CBN moves with stiffer sanction as banks record 20% fraud reporting
Concerned by the low level, less than 20 percent of fraud reporting by deposit money banks, the Central Bank of Nigeria (CBN) has moved with more punitive measures to ensure full compliance.
The CBN said it would today or on Monday issue another circular to all banks to speed up to capture all their customers in the Bank Verification Number (BVN) exercise which is one of the measures put in place to combat fraud in the industry.
Biyi Dosumu, deputy director, banking supervision department, CBN, disclosed this at a stakeholders’ workshop on ‘Combating Fraud and Money Laundering’, marking the Anti-Fraud and Compliance Awareness Week organised by Access Bank plc.
According to him, the efforts of the CBN in combating fraud and ensuring enhanced payment system include collaborating with key stakeholders, establishment of ATM fraud prevention committee in 2009, establishment of Nigerian electronic Fraud Forum, establishment of Payment Infrastructure and Strategy Committee & many other industry committees.
N300bn Excess Liquidity in Banks Unsettles CBN
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) yesterday expressed concern that banks are currently holding large excess reserves averaging over N300 billion.
CBN Governor, Mr. Godwin Emefiele who addressed the media after the 240th MPC meeting in Abuja, expressed dissatisfaction about the development.
However, all the key monetary policy tools were left unchanged. Specifically, while the Monetary Policy Rate (MPR) was left at 12 per cent with a corridor of +/- 200 basis points around the midpoint; the public sector Cash Reserve Requirement (CRR) at 75 per cent; CRR on private sector was also left at 15 per cent.
Global Billionaire Population Reaches Record 2,325
Wealth-X CEO Mykolas Rambus
Global billionaire population has reached a record 2,325 with the addition of 155 new billionaires in 2014.
According to the Wealth-X and UBS Billionaire Census 2014, released yesterday, 155 new billionaires were minted this year, pushing the global population to a record 2,325 – a 7% rise from 2013.
The combined wealth of the world’s billionaires increased by 12% to US$7.3 trillion, which is higher than the combined market capitalisation of all the companies that make up the Dow Jones Industrial Average.
Synagogue Death Toll Jumps to 86 as Another Church Collapses, Kills 3 in Benin
•Survivor recounts 28 hours under the rubble ordeal
Chiemelie Ezeobi and Adibe Emenyonu
Two days after the National Emergency Management Agency (NEMA) and other emergency workers wound up rescue operation at the Synagogue Church Of All Nations (SCOAN), the figure of deaths yesterday jumped to 86.
Also, a church building allegedly owned by Christ Chosen Church of God yesterday collapsed in Benin City, capital of Edo State, killing three persons. The church, a story building is located at Usama Street, Uzebu Quarters, Benin City.
Heritage Bank Makes Initial Payment for Enterprise Bank
In line with the terms for its acquisition of Enterprise Bank Limited, Heritage Bank Limited paid the initial 20 per cent of the bid price, THISDAY learnt.
This is to pave way for Heritage Bank to purchase Enterprise Bank Limited.
According to a reliable source, the Share Purchase Agreement (SPA) was signed between the Asset Management Corporation of Nigeria (AMCON) and Heritage Bank Limited at AMCON’s head office in Lagos.
Heritage Bank was last week announced as the preferred bidder for the bank which is wholly owned by AMCON.
China’s e-commerce giant Alibaba began trading its shares Friday on the New York Stock Exchange. Here are ten things to know about Alibaba, and why its initial public offering made history:
THE BIGGEST: Alibaba raised $21.8 billion in its debut, making it the biggest U.S.-listed IPO in history after the IPO of credit card processing company Visa in 2008. If Alibaba’s investment banks were to exercise their option to sell an additional 48 million shares, it could make Alibaba’s IPO the biggest in the world, beating out the $22 billion IPO of Agricultural Bank of China in 2010.