Tag: Nigerian Banks

Equitable Revenue Distribution: Coalition calls for banks to move HQs to Abuja 

Aminu Imam
Coalition on banks HQs

…Demands reopening of land borders The Coalition of Northern Groups, (CNG), Civil Society Organisations, (CSOs), and other critical stakeholders in northern Nigeria have called for the immediate relocation of the nation’s deposit banks’ headquarters to Abuja. This was contained in a statement co-signed by Comrade Muhammed Usman Deba, Gombe State Coordinator, CNG; Comrade Habiba Isah Gaude, Voice for Rural Women, and Comrade Lawal Idris Lawantee, Acting Chairman, CSOs, following a town hall meeting in Gombe State. According to the statement, it is unjust for banks to situate their headquarters in…

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“Report banks with empty ATMs directly to CBN as from Dec. 1” – CBN tells Nigerians

Aminu Imam
CBN on banks ATMs

The Central Bank of Nigeria (CBN) has said that with effect from December 1, 2024, bank customers who are unable to make withdrawals from Automated Teller Machines (ATMs) will be able to report directly to it through designated phone lines and emails for their States.  The apex bank governor, Olayemi Cardoso, stated this in his address at the Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday. He said: “Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash…

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Cash scarcity: CBN threatens to sanction banks with empty ATMs, selling new notes

Aminu Imam
CBN threatens banks

The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through Automated Teller Machines (ATMs) and desist from selling new naira notes to hawkers, while threatening to sanction non-compliant banks. The apex bank gave the directive in a circular to banks on Friday, titled: ‘Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs)”. Ahead of the Yuletide seasons customers of Nigerian banks are currently experiencing cash scarcity in the banking halls and are forced to patronise roadside Point of Sales (PoS) operators,…

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Fresh concerns emerge over EFCC’s plans to prosecute top bank executives

Aminu Imam
EFCC's plans on banks

There is growing unease within Nigeria’s banking sector following the Economic and Financial Crimes Commission (EFCC)’s announcement of its intention to target top bank executives as part of efforts to combat corruption in the public sector. This coming against the accusation that banks in the country have been identified as major facilitators and conduit pipe for the perpetration of corruption in Government and it’s agencies, which has severely undermined the country’s economy. The EFCC Executive Chairman, Olanipekun Olukoyede, stirred the hornet’s nest at the weekend, during the gathering of bankers,…

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FG targets 50% tax on banks FX profits to fund new minimum wage

Aminu Imam
FG targets tax

The Federal Government plans to implement a 50% tax on the profits banks earned from foreign exchange (forex) revaluation in 2023 to fund an increase in workers’ minimum wage. This comes as President Bola Tinubu on Wednesday submitted proposed changes to the 2023 Finance Act to the National Assembly for approval. An All Progressives Congress (APC) member, Imran Muhammed, disclosed this in a post on Wednesday. He stated: “The Government intends to implement a 50 percent tax on the profits that banks earn from foreign exchange revaluation in the year…

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Four banks open bid to raise N1tr from capital market

Aminu Imam
Cardoso on banks

Four commercial banks with international license – Fidelity Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc and FCMB Group Plc – which altogether needed to increase their capital base to N2 trillion, are seeking to raise about N1 trillion in the first phase of intense competition for investors’ funds. The first cluster of offers came as the Central Bank of Nigeria, (CBN), at the weekend said the ongoing recapitalisation will produce resilient and fit-for-purpose banks with more ability to grow the economy. CBN governor, Olayemi Cardoso, said…

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“Many Nigerian banks ignorant of Broadcast Media business” – IBAN Chairman, Ramalan

Aminu Imam
IBAN Boss, Ramalan

Stakeholders in the broadcasting industry have said many Nigerian banks are ignorant of Broadcast Media business, as a result of which the traditional broadcast media is dying in Nigeria. Chairman of the  Independent Broadcasters Association (IBAN), Alhaji (Dr.) Ahmed Tijjani Ramalan, who stated this yesterday, said IBAN will be launching its creative initiative and come up with a Media Business Template to educate them. According to him,  the industry needs to be urgently revived by examining different business models across the broad spectrum of different platforms. This, he stressed, would secure…

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‘Nigerian banking sector becoming cesspool of fraudulent activities’ – EFCC warns

Aminu Imam

The Economic and Financial Crimes Commission, (EFCC), has warned that the Nigerian banking sector was becoming a cesspool of fraudulent activities, which undermines the nation’s economy and its financial sector. EFCC Chairman, Ola Olukoyede, who stated this in Abuja yesterday at the annual conference of the Association of Audit Executives of Banks in Nigeria, ACAEBIN, said rising fraudulent activities in the sector is raising considerable challenges and concerns to the commission. The conference has the theme: “The role of internal auditor in promoting stability in the financial services sector and national…

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Emefiele Investigation: 20 banks, other companies face EFCC probe over forex deals

Aminu Imam

…Inquiry to cover 9-yr period The probe instituted by the Economic and Financial Crimes Commission (EFCC) into the use of foreign exchange by some companies and financial institutions under the former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele is to be spread to at least 20 banks, sources close to the commission have said. VoL was reliably informed, at the weekend, that the probe, which has seen operatives storm corporate offices of Dangote Group and some others would be extended to at least 20 commercial banks, while…

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End-of-Year Holidays: Nigerians stranded over cash scarcity, network issues in banks

Aminu Imam

As Nigerians approach the end of 2023, financial institutions in the country are currently facing a tough time as they have been experiencing service downtime, such as cash scarcity, network glitch and IT-related issues for over two weeks. Some customers who spoke with newsmen lamented over delay in transactions in the banking halls, inability to access enough cash from banks, failed transactions on digital banking platforms as a result of network issues and system breakdown. Others complained bitterly over difficulties in accessing their mobile apps, while some complained about non-reversal…

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