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The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank Plc that they will receive their insured funds following the bank’s liquidation. This announcement came shortly after the Central Bank of Nigeria (CBN) revoked Heritage Bank’s commercial banking license and appointed the NDIC as the liquidator. NDIC spokesman Bashir Nuhu confirmed that depositors…
In a bid to bolster cybersecurity measures within the financial sector, the Central Bank of Nigeria (CBN) has mandated a 0.5% transaction fee on cybersecurity for Nigerian deposit money banks. The levy, announced via a circular issued to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service…
The Central Bank of Nigeria (CBN) has introduced a 0.5% cybersecurity fee on electronic transactions, effective from May 6, 2024. However, this levy does not apply to certain banking transactions, as outlined in a recent circular obtained by PUNCH Online. The circular, signed by Chibuzo Efobi and Haruna Mustafa, Directors of the Payments System Management…
In response to legal requirements and Central Bank of Nigeria (CBN) guidelines, Point of Sale (PoS) companies are mandated to register their agents, merchants, and individuals with the Corporate Affairs Commission (CAC) within a two-month period. The directive was issued during a meeting between Fintech representatives and Hussaini Ishaq Magaji, the Registrar-General of CAC, held…
President Bola Tinubu has expressed his appreciation for the exemplary work conducted by Mr. Jim Obazee, the former CEO of the Financial Reporting Council of Nigeria (FRC), as the Special Investigator tasked with probing the Central Bank of Nigeria (CBN) and affiliated organizations. Appointed on July 28, 2023, to spearhead this critical national endeavor, Mr….
The Nigerian banking sector faces a seismic shift as reports indicate that nearly two-thirds of existing Deposit Money Banks (DMBs) may struggle to meet the Central Bank of Nigeria’s (CBN) proposed new capital requirements. According to a recent study by Ernst and Young titled “Navigating the Horizon: Charting the Course for Banks amid Plans for…
In a bid to restore confidence in Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has taken a significant step by revoking the licenses of 4,173 Bureaux De Change (BDC) operators. The CBN accuses these operators of failing to comply with regulatory provisions, as revealed in a statement by the Acting Director of…
In an unexpected turn of events, Urum Kalu Eke, a nominee for membership of the Central Bank of Nigeria (CBN) Board of Directors, has declined the offer, citing conflicts with his current role as a consultant with the World Bank and other entities. The revelation came to light during the Senate’s Thursday plenary when the…
In a significant development, the Federal Government of Nigeria has officially declared Odoh Ocheme, a Central Bank of Nigeria (CBN) staff, and two others wanted for their alleged involvement in a high-profile case of forgery. The trio is accused of forging the signature of former President Muhammadu Buhari to orchestrate the theft of $6.2 million…
In a devastating incident, a Nigerian banker, Dr. Herbert Onyewumbu Wigwe, the CEO of Access Bank, his wife, and son were among the six individuals who lost their lives in a helicopter crash in San Bernardino County on Friday evening. The Eurocopter EC 130 helicopter was en route from Palm Springs to Boulder City, Nevada,…