See Faces Of Bankers Arrested For Defrauding Customers Of N150m

Police have arrested three bankers for allegedly hacking into the bank accounts of customers and diverting a total sum of N150m.

Why CBN Must Scrap Multiple Exchange Rates - Soludo

A former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, on Monday highlighted steps the Federal Government needed to return the country out of the biting economic challenges and get back on the path of growth.

GTBank In Trouble As Founder 8Years Old Daughter sue Bank over "Manipulation" of Her Late Dad's Shares

The 8-year-old daughter of GTbank Founder is suing the bank over alleged manipulation of her late father’s shares. Why would anyone want to do such to a good man's family?

A Federal High Court in Lagos has adjourned till March 24, 2017, for hearing in the suit filed by Miss Oluwatise Aderinokun, the eight-year-old and last child of the late founder and former MD of Guaranty Trust Bank Plc (GTB), Olutayo Aderinokun, against the bank and six others over alleged manipulation of her late father’s shares.

EFCC Recovers N.9m Mistakenly Deposited In Customer’s Account

The Economic and Financial Crimes Commission (EFCC) has recovered a sum of N900,000 mistakenly deposited in a customer’s account in a new generation bank.

CBN Reintroduces Charges On Cash Deposits, Withdrawals

The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals.

This came about three years after the apex bank stopped the charges.

Lady Mistakenly Pays N1m Into Wrong Account

A client has called out a couple, accused of refusing to return money that was mistakenly paid into their account. Couple abscond with the N1m rent money mistakenly transferred to their account.

Court Orders Seal Of Union Bank Premises Over N19.3m Tax Liability

The Kaduna State Internal Revenue Service on Friday obtained a court warrant to seal the premises of Union Bank Plc in Kaduna over non remittance of N19.3 million.

Dollars In Secret Bunker: Neighbours Mock Ex-NNPC Boss For Being Stingy

Residents of Zaria Road, Sabon Tasha, a poor suburb of Kaduna, have no sympathy for their rich neighbour who was hiding a whooping of $9.7million and 74,000 pounds in a local house.

NNPC, First Bank React To Seizure of $153.3 Million ‘Diezani Money’

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The Nigerian National Petroleum Corporation on Saturday said it would study the court ruling ordering a temporary forfeiture of $153.3 million purportedly belonging to former Nigerian petroleum minister, Diezani Alison-Madueke, before taking a decision.

Justice Muslim Hassan of the Lagos Division of the Federal High Court, on Friday, ordered a seizure of the money which was stolen from the NNPC, according to the Economic and Financial Crimes Commission, and stashed in three Nigerian banks, in US Dollars and Naira.

What Can CBN Learn From MMM? By Enobong Udoh

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Paper money or fiat currency is still the greatest innovation conceived by man. Imagine Nigeria being some type of human zoo of sort that still trades by barter. If we import loads of Apple’s iPhone 7, how many truckloads of cattle will northern Nigeria exchange or barrels of oil will southern Nigeria exchange for their own share of the iPhone imports? When Toyota or Apple labours to innovate that next big trailblazer, it is because they know if it succeeds, they can easily recoup their money.

FACT CHECK: Did Sanusi Get His Facts Wrong On CBN? | TheCable

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Muhammad Sanusi II, the emir of Kano and former governor of the Central Bank of Nigeria (CBN), recently claimed that the CBN has been illegally funding the Muhammadu Buhari-led administration.

In his claims, Sanusi said “the CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy.

“CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?”

We’re Addressing Recession With Wrong Tools —CBN

ABUJA— The on-going economic recession has persisted owing to application of wrong prescription by non-professionals, the Director of Policy of the Central Bank of Nigeria, CBN, Mr. Moses Tule, has contended. The CBN chief spoke at the Chartered Institute of Bankers of Nigeria, CIBN, roundtable meeting organised on the current economic recession in Abuja on Tuesday. His words:

Naira Loses 85% of Value In Two Years – CBN

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The Central Bank of Nigeria says the naira has lost about 85 per cent of its value in the last two years and there is a need for risks managers in banks to be on top of their job because of the risks facing the banking sector.

