The National Assembly on Wednesday passed for second reading an Executive Bill seeking to tax the windfall made by banks from foreign exchange business. The bill is an amendment to the Finance Act of 2023. The one-time tax will be used to finance capital infrastructure development, education, healthcare and other welfare initiatives, according to the Federal Government. Another Executive Bill …

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging a 0.5 per cent cybersecurity levy on transactions. This was contained in a circular dated 6 May 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers. “Following the …

Barely 48 hours after restating the need to increase the capital base of Deposit Money Banks (DMBs) for improved productivity, the Central Bank of Nigeria (CBN) has announced new guidelines on its recapitalisation policy for banks in the country. The new guidelines were disclosed in a statement by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday. She …

No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s (CBN) capital requirement if it is increased from its current N25 billion, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for Banks amid Plans for Recapitalisation”, noted that …

The Inspector General of Police, Kayode Egbetokun, has counselled financial institutions and business owners over the growing sophistication of cyber threats and consequent attacks on their databases and businesses. The IGP spoke over the weekend at the Moniepoint Staff Retreat in Abuja, urging those in the financial sector and business owners to take proactive steps towards the protection of their …

The Ekiti State Government, on Wednesday, sealed the premises of four second-generation banks in Ado Ekiti, the state capital, over violation of Environmental Impact Assessment Laws. The state Environmental Protection Agency (SEPA) in the state’s Ministry of Environment and Natural Resources also sealed some business premises for non-payment of the necessary dues for EIA and audit. The Commissioner for Environment, …

Telecom companies in Nigeria have decried the N200 billion debt owed by the banks for the Unstructured Supplementary Service Data (USSD) provided by telecom operators. According to them, the debt, coupled with the 52 taxes, could cripple their operation in the country if the federal government does not intervene. The companies under the aegis of the Association of Licenced Telecom …

To ensure the efficiency and integrity of the Customs Duty Collection system, the Nigeria Customs Service (NCS) on Thurday, announced the suspension of two Deposit Money Banks (DMBs) from collecting import duty on behalf of the service. This is said to be due to the banks’ inability to accurately and timely remit the essential funds for national development. According to …

Deposit money banks in Nigeria have reported a sharp rise in fraud cases and the amount of money lost in the second quarter of 2023, Q2’23. The latest report also shows that the number of insider involvement rose astronomically. The total amount involved in the fraud cases during the period rose to N9.75 billion, up by a whopping 276.98 per …

Telecommunication firms are considering a repayment plan proposed by Deposit Money Banks to end the N120 billion debt on the Unstructured Supplementary Service Data service (USSD), according to The PUNCH. A source said the Central Bank of Nigeria (CBN) was intervening in the dispute, and planned a meeting with both parties. According to a source in the Association of Licensed …