TheNewsGuru

Tag: Banks

  • Gunmen attack Edo town, raid four banks, kill seven persons

    Gunmen attack Edo town, raid four banks, kill seven persons

    Gunmen attacked four banks and a Police Divisional Headquarters on Thursday as they laid siege on Uromi town in Esan Northeast Local Government Area of Edo.

    Eyewitnesses said the gunmen got to the town in their numbers and in several vehicles before they attacked the four banks with dynamites.

    The unmasked gunmen killed five persons and two police officers in the siege.

    Police spokesman in Edo, SP Bello Kontongs, confirmed the attack but said he had no further detail of the attack.

    Kontongs said one of the four banks attacked is of the new generation.

    He also confirmed the killing of the two Police officers and five civilians in the attack.

  • Young artiste asks banks, govt to fund upcoming talents

    Young artiste asks banks, govt to fund upcoming talents

    Nigerian upcoming artiste, Marcel Obute, popularly known as “D Masel”, has urged banks and other government agencies to provide accessible loan facilities with friendly interest rates for outstanding young artistes to grow in the industry.

    Obute, a student of Music at University of Nigeria, Nsukka, started as an artiste four years ago.

    He told the News Agency of Nigeria (NAN) in Lagos that difficulty in accessing funds remained the biggest challenge facing such upcoming artistes in Nigeria.

    The young artiste decried the inability of his likes in getting the backup fund to record their audios and videos to meet the international standards.

    “Financial challenge is a major setback; young artistes need avenue to obtain loan from private organisations and even from the government.

    “We need to be assisted in producing our works through provision of accessible loan facilities with friendly interest rate.

    “There are existing loan platforms already created for artistes, but these facilities are not accessible to the young musicians, except the seasoned ones.

    “We need these financial institutions to make the loan facilities as transparent and accessible as possible to this category of musicians,” Obute said.

    D Masel also cited the inability to meet with some celebrities, who could help these young artistes in the country and abroad, as another problem being faced by them.

    He, however, appealed to seasoned artistes to give necessary counsel and guidance to these young talents to enhance their growth.

    On his newly released track, “Offense”, the artiste stated that his message was aimed at encouraging offenders to always apologise and ensure peace.

    “The track, “Offense” is my way of telling the world to always seek peace whenever you offend someone, to avert crisis.

    “It is better to be at peace rather than creating division or crisis within the family and the society at large,” Obute said.

    Obute said that he dedicated the song to Obi Cubana because of his achievements, assistance to the needy and the contributions to the entertainment industry.

  • Afe Babalola to FG: Address dearth of cash in banks

    Afe Babalola to FG: Address dearth of cash in banks

    A legal luminary, Chief Afe Babalola, has called on the Federal Government to address the dearth of cash currently being experienced in the banking sector.

    Babalola, who is also the Founder of Afe Babalola University, Ado-Ekiti (ABUAD) made the call in a statement issued on Monday in Ado-Ekiti.

    According to him, the development can lead to hunger, high mortality rate, uncontrolled crimes and increased insecurity, if not effectively tackled.

    “In recent time, the Central Bank of Nigeria and commercial banks have inflicted cash crunch on customers across the country.

    “The cash crunch is being felt in virtually all parts of the country. Many banks have turned customers back for lack of funds, while those who gained entrance into the banking halls went home disappointed.

    “Customers can not withdraw cash from the ATM machines in my university. The banks operating in the institution also have no cash to pay to customers.

    “The saving grace is that the students who rely on ATM machines are on holiday,” he said.

    The legal luminary said the nation’s economic growth was known to be basically trade-by-barter dependent, whereby traders exchanged goods for cash.

    He said that presently, most Nigerians earned their living from daily sales.

    “These include market women, transporters, hawkers, vulcanizers, plumbers, roadside mechanics, hair-dressers and so on.

    “In the absence of sales through cash, this large proportion of Nigerians suffers more than the few wealthy Nigerians by the cash crunch imposed by CBN and commercial banks.

    “The popular African adage is that “when hunger is eliminated from one’s problems, the remaining problems become easier to solve.

    “A man without cash will certainly go without food; he becomes hungry. Of course, a hungry man becomes an angry man, and an angry man becomes violent,” he said.

    The legal luminary further said that a violent man could kill, behave irrationally and even commit suicide.

    “COVID-19 is regarded as a dangerous and dreaded epidemic which kills its victims but I dare say that cash crunch kills faster and certainly can kill more people than the pandemic,” he said.

    Babalola acknowledged the fact that cashless policy thrived in developed countries, adding, however, that much cash might not be in high demand in Nigeria because of the policy.

    ”Yes, it only works because their governments have created enabling environment for such technology to thrive.

