Tag: Banks
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RMAFC to recover N100b stamp duty funds from banks
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says it will soon commence probe of banks over stamp duties collection as it expects to recover more than N100 billion from the probe. A statement by Mr Ibrahim Mohammed, the commission’s spokesperson on Sunday in Abuja, however, did not specify when the probe would commence. He,…
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Fraudsters have infiltrated Nigerian banks, says EFCC boss, Magu
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, said yesterday that many fraudsters in Nigerian banks aid criminals to perpetrate financial crimes. Magu who spoke at a meeting with compliance officers of various banks in Port Harcourt said such fraudsters helped politically exposed persons to steal and launder public funds.…
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Okorocha orders banks to openly counter PDP’s debt allegation against his administration
Imo State Governor Rochas Okorocha has restated that his administration has never borrowed money from any bank within or outside the country. He gave the financial institutions seven days ultimatum to openly counter the claim if it is not true. Okorocha also disclosed that his administration does not owe workers, adding that workers’ salaries have…
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14 Nigerian Banks to enjoy $7b Reserve!, By Henry Boyo
The Chairman of the Special Presidential Panel for Recovery of Public Property, Mr. Okoi Obono-Obla, noted in a NAN report, on (Sept. 7th 2018), in Abuja, that the Agency is continuing its investigations to “recover monies that have been taken away (stolen?) from the people of Nigeria.” According to the Chairman of the Presidential Panel,…
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CBN orders banks to assign tracking numbers to customers’ complaints
Deposit Money Banks (DMBs) and other financial institutions operating in the country have been ordered by the Central Bank of Nigeria (CBN) to from Wednesday, January 2, 2019 assign a tracking number to every complaint received from their customers. This directive was contained in a circular issued on Friday and signed by a director at…
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2019: CBN warns banks against laundering money for politicians
As the 2019 elections approach and political maneuvering intensify, the Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to be careful not to violate the money laundering Act. Banks that violate the money laundering Act in the guise of handling money for politicians the CBN warned, risk very stiff penalty. CBN governor…
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2019: Heavy punishment awaits banks, politicians caught in money-laundering deals – CBN
Ahead of the 2019 general elections, the Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) stressing that heavy punishment awaits any financial institution that violate the money laundering Act. Banks that violate the money laundering Act in the guise of handling money for politicians the CBN warned, risk…
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CBN lends banks N956b in three months
COMMERCIAL banks got N956.64 billion loans from the Central Bank of Nigeria (CBN) in three months to boost their liquidity positions and meet commitment to customers, the quarterly economic report released by the apex bank has shown. The report, for the third quarter showed that Standing Lending Facility (SLF) daily average transaction value amounted to…
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Banks must reform to survive fintech revolution – Osinbajo
The Vice-President, Prof. Yemi Osinbajo, has stressed the need for banks in the country to carry out urgent reforms so as not to be caught off-guard by rising innovations in financial technology, insisting the effect of new innovations in fintech was inevitable. He stated that fintech, which is the new technology and innovation that aims…
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Industrial court seals four commercial banks in Owerri
The National Industrial Court in Owerri on Wednesday sealed four banks for disregarding its order which was issued in favour of a former Gov. Ikedi Ohakim of Imo. The banks are: Diamond bank Item St.branch, First Bank Plc, Bank road branch, United Bank for Africa (UBA), Mbari St. branch and the branch Union Bank at…