The Director, Banking and Payment System, CBN, Mrs. Tokunbo Martins, said this in a presentation at a round-table discussion organised by the Risk Managers Association of Nigeria in Lagos on Friday.

She said the Nigerian economy, including the banking sector, was facing various kinds of risks occasioned by the challenges of high inflation, naira depreciation, oil price crash and decline in manufacturing output.

CBN Slashes Dollar Supply To BDCs By 46% | Vanguard

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The Naira has come under fresh pressure in the parallel market having depreciated to N473 per dollar following the decision of the Central Bank of Nigeria (CBN) to slash dollar sales to Bureaux De Change (BDCs) by 46 per cent.

Financial Vanguard investigations revealed that last week, the CBN sold $8,000 to each BDC through Travelex Nigeria Limited.

This represents 46 per cent decline when compared to $15,000 usually sold per week to each BDC. Confirming this development to Financial Vanguard, Chief Executive Officer of H.J Trust BDC, Mr. Harrison Owoh said the reduction came as a surprise to the market.

Is the Central Bank Driving Prices Up?, By Uddin Ifeanyi

If the new monies pumped into the economy have not driven increases in output or productivity, did they simply run after the dollar, pushing up domestic prices in the process? If the answer to this question is a “yes”, the danger is that our double-digit inflation may not be the result only of structural problems in the economy.

Over the last six months, I gradually reached the point where I forswore further commentary on monetary policy. Yes, I do admit that part of my difficulty with the way the central bank has gone about its work is ideological. A partisan of market solutions (except in those instances, plenty, truth to tell, when this is demonstrably inadequate for the problem at hand), I have seen the apex bank work so hard to give the forces of demand and supply a bad name. My preferred example? Look no further than the so-called “flexible exchange rate market”.

Secrets Your Bank Won’t Tell You | Punch

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Banks often don’t tell customers what they should know. This is why the customers must research to know his or her rights. Here are some secrets you should know, according to www.advicesavings.com:

Know the protection or insurance on your payment card

If you’re using your ATM card for debit transactions, ask your bank what kind of protection it offers if the card is stolen or lost. Thousands of naira could be pulled from your current account and, in many cases, you won’t be nearly as protected as you will be with a stolen credit card.

How ex-NSA Dasuki transferred $40 million to Jonathan’s cousin – Zenith Bank official

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An official of Zenith Bank has told a Federal high Court in Abuja that $40 million was transferred from the office of the National Security Adviser (NSA) into the account of a company owned by a cousin of former President Goodluck Jonathan, Azibaola Roberts, and his wife.

Olabode Farinola, a compliance officer with the bank, is a principal witness of the Economic and Financial Crimes Commission, EFCC, in the ongoing trial of Mr. Roberts and his wife, Stella.

How We Laundered N1.2 Billion For Fayose, Obanikoro – Zenith Bank official

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Alade Sunday, a compliance officer with Zenith Bank, Akure, Ondo State, on Monday narrated how his bank helped the duo of former Minister of State for Defence, Musiliu Obanikoro, and Governor Ayodele Fayose of Ekiti State move N1.2 billion.

Mr. Sunday, the prosecution’s principal witness, spoke during the trial of Abiodun Agbele, an aide to Mr. Fayose.
He told the court that as compliance officer, he was worried about the large sum of money being transported, but did not report it to any appropriate authority.

AMCON Plans To Sell Keystone Bank To ‘Powerful Northern Group’, Officials Say | PremiumTimes

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Some senior officials of the Asset Management Corporation of Nigeria are voicing strong opposition to the planned sale of Keystone Bank Ltd., PREMIUM TIMES can report.

The disquiet comes as the state-owned asset management company is set to announce new owners for the bank, which is the last of the three nationalised financial institutions yet to be sold, PREMIUM TIMES learnt.

Why Nigerians Shun Banks, Keep Money At Home

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Some experts have identified greed, corruption and instability of the financial sector as reasons why people keep money at home.

In South-West, a financial analyst, Mr. Rotimi Agboluaje, bemoaned the trend, saying this had impacted negatively on the economy.

Agboluaje cited illiteracy, lack of financial education and lack of confidence in the banking sector as reasons why many Nigerians keep money at home.