Anticipated Fate Of The Nigeria's Apex Bank

ANTICIPATED FATE OF THE NIGERIA’S APEX BANK AS IT WITNESSES A NEW TRANSITION

Brethren, surely “Obi” won’t continue to be a boy as it is vastly noted or cited; rather, he’s expected to become a full-fledged man some day. In other words, change remains inevitable.

The period between 1892-1952 (about 60 years interval), there was an enquiry by the then colonial administration to investigate banking practice in Nigeria. The G.D. Paton’s report which emanated from the enquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. In view of this, a draft legislation for the establishment of Central Bank of Nigeria (CBN) was presented to the House of Representatives in March 1958. The Act was duly implemented on July 1, 1958 when the CBN came into full operations.

Since then, the CBN has taken full responsibility over nurturing the money and capital markets. In subsequent to this, the CBN introduced treasury bills in 1960, treasury certificate in 1968, and facilitated the establishment of Lagos Stock Exchange in 1961. It also went further to institute the Capital Issue Committee now known and addressed as the Securities and Exchange Committee in the early 1970s.

Considering the Currency Management Section of the CBN, it is worthy to note that the Naira notes and coins are invariably printed/minted by the Nigerian Security Printing and Minting (NSPM) Plc and other overseas printing/minting companies, and thereafter issued by the said bank. At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This, no doubt, guarantees that every note issued by the CBN meets the required standard. The CBN maintains an office referred to as Mint Inspectorate in the premises of the MSPM Plc to maintain security and quality of Naira notes and coins. This implies that the CBN has, since inception of duty, been in charge of standardization of the Nigeria’s currency otherwise recognized as “the Naira”.

The CBN undertakes Monetary Policy in order to: maintain Nigeria’s external reserves to safeguard the international value of the legal currency; to promote and maintain the monetary stability and a sound/efficient financial system in Nigeria; to act as Banker and Financial Adviser to the Federal Government; and finally, to act as lender of last resort to commercial banks.

Since the establishment of the CBN in 1958, the so far governors (bosses) of the bank implemented their respective policies regarding the monetary system of the country’s financial industry. The 9th substantive boss of the apex bank in the person of Professor Charles Chukwuma Soludo introduced one of the most controversial policies since the history of the bank, which was tagged “Consolidation”, and it worked effectively. It was a measure that fetched the man in question a well respected and renowned named as a financial personnel.

Subsequently, Mallam Lamido Sanusi being the 10th substantive governor of the bank, came up with his “Cashless Policy”; a policy Nigeria at large will live to testify its goodness. Let’s ride on!

As Mr. Godwin Emefiele assumes duty as the 11th substantive governor of the apex bank amidst tough challenges, he is meant to note that all eyes are on him as regards reshaping and as well restoring the unstable and “drowsy” Nigerian economy, which is spearheaded by the famous Central Bank of Nigeria (CBN).

Frankly, Emefiele’s appointment as the CBN boss comes at a time Nigeria’s financial industry is undergoing severe tension following the uncertainties that trail the nation’s currency, the Naira. Analysts and financial professionals are profoundly of the view that, enormous effort is immensely needed to drive the Nigeria’s economy to greater destinations.

Prior to his present position, he was the Chief Executive Officer (CEO) cum Group Managing Director (GMD) of Zenith Bank Plc – one of the most respected financial institutions in the whole of Nigeria and across Africa as well; a position he assumed on August 1, 2010. Reports hold that he obtained both Bachelor and Masters (MBA) Degrees in Finance and Banking from the prestigious University of Nigeria, Nsukka (UNN).

Based on these track records, it is widely in speculation that the long awaited promise-land in regard to the Nigeria’s financial cum economic status would no doubt be embraced in no distant time by the anticipated effort of the aforementioned banking guru. He has already stated during his media briefing that, CBN will reduce “High Interest Rates” presently taking place in commercial banks and also ensure “Exchange Rate Stability” thereby raising the value of the local currency (the Naira), among other worthwhile policies he stipulated. Such statement was truly a way forward.

Notwithstanding, most Nigerians are only interested in pragmatic and dogged approach coupled with financial activism in respect to simplifying or unravelling the ongoing economic/financial complexity and crises in the Nigerian state. This is one good reason the present CBN boss ought to be extremely careful and alert towards carrying-out the statutory duties that await his person, because the citizens don’t expect Second Best, rather Second to None; apparently they expect nothing less than “the Best” from him.

At this juncture, I sincerely urge Mr. Emefiele to concentrate on business as he leads the CBN’s activities. Of course, statutorily, his business as the boss of the apex bank remains initiation of formidable and tangible Monetary Policies and the safeguard of the already existing remarkable ones. As the governor of the custodian of the Nigeria’s funds in its entirety, we the concerned patriotic citizens are instigating him to wear a very bold skin as he’s ready and prepared to pilot the affairs of the apex financial institution in the “Giant of Africa”

He shouldn’t forget in a hurry that, he assumes office as the 11th substantive governor of the Central Bank of Nigeria amid tremendous challenges coupled with various mixed feelings and reactions among the citizenry. In view of this, he must be ready to face the so-called challenges squarely or better still look at them (the challenges) in their respective faces to ensure that our “vulnerable” currency is duly standardized.

