Sun, Aug

Alleged N22Bn Fraud: MTN Mobile Banking Sues 18 Banks

The fintech subsidiary of MTN Nigeria, Momo Payment Service Bank Limited (MomoPSB) has filed a suit in the Federal High Court seeking to compel 18 commercial banks to refund about N22.3billion that was mistakenly transferred in 700,000 transactions into accounts belonging to about 8,000 bank customers on May 24, 2022.

Petrol, Electricity Crisis: President Buhari Apologizes To Nigerians

President Muhammadu Buhari has apologized to Nigerians over the total blackout and the protracted long queue in filing stations which has caused the citizens untold hardship. The Senior Special Assistant to Mr. President on Media and Publicity, Mallam Garba Shehu, in a statement last night conveyed Mr. President’s sincere regrets for the inconvenience caused to citizens of the country. “The administration knows the fuel shortage has placed a strain on Nigerian citizens and businesses, but relief is on the way.

NLC Rejects Intended Petrol Price Increase

The Nigeria Labour Congress (NLC) has expressed dissatisfaction with regard to the alleged comment by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari that the price of petrol could jump as high as N320 and N340 from February 2022. The NLC has urged the Federal Government of Nigeria to consider options to help the nation embrace developmental governance and accountable leadership while rejecting the planned petroleum price increase. In a statement yesterday by NLC President Ayuba Wabba, the congress said the proposal by Kyari which he said was consequent on the plans by the federal government to remove subsidy on petrol was rejected. Wabba said the union would maintain its rejection of deregulation so long as it was based on an import-driven model. Mr. Wabba described as “comical” the bait by the government to pay 40 million Nigerians N5,000 as palliative, to cushion the effect of astronomical increase in the price of petrol. “The NNPC GMD said that the price increase would be consequent on the plans by the Federal Government to remove subsidy on Premium Motor Spirit, also commonly referred to as petrol or fuel. “The grand optimism of the NNPC GMD was predicated on the claims that the removal of fuel subsidy is now backed by an act of parliament probably the Petroleum Industry Act which was recently signed into law,” Wabba said.

CBN Introduces Cash Collection Centres For Withdrawals, Deposits

The Central Bank of Nigeria (CBN) has announced the launch of cash collection centers called Bank Neutral Cash Hubs (BNCH) to be set up by Deposit Money Banks (DMBs) or registered Cash Processing Companies (CPCs). CBN made this known in a guideline for the registration and operation of BNCHs in Nigeria. According to the CBN, BNCHs would provide an efficient platform for customers to deposit and receive cash regardless of the bank the customers’ account is domiciled, adding that BNCHs would be located in areas with a high frequency of cash transactions and business activities.

CBN, SEC Sanction Five Banks For Money Laundering, Forex Offences

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC)have sanctioned five banks for violating over 20 regulations including foreign exchange market and anti-money laundering regulations. The affected banks are Guaranty Trust Holding Company Plc, United Bank for Africa Plc, Access Bank Plc, Stanbic IBTC Holdings Plc, and Fidelity Bank Plc. According to the half-year 2021 financial results filed with the Securities and Exchange Commission, the five banks recorded a combined N1.4billion. Punch reported that the Guaranty Trust Holding Company Plc got the highest fine of N692 million for violating rules on certain forex transactions carried out by some betting and gaming companies. Also, the GTCO was fine N2million for non-refund interest on the debit of non-interest related charges imposed on non-funded accounts. The United Bank of Africa (UBA) was fined the sum of N273million for two market violations, the bank was fined N260 million for forex documentation lapses in respect of some customers' accounts and N13 million fine for non-verification of customer identification as well as delay in filing the related transaction report. The sum of N233 million was imposed as a fine on Stanbic IBTC Holdings for two infractions, N230 million for an alleged contravention of extant forex regulation between January 2013 to July 2020.

Oil Vessel With Over 20kBpD Capacity Explodes In Niger Delta

A Floating oil Production, Storage and Offloading (FPSO) vessel owned by Shebah Exploration and Production Company Limited (SEPCOL) with a capacity to process up to 22,000 BPD, and store 2 million barrels of oil, has exploded and sunk at the Ukpokiti Terminal, around Excravos, Warri South-west, Delta State. SEPCOL, owned by a combination of Nigerian and overseas corporate entities, which include: Abbeycourt Trading Company Limited (ATCO), Abbeycourt Petroleum Company Limited and Allenne Limited confirmed that the vessel TRINITY SPIRIT has exploded and has sunk below waters in the Niger Delta area of the country.

Nigeria Closed 234 Branches, 649 ATMs In 2020 – IMF

The International Monetary Fund (IMF) has said Nigeria's 2020 Financial Access Score declined to 4.44 following the closure of 234 bank branches and 649 Automated Teller Machines (ATMs) in the year. The IMF said this during its 2021 Financial Access Survey (FAS) Trend and Developments release on Monday. Financial Access Survey is a dataset on the access to and use of financial services, aimed at policymaking to enable the monitoring of financial inclusion as a benchmark of progress against its peers.

Arik Sacks Pilots For Embarking On Strike

Arik Air has sacked an undisclosed number of its pilots for gross acts of indiscipline, describing the strike as an act of betrayal pilot. In a statement, the airline said the affected pilots were sacked for embarking on strike “without recourse to lay down procedures,” adding that the strike was an act of betrayal, especially during the Yuletide season when the airline is at its peak of travel.

FG To Conduct Population Census Next Year

Following the approval of the N178.09 million in the 2022 Appropriation bill, the national population and housing census will hold next year after a 15-year hiatus. The Minister of Finance, Budget, and National Planning, Zainab Shamsuna Ahmed said this on Friday during the public presentation and breakdown of the 2022 Budget in Abuja, saying President Muhammadu Buhari is expected to make a proclamation on the planned 2022 headcount exercise.

Just In: Titan Trust Bank Acquires Union Bank

Titan Trust bank Limited has on Thursday announced that it is acquiring 89.39 percent of Union Bank, one of Nigeria's oldest banks. The acquisition follows an agreement by Union Global Partners Limited, Atlas Mara Limited, and other major stakeholders to divest 88.39 percent of shareholding in Union Bank to Titan Trust Bank. The Union Global Partners Ltd (UGPL), in a notification to the Board of Directors of Union Bank of Nigeria Plc announced that

FG Says Collection Of VAT By FIRS Remains

The Federal Government has said the Federal Inland Revenue Service (FIRS) will maintain the status quo and continue to collect Value Added Tax (VAT), the Attorney-General of the Federation, Abubakar Malami announced. Malami made the announcement while speaking to the press in New York, United States on the lingering disagreement over the collection of VAT between Rivers State Government and the FIRS.

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