E-Financial
SERAP: CBN Gets 7 Days Ultimatum to Account for ‘Missing’ N100Bn Dirty Notes, other public funds
Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”
SERAP, which made the call through a statement issued by its deputy director, Kolawole Oluwadare, said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.
SERAP also urged him to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of the contractors who collected the money but failed to complete the projects.”
SERAP urged him “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra state government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”
SERAP also urged him “to refer these grave violations of the Nigerian Constitution 1999 [as amended], the CBN Act and the country’s national and international anticorruption obligations to appropriate anticorruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”
In the letter dated 29 June 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”
SERAP said, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”
According to SERAP, “These grave violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”
The letter, read in part: “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”
“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.”
The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘be diverted and re-injected into the economy.’”
“The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.”
“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”
“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.”
“There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”
“The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion [N1,294,453,887.83] granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion [N1,994,383,561.64] granted to the Anambra state government between 2015 and 2016.”
“The Auditor-General fears the public funds may have been diverted. He wants the money fully recovered and remitted to the treasury.”
“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’”
“Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate.”
“Section 16(6) of the Public Procurement Act states that ‘all bidders shall possess the necessary professional and technical qualifications to carry out particular procurements; the financial capacity and adequate personnel to perform the obligations of the procurement contracts.’”
“SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
“Paragraph 3112(ii) of the Financial Regulations 2009 provides that, “Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).”
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.”
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”
NOVA Bank has officially commenced operations as a National Commercial Bank, as the bank opened its first commercial banking branch in the Victoria Island area of Lagos.
This followed Central Bank of Nigeria’s (CBN) approval of its final licence.
In a statement yesterday, Phillips Oduoza, chairman and founder of NOVA Bank, emphasised the bank’s unwavering commitment to customer focus and delivering exceptional service.
He also introduced the innovative ‘PHYGITAL’ model, which, according to him, is a trademark of NOVA.
“We are pleased to continue our tradition of excellence established as a merchant bank and further extend the banking experience to the retail end of the market. As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms.
“Our trademarked PHYGITAL experience combines a select number of strategically located physical branches with high-tech, seamless digital banking capabilities, ensuring that our customers receive the best of both worlds. This approach allows us to provide personalised, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions,” he explained.
Wale Oyedeji, managing director/chief executive officer of the bank, added, “For over half a decade, NOVA has been instrumental to the success of leading corporates and high-net-worth individuals, delivering tailored solutions to meet the unique needs of their businesses. As we evolve to serve a broader customer base, we remain committed to delivering innovative services, building on our legacy as a leading merchant bank.
“Through disruptive, seamless digital products and services, we are poised to deepen financial inclusion, provide convenient and secure banking solutions, and elevate the SME market as a key economic driver.”
NOVA Bank, which was established in 2018, is set to open additional branches in Lagos, Abuja, Port Harcourt and Kano.
Mrs Esther Adino, group head of Retail and Digital Banking, NOVA Bank, highlighted the innovative financial solutions the lender offers.
She asserted, “At NOVA Bank, we provide a comprehensive suite of banking services tailored to meet the diverse needs of individuals, SMEs, and large corporations.”
Accelerex, one of Africa’s leading fintech companies, has announced the launch of its groundbreaking “Pay with Fingerprint” solution. This solution, the first to be deployed on Point of Sale (PoS) terminals in Nigeria, allows bank account holders to make secure and convenient payments at merchant locations using their fingerprints on biometric-enabled PoS devices.
Pay with Fingerprint leverages advanced biometric technology to offer a seamless payment experience while enhancing security for consumers and merchants. The solution addresses common challenges such as card fraud and the inconvenience of carrying physical cards, paving the way for a more efficient and secure payment ecosystem. Its enhanced security ensures that only the account holder can authorize transactions, significantly reducing the risk of fraud.
Convenience is at the heart of this payment feature. Customers can make payments quickly and effortlessly by simply placing their finger on the biometric PoS device. This streamlined process not only accelerates transactions but also eliminates the need for customers to carry their bank cards, making everyday purchases smoother and more efficient. Indeed, Pay with Fingerprint is set to transform the payment landscape in Nigeria.
Chuks Anakudo, the Managing Director of Accelerex Nigeria, conveyed his enthusiasm regarding the potential of Pay with Fingerprint to foster a more secure commercial environment for both business owners and consumers, as well as to facilitate swift and efficient transactional operations.
