The Maina Saga: Brickbats still on

The Maina saga is a saga that has refused to go away. Recently, the acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, had accused the former pension boss, Abdulrashid Maina, of using his son’s account to Launder money, insisting that N1.7bllion was lodged in he son’s account. Maina has been declared a fugitive since stories started going round that the Bornu state borne civil servant, who has been dismissed by the Goodluck Jonathan administration for corruption, and has been living at Dubai since, was secretly brought…

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SEC: CACOL petitions presidency, EFCC

SEC-Security and Exchange Commission-is under scrutiny due to an ongoing investigation by the Economic and Financial Crimes Commission, EFCC. This followed a Presidential Directive to the commission based on petitions against Mournir Gwazo. Gwazo was accused by a Human Rights group, Centre for Anti-Corruption and Open Leadership,CACOL, of corruption to the tune of N104 million, a sum he allegedly paid himself as severance package, and award of contracts to firms he has interests in. “On January 2, 2013,” Adeniran wrote, “Mr. Mournir Haliru Gwarzo was appointed an Executive Commissioner in…

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Nigerians’ cash hoarding starves banks of funds

Nigerians have devised means through which they address the issue of money laundering: Hoarding raw cash. Architect Ukpe (not his real name) was invited by a client who wants to build a house in Aja area of Lagos. The plan was for a block of six flats. The total cost of the land and erected structure was put at N420 million. After the whole negotiation, the owner called the architect inside his house at Lekki phase 2 and brought out 2 bags, one  full of dollars and the other full…

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Diamond Bank’s Albatross

By Chidiebere Onyemaizu   Many weighty issues are probably agitating the mind of Dozie Uzoma, the youthful Group Managing Director, GMD of Diamond bank. Chief among these is perhaps the desire to go down in history as the Bank’s GMD during whose tenure Diamond bank’s customer and deposit base burgeoned but it’s doubtful if Uzoma has taken time off to reflect on the travails of one of Diamond Bank Customers, Prince Alfred Ugochukwu Amaobi. Diamond Bank is a customer-friendly bank but Amobi’s bitter experience with the bank makes him insists…

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BVN: controversy trails decision to freeze accounts without Bank Verification Number

BVN, or Bank Verification Number, is currently drawing controversies since an Abuja High court ordered the closure of accounts without BVN. The court has ordered that the Nineteen commercial banks and that Central Bank Of Nigeria, CBN, should compile accounts without BVN including“fixed/term deposits and their liquidation and interest incurred, bank acceptances, commercial papers and any other relevant information related to the transaction made on the accounts”. The court also demanded that the banks should provide “any investments made with funds from these accounts without BVN in any products”. In…

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Buhari Pleads At UNGA Meeting

President Muhammadu Buhari has told a gathering of over 150 world leaders that recovery of stolen wealth from Nigeria will only be possible through their cooperation. Buhari said this while delivering his speech at the 72nd United Nations General Assembly in New York on Tuesday. The President further stated that ISIS fighters who were under fierce attacks were fleeing to the Lake Chad Basin and the Sahel where armies had weaker capacities to defeat them. He, therefore, urged world leaders to cooperate better in the fight against terrorism. Buhari said,…

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N7.51 Trillion Borrowed Under Buhari

The Federal Government under President Muhammadu Buhari and the 36 states of the federation as well as the Federal Capital Territory have borrowed N7.51tn in the last two years, statistics have revealed. As of June 30, 2015, just a month after the present crop of leaders took over the leadership of the country, Nigeria’s total debt stood at N12.12tn. However, as of June 2017, the nation’s total debt had climbed to N19.63tn, according to the latest debt statistics obtained from the Debt Management Office. The debt stock data released by…

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NSE: Redeeming The Market

The recent decisions reached on resolving capital market challenges will go a long way in protecting and restoring confidence in the market By Shedrack Ifurueze The low patronage of the Nigerian stock market, the magazine’s investigation has been attributed to many reasons. Prominent among the factors is the ugly experience by many investors in the hands of fraudulent operators. Some investors, who invested most of their savings in the market in the past, lost their money to stockbrokers. These investors are scared to return to the market. In some cases,…

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Ugly Sack

The National Bureau of statistics NBS had revealed that 8,663 workers lost their jobs in the first half of 2017, an average of 360 staff per month By Shedrack Ifurueze “Date made available by the NBS to the magazine showed that an average f 360 staff were sacked every week from January to June, 2017.” The figures, according to the source were higher in the first quarter and lower in the second. According to a report title: “Selected banking sector Data: sectoral breakdown of credit, repayment channels and staff straight,”…

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Tightening the Noose

By Shedrack Ifurueze In order to proffer a lasting solution as well as make efforts at combating swindlers within the banking industry, the Central Bank of Nigeria, CBN has directed all DMBs, mobile money operators, MMOs Switches and all payment service providers to establish and maintain a dedicated fraud desk in their respective organizations. The CBN which is the top regulatory agency advised the banks that the fraud desk shall be appropriately staffed with personnel that have requisite training on emerging fraud trends on various electronic payment channels, adding that…

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Stamp Duty Again: CBN’s Unwavering Action

By Shedrack Ifurueze Following the implementation of the Stamp Duty Act by the CBN and commercial banks operating in Nigeria, the Nigerian Postal Service is to be classified as a revenue-generating agency. Investigation by the magazine has shown that the CBN told commercial banks to start enforcing the country’s stamp duties law on financial transactions with “immediate effect.” In a circular to the banks, the CBN asked the banks to charge N50 on every N1000 deposit or electronic transfer made by customers. The circular read in part: Deposits or transfer…

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Dormant Accounts: Why Banks Stand Vetoed?

