Monday, November 30

Tag: CBN

Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’
Politics

Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’

Yakubu Gowon, a former military head of state, has described allegations that he looted half of the Central Bank of Nigeria as “rubbish”. Tom Tugendhat, a member of the United Kingdom parliament, had accused Gowon of looting Nigeria’s treasury when he left office. Speaking at the UK parliament committee debate on a petition on the #EndSARS crisis, Tugendhat had urged the UK to call out corruption and use its powers to stop who profit from Nigeria’s wealth and hide it in foreign countries. “Some people will remember when General Gowon left Nigeria with half of the Central Bank, so it is said, and moved to London,” he said. However, Tugendhat did not provide any evidence to support his claim. In reaction to the remark, Gowon told BBC: “I don’t know where he got that rubbish ...
CBN Looting: Adesina Dismisses UK MP’s Accusations Against Gowon
Politics

CBN Looting: Adesina Dismisses UK MP’s Accusations Against Gowon

Akinwunmi Adesina has shared his thoughts about the raging controversy surrounding General Yakubu Gowon. It is no longer news he has been accused by a British MP of being behind, arguably, the greatest theft of public funds ever witnessed by the country. But in his opinion, Adesina advised that people be circumspect in believing what has been said about the former Commander in Chief. He shared his thoughts on via twitter thus: Be careful of misinformation! H.E. General Yakubu Gowon, Nigeria’s former Head of State, is a man of great honour, decency, honesty, amazing simplicity, humility and integrity. I know him. A great and admirable elder statesman of Nigeria. His honesty and integrity are impeccable.
CBN Accuses EndSARS Campaigners Of Terrorism
News

CBN Accuses EndSARS Campaigners Of Terrorism

The Federal Government was able to freeze the accounts of 20 #EndSARS campaigners after telling a Federal High Court in Abuja that the funds in their accounts might have been linked to terrorist activities. This is according to a written address in support of a motion ex parte filed by the Central Bank of Nigeria. The CBN had in the second week of October frozen 20 accounts and thereafter approached the court to seek an ex parte order to freeze the accounts. In the case with suit number FHC/ABJ/CS/1384/2020, filed before Justice A. R. Mohammed, the CBN, however, made no mention of the fact that the 20 accounts were owned by persons involved in the #EndSARS protests, but told the court that the funds might have emanated from terrorist activities. The written address read in ...
Politics

EndSARS: Youth Reps Pull Out Of Lagos Judicial Panel After CBN Freeze Accounts

The youth representatives at the Lagos Judicial Panel refused to sit during Saturday’s session. The Judicial Panel of Inquiry was set up by the Lagos State Government, to probe the Lekki toll gate shootings and several complaints of human rights abuses against members of the disbanded Special Anti-Robbery Squad (SARS). However, after Central Bank obtained a court order to freeze the bank accounts of Adegoke Pamilerin and Bolatito Oduala, popularly known as Rinu alongside 17 others linked to the EndSARS protests, the youth reps boycotted today’s sitting. Anakle CEO, Editi Effiong, who was present at the venue tweeted the updates. “The youth panel members are NOT here. They’re pulling out in protest as one of the members’ (@SavvyRinu) bank account was frozen by @cenbank. “...
EndSARS: Rinu, Pamilerin, Gatefield’s Bank Accounts Frozen By CBN
News

EndSARS: Rinu, Pamilerin, Gatefield’s Bank Accounts Frozen By CBN

The Central Bank of Nigeria obtained a federal court order to freeze 20 bank accounts linked to supporters of the #EndSARS campaign last month, court document obtained by Peoples Gazette showed. Governor Godwin Emefiele filed an ex-parte court application to freeze the account on October 20, which was promptly granted by Justice Ahmed Mohammed of the Abuja Division of the Federal High Court. Former attorney-general Michael Aondoakaa argued the case for the freezing of the accounts on behalf of CBN, documents showed. The bank accounts blocked included those run by Gatefield, a public interest think-tank, and Bassey Israel, a pharmacist. Gatefield has already filed a lawsuit challenging the freezing of its account. The banks that were ordered to freeze bank accounts of the #End...
Rising Debt Servicing Cost Can Impede Growth – CBN
News