    “Even if the motive is to fully implement a cashless policy, then a robust change management policy must have been put in place in order not to inflict hardship on the masses.

    “Although cashless payments are becoming increasingly common, the demand for cash is rising in many advanced economies,” he said.

    The university founder noted that cash was useful for payment and for other transactions.

    ”It is favoured by the elderly, the marginalised and the low-income people. Cash becomes especially useful when natural disasters cause power shortage and destroy computers.

    “Cash is the safest of payment and financial instrument for the public in developing countries like Nigeria,” Babalola said.

  • Reps order banks to suspend collection of customs duty

    Reps order banks to suspend collection of customs duty

    The House of Representatives Committee on Customs has asked the Nigeria Customs Service to suspend banks owing the service from further collecting duties until their debts have been cleared.

    Chairman of the committee, Leke Abejide, stated this on Wednesday at a session between the members of the committee and representatives of the banks collecting duties on behalf of customs.

    According to him, investigations conducted so far by the committee reveal that five banks collectively owe the service about N10 billion.

    The debts, the lawmaker stated, were duties collected by the banks and have yet to be remitted to the accounts of customs.

    He stressed that an agreement has been reached with the service to ensure the implementation of the decision of the committee.

  • 4 banks complied with order on freezing Benue govt accounts – AMCON tells court

    4 banks complied with order on freezing Benue govt accounts – AMCON tells court

    Four commercial banks in the country have complied with the order of a Federal Hig Court, Abuja, directing the freezing of all bank accounts of Benue Government.

    The four banks include First City Monument Bank Plc, Standard Charterred Bank Ngeria, Suntrust Bank Nigeria Ltd, and Wema Bank Plc.

    Counsel to the Asset Management Corporation of Nigeria (AMCON), Ogechukwu Okeke, on Tuesday, told the presiding judge, Justice Inyang Ekwo, when she presented the report on compliance to court order.

    Justice Ekwo had, on Oct. 26, made an interim order, freezing all bank accounts of Benue government maintained in some banks in the country following its inability to pay back N333 million loan borrowed in 2008.

    The judge, who gave the order following an ex-parte motion brought by AMCON, also directed that the bank accounts of HPPS Multilink Services Ltd be frozen pending the hearing and the determination of the substantive suit.

    NAN reports that the affected bank accounts for the two respondents are domiciled with Access Bank Plc; Citibank Nigeria Limited; Eco Bank Nigeria Plc; Fidelity Bank Plc; First Bank Nigeria Plc; First City Monument Bank Plc and Guaranty Trust Bank Pic.

    Others include those in Heritage Bank Plc; Keystone Bank Limited; Polaris Bank Limited; Stanbic IBTC Plc; Standard Chartered Bank Nigeria Limited; Sterling Bank Plc; Suntrust Bank Nigeria Limited; Union Bank of Nigeria Plc; United Bank for Africa Plc; Unity Bank Nigeria Plc; Wema Bank Plc and Zenith Bank Plc.

    NAN also reports that while AMCON is the claimant, the company and the state government are 1st and 2nd respondents respectively.

    However, in the affidavit to show cause of compliance filed before the court, all the banks were listed as 1st to 18th garnishees.

    When the matter was called, Okeke informed that the matter was slated for mention and for the banks to show compliance.

    She, however, said that so far, only four banks had been able to show compliance.

    “That is the 6th, 12th, 14th and 17th respondents. We are applying that they be discharged from the proceedings,” the lawyer told court.

    Justice Ekwo, then, made an order, discharging the four banks.

    Okeke, thereafter, applied for a date for hearing the suit and to avail the rest of the banks another opportunity.

    But counsel to the state government, Terkura Pepe, SAN, told the court that though they had not been served with the court processes, he came out of the respect the defence had for the court.

    “We saw the publication and because of the respect we have for the court, we applied for certifed true copy of the processes before the court and before the end of the day, we will file our processes,” he said.

    The judge, then, adjourned the matter until Nov. 22 for hearing.

    NAN reports that AMCON had, on Oct. 26, brought an ex-parte motion, with suit number: FHC/ABJ/AMC/74/2021 dated and filed on Sept. 30 by its Counsel, Darlington Ozurumba.

    The motion prayed for five reliefs.

    The court, which granted the reliefs, also made an interim order “freezing and attaching the JAAC Bank Accounts (Joint Accounts Allocation committee), Internal Generated Revenue Accounts, all bank accounts both current, savings, fixed deposits and/or investments accounts of the 2nd respondent (Benue Government) maintained with all the banks mentioned above pending the hearing and determination of the substantive suit.

