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 …

Pandemonium broke out on Friday at some markets, schools and banks in Onitsha and Nnewi the commercial and industrial towns of Anambra State, as commercial and business activities were disrupted following sporadic gunshots by unknown gunmen enforcing the sit-at-home order. The development caused traders at the markets in the communities including Onitsha Main Market, Ochanja Central Market, Relief Market and …

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroun. The warning was contained in a circular referenced: FPR/AML/PUB/BOF/001/029, which was issued on Thursday by the Director, Financial …

Commercial banks’ customers deposited N8.9 trillion new cash in banks’ vaults in the last one year, members of the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) have said. MPC member,  Prof. Festus Adenikinju, said the deposit base represents a 21.4 per cent increase to about N44 trillion in total industry deposits between April 2022 and April 2023. Likewise, …

Telecommunication firms have said they will not be forgiving the N120 billion Unstructured Supplementary Service Data (USSD) debt banks owe them. They stated that banks must pay the debt, insisting banks would be disconnected once every effort at resolution was exhausted. According to the Chairman, Association of Licensed Telecommunications Operators of Nigeria, Mr. Gbenga Adebayo, banks are yet to positively …

The Central Bank of Nigeria (CBN) has given banks and other financial institutions a 30-day timeline to close accounts without Bank Verification Number (BVN). Data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that 57.39 million customers’ accounts have been linked to their BVNs as at 8th April. According to a review of the ‘Regulatory Framework for Bank Verification Number …

The Nigerian Communications Commission (NCC) has granted telecommunications operators in Nigeria the approval to disconnect banks over N120 billion unstructured supplementary service data (USSD) debt, according to the Association of Licensed Telecommunications Operators of Nigeria (ALTON). ALTON Chairman Mr Gbenga Adebayo in Lagos said in a statement on Friday that the Mobile Network Operators (MNOs) would disconnect banks if they failed …

The Central Bank of Nigeria has said that it would sanction banks assisting the operations of unlicensed foreign firms. In its ‘Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria’, signed by its Director of Financial Policy and Regulation, Muhammad Musa and released on Monday, the regulatory bank stated: “Any CBN regulated entity found to be assisting, …