Tag: banks

9Sep By BobbyNo Comments

News

Buhari’s Imo visit: Shehu Sani reacts as residents obey IPOB, desert roads, banks

Shehu Sani, former Kaduna Central Senator, has reacted as Imo residents failed to welcome President Muhammadu Buhari. Sani lamented that people of the state denied Buhari a colourful reception upon arrival. In a series of tweets, the former lawmaker wrote: “Sweetheart in the Heartland; He came with colourful Isiagu, you denied him colourful reception. “Buhari in the Heartland of Ndigbo; my friend Mallam Hopullah Uzodinmawy is happy.” Buhari had arrived in Imo State earlier on Thursday to commission some projects. Following his arrival, streets, banks and schools were deserted by residents of the state. This is in line with the order by the Indigenous People of Biafra, IPOB. IPOB had ordered residents of Imo State to sit-at-home in protest of Buhari’s visit. The pro-...

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9Sep By MosesianNo Comments

News

Empty streets as Owerri residents obey IPOB total lockdown order during President Buhari’s visit to Imo

Residents of Imo state stayed back at their homes today, September 9, even as President Muhammadu Buhari’s arrived the South Eastern state. This comes after the Indigenous People of Biafra(IPOB) directed all residents of the state to sit at home as a form of protest that the Nigerian leader is not ''welcome ''to the state in solidarity with their leader Nnamdi Kanu, who is still under the custody of the Department of State Services (DSS). As early as 8 am up to 11 am the streets of Owerri, Imo's capital was reportedly empty. Major places in the Owerri metropolis including banks, filling stations, schools and markets were completely shutdown. See more photos and Tweets by residents below...

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9Sep By BobbyNo Comments

News

Buhari’s Imo visit: IPOB sit-at-home order’ll record 98 percent success – Adeyanju

Deji Adeyanju, socio-political activist, has predicted the outcome of the sit-at-home order by the Indigenous People of Biafra, IPOB, in Imo State. Adeyanju said the sit-at-home order to protest President Muhammadu Buhari’s visit to Imo State would record 98 percent success. The rights activist pointed out that business activists would be grounded in Imo State as a result of the order. In a tweet, the convener of Concerned Nigerians, said there is a general consensus to comply with the order. He, however, disclosed that the All Progressives Congress, APC, governors would bring crowd to the state during the president’s visit. According to Adeyanju: “Just watch, IPOB Sit-At-Home order will be almost 98% successful. Banks, offices, commercial activities, etc will be g...

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6Sep By BobbyNo Comments

News

Niger State Revenue Board shuts AEDC, eight banks over debt of N456m

The Niger State Board of Internal Revenue has sealed off the Abuja Electricity Distribution Company (AEDC) and eight banks over tax liability to the tune of N456m. The Executive Chairman of the board Mohammed Madami Etsu in a press statement made available to newsmen in Minna said the exercise was conducted in line with the provisions of the relevant Tax laws. Some defaulting organisations Etsu revealed are AEDC Plc with the debt of N45.8m, Aloe Vera International Hotel (N3.9m) and Rashida Restaurant (N3.2m) respectively. The Chairman noted that all efforts made by the Service to enable the defaulting organisations pay their respective tax liability failed to yield a positive result. The chairman then called on other debtors to pay their outstanding tax liability to avoid seali...

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15Aug By Ajiboye IfeoluwaNo Comments

News

Nigerian Sentenced To 90 Months In US For Money Laundering, Identity Theft

A Nigerian man, Kelvin Otunyo has been sentenced to 7 and a half years in prison by the US District court on charges of fraud, money laundering and identity theft scheme. The 37-year-old Nigerian was sentenced on Friday over his involvement in at least six schemes to deposit and launder stolen and unauthorised cheques valued at more than $350,000 (N144 million). Otunyo pleaded guilty on April 1, 2021, in the US District Court for the District of Columbia, to two counts of bank fraud, one count of aggravated identity theft, and two counts of conspiracy to commit money laundering, as stated on the Justice department's website. He was sentenced by Judge Beryl A. Howell. Following his prison term, he will be placed on four years of supervised release. The suspect had also been ...

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6Aug By Ajiboye IfeoluwaNo Comments

News

Robbers attack two banks in Osun

Daredevil armed robbers on Thursday stormed two banks in Iree in Boripe Local Government Area of Osun State killing a yet to be identified person believed to be a student of the Osun State Polytechnic located in the town. The incident happened in the afternoon according to an eyewitness account. The source said that immediately the armed men arrived in the town, they shot sporadically into the air to scare the passersby and the occupants of the two banks, UBA and Access Bank, where they carried out their operation. Customers who were at the Automated Teller Machine (ATM) stands were said to have hurriedly left their transactions undone and ran for their dear lives. Unfortunately, one of them believed to be a student of the institution was said to have been hit by a stray bullet...

