Edo Modular Refinery set to begin operations – Obaseki
The Edo Modular Refinery being developed by Edo Refinery and Petrochemical Company Limited (ERPC) in Ologbo, Ikpoba - Okha Local Government Area of Edo State is set to commence operations. Governor Godwin Obaseki recently gave the assurance shortly after he was conducted round the facilities by the Managing Director in charge of the refinery, Mr. Tim Tian. The 6000bpd Edo Modular...
Heritage Bank’s unorthodox debt recovery
When the now-viral video of some staff members of Heritage Bank protesting at the house of a supposed debtor first surfaced online recently, many took it with a pinch of salt. This was in spite of the narration that accompanied the video, stating that Senator Andy Ubah had been owing the banks for years and they were at his...
Bank chiefs back anti-graft policy, call for regular engagement
Chief Executives of Nigerian banks have pledged to support the anti-corruption policies of the government. The CEOs spoke during an interactive session with the Economic and Financial Crimes Commission (EFCC) chairman, Abdulrasheed Bawa, at the Conference Hall of the Lagos Zonal Command of the agency. Kennedy Uzoka, Group Chief Executive Officer of United Bank for Africa (UBA), UBA, described the engagement...
EFCC to bank chiefs: Steer clear of election financing
Nigeria’s anti graft agency, the Economic and Financial Crimes Commission (EFCC), has sought greater collaboration with financial institutions in the country as a way of tackling fraudulent election financing, foreign exchange malpractices, and money laundering. Speaking during an interactive session with managing directors of banks in Nigeria at the Conference Hall of the Lagos Zonal Command of the EFCC, the...
How Indian banks recover $1bn from defaulting billionaire
Seventeen Indian banks have received 71.82 billion rupees ($967 million) by selling defaulter and former billionaire Vijay Mallya's stake in the United Breweries Ltd. According to a statement by the Enforcement Directorate, the shares were seized by the agency, which specialises in investigating financial crimes, after banks alleged that Vijay Mallya had defrauded them. Mallya, who is known as the “King of Good Times” in...
Bank MD bags 5-year jail term for N4.7m scam
The Managing Director of Workman Microfinance Bank in Bauchi State, Sarita Aliyu Hello, has been sentenced to five years imprisonment on a two-count charge bordering on misappropriation and forgery brought against her by the Economic and Financial Crimes Commission (EFCC). Delivering judgement on the case, Justice M.M. Abubakar of Bauchi State High Court said the offence is contrary to Section...
Kaduna seals FirstBank, GTB, Access, Sterling branches over N300.5m unpaid taxes
The Kaduna State Internal Revenue Service (KADIRS) has sealed the branch offices of four banks in Kaduna over N300.5 million unpaid taxes. Executive Chairman of KADIRS, Dr. Zaid Abubakar, identified the affected banks as First Bank, Access Bank, Guaranty Trust Bank (GTB), and Sterling Bank. Abubakar told journalists after the exercise in Kaduna that the money was arrears of taxes payable...
CBN: Banks refunded N89.2bn to customers in June
Commercial banks in Nigeria refunded N89.2 billion to customers as at the end of June 2021 over several complaints. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, disclosed this during a CBN Fair held simultaneously in Cross River and Akwa Ibom with the theme “Promoting financial stability and economic development”. Represented by Mr. Osita Nwanisobi, Director, Corporate Communication Department...
CBN picks Bitt Inc. as tech partner for eNaira
The Central Bank of Nigeria (CBN) has announced the formal engagement of the global Fintech Company, Bitt Inc., as the Technical Partner for its digital currency, eNaira. This development was disclosed in Abuja by the Central Bank Governor, Mr Godwin Emefiele on Monday. Emefiele said the apex bank’s selection of Bitt Inc. from among highly-competitive bidders is hinged on the company’s...
LOTUS Bank opens 3 new branches in Lagos
The newest and third Non-Interest Bank (NIB) in the country, LOTUS Bank Ltd., has commenced operations in three new locations in Lagos State. Managing Director of LOTUS Bank Ltd., Mrs Kafilat Araoye, in a statement on Friday said that with the simultaneous opening of three new locations in Lagos, the bank now had physical presence in four locations. According to her,...