“The launch of Pay with Fingerprint is a testament to our unwavering commitment to revolutionize Nigeria’s payment infrastructure with secure, user-centric solutions that provide consumers with choices,” stated Mr. Anakudo.
With the introduction of Pay with Fingerprint, Accelerex is not only pioneering the development and customization of this technology but has also achieved an unprecedented certification for biometric PoS devices by the Nigeria Inter-Bank Settlement System (NIBSS). This dedication to cutting-edge solutions cements Accelerex’s position as a vanguard in the Nigerian fintech sector.
With a robust portfolio of payment products and a strong emphasis on customer satisfaction, Accelerex has been at the forefront of digital payment revolution in Africa, providing different categories of businesses with the tools and resources they require to succeed.
Accelerex has grown into a formidable player in the fintech industry and has established itself as the preferred physical payments partner to all merchant acquiring banks in Nigeria.
The fintech company has over 150,000 merchants and agent endpoints across Africa and has consistently ranked as a top provider of payment channel services (by value of transactions processed) in Nigeria since 2018. It currently operates in Nigeria, Ghana and East Africa, with plans to expand to other parts of the continent in the future.
Union Bank of Nigeria has announced the promotion of 337 employees across various departments. This significant milestone underscores the bank’s commitment to recognising and rewarding the hard work, dedication and outstanding contributions of its employees.
At a recent town hall meeting, the Managing Director/Chief Executive Officer (MD/CEO) of Union Bank, Yetunde Oni, reaffirmed the bank’s commitment to fostering a culture of excellence and growth.
She said these well-deserved promotions reflect this commitment and the bank’s continuous efforts to empower its workforce and drive organisational success.
Speaking after the announcement, Oni said: “Today, we celebrate the achievements of our colleagues who have demonstrated exceptional performance, leadership and dedication to Union Bank’s core values.
“The promoted employees have shown exemplary performance, contributing significantly to the success of their teams and the bank as a whole.
“These promotions are not only a testament to their hard work but also a reflection of our belief in their potential to drive our Bank forward.
“At Union Bank, we understand that our people are our greatest asset. By investing in their growth and recognising their achievements, we are building a stronger, more dynamic organisation.
“We are excited to see how our promoted colleagues will continue to inspire and lead within the bank.”
She added that the recognition is part of Union Bank’s broader strategy to nurture talent, encourage professional development and ensure that employees are well-equipped to meet the evolving needs of customers and stakeholders.
The MD/CEO reassured stakeholders that Union Bank remains committed to creating an inclusive and supportive work environment that promotes career advancement and personal growth.
The bank will continue to implement initiatives aimed at developing talent, enhancing employee engagement and driving operational excellence, she said.
9mobile Reposition with Appointment of Obafemi Banigbe as Chief Executive Officer
How to Save up to 5% on Your Next Gift Card Purchase on PalmPay
V-CONVENTION Underscores QNET’s Commitment to Transparency and Accountability – Biram Fall
Tolaram Taps Adesuwa Ladoja as MD/CEO of Lagos Free Zone
MTN Hosts Inaugural focus group discussion on Education in Nigeria
Heritage Bank: Step-to-Step Process to Reclaim Funds as NDIC Pledges to Pay Customers within one Week
OPay Reaffirms Prohibition of Cryptocurrency and Virtual Assets Trading on Its Platform
Tapswap Halts Token Allocation to Users Indefinitely
Investing in $Davido Coin is Highly Risky- SEC Warns Nigerians
Icasa Orders Shutdown of StarSat, StarTimes SA Arm over License Controversy
E-Business3 days agoSenate Okays Bill to Allow Foreigners in Nigeria Obtain NINs
Uncategorized3 days agoSERA Plans Reality TV Competition to Pick Nigerian, Others for Blue Origin Spaceflight Crew
E-Financial1 day agoNOVA Bank Commences Operations as National Commercial Bank
Telecom2 days agoNigeria Dubbed as Africa’s Next Silicon Valley @IoT West Africa
News3 days agoGambaryan, Binance Exec Fights for his Life, Freedom as Health Deteriorates in Jail
E-Financial3 days agoCrypto Hacks Reportedly Led to $176m in Losses in June
Telecom3 days agoWATRA Executive Secretary to Moderate Key Session on Safe and Inclusive Digital Financial Services at ITU GSR 2024
Telecom3 days agoMTN Foundation Rallies NDLEA, UNODC to Combat Substance Abuse @ Multi-Stakeholder Conference