Connect with us

Uncategorized

CBN Retains Interest Rate at 14%

Published

on

Nigeria’s Central Bank on Tuesday again left lending rate for banks unchanged in its efforts to rein in inflation and stabilise the financial system.

The CBN governor, Godwin Emefiele, told journalists that the Monetary Policy Committee (MPC) resolved during its meeting in Abuja to retain the monetary policy rate (MPR) at 14 per cent.

The MPR, the rate the CBN lends to commercial banks, has remained unchanged at 14 per cent for 30 consecutive months or 15 meetings of the MPC, since July 2016. It moved from 12 per cent in June 2016.

Mr Emefiele said the committee also resolved to retain the cash reserve ratio (CRR) at 22.5 per cent and liquidity ratio at 30 per cent, with an asymmetric corridor of +200/-500 basis points around the MPR.

The CRR is the funds kept with the CBN as a minimum deposit a commercial bank must hold as reserves, rather than lend out.

It is a monetary policy tool used to influence borrowing and interest rates by changing the amount of money at the banks’ disposal for loans purposes.

The CRR on private sector deposits is always lower (about 20 per cent), while CRR on public sector deposits is often higher (about 75 per cent).

Although the economy recovered in the second quarter of 2017, after two consecutive quarters of contraction, it remains largely fragile and susceptible to the recession at about 1.81 percent growth rate in the last quarter of 2018.

Mr Emefiele warned government against the risk of rising debt level, which he noted was approaching the pre-2015 levels.

He said the country’s foreign reserve has grown from $42.54 billion as at December 2018 to $43.28 billion as at January 21.

Last November, the MPC took the decision to retain the lending rate amid a resurgence of global inflationary pressures, increased fragilities in the global financial markets, and weakening crude oil prices.

Premium Times

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

65 Gun Salute to Dele Momodu, A Pen General, Mentor and Reservoir of Knowledge

Published

on

By

By Sunny Irakpo

“A child that washes his hands clean dine with the elders” (Isoko Proverb) .

Bob Dee as we fondly call you sir, You keep dinning with the elders till today because you have washed your hands clean.

You are very Proverbial, so I have come to pay my homage thus, knowing that what we eat surely tells on us.

My path crossed with you 3rd of May, 2010 at the University of Lagos, where a programme was organised by a fellow corper during my National Youth Service Corps (NYSC) days.

As a personality whom I admire so much on National television and long to see, on that fateful day, my joy was endless to see you walked in and after the event boldly walked-up to you to introduced myself and as a sharp Delta boy briefly share my vision to campaign against drug abuse in Nigeria, used a stone to kill two birds by extending an invitation as Guest Speaker for my progam that took place on the 21st May, 2010 at Methodist Boys High School, Lagos, Nigeria.

You replied me immediately, I love your Vision and I will be there.

I kept following up with prayerful text messages though without reply from you, my feeling was in doubt and slimmer resulted me to concluded that this, na one of these Nigerian elites characterized with promise and fail.

To my greatest surprise, 30mintes to my event, Bob Dee gave me a call and said I am close to your event Oga.

He likes to call everyone Oga. A sense of bosslessness to make everyone feel adequate around him.

My heart was merried and excited that a high profile Nigerian like him graced my occassion.

So Dele Momodu landed at the venue with shout of joy from corpers who filled the hall to the brim to welcome him with me. His reply to me after he saw the crowd was “Sunny you are a great man”. I smiled and said Thank you sir. I will support this Nation building cause with the little I have, and through the Ovation media group , I have enjoyed his support, giving media mileage to the SILEC Initiatives that have move from local to become a global brand to the glory of God and benefit to humanity.

You have given me your shoulder to stand to see further in life. Many have that same shoulder but they refused to allow such standing.

From entertainers you have helped in the entertainment industry to the common Nigerians whom you have touched their lives in one way or the other can also testify of your benevolence.

We have not started not to talk of getting there because the journey of success is a long one. For all that you have done to support me and vision, once again I use this opportunity to say thank you in a million times sir. Your birthday is so special because its reminds me of my struggle for the good Nigeria, and coincide with SILEC Initiatives anniversary of 15years campaign against drugs and substance abuse to rescue the Nigerian youth from drug addiction.

As you officially attain the status of an Elder Statesman today being 16th May, 2025, On behalf of my family, friends,partners, the Board of Trustees and Members of SILEC Initiatives, I join men and women of goodwill to celebrate a distinguished Nigerian of International repute, a Pan Africanist, Pen-Tyson, Political J.J, Philantropist, Media Guru, Patriot, Socialite, Nation Builder, Role Model and a Voice to the Voiceless in our society.

