Banking
Why CBN Disqualified FCMB, Wema Bank, Four Others from $876m FX Sales

By Aduragbemi Omiyale
Last week, the Central Bank of Nigeria (CBN) sold foreign exchange (FX) to some banks in the country through the Retail Dutch Auction System (rDAS).
According to a statement issued by the Director of the Financial Markets Department at the CBN, Ms Omolara Duke, about $876.26 million bids were cleared at the exercise, which took place on Tuesday, August 6, 2024.
The apex bank received bids valued at $1.19 billion from banks in anticipation that the forex would be allocated to their end users, who requested FX through authorised dealer banks.
In the statement, Ms Duke disclosed that bids worth $279 million from six commercial banks were not settled by the banking sector regulator.
She listed the affected lenders as First City Monument Bank (FCMB), Wema Bank, United Bank for Africa (UBA), Stanbic IBTC Bank, SunTrust Bank, and Rand Merchant Bank (RMB).
Explaining the rationale behind their exclusion from the exercise, the CBN employee said the banks did not adhere strictly to the submission guidelines, stressing the importance of this condition laid out by the central bank.
Ms Duke said apart from having the bids submitted between 9:00 am and 3:00 pm on auction days, they must comply with the approved template to be valid.
“The call for bids was in naira/US dollar (N/US$) Currency pair for unmet Fx demand backed by verifiable Forms A and M only.
“All bids were password protected and submitted through the dedicated email address provided by CBN between 09:00 am and 3:00 pm.
“Bids received after 3:000m were disqualified. Passwords for the bids were sent after the auction closed. The total bids received were valued at $1,191,071,651.59.
“After the collation, the Committee of Governors of the Central Bank of Nigeria approved a cut-off bid of N1495.00/$ with the total successful bids of $815,362,006.30,” the statement read.
Business Post gathered that the CBN cleared bids from 26 financial institutions led by Zenith Bank at over $267 million of the successful $876.26 million.
Banking
GTCO Distributes 3,000 Gas Cylinders to Obafemi Owode Residents

By Aduragbemi Omiyale
Over 3,000 residents of the Obafemi Owode Local Government Area of Ogun State have been given a unit each of a 3kg gas cylinder by Guaranty Trust Holding Company (GTCO) Plc under its Waste for Gas initiative launched recently.
The cooking tool was distributed mostly to women in the community after conducting thorough assessments by visiting beneficiaries’ homes to ensure that the support reached those who genuinely needed it.
The financial institution said the items would provide access to gas-powered cooking solutions and simplify daily routines by freeing up time for other productive activities that support financial stability.
It expressed optimism that the cooking gas cylinder will make a meaningful impact in the community and enhance the quality of life for households.
“The Waste for Gas initiative is about making life easier for families, giving them more time to focus on important activities such as education, work, or personal development.
“Beyond this, our goal is to continuously develop sustainable initiatives that empower individuals, strengthen communities, and contribute to socioeconomic growth,” the chief executive of GTCO, Mr Segun Agbaje said.
Also, the Chief Communication Officer of GTCO, Ms Oyinade Adegite, said, “We visited various households across the local government and were surprised to find that some residents had already gone borrowing from money lenders just to afford gas cylinders, while some others were considering doing the same.”
She urged beneficiaries to use the cylinders for their intended purpose and not resell them, adding that GTCO would return for the second phase of the program. The bank’s decision to expand the initiative would depend on how well the items are utilized.
Expressing gratitude for the initiative, Obafemi Owode Local Government Chairman, Mr Ogunsola Adesina, stated that the intervention would significantly improve the standard of living in the area.
He also appealed to GTCO to establish a branch within the community to alleviate the banking challenges residents currently face.
In his remarks, the Olu of Owode-Egba, Mr Kolawole Aremu Sowemimo, advised beneficiaries not to sell the gas cookers and assured them that discussions were underway to establish discounted gas refill stations within the community.
Additionally, the Iyaloja General, Mrs Ganiyat Oyelakin, cautioned beneficiaries to use the gas cookers safely to prevent accidents. Residents were also educated on the proper handling and maintenance of their gas cylinders.
One of the beneficiaries, Mrs Risikat Ayoka, thanked GTCO for the initiative, saying, “We are excited. This gesture will make us stop using firewood for cooking.”
Banking
Union Bank, ICAN Explore Potential Areas of Collaboration

By Aduragbemi Omiyale
The managements of Union Bank of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN) are looking at ways to join forces for growth.
Recently, the executives of ICAN were at the head office of the financial institution tucked in the iconic Stallion Plaza in Lagos.
This visit underscores ICAN and Union Bank’s mutual commitment to advancing the accounting profession and contributing to the overall growth of Nigeria’s financial sector.
The president of ICAN, Mr Davidson C.S Alaribe, appreciated the warm reception and highlighted the importance of such engagements in promoting professional excellence and ethical standards within the accounting and finance sectors.
In his remarks, the Chief Financial Officer of Union Bank, Mr Oluwagbenga Adeoye, emphasised the bank’s commitment to supporting initiatives that enhance the professional development of accountants and ICAN members.
Banking
Senate Accuses CBN of Stalling N30trn Ways and Means, ABP Investigations

By Adedapo Adesanya
The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme (ABP) under former President Muhammadu Buhari’s administration.
The committee made the accusation after receiving an interim report from its consultants at a meeting where they expressed frustration over the central bank’s failure to provide crucial documents required for the probe.
The panel, which was inaugurated a year ago by Senate President, Mr Godswill Akpabio, stated that the delay has significantly stalled progress on the investigation.
The chairman of the committee, Mr Isah Jibrin, criticised the CBN for withholding vital information, despite multiple requests, revealing major infractions with the preliminary reports of the lender.
He dismissed speculations that the Senate had been compromised or gone to sleep, reaffirming its commitment to ensuring accountability and transparency in the management of public funds.
“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report,” he told reporters.
“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.
“It was at the CBN sometimes, I met Bala the deputy governor. And they promised, but nothing came out of it. The Clerk has been there several times. Nothing has come out of it.
“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.”
The committee issued a strong warning to the CBN representatives, emphasizing the need for full disclosure of how the funds were utilized to address Nigeria’s economic challenges.
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