Connect with us

Finance

Don’t Trade in Bitcoin, Litecoin, CBN Order Banks

Published

on

Bitcoin
  • Don’t Trade in Bitcoin, Litecoin, CBN Order Banks

The Central Bank of Nigeria on Wednesday ordered the Deposit Money Banks and other financial institutions in the country not to transact in virtual currencies popularly called crypto or digital currencies.

The CBN listed some of the digital currencies as bitcoin, ripples, monero, litecoin, dogecion and onecoin.

In a circular dated January 12, 2017, the apex bank told the DMBs and other financial institutions that the digital currencies were not legal tenders in Nigeria.

Consequently, it warned that any institution or individual dealing in such currencies was doing so at their own risk.

Titled: ‘Circular to banks and other financial institutions on virtual currency operations in Nigeria’, the document was signed by the Director, Financial Policy and Regulation, CBN, Mr. Kevin Amugo.

It read in part, “The attention of the banks and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN: Ensure that you do not use, hold, trade and/transact in any way in virtual currencies; and ensure that existing customers that are virtual currency exchangers have effective AML/CFT controls that enable them to comply with customer identification, verification and transaction monitoring requirements.

“Where banks or other financial institutions are not satisfied with controls put in place by the virtual currency exchangers/customers, the relationship should be discontinued immediately; and any suspicious transactions by these customers should immediately be reported to the Nigerian Financial Intelligence Unit.

“The CBN reiterates that the VCs such as bitcoin, ripples, monero, litecoin, dogecion, onecoin, etc and similar products are not legal tenders in Nigeria, thus any bank or institution that transacts in such businesses does so as its own risk.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

Published

on

WAPIC

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

Niger Insurance Plc said it is working on a plan to sell off N15 billion worth of real estate and investment property to boost its cash flow and meet the liquidity requirements of the insurance industry.

Mr. Edwin Egbiti, the Managing Director of the company disclosed this during the company’s 2019 annual general meetings held virtually in Lagos recently.

He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

It added that Niger Insurance recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.

Continue Reading

Finance

AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

Published

on

AMCON

AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

The Asset Management Corporation of Nigeria has taken over the assets of Dr. John Abebe, the Chief Promoter of Inducon Nigeria Limited over N1.3 billion debt.

According to a statement signed by the Head, Corporate Communications Department, AMCON, Jude Nwauzor, and titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ the decision followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.

The asset management corporation said the case of Dr. John Abebe and Inducon Nigeria Limited started shortly after the loan was procured by AMCON in 2011 during the first phase of Eligible Bank Asset purchases from the defunct FinBank, Now FCMB.

Continue Reading

Finance

CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings

Published

on

prepaid meter

CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings

The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N14.35 billion to the Distribution Companies of Nigeria (DisCOs) for the payment of 263,860 meters under the National Mass Metering Programme (NMMP).

In November 2020, the Federal Government announced that it would make funds available for 1 million meters in the first phase of President Buhari Mass Metering Initiative at no cost to consumers.

Between November 2020 and January 2021, the Federal Government through the CBN has disbursed N14.35 billion.

However, according to the apex bank DisCOs must pay back the amount disbursed based on the previously agreed amortisation schedule.

The facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the CBN stated.

The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.

A week ago, the Ibadan Electricity Distribution Company (IBEDC) announced it has commenced the distribution of 104,0000 free meters in Ibadan, Oyo State.

This, the IBEDC said was under the ongoing National Metering Scheme of president Muhammadu Buhari.

Continue Reading

Trending