ICPC Nabs Three Banks’ Officials, Security Guards For Flouting CBN’s New Notes Directives
More startling discoveries have continued to rattle Nigeria’s banking sector following scarcity of the new naira notes.
In some parts of the country, some senior officials of commercial banks have been arrested for hoarding the newly redesigned currency of the Central Bank of Nigeria (CBN).
Following bitter complaints from Nigerians, especially bank customers over paucity of the new cash, the Federal Government has directed anti-graft agencies to swoop on those frustrating Nigerians.
This situation has led to chaos and long queues at banks across the country.
In order to tame the menace, CBN officials and security operatives have been monitoring conducts of commercial bank management in the manner they dispense cash.
Operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) said they discovered N258 million stashed in the vault at the head office of Sterling Bank in Abuja.
According to a statement by ICPC, the discovery followed one of the commission’s operations at ensuring that commercial banks and other interest groups do not flout the apex bank’s directive of cash hoarding.
Explaining how the operation went, ICPC said when its officials visited the bank and discovered the stashed new naira notes in the bank’s vault, it was informed that the cash was the remnant of what the CBN had given the bank for onward distribution to its branches.
The monitoring team said it found out that only the sum of N5 million each was distributed to various branches of Sterling Bank.
Signed by the ICPC spokesman, Mrs. Azuka Ogugua, the statement further revealed that the regional and service managers of the bank were apprehended but later granted administrative bail while further investigation would be carried out on the matter.
Also, a security guard of one of the banks was arrested for contributing to the chaos within the bank premises.
The ICPC said it also nabbed the Head of Operations, Keystone Bank, Mararaba in Nasarawa State for frustrating its customers at getting the new naira notes by hoarding the currency.
According to the anti-graft team, while on its routine operation, it found out that the Automated Teller Machines (ATMs) at the branch were not dispensing to its customers while other bank customers were accessing only N1000 despite being given all the denominations by the CBN.
After the unscheduled visit to the bank, the commission disclosed that the ATMs started dispensing N5000 to non-customers and N10000 to its customers.
The team also revealed that it arrested one Abdulkareem Shaibu, a Security Guard with Zenith Bank, 3rd Avenue Gwarimpa, as well as Ali Adam and Shafiu Umar.
While Shaibu, the security guard, was arrested for being in possession of five ATM cards which he was using to collect money for different unknown persons who were not within the bank premises at that time, Adam and Umar were arrested in front of Zenith Bank, 1st Avenue Gwarimpa, for selling the new naira notes.
Relatedly, two officials of FCMB Ogo-Oluwa, Osogbo, Osun State were apprehended for assaulting officers of ICPC and CBN Cash Swap Monitoring Team.
Investors King reports that these fresh arrests came as Nigerians continue to rage over the cash crisis ravaging the country for weeks now.
Osinbajo Lauds China on Loans Offered to Africans, Repayment System
Nigeria’s Vice President, Prof. Yemi Osinbajo has commended the Chinese government for the loans given to African countries and its repayment system.
According to Osinbajo, the Chinese loans have reduced the reliance of Africans on international financial institutions like the World Bank, and International Monetary Fund amongst others.
He stated these at King’s College, London on March 27, 2023 while delivering a public lecture on ‘China’s Investment in Africa, Investors King reports.
The Vice President lauded China for constantly meeting the needs of African countries which has reduced the burden on the western institutions.
He further mentioned that the loan servicing system was made easy to aid the African economies, especially during the Covid-19 Pandemic in 2020.
Through its Debt Service Suspension Initiative (DSSI), China offered 73 low income economies suspension of principal and interest payments.
“Chinese banks provided 63% of the total debt relief while being only owed 30% of the debt service payments due,” Osinbajo noted.
The VP pointed out that China is the largest provider of foreign direct investment which provides jobs for hundreds of thousands of Africans.
On Chinese investment in Africa, Osinbajo stated that $254 billion was disbursed in 2021 which was calculated as four times the volume of US-Africa trade.
“China remains by far the largest lender to African countries. Chinese companies have also taken the lead in exploiting minerals in Africa, many now in lithium mining in Mali, Ghana, Nigeria, DRC, Zimbabwe and Namibia. Most African countries are rightly unapologetic about their close ties with China. China shows up where and when the west will not or are reluctant.
“And many African countries are of the view that the ‘beware of the Chinese Trojan loans’ advice from the west is wise but probably self serving. Africa needs the loans and the infrastructure. And China offers them.”
“All of Chinese lending to Africa is only 5% of all outstanding public and publicly guaranteed debt in low and middle income countries, compared to 23% held by the World Bank and other multilaterals. Chinese lenders account for 12 per cent of Africa’s private and public external debt,” the vice president stated.
