The Senate declared its determination to ensure the dismissal and prosecution of the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and other top executives. This stern stance stems from the alleged misappropriation of N12 trillion on the turn-around maintenance (TAM) of the country's non-functional refineries.

Highlighting the alarming financial figures, the Senate Ad hoc Committee disclosed records of over $592 million, €4.8 million, and £3.4 million expended on TAM from 2010 to 2023. Despite this significant expenditure, the refineries continue to operate below capacity, prompting the committee to demand accountability.

During an interactive session with the management of NNPCL and other oil sector executives, the Senate Ad hoc Committee expressed dissatisfaction with the absence of chief executive officers from agencies, including NNPCL, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and their subsidiaries. The committee issued a warning of potential dismissal and prosecution for those failing to comply.

Senator Isa Jibrin, the committee chairman, emphasized the need to address operational inefficiencies and financial leakages within the refineries. He announced the committee's intention to seek refunds and dismissals of executives involved in the turn-around maintenance. Expressing concern about operational expenses of N4.8 trillion between 2010 and 2020 on non-functioning facilities, Senator Jibrin demanded explanations for such expenditures.

Senator Yahaya Abdullahi underscored the seriousness of the matter and insisted that representatives should inform their chief executives to appear in person. Senator Sumaila Kawu emphasized the legislative duty to represent the people and urged respect for the Constitution. Senator Danjuma Goje clarified that the committee requires direct engagement with heads or chief executives rather than their representatives.

The committee set a deadline until Tuesday for the submission of documents by the agencies. Further meetings are planned to discuss the documents and provide the chief executives with an opportunity to address the Senate directly.

The Central Bank of Nigeria (CBN) is intensifying efforts to combat currency hoarding and speculation, which are believed to contribute to the depreciation of the naira against major foreign currencies. Speculators and hoarders, identified as undermining government initiatives to stabilize the naira, face increased scrutiny. Recent positive strides in naira appreciation were marred by a subsequent decline, prompting suspicions of artificial market manipulation through speculation and hoarding.

While many Nigerians celebrated the previous naira appreciation, speculators and hoarders incurred losses, leading to suspicions that powerful entities, including politically exposed persons involved in foreign exchange round-tripping, are resisting government measures. The CBN, armed with intelligence, is poised to launch a campaign targeting these individuals, aiming to decisively address their disruptive activities.

A source within the CBN, speaking anonymously, revealed the central bank's determination to counteract the pushback from speculators and traders. The CBN plans to initiate a robust campaign against these disruptive forces to preserve the recent gains made in stabilizing the naira. Aminu Gwadabe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), emphasized the CBN's readiness to inflict consequences on currency speculators, emphasizing the risks associated with attempting to manipulate the naira against its recent positive trajectory. 

The CBN's multifaceted approach includes measures such as dollar liquidity injection and naira mopping through interest rate hikes. The market is cautioned against further attacks on the naira, as the CBN remains well-equipped to safeguard its recent successes.

In a decisive move to combat corruption and promote transparency, the President of Nigeria, in a letter dated July 28, 2023, has appointed Jim Obazee, Chief Executive Officer of the Financial Reporting Council of Nigeria, as the Special Investigator. The President's directive empowers the investigator to delve into the affairs of the Central Bank of Nigeria (CBN) and other Government Business Entities (GBEs), with a direct reporting line to the President's office.

The letter emphasized the administration's commitment to fighting corruption, in line with the constitutional objective outlined in Section 15(5) of the 1999 Constitution of the Federal Republic of Nigeria. The appointment takes immediate effect, with the Special Investigator tasked with enhancing the integrity and accountability of key Government Business Entities, curbing financial leakages within the CBN and related entities, and providing a comprehensive report on public wealth held by both public and private corrupt individuals and establishments.

To accomplish this crucial mission, the appointed investigator will be working alongside a skilled and competent team, collaborating closely with relevant security and anti-corruption agencies. Regular progress updates are expected, with weekly briefings to the President.

In another significant development, the President shared a copy of his directive, dated June 9, 2023, which suspends Godwin Emefiele from his position as the Governor of the Central Bank of Nigeria. This action underscores the seriousness of the investigation and the government's commitment to upholding accountability and fairness in the financial sector.

As the Special Investigator takes charge of this important responsibility, Nigerians are hopeful that this initiative will pave the way for a more transparent and corruption-free financial system, ultimately benefiting the nation and its citizens.

In a surprising turn of events, President Bola Tinubu has suspended the Central Bank Governor, Godwin Emefiele, following an ongoing investigation by the House of Representatives and planned financial sector reforms. Emefiele has been directed to hand over his responsibilities to the Deputy Governor (Operations Directorate) during the investigation period. Speculations arise that Emefiele's suspension may be connected to allegations of terrorism financing and the House of Representatives' inquiry into missing crude oil barrels and questionable payments made by the Central Bank.

