Business

All commercial banks in Ogun State closed following the destruction of bank buildings

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All commercial banks in Ogun State have closed following the destruction of bank buildings by Nigerians protesting the Naira scarcity. 

The Ogun State Bankers’ Forum made this known in a communique issued today, Feb. 21. 

It reads:

“Dear Ogun Bankers, 

“You are aware of the massive destructions of all Commercial Banks buildings and other properties yesterday Monday 20th of February, 2023 in Sagamu axis of the State. We thank the Almighty God for the safety of our colleagues during the violent attack. 

“While we have held meetings with the State Executives with full assurances of improved security, we feel saddened that the response of the security operatives was absent until all banks were destroyed before decisive actions were taken. 

“It is a common saying in our land that a death that kills one’s Neighbour is only telling you a proverb that it will soon be your turn. 

“Recall that within the spate of two weeks, we have had related attacks in Sapon and Asero areas of Abeokuta, Sango Ota axis, Mowe/Ibafo axis, Ijebu Ode was averted on Friday for the prompt and timely intervention of the Military in the ancient city. 

“While we were thinking the end has come to these senseless attacks, we were all taken by surprise with yesterday burning, destruction and looting of banks furnitures, fittings, computers even the Air Conditioners. 

“Since we have just a life to live, the leadership of Ogun Bankers’ Forum has advised that all bank branches within the State be shut down pending when we are assured of improved security of bank operators and banks buildings in the State.

“We recognize the need to satisfy our customers most of whom are not part of these dastard acts vis-a-vis meeting the Financial Year budgets and other KPIs; however more important to us is the safety of our members operating in the State. 

“We urge all to maintain safety first while we engage the State Government and relevant agencies on security matters. 

“Further directive shall be provided later today via this same channel. 

“It’s a trying time and we know that this time will soon pass. 

“We thank you all!”

Business

CBN releases N200m worth of eNaira to banks

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The Central Bank of Nigeria (CBN) has released N200 million worth of eNaira to banks for use in the country.

The CBN Governor, Godwin Emefiele, disclosed this at the launch of the digital currency on Monday in Abuja.

He said that there had been overwhelming interest and encouraging response in the system, adding that 33 banks, 2,000 customers, and 120 merchants had already registered successfully with the platform, which is available via an app on Apple and Android.

Emefiele said: “Today, customers who download the eNaira Speed Wallet App will be able to perform the following:

“Onboard and create their wallet; Fund their eNaira wallet from their bank account; Transfer eNaira from their wallet to another wallet; Make payment for purchases at registered merchant locations.

“Mr. President, today you make history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world. Mr. President, as you make groundbreaking reforms, there had been continuing debates on the true value of the Naira.”

The CBN governor said the launch of the eNaira was not a one-off event, adding that the bank would continue to fine-tune the digital currency.

He added: “A key feature of the eNaira is that it can be accessed without internet, an attribute the government hopes will engender financial inclusion.

“Therefore, Nigerians should expect to see additional functionalities in the coming months, including Accessibility and onboarding of customers without BVN, and the use of the eNaria on the phone without the internet will further drive financial inclusion, making Nigeria one of the first countries in the world to deploy the CBDC via USSD on phones without relying on internet connectivity.”

Business

CBN begins probe on banks forex transactions, blows hot

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Concerned about the Naira-to-Dollar exchange rate, Nigeria’s Central Bank has issued a strong warning to Deposit Money Banks, threatening to revoke their licenses for one year, if they are found wanting in foreign exchange operations.

According to CBN, banks must always observe due diligence when carrying FX transactions.

CBN gave the warning in a letter by the Director of Trade and Exchange Department, Ozoemena Nnaji, and addressed to the DMBs obtained by Ripples Nigeria on Sunday

Nnaji urged the banks to, not only ensure to know their customers, but also to know their customers ‘ businesses.’ She said the directive was necessitated by recent occurrences in the FX market.

Part of the letter reads:“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).

“Given this responsibility and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.

“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.

She also urged all the DMBs concerned to take note and ensure compliance.

Politics

Gov Wike threatens to shut down banks, other businesses that pay VAT to FIRS

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The governor of Rivers State has threatened that the state government will shut down the premises of any bank or business organisation in the state that continues to pay Value Added Tax (TAX) to the federal government through the Federal Inland Revenue Service. (FIRS).

The governor stated this in Port Harcourt on Wednesday during an interactive session with corporate organizations in the state.

He lamented that the federal government has purposely turned the states into beggars, by making them congregate regularly in Abuja to beg for funds, instead of utilizing their potentials to develop their respective states.

Gov Wike threatens to shut down banks, other businesses that pay VAT to FIRS

The warning from Wike again brings to the fore, the ongoing cold war between the FIRS and the Rivers State Government over which authority has the right to collect VAT.

Ripples Nigeria had reported on Monday that Wike warned the FIRS against sabotaging the state government to freely administer its own tax and other related laws in the state.

Wike gave the warning while reacting to a Federal High Court ruling, which dismissed FIRS’ move to stop the state government from collecting Valued Added Tax (VAT) pending the determination of the matter in court.

In a reiteration of his earlier statement, the Governor implored the organisations and businesses to pay their taxes to the coffers of the state government in order to ensure the revamp of infrastructure and crucial sectors for economic boom.

“What we are doing is not against the law and it is obvious for everyone to see. In September, a lot of projects are earmarked to be commissioned. Kindly pay your taxes.

“The payment of taxes will ensure the revamp of critical infrastructure and we are waiting for the court ruling with FIRS before the next step,” the Governor said.

