Nation
Economist Commends CBN On Financial Report …Says It Will Boost Investors’ Confidence
A financial economist, Prof. Uche Uwaleke, has commended the Central Bank of Nigeria (CBN) for publishing the financial reports of the bank after seven years.
Uwaleke, who is a professor of Capital Market at the Nasarawa State University, Keffi, gave the commendation in an interview with The Tide’s source on Saturday in Lagos.
He said the act would boost the confidence of investors in the Nigerian economy, adding, “it has brought to the fore the true picture of the country’s external reserves being managed by the CBN”.
According to him, it is development shows that it beyond speculation and that much of the reserves are encumbered by securities lending and derivatives contracts entered into by the CBN.
“Much as these contracts are legitimate, the resulting obligations from them put to question the justification for entering into these contracts in the first place and whether adequate safeguards were put in place at the time of entering into these contracts.
“Securities lending is the process of loaning securities to another party which effectively transfers ownership to the other party expected to provide collateral for them.
“In this instance both JP Morgan and Goldman Sachs were said to have provided cash in return,” he said.
This, he said, implied that the current liquid external reserves of about 33 billion dollars did not reflect the true liquidity position of reserves as a significant proportion had been tied down by these contracts.
Uwaleke said, “little wonder the CBN’s ability to intervene in the foreign exchange market has been hampered”.
The expert said as a result of the disclosure, that the current volatility in the foreign exchange market might linger for quite sometime, except the reserves witness substantial accretion from crude oil sales proceeds.
CBN in its recently released Consolidated Financial Statements for 2016 to 2022, posted on its website, showed the bank in 2022 owed JP Morgan, Goldman Sachs, among other liabilities.
The document CBN showed that it owed JP Morgan N3.2 trillion or 7 billion dollars and Goldman Sachs N0.23 trillion or 500 million dollars, while N3.1 trillion or 6.3 billion dollars is owed as foreign currency forwards.
The statement also showed that the CBN generated revenue of N2.87 trillion up from N1.96 trillion in 2022.
It showed that the bank recorded N103.85 billion profit during the period, up from the N75 billion posted in 2021.
Furthermore, the accounts showed that CBN reserves comprised of Time deposits and Money Placements of N4.68 trillion.
It also showed other foreign securities of N5.88 trillion, current accounts with foreign banks N3.34 trillion domiciliary accounts of N294.8 billion, sundry currencies and traveler’s cheques of N199.8 billion and the N578.6 billion Gold Bullion which is 16kg.
Additional analysis based on currencies, showed that reserves had convertible currencies in United States dollars worth N12.45 billion.
Also, N1.6 trillion worth of Chinese Renminbu; N134.5 billion worth of British pound; N75 billion worth of Euro; N33 billion worth of Japanese Yen and N66bn worth of other currencies.
The new Rivers state commissioner of police ,CP Olugbenga Adepoju has assured that his administration will remain apolitical in the discharge of his duties in the state.
Adepoju who officially assumed office last Friday as the 47th police commissioner of police stated this during his median press briefing held at state police command over the weekend in Port Harcourt.
He assured that under his watch as the police helmsman in the state his administration will ensure protection of human rights and warn that any police officer who violate the rights of people will be sanctioned in accordance with the police act and
urged Rivers people to hold the Police accountable, share view of people with police.
“We are committed to transparency.
My priority is to ensure safety, security and welfare of all residents in the state.
Being an economic hub of the country,the state faces challenges of crisis from political interest, economic sabotage illegal oil bunkering.
“I will ensure Rivers people sleep with their two eyes close. I have what it takes to keep the command safe.We do Intelligence gathering work with community and public engagement to proactively prevent crime.We have meetings and seminars with members of the public.”
“We will enforce discipline and ensure zero tolerance for corruption.I have my team.I will put them to work.There will be improvement on the part of my officers.
“We will Combat youth restiveness and cultism, oil theft, environmental crime. we will work with other agencies to ensure is reduce to the barest minimum.
“We will enhance response time and police visibility. We do all we can for our men to respond to distress call in time. We will deploy more men in metro. More visibility policing.
“We will address land grabbing issues.We will work with our legal team. If we have to partake in any execution order, we will look at it critically.
“We will enforce all vehicle regulations with human face. Especially tinted glasses. We may excuse those that have it from the factory. Either the vehicle will be impounded, the tinted glass removed or they are charged to court.
“Our men will not violate rights of citizens. If there is any violation of rights, it should be reported to the police for necessary actions. Our men will be more professional and polite to the people “he stated
CP Adepoju however urged residents of the state,the media and all necessary stakeholders to give the Police the relevant cooperation and support for effective policing of the society.
Akujobi amadi
The Rivers State Police Command says it has acknowledged a social media report on alleged assault of a lady by police officers along Evo Road, Port Harcourt.
A statement signed by the police public Relations Officer (PPRO),SP Grace Iringe Koko in Port Harcourt, yesterday said the police acknowledged the report of such alleged assault and invite the lady involved to visit the command so as to enable the command to commence investigation with a view to apprehend the officers involved.
“We urge the lady involved to visit the Police Headquarters to enable a thorough investigation into the matter. This step will assist us in identifying the officers involved and ensuring that appropriate actions are taken.”
“The Command appeals to members of the public to cooperate with police officers during stop-and-search operations, as these measures are essential in combating crime and maintaining security.”
“We also encourage residents to report any misconduct by police officers through the following channels:
• PPRO: 0816 135 5218
• Control Room: 08032003514, 08098880134
• Complaint Response Unit (CRU): 07057605256, 08120822987, 07072323049, 07057605209”
“Your cooperation is vital in helping us maintain accountability and professionalism within the Rivers State Police Command.
Thank you.”
Akujobi Amadi
Nation
Opobo Elder Statesman Lauds Fubara’s Christmas Bonus to Civil Servants …Celebrates Recognition As Public Office Holder of the Year 2024
The Chairman of Opobo Elder Statesmen-4-Sim, Alabo Edwin Cockeye-Brown, has expressed appreciation to Rivers State governor, Amaopusenibo Siminalayi Fubara over his granting of #100,000 as Christmas bonus to the entire spectrum of civil servants across the State.
Speaking with journalists at his residence in Port Harcourt, yesterday. Alabo Cockeye-Brown said the generous gesture from the governor undoubtedly brought joy and relief to many families during the festive season.
“In these challenging economic times, such initiatives are a testament to Governor Fubara’s commitment to the welfare of our public servants. It is a clear indication that he values their hard work and sacrifices, “he stated.
Alabo Cockeye-Brown, who is the Vice Chairman of Opobo Council of Alapu, emphasized the importance of supporting civil servants, who play a crucial role in the development and governance of the state.
“These men and women dedicate their lives to serving the public. The Christmas bonus is not just financial assistance; it’s a recognition of their relentless efforts and a way to uplift their spirits ahead of the New Year,” he added.
In addition to celebrating the Christmas bonus, Alabo Cockeye-Brown took the opportunity to congratulate Governor Fubara on being awarded the Public Office Holder of the Year 2024.
He said the recognition is well-deserved, adding that the governor has shown exceptional leadership and vision, steering the state towards progress and prosperity.
“His dedication to uplifting the lives of our citizens is commendable, and we are proud to have him leading us”, he said.
Alabo Cockeye-Brown also called on other leaders in the state to follow Fubara’s example, stressing the need for collaborative efforts to enhance public service delivery and improve the living standards of the people.
“Let us work together to ensure that every citizen feels the impact of good governance,” he urged.