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5Aug By MosesianNo Comments

News

At Least 1 Killed as Robbers Storm 2 Banks in Osun

Armed robbers attacked two banks in Iree, Osun state, killing at least one person. The attack began at about 3:50 pm on Thursday,  August 5. Though the banks are situated close to a police station,  the robbers are said to have operated undisturbed, carting money and valuables from the bank before fleeing. They shot sporadically into the air while escaping through Iree-Ada road. The body of a victim of the attack is seen lying on the floor in photos from the scene. Below is a video recorded while the attack was underway.

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18Jun By Ajiboye IfeoluwaNo Comments

News

Man ‘returns money and card he found at ATM point to a bank in Sokoto’

A man has reportedly returned a customer's credit card and money to one of the commercial banks in Sokoto State.   According to Facebook user, Musa Ibrahim Babadoko, the ATM machine dispensed the card and cash but the owner wasn't there.   "This man here did wonders, he returned this money with the ATM card to the bank after ATM machine dispensed the money and card without a customer in one of the banks in Sokoto" he wrote on his page  

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17Jun By MosesianNo Comments

News

Naira crashes to 4-year low, the Weakest since 2017

The Naira has crashed to a four-year low in the parallel market after the Central Bank's efforts to coax banks to sell more Dollars to customers failed to bridge the widening gap between the official and street rates. Unauthorized dealers were offering the naira at 502 per dollar on Wednesday, June 16, from 500 last week, according to abokifx.com. That's the weakest since February 2017. The rate widens the spread between the official and the parallel market rate to 22% when compared with the spot rate of 411.13 Naira a Dollar as of Wednesday. Nigeria, Africa's biggest economy, has devalued its currency thrice since March last year as lower oil income, which accounts for about 90% of dollar earnings, put pressure on external reserves. Goldman Sachs Group Inc. forecasts the Nai...

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16Jun By Ajiboye IfeoluwaNo Comments

News

Diezani: EFCC, AMCON Fight Over Recovered Assets

There is a clash between two federal government agencies – the Economic and Financial Crimes Commission (EFCC) and the Asset Management Corporation of Nigeria (AMCON) – over some recovered assets. It was gathered that the assets causing frictions between the two agencies are those recovered from and forfeited by some allies of a former Minister of Petroleum Resources, Diezani Alison-Madueke. The House of Representatives’ Ad Hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation is currently being tasked with resolving the crisis. A member of the committee told The PUNCH that the EFCC had approached the committee to prevent AMCON ...

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28Apr By dthataNo Comments

Politics

Gbajabiamila Tells Banks To Stop Hidden Charges, Exploitative Marketing

The Speaker of the House of Representatives, Femi Gbajabiamila, has expressed concern over the way Deposit Money Banks charge account holders indiscriminately, decrying that apart from known charges, there appeared to be other ‘hidden’ charges that banks imposed on their customers. Gbajabiamila, who noted that the House was concerned that such a practice was making customers helpless, called on Nigerian banks to come up with ways to address high charges on loans and other facilities they offered. The Speaker said this when the board and management of Standard Chartered Bank, led by the Chief Executive Officer, Mr Lamin Manjang, visited him, according to a statement issued on Monday by his Special Adviser on Media and Publicity, Lanre Lasisi. The statement was titled ‘Gbajabiam...

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21Apr By MosesianNo Comments

News

CBN Orders Banks, Forex Dealers to accept Old, Lower Dollar notes or Face Sanctions

The Central Bank of Nigeria (CBN) has ordered commerical banks and authorised foreign exchange (forex) dealers to henceforth accept both old series and lower denominations of the US dollars for deposit from customers. In a circular by the CBN's Director of Currency Operations Department, Ahmed  Umar, to all deposit money banks (DMBs), Bureau De Change (BDC) operators and the general public on Tuesday April 20, the apex bank threatened to sanction any banks or forex dealers who refuse to comply with the order. The Memo, entitled : “The rejection of old/lower denomination of the United States dollar by the DBMs/forex dealers.” reads in part: “The Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of old/lo...

