Friday, January 22

Tag: banks

FCMB Appoints Acting Managing Director, Yemisi Edun
Business

FCMB Appoints Acting Managing Director, Yemisi Edun

The First City Monument Bank (FCMB) has announced the appointment of Yemisi Edun as its acting managing director. Edun takes over the running of the bank from the Managing Director, Adam Nuru, who on Tuesday, January 5, proceeded on leave amid allegations of marital infidelity involving him and a former staff of the bank, Moyo Thomas. There are allegations that Moyo's estranged husband, Tunde Thomas, 45, died on December 16, 2020, from a heart attack after battling with depression upon discovering that the two children from their marriage were allegedly fathered by Mr Nuru. A statement from the bank announcing Edun's appointment reads in part “In line with normal corporate practice, Mrs Yemisi Edun is acting as the managing director of FCMB in the interim period while Mr Adam Nu...
EndSARS: Banks To Rebuild Burnt Police Stations
News

EndSARS: Banks To Rebuild Burnt Police Stations

Nigerian lenders will rebuild new fewer than 44 police stations burnt across the country by hoodlums during the #End- SARS crisis that rocked the nation a few weeks ago, New Telegraph learnt yesterday. An authoritative source said that although like most businesses, the banking industry is still reeling from the massive losses it suffered during the crisis, as many branches and hundreds of Automated Teller Machines (ATMs) were vandalised and looted, the lenders have taken the decision to rebuild some of the burnt police stations as part of their Corporate Social Responsibility (CSR). This newspaper also gathered that apart from the plan to rebuild torched police stations, the lenders, under the aegis of the Bankers’ Committee, will soon launch a fresh Youth Empowerment Fund as pa...
CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos
News

CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos

The Central Bank of Nigeria (CBN) has asked banks to take responsibility for collecting electricity bill payments. In a circular dated August 21, Bello Hassan, CBN’s director of banking supervision, said taking over from electricity distribution companies will improve payment discipline in the industry. “The payment or settlement of all NESI related goods or services shall be made through the Nigerian banking system,” the circular read. “Consequently, all collections for the payments of NESI regulated goods and services provided by a DisCo shall be paid into a designated account such that collections arising from services rendered by the DisCo shall be paid into an account in the sole name of the DisCo; collections arising from services rendered by a third party/parties on be...
CBN Bans Forex for Maize Importation
News

CBN Bans Forex for Maize Importation

Banks have been directed to stop processing Forms M for the importation of maize with immediate effect. The Central Bank of Nigeria (CBN) who made the order on Monday July 13, said the decision to ban forex for maize importation was made to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods. The apex bank further stated that the decision will would increase jobs which have been lost as a result of the ongoing COVID-19 pandemic. The statement partly read; “Authorised dealers are hereby directed to discontinue the processing of Forms M for the importation of maize/corn with immediate effect. “Accordingly, all authorised dealers are hereby requested to submit the list of Forms M already registered for the importation of maize/corn on...
Tanker Truck Drives Into Protesters, Banks Burned To The Ground In US (Photos)
News

Tanker Truck Drives Into Protesters, Banks Burned To The Ground In US (Photos)

The violent unrest gripping the nation spread Saturday night to a suburb of San Diego, where rioters burned two banks to the ground and looted and destroyed many other businesses. Peaceful protests over the killing of George Floyd in Minneapolis turned into riots as night fell on La Mesa, a suburb of about 60,000 people east of San Diego, leaving a trail of destruction. They torched the Chase and Union banks next door to each other, Fox 5 reported. Images showed the fire engulfing one bank, leaving behind a gutted skeleton of lumber and twisted metal by morning. Windows were smashed at many businesses, including a Goodwill store, a real-estate office and a popular bar. Daniel Buxton, the owner of Play It Again Sports, said he returned to his establishment to find “complete destr...
New York Judge Orders 10 Banks To Release Money Laundering Docs Against Ex-President Jonathan, Wife
Politics

New York Judge Orders 10 Banks To Release Money Laundering Docs Against Ex-President Jonathan, Wife

The Nigerian Government had last month asked the court to compel the banks to release account details of former President, Goodluck Jonathan, his wife, Patience, former ministers of Petroleum Resources, Mrs Diezani Alison-Madueke and Rilwanu Lukman. A New York federal judge has ruled that Nigeria can subpoena 10 banks in the United States for information the country needs to prosecute government officials allegedly connected to a British Virgin Island engineering firm’s bribery scheme and subsequent $9.6bn arbitral claim, according to law360.com. The Nigerian Government had last month asked the court to compel the banks to release account details of former President, Goodluck Jonathan, his wife, Patience, former ministers of Petroleum Resources, Mrs Diezani Alison-Madueke and Rilwanu...
Ease Of Lockdown Over COVID-19: Chaotic Scenes At Banks Unacceptable – Boss Mustapha
Politics

