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SERAP Asks CBN to Provide Information on Money Laundering to Boko Haram

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The Socio-Economic Rights and Accountability Project, (SERAP) has issued a Freedom of Information request to Godwin Emefiele, governor of Central Bank of Nigeria (CBN)  asking him to “urgently provide information about the persons involved in alleged money laundering through the Central Bank of Nigeria to fund the activities of the Boko Haram, which have contributed to the unlawful killings of innocent Nigerians and destruction of property.”

SEAP in a statement signed by Signed Adetokunbo Mumuni, executive director, also asked Emefiele to provide “within 14 days of the receipt and/or publication of this letter information on the exact nature and duration of any such transactions.”

The organisation threatened “all appropriate legal actions under the Freedom of Information Act to compel you to comply with our request.”

In the request dated 15 September 2014 and signed by Mumuni, the organization said that, “Given the involvement of the CBN in this matter and the fact that you are the governor of the bank, we believe that you will be able to use your position and leadership to provide appropriate records and information on what exactly happened.”

“SERAP is concerned about the damaging allegation especially given that the CBN as a regulatory body has a responsibility under the UN Convention against Corruption and other national laws to prevent money laundering in banks, and to ensure that its systems are transparent and accountable to the Nigerian people,” the organization said.

The organization also said that, “It is necessary to provide clarity as to what exactly happened through the CBN if the bank is to continue to play a leadership role in the fight against corruption and money laundering, and to enjoy the public trust and confidence essential for its effectiveness.”

“Providing the information would also help to ensure full accountability for those involved in international crimes, and contribute to the process of providing effective remedies for victims,” the organization added.

According to the organization, “By virtue of Section 1 (1) of the Freedom of Information (FOI) Act 2011, SERAP is entitled as of right to request for or gain access to information, including information on any transaction or money laundering activities that may have been carried out through the CBN, and the said information is in the custody or possession of any public official, agency or institution.”

The organization also said that, “By virtue of Section 4 (a) of the FOI Act when a person makes a request for information from a public official, institution or agency, the public official, institution or urgency to whom the application is directed is under a binding legal obligation to provide the applicant with the information requested for, except as otherwise provided by the Act, within 7 days after the application is received. By Sections 2(3)(d)(V) & (4) of the FOI Act, there is a binding legal duty to ensure that documents containing information relating to alleged money laundering through the CBN is widely disseminated and made readily available to members of the public through various means.”

According to the organization, “The information being requested does not come within the purview of the types of information exempted from disclosure by the provisions of the FOI Act.

The information requested for, apart from not being exempted from disclosure under the FOI Act, bothers on an issue of national interest, public peace and concern, interest of human rights, social justice, good governance, transparency and accountability.”

“The disclosure of the information requested will give SERAP and the general public a true picture and a clear understanding of the extent of the involvement of the CBN in any money laundering to Boko Haram,” the organization also said.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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