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Nigerian banks may lose deposits to CBN eNaira: IMF Report

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A report by the International Monetary Fund (IMF) expert suggests that demand for deposits in Nigerian commercial banks may reduce due to the introduction of eNaira.

In the publication released on Tuesday, Jack Ree, an economist with IMF, highlighted the need to manage potential risks that could spring in the cause of making transactions with the recently launched e currency.

He explained that the currency’s heavy reliance on digital technology warrants the need to adequately manage cybersecurity and operational risks associated with the digital currency.

 “…eNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks,” he said. “Relying as it does on digital technology, there is a need to manage cybersecurity and operational risks associated with the eNaira.”

The report came shortly after renowned financial expert Biodun Adedipe argued that the newly-launched e-Naira would not affect deposits of commercial banks.

Mr Adedipe said e-Naira could not replace deposits or reduce the ability of the banks to create credits. According to him, banks will not lose their deposits to digital naira because of limits on e-Naira wallet transactions.

However, Mr Ree in the IMF report explained that the eNaira wallets might effectively function, as a deposit at the central bank, resulting in a decline in the demand for deposits in commercial banks.

He highlighted monetary policy implementation, cyber security, operational resilience, and financial integrity and stability as other concerns that could spring up in the cause of transacting with the digital currency.

The eNaira was launched by President Muhammadu Buhari and CBN governor Godwin Emefiele at an elaborate event at the State House in October. 

Mr Emefiele, during the launch, disclosed that N500 million had been minted by the bank, of which N200 million was issued to financial institutions. He also noted that over 2,000 customers had been onboarded on the platform.

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#Justiceforsylvester: Lagos police investigate death of Dowen College student

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Late Sylvester Oromoni Jnr

The Lagos Police Command on Saturday said investigation into the death of Sylvester Oromoni of Dowen College, Lekki, is currently ongoing.

In a statement by spokesperson Adekunle Ajisebutu, the command said although no report was made to it, the Commissioner of Police, Hakeem Odumosu, ordered an investigation into the death.

“The Lagos State Police Command is not unaware of the reported death of one Sylvester Oromoni, a 12-year-old student of Dowen College, Lekki, Lagos, which is currently going viral on the social media.

“The Commissioner of Police, upon hearing about it, instantly directed the Divisional Police Officer, Maroko Division, under whose jurisdiction the place of incident is, to immediately visit the school to carry out initial investigation into the incident.

“This directive has been carried out as investigation into the case has since commenced.

“However, in view of the seriousness of the case, the Homicide Section of the State Criminal Investigation Department, Panti, has also been directed to take over investigation of the case immediately.” he said.

Mr Ajisebutu, in the statement, cautioned the public against taking laws into their hands, saying the command has assured the bereaved family of justice.

“Members of the public, particularly the deceased’s bereaved parents, friends and relatives, are assured that the Lagos State Police Command has deployed all available human and material resources at its disposal to unravel the circumstances surrounding the sad and unfortunate incident.

“While diligent investigation is ongoing, members of the public are advised against taking the law into their own hands. They are also enjoined to refrain from comments that could jeopardize investigation.

“The Commissioner of Police, CP Hakeem Odumosu, while commiserating with the bereaved family, has equally assured that the outcome of police investigation would be made public in due course,” he said.

The Lagos Ministry of Education on Friday, December 3, announced the indefinite closure of Dowen College, Lekki, pending the outcome of investigation into the boy’s death.

(NAN)

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Gov. Wike offers N50 million, automatic employment to physically-challenged person

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Governor Nyesom Wike has offered James Daniel, a disabled student of the Rivers State University with N50 million and automatic appointment as a university lecturer for bagging a Doctor of Philosophy (PhD) degree.

Mr Wike announced the monetary reward and appointment on Saturday at the 33rd convocation of the state university in Port Harcourt.

He said the honour bestowed on Mr Daniel was in recognition of his academic excellence and for being an inspiration to other disabled persons.

The governor cautioned state-owned universities to stop indiscriminate conferment of doctoral degrees on all manner of questionable candidates and people of material influence.

He emphasised that serious universities guard their reputation jealousy and award doctoral degrees only to students who have gone through years of rigorous intellectual research and interrogation and whose dissertation is independently adjudged to be sound and contributory to new learning.

He described as unfortunate, the current trend and practice in universities to award doctoral degrees indiscriminately, like chieftaincy titles, to all manner of questionable candidates.

Mr Wike also assured that the infrastructural development in the university started by his administration, including the four new campuses at Ahoada, Emohua, Ebara and Sakpenwa, will be completed by the second quarter of 2022.

(NAN) 

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PDP inaugurates new NWC members December 10

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Wadata House PDP National Secretariat

The Peoples Democratic Party (PDP) will hold presentation of certificate of return and swearing-in ceremony of its newly elected national officers on December 10 in Abuja.

A statement by the party National Publicity Secretary, Kola Ologbondiyan, in Abuja on Saturday said that the event would hold at the International Conference Centre, Abuja, by 9:30 a.m.

It said the transition from the outgoing to incoming national officers of the party was sequenced to the successful conduct of the October 30 and October 31 elective National Convention.

“Accordingly, the valedictory session of the outgoing National Working Committee (NWC) has been scheduled to hold on Wednesday, Dec. 8, at the NEC Hall of the National Secretariat, Abuja at 11am,” the statement said. 

The party advised all leaders, critical stakeholders and its members nationwide to note accordingly. 

(NAN)

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