In order to ensure strict adherence to tax payments, the Governor warned against defaulting while urging organisations to jettison imminent threats from the FIRS.

“Rivers state will not hesitate to apply sanctions in line with the VAT laws to defaulting organisations. This is part of giving governance a human face.

“The court reveals that until there is a reverse, the state has the wherewithal to collect taxes.

Let nobody threaten you. FIRS will issue threats but don’t waver in your responsibilities,” the governor concluded.

He also lamented that some states were being timid to do the right thing because of threats from the federal government, and that the states’ executives were being deceived to believe that they would be at the receiving end if states are allowed to collect VAT.

Wike noted that the issue was a legal and constitutional one, and should not be viewed as politics, or based on political parties.

He revealed that the Federal government having realised it’s error of collecting VAT illegally had quietly written to the National Assembly through the office of the Speaker of the House of Representatives, to amend the Constitution by including the VAT issue on the exclusive list, even while the matter was still in court.

Politics

2023: EFCC warns banks on election financing, others

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, on Thursday, warned financial institutions to avoid fraudulent election financing, foreign exchange malpractice, and money laundering in the country.

Bawa, according to a statement issued by the EFCC’s Head of Media and Publicity, Wilson Uwujaren, gave the warning during an interactive session held in Lagos with the Managing Directors of banks in the country.

He said: “At the EFCC, we want to place more emphasis on prevention. We want to pay less emphasis on enforcement, which is investigation and prosecution, and put our energy more on prevention and asset recovery.

In addition, some of the issues we have identified include foreign exchange malpractices and fraudulent election financing.”

The EFCC Chairman said the commission would put bankers on their toes as the 2023 elections draw closer.

He stressed that banks and other financial institutions have a key role to play in the Commission’s efforts at riding the country of financial crimes.

He urged the bankers to comply with the Central Bank of Nigeria (CBN)’s guidelines on the issuance of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to their customers.

Business

CBN directs banks to set up teller points for forex

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The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerians.

The directive was sequel to CBN’s decision to discontinue sale of forex to Nigerians through Bureaux de Change operators.

The directive was contained in a letter to the DMBs by Haruna Mustafa, Director, Bank Supervision Department of the apex bank, on Thursday in Abuja.

“Further to the Monetary Policy Committee briefing of July 27, all DMBs are hereby reminded to set up teller points at designated branches across the country.

This is to fulfil legitimate FX requests for Personal Travel Allowance, Business Travel Allowance, tuition fees, medical payments and SMEs transactions, among others.

“In this regard, DMBs are also required to adequately publicise the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and/or electronically in compliance with extant regulations,” he said.

Mustafa further advised DMBs to ensure that no customer was turned back or refused FX provided that documentation and all other requirements are satisfied.

“Equally, undue delays, rationing and/or diversion of FX is strongly discouraged whilst DMBs are required to establish electronic application and alert systems to update customers on status of their FX requests,” he added.

The CBN also pledged to closely monitor banks’ conduct and compliance with the directive in order to ensure an efficient FX market for all legitimate users.

Lifestyle

NLC begins strike in Kaduna, shut banks, schools, airport

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The Nigeria Labour Congress (NLC), has commenced a five-day warning strike in Kaduna State as government schools and offices, banks, airport, train station have been totally shut down.

It was learnt that electricity supply in the state has also been shutdown.

Workers across the state and leadership of all the affiliate unions of NLC have converged at the state capital, Kaduna, to ensure the success of the strike, Tribune reports.

As early as 8 am, workers gathered at the state office of NLC, by the state secretariat carrying placards with various inscriptions against the state governments, to commence a protest.

The NLC President, Comrade Ayuba Wabba, who led the workers in the protest declared that there “is no retreat and no surrender,” until the state Governor, Nasir El-Rufai reverses the sacking of workers and pay those who have been sacked about four years ago.

Business

Banks to stop accepting old cheque book from Thursday

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Starting from tomorrow, Thursday 1, April the old cheque book will no longer be accepted at the clearing house in line with the Central Bank Nigeria (CBN)’s circular, last year, to Deposit Money Banks(DMBs) in the country.

CBN had in January extended the full implementation of the newly revised cheque book.

Sam Okojere, Director, Banking Services Department, in a circular posted on the CBN website, dated Dec. 9, 2020, referenced BKS/DIR/CIR/GEN/02/042 on the subject, the parallel run, in which old and new cheques are allowed to co-exist, will end on 31st March 2021, and thus only new cheques would be allowed in the clearing system from 1st April 2021.

Full enforcement of the second edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 will commence April 1, 2021, and the NCS/NICPAS 2.0. The sanction grid will be fully operational on April 1, 2021.

“All deposit money banks are (therefore) directed to actively enlighten their customers and ensure necessary provisions are put in place for a smooth migration to the New standard.

Already on Wednesday morning, deposit Money Banks have started to notify their customers that they will no longer accept the old cheque book while urging customers to requestfor the revised cheque books.

One of the banks, Ecobank, disclosed this to its customers through an email, entitled ‘CBN circular on new cheque design.’

In the email, it told customers, “We wish to remind you that effective 1st April 2021, the old standard cheque books would no longer be accepted through the cheque clearing system, while same will only be acceptable for In-branch transaction processing only.”

This is further to the revised Central Bank of Nigeria (CBN) circular on implementing the requirements of the Nigerian Cheque Standards (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) dated 28th February, 2019.”

“While we advise that you kindly request for the new cheque book (if you are yet to do so) before the cutoff date of 31st March 2021, we also encourage you to use our other digital channels (Ecobank Online, Mobile App, USSD and Debit Card) so you can continue to seamlessly carry out your transactions.”

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