Rising Debt Servicing Cost Can Impede Growth – CBN

The Central Bank of Nigeria has expressed concern over the rising cost of debt service being incurred by the Federal Government. The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020. “This suggested that, despite the subsisting revenue challenge, which was exacerbated by COVID-19, the larger proportion of FGN revenue was devoted to debt service,” it said.It said at 19.2 per cent, the debt-to-GDP ratio indicated a solvency position of the government. “However, the rising cost of debt service underscores a precarious liquidity position that could impair the government’s fiscal space, as well as its growth o...
Senate Directs Investigation Into Excessive Bank Charges
Politics

Senate Directs Investigation Into Excessive Bank Charges

The Senate on Wednesday at plenary directed its Committee on Banking, Insurance and other Financial Institutions to investigate complaints of Nigerians on illicit and excessive bank charges by commercial banks on customers’ accounts. It also directed the Central Bank of Nigeria, CBN, to look into the complaints of Nigerians and review the charges on their bank accounts. The resolutions of Senate, were sequel to a motion by Sen. Abba Moro (PDP-Benue South) on urgent need to investigate and review illicit and excessive charges by Nigerian banks on customers’ accounts. Moro, while presenting the motion, said there have been several complaints from Nigerians over illicit and excessive charges by commercial banks on their accounts. He said that such charges and deductions ranged...
CBN Okays ₦200 Billion Housing Loan For Low Income Earners
News

CBN Okays ₦200 Billion Housing Loan For Low Income Earners

THE Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF). The fund is for the building of 300,000 homes in the 36 states of the federation and the Federal Capital Territory. It is also expected to help create up to 1.5 million jobs in five years. The CBN framework for the implementation of the Family Homes Financing Scheme released yesterday indicates that the fund would be released to FMF on project basis, subject to the cumulative maximum limit of N200 billion. According to the framework, the three-year term loan will enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive). The apex bank said it introduced the financin...
Buhari, Family Under Fire For Breaching CBN Act, NCDC Guideline At Hanan Wedding
Politics

Buhari, Family Under Fire For Breaching CBN Act, NCDC Guideline At Hanan Wedding

Many Nigerians have called out the first family for violating part of the Central Bank of Nigeria (CBN) Act at the wedding ceremony of Hanan Buhari, one of the daughters of President Muhammadu Buhari. Many also condemned the safety guidelines issued by the Nigeria Centre for Disease Control (NCDC) with regards to overcrowding and social distancing to help curb the spread of the COVID-19 pandemic. Hanan and Turad, son of a former lawmaker, Mahmud Sani Sha’aban, got married at the Aso Rock villa on Friday – a ceremony which was graced by top government officials, members of the diplomatic community and politicians. Pictures and videos from the wedding, including those shared on Instagram by the first lady, Aisha Buhari, went viral and trended throughout the weekend. One video cir...
CBN Freeze Adebutu Kessington’s Bank Accounts For “Tax Fraud”
Business

CBN Freeze Adebutu Kessington’s Bank Accounts For “Tax Fraud”

The move by the apex bank comes months after the Economic and Financial Crimes Commission launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage. The Central Bank of Nigeria has frozen the bank accounts of 38 Nigerian companies. This is as scarcity of dollars at the parallel market during the week forced the naira down to N465 against a United States dollar. Nigeria is presently facing one of its biggest dollar crunch in recent years with the impact hurting critical sectors of the economy. In a circular dated September 4, Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit (PND) order “You are hereby required to place the under listed accounts on Post-No-Debi...
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...
Stamp Duty War: NIPOST Tackles FIRS Again
News

Stamp Duty War: NIPOST Tackles FIRS Again

The Nigeria Postal Service (NIPOST) has said the Federal Inland Revenue Service (FIRS) lied about NIPOST’s stamp duty account with the Central Bank of Nigeria (CBN). NIPOST’s General Manager Corporate Communications, Franklin Alao, said in a statement on Sunday that the NIPOST’s account with the CBN was duly opened for the purpose of stamp duty and was not illegal. “Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account. According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets. “We hereby state categorically that the statement is false and was made to misinform and mislead members of the public,” Al...
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...
CBN revises timelines for dispense errors, refund complaints
News

