Central Bank of Nigeria (CBN) has sanctioned nine deposit money banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

The banks have been fined a total of N1.35 billion for their non-compliance.

Each of the banks received a fine of N150 million.

The affected banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, and Globus Bank.

Others include Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

A press release issued on Tuesday by Mrs Hakama Sidi Ali, acting director of Corporate Communications at the CBN, said, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”

Nova Bank has asked the Federal High Court in Lagos to wind up Sunrise Products Limited due to its alleged failure to pay back an outstanding debt of $2,587,891.21N276,567,150.63 allegedly owed to the bank.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt.

Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by Kemi Balogun (SAN),  the bank’s lawyer, under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt. Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by the bank’s lawyer, Kemi Balogun (SAN), under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

Nigerian Exchange Limited (NGX) has issued a stern warning against fraudulent activities, following reports of an individual and entity masquerading as affiliates of the Exchange.

In a strongly worded statement posted via its verified official X handle on Monday, the Nigerian Exchange Limited (NGX) cautioned the public about the actions of an alleged impersonator, ‘Professor Adebayo Oluwatokun,’ and a purported organization, ‘Value Gain,’ who are reportedly exploiting the trust of investors by falsely claiming affiliation with the NGX.

The pair are said to be operating a deceptive WhatsApp group, “NGX GroupA7,” designed to mislead and manipulate unsuspecting individuals.

NGX unequivocally clarified that neither ‘Professor Adebayo Oluwatokun’ nor ‘Value Gain’ has any association with the Exchange or its subsidiaries, nor are they registered Trading License Holders.

In a statement, NGX emphasized that all claims or communications originating from these individuals or entities are fraudulent, and the public is strongly urged to refrain from engaging with them.

The Exchange reaffirmed its dedication to safeguarding the interests of investors and maintaining the integrity of the Nigerian capital market. NGX encouraged individuals to promptly report any suspicious activities in order to prevent further exploitation.

This advisory comes in the wake of growing concerns over the rising incidence of fraudulent activities within the Nigerian capital market, particularly those linked to stockbrokers and dealing member firms.

There has been increasing scrutiny over the lax enforcement of Know Your Client (KYC) protocols, which some believe has facilitated these infractions.