News
Pressure for Survivial: Banks’ Borrowing from CBN Hits N52t


Banks’ borrowing from the Central Bank of Nigeria shot up by 80 per cent to N52 trillion in 2017, from N29 trillion in 2016, due to pressure to survive the impact of high interest rate regime and ceaseless liquidity mop-up, driven by the tight monetary policy of the apex bank.
To enjoy this huge liquidity lifeline, accessed through the apex bank’s Standing Lending Facility, the banks paid N40.48 billion as interest to the CBN, representing 84 per cent increase from N22 billion paid in 2016.
In sharp contrast, banks’ deposit placement with the apex bank, through its Standing Deposit Facility, fell by 15.6 per cent to N9.35 trillion, while interest earned also fell by 10 per cent to N4.27 billion in 2017.
According to analysts, the above development was triggered by the high interest rate regime, which made the CBN’s Standing Lending Facility the cheapest source of borrowing for banks, and the Standing Deposit Facility unattractive for deposit placement for banks.
Meanwhile, the above development exceeded Financial Vanguard projections for banks patronage of the SLF and SDF for 2017.
In an exclusive report published on Monday June 26, 2017, Financial Vanguard projected that banks’ borrowing from the apex bank will rise by 51 per cent to N45 trillion in 2017, while interest paid will also rise by 64 per cent to N22 billion.
Financial Vanguard also projected that banks’ deposit placement with the CBN will fall by 14.3 per cent to N15.6 trillion in 2017, while interest earned by banks was projected to rise moderately to N5.1 billion.
Banks borrowing from CBN and interest paid
According to the quarterly economic reports of the CBN, banks’ borrowing from the CBN fell by 9.6 per cent to N12.25 trillion in the first quarter of 2017 (Q1’2017) from N13 trillion in the fourth quarter of 2016 (Q4’2016).
But in the second quarter of 2017 (Q2’2017), banks’ borrowed more from the apex bank.
Their borrowings through the SLF rose sharply quarter-on-quarter by 19 percent to N14.6 trillion.
This trend, however, did not persist in the third quarter (Q3’2017) as borrowing dropped by 7 per cent to N13.6 trillion.
The borrowing further dropped by 14 per cent, quarter-on-quarter to N11.7 trillion in the fourth quarter (Q4’2017).
Interest paid by banks to the apex bank followed the same pattern.
In Q1’2017, banks paid N9.3 billion as interest to the CBN, up by 6.7 per cent, from N9.97 billion paid in Q4’2016.
In Q2’2017, interest paid by banks spiked by 47 per cent to N13.7 billion.
This increase was reversed in Q3’2017, as interest paid fell back to N9.3 per cent.
This trend was repeated in Q4’2017, as interest paid by banks fell by 14 per cent to N8.04 billion.
The above indicate that while banks’ borrowing from CBN and interest paid rose in the first half of 2017 (H1’2017), they however declined in the second half of the year (H2’2017).
Deposit placement by banks and interest earned
The CBN economic reports showed that banks’ deposit placement with the CBN through the SDF rose by 14 per cent to N3.36 trillion in Q1’2017, from N2.95 trillion in Q4’2016.
However, the deposit placement declined quarter-on-quarter, by 42 per cent and 21 per cent to N1.96 trillion and N1.54 trillion in Q2’2017 and Q3’2017 respectively.
The trend was reversed in Q4’2017, as their deposit placement spiked by 62 per cent (quarter-on-quarter) to N2.49 trillion
News
France Urged to Address Colonial Legacy as Senegalese Activists Call for Reparations in Dakar Roundtable
Reporter: Sandra Ani


France’s colonial legacy came under renewed scrutiny as journalists, historians, and pan-African activists gathered at African Memorial Square in Dakar for a powerful roundtable advocating reparations and economic justice.
The event highlighted growing demands for France to take full responsibility for its historical role in Senegal and across West Africa.


Organized by advocacy groups including the Association of Descendants of Senegalese Soldiers, the Front for the Withdrawal of French Military Bases (GASSI), and JIF’AFRIK, the roundtable brought together influential voices pushing for reparatory justice and structural transformation.
Among the key speakers were Babacar Dioh of the Thiaroye 44 Movement—a coalition of descendants of Senegalese tirailleurs—and Souleymane Jules Diallo, leader of JIF’AFRIK. Discussions centered on two central demands: official reparations for colonial-era injustices and the urgent renegotiation of trade and military agreements that activists say perpetuate economic dependence.
“The time for symbolic gestures is over,” said Dioh. “We are now filing an official reparations claim and taking concrete steps to hold France accountable.”
Speakers called for the dismantling of existing neocolonial frameworks, stressing the ecological, financial, and social harm that has endured beyond the colonial period. The roundtable marks a turning point in Dakar’s positioning as a hub for coordinated African-led advocacy aimed at restoring historical justice.
This event adds momentum to a growing continental movement seeking tangible reparative action from former colonial powers and reinforces the call for equity, autonomy, and acknowledgment of historical truths.
News
Gov Mbah Inaugurates Committee to End Gender-Based Violence in Enugu