CBN revises timelines for dispense errors, refund complaints

The Central Bank of Nigeria (CBN) has revised timelines for reversals and/or resolution of refund complaints on electronic channels. The revised timelines will take effect from June 8 as follows: According to the CBN, in a statement in Abuja on Sunday, the bank stated that with regards to failed. “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three (3) days. Also “where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours,” the CBN said. The CBN has ruled: “refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days.”...
CBN, NNPC to Take Care of Accommodation and Feeding of Returnees – FG
News

CBN, NNPC to Take Care of Accommodation and Feeding of Returnees – FG

The Minister of foreign affairs Geoffrey Onyeama on Monday May 18, announced that the Central Bank of Nigeria (CBN) and Nigerian National Petroleum Corporation (NNPC) will take care of the hotel accommodation and feeding bills of Nigerians who were recently evacuated from countries they were stranded in. It was reported earlier that the evacuees were directed by the federal government to pay N297,000 for their 14-day mandatory isolation. However following the criticism the directive sparked off, Onyeama said he approached the Governor of the Central Bank of Nigeria and Group Managing Director of NNPC who both agreed to pick the bill. He further revealed that the initial decision was taken due to paucity of funds even though they were not happy with it. Onyeama said; &nbs...
Go Back To Your Labs, Develop Nigerian Vaccine, We Will Fund It, CBN Tells
News

Go Back To Your Labs, Develop Nigerian Vaccine, We Will Fund It, CBN Tells

The Central Bank of Nigeria has called on Nigerians to head to the laboratories in order to research a vaccine for the novel coronavirus with a promise to assist with funding. CBN governor, Godwin Emefiele disclosed this at the unveiling of the THISDAY Dome Testing, Tracing & Treatment Centre in Abuja, on Tuesday stating that the CBN was developing a framework that would provide grants and long term facilities for researchers to develop the Nigerian Vaccine. Emiefiele said, “Our objective is to improve the capacity of our health system to address emerging public health challenges.” “Needless to state that if we are to wait for foreign countries to develop their own vaccines, we will be the last in the queue to receive curative remedies for our teeming population”. H...
We Have Enough FOREX, CBN Tells Investors
Business

We Have Enough FOREX, CBN Tells Investors

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has told investors not to panic, saying the CBN has enough foreign exchange to meet repatriation. He also assured them of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. A statement on Sunday from the CBN quoted Emefiele as saying that “investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.” He said the CBN had put in place policies to ensure an orderly exit for those that might be interested in doing so. He, however, urged investors to be patient as such repatriations were processed owing to the CBN’s policy of orderly exit of investments. Recalling a si...
PDP Not Happy Because They Won’t Share Abacha’s Loot As Usual – Issa-Onilu
Politics

PDP Not Happy Because They Won’t Share Abacha’s Loot As Usual – Issa-Onilu

The All Progressives Congress (APC) says the opposition, Peoples Democratic Party’s is sad that $311 million Abacha loot wasn’t returned when they were in power. According to APC, PDP is unable to stamp out corruption from its DNA, adding that until the party has the courage to burn its corruption handbook to ashes, it would be difficult for it not to hallucinate over public funds. Lanre Issa-Onilu, APC National Publicity Secretary, said this in a statement on Wednesday, He noted that PDP personifies corruption in deeds and preferred sharing public funds amongst the ruling class. “For the avoidance of doubt, the Federal Government on Monday confirmed the receipt of some $311million, stolen from Nigeria during the military regime of Gen. Sani Abacha and repatriated from the ...
IMF Credits CBN’s Account With $3.4bn Emergency Loan
News

IMF Credits CBN’s Account With $3.4bn Emergency Loan

Nigeria has received the $3.4 billion emergency loan from the International Monetary Fund (IMF). IMF Managing Director, Ms Kristalina Georgieva, confirmed to CNBC Africa in an interview that the $3.4 billion loan had been credited to the account of the Central Bank of Nigeria (CBN). The funds had been approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28, ‎to address challenges arising from the economic impact of the COVID -19 pandemic the country. Ms Georgieva also called on the Federal Government of Nigeria to be transparent and account for every single kobo of the fund. ‎The federal government had assured that it will publicise all disbursements from the funds, adding that there are plans to conduct an independent audit of all emerge...
COVID-19: Withdraw Old Naira Notes From Circulation, Group Tells CBN
Politics