Needless to say; he (Godwin Emefiele) ought not to let Dr. Goodluck Jonathan regret over the nomination he made owing to his Presidential Immunity on 20th February 2014. For crying out loud; it’s high time “Obi” became a full grown man. Think about it!


COMR. FRED NWAOZOR
Public Affairs Analyst & Rights Activist
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frednwaozor@gmail.com
+2348028608056

Opening Speech Presented By Oru East TC-Chairman During The Immunization Flag-Off Ceremony By The Imo State Governor

THE OPENING SPEECH PRESENTED BY ORU EAST TC-CHAIRMAN, HON. BARR. OBINNA AMAGWULA DURING THE STATE FLAG-OFF CEREMONY OF THE 1ST ROUND OF THE 2014 MATERNAL, NEW BORN AND CHILD HEALTH WEEK (MNCHW) BY HIS EXCELLENCY OWELLE ROCHAS OKOROCHA, TODAY WEDNESDAY JUNE 11, 2014




PROTOCOLS



Your Excellency, I’m indeed loaded with extreme euphoria as I present this address before you. This is not unconnected to the fact that you chose Oru East to be the centre for this worthwhile and memorable event among all the existing twenty seven (27) Local Government Areas.

The last time I checked, prior to the manifestation of this occasion, the people of Oru East in its entirety couldn’t wait to see that it becomes a reality. This is the reason you are seeing this teeming crowd making up of people from all walks of life right before your presence.

Sir, barely two months ago, you were here with us over the inspection of the ongoing innumerable projects taking place in Oru East. Here again, we are all privileged to have Your Excellency as our special guest for the flag-off of another life-touching programme that would benefit the whole of Imo State. This singular fact has proven to us beyond any reasonable doubt that, your love for the people of Oru East remains undiluted. We are indeed very grateful to note this fact; based on this, we are reassuring you once again that our loyalty remains genuine and thorough.

Before I proceed Your Excellency, on behalf of the good people of Oru East LGA, I want to seize this golden opportunity to sincerely felicitate with you and the entire Rescue Mission team for your successful stay in office as the Executive Governor of this great state for three consecutive years. In a very sincere note, your three years in office is worth celebrating because the landmark achievements you have recorded in Imo State and Oru East in particular ranging from Education, Health, Agriculture, Public Utilities, Prompt payment of Salaries/Pensions, Security, Roads, to various Infrastructural developments, speak for themselves and also remain unprecedented to the extent that even the blind could feel and as well see them.

We the people of Oru East LGA are deeply indebted to you for the aforementioned tremendous accomplishments. In this regard, we are wishing you and your able Deputy, His Excellency Prince Eze Madumere, more blissful and greater days ahead as you strive relentlessly to ensure that Imo is totally rescued from the shackles of its enemies.

Sir, we also want you to extend our warmth regards to your darling and lovely wife – Her Excellency Nneoma Nkechi Okorocha who has been working constantly and consistently in line with the enticing Rescue Mission Agenda through her ‘She Needs A Roof Project (SNARP)’ and other worthwhile humanitarian programmes she has been piloting.

Your Excellency, it is worthy to note that in the history of mankind, health has invariably been a thing of great importance to any society in the world. This is why you have given a very great attention to the area since the inception of the Rescue Mission Administration. Today, another history would be recorded in Imo State at large in respect to your keen interest in the area of health services, as you are ready to flag off the 1st round of the ‘2014 Maternal, New born and Child Health Week (MNCHW)’

I’m also using this avenue to urge all concerned mothers to ensure that their affected kids are made available for this routine and voluntary health service. This ongoing immunization is the right of every concerned child in Imo State; therefore, no kid should be exempted for whatsoever reason. Mind you, any mother would be held responsible for anything that happens to any of her children in future as a result of non-compliance to this ongoing immunization programme. ‘To before warned is to before armed.’

In a very special way, I want to appreciate the World Health Organization (WHO) for its relentless and continual effort through the United Nations International Children’s Emergency Fund (UNICEF) to ensure that most common health cases in Nigeria become stories of the past.

At this juncture, I want to commend everyone who found time to grace this occasion, and all those who contributed in one way or the other to ensure that this ceremony becomes a success.

Above all Your Excellency – The Senior Advocate of the Masses, my people are unanimously saying: Welcome once again to Oru East, the Land of Beauty. We pray that the almighty God will lead you and your amiable entourage safely back to your respective destinations.

Thank you all and God bless!





