All Entries in the "Financial News" Category
CBN suspends deadline for old N50, N10 and N5 notes
LAGOS—CENTRAL Bank of Nigeria, CBN, has suspended the March 31 deadline for acceptance of old N50, N10 and N5 paper notes as legal tenders.
Last year, CBN introduced new N5, N10 and N50 polymer banknotes into circulation and gave a deadline of six months ending March 31, 2010, after which the old paper notes would cease [...]
Intercontinental Bank : Court orders detention of 6 managers
LAGOS—A Federal High Court sitting in Lagos, yesterday ordered the remand of six top officials of Intercontinental Bank in the custody of the Economic and Financial Crimes Commission, EFCC, over their alleged involvement in money laundering scam totaling about N27 billion. Trial judge in the matter is Justice Tijani Abubakar.
The accused persons are, Financial Controller [...]
Banks, Insurance Firms Withhold N39.21bn Pension Assets
Banks and insurance companies withheld pension assets worth N39.21 billion in 2008, says National Pension Commission.
The Commission in its report for 2008 released last week said that this amount comprise legacy pension assets that should have been transferred to licensed pension operators.
The report stated, “The 24 deposit money banks were inspected to determine their [...]
Central Bank of Nigeria, CBN Bans Cheque Payment Above N10 Million
The Central Bank of Nigeria has banned cheque payment for any amount above N10 million, even as it explained the huge losses posted by banks in their nine months operating results.
In a circular to deposit money banks entitled ‘Maximum Limit on Cheque Payment’ and signed by the Acting Director, Banking Supervision the CBN stated, ” [...]
EFCC Arrests Four Intercontinental Bank Official Over Fraud
The Economic and Financial Crimes Commission on Monday arrested four top officials of Intercontinental Bank Plc for allegedly transfering N12bn belonging to depositors to the accounts of the former Managing Director of the bank, Mr. Erastus Akingbola.
The arrested workers include the bank’s Financial Controller, Mr. Akin Fabunmi; Head, International Operations, Dr. Ayoola A.; Head, Domestic [...]
Fresh N180bn Loans Uncovered in Intercontinental Bank
Fresh allegations have emerged in Abuja that a former Managing Director of Intercontinental Bank, Dr. Erastus Akingbola, granted N180bn loans to his associates and companies he had interest in.
The total debt stock of the bank, as announced by the Central Bank of Nigeria in August, was N210.9bn.
Akingbola was one of the five bank managing directors [...]
Dubai Credit Crisis: U.A.E. Will Support Banks
MUMBAI — The United Arab Emirates central bank on Sunday said that it stood behind domestic and foreign banks operating in Dubai after last week’s announcement that Dubai World needed more time to pay back some of its $60 billion in debt.
Dubai surprised the financial world on Wednesday when it said it would ask creditors [...]
Budget Nigeria: FG expects N6.04trn revenue in 2010
Budget: FG expects N6.04trn revenue in 2010
ABUJA — DETAILS and revenue estimates for the 2010 budget inadvertently omitted in the budget proposal submitted to the National Assembly on Tuesday were yesterday circulated to Senators.
The revenue estimates showing a total collection of N6.040 trillion accruable from oil and non-oil sources showed oil revenue yielding N4.293 trillion [...]
Cecilia Ibru Sanusi of Plotting to Sell Oceanic Bank to friends
SACKED Managing Director of Oceanic Bank Plc, Mrs. Cecilia Ibru, has filed a suit before a Federal High Court sitting in Lagos, challenging her removal as the Chief Executive of the bank by the Central Bank, CBN, accusing the Governor, Mallam Sanusi Lamido of plotting to sell Oceanic bank to his friends under the [...]
Multi-Million Naira Nigeria Deposit Insurance Corporation Fraud: Ogunleye, 5 others have case to answer –Court
Multi-million naira NDIC fraud: Ogunleye, 5 others have case to answer –Court
An Abuja High Court on Tuesday ruled that the Managing Director of the Nigeria Deposit Insurance Corporation, Mr. Ganiyu Ogunleye, and five other key officials of the agency accused of conspiracy and criminal breach of trust in an alleged multi-million naira fraud have a [...]
Multi-million Fraud: French MD of ANAMMCO to face the law –BPE DG
Economic and Financial Crimes Commission (EFCC) and other relevant agencies are probing allegations of corrupt practices levelled against Mr. Jacques Gelin, the expatriate managing director of the Enugu-based auto company, ANAMMCO, by the staff of the company.
Director-General of the Bureau of Public Enterprises (BPE), Dr. Christopher Anyanwu, stated this on Monday when senior staff of [...]
First City Monument Bank Staff Nabbed Over N12.5m Fraud
An official of First City Monument Bank, Mr. Olajide Ogundipe has been arrested by the Economic and Financial Crimes Commission, EFCC, for defrauding the bank to the tune of N12.5 million, out of which the anti-graft agency has been able to recover N9 million from the suspect.
The bank had on September 4, 2009, petitioned [...]
