Connect with us

E-Financial

FG Okays Tribunal to Try Banks, Bankers for Offenses

Published

on

Kindly share this post

Federal government has approved the rules that will guide the operations of Chartered Institute of Bankers of Nigeria (CIBN) disciplinary tribunal.

 

The tribunal is expected to sanction bankers that breached the industry’s operational guidelines.

 

The approval, the CIBN said in a statement, has further strengthened members’/customers’ confidence in the industry.

 

Abubakar Malami, attorney general of the Federation and minister of Justice, consented to the rules on behalf of the Federal Government.

 

The rules prescribe the proceedings to be observed by the tribunal in the hearing and determination of complaints as well as recommending appropriate sanctions to be meted out to erring members of the institute upon establishment of a prima facie case by the investigating panel.

The tribunal which also looks into cases of ethical and professional misconducts by members of the institute, will be involved in the appointment of chairman and other members of the Disciplinary Tribunal; reference to the Disciplinary Tribunal; convening of the Tribunal; composition and proceedings of the Tribunal; parties to the proceedings before the Tribunal, service of processes, among others.

 

It will also look into directions and case management practice directions, failure to comply with rules, practice directions or tribunal directions, general powers of the tribunal, lead compliant, petition or matter; consent Orders, amendment of processes before the tribunal and withdrawal.

 

Other provisions of the rules include striking out of a case brought before the tribunal, fixing of listing of hearing date and service of notice, etc by the secretary, legal representatives, holding proceedings in public or private hearings among other provisions.

 

The rules stated that “any complaint, written allegation or petition that relates to professional or ethical misconduct or breach of any of the provisions of the Banker’s Code of Conduct in the Nigerian Banking Industry, shall be addressed to the Registrar/Chief Executive Officer of the Chartered Institute of Bankers of Nigeria”.

 

The disciplinary tribunal adjudicates on cases of ethical and professional misconduct by members of the institute. The rules are expected to further improve and promote ethical practice and professionalism in the Nigeria banking industry.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

Published

on

Kindly share this post

World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.

World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.

It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.

It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.

The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.

“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.

“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.

“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.

The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

UBA Unveils Revamped Website, Heralds New of Digital Experience

Published

on

Kindly share this post

United Bank for Africa (UBA), Plc, Africa’s Global Bank, has launched its revamped Group website to enhance users’ digital experience.

UBA Unveils Revamped Website, Heralds New of Digital Experience

The newly revamped website boasts of a faster, smarter, and more dynamic digital platform, designed to deliver live news updates, real-time Nigerian stock prices, and a world-class user experience among other world-class features.

The upgrade marks a significant leap in the bank’s digital transformation journey, setting new standards for speed, accessibility, and innovation in the African banking industry.

Alero Ladipo,  group head, Marketing and Corporate Communication, UBA, who spoke excitedly about the revamped website, explained that the redesign focuses on simplifying user-journey, improving responsiveness across all devices, and incorporating a language-agnostic interface that caters to the bank’s diverse global audience.

She explained that with its sleek, intuitive layout and enhanced navigation, the site empowers customers, investors, and stakeholders to access critical information instantly – whether it is the latest market movements, breaking financial news, or UBA’s wide range of products and services.

Ms Ladipo said, “We are thrilled to unveil our new website, which represents a significant milestone in our digital transformation journey. Our goal is to provide a world-class digital experience that meets the evolving needs of our customers and stakeholders.”

Continuing, she added, “A major highlight of the upgrade is its speed, powered by an upgraded server infrastructure with enhanced load balancing to ensure minimal downtime and lightning-fast performance. By combining speed, accessibility, and live market intelligence, our new platform strengthens our position as an industry leader.”

She pointed out that the site also integrates automated news updates powered by International agency, Bloomberg and real-time stock prices tracking, ensuring visitors remain informed at all times.

Throwing more light on the new features, Amanda Oguamanam, head, Digital and Online Marketing, UBA, said; “We have transformed our website to be faster, cleaner, and more engaging, removing clutter by over 60%, upgrading servers for speed and reliability, streamlining navigation, and tailoring content to inspire global partners while making it easier for customers to find what they need.”

Other standout features, she added, include improved accessibility for users with disabilities, dark/light mode toggle, advanced search functions, and a simplified content structure, which are all designed to deliver an inclusive, modern experience for a global audience.

The revamped website is live and accessible at www.ubagroup.com.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.


Kindly share this post
Continue Reading

E-Financial

NBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off

Published

on

Kindly share this post

Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.

VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.

In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.

Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.

However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.

Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.


Kindly share this post
Continue Reading

Trending