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CBN Fine: Disbelieve, Shock Trails Citibank, Standard Chartered Bank, Stanbic-IBTC Others

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Withdrawals

Disbelieve is what is trailing Citibank, Standard Chartered bank, Stanbic-IBTC and another financial institution days after the Central Bank of Nigeria (CBN), ordered them to pay a total sum of N5.87 billion, as fine.

The banks were fined for allegedly being involved in the issuance of irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.

Since the fine, reactions that have been trailing the financial institutions have been that of shock and disbelieve, as many wonder how they reduced themselves to such a level.

In the international business sphere, Citibank, Standard Chartered bank, Stanbic-IBTC respected financial institutions considered of international repute; however the fine now put a dent on their image.

In a letter by the CBN dated 29 August 2018, and bordering on Certificates of Capital Importation (CCIs), MTN Nigeria was alleged to have ran foul in respect of the conversion of shareholders loans in MTN Nigeria to preference shares in 2007. The communication company was informed by the apex bank that the CCIs issued had been improperly done, as such the apex bank claimed that the historic dividends repatriated by MTN Nigeria between 2007 and 2015 amounting to $8,1 billion need to be refunded to the CBN.

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However, reacting to the letter, MTN Nigeria strongly refutes the allegations and claims. “No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of the CBN as required by law,” a statement said.

 

The statement further said, “We will engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available.”

 

The issue over the CCIs is not new, as it was subject of an enquiry by the Senate of Nigeria. In September 2016, the Senate mandated the Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation on compliance with the Foreign exchange (monitoring and miscellaneous) Act by MTN Nigeria and Others.

 

The report of the enquiry issued in November 2017, stated that MTN Nigeria had not collude to contravene the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.

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However, there were questions surrounding the report, as some Senators frowned at the questionable investigation.

Industry Experts did not understand why the report largely condemned the CBN while MTN and named commercial banks which transferred money overseas were barely reprimanded, said one of the people familiar with the investigation.

A financial expert who reviewed the outcome of the report, but spoke on the condition of anonymity described the document as “poorly investigated report full of indecent holes”.

Subsequently, the Senate withdrew the report which exonerated the MTN in the alleged FX transfers.

One of the high points of the questionable report which was withdrawn was the fact that it gave no recommendations for punitive measures against MTN.

This new fine is coming after MTN paid 30 billion naira ($98 million) to the Nigerian government in part settlement of a 330 billion naira fine imposed on the telecoms group for not disconnecting unregistered SIM cards, an MTN source told Reuters in March.

 

 

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Femi Otedola: What Manner Of Philanthropist?

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A true philanthropist gives without expecting anything in return.

There are however many who give with the main objective of scoring cheap points and playing to the gallery.

Many consider Femi Otedola a philanthropist, but what manner of philanthropist is the man?

Known to have leant a helping hand to some people in the past, his gestures have however been said to have hidden intentions.

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There have been speculations that the man’s philanthropy is targeted at creating a soft landing for him when he eventually unveils his big picture.

Known to have picked the medical bills of individuals such as former Super Eagles captain and coach, Christian Chukwu; ace broadcaster, Sadiq Daba; and more recently legendary musician, Majek Fashek; the fact that his philanthropy is only focused on known individuals has raised eyebrows.

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That the chairman of Geregu Power Plc appears not to be interested in lending a helping hand to unknown individuals has raised questions about him.

 

 

 

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Chukwuma Soludo Bounces Back

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Chukwuma Soludo’s experience confirms the fact that it doesn’t matter the number of time a man falls, as long as he can get up.

An economics professor, Soludo was once the Governor and Chairman of the board of directors of the Central Bank of Nigeria (CBN).

He, however, fell into obscurity when his tenure as Governor of CBN ended, as even the economic advice he gave while he was out of office were contested.

Also Read:  Heritage Bank Refutes Distress Claims

Soludo however recently bounced back when he was appointed a member of the newly inaugurated Economic Advisory Council (EAC), a group which will be responsible for advising President Muhammadu Buhari on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues.

Though Soludo is just a member of the council, he returns to the thick of things after a while in hibernation.

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Keystone Bank rewards its Verve card holders with free petrol

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Fastest growing financial services provider, Keystone Bank Limited in partnership with Verve International, has launched a promotion to reward its customers for using its Verve Card to purchase petrol at select Oando Petrol stations across Nigeria.

 

According to a statement by the lender on Friday, the promo tagged “Free Fuel Alert” which is open to both new and existing customers of the bank will have Keystone Bank Verve Card holders receive free extra 5 litres of petrol each time they use their verve cards to purchase a minimum of N3,000.00 and above worth of petrol between 6am – 8pm every Friday from September 20 till November 8, 2019.

 

The selected Oando Petrol Stations where the promo will run are Lagos (Maryland, Marina, Awolowo Falomo, Awolowo Fire Station, Lawanson, Alapere, Ajah, Agege Bye-Pass, Trade Fair, Fola Agoro, Ojodu Berger, Sangotedo, Ago Palace Way and Shiro Road Fadeyi) Abuja (Garki, Ahmadu Bello Way and Zone 6 Wuse) Enugu (Ogui Road), Imo (Assumpta Avenue) Kaduna (Junction Road by Stadium), Kano (Club Road 1), Oyo (Orita Mef and Iwo Road, Southbound) Portharcourt (Aba Road and 75 Transamadi) Delta (Effurun Junction) Edo, Benin – City (Akpakpava Road).

 

While Keystone Bank Limited is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers, Verve Card International is a secure debit card which allows the card-holder to conveniently meet day to day financial needs like the payment for goods and services, airtime recharge, bill payments, funds transfer amongst others.

 

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