Tag: CBN

CBN Probe: Tunde Lemo, other Titan Trust Bank executives shun Tinubu’s Investigator

Aminu Imam

…As he lacks power to summon them Jim Obazee, President Tinubu’s man probing the Central Bank of Nigeria CBN), has met resistance from Babatunde Lemo and other C-suite officials of Titan Trust Bank (TTB) Ltd., amid growing concerns about the special investigator’s authority to summon targets of his probe. Recall that Lemo, Titan Trust’s Chairman, and Cornelis Vink, its Chief Executive, had been invited to appear on December 28, 2023, to respond to relevant queries about Titan Trust’s questionable acquisition of Union Bank of Nigeria. Obazee said his office determined…

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CBN lifts ban on cryptocurrency transactions in banks

Aminu Imam

The Central Bank of Nigeria has reconsidered its stance on the prohibition of crypto-currency transactions in the country. The apex bank said on Friday that it had changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is contained in a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is tagged ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank…

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CBN suspends application for new intervention loans

Aminu Imam

The Central Bank of Nigeria has announced a suspension of applications for new loans, under its development finance intervention funds programme. The suspension represents a significant shift in its approach to development finance intervention funds, which was previously considered a cornerstone of the central bank. The apex bank also charged Deposit Money Banks with the recovery of previously granted loans under the scheme. The CBN made this known in a circular, titled: “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme”,…

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CBN suspends 2% processing fee for deposits above N500, 000

Aminu Imam

The Central Bank of Nigeria, (CBN), has suspended a two percent processing fee for deposits above N500, 000 for individuals and N3m for corporate bodies. The apex bank’s Acting Director of Banking Supervision, announced the suspension in a letter to all financial institutions yesterday. The letter reads: “Please recall the processing charges imposed on cash deposits above N500, 000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non- Bank Financial Institutions”, issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042.…

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‘Fake naira notes in circulation’ - CBN warns Nigerians

Aminu Imam

The Central Bank of Nigeria (CBN,) has asked Nigerians as well as banks to beware of counterfeit bank notes, especially higher denominations now spent in food markets and other commercial hubs in the country. CBN disclosed this in a statement signed by its Acting Director, Corporate Communications, Mrs. Sidi Ali, Hakama, yesterday. According to Apex Bank, it is an offense punishable by imprisonment for any person to falsify, make, or counterfeit any bank note or coin issued by the CBN. The CBN said, “The attention of the CBN has been…

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Cash shortage hits banks, customers rush for BVN/NIN revalidation

Aminu Imam

Huge crowd besieged banking halls on Monday, as customers moved to link their Bank Verification Numbers (BVN) and National Identity Numbers (NIN) to their bank accounts. This followed the new directive of the banking regulator to the banks on Friday, to bar customers who were yet to link their BVN and NIN from having access to their accounts. The CBN said in its new directive that existing customers must, “Ensure all operated accounts/wallets created through agents, are fully profiled in the NIBSS ICAD and tagged with valid and correct BVN…

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CBN to freeze accounts without BVN, NIN April 2024

Aminu Imam

Central Bank of Nigeria (CBN), has directed a “Post-no-Debit” restriction on all bank accounts without a Bank Verification Number (BVN) and National Identification Number (NIN), effective April 2024. This is according to a circular issued by the apex bank and sent to all deposit money banks yesterday, which instructed banks to place a “Post-no-Debit” restriction –which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”. “Post-No-Debit” is a term used to describe a restriction imposed by banks on specific accounts, preventing customers…

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CBN appoints new spokesperson, Sidi-Ali

Aminu Imam

The Central Bank of Nigeria, (CBN), has appointed a professional Public Relations practitioner, Mrs. Hakama Sidi-Ali, as its new Acting Director of Corporate Communications. Mrs. Ali is a recognised member of the Nigeria Institute of Public Relations (NIPR), who served as Deputy Director in the same Department at the Bank before her latest appointment. The NIPR has for years sustained the campaign to stop government agencies, individuals and corporate organisations from the illegal practice of appointing non-professionals and quacks as spokespersons. It was gathered that the new CBN spokesperson is…

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CBN activates Automatic Debit Orders on debtors’ accounts, other defaulters in commercial banks 

Aminu Imam

The Central Bank of Nigeria (CBN) has mandated commercial and merchant banks to begin debiting various loan defaulters. Specifically, the bank asked the financial institutions to debit the accounts of debtors of the Anchor Borrowers Programme CBN activated the Global Standing Instruction (GSI) to comb bank accounts of loan defaulters using their Bank Verification Numbers (BVNs). Recall that the apex bank Governor, Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes.  CBN data showed that between September and October 2022, the apex bank…

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Smooth Hajj 2024: The need to appoint remaining NAHCON board members

Abdul-Azeez Ahmed Kadir

By; Muhammed Ibrahim. By the provisions of section 3 of its establishment act, the National Hajj Commission of Nigeria (NAHCON), as captured in sub section (a) is expected to be composed of a Chairman, who shall be the Chief Executive Officer (CEO) and is responsible for the day to day running of the commission.  Sub-Sections B to D of the said section 3, states that the commission is also expected to have three full time members and six part time members representing each geo political zone provided that two of…

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