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Tag Archives: CBN

Banks’ working collectively for early sale of 9Mobile—Okonkwo, Fidelity Bank CEO

9Mobile shop

As the 180 days window handed down to the receiver managers of 9Mobile continue to count, the managing director of Fidelity Bank Plc, Mr. Nnamdi Nwankwo, has said that all the banks whose money is trapped are working together for smooth sale of the telecoms on or before the end of the year. Explaining industry issues in a recent interactive ...

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Etisalat’s loan: CBN, NCC should stop tossing lenders’ around—Banks’ shareholders’

Leading capital market pundits and leadership structures of shareholders associations have waded in to the Snell speed handling of the $1.2bn syndicated loan default between Etisalat Nigeria and a consortium of 13 banks. Running for months now, Etisalat Nigeria had been in talks with Nigerian banks to restructure a $1.2bn loan after missing repayments, but there are indications that a ...

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New twist as banks seek forensic investigation on how Etisalat used $1.2bn loan


Fresh strange developments seem to be trailing the ongoing determination of the destiny of embattled telecoms group, Etisalat this week. Latest on Wednesday indicates that the consortium of 13 banks, involved in Etisalat Nigeria’s $1.2bn loan has changed its game, seeking the Federal Government’s intervention to investigate the management and use of the facility in the first instance. A dependable ...

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Only Zenith Bank is free from N30trn Customs remittance infractions—Senate

Zenith MD

Whereas the Senate Committee probing the Customs N30tn banks remittance infractions has given the Central Bank of Nigeria (CBN) seven days to recover all monies collected by banks on behalf of the agency without remitting them over the years, it has given Zenith Bank clean bill of health that it remitted all accordingly. Others banks in order of what they ...

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ATCON renews calls for removal of ICT equipments from 41 barred from forex window

CBn Emefiele

The president of Association of Telecoms Companies of Nigeria (ATCON), Engineer Olusola Teniola has renewed calls on the federal government and the Central Bank of Nigeria (CBN) in particular to reconsider its inclusion of Information and Communications technology (ICT) equipments in the list of 41 items barred from accessing forex from the bank. In an interview with Business Hilights on ...

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Relief as CBN announce resumption of dollar sales to fuel marketers’, others

NNPC Headquarters

Return to business is imminent amongst the independent petroleum marketers as the Central Bank of Nigeria (CBN) has given strong signal to sell dollars to them and the airline operators. According to the apex bank, fuel importers, manufacturers, airlines and agriculture businesses will be able to buy dollars at a special market intervention to clear a backlog of foreign exchange ...

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Recession, forex crisis weaken experts to assess 3 years of Emefiele at CBN

CBN Godwin-Emefiele

It would be recalled that following the disquiet circumstance leading the ouster of former Governor of Central Bank of Nigeria (CBN) and current Emir of Kano, Sanusi Lamido, former managing director of Zenith Bank, Mr. Godwin Emefiele was named by the then President, Dr. Goodluck Jonathan as the Governor. Last week marked his three years into a five-year first term ...

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Exchange rates convergence emerging as forex seekers flee BDCs for black market

naira dollar

Preliminary indications are beginning to show that the dream of the Central bank of Nigeria (CBN) in hitting a single rate both for Bureau d’ Change (BDC) and black market operators. Since this week, foreign exchange users are experiencing the convergence of naira/dollar rates at the official and black market rates for the first time in two years. Business Hilights ...

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Hacking kingpins designing ransomware to hit N3.5tn trapped by BVN in banks

Cyber attacker

Indications have emerged revealing that Nigerian cyber criminals are now working day and night with their international hacking kingpins on a tailored ransomware attack that will hack into commercial banks and cause disruptions that will provide a window for them to transfer the over N3.5tn trapped since the expiration of Bank Verification Number (BVN). Deadline for the BVN had ended ...

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Revealed: MMM trapped Nigerians’N11.9bn on Dec 13, 2016

MMM victim

Fresh revelation from the 2016 annual report of the Nigeria Electronic Fraud Forum (NeFF) has shown that as at the time the Mavrodi Mondial Moneybox (MMM) Ponzi scheme bolted away from Nigeria on December 13, 2016, over N11.9 billion was trapped and subsequently declared lost by gullible subscribers. Explaining more while launching the NeFF 2016 annual report, CBN’s Director, Banking ...

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