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Banks’ Customers Petition CIBN, Demand N334Bn, $420m from Banks

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Chartered Institute of Bankers of Nigeria (CIBN) has said that about 2,122 bank customers lodged complaints against their banks with the Sub–Committee on Ethics and Professionalism of the institute between 2001 and 2018.

 

The CIBN disclosed this in its 2018 annual report and accounts which it released on Saturday.

 

The committee was responsible for resolution of disputes relating to unethical practices between or among banks as well as between banks and their customers.

 

In the report, the customers demanded claims totalling N344.01bn and $420.06m in the period under review.

 

The institute said it resolved 1,993 cases and awarded N30.26bn and $18.41m to the petitioners in 2017.

 

In the report, it stated that 140 cases were outstanding as of the end of 2018.

 

Part of the CIBN report read, “Since inception in 2001, the sub-committee has received a total number of 2,122 petitions/cases with total claims of N344.01bn and $420.06m in local and foreign currencies respectively.

 

“1,993 cases were resolved which resulted to N30.26bn and N18.41m awarded/ refunded to petitioners/ customers by banks.”

 

The institute also said that as of the end of April 2019, it had received 129 new cases with claims amounting to N11.89bn.

 

It also said that in 2019, it had so far awarded N1.83bn in 138 pending cases.

 

The President, CIBN, Dr Uche Olowu, said the Nigerian banking industry witnessed several notable developments in the year under review.

 

“Most importantly was in the area of enhancement and advancement in fintech and digitisation,” he said.

 

He assured that the institute would continue to guard its financial resources while at the same time, ensuring that the implementation of its vision and goals for the institute were not hampered by financial constraints.

 

Seye Awojobi, registrar/chief executive, CIBN, said, the operations of the institute had been in consonance with responsible accounting and consequence management to ensure effectiveness and efficiency of its mandates.

 

He said that in the year under review, the thorough process had propelled the staff members to be more resourceful and focus- driven to achieve their set targets.

 

“Furthermore, it is noteworthy to inform you that the current Strategy Plan (approved in 2016) of the institute would run its full course by September 2019 and adequate process has been put in place by the Research, Strategy & Advocacy Committee towards the development of a new and robust strategy plan that would incorporate the expected actions and deliverables in tandem with dynamics of the business climate.”

 


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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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