Nigeria: Oceanic Bank Saga - NBA Clears Lawyer of Wrongdoing
BY CRUSOE OSAGIe
The Nigerian Bar Association (NBA) has cleared the former President of the Abuja Chamber of Commerce (ABUCCIMA), Mr. Dele Oye, of any wrong doing in the saga that led to the Central Bank of Nigeria's intervention in Oceanic Bank International Plc in 2009.The legal body consequently upheld the vindication and innocence of Oye by the Economic and Financial Crimes Commission (EFCC) in the crisis that rocked the bank at that time, which led to the removal of the then Managing Director and Chief Executive, Mrs. Cecilia Ibru. Full story...
Source:http://allafrica.com
Posted by Amaka, 6 September 2012
Customer, Bank In Legal Battle Over Fraudulent Deduction
In a bid to forestall the arrest of its staff by Economic and Financial Crime Commission, EFCC, in respect of alleged debt of N89,767,000, a commercial bank, Keystone Bank Limited (formerly Bank PHB) has filed human rights enforcement suit against the anti-graft agency while a customer of the bank, Pan Fedam Marble and Granite Limited is joined as co-respondent. Keystone Bank is contending that continual harassment, threat of arrest, detention and telephone calls and summons of the bank’s staff by EFCC operatives at the instance of Pan Fedam Marble and Granite Company is unlawful and unconstitutional, while the company is alleging that the bank’s employees committed fraud on its account. Full story...
Source: http://pmnewsnigeria.com
Posted by Ufuoma, 2 August 2012
NAMB Wants Weak Microfinance Banks Merged
Valentine Whensu, the Chairman, National Association of Micro Finance Banks (NAMB), Lagos State chapter, on Saturday advised its members with weak capital base to merge to become stronger. Speaking in Lagos to the media, Whensu said the association had embarked on capacity building programmes in Micro-Finance Banks (MFBs) to enhance the viability of the sector. Full story...Source: www.businessdayonline.comPosted by Ufuoma, 30 July 201290% Of Banking Public Subsidises Transaction Cost For 10% Rich – CBN
About 90 per cent of the nation’s banking public currently subsidise the high costs of cash-based transactions incurred by the 10 percent privileged who are the high end users of cash in the system.
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Source: http://leadership.ng/
Posted by Ufuoma, 19 July 2012
Why CBN Cannot Present Budget To NASS’
A member of the board of Central Bank of Nigeria (CBN) Professor Samuel Olofin has said that it was not possible for the bank to submit its total budget to the National Assembly for scrutiny because there may be expenses midway into the implementation of the budget of the year that may not have been anticipated at the beginning. This is as a call has been made for the CBN Act 2007 to be enshrined in the Nigerian constitution to forestall any temptation to tamper with the Act based on personal grouse.
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Source: http://leadership.ng/
Posted by Ufuoma, 19 July 2012
Cashless Policy Will Not Hurt Low Income Group – Sanusi
Malam Sanusi Lamido Sanusi, the governor of Central Bank of Nigeria, has re-iterated that the cashless policy of the bank will not affect low income group adversely as being speculated. Sanusi made the remark at the opening of the 3-day 17th Seminar for Financial Correspondents and Business Editors, orgainsed by the bank in Akure on Wednesday.
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Source: http://www.businessdayonline.com/
Posted by Ufuoma, 19 July 2012
CBN: Banks’Daily E-payment Transactions Hit N75b
DAILY e-payment transactions conducted through the Nigeria Interbank Settlement System (NIBSS) has risen to N75 billion, following the introduction of the cash-less banking initiative, the Central Bank of Nigeria (CBN) has said. Speaking yesterday at the ongoing CBN Annual Workshop for Finance Correspondents and Editors in Akure, Ondo State, its Head, Shared Services, Chidi Umeano, said based on the NIBSS data obtained on July 17, this year, N155 million worth of transactions were done by Point of Sale (PoS) terminals; N520, 000 transactions were consummated by Automated Teller Machines (ATMs), while the rest were executed through the NIBSS Instant Payment (NIP) platform.
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Source: http://www.thenationonlineng.net/
Posted by Ufuoma, 19 July 2012
Sanusi Seeks Infrastructure Bank
TO bridge the infrastructure gap in Nigeria, the Federal Government should set up a bank to fund projects in the sector, Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, has said. He spoke yesterday at the Third Infrastructure Concession Regulatory Commission (ICRC)Public- PrivatePartnership (PPP) stakeholders forum in Abuja. In a paper entitled: The role of development finance institutions in infrastructure development in Nigeria, Sanusi said: “Nigeria could pursue such a model, whereby a new government-owned bank is created that can raise tax-free bonds to fund projects.”Full story
Source: http://www.thenationonlineng.net/
Posted by Ufuoma, 19 July 2012
CBN to Review Upward Individual, Corporate Cash Withdraw Limit
Respite is underway for the banking public as the Central Bank of Nigeria (CBN) will soon review upwards the current N500,000 and N5 million transaction withdrawal limits for individuals and corporate bodies respectively. The apex bank is also harping on the need for more Nigerians to embrace banking culture and the elimination of payment of subsidies on transactions of high net-worth individuals by the banking population, pointing out that these are the basis for the commitment of CBN to the cash-less policy.
Source: http://www.businessdayonline.com
Posted by Ufuoma, 19 July 2012
CBN Board Has Legal Authority To Approve Its Budget- Expert
The Board of Central Bank of Nigeria (CBN) has legal authority to approve its budget, Mr Okwu Joseph-Nnanna, former Director-General, West Africa Monetary Institute (WAMI), Accra-Ghana, has said. Joseph-Nnanna said this on Wednesday in Akure at the ongoing 17th Seminar for Finance Correspondents and Business Editors.
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Source: http://leadership.ng/
Posted by Ufuoma, 19 July 2012