Tag: Banks
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SERAP to Saraki, Dogara: ‘Withdraw directives to banks to unfreeze Mrs Jonathan’s accounts’
Socio-Economic Rights and Accountability Project (SERAP) has urged the President of the Senate Dr Bukola Saraki and Speaker of the House of Representatives Mr Yakubu Dogara to “Urgently withdraw the patently unconstitutional directives to some banks to unfreeze former First Lady Mrs Patience Jonathan’s accounts.” The organization said that, “the directives to banks to unfreeze…
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FG set to seize funds in accounts without BVN
Justice Nnamdi Dimgba of the Federal High Court in Abuja has granted a request by Attorney General of the Federation, Abubakar Malami, for a temporary forfeiture of all funds held in bank accounts not linked to BVNs. The latter are accounts without sufficient know-your-customer credentials, PREMIUM TIMES has reported. . The order followed an originating…
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BVN: CBN directs banks to keep database of fraudulent customers
The Central Bank of Nigeria (CBN) on Thursday ordered banks to establish a database of customers identified through their Bank Verification Numbers (BVNs) as fraudsters. The directive was contained in the Regulatory Framework for Bank Verification Number (BVN) Operation and Watch-list for Nigerian Financial System released by the CBN. According to the apex bank, the…
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Senate summons Magu, seven bank MDs over freezing of Patience Jonathan’s account
The Senate Committee on Ethics, Privileges and Public Petitions on Monday summoned acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu and the Managing Directors of seven banks over the freezing of the accounts of former First Lady, Dame Patience Jonathan. The Senate is inviting seven banks Managing Directors at a time when…
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CBN recovers N50bn excess charges from banks
…urges customers to report banks charging above recommended charges The Central Bank of Nigeria (CBN) said on Wednesday it has recovered over N50 billion from banks in excess charges imposed on customers in the last three years. This amount, the CBN said has been returned to bank customers who suffered from these excessive charges. Speaking…
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CBN bans banks from taking SMS charges on bulk transfers
Indications emerge over the weekend that commercial banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS). TheNewsGuru.com reports that the Real Time Gross Settlement systems (RTGS) is a funds transfer system where money transfer takes place from one bank to another on…
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Depositors are real owners of banks, not you – CBN tells bank directors
The Central Bank of Nigeria, CBN, has warned directors of commercial banks who treat bank depositors with disdain to desist from such unprofessional conducts or face sanctions. The apex bank also frowned at insider abuses perpetrated by executives of the bank. The Governor of the apex bank, Godwin Emefiele said this on Tuesday at this…
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‘Unfreeze Patience Jonathan’s accounts immediately’ – Reps order First, Union, Eco, other banks
The House of Representatives Committee on Public Petitions has directed six commercial banks to free accounts operated by former first lady, Patience Jonathan. The committee chaired by Rep. Uzoma Nkem-Abonta (Abia-PDP), gave the directive on Tuesday in Abuja at a hearing on a petition by Jonathan. The affected banks are Union Bank, First Bank, EcoBank,…
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Senate vows to expose, prosecute banks used for MMM fraud
The Senate on Thursday vowed to expose all commercial banks in the country used by discredited Ponzi scheme popularly called Mavrodi Mondial Movement (MMM). The upper chamber said the exposure of the banks used for MMM became necessary so that the affected banks would face appropriate sanctions. The Vice Chairman, Senate Committee on Information and…
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Forex: Customers ignore BDCs operators, trade directly with banks
Indications emerge over the weekend that over 700 Bureaux De Change (BDC) operators are inactive in the Central Bank of Nigeria’s (CBN’s) Forex Window as forex end users embrace commercial banks. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut…