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“Ways and Means advances of N10trn for FG development finance funds will no longer be granted.”, Says CBN Boss

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday, February 9, said the apex bank will no longer grant Ways and Means Advances to the federal government unless the outstanding balance is settled.

The apex bank also said it has halted “quasi-fiscal measures” of over N10 trillion it pays under the guise of development finance interventions.

Cardoso revealed these when he appeared before the joint Senate Committee on Banking, Insurance and Other Financial Institutions, Finance, and National Planning to address critical concerns related to exchange rates and inflationary pressures in the economy.

Minister of Finance and Coordinating Minister for the Economy, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, and the Minister of Agriculture, Abubakar Kyari were also at the interactive session with the lawmakers.

Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the federal government’s budget deficits.

Last December, the National Assembly approved the securitization of the outstanding debit balance of N7.3 trillion of the Ways and Means Advances in the Consolidated Revenue Fund (CRF) of the Federal Government.

In March 2022, the Debt Management Office (DMO) announced that the Federal Government had borrowed a total of N18.16 trillion from the Central Bank.

The debt as of then was more than 40 percent of the money supply in the economy.

During the session with the Senate, Cardoso did not state whether the Federal Government had exceeded the allowable threshold of Ways and Means Advances.

But he insisted that the apex bank would not be a part of the Ways and Means agreement with the Federal Government again if it failed to repay all the outstanding debts it incurred through the Ways and Means Advances.

The CBN governor said its position was in line with section (38) of the CBN Act (2007).

Cardoso said that the payment of the outstanding balance of the Ways and Means Advances would help to curtail inflation in the country.

Cardoso said: “I am pleased to note the Fiscal Authorities efforts in discontinuing Ways and Means Advances. This is also in compliance with section (38) of the CBN Act (2007).

“The Bank is no longer at liberty to grant further Ways and Means Advances to the Federal Government until the outstanding balance as of December 31, 2023, is fully settled.

“The Bank must strictly adhere to the law limiting advances under Ways and Means to five percent of the previous year’s revenue.

“We have also halted quasi-fiscal measures of over N10trillion by the Central Bank of Nigeria under the guise of development finance interventions which hitherto contributed to flooding excess Naira and raising prices to the levels of Inflation we are grappling with today.

“The CBN’s adoption of the inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities.

“Our MPC (Monetary Policy Committee) meeting on the 26th and 27th of February is also expected to review the situation and take further decisions on these important issues.

Bank chiefs okay CBN’s reforms
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 percent in the medium term, aided by improved agricultural productivity and easing global supply chain pressures”.

On Foreign Exchange Management, the CBN boss said the nation’s “foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira.

“Factors contributing to this situation include speculative forex demand, inadequate forex supply increased capital outflows, and excess liquidity.

“The shift to a market-driven exchange rate was intended to create a stable macroeconomic environment and discourage currency hoarding.

“However, short-term volatilities are attributed to arbitrage and speculation.

“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets.

“This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOs, enforcing the Net Open Position limit, Open Market Operations, and adjusting the remunerable Standing Deposit Facility cap among others.

“These measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilize the exchange rate, and minimize its pass-through to domestic inflation.”

He insisted that the measures have already started yielding early results with “significant interest from Foreign Portfolio Investors (FPIs) that have already begun to supply the much-needed foreign exchange to the economy.”

He added: “For example, upwards of $1 billion in the last few days came in to subscribe to the Nigeria Treasury Bill auction of N1trillion which saw an oversubscription earlier this week.

“Our measures aimed at improving USD supply into the Nigerian economy have significant potential in taming the volatility of the exchange rates.

“However, for these measures to be sustainable, we must as a country, moderate our demand for FX.”

He told the lawmakers that what has negatively impacted the exchange rate was the simultaneous decrease in the supply of, and increase in the demand for, US Dollars.

“It is also clear that the task of stabilizing the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the Bank itself.

“It will also include actions by corporations and individuals to reduce our frequent demand for the dollar for business and personal needs.

“I would like to underscore the importance of the ongoing collaboration between the Fiscal and Monetary authorities and particularly progress made with the Minister of Finance, Minister of Budget and National Planning, and the Minister of Agriculture on tackling a number of the issues challenging our economy today,” Cardoso said.

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ZENITH BANK RENEWS COMMITMENT TO CHILDREN WITH EDUCATION, INCLUSION & OPPORTUNITY AT THE CORE