The Enugu State government has inaugurated a steering committee to eliminate Gender-Based Violence, GBV, in the state, declaring zero tolerance for the social malaise.
The inauguration took place at the Government House Enugu.
The panel, which is chaired by the Commissioner for Children, Gender Affairs and Social Development, Mrs. Ngozi Enih, draws its membership from the Nigeria Police Force, Ministry of Agriculture and Agro Industrialisation, Ministry of Local Government, Rural Development and Chieftaincy Affairs, Ministry of Human Development and Poverty Reduction, Ministry of Trade, Investment and Industry, Ministry of Justice, Ministry of Health, Ministry of Education as well as the Civil Society.
Inaugurating the panel known as the Steering Committee for Strengthening Institutional and Community Responses to End Gender-Based Violence/Domestication of Enugu State Gender Policy using the Oputa Panel approach, Governor Peter Mbah restated his administration’s commitment to not bringing perpetrators of GBV to book, but also putting in place proactive measures – activities, infrastructure, and systems in place to prevent them.
Mbah, who was represented by the Secretary to the State Government, Prof. Chidiebere Onyia, said, “We take gender-based violence seriously. We have zero tolerance for it, and in Enugu State, we are ready to go the extra mile to deal with it.
“If you notice, the government has selected people that are very committed to this goal. This is not an activity where we just want to check-off the list. We will track this. We will monitor this, and we will have quarterly engagements on the successes that this particular committee has achieved in terms of reference that we are going to send.
“We will tighten those terms of reference indicators, so that we monitor what we are doing both in terms of cost input and the value added. It’s very important to us. Many people will be involved – civil society, the police and various ministries.”
He however, said that the effort was to protect everyone, men and women alike, as GBV was not restricted to any gender.
“The whole idea is to hold people responsible that are involved in matters relating to gender violence and deter people that by culture or by association get involved in that, protect women, protect our children, and in the case of violence against men, protect our men because most times we misconstrue gender violence to mean women, but it can also be men too.
“We encourage our men to speak out and to make sure they understand that the policy that Enugu State is soon going to domesticate is for everyone, and not only for the female gender,” he stated.
In her remark, Mrs. Enih, explained that the Oputa Panel approach was inspired by the need to cover all local peculiarities in domesticating the policy on GBV, restarting government’s confidence in the members of the panel.
“The approach we are going to use is the Oputa Panel approach, and in the Oputa Panel approach, we are going to tour the 17 Local Government Areas to get firsthand information about what our people are going through because policy is meant for the people, and a policy should suit the people.
“Again, every community has its peculiar problems, so that’s why the government decided that if we have to domesticate the gender policy, we have to hear from the people who own the policy and know the changes that they desire to see. That is the reason we are using this approach.
“The committee members are to also serve as judges. As we gather this information from our people, we will come back to tailor it in a way to suit the people of Enugu State, and then our policy is ready.
“We want the people to know that there is a gender policy for them. I can assure you that when the people are aware that there is such a policy, they will seek for the enforcement of that policy. So, this is not going to be one of those policies that will just lie on the shelf,” she said.


Digital solutions provider, Globacom, has congratulated Christians in Nigeria on this year’s Easter celebration, and urged them to emulate the noble qualities of Jesus Christ.
The company, in a goodwill message to the Christian faithful in the country, lauded their perseverance through the Lenten period which preceded Easter. It enjoined them to always promote the ideals of selflessness, love and peace among all as a way of demonstrating the virtues of the exemplary life of Jesus Christ.
“Peace, love and sacrifice are the central message of Easter. Christ offered himself in atonement for the sins of the world and he lived a life which made Him an eternal symbol of peace and goodwill for mankind”, Globacom added.
The company enjoined all Nigerians to share in the lessons of promoting selflessness, a necessary ingredient in the growth and development of every society. It also enjoined all Nigerians to join hands to make Nigeria a better place for all.
Easter is celebrated yearly at the end of the Lenten season of fasting and prayer considered as a ritual of purification for the Christian faithful. It also precedes the crucifixion of the Lord Jesus Christ on Good Friday and His eventual resurrection on Easter Sunday.
The company assured its customers of seamless voice, data and Short Messaging Service (SMS) during and after the Easter celebrations, while urging them to avail themselves of the various data and voice offerings on the network.
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