COVID-19: Withdraw Old Naira Notes From Circulation, Group Tells CBN

The Association of Progressive Nigerians has appealed to the Central Bank to withdraw old and tattered naira notes from circulation as the country is battling COVID- 19 pandemic. The group made the appeal in a statement it issued in Lagos on Saturday. The News Agency of Nigeria (NAN) reports that the statement was jointly signed by Alhaji Mohammed Bello, the group’s president and Mr Oluwole Aina, its general secretary. The group said the appeal became necessary as the continued recirculation of old, tattered naira notes, which had passed several hands, might lead to further spread of the pandemic. “We hereby appeal to the CBN Governor, Mr Godwin Emefiele, to please withdraw these old and tattered naira notes from circulation as continued recycling of such notes may endanger publi...
IMF Lists Unpopular Policies CBN Must Reverse
News

IMF Lists Unpopular Policies CBN Must Reverse

The IMF wants the CBN to end some of its harshest policies including lifting the forex ban on 41 items. The International Monetary Fund, IMF on Tuesday approved a sum of $3.4 billion via a Rapid Financial Instrument to Nigeria. The loans come at a period when countries across the world are battling with the Covid-19 pandemic and the crash in crude oil prices. While the loans do not necessarily come with strings, the IMF did reveal in its press release acknowledging that Nigeria was on the path to unifying its exchange rata and moving towards a flexible exchange rate regime. As Nigerians get acquainted with the terms of the deal, the IMF released more reports shedding more light into what the country might expect to happen in the coming weeks and month should they have their way. O...
CBN Resumes Dollar Sales for SMEs, School Fees
News

CBN Resumes Dollar Sales for SMEs, School Fees

In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria, the Central Bank of Nigeria (CBN) says it has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and SMEs wishing to make essential imports needed to revamp economic activities across the country. In a statement released this afternoon, the apex bank said it is resuming the provision of over US$100 million per week for both categories and has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume. The bank says there is no need for panic by any end-user that could necessitate ...
CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday
News

CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday

Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday. The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications. The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in a telephone interview with our correspondent. Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday. He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.” The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to suppo...
News

Abia farmers get improved maize seeds, chemicals, inputs

The Abia State Agricultural Development Programme (ADP) has procured improved varieties of maize seeds, chemicals and other inputs to make the programme successful in the state. At the flag-off of the ADP 2020 Anchor Borrowers Planting cropping season, the Programme Manager of the ADP, Chief Israel Amanze, said with the new variety, the state would now have fresh maize within 60-70 days of planting. The initiative is in collaboration with the Central Bank of Nigeria (CBN) and the Maize Association of Nigeria (MAN).He said 4,000 maize farmers were registered in the state CBN- MAN Anchor Borrowers Programme (ABP), adding that Extension Agents had been deployed all over the state to give technical assistance to the farmers. Also the ADP Director of Technical Service, Mrs. Nnenna Uche...
No fee charged on COVID-19 loan application — CBN
News

No fee charged on COVID-19 loan application — CBN

The Central Bank of Nigeria (CBN) says the bank does not charge any fee on COVID-19 loan application as claimed in false reports circulated on social media. The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor said this in a statement in Abuja on Monday. Okorafor explained that procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package for households and Micro, Small and Medium Enterprises affected by the pandemic were clearly spelt out. “The attention of CBN has again been drawn to false reports on the social media circles, that loan seeker and owners of small scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fees. “Members of the pu...
Public Announcement From The Central Bank Of Nigeria To All Bank Customers And Stakeholders
News

Public Announcement From The Central Bank Of Nigeria To All Bank Customers And Stakeholders

Following the closing down of exercises in the nation because of the spread of Corona-infection the Central Bank of Nigeria has given a notification to the overall population of her arrangement to stay in well-trained as the infection last. The CBN made the declaration on her Facebook and Twitter accounts which read consequently: Following the present effect of the Corona Virus (COVID-19) on the worldwide economy combined with endeavors by the Nigerian Government, remembering incomplete lockdown for certain States and at the Federal level, to check the spread of the infection in Nigeria, the Central Bank of Nigeria (CBN) wishes to advise partners and individuals regarding the Nigerian open that the Bank will stay just getting started during this period. As a mindful open found...
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
BREAKING: Again, CBN retains benchmark lending rate at 13.5%
News

BREAKING: Again, CBN retains benchmark lending rate at 13.5%

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at 13.5 per cent. The CBN Governor, Mr Godwin Emefiele, announced the decision of the Committee at the end of its two-day meeting held at the apex bank’s headquarters in Abuja. He said all members of the committee agreed to retain the current monetary policy stance. Disclosing the outcome of the meeting, the apex bank boss said the committee held the Cash Reserves Ratio at 27.5 per cent, while the Liquidity Ratio was left unchanged at 30 per cent. Emefiele said the Committee also left the Asymmetric Window at +200 and -500 basis points around the MPR. Source : Punchng.com
CBN devalues Naira, restores uniform exchange rate of N380/USD
News

CBN devalues Naira, restores uniform exchange rate of N380/USD

The Central Bank of Nigeria has made an alteration in the exchange rate of dollar to Naira as confirmed in a communique to all banks and Bureau De Change on Friday, March 20. The apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar signaling the official return of a single exchange rate regime in the country’s foreign exchange market. The CBN directed banks and Bureau De Change to ensure that the end-user sales of the Dollar should not be more than N380/1USD. The communique was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO). CBN's communique which backed the highest official exchange rate between the dollar and naira in over two years, came barely a week after the apex bank denied plan to devalue the N...
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. ...
CBN Returns Excess Bank Charges To Customers
News

CBN Returns Excess Bank Charges To Customers

The Central Bank of Nigeria (CBN) on Thursday said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers. The CBN Director of Corporate Communications, Mr. Isaac Okoroafor who attended a two-day customer sensitisation forum in Owerri said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department. According to him, the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks. Okoroafor, who also disclosed that the erring banks were meted with various penalties by the CBN, stated that the Apex Bank was determined to ensure that no bank customer was cheated with excessive charges from their banks. He added that the CBN...
CBN Restricts Milk Importation To Six Companies
Business

CBN Restricts Milk Importation To Six Companies

The Central Bank of Nigeria (CBN) has added milk and dairy products to the list of items not eligible for forex. However, the bank exempted six companies from the restriction. “As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into the bank’s backward integration program to enhance their capacity and improve local milk production,” a notice published on the bank’s website on Tuesday read. “Accordingly, all authorized dealers are to note that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the following companies: 1. Friesland Campina WAMCO Nigeria 2. Chi Limited 3. TG Arla Dairy Products Limited 4. Proma...
Stop Calling Us NEPA, It Shows You Don’t Want Electricity – Discos Spokesperson
News

Stop Calling Us NEPA, It Shows You Don’t Want Electricity – Discos Spokesperson

The Spokesperson of the Discos responsible for the distribution of electricity across Nigeria, Sunday Oduntan has asked Nigerians to stop calling them NEPA. Oduntan who appeared on TVC's 'Your View', debunked claims of a 78% increase in electricity tariff as he pointed out that the Nigerian Electricity Regulatory Commission (NERC) is the independent regulatory body in charge of regulating the power sector just like the Central Bank of Nigeria (CBN) regulates banks. He further revealed that more than 95% of what is used in Nigeria's power sector are imported which is why there is a proposed increase in electricity tariff. Oduntan added that if the exchange rate is okay and there is reduced importation in the electricity sector, there will also be reduced electricity tariff. The...
Nigeria, Sierra Leone Plan Currency Swap
Politics

Nigeria, Sierra Leone Plan Currency Swap

The Chairman, Economic Community of West African States (ECOWAS) Committee of Governors of Central Banks, Prof. Kelfala Kallon, has disclosed a plan for currency swap between Nigeria and Sierra Leone. Kallon, who is presently the Governor, Bank of Sierra Leone, also decried the increasing dollarisation of West African economies and subsequent depreciation of national currencies in the region. Recall that the Central Bank of Nigeria (CBN), and Peoples Bank of China (PBoC), had in 2018, agreed on a currency swap worth $2.5 billion to reduce their reliance on the U.S. dollar in bilateral trade. The agreement is aimed at providing sufficient local currency liquidity for Nigerian and Chinese industrialists and other businesses and to reduce difficulties as they search for a third curre...
Lawyer sues CBN over card maintenance fee
News

