BUSINESS
Going Forward with CBN, Emefiele’s 5-Year Roadmap

By Tony Obiechina, Abuja
The Governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele, on Monday 24th July, 2019 unfolded the policy direction of his new five-year tenure which will terminate in 2024.
Addressing a World Press Conference at the CBN corporate headquarters in Abuja, the governor promised to facilitate access to financial services to 95 per cent eligible Nigerians as well as “continue to work to safeguard the stability of our financial system, while supporting the development of a payment system infrastructure that will improve access to credit for all eligible Nigerians”.
“Over the next five years, this will be the task for the Central Bank of Nigeria under my leadership, and we intend to do our very best to achieve these objectives”, he had assured.
Although Emefiele acknowledged that much was still left to be achieved from a similar agenda set in July 5, 2014, when he was first appointed, he said he was confident the bank will meet the expectations of Nigerians in the next five years.
Reviewing the achievements and challenges of the CBN in his first tenure, the governor pointed out that “with increased consultation and cooperation with the fiscal authorities and other interest groups, the agenda will be realised”.
In driving this vision, Emefiele expects that the bank under his management for the next five years, will work closely with the fiscal authorities to target a double digit growth; bring down inflation to single digit; and accelerate the rate of employment”.
“Put succinctly, our priorities at the CBN over the next five years are the following; First, preserve domestic macroeconomic and financial stability; Second, foster the development of a robust payments system infrastructure that will increase access to finance for all Nigerians thereby raising the financial inclusion rate in the country; Third, continue to work with the
Deposit Money Banks to improve access to credit for not only small holder farmers and MSMEs but also consumer credit and mortgage facilities for bank customers. Our intervention support shall also be extended to our youth population who possess entrepreneurship skills in the creative industry,” he had said.
Even as the governor promised to encourage the Deposit Money Banks to direct more focus in supporting the education sector, grow the country’s external reserves, and support efforts at diversifying the economy through CBN intervention programmes in the agriculture and manufacturing sectors, the apex bank may have concluded plans to raise the banks’ minimum capital base from the present N25 billion to over N200 billion.
“In the next five years, we intend to pursue a programme of recapitalising the banking Industry to position Nigerian banks among the top 500 in the world.
“Banks will therefore be required to maintain higher levels of capital, as well as liquid assets in order to reduce the impact of an economic crisis on the financial system,” he said.
On macro-economic stability, he said over the next five years, emphasis would be on supporting improved gross domestics product (GDP) growth and greater private sector investment.
According to him, the CBN intends to leverage monetary policy tools in supporting a low inflation environment, while seeking to maintain stability in our exchange rate.
He said decisions by the Monetary Policy Committee on inflation and interest rates will be dependent on insights generated from data on key economic variables.
He also said the CBN would also strive to continue to sustain a positive interest rate regime and that monetary policy measures, will be geared towards containing inflationary pressure and supporting improved productivity in the agricultural and manufacturing sectors.
To bring down the cost of food items, which have considerable weight in the Consumer Price Index basket, Mr Emefiele said the bank will work with other interest groups towards that objective.
“Our ultimate objective is to anchor the public’s inflation expectation at single digits in the medium to long run. We believe a low and stable inflationary environment is essential to the growth of our economy because it will help support long term planning by individuals and businesses,” he assured.
On Exchange Rate Stability, Mr Emefiele said the bank will continue to operate a managed float exchange rate regime, to reduce the impact the continuous volatility in the exchange rate could have on the country’s economy.
He the CBN will support measures to increase and diversify Nigeria’s exports base and ultimately help in shoring up the country’s foreign reserves.
Nigeria, he said, remains committed to a free trade regime that is mutually beneficial; but, particularly aimed at supporting our domestic industries and creating jobs on a mass scale for Nigerians.
Consequently, he said, the CBN intends to aggressively implement its N500 billion financial support facility to boost the growth of the non-oil exports and improve non-oil export earnings.
To achieve Financial System Stability, Mr Emefiele said a resilient and stable financial system was imperative for continued growth of the country’s economy given the intermediation role of financial institutions, to support the needs of individuals and businesses.
“In the next five years, we intend to pursue a programme of recapitalising the banking Industry to position Nigerian banks among the top 500 in the world.
“Banks will therefore be required to maintain higher levels of capital, as well as liquid assets in order to reduce the impact of an economic crisis on the financial system,” he said.
Reacting to the development. the Chairman, Charteted Institute of Bankers (CIBN), Abuja Chapter, Prof Uche Uwsleke said Ememefie’s five year policy thrust “is a good development with a lot of positive impact on the economy”.