Ease Of Lockdown Over COVID-19: Chaotic Scenes At Banks Unacceptable – Boss Mustapha

Condemnation has trailed the chaotic scenes recorded at some banks and other financial institutions in some states of the federation on the first day the ease of lockdown took effect. The Federal Government which had been at a cross road over the outbreak of the novel Coronavirus had relaxed the lockdown earlier imposed on Lagos, Ogun and the Federal Capital Territory, Abuja on May 4th as part of measures to control the spread of the virus. Despite its concerns for the health and wellbeing of the citizens, the government was also under pressure to partially open up the economy, especially with the drop in prices of oil at the international market. Boss Mustapha, Secretary to the Government of the Federation and Chairman of the Presidential Task Force on Covid-19, condemned the...
Access Bank To Shut Down 346 Branches Nationwide (List)
Business

Access Bank To Shut Down 346 Branches Nationwide (List)

Nigerian financial power house, Access Bank, annunciated the closure of more than 300 of its branches nationwide in a bid cut down running costs as a result of the outbreak of the deadly virus, COVID-19. This move comes in the wake of a statement made by the group managing director/CEO of Access Bank, Herbert Wigwe who explained the reasons behind a planned mass retrenchment of its workforce, stating that some of its branches will be closed up until December of this year. Herald NG earlier reported that Wigwe made this disclosure via video conferencing in a town hall meeting with the bank’s staff that later leaked on social media platforms. Wigwe noted that those to be affected by the mass retrenchment are mostly outsourced staff and workers offering nonessential services. Thi...
Banks to Open Between 8am to 2pm, Schools and Restaurants to remain shut as FG Releases Guidelines for Easing of Lockdown on Monday May 4
News

Banks to Open Between 8am to 2pm, Schools and Restaurants to remain shut as FG Releases Guidelines for Easing of Lockdown on Monday May 4

The Presidential Task Force (PTF) on COVID19 has released the guidelines for the ease of the lockdown in Lagos, Ogun and the FCT which will come into effect next week Monday May 4. Briefing newsmen on the guidelines for the ease of the lockdown, the National coordinator of the Presidential taskforce on COVID19, Sani Aliyu, said Interstate travels remain banned except for essential services. For intrastate activities, banks are to open between the hours of 8pm to 2pm while adhering to all the COVID-19 prevention guidelines. . Schools are remained closed. Restaurants are to remain closed but can do home deliveries. Concerts and Recreational activities stay suspended for now. ''For government offices, government staff will be allowed to resume from the 4 of May but it will be bas...
Lockdown: Kwara residents struggle to restock within 4 hrs
News

Lockdown: Kwara residents struggle to restock within 4 hrs

Residents of Ilorin, the Kwara capital, on Monday, trooped out in numbers and congested the city as they try to accomplish lots of activities at the same time within the stipulated four hours given by the State Government. The News Agency of Nigeria (NAN) reports that the rush followed the total lockdown imposed on the state on April 10. Gov. AbdulRahman AbdulRazaq, however, allowed the residents to restock their needs on Mondays, Wednesdays, and Fridays between 10 a.m and 2 p.m each day. NAN recalls that the Kwara Government had on April 9 announced a total lockdown of all the 16 local government areas of the state in an effort to contain the spread of Coronavirus (COVID-19). The state government made the order after the report of two positive cases in Kwara, and another two r...
COVID-19: FG Loses N20 Billion In 7 Days As Banks Stop Operations In Ports
Health

COVID-19: FG Loses N20 Billion In 7 Days As Banks Stop Operations In Ports

The Federal Government’s quest to contain the coronavirus pandemic through a 14 – day lockdown of Lagos, Ogun State and Abuja appears to be taking its toll on the nation’s revenue as banks’ closure continue to hamper ports operations. Expressing his displeasure at the non operation of banks, Dr. Ola Olugbese, Chairman, Ogbese Marine Services Limited, a licensed Customs agent, stated that the federal government may have lost not less than N20 billion in the last seven days due to non operation of the banks in the ports. “Due to the lockdown caused by Covid-19 pandemic, banks were closed. Government needs revenue. That is why Customs was mandated to work as the ports remain open. Unfortunately, government forgot that Customs work hand in hand with banks. Customs does not accept cash f...
Buhari Praises Dangote, Elumelu, Atiku, Banks and Other For Donations
Politics

