- MDAs’ Accounts: FG Panel Recovers N40m from Bank
The Special Presidential Investigation Panel for the Recovery of Public Property, led by Mr Okoi Obono-Obla, says it has recovered about N40m made up of interest shortfalls and excess charges deducted by a bank from the accounts of some federal agencies.
A statement by the panel’s Head, Media and Communication, Lucie-Ann Laha, on Tuesday did not, however, disclose the name of the bank.
This, the statement said, was “to prevent panic by its (bank’s) customers.”
It said the money was recovered following an investigation into Federal Government agencies’ accounts maintained with commercial banks from 2009 to 2015, adding that its investigative team’s original findings indicated that the unnamed bank was to refund the sum of N230m.
It said the bank raised an objection which prompted “a joint reconciliation meeting” where it was agreed that the amount due to be refunded was N40, 336.186.25.
The statement read in part, “The investigation panel has earlier assigned a team of forensic auditors with the task of X-raying the operations of Federal Government’s accounts domiciled in commercial banks within that period, with a view to establishing whether or not such accounts had been subjected to arbitrary or excessive charges, interest shortfalls, accrued interests or other illegal dealings.
“Arising from its findings, the panel, in a letter dated 19th January, 2019, issued a demand notice to the bank for the sum of N230, 144,784.34k, comprising N180, 932,793.39k and $161, 350, 79, to which the bank objected.
“Following the objection, therefore, the panel and the bank held a joint reconciliation meeting and agreed that the amount actually due for refund was N40,336.186.25k.”
The statement added that the recovered money “has since been paid into the panel’s TSA Recovery Account domiciled with the Central Bank of Nigeria.”
“The reconciliation team also agreed that the sum of $56,919.10 should equally return to the coffers of the Federal Government.
“This recovery is different from the $20m earlier reported by the panel.”
TAJBank Deploys NQR Solution To Ease Customer Transactions
TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.
The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.
A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.
“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.
This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.
In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.
Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.
The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.
African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers
The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.
The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.
Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.
During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.
“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.
Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.
Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.
For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.
“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.
Nirsal: CBN Reopens Application for N50 Billion COVID-19 Loan for Households and Small Businesses
The Central Bank of Nigeria has started receiving fresh applications for N50 billion COVID-19 loan for small businesses and households affected by the pandemic.
The CBN through Nirsal Microfinance Bank announced it has reopened its portal for households and Micro Small and Medium Enterprises (SMEs) affected by COVID-19 to access up to N25 million.
Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, disclosed this on March 10, 2021 via his Twitter handle.
The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic.
An individual can access up to N25m.
Registration for fresh applications RE-OPEND!
Visit to register https://t.co/NPPh71eVNx kindly share for others.
— Bashir Ahmad (@BashirAhmaad) March 10, 2021
— Nirsal Microfinance Bank (@NirsalMFB) March 8, 2021
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