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  • Much more than commemorating the annual Children’s Day marked every May 27, Zenith Bank Plc is championing the
    narrativethatchildrenarethetrueleadersoftomorrow.TheBankhasdeepeneditsinvestmentincarefullycurated
    initiativesthatelevatechildrenacrosseducation,financialliteracy,health,digitalinclusion,andsocialprotection,
    building a generation equipped to thrive and lead. For Zenith Bank, every child matters, and the Bank’s footprint reflects
    a deliberate, pan-African strategy to nurture potential from the earliest age.
    Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over three
    years, anchoring the Tuesday edition and Zenith Financial Literacy Friday show. The programme blends spelling bee
    contestswithfinancialliteracyquestions,creatingawarenessandonboardingchildrenintotheZenithChildren’s
    Account (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026,
    whereZenithBankhostedover1,000childrenandtheirparents,celebratingZECAwinnerswithgames,skits,and
    Zenith Bank branded gifts.
    The Bank’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 states
    andtheFCT.Studentsaretrainedonsavings,budgeting,basicinvestments,anditsretailproducts,withthetop
    performer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy Program
    undertheCBN-mandatedGlobalMoneyWeek,whichin2025alonereached3,622studentsacross22LGAs,
    deploying 137 bank employee volunteers as educators.
    In alignment with the United Nation’s (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bank
    hasdonatedstate-of-the-artICTcentresandcomputersystemstoschoolsanduniversitiesnationwide,includinga
    ComputerCentretoBamainaAcademy,Dutse,JigawaState.Itstransformativeinterventionsincludefullyequipped
    libraries,vocationalfacilities,andlarge-scaleschoolrenovations,fromOjotaSecondarySchoolandVictoriaIsland
    Secondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barriers
    with N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructure
    upgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis Catholic
    Secondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.
    Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhood
    savings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates the
    International Day of the Girl Child, reaching5,000 girls in 10 schools withsanitary pads, hygiene kits, and menstrual
    health education to keep girls in school and promote SDGs 3, 4, and 5.
    The Bank’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos,
    Zenith donatedbraille materials,food, and toiletries.For the2026 InternationalDay forStreet Children,it partneredwith
    Bosco Child Protection Centre on medical check-ups, food, clothing, and counseling. Annual Christmas Charity Visits to
    orphanagesdelivercash,toys,andessentialsupplies,whilesupportfortheSmileandShineChildrenFoundation’s
    Strive Conference empowers over 2,000 adolescents with life skills and leadership training.
    Commenting on the Bank’s intentionality towards the development of children, Dame Dr. Adaora Umeoji, OON, Group
    Managing Director/CEO, ZenithBank Plc, said, “AtZenith Bank, weare deliberate about initiativesthat elevate children
    becausetheyarenotjustourfuture,theyareourpresentresponsibility.AsWhitneyHoustonsopoignantlysang,‘I
    believethechildrenarethefuture,teachthemwellandletthemleadtheway.’Thatisthephilosophydrivingour
    investmentsineducation,financialliteracy,health,anddigitalinclusion.FromKiddiesCornertoICTcentres,from
    PHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bank
    renews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow.”
    Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagship
    Corporate Social Responsibilityinitiative. Bringing togetherthousands of childrenand teenagers in avibrant showcase
    of unity and discipline, the parade has remained dedicated since inception to the vital mission of supporting, nurturing,
  • andempoweringtheNigerianchild,reinforcingtheBank’sbeliefthatleadershipislearnedearlythroughteamwork,
    confidence, and celebration of young Nigerian identity.
    ForZenithBank,Children’sDayismorethanadateonthecalendar.Itisadailypledgetoempower,protect,and
    prepareNigeria’schildrenforleadership.Fromclassroomstocommunities, the Bank’s initiatives are teaching them well
    and letting them lead the way because the future belongs to children who are equipped today.
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ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

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Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of
Directors.Theappointment,whichtakesimmediateeffect,hasbeenapprovedbytheCentralBankof
Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.
Engr.Bello’sappointmentrepresentsastrategicsteptoensurethecontinuity,stability,andsustained
effectivenessoftheBoard,whilereinforcingthehighstandardsofcorporategovernance,regulatory
compliance,andstrategicoversightforwhichZenithBankiswidelyrespected.HejoinedtheBoardof
Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board
Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as
Chairman of theBoard RiskManagementCommitteeuntilhisappointmentasChairmanof theBoardof
Directors.
He has extensive leadership experience at Board and executive levels, a strong understanding of corporate
governanceprinciplesandregulatoryexpectations,andaproventrackrecordinstrategicoversightand
organisationalgrowth.Hehasconsistentlydemonstratedintegrity,independenceandsoundjudgement,
qualities that distinguished him as the natural choice to lead the Board into its next chapter.
Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more
than four decades across the public and private sectors of the Nigerian economy. He served as Minister of
CommerceoftheFederalRepublicofNigeriafrom1999to2002underPresidentOlusegunObasanjo,
GCFR,whereheledthedevelopmentofNigeria’sWTO-consistentTradePolicy.Healsooversawthe
CorporateAffairsCommission(CAC)onlineprojectof2002,whichmodernisedthewaybusinesses
registerandoperateinthecountry.FromNovember2003toFebruary2014,heservedasExecutive
Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where
hewasinstrumentalinattractingforeigndirectinvestmentintoNigeria,buildingmultilateralandbilateral
partnerships, and representing the Federal Government at international conferences and missions.
HegraduatedfromAhmaduBelloUniversity(ABU),Zaria,in1978withaB.Engr.inCivilEngineering
(SecondClassUpperDivision),winningtheShellPrizeforthebestprojectandthesisintheFacultyof
Engineering.HebeganhiscareerwiththeNigerianArmy’sDirectorateofQuarteringandEngineering
Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer
from 1980 to 1983.
HeiscurrentlytheChairmanofInvest-in-NorthernNigeriaLimited,aspecialpurposevehicleforthe
economic and social transformation of the Northern Nigerian economy, and has previously served on the
boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina
WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of
Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as
well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).
Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations
acrossNigeria,theUnitedKingdom,theUnitedArabEmirates,Ghana,SierraLeone,TheGambiaand
Côte d’Ivoire.
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ZENITH BANK EXPANDS FOOTPRINT WITH CÔTE D’IVOIRE SUBSIDIARY LAUNCH

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Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.

Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.

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