•Pilgrims departing for Hajj The National Hajj Commission of Nigeria (NAHCON) has approved four banks to support and implement the Hajj Savings Scheme. Abdulbasit Abba, an official in the Information and Publications Division of NAHCON, announced the development in a statement in Abuja yesterday. Abba stated, “A significant milestone for the H...
•Phone users Commercial banks are riding on telco platforms to rake in billions of naira from the increasing number of customers using digital banking services. Most of the banks deploy several strategies, products and services under which they charge fees, far above what is specified in the guide to bank charges, reports The Nation. Banks [&h...
The Central Bank of Nigeria (CBN) has issued a stern warnÂing to banks imposing withÂdrawal limits below N20,000 per transaction, declaring that such actions violate its reguÂlations and will attract severe sanctions. In a Q&A explainer pubÂlished on its X handle yesterday, the apex bank clarÂified that customers must be allowed to withdra...
FirstBank has appealed the Federal High Court judgement that lifted the order placed on the assets of General Hydrocarbons Limited, its directors, and shareholders. In a statement issued by the bank yesterday, it warned other banks to be cautious in complying with the ruling of Justice Deinde Dipeolu, disclosing that it has appealed the discha...
•Nigerian banks The Nigerian Communications Commission and telecommunications companies have ruled out any extension to the deadline for banks to settle their Unstructured Supplementary Service Data debts. This decision leaves defaulting lenders scrambling to meet the deadline by the close of business yesterday, reports The PUNCH. Initially, n...
Banks in Nigeria have begun implementing a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale (PoS) terminals following a directive from the Central Bank of Nigeria (CBN). The CBN directive, issued on December 17, 2024, aims to address operational challenges, curb fraud, and standardise banking practices nationw...
In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined ₦150 million for non-compliance, in line with the CBN’s cash distribution...
•Nigerian banks There are indications that the federal government will tomorrow list out names of 18 banks owing almost N200 billion naira to Nigerian telecom operators on Unstructured Supplementary Service Data, USSD, and remained adamant towards settling it for several years. The reason for the public seems to be for the telcos to stop offer...
•Dr. Vincent Olatunji The Nigeria Data Protection Commission (NDPC) has issued a stern warning to institutions and organisations mishandling citizens’ data, vowing to impose maximum penalties on violators. Speaking on the matter, the National Commissioner and Chief Executive Officer, Dr. Vincent Olatunji, emphasised that the warning is crucial...
•Banks The Central Bank of Nigeria and the Nigerian Communications Commission have issued a final directive to Deposit Money Banks and Mobile Network Operators to resolve the protracted N250bn Unstructured Supplementary Service Data debt dispute. CBN and NCC are both regulatory agencies of the federal government, reports The PUNCH. The directi...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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