Thursday, September 20, 2018

Tag "banks"

    Constitutionality of banks as tax collectors

Constitutionality of banks as tax collectors

BY ABUBAKAR SANIThe Association of Bureau De Change Operators of Nigeria recently raised an alarm over the on-going practice of banks denying their members access to their funds on the strength of a directive purportedly issued by the Federal Inland Revenue Service (FIRS) appointing the banks as collection agents in respect of tax which it unilaterally determines is due from [...]

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    Magu: EFCC ready to assist banks on verge of collapse

Magu: EFCC ready to assist banks on verge of collapse

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), says a number of Nigerian banks are on the brink of collapse due to huge debts owed by "unscrupulous customers".Magu spoke on Thursday at an interactive session with the Association of Chief Compliance Officers of Banks in Nigeria.In a statement released by Wilson Uwujaren, EFCC spokesman, Magu said [...]

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    Fitch: Some Nigerian banks may struggle to remain profitable in 2018

Fitch: Some Nigerian banks may struggle to remain profitable in 2018

Fitch, one of the big three rating agencies in the world, says Tier 2 Nigerian banks may struggle to remain profitable in 2018.In a statement released on Thursday, Fitch said reduced treasury bill issuance will affect the profitability of banks."However, some second-tier banks with a 9M17 operating ROAE of 4%-6% may struggle to remain profitable in 2018."The agency said Nigerian [...]

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    Adegboruwa: BVN not backed by law… court order to freeze bank accounts illegal

Adegboruwa: BVN not backed by law… court order to freeze bank accounts illegal

Ebun-Olu Adegboruwa, human rights lawyer, has described as illegal, the order granting forfeiture of funds in accounts without bank verification number (BVN) to the federal government.On Saturday, TheCable reported that 19 banks had been directed and given the ultimatum of 14 days to advertise accounts without BVN in a national newspaper.This order was given by Nnamdi Dimgba, a judge of [...]

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    Some banks are aiding and abetting corruption, says Magu

Some banks are aiding and abetting corruption, says Magu

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), has lamented the non-compliance with regulations on money laundering and other related offences by some banks and financial institutions.In a statement issued by Wilson Uwujaren, EFCC spokesman, on Tuesday, Magu, who described money laundering as a threat to developing and developed countries, expressed regret “that some banks had [...]

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    Obasanjo urges banks to lower interest rates for farmers

Obasanjo urges banks to lower interest rates for farmers

Ex-president Olusegun Obasanjo has urged commercial banks to lower interest rates for farmers to enable them to access loans for agriculture.Speaking at the opening ceremony of the 2017 Niger state investment summit in Minna on Monday, Obasanjo said high interest rate was one of the challenges farmers face.While explaining that it was difficult for  farmers to pay back loans and [...]

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    Mob sets banks ablaze as policeman ‘kills’ tanker driver (updated)

Mob sets banks ablaze as policeman ‘kills’ tanker driver (updated)

A mob has reportedly set ablaze buildings of two banks – Sterling and Diamond – located in Apapa, Lagos, after a policeman attached to one of the banks allegedly shot dead a tanker driver.The fracas reportedly began when the unidentified mobile policeman objected to the parking of a tanker in front of the bank.The driver was said to have refused [...]

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    ‘Takeover’ won’t affect you, NCC assures 21m Etisalat subscribers

‘Takeover’ won’t affect you, NCC assures 21m Etisalat subscribers

The Nigerian Communications Commission (NCC) has assured 21 million Etisalat subscribers that the telco's N541 billion debt and brewing takeover will not, in any way, affect them negatively.In a statement signed by Tony Ojobo, NCC director of public affairs, the commission said it attempted to find a resolution to the challenges facing the company, but could not get desired results.NCC [...]

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    Etisalat: We are yet to seal a deal on multi-billion naira debt

Etisalat: We are yet to seal a deal on multi-billion naira debt

Etisalat Nigeria says it is still in discussions with banks regarding existing multi-billion naira debt obligations under the syndicated loan agreement signed in 2013.The telco said it has not received any formal communication from the lenders regarding the proposal."Whilst we are aware of recent news reports stating that the offer has been rejected by the banks, we cannot confirm this [...]

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    JAMB, banks pass the buck over UTME registration hitches

JAMB, banks pass the buck over UTME registration hitches

Banks and JAMB are trading blames over the inability of many candidates to register for the 2017/2018 Unified Tertiary Matriculation Examinations (UTME).Although candidates across the country were experiencing difficulties in the registration process, those in Benue were the most affected.While JAMB has accused the banks of causing the delays, the banks argue that JAMB is solely responsible for generating the [...]

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    No more 375! You can now get dollars N360/$1 across banks

No more 375! You can now get dollars N360/$1 across banks

The Central Bank of Nigeria (CBN) says banks will no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances.CBN, on Monday morning, said Nigerians can now get the dollar at 360 across all commercial banks within the country."The CBN to sell forex to banks at N357/$1, while banks will sell to [...]

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    Adeosun: Like banks, we must recapitalise insurance companies

Adeosun: Like banks, we must recapitalise insurance companies

Kemi Adeosun, minister of finance, says Nigeria must recapitalise its insurance sector just the way banks were recapitalised to drive effectiveness.Speaking at the National Insurance Conference in Abuja on Monday, Adeosun said the current administration is resolute in leading reforms for a more vibrant Nigeria insurance market.She explained that a developed and active insurance market would bring about increase in [...]

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    CBN: No Nigerian bank in distress… not even Skye

CBN: No Nigerian bank in distress… not even Skye

The Central Bank of Nigeria (CBN) says no bank in the country is currently in financial distress.In a statement released on Wednesday by Isaac Okorafor, acting director, corporate communications of the CBN, the apex bank said the rumours and speculations of distress are "untrue and do not reflect the actual health of the individual banks and indeed, the entire banking industry"."For [...]

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    NDIC: Banks defrauded of N18bn in 2015 – but that’s better

NDIC: Banks defrauded of N18bn in 2015 – but that’s better

Banks in Nigeria lost N18.021 billion in 2015, representing a N7.59 billion or 29.63 per cent decrease from 2014, the Nigeria Deposit Insurance Corporation (NDIC) said on Tuesday.The number of fraud cases stood at 12,279 in 2015, a 15.71 per cent increase from the 10, 612 cases reported in 2014, the corporation said in a statement released on Tuesday in Lagos by its [...]

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    FG: Nigerians’ll start seeing budget impact from July

FG: Nigerians’ll start seeing budget impact from July

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    70m Nigerians excluded from banking sector, says IMF

70m Nigerians excluded from banking sector, says IMF

The International Monetary Fund (IMF) says 40 percent of Nigeria’s 180 million citizens are excluded from conventional banking, with only 36 percent covered by the formal banking sector.IMF adds that another 12 percent of the population use informal banking modes to safe their monies, while another 12 percent use neither the semi-formal banks.“It is the topic for policymakers in almost [...]

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Exchange Rates

September 20, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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