Tag: Banks
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Banks remove $1.2b 9Mobile debt from records
The 12 banks involved in the $1.2 billion 9Mobile loan are setting aside a large part of the debt from their books ahead of the December 31 end-date for the fiscal year. The mobile company took the loan four years ago from a consortium of banks. It failed to repay the loan due to a…
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Nigerian banks killing interest in Agriculture – Obasanjo
Former President Olusegun Obasanjo on Monday urged commercial banks to lower their interest rates to enable farmers access loans for improved agricultural production. Obasanjo made the call at the opening ceremony of the 2017 Niger State Investment Summit held at the Justice Idris Legbo Kutigi Conference Centre, Minna. According to him, doing agriculture and charging…
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‘Hidden’ N249b TSA fund: FG to pay 6 banks N1.2m as court strikes out suit
A Lagos Federal High Court on Wednesday in Lagos struck out a suit filed by the Federal Government seeking to recover 793.2 million dollars allegedly kept by seven commercial banks in violation of the Treasury Single Account (TSA) policy. The defendants are: Diamond Bank, United Bank for Africa (UBA), First Bank, Skye Bank, Fidelity Bank,…
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Banks create enabling environments for thieves to loot – Magu
The acting Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, has accused banks of creating a friendly atmosphere for looters to operate. He added that some banks were currently behind the moves to separate the Nigeria Financial Intelligence Unit and the EFCC. Magu further alleged that when the NFIU is established as…
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Banks aiding looters, says EFCC boss,Magu
The acting Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, has accused banks of creating a friendly atmosphere for looters to operate. He added that some banks were currently behind the moves to separate the Nigeria Financial Intelligence Unit and the EFCC. Magu further alleged that when the NFIU is established as…
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Alleged N249.6b ‘hidden’ funds: Make your ‘denials’ in court, FG tells banks
The Federal Government has urged banks named in the hoarding of funds accrued to the it to direct their denials to the court. TheNewsGuru.com reports that a Federal High Court in Lagos, on Thursday, granted an ex-parte application by the office of the Attorney General of the Federation (AGF) for an order directing the banks…
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TSA: Court orders remittance of ‘N249.6b hidden in seven banks for unknown govt officials’
A Federal High Court in Lagos on Thursday ordered seven Nigerian banks to remit to the Federal Government $793,200,000 (about N249,659,700,000.00) allegedly hidden with them in breach of the Treasury Single Account (TSA) policy. A vacation judge, Justice Chuka Obiozor, made the interim order following an ex parte application by the office of the Attorney-General…
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Banks raise dollar spending limit on Pos, online transactions by 900%
Indications emerge on Tuesday that commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by 900 per cent. The policy shift is expected to help travellers pay their hotel bills, make reservations and other transactions using their debit cards. The decision to increase the spending…
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$1.2bn loan: Banks refute takeover of Etisalat Nigeria
Consortium of 13 banks involved in Etisalat Nigeria loan on Thursday refuted reports that they have taken over the operations of the company. A management source close to the banks who pleaded anonymity told newsmen in Lagos that there was no truth in the report making the round. The source said that the banks major…
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CBN, NCC wade into Etisalat debt crisis, to meet today
Following a take over of Etisalat Nigeria by a consortium of banks over its indebtedness, the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) will on Wednesday (today) meet the management of Etisalat and the banks. The essence of the meeting is to find a resolution to the debt crisis troubling the telecoms…