Lawyer sues CBN over card maintenance fee

A Lagos-based lawyer, Mr Olumide Babalola, has urged the Federal High Court in Lagos to declare as anti-people the N50 quarterly card maintenance fee recently introduced by the Central Bank of Nigeria. The lawyer, through the suit, is urging the court to nullify the December 20, 2019 circular issued by the CBN to all banks and non-bank commercial institutions for the enforcement of the card maintenance charge. Babalola contended that the N50 card maintenance charge was in bad faith, against public interest and urged the court to declare it null and void. He prayed for an order of perpetual injunction restraining the CBN and others from charging the N50 card maintenance fee, saying it was “merely an avenue to generate income for commercial banks at the expense of the public.” The lawy...
Nobody should pay N50 charges on POS transactions – Central Bank Of Nigeria
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Nobody should pay N50 charges on POS transactions – Central Bank Of Nigeria

The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services. The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies. Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive. “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepr...
CBN Drops ATM Withdrawal Fee To N35, Reviews Bank Charges
News

CBN Drops ATM Withdrawal Fee To N35, Reviews Bank Charges

The Central Bank of Nigeria (CBN) has released its downward review of charges placed on Nigerians for the maintenance of Automated Teller Machines (ATM) cards and the fees for electronic financial transactions. According to the changes made by the CBN, bank customers will henceforth pay N10 for each electronic transfer below N5,000, and N25 for electronic transfer between N5,000 and N50,000. The new rule, which takes effect from Wednesday, January 1, states that electronic transfer above N50,000 will be at the cost of N50. The review of the fees is contained in the apex bank's lastest guide to charges which also reduced the charges for withdrawals through other bank's ATMs from N65 to N35. The N35 ATM fee according to the CBN should be imposed on customers after the third withdr...
Senate To Probe CBN, NIBSS Over N20 Trillion Unremitted Stamp Duties
Politics

Senate To Probe CBN, NIBSS Over N20 Trillion Unremitted Stamp Duties

The Senate on Tuesday resolved to probe the Central Bank of Nigeria (CBN) and its subsidiary, the Nigeria Inter-Bank Settlement System (NIBSS) over an allegedly failure to remit N20 trillion revenue to the Federation Account. CBN reportedly collected the amount as stamp duty from banks and financial institutions in the country. The resolution follows a motion by Senator representing Ondo central, Ayo Akinyelure. “The Central Bank of Nigeria and NIBBS have technically refused to comply with the presidential directives for the recovery of over N20 trillion revenue into the coffers of government,” “The CBN and NIBSS deliberately failed to cooperate and comply with the directives of Mr President for the realisation of over N20 trillion revenue due from stamp duties collected fo...
News

Why CBN, NNPC Are Not On Our Platform – IPPIS

The Integrated Personnel Payroll Integrated System says the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Federal Inland Revenue Service and a few other agencies are not on their platform because they are revenue-generating entities. IPPIS further stated that these agencies do not draw their funding from the consolidated revenue account but may be enrolled in the platform later. The Director of IPPIS, Olufehinti Olusegun, said this on Channels Television’s Sunrise Daily programme on Wednesday. Olusegun said this while reacting to complaints by the Academic Staff Union of Universities that the Federal Government was partial in its implementation of the IPPIS initiative by exempting the CBN, NNPC and other government agencies. ASUU, which has rejected the initia...
IPPIS: ASUU Asks FG Why Staff Of CBN, NDIC, FIRS Are Not On The Payment System
Politics

IPPIS: ASUU Asks FG Why Staff Of CBN, NDIC, FIRS Are Not On The Payment System

Academic Staff Union of Universities (ASUU) has posed some tough questions to the Federal Government, asking why some federal agencies such as the Federal Inland Revenue Services, Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation are not captured on the Integrated Payroll and Personnel Information System(IPPIS). ASUU Chairman, University of Abuja branch, Dr. Kassim Umaru, raised the query while puncturing the insistence of the Federal Government that its members must enrol on the platform. In a statement on Saturday, Umaru dismissed the payment system as a scam and said ASUU members will not join it. The Office of Accountant-General of the Federation said that data of university workers and colleges of education be captured on the system between Monday November 25 an...
Onyema Denies US Fraud Allegations, Says All Money Transferred Went Through CBN
News