Buhari Praises Dangote, Elumelu, Atiku, Banks and Other For Donations

BATTLE AGAINST COVID-19: PRESIDENT BUHARI THUMBS UP ELUMELU, RABIU, DANGOTE, ATIKU, BANKS, OTHERS President Muhammadu Buhari has saluted the public-spiritedness of wealthy Nigerians and organizations for standing up to be counted in the battle against the Covid-19 pandemic. The President commends members of the Nigerian Private Sector Coalition Against Covid-19, made of people like Aliko Dangote, Abdulsamad Rabiu of BUA Group, Femi Otedola, Tony Elumelu, Herbert Wigwe, Segun Agbaje and Jim Ovia of UBA, Access, GT, and Zenith Banks, respectively, for contributing N1 billion each, and being in the vanguard of encouraging others in the private sector to do same. UBA has equally donated the sum of N5 billion to Nigeria and Africa, former Vice President Atiku Abubakar has pledged N50 m...
All Banks, Offices, Markets, Courts Should Close From Thursday – Sanwo-Olu
News

All Banks, Offices, Markets, Courts Should Close From Thursday – Sanwo-Olu

Lagos state government has ordered the closure of all banks, offices, markets and courts in the state effective from Thursday. Governor Sanwo-Olu stated this after a meeting of the state security council at the State House, Marina Tuesday. The Governor who insisted that the order was not a lockdown however said that this new directive will be for seven days in the first instance, even as he reduced the number of people who can be in a gatherering from 50 to 25 persons. He also said that all travels to Lagos by Air or by road will no longer be encouraged. Sanwo-Olu who said that the health situation was dire said all public parks, gym, swimming pools etc are also to close with immediate effect. He said that the security agents had have been ordered to strictly enforce the...
CBN Bars Banks From Sacking More Than 5 Staff Without Approval
News

CBN Bars Banks From Sacking More Than 5 Staff Without Approval

Central Bank of Nigeria (CBN) has given a stern warning to all banks to seek its approval before sacking more than five staff. The bank gave the warning in a communique released through the Bankers Committee after its meeting on Friday. The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all banks should send sample of Contract Letter issued to outsourced staff + SLA with the company being used to run outsourced staff. It stated, “Banks should note and be guided by the CBN circular in respect of laying off staff that is more than five. This requires apex bank’s notification and approval going forward.” The Bankers’ Committee had said the mass sacking in banks would be reduced in the shortest time possible. ...
Russian Speaking Hacking Group Is Attacking Banks In Sub-saharan Africa
Crime

Russian Speaking Hacking Group Is Attacking Banks In Sub-saharan Africa

Kaspersky security researchers have reported on thousands of notifications of attacks on major banks located in the sub-Saharan Africa (SSA) region. The malware used in the attacks indicates that the threat actors are most likely to be an infamous Silence hacking group, previously known to be responsible for the theft of millions of dollars from banks across the world. The Silence group is one of the most active Advanced Persistent Threat (APT) actors, which has carried out a number of successful campaigns targeting banks and financial organisations around the Globe. The typical scenario of the attack begins with a social engineering scheme, as attackers send a phishing e-mail that contains malware to a bank employee. From there the malware gets inside the banks’ security perimeter and ...
Politics

NDDC Audit: Some Contractors, Banks Already Making Refunds – Akpabio

The minister of Niger Delta affairs, Senator Godswill Akpabio, has said that the forensic audit of the Niger Delta Development Commission (NDDC) by the adminstration of President Muhammadu Bhuari is yielding positive results already. Akpabio, speaking in Abuja on Friday, December 27, said that when the NDDC is finally cleased and salvaged from its rot, it will be one of the greatest legacies and accomplishment of President Buhari, The Nation reports. The minister said that some of the organisations and even financial institutions who are indebted to the commission are begining to make refunds. Akpabio revealed that some of the bodies involved were given funds to make supplies but failed to do so over a long period of time. He revealed that some of the bodies involved were given fund...
Unions To Shut Down Banks Nationwide From January 2, 2020
News

Unions To Shut Down Banks Nationwide From January 2, 2020

Bearing last minutes intervention by the Federal Government, workers in the nation’s banking sector at the weekend threatened to ground all banking operations nationwide begining from January 2, 2020. The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) and its counterpart, the National Union of Banks Insurance and Financial Institutions (NUBIFIE) told newmen at the weekend that workers in the sector would embark on an indefinite strike over failure of their employers to review the Collective Bargaining Agreement in line with extant law. Speaking at the ASSBIFI 10th Triennial National Delegates Conference held at the NAF Conference Centre, Abuja, the President of the union, Oyinkansola Olasanoye said there has been a deliberate disrespect of Human...
Banks’ Contract Workers Rise To 46,235
News

