Economic Confidential, April 17, 2009

NEWS UPDATE

CBN Flags Off Golden Jubilee Celebrations

The central Bank of Nigeria (CBN) is 50 years old. The apex bank is charged with the mandate of formulating and implementing monetary policy, issuance of legal tender currency, management of external reserves, promoting a sound financial system and acting as banker and financial adviser to the Federal Government.

The Governor, Prof. Chukwuma C. Soludo will be flagging off the anniversary celebration with a media briefing on the achievements and challenges of central banking in Nigeria on Monday, April 20, 2009 at the GCC Room by 4.00 pm. Other activities lined up to celebrate the Golden Jubilee include a Church Service on Sunday, May 3, 2009 at the National Christian Centre, Abuja; a 3-day International Conference with the theme “Central Banking, Financial System Stability and Growth” at the Congress Hall, Transcorp Hilton Hotel, Abuja Monday, May 4 – 6, 2009;  the unveiling of the CBN Currency Museum and commemorative book launch, Anniversary Dinner and presentation of prizes to the winners of Anniversary Essay Competition on Thursday, May 7, 2009; Juma’at Service at the National Mosque Friday, May 8, 2009.

The celebration will be rounded off with the CBN Senior Open Tennis Championship in Lagos on Saturday, May 9, 2009.

In another development, the Minister of Finance Dr. Mansur Muhtar, has inaugurated Presidential Task Force on the reform of the Nigeria Customs Service (NCS) where he lamented that the Federal Government had made efforts to reform the Customs administration, but without much tangible results.  He said that the administration of President Umaru Musa Yar’Adua has deemed it necessary to reposition the NCS to play its statutory role in a more effective and efficient manner that is consistent with global demands. He stressed that the goals of the reform are critical to the implementation of the Government’s 7 point Agenda and attainment of the vision 20: 2020.

Dr. Muhtar also said that the Task force among others; shall oversee, on behalf of the Nigeria Customs Service Board (NCSB), the implementation of an agreed action plan for the structural transformation of the NSC into an efficient world-class organization.  Make appropriate recommendations to the NCSB in relation to leadership selection, capacity building, recruitment, promotion and discipline, and liaise with relevant government agencies.

The Finance Minister also said that the Task Force is made up of people with adequate knowledge of Customs operation, who have served diligently and left behind indelible track record of performance.  He also said that the group is mandated to establish Technical Committees, to be drawn from both the public & private sectors, with two years to carry out its assignment..

He also called on key stakeholders; particularly the officers of the Nigeria Customs Services as well as the general public to support the Task force to achieve its mandate.

The Comptroller General of Nigeria Customs Service, Dr Benard-Shaw Nwadialo, who spoke shortly, expressed happiness over the caliber of men in the committee, charged them to come up with best initiatives for the interest of the nation, and promised a maximum cooperation from the NCS.

The inauguration was graced by representatives from the Federal Ministries, Departments, Agencies and the media.