FirstBank Announces a Name Change of its Subsidiaries, Reiterates its Commitment to Boosting Cross-border Payments
First Bank of Nigeria Limited, Nigeria’s premier financial services institution, has announced a phased corporate name change of its subsidiaries in the United Kingdom and Sub-Saharan Africa.
FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are the first set of subsidiaries effecting the name alignment. They are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia and FirstBank DRC. The Ghana, Senegal and Guinea subsidiaries will be next in the phased name change implementation.
The name change is being implemented to align the subsidiaries with the parent brand and to enjoy the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of banking leadership. This will further enhance the quality-of-service delivery resulting in better brand clarity, uniformity and consistency across all the markets where the Bank operates.
A leading financial inclusion services provider, FirstBank Group is committed to its nation-building goal. It has taken giant performance strides on its unique growth trajectory as it continues to build distinctive capabilities through partnerships and the constant drive to reinvent itself.
This performance is evidenced in the numerous awards and recognitions bestowed on the institution. These awards include Best Private Bank for Sustainable Investing in Africa 2023 by Global Finance Awards; Best Corporate Bank in Western Africa 2022 by Global Banking; Finance; Best CSR Bank Africa by International Business Magazine in 2022; and ranked as number one in Nigeria in terms of Overall Performance; Profitability; Efficiency and Return o Risk by the Top 100 African Bank Rankings 2022 released by The Banker Magazine from the stables of Financial Times.
In addition, in Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc., the Bank was crowned: Market Leader in Corporate and Social Responsibility (CSR); Market Leader in Environmental, Social and Governance (ESG); Highly Regarded in Corporate Banking and Digital Solutions and Notable: in SME Banking.
Speaking on the name change, Dr. Adesola Adeduntan, CEO of FirstBank Group, said ” the name change which coincides with FirstBank’s 129th founding anniversary (March 31 st , 2023) is indeed a milestone reflective of our resolve to continuously provide the gold standard of excellence and value as we put our customers First. The new identity of the subsidiaries contributes to an enhanced brand presence. It helps our customers and stakeholders better appreciate the value of the diversified products suites, competitive pricing and extensive business networks the FirstBank Group offers. These include our commitment to boosting cross-border businesses including trade and investment opportunities essential to enhancing trade relations amongst countries, thereby strengthening the economies of host communities and reducing poverty,” he concluded.
First Bank Denies Forgery Allegation in Face of Legal Battle with Loan Defaulter
First Bank of Nigeria Limited has issued a denial against the forgery allegation made by Francis Chukwumah Nwufor, the owner of Whiteplains British School.
In the lawsuit marked CR/266/2023, the federal ministry of justice had accused the bank of forging a “tripartite legal mortgage without the consent of Mr Francis Chukwumah Nwufor, with intent to commit fraud.”
In an official statement, First Bank described the accusation as a spurious allegation made by a delinquent debtor, which is aimed at tainting the bank’s loan recovery efforts and legal enforcement of its security collateral interest in line with the terms of the loan.
The bank emphasized that it operates by the highest standards of ethical conduct and will under no circumstances involve itself in any act of illegality. It further assured its numerous customers, stakeholders, and the general public that it remains focused on its mission of providing the best financial services.
The case has been adjourned until May 8th, as the prosecution lawyer stated that all the defendants had yet to be served with the charge.
It is common for loan defaulters to resort to legal battles with banks and this case is no different. However, it is important for both parties to ensure that the matter is handled in a transparent and legal manner.
First Bank’s denial of the allegation is a clear indication that it is standing firm against any attempt by recalcitrant debtors to fritter away depositors’ funds under its custody. The bank’s focus on its mission of providing the best financial services to its numerous customers is commendable and should be the guiding principle for all financial institutions.
Binance on Chain Balance Stands at $64B Despite Investigation by U.S. Regulators
Huawei Records Decline in Profits For 2022 as US Sanctions, China’s Pandemic Impacts Earnings
Osinbajo Lauds China on Loans Offered to Africans, Repayment System
News3 weeks ago
Npower Pays November, December Stipends; Gives Update on Next Step
Finance2 weeks ago
Npower Release Update on Failed Payment, Send Validation Link to Affected Beneficiaries
Cryptocurrency3 weeks ago
90 Million People Use Cryptocurrency in Nigeria – Report
Technology4 weeks ago
Africa Emerges as The Worst Performing Region in Internet Value
Fintech4 weeks ago
Nigerians Turn to Digital Banks as Traditional Banking Apps Face Challenges
Billionaire Watch3 weeks ago
Aliko Dangote, Johann Rupert Sit Atop Africa’s Forbes Richest Persons List in 2023
Government4 weeks ago
FG Approves N39.6bn For Power Sector to Revamp Electricity
Government3 weeks ago
INEC Considers Postponement of Governorship and State Assembly Elections Amidst Legal Battles