Connect with us

BIG STORY

CBN Directs Banks To Accept Cheques In Savings Account

Avatar

Published

on

CBN-1

The Central Bank of Nigeria has directed banks operating in the country to accept deposit of cheques into savings account.

The CBN also told the banks to commence the embedding of Bank Verification Number on payment cards.

These were contained in a circular by the apex bank on Tuesday.

The circular, signed by the Director, Banking and Payments System Department, Dipo Fatokun, and dated July 28, 2016, was sent to all banks and financial institutions.

It read: “The CBN in furtherance of its efforts at strengthening the Nigerian payments system hereby issues the following directives:

“The removal of fixed interest rate on credit cards; Discontinuation of actual address verification in account opening for customers with customers with the BVN; Banks should begin to embed BVN biometric data in payment cards issued henceforth, to facilitate offline BVN verification and biometric based customer authentication on such payment devices as Automated Teller Machines, ATMs, Point of Sales Terminals, POS, Kiosks, etc.

“Approval of BVN Watch-listing modalities and release by CBN of necessary Credit Risk Management System (CRMS) data, to facilitate its use for enriching the BVN watch-list; savings account customers with BVN should be allowed to deposit cheques worth not more than N2,000,000.00 (Two million naira) into their accounts, per customer, per day.”

BIG STORY

BREAKING: Kaduna Assembly Speaker Resigns

Gbemileke Ajayi

Published

on

Speaker of Kaduna Assembly, Hon. Aminu Abdullahi Shagali, has resigned from his position.

Sources from the Assembly said Shagali tendered his resignation before the commencement of Plenary session on Tuesday morning

Details shortly…

Continue Reading

BIG STORY

JUST IN: Court Finds Olisa Metuh, Firm Guilty Of First Count In N400m Fraud Trial

Peter Okunoren

Published

on

The Federal High Court in Abuja, on Tuesday, convicted a former National Publicity Secretary of the Peoples Democratic Party, Olisah Metuh, and his firm, Destra Investments Limited, of the first of the seven counts instituted against them by the Economic and Financial Crimes Commission.

Ruling on the first count in his judgement, Justice Okon Abang ruled that a former National Security Adviser, Sambo Dasuki, unlawfully transferred the sum of N400 million to the defendants in November 2014.

The judge ruled that Metuh and his firm reasonably ought to have known that the sum of N400 million paid to them formed part of the proceeds of the unlawful activity of the ex-NSA because they had no form of a contractual relationship with the ONSA.

According to the judge, Dasuki transferred the money to the defendants “in breach of public trust”.

He dismissed the contention of the defence who argued that the defendants could not be convicted for the money laundering offence because Dasuki, who is currently being prosecuted, had yet to be convicted for the predicate offence of breach of trust and corruption.

The judge said, contrary to the argument, “the predicate offence and the money laundering offence are intertwined”.

“The success or failure of the predicate offence does not determine the success or failures of the money laundering offence,” the judge added.

Continue Reading

BIG STORY

Lagos Government To Demolish Buildings In Banana Island, Parkview, Ikoyi

Avatar

Published

on

Worried by the persistent violation of building permit laws in Lagos State, the Government has disclosed that it would not hesitate to pull down structures in Banana Island, Ikoyi, Parkview and other highbrow areas.

The announcement came as the State Building Control Agency (LASBCA) intensify enforcement with the sealing of buildings to prevent collapse buildings cases in the state.

Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, disclosed the Government plan in a statement posted on his official twitter handle, lamenting that several buildings within these highbrow areas were erected without permits.

According to him, it is highly regrettable that most of the buildings within these highbrow areas are either without planning permits or built beyond approved units. And this was discovered during our week-long massive enforcement on Planning permit in Ikoyi, Parkview, Banana Island, and environs.

“It was also observed that many commenced construction without recourse to LASBCA as stipulated in the Lagos State Urban and Regional Planning Law. In view of this flagrant disregard for the extant planning laws of the state.

“The Lagos Government henceforth will not hesitate to apply the full wrath of the law against such violators and to ensure compliance with the planning laws and regulations in the State”.

Continue Reading

Most Popular