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CIBN records N1.37bn profit, elects 23rd president



The Chartered Institute of Bankers of Nigeria (CIBN) has announced a historic net operating surplus of N1.37 billion for 2023, marking a significant growth from the  N837.94 million recorded in 2022.

Its President, Dr Ken Opara, revealed this achievement during the institute’s Annual General Meeting (AGM) on Saturday in Lagos.

He said the net operating surplus, which was above one billion Naira earmarked for 2023, represented a 63.60 percent growth.

The president, who also coordinated and chaired the annual general meeting, reeled out his achievements in ICT, revenue drive, capacity building, legacy projects, and support in ongoing economic policy reforms in Nigeria, among others.

“I am particularly delighted that our institute continued to wax stronger financially, notwithstanding the economic downturns and headwinds in the year 2023.

“It is on record that our institute for the first time crossed the one billion Naira mark by achieving a Net Operating Surplus of N1.371 billion in 2023 when compared with N837.943 million achieved in 2022, representing a growth of 63.60 percent.

“Similarly, total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023, representing 34.72 percent growth, while total assets grew from N7.821 billion in 2022 to N9.119 billion in 2023.

“The cost-to-income ratio for the year ended December 31, 2023, stood at 50.72 percent, down from 59.41 percent in the corresponding period in 2022. This ratio is way below the approved Governing Council threshold of 61 per cent for the 2023 financial year.

“I am persuaded that with prudent and efficient management of resources, as well as diligent execution of our strategic plan, our institute will sustain this northward trajectory,” he said.

Opara, who took over leadership in May 2022, also announced a planned road show to flag off the collaboration with Pan-African Payment and Settlement System on April 25 in Lagos to promote exportation.

He explained how his administration, through teamwork, left indelible marks in the banking industry in an era characterised by disruptions, volatility in the economy, and other turbulence.

Opara, also the Chairman of Council, CIBN, explained youth engagement initiatives aimed at checkmating mass migration of the nation’s young professionals out of the country to other advanced economies.

He thanked CIBN members, stakeholders, family and friends for their support that ensured the success of his tenure.

The external auditors, Rosewater Partners, after the presentation of facts and figures, affirmed that the financial position of the CIBN was in agreement with the book of accounts.

The Chairman of the CIBN Audit Committee also affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices

Prof. Pius Olanrewaju was elected as the new President of the institute, along with other elected officers for the 2024-2026 tenure.

The results of the 72-hour electronic voting election was announced during the AGM by Mrs Caroline Anyanwu, Chairperson of the CIBN Election Committee at Bankers House in Lagos.

The new president-elect was the immediate past First Vice President of the institute.

Olarenwaju, in his acceptance speech, described the outgoing president as “a great leader” who had positioned the institute on a path for growth and greatness.

He thanked the leadership and members of the institute while promising to build on the legacies of Opara, his predecessor, in office.

He promised to unveil his agenda during his inauguration at an investiture programme scheduled for May.

Money market

Nigeria’s inflation rate rises to 33.69% in April 2024



In April 2024, the headline inflation rate rose to 33.69 percent, up from 33.20 percent in March 2024, marking an increase of 0.49 percent points according to the Nigeria Bureau of Statistics (NBS).

Comparing year-on-year data, the inflation rate in April 2024 was 11.47 percent points higher than in April 2023, where it stood at 22.22 percent. This indicates that the headline inflation rate has risen significantly over the past year.

Additionally, on a month-to-month basis, the inflation rate for April 2024 was 2.29 percent, which is 0.73 percent lower than the 3.02 percent recorded in March 2024. This suggests that the rate at which prices increased in April 2024 was slower than the rate in March 2024.

In April 2024, the food inflation rate reached 40.53 percent on a year-on-year basis, marking a substantial increase of 15.92 percentage points from the 24.61 percent recorded in April 2023. This significant rise in food inflation can be attributed to higher prices for several items including millet flour, garri, bread, prepacked wheat flour, and semovita, all of which belong to the Bread and Cereals class, as well as for yam tuber, water yam, and cocoyam and others.

For the year ending in April 2024, the average annual rate of food inflation stood at 32.74 percent, representing an increase of 9.52 percentage points over the 23.22 percent average annual rate recorded in April 2023.

Core inflation, which excludes the prices of volatile agricultural products and energy, reached 26.84 percent in April 2024 on a year-on-year basis, an increase of 6.87 percent from the 19.96 percent recorded in April 2023. The most significant price rises were observed in actual and imputed rentals for housing, motorcycle journeys, bus journeys within a city (under Passenger Transport by Road Class), consultation fees for medical doctors, X-ray photography (under Medical Services Class), and accommodation services.

On a month-on-month basis, the core inflation rate was 2.20 percent in April 2024, down from 2.54 percent in March 2024, representing a decrease of 0.34 percent. The average annual core inflation rate for the twelve months ending in April 2024 was 22.84 percent, which is 5.15 percentage points higher than the 17.70 percent recorded in April 2023.