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11Apr By dthataNo Comments

Business

USSD: Banks Deny Owing MTN Nigeria, Other Telcos

Deposit Money Banks (DMBs) in the country are not indebted to MTN Nigeria and other phone companies for using Unstructured Supplementary Service Data (USSD) platforms to provide payment services, the Chief Executive Officer, Access Bank, Herbert Wigwe has said. Bloomberg yesterday quoted him as saying on an investor call on Thursday that: “There is no such thing as an obligation due from banks to telcos. We chose not to make a public statement out of it because it is not appropriate for us to be found fighting with telcos in public.” Wigwe is the chairman of the Body of Bank CEOs that has been in discussion with MTN Nigeria to resolve a dispute that led some banks to cut off the company from their banking platforms last week. This was after MTN, the nation’s biggest telecom se...

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5Apr By dthataNo Comments

Business

USSD War: Banks Unblock MTN, Reconnect Telco To Banking Channels

After 48 hours of disconnecting MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, commercial banks on Sunday have reconnected MTN customers to banking channels. Our correspondent gathered that the development followed the intervention of the Minister of Communications and Digital Economy, Isa Pantami; and the Governor of the Central Bank of Nigeria, Godwin Emefiele. The PUNCH had reported that the banks blocked MTN customers on Friday, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrations. MTN, with about 77 million subscribers, making up about 45 per cent of the total telecommunication market share in Nigeria, is arguably the largest telecommunicati...

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4Apr By dthataNo Comments

Business

USSD: MTN Snubs Banks, Links 77 Million Subscribers To FINTECH Platforms

MTN customers in Nigeria now have alternative electronic payment platforms to recharge their phones as the mobile network operator on Saturday announced that customers can recharge airtime through payment solutions platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay for customers to recharge virtually. MTN in a statement on Saturday by its Senior Manager, External Relations, Funso Aina, also said customers could recharge airtime by dialing *904# and *606#. This is coming barely 24 hours after commercial banks on Friday disconnected MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrati...

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2Apr By dthataNo Comments

Business

Banks, MTN Dispute Over USSD, Airtime Fees Deepens

There were strong indications last night that some commercial banks may have yanked off their USSD, airtime purchase, and other online services from MTN network due to the disagreement between the financial institutions and the telecommunication company on the amount to be charged. THISDAY gathered that the bank Chief Executive Officers had at a recent meeting agreed to shut down purchase of MTN services across all their channels beginning from 11 pm last night until further notice. Attempt by THISDAY to purchase airtime from GTBank last night showed that the commercial bank had removed MTN among the network its customers could purchase airtime from. However, Fidelity Bank was still offering the service as of midnight. A source close to the banks explained that the disagree...

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23Mar By dthataNo Comments

Business

Report Banks Hoarding FOREX, CBN Tells Nigerians

In view of the lingering foreign exchange scarcity in the country, the Central Bank of Nigeria has urged Nigerians not to panic, saying there is enough forex for business owners, travelers and parents with students abroad to meet their obligations. CBN Governor, Godwin Emefiele, stated this on Tuesday at the 278th MPC Press Briefing in Abuja. He also said at least $80m are disbursed to banks on a weekly basis to enable Nigerians meet their forex responsibilities. He, therefore, charged Nigerians to report any bank withholding forex to a special call centre of the apex bank. The PUNCH had reported that the lingering foreign exchange scarcity in Nigeria was taking a heavy toll on foreign tuition payment, as many parents and guardians groan over difficulty in paying their children...

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18Mar By dthataNo Comments

Business

Banks, Telcos To Make Over Half A Billion Naira On New USSD Charge

Nigerian banks and telecommunication companies will realise at least N564 million in the next 12 months as proceeds from the new mobile banking fee approved by the Central Bank of Nigeria, according to PREMIUM TIMES estimates. The CBN and the Nigerian Communications Commission this week settled a prolonged row between banks and telcos by imposing a new fee for the banks’ short-code service, known as USSD, which allows millions of Nigerians to use their mobile phones to access financial services daily. The Association of Licensed Telecommunication Operators of Nigeria (ALTON) said its members were owed N42 billion by banks and threatened to suspend the service. Starting Tuesday, March 16, subscribers now pay a flat rate of N6.98 each time they use the USSD for banking transacti...

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16Mar By dthataNo Comments

Business

Naira-4-dollar Scheme Ends May 8, Banks Tell Customers

Deposit Money Banks have informed customers that the Central Bank of Nigeria’s ‘Naira-4-dollar scheme’ will end on May 8. This is as they continued to woo their customers to take advantage of the incentive introduced by the regulator, which took effect on March 8. Fidelity Bank, in a mail to its customers, said, “Did you know that all recipients of diaspora remittances through licensed International Money Transfer Operators will be paid N5 for every $1 received as remittance inflows? “The new initiative tagged ‘Naira-4-dollar scheme’ is part of the Central Bank of Nigeria’s efforts to incentivise senders and recipients of international money transfer. “This offer ends on Saturday May 08, 2021. So, hurry now and take advantage of the wonderful opportunity to get extra naira ...

