CBN/Commercial Banking

May
26
2024
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By Abia ThinkTank
CBN Sacks Over 200 Senior Staff Members

CBN Sacks Over 200 Senior Staff Members

CBN/Commercial Banking, Labour, News Flash
CBN Sacks Over 200 Senior Staff Members No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties. This is an addition to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between March 15 and April 11, 2024. The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. Sources say those sacked are not less than 200. A staff member who could not disclose further details for fear of victimisation added that…
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May
24
2024
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By Abia ThinkTank
Court Seizes $4.7m, N830m, Multi-billion Assets Linked To Emefiele (Full List)

Court Seizes $4.7m, N830m, Multi-billion Assets Linked To Emefiele (Full List)

CBN/Commercial Banking, Crime, Economy, News Flash
Court Seizes $4.7m, N830m, Multibillion Assets Linked To Emefiele (Full List) A Federal High Court sitting at Ikoyi, Lagos has ordered an interim forfeiture of the sums of $4,719,054 million USD, N830,875,611 million, and several properties linked to the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Yellim Bogoro made the order on Thursday, May 23, 2024 following an ex-parte argued by the Economic and Financial Crimes Commission (EFCC) counsel, Bilkisu Buhari and C.C Chineye. “I find merit in the application and same hereby granted as prayed. “The applicant should publish this order in any…
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May
24
2024
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By Abia ThinkTank
Drama As Binnance Executive Gambaryan Slumps In Abuja Court

Drama As Binnance Executive Gambaryan Slumps In Abuja Court

Crime, CBN/Commercial Banking, Economy, News Flash
Drama As Binance Executive Gambaryan Slumps In Abuja Court Thursday’s scheduled proceeding on the trial of the detained Binance executive, Tigran Gambaryan, at the Federal High Court Abuja quickly took a dramatic turn following the defendant’s collapse. Shortly after the matter was called upon by the court registrar for continuation of trial, the defendant did not step forward to the dock. He remained seated at the back as usual. Curious, the trial Judge, Justice Nwite, asked where the 2nd defendant (Gambaryan) was. One of the lawyers in the defence team, who sat beside Gambaryan, assisted him by the side while…
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May
21
2024
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By Abia ThinkTank
Only Applicants From Federal Institutions Can Access Students Loans – FG

Only Applicants From Federal Institutions Can Access Students Loans – FG

CBN/Commercial Banking, Education, FGN, News Flash
Only Applicants From Federal Institutions Can Access Student Loans – FG Managing Director of Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has revealed that a maximum of 1.2 million students across federal tertiary institutions will access the students’ loans in its opening phase. Speaking ahead of the portal’s formal launch for applications on Friday, he stated that students enrolled in federal tertiary institutions whose institutions have finished uploading their data would be able to apply in the first phase. Sawyerr stated that potential candidates can start the application process as early as May 24, but stressed that the loan application…
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May
20
2024
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By Abia ThinkTank
CBN Withdraws Circular On Implementation Of National Cyber security Levy

CBN Withdraws Circular On Implementation Of National Cyber security Levy

CBN/Commercial Banking, Economy, News Flash
CBN Withdraws Circular On Implementation Of National Cybersecurity Levy The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing financial institutions to implement the national cybersecurity levy. The circular, issued on May 6, 2024 with reference PSMD/DIR/PUB/LAB/017/004, mandated commercial banks, mobile money operators, and other financial institutions to collect a 0.5 percent levy on all electronic transactions. This move comes amid widespread public criticism and concerns raised by various stakeholders regarding the levy’s potential impact on the financial sector and the overall economy. Critics argued that the levy would be an additional burden on Nigerians already grappling with…
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May
15
2024
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By Abia ThinkTank
Emefiele Arraigned For Printing N684m Notes With N18.96bn, Pleads Not Guilty

Emefiele Arraigned For Printing N684m Notes With N18.96bn, Pleads Not Guilty

CBN/Commercial Banking, Economy, News Flash
Emefiele Arraigned For Printing N684m Notes With N18.96bn, Pleads Not Guilty The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned a former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele for approving the printing of N684.5m at the rate of N18.96bn. Emefiele pleaded not guilty to the four count charge when he was arraigned on these counts before Justice Maryann Anenih of the FCT High Court, Abuja. In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the…
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May
14
2024
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By Abia ThinkTank
Its Official: Tinubu Suspends Cybersecurity Levy

Its Official: Tinubu Suspends Cybersecurity Levy

CBN/Commercial Banking, Economy, News Flash, Presidency
IT’S OFFICIAL: Tinubu Suspends 0.5% Cybersecurity Levy The federal government confirmed on Tuesday the suspension of the implementation of the cybersecurity levy, the imposition of which was recently announced. Minister of Information and National Orientation Mohammed Idris told correspondents after the meeting of the Federal Executive Council (FEC) presided over by President Bola Tinubu at the Presidential Villa in Abuja that the 0.5% levy on electronic transactions has been put on hold to enable the government to review it. He affirmed that the federal government did not want Nigerians to be overburdened at a time when things are already difficult.…
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May
11
2024
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By Abia ThinkTank
IMF Advises Nigerian Govt Over Crypto Trading Platforms

IMF Advises Nigerian Govt Over Crypto Trading Platforms

CBN/Commercial Banking, Economy, News Flash
IMF Advises Nigerian Govt Over Crypto Trading Platforms The International Monetary Fund has advised the Nigerian government to ask global crypto trading platforms to register or obtain licences before operating in the country. This recommendation was made in the IMF’s latest staff report, released on Thursday following the conclusion of its 2024 Article IV consultation with Nigeria. According to the report, compelling global crypto trading platforms to register will subject them to regulatory requirements. The IMF emphasised the need for Nigeria to establish a robust regulatory framework to oversee the growing cryptocurrency market, ensuring financial stability and protecting investors. It…
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May
08
2024
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By Abia ThinkTank
FG Orders Registration Of All POS Operators In Nigeria

FG Orders Registration Of All POS Operators In Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash
FG Orders Registration Of All POS Operators In Nigeria The Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria. The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide. Speaking at the meeting, the CAC boss said…
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May
07
2024
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By Abia ThinkTank
16 Banking Transactions Not Affected By New CBN’s Cyber security Levy

16 Banking Transactions Not Affected By New CBN’s Cyber security Levy

CBN/Commercial Banking, Business, Economy, News Flash
16 Banking Transactions Not Affected By New CBN’s Cybersecurity Levy The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals. According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024. The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity…
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