A federal high court in Lagos on Friday issued an order directing Access Bank Plc and Guaranty Trust Ltd to surrender N1.4 billion Paris and London Club loans in their custody. Mojisola Olatoregun, a judge, ordered the banks to temporarily forfeit the loans. Olatoregun made the order while granting an ex-parte application filed and argued […]
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If you have received huge sum of money in the last five years without paying commensurate taxes and you are yet to take advantage of the tax amnesty programme, the government is coming for you. In a statement issued on Tuesday, the finance ministry said the Voluntary Assets and Income Declaration Scheme (VAIDS) has commenced […]
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The Nigerian National Petroleum Corporation (NNPC) has denied the report that it kept funds in some commercial banks, rather than remitting into the treasury single accounts (TSA) as directed by the federal government. In a statement by Ndu Ughamadu, its group general manager, group public affairs division, the corporation described the allegation as not only […]
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A federal high court sitting in Lagos has granted an interim order for the remittance of a total of $793,200,000 allegedly hidden by seven commercial banks in violation of the constitution and the treasury single account (TSA) policy of the federal government. Chuka Obiozor, the presiding justice, ordered the banks to remit the various amounts […]
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There was Mayhem as mob set ablaze two bank buildings – Sterling and Diamond – located in Apapa, Lagos, after an unidentified policeman attached to one of the banks allegedly shot dead a tanker driver. The fracas reportedly began when the unidentified mobile policeman objected to the parking of a tanker in front of the […]
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The nation’s financial sector lost N2.19 billion to fraudsters in 2016, according to Annual Report of the Nigeria Electronic Fraud Forum (NeFF), released in Abuja. According to the report, the actual money lost to fraudsters is slightly less than the N2.256 billion recorded in 2015. However, the volume of fraud cases jumped to 19,531, against […]
Continue ReadingThe Sub-committee on Payments Systems and Infrastructure of the Bankers Committee, last week sent a proposal to the Central Bank of Nigeria (CBN), seeking to limit over the counter cash withdrawal by bank customers to N10,000. The proposal was presented at the committee’s meeting but it is not clear whether it was considered. The CBN […]
Continue ReadingIf you are a current account holder in Nigeria, then this is a bad news because Nigerian banks have been able to come up with a plan that will enable them extort customers.It would be recalled that the CBN has ordered banks to stop deducting Cost of Transaction on customers accounts with effect from this […]
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All ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs from N150,000 per day to N60,000 per day while foreign currency is $300 per day. The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can […]
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Following the directive from the Central Bank of Nigeria, banks in Nigeria have exposed huge debtors who are threatening to kill the sector. While nine banks published the names of the loans defaulters on Monday, four banks released the lists of their chronic debtors, owing a total of N143.81bn, on Tuesday. The four banks are […]
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