Tag: CBN Gov. Cardoso

H’Reps threaten arrest warrant against CBN Gov. Cardoso

Aminu Imam
Reps on Cardoso

The House of Representatives Joint Committees on Public Accounts and Public Assets have threatened to issue an arrest warrant for the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. The move follows his continued failure to appear before the 10th National Assembly and comply with resolutions concerning the Fiscal Responsibility Act 2007 and the Finance Act 2020. In a joint statement issued on Friday, the chairmen of the committees—Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets)—accused the apex bank chief of repeated disregard for legislative…

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H’Reps summon Edun, Cardoso over audit infractions, Fiscal Act breach

Aminu Imam
H'Reps summon Edun, Cardoso

The Joint House of Representatives Committee on Public Account and Public Assets have invited the Minister of Finance, Wale Edun and the Central Bank of Nigeria Governor, Olayemi Cardoso to appear before it on Monday June 16, 2025, over allegations of non-compliance with the provisions of Fiscal Responsibility Act 2007. They top government officials are also expected to answer questions on the internal control weaknesses identified in the 2021 reports by the Office of the Auditor-General for the Federation. In a letter signed jointly by the Chairmen, House Committee on…

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Outrage in CBN, as Cardoso’s female consultants override directors, earn millions

Aminu Imam
Outrage in CBN

Senior staff members at the Central Bank of Nigeria, (CBN), are expressing outrage over the immense power wielded by female consultants arbitrarily hired by its governor, Olayemi Cardoso. The consultants, identified as Nkiru Balonwu and Daphne Dafinone, reportedly issue directives to departmental directors and earn exorbitant salaries, far exceeding those of senior executives. Sources within the bank allege that Ms. Balonwu takes home a staggering ₦50 million per month, while Ms. Dafinone earns ₦35 million, surpassing the combined salaries of multiple directors. The consultants’ roles remain undefined, yet they have…

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Four banks open bid to raise N1tr from capital market

Aminu Imam
Cardoso on banks

Four commercial banks with international license Fidelity Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc and FCMB Group Plc which altogether needed to increase their capital base to N2 trillion, are seeking to raise about N1 trillion in the first phase of intense competition for investors funds. The first cluster of offers came as the Central Bank of Nigeria, (CBN), at the weekend said the ongoing recapitalisation will produce resilient and fit-for-purpose banks with more ability to grow the economy. CBN governor, Olayemi Cardoso, said…

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SERAP urges CBN gov. to account for missing N100bn dirty notes, others

Aminu Imam
SERAP urges CBN Gov.

The Socio-Economic Rights and Accountability Project, (SERAP), has urged the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to account for and explain the whereabouts of the over N100 billion dirty and bad notes and other large sum of cash awaiting examination which are kept in various branches of the CBN. In a letter dated June 29, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation. The organisation said these…

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?”Worst of naira volatility over” – Cardoso

Aminu Imam
Cardoso on Naira

Central Bank of Nigeria, (CBN), governor,, Yemi Cardoso, says hes relatively pleased about the rare calmness the naira has witnessed in the past months. In an interview with BloombergTV yesterday, Cardoso, who is the apex bank’s Monetary Policy Committee (MPC) Head, expressed optimism that the excessive volatility of the naira may not resurface again. I do believe that we have more or less seen the worst in terms of volatility, he stated. We are also very alive to observing the way and manner in which that market operates, and ensuring…

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‘Interest rates to remain high until inflation rate falls’ – Cardoso

Aminu Imam
CBN gov, Cardoso

…Reiterates commitment to monetary stability Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had said interest rates would remain high until inflation rate comes down. Cardoso, who stated this in a Financial Times report yesterday.  also said orthodox policies would be implemented to tame inflation, said there is every indication that MPC would do whatever is necessary to rein in inflation. The CBN boss said, They will continue to do what has to be done to ensure that inflation comes down. Lets face it: for a long period…

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Alleged Illegal Acquisition:CBN sacks Titan Trust, Union Bank, Keystone Bank, Polaris Bank Boards

Aminu Imam

The Central Bank of Nigeria (CBN) has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone banks. CBN sources say the decision was taken in a meeting led by the apex banks governor, Yemi Cardoso, yesterday in Abuja. The action followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments. The report of the special investigation into the activities of the CBN had accused the immediate-past…

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H’Reps order arrest of CBN Governor, Cardoso, 18 others

Aminu Imam

The House of Representatives Committee on Public Petition has issued warrant of the arrest on the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, the Accountant-General of the Federation, Mrs. Oluwatoyin Madein, and 17 others for refusing to appear before it to answer questions on their operations. This followed the adoption of a motion by Rep. Fred Agbedi, at the committees hearing on Tuesday. Moving the Motion, Agbedi said that the arrest warrant had become inevitable following the attitude of the invitees. He said that the parliament worked with time,…

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CBN doesnt have a magic wand to solve current economic challenges – Cardoso

Aminu Imam

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated the Bank does not have a magic wand to solve Nigerias current economic challenges. The apex banks chief said this in an emailed speech on Tuesday according to reports from Reuters. He said, The CBN does not have a magic wand that can be waved at the current economic challenges. Nigeria currently battles a depreciating naira, double-digit inflation poised to reach 30% according to KPMG analysis, and an N87 trillion debt. However, he explained that the CBN can…

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