024 Accoutrement Allowance arrears.”
The meeting further expressed displeasure over the delay in addressing welfare issues in Obafemi Awolowo University Teaching Hospital including the non-payment of outstanding March 2024 salaries, the 7–14 months of arrears still owed to Residents and Medical Officers of the association
It therefore demanded immediate payment of the arrears of the 25/35% upwardly revised CONMESS, and other salary arrears and full implementation of consequential adjustments to the 2019 and 2024 minimum wage on basic salaries and allowances, along with accrued arrears.
News
Piracy: Maritime Organisation Set To Deploy Men To Waterways

A maritime security outfit, Active Marine Surveillance and Coast Guard Limited, says it is ready to deploy its men to ensure security across waterways in Rivers State and Niger Delta.
The group which said this in an interview with newsmen in Port Harcourt also pledged to collaborate with the various security agencies to ensure safety on the state waterways.
Director General of the organisation, Commandant Godwin Amare, said the organisation cannot sit down and watch pirates take control of the waterways in Rivers State and the Niger Delta region.
He said his group is planning to deploy its men to the Bonny, Bille and Degema rivers to check the activities of pirates
According to him, allowing pirates to take control of these waterways will not only affect the economy of Rivers State but the entire Niger Delta region.
He said the paramilitary organisation has the manpower to check piracy on the waterways but required the support of both the federal and state governments especially in the provision of the necessary security equipment such as speed boats.
Amare said the organisation, which protects jetties and waterways from pirates is also involved in search and rescue operations ,adding that his organisation has competent divers who can undertake rescue operations, in deep waters.
“We cannot be sitting down here while our aims and objectives is not being fulfilled. “We want to tell the federal and state governments that we want to come out and join in the fight against sea piracy to make our waterways safe
“The Nigerian Navy cannot do it alone. We want to support the government by deploying our men across waterways in Rivers State and the Niger Delta so that it would be safer for people to travel on the waterways”, he said.
He said the government can assist the organisation by providing them with security boats and other instruments
Amare also disclosed plans by the organisation to embark on a tour of jetties across the region with a view to guaranteeing their safety.
Also speaking, Deputy Commandant, Active Marine Surveillance and Coast Guard Limited, Captain Dain Elekima, said all the creeks in the region need to be combed daily to flush out pirates.
He said his group has the required manpower but needs the support of both the state and federal governments to ensure safety on the waterways.
Speaking the director Finance and Operations Active Marine Surveillance and Coast Guard Limited Captain Emberro Michael said they are ready to work with the Nigerian Navy and Marine police to check all Incidences of insecurity along the waterways.
Captain Michael stressed the need for the federal and state governments to support the group.
By: John Bibor & Claire Julius
News
Weeds Take Over Site Of Border Park In Cross River

The Nigeria-Cameroon border motor park construction site is now overgrown with weeds.
Etung Local Government Area of Cross River State embarked on the project last January 2025 when they cleared the entire expanse of land and deployed machinery to commence construction work.
The international motor park site is situated along the Ikom-Mfum border road, a few distances into Cameroon.
There are outcries and worries by motorists, traders and international travellers who were initially excited over the project, given the volumes of trade and travels between the state and Cameroon Republic.
A visit to the site at the weekend showed how the site of the facility has been overtaken by bush and reptiles.
In an interview, a farmer on Effraya Road, Etomi, in the council area, Mr Anthony Attah, expressed sadness over the seeming abandonment of the project five months after it was commenced.
“I had considered the project a laudable one, and had commended the Council chairman, Henry Anom, for the initiative, considering the economic importance of such a park to the Local Government Area, taking advantage of the Cameroon borders.
“Barely four months after the excavation of the land, the place has become a bush again.”
A business man and cocoa farmer, Everlasting Eriom, also lamented the apparent discontinuation of the project which he believed, would have eased his tasks and boost his cocoa sales.
Eriom said, “Whatever are the reasons for the abandonment, let the administration of Henry Anom note that this is about the only visible project that would etch his name in history books and has the capacity to raking up Council internal revenues.”
Reacting in a statement, the Supervisor for Finance in the Etung Local Government Area, John Ogar explained that the project has been mired in controversy and legal tussle.
“The Executive Chairman of Etung Local Government Area, Henry Anom, conceived the initiative of giving Etung a unique Motor Park Facility as a border local government. Unfortunately barely days after excavating the site to kickstart actual development, we were slammed with a court injunction, as previous administration had given out the parcel of land without proper documentation to guide the current dispensation, so we can’t fight the court.
“We only have to obey the law while we fine-tune measures to have things work out.”
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