The House of Representatives had initiated a probe into the activities of the Central Bank of Nigeria (CBN) under Emefiele's leadership. The investigation focused on the alleged missing 48 million barrels of Bonny Light crude and the N32.5 billion payment made to two companies, GSCL Consulting and Bizplus, without proper documentation. Emefiele was summoned by an ad hoc committee to provide details on the payments, which were later revealed to be withdrawn by the companies within two months. As the probe unfolded, it became evident that Emefiele's suspension was necessary to facilitate a thorough investigation into the allegations.

Following his suspension, Emefiele has been barred from leaving the Federal Capital Territory, Abuja. There are indications that the Department of State Services (DSS) may reopen its investigation into Emefiele for alleged terrorism financing. Sources suggest that Emefiele's previous attempt to join the list of presidential candidates and pending allegations against him contributed to the decision to suspend him.

The suspension of Emefiele rather than an outright sacking was a strategic move by President Tinubu due to legal constraints. According to the CBN Act, the President cannot unilaterally remove a CBN Governor but requires a two-thirds majority support from the Senate. As the 9th Senate holds its valedictory session, it is unlikely that Emefiele will be recalled from suspension. The situation mirrors the suspension of former CBN Governor Sanusi Lamido Sanusi by the administration of ex-President Goodluck Jonathan.

Financial economist Uche Uwaleke reflects on Emefiele's tenure, highlighting his implementation of significant initiatives such as the Anchor Borrower Programme, the RT200, and the eNaira. Emefiele's policies aimed to stimulate the economy during periods of recession, promote import substitution, and maintain relative stability in exchange rates. However, criticisms arose regarding the currency redesign exercise and the exponential growth of the CBN Ways and Means during his tenure. Despite the turbulence, Emefiele deserves some respite after his term concludes.

Folashodun Adebisi Shonubi, the Deputy Governor of the CBN in charge of Operations, has assumed the role of acting Governor during Emefiele's suspension. Shonubi brings a wealth of experience from various financial institutions and has been serving on the board of the Federal Inland Revenue Service (FIRS) since 2019. His expertise will be crucial in maintaining stability within the central bank and overseeing its operations until the investigation concludes.

The suspension of Central Bank Governor Godwin Emefiele has raised eyebrows due to ongoing investigations and planned financial reforms. As the House of Representatives probes the alleged missing crude oil barrels and questionable payments made by the CBN, Emefiele's suspension aims to facilitate a thorough investigation. With Emefiele barred from leaving Abuja and the possibility of a renewed DSS investigation, the future remains uncertain for the suspended governor. Meanwhile, Deputy Governor Folashod

The figures released by the federal statistics authority Destasis, also showed revisions to 2019 fourth-quarter figures from zero growth to a contraction of 0.1%. This meant that Germany's GDP growth has been negative for two successive quarters, the technical definition of a recession.

The first quarter figures are only a partial indication of how much the Coronavirus pandemic has harmed Europe's largest economy.

Though experts had expected a contraction of around 2%, the drop is not as bad as in some of its neighbours, such as France which has seen a decline of 5.8%, and Italy which reported a 4.7% fall. This was aided by Germany's 16 states' decision to allow factories and construction sites to stay open, as well as an unprecedented rescue package by the government.

Germany had imposed restrictions due to the Coronavirus pandemic, and this remained in place through early May. It also drastically reduced exports and consumer spending.

Employment figures remained stable in the first quarter. The coronavirus outbreak had only a "modest" effect on employment between January and March, the agency said, partly thanks to Germany’s reduced-working-hours program, which allows firms to keep workers at home without laying them off.

Speaking to CNBC Africa, Onyeagwu stated that one of the most immediate impacts of the Pandemic is the fact that the oil price crash will have negative implications for banks’ revenue targets.

“In terms of banking, the drop in the price of crude is affecting directly the exposure that banks have created in the oil and gas sector. Revenues are challenged now, no doubt. And you have a situation where revenues are challenged, the obvious next step will be for you to restructure,” Onyeagwu stated.

He also noted that the situation will remain very challenging until there is a vaccine to remedy the virus. For now, efforts are being made to flatten the curve by preventing further spread of the virus. And while this effort continues, banks are not expecting much growth. He said:

“In this moment too, as far as banking is concerned, we are also going to experience the fact that we don’t expect a situation where there will be growth in loan books. Loan growth will be challenged. World Bank’s screen now is on different sectors of the economy and how the COVID impacts them restructuring the loan book. The Central Bank has even given a dispensation to this effect, asking banks to come up with the  various proposals they have for the restructuring of the loan book.”

He then disclosed that there have been some positives arising from the COVID-19 pandemic. According to him, Zenith Bank has recently witnessed a massive increase in the number of businesses being transacted through various digital channels. Apparently, customers who were hitherto disinterested in digital banking are now showing interest.

The Zenith Bank CEO then clarified that the pandemic is not only affecting the banking industry alone. It affects every aspect of the economy, he said.

“In a situation where you have a lockdown of the economy, if you lock down all the agents, there is no way business volumes will not be bad or impacted.”

Zenith Bank’s profit before tax rose by 3% to N58.7 billion in the first quarter of 2020, according to an earlier article published by Nairametrics.