By Shedrack Ifurueze Emmanuel Usoro, not real name was an account holder with Union Bank Plc, one of the first generation banks. He however stopped servicing the account about 10 years ago when banks were still using the 14-digit savings and current account numbers. To Usoro’s utmost surprise when he went to the bank to reactivate his account, he was simply told in plain terms that he cannot do that because his account has been declared dormant over the years, except that he has another opportunity to open a new…

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Still On Delinquent Debtors

By Shedrack Ifurueze Though the tension brewing in the nation’s financial sector seems to be fading, The denials by Idika Kalu, former Minister of Finance and Transport; Olatunde Ayeni, the promoter and director of Globe Energy Resources and the management of another major oil firm, MRS; among others, in separate statements vehemently denied owing or having any business dealings with First City Monument Bank, FCMB. But, according to Ayeni, who also doubles as the Chairman of Skye Bank Plc the magazine observes was listed in error as the sole director…

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MPR, CRR Retention: Stakeholders React

By Shedrack Ifurueze Eager to stimulate economic growth and discourage inflation in the economy, commercial banks, the Monetary Policy Committee, MPC of the CBN for the upteenth time retained the benchmark of the Monetary Policy Rate, MPR by a record 200 basis points of 14 per cent. The Monetary Policy Committee of the CBN during its two-day meeting last week also announced that the Cash Reserve Requirement, CRR has been reduced from 25 percent to 20 per cent. It went farther to change symmetric corridor of 200 basis points around…

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Stagnated Market

By Shedrack Ifurueze The unrelenting downturn in the market has left the stock market benchmark index more than eight percent below where it started at the beginning of this year. The equities market has remained unstable since the beginning of the present President Muhammadu Buhari’s administration as a result of the government’s failure to outline its policy direction for the nation’s economy. The magazine’s investigation shows that some jittery investors have continued to refuse to increase their naira votes until the economic direction of the Federal Government becomes clearer. But…

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CBN: Fighting Recession Through Real Sector Interventions

By Shedrack Ifurueze In a recent seminar organized  by the Central Bank of Nigeria, CBN, experts took time to examine developments the economy and how different intervention funds by the apex bank is helping to boost food production in the country through investment in agriculture. What the financial and economic experts saw differently was recession. They however, agreed that it is a pain that could turn to gain within a shortest period if the government takes the right approach. Despite prevailing hardship in the economy, they believe that Nigeria will…

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Aftermath of Burnt Banks: Lagos Police Command Says Trigger Happy Police Officer Arrested

The Lagos State Police Command said on Wednesday that it has arrested the policeman, who allegedly shot a tanker driver dead along Burma Road, Apapa. The command said 18 suspected hoodlums who allegedly caused mayhem in the area following the killing have also been apprehended. According to the command’s spokesperson, ASP Olarinde Famous-Cole, police received a distress call from the Chief Security Officer of a new generation bank located in the area which they responded to. “The caller said hoodlums were trying to take laws into their hands by setting…

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Dreadful Loans: A cause For Concern In DMBs

By Shedrack Ifurueze Deposit Money Banks are very germane to the growth and development of any economy as they serve as the coordinator of all financial transaction. Despite the fact that banks keep people’s money, and in the developing economy such as Nigeria, where virtually every sector is clamoring for financial intervention, the DMBs are always coming to the rescue by giving out both commercial and consumer loans to corporate organizations and individuals. The delight in granting loans is to see the loans perform, but when a loan is regarded…

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Internal Debt: When Internal Debt Servicing Swallowed Over N1trn

Figures from Debt Management Office, DMO have shown that the cost of servicing the country’s rising internal debt has hit more than N1trillion mark for the first time from 2015 By Shedrack Ifurueze Debt Management Office, DMO recently said that the federal government had spent over N1.02 trillion to service its domestic debt since the past two years. This comprises of N25 billion spent on the repayment of the principal and N993.13 billion on interest payment within the years under review. Since the end of December 2015, Nigeria’s total public…

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Economy: Not Yet Uhuru

As the expectations and promises of May 29, 2015; when President Mohammadu Buhari was sworn in as President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria have significantly slowed down with most Nigerians now ghosts of themselves. No thanks to what concerned Nigerians consider as the many failed promises of the ruling All Progressive Congress, APC By Shedrack Ifurueze An air of obvious expectations for a better Nigeria of our vision was infectious with the APC as opposition then promising Nigerians illusive better life after 16…

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