Tag: CBN

Judge Rejects Request To Withdraw From Emefiele’s Trial

Ganiyu Amodu

Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has dismissed a request for his recusal from the ongoing trial of the former Governor of the Central Bank of Nigeria, Godwin Emefiele. Delivering his ruling on Wednesday, Justice Oshodi held that the allegations of bias raised by the defence were unsubstantiated, stating that there was no evidence to justify his withdrawal from the case. The defence, led by Olalekan Ojo, had on Monday orally applied for the judge to recuse himself, arguing that his previous rulings suggested…

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CBN Retains Interest Rate At 27.5%

Ganiyu Amodu

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has unanimously decided to hold all the parameters. This was announced by the CBN Governor, Mr Olayemi Cardoso, on Thursday during a press briefing in Abuja. In this regard, that keeps the Monetary Policy Rate (MPR) at 27.50 percent, and retains the asymmetric corridor around the MPR at +500/-100 basis points. Court Grants Portable N2m Bail, Adjourns Case Till March 5 Portable Arraigned In Ogun Court Over Alleged Assault On Government Officials The MPC also retained the Cash Reserve Ratio…

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CBN Retains N100 ATM Fee For Withdrawals Below N20,000

Ganiyu Amodu

The Central Bank of Nigeria has announced that Nigerians withdrawing less than N20,000 from another bank’s Automated Teller Machine will still be charged a fee of N100 per transaction. This is according to a FAQ document published by the apex bank on its website on Thursday, which provides further information on a new CBN’s directive. The directive is part of the newly revised ATM transaction fees set to take effect from March 1, 2025, as contained in the CBN circular dated February 10, 2025. Under the revised fee structure, withdrawals…

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‘For Hoarding Cash During Yuletide,’ CBN Fines Zenith, First Bank, 7 Others N1.35Bn

Ganiyu Amodu

The Central Bank of Nigeria (CBN), has identified nine Deposits Money Banks (DMBs), as responsible for scarcity of cash in the country during the yuletide season. There was scarcity of cash during the yuletide season, thereby, making Nigerians go through harrowing experience before getting access to their money. Also, due to scarcity of cash, Point of Sales (POS) operators increased their charges by 100 percent. However, on Tuesday, the apex regulatory bank, identified and slammed a whooping N150million fine on each banks that hoarded cash and subjected Nigerians to suffering…

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EFCC Summons Okoya’s Sons Over ‘Abuse Of Naira’

Ganiyu Amodu

The Economic and Financial Crimes Commission (EFCC) has once again demonstrated its unwavering commitment to upholding the law and ensuring that no individual, regardless of their social status or affluence, is deemed untouchable. In a bold move, the EFCC has invited Subomi and Wahab, the sons of billionaire industrialist Razaq Okoya, for interrogation in connection with alleged abuse of the naira. The invitation follows a viral video that surfaced, showcasing the Okoya brothers spraying naira notes while a police officer held stacks of the currency, in clear contravention of Section…

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CBN Okays Unity, Providus Banks’ Merge Deals

Ganiyu Amodu

The Central Bank of Nigeria has given a nod for the merger arrangement between Unity Bank Bank and Providus Bank. The bank’s spokeswoman, Hakama Sidi Ali gave the indication in Abuja, on Tuesday. A statement by Sidi Ali reads in full, “The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. “This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks. The merger is contingent…

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CBN Sacks Aisha Buhari’s Brother As Mint Boss

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) on Wednesday sacked the top management team of the Nigerian Security Printing and Minting Plc (NSPM) – otherwise known as the mint – and appointed Abubakar Sule Minjibr as the acting Managing Director. Minjibr replaces Ahmed Halilu, the company’s former MD& CEO who was widely reported as an elder brother to Aisha Buhari, wife of the former President, Muhammad Buhari, and was appointed by him in 2022. The development Is contained in an internal memo “House Notice No. 2083 – Executive Management Changes” signed…

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Reps Probe CBN Over 600 Workers’ Sack

Ganiyu Amodu

House of Representatives has resolved to look into the mass retrenchment exercise by the Central Bank of Nigeria. The lawmakers passed the resolution during the plenary session on Wednesday after the adoption of a motion sponsored by Jonathan Gaza from Nasarawa state. In recent months, the apex bank has reportedly dismissed over 300 employees including directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking officials. While reacting to the development, Gaza said as part of an “extensive reform,” the CBN has been “downsizing the workforce, which has affected…

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CBN Issues July 7 Deadline For PoS Operators’ Registration With CAC

ADEOLA YUSUF

Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC). This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday. Speaking at the event, the CAC boss said the two-month timeline to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria”. “The measure aims at safeguarding the…

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See Exemptions To CBN’s Cybersecurity Levy

ADEOLA YUSUF

Central Bank of Nigeria (CBN) has mandated all banks to begin charging a cybersecurity levy on transactions. The levy is to be implemented in two weeks and is a follow-up on earlier letters emphasizing compliance with Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. The Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 has provided for the levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act. READ ALSO Takeaways From Tinubu’s Trip to Riyadh…

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