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HON. BARR. OBINNA A. AMAGWULA

TC-CHAIRMAN, ORU EAST LGA

Newstalk On: The Proposed Imo Governor's Visit to Oru East LGA Over The Forthcoming Immunization Programme

GOVERNOR OKOROROCHA’S PROPOSED VISIT TO ORU EAST LGA FOR THE STATE FLAG-OFF OF THE FORTHCOMING IMMUNIZATION PROGRAMME, TOMORROW WEDNESDAY JUNE 11, 2014

Immunization is the process by which one’s immune system becomes fortified against a certain disease. In the same vein, an immune system is a system of biological structures and processes of the body that provide resistance to infections and toxins. Suffice to say; immunization could be meant for adults or children based on the nature of the disease involved.

Tomorrow being Wednesday 11th June 2014, all roads would lead to Oru East Local Government Area as the amiable and indefatigable governor of Imo State, Owelle Rochas Anayo Okorocha is prepared and ready to visit the council for the flagging off of the immunization programmes that would benefit the whole of Imo State.

It is no longer news that the governor was in Oru East barely two months ago. On this note, it is a thing of joy to the good people of Oru East that the governor would be visiting the area for the second time in less than three months of his previous visit.

The most astonishing aspect of the governor’s proposed gesture is that, he chose Oru East among all the twenty-seven Local Government Areas in Imo State as the centre for the awaited epoch-making event. This singular fact has proven beyond any reasonable doubt, that, Governor Okorocha’s love for the people of Oru East cannot be overemphasized.

The forthcoming Imo State 5-day Immunization Programme, which is tagged as the “1st round 2014 Maternal, New born and Child Health Week (MNCHW)”, will commence on Thursday June 12 and end on Monday June 16, 2014. The programme is meant to unfold many health cases, which include:

1. Immunization of both mother and child.

2. Vitamin-A administration.

3. De-worming of children less than 5 years.

4. MUAC Screening cum Nutrition counselling and referral of malnourished children.

5. Provision to mothers cum women of child-bearing age ANC Services, iron folate supplementation, tetanus toxoid immunization family planning services, et cetera.

6. Health promotion on key household practices including infant and young child feeding, hygiene promotion and prevention of mother-to-child transmission of HIV.

7. Health education in schools.

And the last but not the least; birth registration of children less than 5-years of age.

We are also using this avenue to plead with all the mothers in Imo State to ensure that they make both themselves and their respective affected children available for this worthwhile programme, so that, the state could boast of the anticipated disease-free society in near future. Let’s join hands to see that the Owelle Rochas Okorocha’s administration that is poised towards ensuring that most health challenges in the state become a thing of the past is duly actualized.

As the charming governor and his able entourage visit Oru East which is ably led by Hon. Barr. Obinna Amagwula tomorrow Wednesday June 11 – 2014, we solicit the presence of all well-meaning individuals in Imo State and in the diaspora such as the government functionaries, technocrats, public servants, senior citizens, nursing mothers, traditional rulers, Ndi Nze na Ozo, traders, artisans, commercial drivers/motorcyclists, the press, youth, the clergy, and most importantly the children; irrespective of political affiliations.

Let me seize this opportunity to state categorically that, the coming of His Excellency Chief Rochas Okorocha, OON, to Oru East LGA is not in any way related to politics or any political strive; rather, the proposed event is strictly set aside to mark another distinguished era that would bring severe measure intended to eradicate various health cases to our doorsteps. Needless to say; the anticipated fruit of the proposed health occasion would not just be historic, but as well best of its kinds.

In the same vein, I want to commend all the non-governmental bodies that have been of great help since the inception of this immunization programme in Nigeria, especially the World Health Organization (WHO) that has been operating tirelessly and continually through the aegis of the United Nations International Children’s Emergency Fund (UNICEF).

In a very special way, I want to appreciate those who have been working relentlessly and tirelessly to ensure that the governor’s visit becomes nothing but a success, including Dr. A.E. Ikeguoha, the Oru East Supervisory Councillor for Health - Hon. Oscar Nwamba, Mrs. Grace Okere, Mazi Igwe P.B., Mr. Ngozi Chikwendu, Mr. Ugo J.C., Mrs. Ijeoma Azubuike, Prince Jude Onwude, Engr. Nwata Chikeziem, Mrs Stella Odogwu, Evang. Esther Obong Egbuna, the Oru East Director of Administration and General Services – Mrs Ifunanya Ogbenta, and above all the Imo State Health Commissioner – Dr. Edward Ihejirika; not forgotten all the distinguished leaders of the council who played a very vital role in their respective capacities such as Chief Chime Nzeribe, Hon. Law Nwobodo, Hon. Donatus Ejifugha, Dr. Emma Ogbenta, Chief Bernard Nwananya, Mrs. Nma Nzeribe Michaels, the Transition Committee councillors, and of course most especially the ever competent and trustworthy Transition Committee Chairman – Hon. Barr. Obinna Augustus Amagwula.

Having noted that all hands are on deck for the sake of the governor’s proposed visit, it is obvious that the people of Oru East in its entirety cannot wait to receive the Senior Advocate of the Masses and the Commander of Free Education.

Governor anyi ji eme onu, Owelle ndi Imo, Ndi Oru East na asi gi, Nnoo!!







COMR. FRED NWAOZOR

Special Adviser on Media & Publicity to Oru-East TC-Chairman

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