Finance

CBN appoints Nwanisobi, 7 others as departmental directors

CBN announces Naira remittances payout option

Central Bank of Nigeria (CBN) yesterday confirmed the appointment of Mr. Osita Nwanisobi as the director, Corporate Communications Department, with effect from August 25, 2021. Nwanisobi had acted in acting capacity since October 2020, when his predecessor, Isaac Okorafor retired from service. The apex bank also appointed seven other directors.

This is as the CBN faulted the Senate over alleged unremitted 80 per cent of operational surpluses into the Consolidated Revenue Fund (CRF).

According to the CBN, contrary to what the Senate has been saying, it has been remitting operational surpluses in the last five years.

Meanwhile, other directors whose appointments were confirmed are Mrs. Elizabeth Omolara Fasoranti, who steps in as the director, Branch Operations; Dr. Abdulkadir Abdullahi Jibril as director, Medical Services and Mrs. Rashidat Jumoke Monguno, who now directs affairs in the Consumer Protection Department (CPD).

Other are Mrs. Amina Habib, who is now the director, Human Resources Department; Dr. Blaise Ijebor, Director, Risk Management; Mr. Chibuzo Anthony Efobi, Director, Financial Policy and Regulation and Mr. Benjamin Nnadi, who assumes the position of Director, Reserve Management.

All the appointments are with effect from August 25, 2021.

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On the other hand, the Senate had through its Chairman, Committee on Finance , Solomon Adeola Olamilekan ( APC Lagos West) at an interactive session with revenue generating agencies , pointedly accused the CBN of not remitting its operational surpluses within the last five years.

Senator Adeola in making the allegation said, “ Nigeria wouldn’t have been having problem of inadequate revenue to fund its annual budget if revenue generating agencies, were remitting 80% of their operational surpluses into the CRF as required by the Fiscal Responsibility Act.

“Specifically, the Central Bank of Nigeria which has yearly budget of N2.3trillion, has not remitted any revenue from its operational surpluses into the Consolidated Revenue Fund within the last five years “

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But in swift reaction , the deputy governor of CBN in charge of Economic  Policy, Dr Kingsley Obiora debunked the allegation by declaring that 80 per cent of the apex bank’s operational surpluses , have always been remitted to the CRF on yearly basis .

The remittance, he said is done in line with the provisions of the Fiscal Responsibility Act and not that of the CBN Act which stipulates 75 per cent remittance .

“With all due respect to the Senate and in particular , this committee , the CBN as a law abiding government agency , had not at anytime, defaulted in the remittance of its operational surpluses .

“We do this on yearly basis as required by the Fiscal Responsibility Act despite the fact that the CBN Act , requires us , to remit 75 per cent only “, he said.

The chairman of the committee however directed the CBN to produce documentary evidence of its remittances within the last five years unfailingly Friday this week .

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He also told the apex bank to produce its Audited Account in the last five years as well as its position paper on monetary policy point of view on the 2022 – 2024 Medium Term Expenditure Framework (MTEF)and Fiscal Strategy Paper being considered by the committee .

“He who comes to equity must come with clean hands . Since you have declared before the whole world that CBN has been remitting 80 per cent operational surpluses into CRF, it is necessary that we see the documentary evidence, as that would lay the controversy to rest .

“Let’s have these documents latest by 11:00am on Friday,” he directed.

Attempt by the committee chairman to drag the Director General of Budget Office, Mr Benjamin Akabueze to confirm or dispute the claims of the CBN proved abortive as Akabueze said verification to that effect , will be determined by an ongoing process.

Leadership

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