In April 2024, the urban inflation rate on a year-on-year basis reached 36.00 percent, which is 12.61 percentage points higher than the 23.39 percent recorded in April 2023. On a month-on-month basis, the urban inflation rate for April 2024 was 2.67 percent, showing a decrease of 0.50 percentage points from the 3.17 percent seen in March 2024. The average urban inflation rate over the twelve months ending in April 2024 was 30.02 percent, marking an increase of 8.53 percentage points from the 21.50 percent reported in April 2023.

In April 2024, the rural inflation rate was 31.64 percent on a year-on-year basis, which is 10.50 percentage points higher than the 21.14 percent seen in April 2023.

On a month-on-month basis, the rural inflation rate for April 2024 was 1.92 percent, a decrease of 0.95 percentage points from the 2.87 percent recorded in March 2024. The average rural inflation rate over the twelve months ending in April 2024 was 26.38 percent, which represents an increase of 6.20 percentage points from the 20.18 percent reported in April 2023.

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Governor Sule woos investors to invest in Nasarawa, assures of inclusive economy



…Counts gains of previous edition of investment summit

By Matthew Denis, Lafia

The Governor of Nasarawa state, Engr. Abdullahi Sule has taken steps to woo investors to invest in the state  at the ongoing Nasarawa Investment Summit.

Delivering his opening speech, Governor Sule disclosed that the state is expanding the existing industrial, agricultural and mining sectors towards a better economy.

He said, “What we are witnessing today will further expand our existing pathways to leverage on the industrial, agricultural and mining sectors towards enhancing inclusive and sustainable wealth creation and economic prosperity.

“It is with a sense of fulfillment and responsibility that I address you today on the occasion of the Nasarawa Investment Summit, 2024.

“I must acknowledge our most cherished investors and other development partners, who are here to be part of this auspicious occasion. I have no doubt that the coming together of these distinguished and eminent personalities will, no doubt offer us the opportunities to continue to map the future of our State economic landscape in our relentless commitment to explore business opportunities and forge investment partnerships across business endeavour.”

The Governor stressed that it is pertinent to remind you that Nasarawa State organised the first edition of the Nasarawa Investment Summit in 2022 under the theme “Diamond in the Rough: The Making of a New Investment Frontier,” aimed at ushering investment and showcasing our mineral resources to potential investors.

“I am happy to state that the outcome of the Summit informed the influx of investors into the State Who are variously harnessing our God-given endowment.

“Interestingly, the recently commissioned Avatar New Energy Materials Company Limited in Nasarawa State performed by Mr. President, the ASGARD Mining and Processing Plant, Karu, the Nasarawa Technology Village Project in Karu, as well as other numerous investments being carried out in the State were all informed by the outcome of the Summit conducted in 2022.

“It is also heartwarming to state that the Federal Government commissioned the spud-in of the Ebenyi-A Oil Well in Obi Local Government Area of the State. The discovery of Oil and Gas and its subsequent exploration and exploitation will further boost the economic prosperity of our dear country and put Nasarawa State among the comity of Oil producing States.

“I, therefore, call on the investors on Oil and Gas to take advantage of the exploration activities to begin to invest in the sector for the benefit of the society.”

“To ensure full utilisation of our potentials, we have pledged to sustain the Investment Summit in order to further showcase other solid mineral resources which are yet to be identified by interested investors. This is why the theme of this year’s Summit is deliberately coined as ‘The Industrial Renaissance,’ having built some of the key fundamentals required to drive our industrial agenda and present other minerals to our potential investors.”

He explained that the staging of the 2024 Nasarawa Investment Summit,which we are witnessing today will further expand our existing pathways to leverage on the industrial, agricultural and mining sectors towards enhancing inclusive and sustainable wealth creation and economic prosperity.

“It is pertinent to point out that, as a State, we have been deliberate in stimulating our economy, building human capacities, creating wealth and generate employment to our people. It is for this reason that we have adopted our policy document christened ‘Nasarawa Economic Development Strategy (NEDS)’ as a driving force towards the initiation and implementation of various programmes and policies which we have achieved so far.

“I must acknowledge that with the assemblage of the experienced and versatile resource persons to engage the participants on the topics earmarked for discussion, I believe that the outcome of this Summit will go a long way towards actualizing our dream of industrialising Nasarawa State and position it as a leading champion.”

While applauding President Bola Ahmed Tinubu for his sustained effort in driving the Nigeria economy to prosperity, he said, “I assure Mr. President of our unalloyed loyalty and continued support in order to take our country to greater heights.”

“Let me as always, call on our development partners to continue to invest in Nasarawa State with the view to open the frontiers of economic prosperity for the benefit of all. Indeed, Nasarawa means business.”

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Money market

CBN launches strategy to double remittances, grants AIP to 14 new IMTOs



The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).

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