Banking articles

Court Reverses Decision To Freeze Accounts Without BVN

Court Reverses Decision To Freeze Accounts Without BVN

A Federal High Court judge in Abuja who granted an order for bank accounts not linked to Bank Verification Numbers (BVNs) to be frozen has reversed his decision. Justice Nnamdi Dimgba explained that he later learned that his October 17 order created an “awkward and unfortunate result.” The reversal means that those who have not

Stanbic IBTC Pension Managers Ltd pays over N279 billion to retirees

Affirming its status as Nigeria’s largest Pension Fund Administrator (PFA), Stanbic IBTC Pension Managers Limited has paid over N279 billion to retirees since its inception in 2006. Between January and June this year, over 5,000 new retirees also received their benefits from the PFA increasing the number of individual retirement savings account (RSA) holders nationwide with it to over 1,500,000. A total of N16.6 billion was paid to retirees from January to June this

BVN: Banks that may suffer from deposit loss

The biggest casualties in terms of deposit loss should the Federal Government go-ahead to implement court order on funds forfeiture for Bank Verification Number (BVN) non-compliant accounts will be the first generation banks, The Nation has learnt.   These set of banks, according to an industry source who spoke anonymously, seem to have the largest

Anxiety grips banks over Nov. 3 deadline for BVN

Banks were gripped yesterday by the fear of a major liquidity crisis should the government pull out funds belonging to customers without Bank Verification Number (BVN).  The deadline given by the court for such customers to lose their cash is tomorrow. Justice Dimgba Igwe of the Federal High Court, ruling on an ex parte application filed by

Fire guts Access bank in Lagos, destroys ATMs

A branch of Access Bank in Ikotun Lagos State was gutted by fire on Tuesday, destroying the Automated Teller Machines gallery on the bank premises. It was learnt that the fire sparked off around 4 pm from a faulty air conditioner at the gallery and spread to the machines. The fire reportedly raged for about

SEC to begin capital market curriculum in schools

The Securities and Exchange Commission said it would begin capital market curriculum in primary and secondary schools in September 2018. The Director-General of SEC, Mr Mounir Gwarzo, disclosed this at the World Savings Day celebration on Tuesday in Abuja. The theme of the event is “Promoting Awareness on the Importance of Saving”. The event was

Diaspora BVN: Tension over forfeiture threat

The decision by the Federal Government to stop commercial banks from operating accounts without Biometric Verification Number (BVN) continues to pitch the citizenry against the Central Bank of Nigeria (CBN) and the Buhari administration. The bone of contention is the forfeiture threat on account holders should they fail to update and register the BVN within

CBN rules out naira fall as external reserves hit $34bn

The nation’s external reserves have hit $34bn from $33.6bn attained on October 25, the Central Bank of Nigeria has stated. The reserves have been appreciating very fast after hitting $32bn on September 18. The Deputy Governor, Financial System Stability, CBN, Dr. Joseph Nnanna, who disclosed the latest figure in Lagos on Saturday, said the exchange