Banks’ Contract Workers Rise To 46,235

The number of full- time workers in the banking industry has been on the decline as contract employees have doubled in the past two years, rising from 20 , 237 to 46 , 235, investigation has revealed . Figures obtained by our correspondent on Wednesday showed that the number of contract workers in the industry rose from 20 ,237 in the first quarter of 2017 to 32 ,013 at the end of Q 1 2018 . The figure , which hit 43 ,955 at the end of the second quarter of 2018 , further rose to 46 , 235 at the end of the first quarter of 2019 , according to a report by the National Bureau of Statistics . Despite the increase in the banks ’ operations , the number of junior workers fell from 40 , 549 in the second quarter of 2018 to 39 , 980 in the second quarter of 2019 , the report added . ...
Leaked Memo Shows Banks Asked Telcos To Charge For USSD
News

Leaked Memo Shows Banks Asked Telcos To Charge For USSD

Nigerian banks proposed to telecom companies to charge customers directly for USSD services, a memo seen by TheCable has revealed. This seems to contradict the public denial by bank CEOs on Monday. They said the decision “on whether, and what amount, to charge a customer for accessing USSD is entirely that of the telco company, in the same way a customer is billed for calls, SMS and data”. In a letter to the Association of Licensed Telecommunications Operators of Nigeria (ALTON) by the Body of Banks’ Chief Executive Officers (BOBCEO) dated September 16, 2019, the bank MDs had proposed an “orderly implementation” of end-user billing for bank customers, “aligning with the standard practice for USSD billing.” They said: “Customers using non-bank services already pay for USSD session...
We Didn’t Ask MTN To Charge For USSD – Banks
News

We Didn’t Ask MTN To Charge For USSD – Banks

Commercial banks on Monday denied instructing MTN to deduct charges for USSD. In an advertorial, the lenders, acting under the aegis of Body of Bank CEOs said its attention had been drawn to a text message sent by the telco concerning the issue. “Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications PLC to customers of banks in Nigeria in respect of the above. The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also ask customers to contact their banks for more information. We wish to state as follows: “That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether and what amount to charge a customer for accessing USSD i...
Banks To Charge You For Recharging Via USSD As From October 21
News

Banks To Charge You For Recharging Via USSD As From October 21

USSD airtime recharge option is one of the fastest, (in fact the fastest on some occasions) and the easiest. It also comes in very handy when traveling or stranded in a new location and you are in need of urgent top-up for either data or voice calls. It is far better than even the banks’ apps and third party apps in terms of convenience, since you do not need to login and go through the hassle of typing a password. USSD does not also requires internet connection to get your airtime topped-up. In fact, one of thing that makes it preferable to other options is that It is completely free, but that is about to change as banks will soon start charging people for using USSD to top-up. MTN has started sending SMS to its customers regarding the End User Billing for Bank USSD Services. The...
CBN Fine 12 Banks N499b For Not Giving Out Loan To Customers
News

CBN Fine 12 Banks N499b For Not Giving Out Loan To Customers

For breaching its guidelines on lending to the real sector of the economy, the Central Bank of Nigeria (CBN) has fined 12 major banks N499.1billion. According to an approved debit instruction, the affected banks and the amount they will pay are: Citibank (N100,743,055, 321); First Bank of Nigeria (N74,668,880,480); FBNQuest Merchant Bank (N2, 697,456,144); First City Monument Bank (FCMB), (N14, 371,064, 742) and Guaranty Trust Bank (N25, 147, 933, 628). Others are Jaiz Bank (N7, 525, 165,552); Keystone Bank (N4, 162, 938, 879); Rand Merchant Bank (N2, 823,177,399); Standard Chartered Bank (N30,027,137,984); SunTrust Bank (N1,703,205,427); United Bank for Africa (N99,676,181,916) and Zenith Bank (N135,629,337,625). The banks will lose the money at source from their Cash Reserve...
Shehu Sani Reacts As CBN Asks Nigerians To Return Bad Naira Notes To Banks
Politics

Shehu Sani Reacts As CBN Asks Nigerians To Return Bad Naira Notes To Banks

The former member representing Kaduna west senatorial district in the National Assembly, Shehu Sani, has said that the CBN should have first asked Nigerians if they have money instead of asking them to return their old Naira notes to new ones on Monday. Shehu Sanni made this known via his Twitter handle on Saturday, August 31st. "The CBN has been telling people to go the Bank on Monday to change their old Naira notes to new ones instead of first asking the people if they even have any Naira notes at all."
Ngige Threatens To Sanction Banks Over Indiscriminate Sack Of Workers
Politics

