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Tag Archives: CBN

CBN disburses N55.46b to 24 power firms

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele said that three distribution companies got N8.67 billion, 14 generating companies and Nigerian Independent Power Project (NIPP) had N35.83 billion, Service Provider; N459.68million and six gas companies got N10.49 billion. He said that the disbursement was a major milestone in the effort of the bank, in collaboration with ...

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N2.5b bazaar: EFCC gets warrant to remand Fani-Kayode for two weeks

The Economic and Financial Crimes Commission (EFCC) yesterday secured a remand warrant to detain a former Minister of Aviation, Chief Femi Fani-Kayode, in connection with the N2.5billion illegally withdrawn from the Central Bank of Nigeria (CBN) and paid into the accounts of six chieftains of the Peoples Democratic Party (PDP) and the Goodluck Support Group (GSG). Fani-Kayode allegedly got about ...

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How bankers defrauded Wema Bank, CBN – Witness

A staff of Wema Bank, Mrs. Abosede Oyelakin, on Thursday gave an account of how some staff of the bank allegedly defrauded both the bank and the Central Bank of Nigeria (CBN) of over N340 million in the mutilated currency scam. Oyelakin is the first prosecution witness in the ongoing case against some CBN staff and employees of some commercial ...

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Fidelity Bank appoints Balarabe Acting MD

Fidelity Bank Plc yesterday appointed an Acting Managing Director, Alhaji Mohammed Lawal Balarabe in place of its troubled Chief Executive Officer, Nnamdi Okonkwo. The bank’s Board of Directors which approved the appointment, said the development followed the absence of the substantive  Managing Director/Chief Executive Officer. While announcing Balarabe, who prior to the appointment was the Executive Director North, the bank ...

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FG gives N1trillion salary assistance loan to States

The CBN Governor, Godwin Emefiele has said that a total sum of N689.5 billion has now been disbursed as salary assistance loan to States and additional N310 billion disbursed as Excess Crude Account-backed loans to States. Emefiele made the disclosure at the National Economic Council meeting presided over by vice President Yemi Osibnajo on Thursday. The fund, according to the ...

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Police Confirms 3 Dead, 10 Injured In CBN Explosion

The Cross River state Police Command has confirmed three persons dead and 10 in critical condition due to Friday’s gas cylinder explosion at the Central Bank of Nigeria, CBN in Calabar. Mr John Eluu, the Police Public Relations Officer, PPRO disclosed this on Saturday in an interview. Eluu said 20 members of staff of the bank were injured in the ...

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CBN Denies Barring Education Abroad, Medical Tourism From Accessing Foreign Exchange Allocation

The Central Bank of Nigeria, CBN has denied that education and medical tourism were on the list of 41 items barred from accessing foreign exchange allocation in Nigeria. There were speculations that the Bankers Committee on Thursday, expressed worry over increasing demand for foreign exchange for school fees and medical treatments abroad. But the apex bank through its Director, Corporate ...

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CBN Clarifies Stamp Duty Controversy

The Central Bank of Nigeria, CBN has clarified that the N50 stamp duty imposed on bank customers is to be charged per transaction and not per volume of N1,000. The clarification was made in a statement by Director, Corporate Communications of CBN, Ibrahim Mu’azu. He said it became necessary to make the clarification following some misconceptions among members of the ...

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