Onyema Denies US Fraud Allegations, Says All Money Transferred Went Through CBN

Air Peace CEO Allen Onyema, has denied all fraud allegations by the USAZ, stating that they are false and are in no way in line with his character as a person and as a business man whose only aim has been to build Nigeria and improve wellbeing. “As the press statement clearly stated, these are indictment that only contains charges. I am innocent of all charges and the US government will find no dirt on me because I have never conducted business with any illegalities. “Be rest assured that I also have my lawyers on this and these mere allegations will be refuted. I never laundered money in my life, neither have I committed bank fraud anywhere in the world. Every Kobo I transferred to the US for aircraft purchase went through the Central Bank of Nigeria LC regime and all were used fo...
CBN Crashes Treasury Bills Rates To Single Digits
News

CBN Crashes Treasury Bills Rates To Single Digits

The Central Bank of Nigeria (CBN) crashed average stop rates of treasury bills at the primary market to single-digit; to 8.93% from 10.48%, Business Post can report. As anticipated, the exercise was oversubscribed, as investors staked a total of N555.98 bn on the N125 bn T-bills brought to the market by the apex bank. CBN had offered investors N4.38 bn worth of 91-day bills, N12.92 bn of 182-day bills and N107.94 bn of 364-day bills. However, when subscriptions were analysed, the bank had N58.43 bn staked on the 3-month instrument, N57.85 bn on the 6-month and N439.70 bn on the 12-month tenor. At the end of the exercise, CBN allotted N4.38 bn of 91-day bills at 7.80%, N12.92 bn of 182-day bills at 9.00% and N107.94 bn of 364-day bills at 10.00%. When compared with previous sessio...
Police Foil Robbery Attempt At CBN In Benin
Crime

Police Foil Robbery Attempt At CBN In Benin

Police in Benin City on Tuesday evening, repelled an attempt by armed robbers to attack the Central Bank of Nigeria (CBN), Benin branch. The ugly incident, which happened at King Square (the city center), saw the attempt by the robbery gang trying to break into the bank when a bullion van carrying cash to an unknown commercial bank was about leaving the CBN premises. The hoodlums were, however, repelled by the armed police security team attached to the bank. The exchange of gunfire between the bank security and the robbers that lasted few minutes forced the robbers to retreat and escape, while people and motorists around scampered for safety. An eyewitness told DAILY POST that luck ran out of the robbers who may have been prepared for the worse. “Bros, the robbers were r...
CBN Ban On OMO Threatens N9.4 Trillion Pension Investment Returns
Uncategorized

CBN Ban On OMO Threatens N9.4 Trillion Pension Investment Returns

The exercise of the discretionary power of the Central Bank of Nigeria (CBN) to regulate the economy may soon have a negative impact on the country’s N9.4 trillion pension funds. The CBN had, in a circular signed by its Director, Financial Markets Department, Angela Sere-Ejembi, directed banks to exclude individuals and local corporates from investing in Open Market Operations (OMO) auctions with effect from October 23, this year. The development is expected to drive foreign inflows by restricting individuals and local corporates, leaving only the banks and foreign investors to participate at the auction. Before now, pension fund operators had always invested 70 per cent of the total pension fund in treasury bills, an investment window that has now been shut by the CBN. The...
Despite CBN’s BVN policy, Mompha successfully operated 51 fraudulent bank accounts- EFCC
Crime

Despite CBN’s BVN policy, Mompha successfully operated 51 fraudulent bank accounts- EFCC

EFCC has released an article detailing the alleged criminal activities of flamboyant social media big boy, Ismaila Mustapha and his accomplice, Hamza Koudeih, a Lebanese national. In the article, the antigraft agency expressed shock over how Mompha could successfully operate 51 Fraudulent bank accounts despite the Bank Verification Number (BVN), introduced by the Central Bank of Nigeria in February, 2014 which is meant to checkmate all acts of fraud in the banking sector. Read the EFCC article below He is a Lebanese, resident in Lagos and steeped in money. From his $1.3million residence in Eko Atlantic Pearl Tower to his high-end automobiles, Hamza Koudeih oozes money-all of which he made doing nothing in the country but money laundering- which the Economic and Financial Crimes Co...