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FG to Reconvene FAAC Meeting on Thursday

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Kemi adeosun
  • FG to Reconvene FAAC Meeting on Thursday

The Federation Accounts Allocation Committee meeting, which was postponed two weeks ago as a result of discrepancies in revenue presented by the Nigerian National Petroleum Corporation, will now hold on Thursday.

The Chairman, Forum of Finance Commissioners of FAAC, Mr. Mahmoud Yunusa, confirmed this to our correspondent on Tuesday.

Yunusa, who is also the Adamawa State Commissioner for Finance, said in a text message that the meeting would hold on Thursday.

He, however, did not confirm whether or not the reconciliation of the revenue had been done when asked to do so.

“FAAC will hold on Thursday this week, see you at the venue Allah willing. Thank you very much,” he stated in the SMS.

A top official in the Federal Ministry of Finance also confided in our correspondent that the meeting, which is to consider and approve revenue for the month of October, would now be held at the headquarters of the ministry in Abuja.

The official explained that the technical committee of FAAC had been meeting with officials of the NNPC to ensure that the figures were reconciled to enable the three tiers of government approve the account before allocation of revenue could be made.

The FAAC is chaired by the Minister of Finance, Mrs. Kemi Adeosun, with the Accountant General of the Federation, Alhaji Ahmed Idris; commissioners for finance of the 36 states; and representatives of revenue-generating agencies such as the Federal Inland Revenue Service, Nigeria Customs Service and the NNPC, among others as members.

The source, who pleaded not to be named as he was not officially permitted to speak on the matter said, “You will recall that the FAAC meeting could not hold two weeks ago because of discrepancies in revenue presented by the NNPC.”

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 long experience in the global financial market.

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Finance

Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Finance

Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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