Ngige Threatens To Sanction Banks Over Indiscriminate Sack Of Workers

The Minister of Labour and Employment, Chris Ngige, has threatened to sanction banks, who sack workers indiscriminately, saying they ought to declare redundancy before taking such decisions. Mr Ngige, who resumed duty on Thursday alongside the Minister of State for Labour and Employment, Tayo Alasoadura, said it was worrisome that workers were sacked without recourse to due process of disengagement. According to him, the ministry has introduced time frame of running agreements that have been reached with trade unions in order to make an insurable industrial climate. “We also have to monitor job loses, we also have to stem the tide of job losses through a proactive action from this ministry. “We were all here, when the bank started, we had to stop them because we looked into...
Imo Governor Uncovers 250 Accounts Operated By Rochas Okorocha
News

Imo Governor Uncovers 250 Accounts Operated By Rochas Okorocha

Imo State Governor, Emeka Ihedioha, has announced his readiness to sign an Executive Order to bring into force the use of the Treasury Single Account by the State Government. The announcement was made in Owerri, on Tuesday following the discovery of over 250 accounts in various banks operated by the Rochas Okorocha led government. Ihedioha said his discovery on assumption of office was that there were leakages in the revenue accruing to the state government. He said this was largely due to numerous accounts being used for collection. He said this accounted for why he decided to sanitise the state’s financial system. The governor disclosed that he had sought the assistance of a former Director General of the Debt Management Office, Abraham Nwankwo, for a critical look at the ...
CBN Asks Banks To Return All Mutilated Notes Between June 3 & September
News

CBN Asks Banks To Return All Mutilated Notes Between June 3 & September

The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing. The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend. In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes. Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.” “CBN is working today because we have a competent h...
Debtor-states In Bigger Financial Mess As Banks Obey NFIU Order
Politics

Debtor-states In Bigger Financial Mess As Banks Obey NFIU Order

WITH most states already reeling under the yoke of heavy indebtedness, the guideline of Nigeria Financial Intelligence Unit (NFIU) on local government finance, which came into effect on June 1 is already putting state governors in severe stress. Many of the governors rely heavily on local government statutory allocations to run the affairs of their states since debt service has eaten deep into allocations of their states. A recent report put total debt by states at N3.9 trillion as of May 29, 2019 with Lagos leading the pack owing N1.043 trillion. NFIU spokesman, Mr Sani Tukur, told Saturday Tribune on Friday that “any bank that honours cheques to withdraw money from any local government account when such cheques do not emanate from authorised local government functionaries will b...
Smugglers threaten CBN’s rice intervention, say processors
Uncategorized

Smugglers threaten CBN’s rice intervention, say processors

Rice processors in Nigeria have raised the alarm that the Federal Government’s financing policy through the Central Bank of Nigeria (CBN) is under treat of failing from the activities of rice smugglers. Addressing reporters on the threat in Abuja over the weekend, Chairman of Rice Processors Association of Nigeria (RIPAN) Alhaji Muhammed Abubakar lamented that over 1 million metric tons of rice (about 20,000,000 bags of 50kg or 34,000 trucks of rice) have been smuggled into the country in the last three months. Abubakar said: “Nigeria currently loses huge revenues, foreign exchange and jobs to this menace of smuggling while Nigeria rice processing companies are shutting down because of their inability to gain market access and more painfully millions of small-holder farmers are stuck...
Ogun APC Warns Banks Against Granting Amosun’s Last-minute Loan
Politics

Ogun APC Warns Banks Against Granting Amosun’s Last-minute Loan

The Ogun State chapter of All Progressives Congress (APC), has warned banks and other financial institutions not to succumb to threats and pressures from the outgoing governor, Senator Ibikunle Amosun, to obtain last-minute loans, overdrafts and other financial instruments barely two months to the end of his tenure. In a press statement issued in Abeokuta on Monday, and signed by the APC Caretaker Committee’s Publicity Secretary, Tunde Oladunjoye, the party warned that any institution that grants such requests “does so at its own risk.” The press statement reads: “It has come to our notice that the outgoing governor has been exerting pressures on banks and financial institutions to grant frivolous loans, overdrafts and other instruments immediately Dapo Abiodun was declared go...
Okorocha Withdrew N17billion From Banks In 3 Days – Imo PDP Alleges
Politics