On this joyous occassion where we shall be receiving former Presidents of the Federal Republic of Nigeria His Excellency Dr. Goodluck Ebele Jonathan (GCFR) and His Excellency Olusegun Okikiola Aremu Obasanjo (GCFR) respectively to the Dele Momodu Leadership Lecture tagged: How to End Hunger & Poverty in Africa ,is a true testament of my earlier proverbial statement as a child who have washed his hands clean, to pull these Heads of State with good State of Heads, we are thus inspired and motivated, as we learn the more from the political fathers of our time at this critical moment of our national life.

You are a beacon of hope, living legend, and an inspiration to many young people like myself.

Heaven and earth knows that you have paid your due.

“Expect God’s Dew.”

It is my prayers that this landmark achievement launches you to another glorious realm to accomplish all that you have dreamt.

May evil nor sorrow finds no expression in your life and family.

Multiplicity of years in good health,God’s mercies and fervent Grace to enjoy your wealth, see your grand/great grandchildren.

Oh Lord be good to them that are good. Dele Momodu is a good man!

My mentor, I rejoice and celebrate you today and always.

You know that I am proud of you sir.

Happiest 65th Birthday to the latest Elder Statesman in Nigeria.

Amb. Sunny Irakpo is the Founder/President, SILEC Initiatives (IVLP USA)

Continue Reading

Uncategorized

Tinubu Salutes Osun State Governor Adeleke on 65th Birthday

Published

on

By

“President Bola Tinubu extends warm felicitations to the Osun State Governor, Senator Ademola Adeleke, on his 65th birthday on May 13.

“The President notes that the Peoples Democratic Party governor has created a niche for himself as a politician of reckoning not only in Osun State but also across the country and beyond.

“Adeleke was first elected Senator representing Osun West Senatorial District in 2017, taking over from his late brother, Senator Isiaka Adeleke, before becoming governor in 2022.

“Commending Governor Adeleke, President Tinubu notes that he has proven to be pan-Nigerian in his way of life and governance philosophy, exemplified by his Yoruba and Igbo heritage.

“The President personally prays for more years, good health and God’s infinite mercies on Governor Adeleke, the Asiwaju of Edeland, his hometown.”

Bayo Onanuga,
Special Adviser to the President,
(Information & Strategy)
May 13, 2025

Continue Reading

Uncategorized

London: Dr Orlando to Host Elite Cybersecurity Masterclass Amid Soaring Global Threats

Published

on

By

Dr. Orlando Olumide Odejide, Founder of Transformation College of Business and Technology, is set to headline a high-level cybersecurity masterclass in London on May 9, 2025—an event drawing sharp attention amid rising global digital threats.

With more than 20 years of cybersecurity leadership and frameworks currently safeguarding over $4 billion in assets across three continents, Dr. Odejide’s expertise arrives at a critical juncture. The digital battleground is escalating fast: global ransomware and extortion campaigns spiked by 72% in late 2024, contributing to over 5,000 documented attacks last year alone.

It’s not just the volume that’s increasing—it’s the complexity, and the cost. Cyber-related losses now dominate insurance claims, reshaping the risk landscape for corporations and governments alike.

One particularly sobering incident involved the UK’s healthcare sector, where a targeted attack on a pathology provider triggered major service disruptions. Across the corporate sphere, 43% of UK companies admitted to breaches in the past year. Yet even as threats grow, 68% of organisations say they lack the cybersecurity talent to respond effectively—leaving critical systems exposed and boards scrambling for solutions.

The regulatory noose is tightening, too. PCI DSS 4.0, now mandatory as of April 2024, brings sweeping new controls for payment security, with enforcement deadlines looming in March 2025. Meanwhile, the UK is preparing legislation that will accelerate breach reporting requirements and introduce stiff penalties for non-compliance.

Dr. Odejide’s London masterclass is tailored to this moment. Participants will receive hands-on training in ISO 27001 implementation, practical deployment of the updated NIST Cybersecurity Framework 2.0, and actionable strategies to navigate PCI DSS 4.0.

With just 35 seats available, demand is already high among FTSE 100 security heads, fintech compliance leads, and public sector cyber teams.

Far from a routine seminar, this session offers a tactical edge in a world where cyber warfare is no longer hypothetical. As Dr. Odejide prepares to take the stage, professionals charged with protecting sensitive systems are being offered more than a learning experience—it’s a survival toolkit. Applications close May 7.

Register now visit www.drorlando.net/london.

 

Continue Reading

Trending