Tag: Nigerian Banks

Central Bank of Nigeria partially lifts the freezing of bank accounts of 38 Nigerian betting companies

The Central Bank of Nigeria has partially lifted the freezing of bank accounts of 38 Nigerian companies. The CBN, in a circular dated September 4, 2020 signed by Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit order. Among the[Read More…]

Report: Nigerian Bank Cards To Be Barred Internationally, Set To Be Expelled By Egmont Group In March 2018

Nigeria is set to be expelled from the Egmont group by next month. This is on the agenda of the Egmont Working Group and Heads of FIU Meeting and this decision might be reached according to our sources between the 2nd and 7th of March, 2018 in Buenos Aires, Argentina.  The Egmont group,[Read More…]

Acting President Yemi Osinbajo Says Sanctions Should Be Imposed On Banks Housing Looted Funds

Acting President Yemi Osinbajo says sanctions should be imposed on banks and other financial institutions that are housing looted funds. Speaking at a conference in Abuja on Monday, Osinbajo said until such measure is taken, developing countries will not go far in the fight against corruption. “We have to look[Read More…]

Here’s Why Emefiele’s Led CBN Wants To Suspend Banks For Eight Weeks

  The Central Bank of Nigeria (CBN) has tightened its operational guidelines on foreign exchange (forex) trading among banks and other authorised dealers. Defaulting banks risk eight weeks suspension, according to the new rules which go into effect immediately. The apex bank has been battling to stabilise the naira’s value.[Read More…]

“Don’t Take Bank Loans, Allah Forbids It” – Katsina Imam Tells Northerners

The Chief Imam of the Katsina state owned Al-Qalam University, Sheikh Abubakar Maikano, has called on civil servants in Katsina to reject the usury loans secured for them by the Nigeria Labor Congress (NLC). Maikano, made the call while delivering a Friday sermon. He said that the call was necessary[Read More…]

No Bank Will Profit From N50 Stamp Duty CBN Imposed- Says Skye Bank Chief

Contrary to insinuations in some quarters, the Group Managing Director/Chief Executive Officer of Skye Bank Plc, Mr. Timothy Oguntayo, has declared that deposit money banks (DMBs) are not expected to make any profit from the N50 stamp duty levy imposed on bank customers by the federal government. He made this[Read More…]

SERAP Wants EFCC, ICPC To Prosecute Executives Of CBN, Other Banks Over Their Involvement In Arms Procurement Scandal

Socio-Economic Rights and Accountability Project (SERAP) has sent petitions to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) requesting them “to use your good offices to investigate the degree of complicity of Nigerian banks including the Central Bank of Nigeria[Read More…]

EFCC Directs Banks To Place Restrictions On Accounts Of Reps Members, PDP Chiefs Fingered In Arms Deal

The Economic and Financial Crimes Commission, EFCC, has directed banks to place restrictions on the accounts of some suspects fingered in the alleged mismanagement of $2.1bn meant for the procurement of arms from the office of former National Security Adviser, ONSA, Sambo Dasuki. Among those affected are some members of[Read More…]

Fitch Ratings Warns That Nigerian Banks Need More Liquidity

International agency Fitch Ratings yesterday said Nigerian banks needed more liquidity following the withdrawal of public sector deposit. The agency said the withdrawal of the estimated N1.3trillion from the banks as a result of the implementation of the Treasury Single Account (TSA) meant that they lost 10 per cent of[Read More…]