In an interview with Daily Asset on Tuesday, Uwaleke, professor of Capital Market said, “The recapitalization of banks will strengthen financial system stability and put our banks in a stronger position to finance big projects needed for development as well as play in the global scene”.
“The planned introduction of a Trade monitoring system that reduces the length of time it takes to process export documents from one week to one day will surely boost exports.
“Also commendable is the plan to scale up the Anchor Borrower Programme and target for massive funding support 10 commodities that consume a lot of foreign exchange to import.
“This will help conserve Forex, grow external reserves, reduce food prices and possibly create job opportunities. The plan to build a robust payment infrastructure including through promoting payment service banks, shared agent networks, mobile money will go a long way in helping to achieve the target of 95 percent financial inclusion by the year 2024.
“Similarly, the boost in the Collateral Registry where over N400 billion worth of assets have been registered as well as the NISRAL microfinance bank will no doubt improve access to finance by micro and small businesses.
“The major risk I see in the pursuit of price and monetary stability which is the core function of the CBN is the volatility in crude oil price given our dependence on the sector. The CBN is therefore advised to have a plan B in its five year plan.
“It is also vital to get the cooperation of the fiscal authorities especially when it comes to the task of achieving double digit growth because on this very score, the CBN cannot clap with one hand”, he argued.
On capitalization, the university don’t however advised the CBN to raise the banks’ capital base to N100 billion, up from N25 billion.
“The N25 billion is already eroded when you look at our exchange rate. It is better to have 10 healthy banks than 20 that will be giving CBN headache. The tier two banks are also the most exposed banks to NPLs. The big five, are not giving CBN much problem like the others”, he argued.
“Bigger banks can easily bankroll larger businesses. So, if we are one of the 500 banks in the world, we can play comfortably in the international league. Bigger banks have better corporate governance and monitoring by CBN is much easier. Fewer stronger banks will invest in the right technology to deliver better services”, Uwaleke further pointed out.
In his reaction, CIBN President, Dr Uche Olowu, said there was no need for panic among bankers as the Nigeria financial system remains stable stressing that the whole idea of recapitalisation was to continue to sustain that stability in order to expand the scope of banks to do bigger businesses.
Olowu however advised the boards of the banks to go back to the drawing board and restrategise ahead of the CBN’s impending reapitalisation, assuring that the system will take care of itself with adequate planning.
BUSINESS
FCTA Setup Vetting Committees to Scrutinise Sale of Govt Properties

By Laide Akinboade, Abuja
The Federal Capital Territory Administration (FCTA), at the weekend set up vetting committees to scrutinise the sale of Federal Government houses in the FCT, and the titling of designated park plots, including the management of allied land parcels in Abuja.
This was contained in a statement by Assistant Director of Information and Customer Service, Badaru Yakassai, in Abuja.
The FCT Director of Land Administration, Chijioke Nwankwoeze, inaugurated the vetting committees in his office.
Nwakwoeze explained that the committees were established to implement ministerial directives “following the discovery of serious irregularities and infractions in the sale of Federal Government houses in the FCT.
“The Director added that the said irregularities and fractions discovered include deviation from approval mandate, improper verifications, late payments, inadequate documentations, poor interdepartmental coordination and other specific infractions,” the statement added”
He noted that the FCT Minister, Nyesom Wike, approved the constitution of the committees “with clear directives, mandates, and terms of reference, to ensure that all processes are completed within a reasonable time frame.”
Nwankwoeze added that the vetting team on the sale of government houses is expected “to restore order, accountability, and transparency in line with the original 2003–2005 monetisation and sales policy framework of the Federal Government.”
He further stated that a second vetting committee had been set up to handle the titling of designated park plots, with a mandate to align the activities of the Department of Parks and Recreation with the current land reform policies of the FCT Administration.
Nwankwoeze stated that the FCT Minister, Nyesom Wike, approved the constitution of the committees “with clear directives, mandates, and terms of reference, to ensure that all processes are completed within a reasonable time frame.”
Nwankwoeze added that the vetting team on the sale of government houses is expected “to restore order, accountability, and transparency in line with the original 2003–2005 monetisation and sales policy framework of the Federal Government.”
He further stated that a second vetting committee had been set up to handle the titling of designated park plots, with a mandate to align the activities of the Department of Parks and Recreation with the current land reform policies of the FCT Administration.
“The setting up of the vetting committees was a bold and irreversible step toward restoring sanity and public trust in the FCTA.
“He emphasised that the government has deployed machinery to put to rest all lingering issues surrounding the sales of the Federal Government’s houses and designated park plots in the territory,” the statement further read.
The director expressed confidence that the committees will sanitise the system and rebuild citizens’ trust in public land administration.