    “An interim order is hereby made restraining all banks and/or other financial institutions above mentioned in Nigeria forthwith from releasing or dealing in any manner howsoever with monies held in any account to which the respondents are signatories pending the hearing and determination of the substantive suit.

    “An order is hereby made directing all banks and/or other financial institutions in Nigeria to, within seven (7) days of the date of service of this order, file and serve an affidavit of compliance disclosing with statement on each account howsoever designated, held and/or maintained by the respondents and ail accounts to which the respondents are signatories for a period of sic months prior to the date of service of this order till date.”

    Meanwhile, in the affidavit in support of the motion deposed to by Abubakar Isa, a staff of AMCON, the corporation described the loan as a toxic loan of eligible bank assets transfered to it by law to recover.

    AMCON told the court that the 1st respondent (the firm), which has its office in Kaduna State, had collected a N333 million loan facility from Bank PHB PLC (now Keystone Bank Ltd) on Jan. 31, 2008 “for the purpose of purchasing 5, 000 pieces of motorcycles to the 2nd defendant and its workers through the Nigeria Labour Congress of its state vide an irrevocable standing payment order (ISPO}.

    “That the 2nd respondent is the state government of the beneficiaries who equally gave ISPO guarantee for the repayment of the loan through deduction from the salaries of its workers and make payment to the bank but failed to do so.

    “That the loan was for the agreed period of 24 months at the interest of 19 per cent per annum.

  • Banks, shops, other businesses shut down for days in Ogun State after receiving letters of attacks from robbers

    Banks, shops, other businesses shut down for days in Ogun State after receiving letters of attacks from robbers

    Business activities in the Ijebu-Ode area of Ogun State have been brought to a standstill since Monday following letters of notification of attacks allegedly written and sent to the area by armed robbers.

    TheNewsGuru.com, TNG reports that the fear of the imminent attacks has forced banks, shops and other businesses to remain under lock and key.

    However, TNG gathered that the development is beginning to take adverse effects on residents whose business needs have been left unattended to for days now.

    Despite this incident, the banks maintained that they would only resume operations if the Ogun State Government assists the police with Armoured Personnel Carriers to be mounted close to their branches.

    Reacting to the development, some residents of Ijebu-Ode lamented that they have been travelling to places like Sagamu, Abeokuta, and others to deposit or withdraw money.

    But the Police Public Relations Officer, Abimbola Oyeyemi, said there is no reason for fear of attacks, saying the police had assured the banks and residents of their safety.

    “They are just entertaining fear where there is none; even the Area Commander and the DPOs have assured them that there is no need to fear,” he said.

    “Why should they be afraid because there are no Armoured Personnel Carriers (APC)? Even if the APCs are working, is it not the police that will operate them?

    “The police are on the ground to provide adequate security of lives and properties; they are the ones that know why they are entertaining fear. We have assured them of their protection and our presence everywhere in Ijebu-Ode and everywhere in Ogun State. There is no reason to be panicking.

    “Despite all these assurances, they still doubt the sincerity of the police, I don’t know the motive behind this,” he added.

    TNG could not ascertain at the time of filing this report if the Governor Dapo Abiodun-led Ogun State Government has officially reacted to the development in that axis of the state.

     

  • IPOB sit-at-home: ‘They are invisible voices’; Obiano orders banks, markets in Anambra to operate fully from Monday

    IPOB sit-at-home: ‘They are invisible voices’; Obiano orders banks, markets in Anambra to operate fully from Monday

    Anambra State Governor Willie Obiano has ordered markets, banks, transport business owners, among others to ignore the sit-at-home order and go about their businesses from Monday, September 13.

    The governor gave the order on Saturday after a meeting with stakeholders and members of the State Security Council.

    Heads of commercial business operations including markets and transport leaders were also at the meeting held at the governor’s lodge in the state.

    He urged residents of the state to ignore the Monday (weekly) sit-at-home order by the leadership of the Indigenous People of Biafra (IPOB).

    “The markets should open, if they do not open, I would sack the leadership of the market and shut the market.

    “Invisible voice says ‘sit at home?’ And, you just comply and loose money. You don’t know who says sit-at-home, you just loose money,” the governor said while addressing the business leaders.

    He also urged them to help the government to solve the menace of continuous sit-at-home compliance.

    Governor Obiano said it is totally unacceptable as it has become inimical to the state’s economy.

    “You need to help us to solve this nonsense. It is absolute nonsense. That’s a warning. If you don’t do that, we will change your leadership,” the governor said.

    Governor Obiano also at the meeting welcomed the new Commissioner of Police, Tony Olotu, who will take over from the former CP, Chris Owolabi.

  • Imo govt seals banks for obeying IPOB’s sit-at-home order

    Imo govt seals banks for obeying IPOB’s sit-at-home order

    Imo State government through its agency, Owerri Capital Development Authority, OCDA, has sealed some banks in Owerri, the state capital.