Okorocha Withdrew N17billion From Banks In 3 Days – Imo PDP Alleges

The People's Democratic Party, PDP in Imo State has alleged that Governor Rochas Okorocha withdrew N17 Billion for his personal use in a space of 3 days. The state PDP Chairman, Mr Charles Ezekwem, made the revelation on Saturday in Owerri, the state capital, during a press conference. According to the party, the withdrawals were made between Tuesday, March 12, 2019 and Thursday, March 14, 2019 from Unity Bank, Polaris Bank, Access Bank and Zenith Bank. The party said, “In the last two days alone, Governor Okorocha and his cronies transferred ownership and re-registered more than 150 government vehicles to individuals. Government property including furniture and electronics in Government House, Owerri, are being moved out to Ogboko, Ideato South, the governor’s country h...
EFCC Accuses 10 Banks Of Money Laundering
News

EFCC Accuses 10 Banks Of Money Laundering

The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, yesterday, accused 10 unnamed commercial banks of money laundering. He also condemned the increasing wave of illicit financial flows and vote buying in the country during elections. Speaking in Lagos during a round table meeting with Managing Directors (MDs) of financial institutions, the EFCC boss said: “It is worrisome to note that in 2018, statistics available to the EFCC shows that out of about 28 commercial banks in Nigeria, 10 banks evacuated out of Nigeria through Travelex Nigeria Limited, the sums of GBP £50,832,560; USD $8,057,756; EURO #39,986,560 and RAND-7,500,000. “The reasons for these evacuations are still sketchy. We must note that the impact of illicit financials flows fr...
CBN To Fine Banks For Paying Counterfeit Banknotes
Uncategorized

CBN To Fine Banks For Paying Counterfeit Banknotes

The Central Bank of Nigeria has imposed a penal fee of N1m on each branch of Deposit Money Banks for non-compliance with its ‘Banknote fitness guidelines and clean note policy documents for the industry.’ The regulator disclosed this in a circular to all DMBs on ‘Penalty for payment of counterfeit monies from ATMs, Teller Points’ on Wednesday. It said, “The management of the CBN has observed with concern the incidences of counterfeits paid through some DMBs’ ATMs/Teller points. This situation has continued unabated despite moral suasion to the affected DMBs. “To address this, among others, the CBN in collaboration with key currency management stakeholders developed ‘Banknote fitness guidelines and clean note policy documents for the industry.” “In order to sustain public co...
CBN Lends Banks N956b In Three Months
News

CBN Lends Banks N956b In Three Months

COMMERCIAL banks got N956.64 billion loans from the Central Bank of Nigeria (CBN) in three months to boost their liquidity positions and meet commitment to customers, the quarterly economic report released by the apex bank has shown. The report, for the third quarter showed that Standing Lending Facility (SLF) daily average transaction value amounted to N19.13 billion in 50 transaction-days, with total interest earned at N3.07 billion. The apex bank’s tough monetary policy stance has led banks to borrow more. The Monetary Policy Rate (MPR) – benchmark interest — has remained at 14 per cent since July 2016 despite rising calls from economic experts for a lower interest rate. This has raised banks’ demand for CBN’s loans to boost their liquidity. “Total request for the Standing ...
75-year-Old Man Loses Life savings to Yahoo Boys
News

75-year-Old Man Loses Life savings to Yahoo Boys

A Nigerian man has taken to Twitter to narrate on how his friend’s 75-year-old father lost his entire life savings to internet fraudsters popularly referred to as Yahoo Yahoo boys. 75-year-old man loses life savings to Yahoo Yahoo boys According to the narrator, the yahoo boys used an international firm to the front as an asset management company to dupe the old man who believed he was dealing with a legitimate company. Read his thread below: Friend’s dad just lost his whole business capital, life savings & profit to G-boys who used an international company to front as asset management firm. He is 75 years old, a wife & 6 children His whole life’s work, gone. but sure yahoo boys are our inspiration. “If we no make the money wetin we gain, if we no buy the Benz wetin we gai...
CBN Revokes Licences Of Nine Micro-Finance Banks
News

CBN Revokes Licences Of Nine Micro-Finance Banks

Nine out of 34 Micro-Finance banks in Nigeria have had their licences revoked by the Central Bank of Nigeria. CBN The National Association of Micro Finance Banks on Monday said that nine out of the 34 micro finance banks in Niger have lost their operational banking licences. Mr Sado Daniel, North Central Secretary of the association made the remark in Bida while inaugurating a micro-finance bank established by the Federal Polytechnic, Bida. “These micro-finance banks lost their licences because they fell short during the regulation exercise carried out by the Central Bank of Nigeria (CBN),’’ he said. He said that non adherence to corporate governance contributed to the collapse of the banks, urging the management and staff members of the new bank to adhere strictly...
Diamond Bank Gets Global Recognition As Top Retail Bank in Africa
News

