CBN Orders Banks To Refund Withdrawal Charges To Customers

The Central Bank of Nigeria (CBN) has ordered banks in the country to refund charges made on customers for daily cash withdrawal or deposits exceeding set

Islamic bank to begin operation in S/West

The South-West zonal committee for the operation of Jaiz Bank Plc said the bank would begin operation in Ibadan and other cities in the South-West towards the end of the year after all documents and other logistics would have been perfected. The revelation was made in Ibadan during the first shareholders’ forum of the bank

organised by the committee as part of the sensitisation effort towards the successful establishment of the bank in the South-West region. The Chairman of the committee, Lasun Sanusi (SAN), said the bank was aware of the teething problems it would face, expressing the optimism, however, that it would survive because of the success it recorded in areas where it was already operating in the country.
The Group Head, Public Sector, Jaiz Bank, Mallam Ismail Adamu, explained that the bank offered non- interest banking services to the public and that it began operation in the North-East and North-West regions on June 1, 2012 after obtaining licence in November 2011. Adamu, who represented the bank’s Managing Director, Muhammad Nurul-Islam, at the forum, described the bank as a bridge between the poor and the rich with a capital base of N42bn and that presently, it had 139,977 customers in places where it was operating.
He said the bank made a profit of N157m in 2014 and gave out up to N500m in charity through an arm of the bank called Jaiz Foundation. While explaining how the bank renders its services, Adamu said Jaiz Bank had facility for mobile banking, Automated Teller Machine and internet banking. An economist who specialises in banking operation, Prof. Abdul-Hakeem Mobolaji, in his lecture condemned ‘exploitative’ interest rate charged by Nigerian banks and urged the Central Bank of Nigeria. to relax its regulations for Islamic banks to grow. He wondered how four of the leading banks in Nigeria would declare N335bn as profit in 2014 when millions of Nigerians were unemployed and living in poverty. He said, “Islamic bank grows at an annual rate of 17.6 per cent and its existence in Nigeria dated back to 1892. The bank is not only for Moslems. In Britain, 73 per cent of those who patronised the bank are non-Moslems. This is the first non interest bank in Nigeria with 20 branches in the North. This year has been targeted for the take-off of its operation all over Nigeria.

CBN staff donate borehole, generator to health centre in Oyo

Staff of the Central Bank of Nigeria (CBN), Ibadan office have donated borehole and generator centre to Ojoo Health Centre in Akinyele Local Government Area of Oyo state. The bank’s Branch Controller, Mr. Musbau Olatinwo, said the donation was

solely financed from the monthly savings of the bank’s staff that were touched by the plight of the less privileged in the society. According to him, the bank’s staff has made such donations a yearly affair to support host communities, saying “and we owe Ibadan a lot and so many intervention programmes all over the country are being carried out to make the bank’s preference felt in all facets of human endeavour.”
“Over the years, we have been spending billions of naira on our host communities to sponsor identifiable area of needs like building classrooms, provision of portable water and the likes. And this is financed by staff of the bank. Today is my happiest moment in my one year stay in the branch. It is a continuous thing and we will be glad to be back here to do more,” Olatinwo said. He further assured all residents of Ibadan that the CBN would continue to give priority to the needs of the people across the communities to make life more abundance for all the people of diverse backgrounds in the society. The head of local government administration in the council, Mr. Akin Akinpelu, lauded the gesture of the staffers of the apex bank, pointing out that the donation was coming at a time when it was most needed due to excruciating economic crisis which was hampering government’s efforts at meeting all the yearning of the people.
The Chief Matron of the centre, Alhaja B. A. Shittu described the borehole project as timely, saying “he, who gives water, gives life”.

CBN to resuscitate 82 acres staff estate in Ibadan

Work will soon commenced on the abandoned 82 acres of The Central Bank of Nigeria’s (CBN) has made move to resuscitate the abandoned 82 acres of staff estate located in Owode, Apata area of Ibadan, Oyo State. The CBN’s Deputy-Governor

(Corporate Services), Mr. Bayo Adelabu while on the on- spot assessment of the abadoned housing units, lamented the culture of waste and undue neglect that “this very massive property containing several blocks of housing units has been made to go through in a way that this place is in a state of neglect.” He said, CBN under the current leadership of our Governor, Godwin Emefiele is a sensitive, responsible organization.
“You recall there was a news item in a newspaper about the neglect of a property which belongs to CBN last week. Immediately we read the news, we have to respond promptly because it is our belief that a very massive property containing several blocks of housing units that is in a state of neglect must be brought back to life,” Adelabu said. “When they set up this place, the bank had a good plan in mind to serve as staff quarters but maybe due to monetization policy of the Federal Government and a lot of other projects which CBN is involved in, it was abandoned. But I like to assure the members of the public that we will swing into action and give it the kind of attention it needed to bring life back into this place.
“I assure you that the new management of the CBN is very responsive and responsible and we shall do everything to make sure that this trend is reversed. “We will begin with the clearing of the whole place and provide adequate security in terms of police protection for the place. we will not tolerate or condone any nefarious activities in this place any longer. We will collaborate with the state government to put this place back into normal and do all within our powers, with the support of the state government, to guide against a repeat of what happened at Soka from taking place here

Faces of 8 CBN Workers Accused of N8billion Fraud [photo]

See 6 of the 8 CBN workers accused of N8bn fraud. The fraudsters have been remanded at remanded in Agodi prison, Ibadan, after the judge rejected their application for bail.

Naira Rises As Banks Reject Dollars

The naira continues to rise against the US dollar this week as Deposit Money Banks reject cash deposit of foreign currencies, The Punch reports.

The source notes that the Nigeria’s currency had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.
On Sunday, an anonymous forex trader stated: “We expect the naira to appreciate further this week at the parallel market. Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.”
Alhaji Aminu Gwadabe who is the president of Bureau De Change Operators said that large amount of dollars in the market would make the naira to appreciate further at the parallel market this week. Last week, Nigerian banks announced that they would no longer collect cash deposits into domiciliary accounts.
Fidelity Bank Plc explained that the policy came from the Central Bank of Nigeria (CBN) and it was only a temporary measure to curb speculative activities.
Ladi Balogun, the CEO of First City Monument Bank also stated: “Banks no longer accept dollar cash due to large speculation on the currency. The lenders would continue to receive dollar transfers from other banks.”
Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, announced that the naira was appropriately priced at its current level of 197 to the dollar on the interbank market. Over the past year the naira lost about 15 % against the dollar with an official devaluation in November. It also should be noted that after the CBN limited importers’ access to dollars in order to save the external reserves the currency had weakened on the parallel market, falling as low as 245.