This is because the FCT Minister has the ‘political will’ to drive it to a logical conclusion, and this forms part of the aspirations of the ‘Renewed Hope Agenda’ of President Bola Ahmed Tinubu,” Nwankwoeze stated.
BUSINESS
Digital Bank PalmPay Gets Recognition

Torough David
Digital bank PalmPay has once again secured global recognition, earning a place on CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list.
This marks the second consecutive year the fintech platform has been listed among the world’s most innovative and impactful financial technology firms, placing it alongside global giants such as Revolut, Nubank, and Ant Group.
In a statement on Tuesday, the Founding Chief Marketing Officer at PalmPay, Sofia Zab, described the recognition as a strong validation of the company’s commitment to financial inclusion across emerging markets.
“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” she said.
Zab noted that PalmPay’s strategy combines cutting-edge technology with deep local distribution to meet the needs of underserved communities.
“Through a customer-first mindset, we’ve built Nigeria’s leading neobank,” she added.
PalmPay currently serves over 35 million registered users, processing up to 15 million transactions daily. In Nigeria, its core market, PalmPay operates as a full-service neobank, offering services such as transfers, bill payments, credit, savings, and insurance, all available through its user-friendly mobile app.
The company also maintains a nationwide network of over one million agents and merchant partners and provides POS and API-driven solutions for merchants and enterprise clients.
Group Chief Commercial Officer at PalmPay, Jiapei Yan, said the fintech platform is building a neobanking infrastructure that aligns with the realities of emerging markets.
“We are creating the infrastructure for a connected digital economy where people and businesses can thrive through reliable, inclusive financial tools,” Yan said.
He added that the CNBC and Statista ranking not only affirms PalmPay’s progress but also highlights the scale of opportunity in emerging markets.
PalmPay recently expanded into Tanzania and Bangladesh, using smartphone device financing as a gateway to digital financial services for new users in these regions.
“Our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact,” Zab said.
Earlier this year, PalmPay was also ranked #2 overall and #1 in financial services on the Financial Times Africa’s Fastest-Growing Companies 2025 list. The ranking reflected the company’s rapid scale and market traction, based on revenue growth between 2020 and 2023.
BUSINESS
CBN’s Rates Hold Anticipated, New Strategies Important against Downsides – CPPE

The Centre for the Promotion of Private Enterprise (CPPE) said the decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold the interest rates was anticipated.
Chief Executive Officer of CPPE, Dr. Muda Yusuf said this in an interview on Wednesday in Lagos.
Yusuf said that although the decisions of the MPC were not surprising, the apex bank and managers of the nation’s economy must evolve additional strategies, including trade policy shifts against inflation.
He was responding to the outcome of the 301st MMPC meeting.
The MPC retained the rates for the third consecutive time, holding the Monetary Policy Rate (MPR) at 27.
5 per cent.The Cash Reserve Ratio (CRR) was retained at 50 percent for deposit money banks and 16 per cent for merchant banks.
It also retained Liquidity Ratio at 30 per cent and the Asymmetric Corridor at +500/-100 basis points around the MPR.
Yusuf said that the outcome was anticipated based on current realities, adding that the decision had both positive and negative consequences for the nation’s economy.
He said it was expected that current rates would be maintained due to CBN’s consistent approach of not cutting rates until inflation significantly moderates.
He said that inspite of marginal deceleration in annual inflation to 22.22 per cent, month-on-month headline, food, and core inflation all increased in June.
According to him, the CBN cited inflationary trends coupled with persistent factors like high energy costs, insecurity, exchange rate volatility and logistics expenses as reasons for its decision.
He stressed the need for more affordable funds to boost economic growth and investment, noting that interest rates exceeding 30 per cent are highly prohibitive.
The CPPE boss, however, said that economic management involved trade-offs.
He said that CBN’s tight monetary stance, characterised by high interest rates, had successfully attracted an inflow of foreign exchange through portfolio investments.
Yusuf said that the influx of forex was a key positive outcome that justified CBN’s decision to maintain monetary tightness, even if it appears to hinder direct investment and growth.
He said that CBN’s decision had several implications, adding that financial instruments will continue to offer attractive returns, benefiting investors in these areas.
Yusuf said that the country needed factors that could bring down the cost of production, distribution, and the cost of importation of critical input for production.
“There are already some actions, we need more effective and impactful actions on insecurity, so that our food production can also be scaled up.
“These are some of the additional things that need to take place on the policy front to complement whatever the monetary policy authorities are doing.
“Clearly, monetary policy alone or monetary policy instruments alone are not sufficient to effectively tackle inflation,” he said.