Diamond Bank Gets Global Recognition As Top Retail Bank in Africa

Nigeria’s leading retail bank Diamond Bank Plc has been rated 4stars and ranked as one of the best retail banks globally by the Lafferty Banking 500 index 2018. According to Lafferty, Diamond bank was selected as one of the top banks globally after credible information gathering process adopted by the Lafferty Research and Development division, using key financial parameters like; Financial Position, Strategy, Corporate Culture, Living the Brand, Digital Advancement, Management Experience and Customer Satisfaction of the bank to their customers. Commenting on the rating and recognition, Uzoma Dozie, CEO, Diamond Bank Plc said, “Through our Beyond Banking strategy we have refocused our business on delivering positive outcomes for our customers and be relevant at their point of need. O...
Chelsea Joined Manchester City And Liverpool At The Premier League Summit
Sport

Chelsea Joined Manchester City And Liverpool At The Premier League Summit

Chelsea joined Manchester City and Liverpool at the Premier League summit on Sunday as Riyad Mahrez blazed a late penalty over the bar when presented with a golden chance to end his team’s Anfield hoodoo. Arsenal, who lost their first two games of the season are right back in the title hunt after a 5-1 stroll against Fulham, while Chelsea saw off Southampton 3-0 to maintain their unbeaten start to the season. Liverpool came into the match unbeaten in 17 home games against Manchester City in all competitions but the atmosphere was flat at Anfield and Jurgen Klopp’s team have now gone four matches without a win. Despite all the rich attacking talent on display, Liverpool and City cancelled each other out in a cagey encounter, mustering just four shots on target between them. But as...
Ajimobi Shuts Down Obasanjo Farms, Banks, University Press, Others In Oyo
News

Ajimobi Shuts Down Obasanjo Farms, Banks, University Press, Others In Oyo

Oyo State Government is not leaving any stone unturned in its aggressive tax drive as it has continued to shut down major business outfits that are defaulting in the payment of taxes. Among the companies shut down today is Obasanjo Farms located at Oluyole Industrial Estate, Ibadan, which is owned by former Nigerian President, Chief Olusegun Obasanjo. Also affected are banks, MRS oil, Black Horse, Heinemann Educational Books, Lister Flour Mills, University Press Limited, Evans Brother, Brooking House, Group Medical hospital, Butterfield bakery, Chicken Republic and Rasmed publicity. Some of the affected companies are located at Dugbe, Eleyele, Podo, Challenge, Onireke areas of Ibadan. The exercise coordinated by the Oyo State Board of Internal Revenue, OYBIR, is being carri...
12 people Killed As Armed Robbers Raid Two Banks In Edo State
News

12 people Killed As Armed Robbers Raid Two Banks In Edo State

On Thursday, armed robbers invaded Igarra, the headquarters of Akoko-Edo Local Government Area of Edo State and killed at least 12 people in their bid to rob two commercial banks in the area.   The robbers had earlier attacked the local police station where they shot and killed a policeman on duty with two detainees while also setting the only vehicle on sight , a Toyota Hilux on fire before proceeding to attack the banks.   The Edo State Police Public Relations Officer, Chidi Nwabuzor, confirmed the incident but said information about the attack was still sketchy.  At least four other persons were reportedly killed at the banks when the armed men could not gain access to the vaults of the banks.     One of the youths in the community Ofei Obend...
Ekiti Election: Banks, Schools, Ministries Close Early
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Ekiti Election: Banks, Schools, Ministries Close Early

Ahead of the governorship election holding in Ekiti State on Saturday (tomorrow), most of the commercial banks in Ado-Ekiti, the state capital, have closed for the day. The notices, pasted at the entrances of most of the banks, showed that the banks closed as early as 12pm. They also advised customers to make use of alternative channels such as ATMs, mobile- and internet banking. Many customers were, noticeably, shocked on seeing the notices, forcing many to lament, while some simply went to join the queues at the ATMs. Similarly, many schools, including public and private, were shut throughout the day. Also, at the state secretariat, a tour of the premises by a Punch correspondent showed that many offices were shut, while the expansive car park that used to be full of vehicle...
CBN Orders Banks To Sell FX To Travellers Over The Counter
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CBN Orders Banks To Sell FX To Travellers Over The Counter

