E-Financial
Abor, TSA Director Accuses MDAs of Operating Illegal Accounts
Sylva Abor, director, Treasury Single Account (TSA) has said that some Federal Ministries, Departments and Agencies (MDAs) are still operating illegal accounts outside the TSA.
He explained that few MDAs were given exemptions on certain grounds by the Federal Government, but added that many others were flouting the TSA policy.
Abor stated this during a meeting in Abuja with a civil society group, United Global Resolve for Peace, led by its Executive Director, Shalom Olaseni. This was contained in a statement issued by the UGRFP on Sunday.
The statement disclosed that the meeting discussed, among other things, charges being paid by the public to SystemSpecs Nigeria Limited for the running of the e-collection platform, REMITA, at N150 per transaction and the imposition of the charges on Nigerians by the Central Bank of Nigeria without recourse to the National Assembly or the public.
The TSA Director stated that his office had acted in good faith at all times, adding that the level of compliance with the TSA directive was “100 per cent.”
The statement read in part, “The director, however, conceded that certain accounts belonging to some Ministries, Departments and Agencies had yet to be reflected on the TSA platform, noting that they were exempted on certain grounds by the Federal Government while some others continue to illegally operate accounts on the fringes of regulation.”
Olaseni in his remarks called for the promulgation of a law to give legal backing to the TSA, arguing that this was necessary to ensure that the policy survived the current administration.
He said, “We reiterated our position that paying N150 is a needless cost borne by the Nigerian public. It is our position that there is indeed room to review the service charge from N150 to not more than N50 payable per transaction and at the expense of the government.
“It is also our position that there is an urgent need to legislate on the treasury single account scheme to give it a legal instrument that makes it not just a state policy but one that cannot be arbitrarily done away with by subsequent governments.”
UGRFP pledged to continue partnering with the public and private sectors in ensuring that the scheme was not hijacked or brought to ruin by unscrupulous officials.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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