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EFCC Grills Saraki over Defunct SGBN

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Economic and Financial Crimes Commission (EFCC) yesterday, grilled Bukola Saraki, former Kwara State governor over the failure of family-owned Societe Generale Bank of Nigeria (SGBN).

Societe Generale Bank Nigeria recently transformed to Heritage Bank, following approval by the Central Bank of Nigeria (CBN), which says the bank has met the financial requirements for returning to business.

Saraki now a Senator representing Kwara Central in the Senate was guest of the EFCC for several hours yesterday, where a team of interrogators questioned the ex-governor over his alleged involvement in fraud-related matters during his eight-year tenure and when he was the executive director of the defunct SGBN.

Wilson Uwujaren, EFCC’s head of Media and Publicity confirmed that Saraki interacted with an EFCC team on sundry issues.

Uwujaren did not provide further details but a source at the anti-graft agency said that Saraki was questioned over his alleged involvement in some fraud-related matters.

EFCC reportedly invited Saraki to appear before its team of investigators on Wednesday, July 31 but the media office of the ex-governor had claimed that its principal was never invited, only to recant later and said that the invitation letter was received on Thursday August 1.

The EFCC was said to have compiled a dossier on the ex-governor that contained several allegations of fraud that border on abuse of office and money laundering which the ant-graft body had covertly investigated over the past few years.     

The EFCC is said to have concluded the investigation into the mega fraud that triggered the collapse of the SGBN years ago but could not move against Saraki in spite of the evidence against him on the grounds of the immunity he enjoyed as a sitting governor.

Meanwhile, Bamikola Omishore, of Saraki’s media office said that “Today, Senator Bukola Saraki honoured the invitation of the EFCC as promised while on lesser hajj. Operatives of the EFCC were civil and profession while asking their questions. Senator Saraki has since returned home.”


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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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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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