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.
Nation
Rivers Judiciary Denise Media Reports On Issuing Judgement Sacking SOLAD
The Rivers State Judiciary has denied claims of media reports circulating online that a judge of its High Court issued a ruling in favour of Governor Siminalayi Fubara against former Governor Nyesom Wike and President Bola Tinubu, there by sacking the sole Administrator of the state, vice Admiral Ibok-Ete Ibas (rtd).
A statement signed by the Chief Registrar of the State High Court, David Ihua-Maduenyi yesterday in Port Harcourt, described the purported report as false and misleading, particularly for linking a judge of the State High Court, Justice Boma Diepirii, to a ruling that reportedly came from a Federal High Court.
According to the statement, Justice Boma Diepirii is a Judge of the Rivers State High Court and not of the Federal High Court and currently on Easter Vacation, which commenced on Monday, 14th April.
The Chief Registrar further clarified that the Federal High Court and the State High Court are separate entities, stressing that “the inclusion of Justice Diepiri’s name in the fabricated report underscores the crass ignorance of the author.”
“The attention of the Rivers State Judiciary has been drawn to a fake news report alleging that His Lordship, Hon. Justice Boma Diepiri, delivered a judgment sacking the Sole Administrator of Rivers State. This is false in its entirety,” the statement read.
“Justice Diepiri is a judge of the High Court of Rivers State, not of the Federal High Court as was falsely reported”.
” Additionally, His Lordship is currently on Easter vacation which began on Monday, April 14, 2025, Ihua-Maduenyi stated.
The statement however advised the general public and members of the media to always cross checked information concerning the judiciary before publishing and as well disregard the said report in its entirety as its an embodiment of falsehood and fabricated story.
Nation
Senate Passes Bill For Establishment Of University In Abia
The Senate yesterday approved the bills for the establishment of Federal University of Medical and Health Sciences and College of Education, Bende at its plenary session.
The two bills sponsored by the Deputy Speaker of the House of Representatives, Hon . Benjamin Kalu came to the Senate for concurrence after the approvals from the House of Representatives.
The Deputy Leader of the Senate, Sen. Lola Ashiru in the absence of the Majority Leader presented the recommendations of the Lower Chamber for consideration and Concurrence .
The Bill for an Act to establish Federal College of Education, Bende in Abia State seeks to provide full-time courses, training in technology, applied sciences, commerce, social sciences, arts and humanities among others.
Kalu had in his lead debate stated that Bende has remained undivided since its creation in 1976, even though with the size of four local government areas as found in comparative federal constituencies.
“Despite its strategic location in Abia and sharing a border with Akwa Ibom, with a growing population and landmass, there is no tertiary institution in the Federal Constituency operated either by Federal or State Government. Bende deserves to have the presence of a tertiary institution to serve the education need of the teeming youthful population, especially now that the need for well-trained educationists has risen. This is accompanied by the need to fill the gaps created by both the consequences of brain drain and the lack of qualified educationists to provide quality training at all levels of education,” he said.
For the bill seeking the establishment of Federal University of Medical and Health Sciences, Bende, Abia State, he said when it becomes law, the university will be charged with the responsibility to, among other things, offer full-time training leading to the award of degrees in medical and health sciences.
Nneka Amaechi-Nnadi
Nation
South East Caucus Kicks As Senate Rejects Nwosu’s Immortalisation
South East Caucus of the Senate has appealed to President Bola Ahmed Tinubu to immorttalise late Professor Humphrey Nwosu considering his commitment to achieving a practical democracy for Nigerian.
The Senators visibly angered by the Senate’s rejection of the need to immortalise the late National Electoral umpire who stood for democracy through the turbulent 1993 elections stormed out of the Senate Chambers and spoke to the press .
The Chairman of the South East Caucus, Senator Enyinnaya Abaribe ( Abia South), as he did in plenary on Wednesday, presented a motion for immortalisation of Humphrey Nwosu by naming the national headquarters of the Independent National Electoral Commission ( INEC) , after him , for laying the foundation in 1993 and conducting the freest and fairest Presidential election in the country .
The late Professor Nwosu was the National Chairman of the National Electoral Commission ( NEC) , now known as Independent National Electoral Commission ( INEC) , who through option A4, conducted the June 12, 19993 presidential election , adjudged to be the freest and fairest in the country.
Abaribe in the motion co – sponsored by 15 other Senators , said late Humphrey Nwosu deserved to be immortalised like other heroes of the June 12 , 1993 presidential election .
He also urged the Federal Government to honour the late former electoral umpire with post humous national honours .
But Abaribe’s request , seconded by Senator Victor Umeh (Anambra Central) and supported by Senators from the South East including forner Senate Leader, Yahaya Abdullahi ( Kebbi North) , was roundly rejected by other Senators who said the deceased deserved no immortalization .
Specifically , Senator Adams Oshiomhole ( Edo North) , in his contribution to the debate said the motion to him, was nothing but an attempt to manipulate and rewrite history.
“ Professor Humphrey Nwosu as NEC Chairman in 1993, failed to deliver on the June 12 , 1993 Presidential Election for lack of Courage
“ He who is not ready to die for something , will die for nothing
“ If he was afraid of the gun from announcing the election results and winner in 1993 , he cannot be rewarded now , more so, when many Nigerians died for what he inadvertently created “, he said .
Nneka Amaechi -Nnadi
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