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8Mar By dthataNo Comments

Business, News

Banks Lose N5bn To Fraudsters In Nine Months – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) yesterday said banks in the country lost over N5 billion to fraudsters between January and September 2020. It said the losses, for only nine months, was comparable to the financial losses insured institutions suffered for the entire 12 months of 2019. The NDIC’s executive director, corporate services, Mrs. Omotola Abiola-Edewor, stated this at the Corporation’s annual capacity building programme for law enforcement agencies. The programme with the theme: “Effective investigation and prosecution of banking malpractices that led to the failure of banks in Nigeria”, was held in Lagos. Abiola-Edewor, who was represented by an NDIC director, Joshua Etopidiok, referenced a report recently released by the Nigeria Inter-Bank Settleme...

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19Feb By dthataNo Comments

Politics

Banks Turning Female Marketers To Sexual Slaves – Senator Ayo Akinyelure

The Senate, on Thursday, considered a bill seeking to stop employers in the private and public sectors from engaging employable Nigerian graduates as casual workers. The Prohibition of Casualisation Bill 2020 was sponsored by Senator Ayo Akinyelure. Akinyelure said casualisation of Nigerian graduates in the Nigerian labour market had become a subject of great concern. He said more workers continued to groan under this immoral strategy of cutting cost by employers rendering them inferior to their counterpart in other countries of the world. He said, “Statistics from the Nigeria Labour Congress shows that many workers in the telecommunications, oil and gas sectors are engaged as casual labourers by employers of labours. “Other sectors with thousands of casual labourers inclu...

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10Feb By MosesianNo Comments

News

Court Unfreezes Accounts of #EndSARS Promoters

Justice Ahmed Mohammed of a Federal High Court in Abuja has set aside the order he made on November 4, 2020 freezing the accounts linked to some promoters of the #EndSARS protest that took place across the country in 2020. Justice Mohammed, in a ruling, delivered this morning Wednesday, February 10, also ordered all affected banks to immediately unfreeze the affected accounts.   The CBN had approached the court and obtained an order to freeze the accounts of persons who received donations for the EndSARS protesters. Those whose accounts were frozen include Bolatito Oduala, Chima Ibebunjoh, Mary Kpengwa, Gatefield Nigeria Limited, Saadat Bibi, Bassey Israel, Wisdom Obi, Nicholas Osazele, Ebere Idibie, Akintomide Yusuf, Uhuo Promise, Mosopefoluwa Odeseye and Adegoke Emmanue...

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7Jan By BobbyNo Comments

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...

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11Nov By dthataNo Comments

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...

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25Aug By dthataNo Comments

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...

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14Jul By BobbyNo Comments

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...

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1Jun By dthataNo Comments

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...

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12May By dthataNo Comments

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...

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4May By dthataNo Comments

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...

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2May By dthataNo Comments

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...

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29Apr By BobbyNo Comments

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...

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13Apr By BobbyNo Comments

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...

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8Apr By dthataNo Comments

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...

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27Mar By dthataNo Comments

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...

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24Mar By dthataNo Comments

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...

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25Feb By dthataNo Comments

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. ...

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14Jan By dthataNo Comments

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 ...

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28Dec By dthataNo Comments

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...

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18Nov By dthataNo Comments

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...

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24Oct By dthataNo Comments

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 . ...

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22Oct By dthataNo Comments

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...

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22Oct By dthataNo Comments

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...

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20Oct By dthataNo Comments

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...

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4Oct By dthataNo Comments

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...

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2Sep By dthataNo Comments

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."

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24Aug By dthataNo Comments

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...

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10Jul By BobbyNo Comments

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 ...

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26Jun By dthataNo Comments

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...

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13Jun By BobbyNo Comments

News

EFCC announces plan to clampdown on Illegal use of POS machines

The Economic and Financial Crimes Commission, EFCC, is set to start a clampdown on the fraudulent use of Point Of Sale, POS Machines in the country.   This was disclosed by the Makurdi Zonal Head of the Economic and Financial Crimes Commission, EFCC, Johnson Babalola, in an interactive session with Regional Bank Managers at the EFCC Zonal office in Makurdi, Benue State on June 13, 2019.   Speaking on behalf of the acting EFCC Chairman, Ibrahim Magu, he charged banks to ensure proper monitoring and strict compliance by those to whom they issue POS machines. "We are having serious challenges with the banks giving POS machines to individuals with questionable characters and without proper documentation," he said.   He pointed out that there was a need for some...

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9Jun By dthataNo Comments

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...

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