FCMB: Customers Panic Over Fraud

Why Depositors’ Money is not Safe  By Bayo Bernard Subomi Balogun spent most part of his adult life making First City Monument Bank, FCMB what it’s today. By throwing all he had into the bank, his intention was to build one of Nigeria’s most prominent and foremost credit lending firm. There’s no doubt that the business man succeeded in this regard considering that FCMB has become a big bank in just few years. Some would attest to the fact that what made FCMB what it’s today is strict adherence to…

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Skye Bank: Customers Desert Bank Over Fraud

Bank’s Perception Index Drops By Bayo Bernard The management of Skye Bank Plc.is currently battling with how to manage allegation that customers’ deposits in the bank are no longer safe, because of a certain syndicate in the Tokunbo Abiru-led bank, involved in fraudulent transfer of money belonging to depositors. The magazine learned that the issue has sent shock waves among customers of the bank, so much so, that some are already contemplating closing their accounts. If this happens, financial analysts informed the magazine, it will further compound the numerous problems…

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MTN’s Pathetic Dance

By Oji Odu When Nwanza the little bird dances in the open without fear, it is indeed certain that there are powerful forces secretly beating the drums for it. But when it challenges its god to a fight, will these unseen forces be able to sustain the drumbeats and the tempo? Will they stand and defend Nwanza when the chips are down, or will Nwanza be sacrificed? This is currently the situation as MTN, on Monday, September 10, 2018, sued the Central Bank of Nigeria, CBN and the Attorney General…

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Navy Taking Over NIMASA Functions,Detain Ships , Arrrest and Prosecute Seafarers?

By Stephen Ubanna Ibok-Ete Ibas, a Vice Admiral and Chief of Naval Staff has  a big task at hand: to bring to book his men who have arrogated to themselves  the powers of  the National Maritime Administration and Safety Agency, NIMASA, of regulating the nation’s maritime sector by  arresting merchant vessels within Nigeria shores on  alleged illegal lifting of Crude Oil, improper documentation, ship hijack and  othersundry offences. Take for instance, MT Success owned by  Hepa Global limited which was  arrested on February 29,2014 and MT  Deby, owned by Banquest…

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Revenue: Anti-Government Policies Forces Customs Comptrollers Into Thinking

By Stephen Ubanna until last  May, 2018, there was no sign that  the  Nigeria Customs Service, NCS, Tincan Island Command could leave up to expectation with its ranking  as a major revenue generating Command  of the Service  . This is because of the drop in the volume of cargo traffic at the port and the self assessment of imported vehicles policy of the Hameed Ali, a retired Colonel and the Customs Comptroller   General. The low volume of cargo traffic  had been attributed  to the anti-trade policies of the  former President…

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How FOU Reduced Smuggling Activities In The South West

By Stephen Ubanna For years rice and vehicle  smugglers in the southwest geo-political region were always smiling to the bank  while the economy suffers. The smuggling situation  may have forced Muhammed Uba Garba,  Comptroller, Federal Operations Unit, FOU, Zone A, Ikeja, and his men to go back to the drawing board on how to cage the smugglers by acting on credible intelligence. The effort of Muhammed  and his men  may have worked out  as the Command impounded 127,000, of ”50” bags of  foreign parboiled rice in 2017 alone. The rice…

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How Buhari lost N2.7 trillion to a U.S firm out of spite for Jonathan

By Uche Mbah A recent judgement by a United States indicted Nigeria by a $6.59 billion arbitral award, plus $2.30 billion interest accruable with time. This translated to a total of N2.7 trillion at the Central Bank of Nigeria’s rate of N306 to one U.S Dollar.  In a judgement given in a case that spanned the regime of former president Goodluck Jonathan and the Buhari administration, the case was finally concluded in a U.S. District Court in Washington D.C. recently. According to Premium Times, an online portal, the country would…

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Fidelity Bank Records N20bn Profit

By Bayo Bernard Top new generation bank, Fidelity Bank Plc has surpassed last year profit margin with over N8 billion. The management of the bank disclosed this at the recent annual general meeting held in Lagos. According to the record made available to the magazine, the bank ended the 2017 fiscal year with 83.5 percent increase in profit after tax to N20.3bn from N11.1bn in 2016. The managing Director of the bank, Nnamdi Okonkwo said the phenomenal profit margin recorded by the bank came despite high inflationary environment in the…

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NSE sustains decline since Buhari declared for Presidency

When Buhari confirmed his intention to run for the presidency, the bears went on rampage at the Nigerian Stock exchange, NSE, with investors losing N150 billion on the run on the market. Since then, there has been a sustained run on the market, negating expectations from analysts who expected the market to pick after exiting recession. This was blamed on the political intrigues that followed hhis declaration and bank runs due to the local party primaries and the outlook for the big one. Since the past three months, however, a…

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CBN Hammer Hovers over Sky Bank, Others

There is palpable fear in the Banking sector as the Central Bank of Nigeria, CBN, over flouting of orders revolving  around the publication of their Financial statements as required by regulations. It was gathered that no fewer than eight Banks are under scrutiny. The CBN had warned Chairmen of Banks who fail to publish their Financial reports as at when due will face sanctions, and even removal depending on how long the delay was found to be, baring other parameters. Some banks, it was gathered, have even delayed the publication…

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