Finance articles

Money laundering: CBN goes hard on banks

Money laundering: CBN goes hard on banks

• Non-compliant bank’s Boards may be removed The Central Bank of Nigeria (CBN) and the Office of the Attorney General of the Federation (OAGF) have approved new administrative sanctions regime against banks and their staff who fail to comply with anti-money laundering and terrorist financing regulations. The new rule, signed by CBN Director, Financial Policy

EFCC secures 278 convictions in 16 months

President Muhammadu Buhari on Friday said over 278 convictions of corrupt officials have been secured by the Economic and Financial Crimes Commission (EFCC) between 2017 and first quarter of 2018. The President made the disclosure in a message to the passing out parade of 314 cadets of the EFCC Detective Superintendent Course 7 for 2017/2018,

Tincan Customs generates N104.5 billion

The Tincan Island Port Customs Command on Tuesday in Lagos said it generated N104.5 billion in the first quarter of 2018, up from N82.154 billion realised in the corresponding period in 2017. The Customs Area Controller, Mohammed Musa, made the disclosure when he handed over a consignment of seized Tramador tablets and a suspect to

Mixed reactions trail CBN’s move to sanction bank CEOs

Shareholders have expressed mixed reactions to plans by the Central Bank of Nigeria (CBN) to sanction Chief Executive Officers (CEOs) of banks that fail to submit audited results of their banks after 12 months. The shareholders expressed their view in separate interviews with the our reporters in Lagos on Friday, while reacting to the apex

Currency Swap Deal: Nigeria, China To Exchange N.72 Trillion

China’s central bank said Thursday that it has inked a currency swap agreement with its counterpart in Nigeria. The agreement will allow the two sides to swap a total of 15 billion Chinese yuan (2.35 billion dollars) for 720 billion Nigerian naira, or vice versa, in the next three years, the People’s Bank of China

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