    Some of the financial institutions that were sealed by the state government were Access, Polaris, First Bank, Eco Bank and United Bank for Africa.

    The state Commissioner for Information and Strategy, Declan Emelumba, told newsmen that the state government sealed the banks because they frustrated customers on Monday by refusing to open for transactions.

    Asked when the government would unseal the banks, Emelumba said it was left for OCDA and the banks to determine.

    Residents said they woke up yesterday morning to see the banks sealed while customers were seen in front of the banks stranded.

    The OCDA sticker pasted on the entrance door of the banks had the following inscriptions: ‘Sealed! Signed: General Manager; No building approval; removal of this sticker without approval from the office will attract a fine of N500,000’.

    All the banks in the state had closed for five consecutive Mondays following the sit-at-home declared by the Indigenous People of Biafra, IPOB, as a protest against its leader Nnamdi Kanu being detained by the federal government.

    Though IPOB had suspended the sit-at-home order, banks, schools, markets, and business outfits in the state had continued to shut down on Mondays as a precautionary measure.

  • CBN orders banks to publish names, BVN of Forex defaulters

    CBN orders banks to publish names, BVN of Forex defaulters

    The Central Bank of Nigeria has instructed banks to publish the names and Bank Verification Numbers BVN of its customers who default on its Forex policy.

    In a circulate to banks dated Monday, August 30th, the apex bank lamented that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel”.

    The bank said some of the unwholesome practices of some customers include “include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA”.

    Haruna B. Mustafa Director Banking Supervision Department of the CBN, who signed the circular, noted: “this trend, if not curbed, portends risk to the integrity and stability of the forex market”. He said to curb this trend, all banks must publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two (weeks) as stipulated in the customer declaration form signed by them”.

    Prior to this order, most banks had written to their customers of their commitment to provide customers with foreign exchange for their Personal and Business Travel as well as payment for overseas Education, Medical and other eligible invisible transactions.

    The rules that customers have to follow before they can access forex the bank said are: FX shall be sold for Legitimate Travel Purpose Only. Bank customers are required to provide a valid Nigerian passport and a valid visa to an international destination.

    Only valid travel documents like tickets to an international destination outside of West Africa and Cameroon will be accepted. The international return ticket must have a travel date not more than 14 days from the date of PTA/BTA purchase.

    Bank customers can only apply for PTA/BTA once in a quarter: PTA and BTA requests are limited to a maximum of $4,000 and $5,000 per quarter per applicant respectively.

    Customers are required to return purchased PTA/BTA to their bank within two (2) weeks from the date of purchase if not utilized for the intended purpose or if for any reason the scheduled trip is cancelled.

    Those wishing to buy Forex are also not allowed to apply for Forex on behalf of a third party. FX will only be sold directly to applicants who shall be Nigerians who are 18 years and above and have a valid Bank Verification Number (BVN).

    False application and use of fake documents to purchase PTA/BTA is prohibited and is now considered a financial crime punishable under the applicable laws in Nigeria.

  • Man hacks into server of Nigeria’s first generation bank, steals N1.87b

    Man hacks into server of Nigeria’s first generation bank, steals N1.87b

    Salau Abdulmalik Femi has been arrested for allegedly infiltrating the Flex-Cube Universal Banking System of a first generation bank and scooping as much as N1.87 billion.

    According to the Police Special Fraud Unit, Ikoyi, the suspect specializes in hacking into the server of banks and corporate agencies.

    Femi, who displayed exemplary mastery of the cyber environment, was arrested after he hacked the Flex-Cube Universal Banking System of a certain bank.

    The SFU spokesman, a Deputy Superintendent of Police, Eyitayo Johnson, explained that the suspect, using application software, created fictitious credits totaling N1,868,900,000 on the accounts of three of the bank’s customers and successfully consummated debits – outflows- amounting to N417,542,000.00 through Internet Banking transfers to other banks.

    Johnson further said: “The unit, while acting swiftly on petition from the bank; contacted the Central Bank of Nigeria (CBN) and Deposit Money Banks whose customers were beneficiaries of the fraudulent funds and was able to salvage a substantial amount.

    “Items recovered from the suspect include; Apple laptop and iPhone; while he and operators of BDCs used to launder the monies will be charged to court as soon as investigation is concluded.”

    Reacting to the incident, the Commissioner of Police in charge of the Unit, Anderson A. Bankole, scheduled a meeting with Chief Compliance Officers/and Head of Technology/Information Security Department of Banks with a view to brainstorming on the loophole exploited by this suspect and how to counter similar hacks, for the benefit of both the police and the banking sector.