Recession: Senate to launch probe into N30trn forex scam

The Upper House (Senate)  has launched a probe into an alleged N30 trillion foreign exchange racketeering (forex scam) by commercial banks and importers. The upper legislative chamber claims that the country lost over N30 trillion to the alleged diversion of forex between 2006 and 2017. Senate Committee on Customs, Excise and Tariff, on Wednesday, told……

FOREX: Senate unravels alleged N30tn fraud by banks

The Senate, on Wednesday, declared that over N30 trillion has been round tripped by virtually all the commercial banks in the country from 2006 till date in their management of foreign exchange earnings for importers. This disclosure was made by the Chairman, Senate Committee on Customs, Excise and Tariffs, Senator Hope Uzodinma, after an investigative…

CBN directs banks to plough 5% profit into Agro/SME investment scheme

The Central Bank of Nigeria (CBN) has issued a directive to all deposit money banks to fulfil remittances of five per cent profit after tax (PAT) for investment in the Agricultural/Small and Medium Enterprises equity Investment Scheme. This development was made known via a circular issued to all banks by the Director/Financial Policy and Regulation…

Hackers targeting banks in 18 countries, including Nigeria, report says

A report by Russian cyber security firm, Kaspersky claims that a cyber security firm backed by the government of North Korea were targeting financial institutions in 18 countries including Nigeria. Two international security experts, according to the hacking claims by the CNN, believe North Korea is likely spending the stolen funds on its nuclear weapons…

Photos Of Pregnant Woman Defrauding Lagosians Surfaces Online

Following testimonies by victims on social media who narrated their experience with a pregnant lady who has been defrauding Lagosians with her pregnancy, photos of the suspected fraudster has been released online. Recall that some days ago, a social media user identified as Jeff Obinani who fell victim to the pregnant lady’s antic wrote on……

How North Korea hacks Nigerian banks to fund nuclear programme – Russia

A new report from a Russian online cyber security firm, Kaspersky, has observed that North Korean hackers are allegedly attacking banks in 18 countries, including Nigeria. The organisation noted in its report that this could be regarded as the biggest bank heists in world history. Banks and security researchers have previously identified four similar cyber-heists……

ATMs in Kogi are Mere Decorations, Says Lawmaker

In a matter of urgent public importance raised before the Kogi State House of Assembly, the Member representing Kabba Bunu Constituency, Prince Mathew Kolawole has observed that the Automated Teller Machines in Kogi are more of decorations, denying bank customers access to their savings.Kolawole who is also the Majority Leader of the House made the…

Gov Ahmed tasks banks on corporate social responsibility

Gov. Abdulfatah Ahmed of Kwara has urged financial institutions in the country to strengthen their corporate social responsibility for the growth and development of the country. Ahmed, according to a statement issued by his Chief Press Secretary, Abdulwahab Oba, on Sunday made the call while receiving Mr Yemi Adeola, the Chief Executive Officer of Sterling……

Central Bank of Nigeria Releases Telephone Line to address Forex issues

    (VON) The Central Bank of Nigeria (CBN) has released an emergency mobile phone line for customers denied access to foreign exchange by banks for medical bill and school fees. CBN also released email address for immediate complaint against any commercial bank that denies a customer access to foreign exchange. The customers have been…

Who Is To Be Blamed Over Delays In JAMB Registration

With Benue candidates encountering more difficulties in their bids to register for the 2017/2018 Unified Tertiary Matriculation Examinations (UTME), banks and the Joint Admissions Matriculation Board (JAMB) have continued to trade blames. While JAMB has accused the banks of causing the delays, the banks have shot back, arguing that JAMB was solely responsible for generating…

JAMB Adopts e-PIN Vending To Prevent Fraud – Official

JAMB Introduced e-Pin To Prevent Fraud The Joint Admissions and Matriculation Board (JAMB) says it introduced the new e-PIN vending registration for candidates to prevent fraud in its examination. JAMB Acting Zonal Coordinator in Nasarawa State, Moses Akobu, told the News Agency of Nigeria (NAN) on Wednesday in Lafia that new e-PIN was not introduced…