Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number, NIN. This is contained in a report by the Nigerian Interbank Settlement System, NIBSS, which also [&...
•EFCC operatives The Federal High Court in Abuja has issued an interim order empowering the Economic and Financial Crimes Commission (EFCC) to freeze 1,146 bank accounts belonging to individuals and companies. The agency claimed it was investigating them for unauthorised dealing in foreign exchange, money laundering and terrorism financing, re...
•Peter Obi Labour Party presidential candidate, Peter Obi, today, announced that a forensic audit is being carried out on the party’s accounts in line with his request. The demand for an independent audit firm to probe the party account was made on March 14 after the former National Treasurer of the party, Oluchi Oparah, challenged […]...
•Applicants for NIN Over 70 million bank customers are at risk of losing access to their accounts when the Central Bank of Nigeria’s directive on restricting accounts without Bank Verification Numbers and National Identification Numbers goes into effect. The CBN had on December 1, 2023, in a circular directed that a ‘Post no Debit’ restriction...
Confusion reigned in the banking industry yesterday as some banks restricted access to bank accounts not linked to the National Identity Number, as directed by the Central Bank of Nigeria, CBN. The CBN had in a circular on December 1, 2023 directed that banks should place restrictions on all Tier 1 bank accounts without BVN, […]
•Guinea junta Guinea’s junta has ordered government members’ passports to be seized and their bank accounts frozen after dissolving the administration for unknown reasons. The military, who took power in a September 2021 coup, yesterday decreed the dissolution of the government, which has been in office since July 2022, reports AFP. The junta ...
The Central Bank of Nigeria, in its recently revised consumer protection framework, has mandated financial service providers to comply with minimum standards in their advertising and promotional materials. One of the requirements is that FSPs should not make reference to unaudited financial statements in their sales promotion, reports The PUNC...
•Emefiele The former Central Bank of Nigeria Governor, Godwin Emefiele, illegally lodged billions of naira in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee. The Special Investigator on the CBN and Related Entities, Jim ...
•Governor Makinde The High Court of the Federal Capital Territory (FCT) in Abuja has issued an order to freeze the accounts of the Oyo State government in ten commercial banks across the country. The order was issued by Justice A. O. Ebong in a ruling on a proceeding initiated by ex-council chiefs in Oyo state, […]
•Aiyedatiwa There is tension among the newly appointed caretaker chairmen in the 18 local government areas and 33 Local Council Development Areas (LCDAs) that they might be sacked by the acting governor, Lucky Aiyedatiwa. The fear aroused following the freezing of the accounts of the local councils by Aiyedatiwa, reports The Nation. The acting...