All intending travellers can now buy forex over the counter with the presentation of passports and air tickets, the Central Bank of Nigeria (CBN) announced on Saturday evening. The bank also ordered BDCs to access dollars every Monday, Wednesday and Friday henceforth in a statement issued by its acting director of corporate communications, Isaac Okorafor. The move, TheCable understands, is to checkmate the activities of speculators in the forex market. Okorafor said in the statement: “In order to ensure that eligible travelers are able to access foreign currency and make liquidity available in the market, the CBN wishes to make the following releases: “All Deposit Money Banks are mandated to buy and sell foreign currency to travelers ( both customers and non customers) upon pre...
Offa Robbery: Police Arrest 2 Wanted Suspects
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Offa Robbery: Police Arrest 2 Wanted Suspects

2 of the suspects wanted for the robbery of 5 banks in Offa, Kwara State, have been arrested by the police, Punch reports. The robbers had raided the banks, killing several people, with others reported wounded. The robbers arrested, Kunle Ogunleye aka Arrow, and Micheal Adikwu, the dismissed Police Corporal, were among those whose CCTV photos were made public. In a statement released by the police announcing the arrest, they said: Following the publication of the pictures of the Offa banks’ robberies in the media, we have been getting several credible leads from the members of the public and as a result, the Intelligence Response Teams deployed by the IGP to Kwara, Ondo, Osun, Oyo and Ekiti states have been able to arrest two more gang leaders in the deadly bank robberies. The police ...
Offa Robbery: One Of Four Suspects Declared Wanted Reportedly Arrested
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Offa Robbery: One Of Four Suspects Declared Wanted Reportedly Arrested

One of the four suspects wanted for the robbery of five banks in Offa, Kwara State, has been arrested by the Nigeria Police, Punch reports. The robbers had stormed the banks back in April, killing several people, including nine policemen. The suspect arrested, Michael Adikwu, is said to be an ex-policeman who was dismissed back in 2012. Adikwu is said to have been stationed with the Kwara State Special Anti-Robbery Squad, but was arraigned and imprisoned after helping some robbers escape jail. DCP Abba Kyari and his IGP Response Team had reportedly acted on a tipoff from members of the public who saw Adikwu’s photo after the police released it.
Restaurant Owner, Peniel Chris Enwenwen Cries Out After Being Taxed Millions By FIRS
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Restaurant Owner, Peniel Chris Enwenwen Cries Out After Being Taxed Millions By FIRS

A restaurant owner by the Facebook name, Peniel Chris Enwenwen, took to her Facebook page where she narrated how depressed she became after she was confronted with bills worth millions of Naira by FIRS. This morning I had a minor melt down on WhatsApp. I felt like the world was ending for me. I felt so alone, depressed, tired, sleepy and frustrated. I walked into my restaurant at about 8am and power was out. Everywhere was hot and abit dark, I walked into my office, said a short prayer and looked on my desk…. there were some nearly arranged papers staring at me, I picked them up and behold BILLS!!! FIRS stopped by and left a letter saying I was owing taxes to the tune of N2.1m with a turnover of N18m in 2018(who declared it for them). I just tossed it aside. Security company dropp...
Silvio Berlusconi: Migrants Rob Banks And Are A Social Time Bomb
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Silvio Berlusconi: Migrants Rob Banks And Are A Social Time Bomb

Silvio Berlusconi has claimed that 600,000 illegal migrants in Italy are a “social bomb ready to go off” after a Nigerian asylum seeker was arrested for killing an Italian woman. The thousands of migrants, the former prime minister claimed, were living “hand to mouth or from crime”, and he suggested that they were responsible for most bank robberies. Mr Berlusconi, 81, who is leading the opinion polls before elections next month, looked set to ignore demands to halt inflammatory campaign speeches after a neo-Nazi gunman went on a shooting rampage in central Italy on Saturday, wounding six migrants
Access Bank Takes Impairment In 9mobile Loan
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Access Bank Takes Impairment In 9mobile Loan

Nigeria’s Access Bank said on Wednesday it had booked a 4 billion naira ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria. Access Chief Executive Herbert Wigwe said the bank had a direct exposure of 11 billion naira to 9mobile, as well as an exposure of 35-39 billion naira to the telecoms firm’s suppliers. Wigwe told an analysts’ call that Access hoped to recover the debt once 9mobile was sold to new investors. Nigerian banks have agreed an extension to a $1.2 billion loan made to 9mobile, pending the mobile operator finding new investors. However, some lenders outside the syndicated facility are making provisions. “We have downgraded the risk of Etisalat and have taken increased collective impairments,” he said. Acces...