A Federal Capital Territory High Court in Maitama has set October 21 for the next phase of the trial of former CBN Governor Godwin Emefiele, following the testimony of a key witness and the submission of crucial documents. Eko Hot Blog reports that a Federal Capital Territory High Court in Maitama has scheduled October 21 for the … Read more
Fidelity Bank Plc. dismisses rumors of its license revocation by the CBN, assuring strong financial stability and announcing a N127.1 billion capital raise through a public offer and rights issue. EKO HOT BLOG reports that Fidelity Bank Plc. has dismissed rumours circulating about a potential revocation of its operating licence by the Central Bank of Nigeria … Read more
Eko Hot Blog reports that some recently disengaged employees of the Central Bank of Nigeria (CBN) are reeling from the shock of their sudden dismissal, alleging maltreatment and injustice by the management. They contend that many were denied their entitlements prior to their termination, a move they argue breaches the bank’s human resource rules and … Read more
CBN denies reports of license revocation for Unity Bank, Keystone Bank, and Polaris Bank. The apex bank dismisses the claims as fake news. Public urged to disregard the false information. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has refuted a media report alleging plans to revoke the licenses of Unity Bank, Keystone … Read more
Eko Hot Blog reports that the International Air Transport Association has confirmed that the Central Bank of Nigeria has released $831 million in trapped funds for foreign airlines, covering the period from June last year to the present The Geneva, Switzerland-based IATA said the development had brought international airlines’ trapped funds globally to about $1.8bn. … Read more
CBN Withdraws Cybersecurity Levy Circular. The withdrawal was announced in a statement by CBN officials Haruna Mustafa and Chibuzo Efobi. The original circular issued on May 6, 2024, has been retracted as per the new announcement. EKO HOT BLOG reports the Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial institutions … Read more
It is self-evident that whatever the Governor of the Central Bank is doing (or not doing), the backing (and banking!!) of the President is critical. On that score, President Bola Ahmed Tinubu did not pull any punches when he spoke at the Hague, Netherlands during the business session of the bilateral meeting with the Dutch … Read more
CBN Governor Olayemi Cardoso suggests maintaining high interest rates to tackle inflation. Nigeria’s inflation rate stands at 33.2%, with food inflation even higher at 40%. Cardoso emphasizes the Monetary Policy Committee’s commitment to curbing inflation. EKO HOT BLOG reports that the Central Bank of Nigeria Governor, Olayemi Cardoso, has suggested that the institution will maintain high … Read more
EFCC Pursues Naira Redesigning Charges Against Emefiele. Charges by the EFCC allege illegal activities, including unauthorized currency printing and misappropriation of funds. This marks the third set of charges against Emefiele, escalating his legal challenges EKO HOT BLOG reports that former Central Bank of Nigeria Governor, Godwin Emefiele, is slated to be arraigned this Wednesday … Read more
Sen. Ndume Urges Careful Review Of Cybersecurity Laws After Levy Suspensions President Tinubu suspends levy after public outcry. Ndume calls for careful review of cybercrime laws. EKO HOT BLOG reports that Senate Chief Whip, Ali Ndume, has asserted that the federal government rushed into implementing the cybersecurity levy without thoroughly examining its details. He criticized the … Read more
Individuals and bank customers exempted from proposed levy Financial institutions, telcos identified as primary targets Aims to enhance cybersecurity measures, national security Eko Hot Blog reports that, addressing concerns raised by Nigerians, the Senate Committee on National Security and Intelligence has clarified that the proposed Central Bank of Nigeria (CBN) cybersecurity levy is targeted at … Read more
Emefiele’s Legal Fight Deepens: EFCC Reveals New Proof. He faces charges of abuse of office and fraud. EFCC presents more evidence through a witness from Zenith Bank. EKO HOT BLOG reports that the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele proceeded on Thursday, with the Economic and Financial Crimes Commission (EFCC) presenting … Read more
CBN suspends cash deposit fees until September 30, 2024. New directive mandates 0.5% cybersecurity levy on electronic transactions. Financial institutions deduct levy at transfer origin, remit to National Cybersecurity Fund. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced the suspension of cash deposit fees for customers until September 30, 2024. This … Read more
SERAP issues 48-hour ultimatum to FG to withdraw CBN’s cybersecurity levy directive. CBN directive mandates 0.5% cybersecurity levy on electronic transactions, in line with Cybercrime Act 2024. SERAP threatens legal action if directive not withdrawn within stipulated time frame. EKO HOT BLOG reports that the Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour … Read more
Eko Hot Blog reports that the Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to Point of Sales (PoS) companies, to register their agents, merchants, and individuals with the commission. The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. … Read more
Nigerian bank customers will start paying more for their electronic transfers. This comes after the CBN directed banks to charge a “cybersecurity levy”. The levy takes effect in two weeks. Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has directed all financial institutions to implement a 0.5 percent cybersecurity levy on electronic … Read more
By Bashorun J.K. Randle It would be something between hyperbole and premature jubilation to describe the minimum capital requirements for banks announced by Mr. Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN) as a bombshell. On the contrary, the Governor of the CBN deliberately and meticulously stuck to his well choreographed strategy of … Read more
Middle Belt Youths Forum slams Akpabio for criticizing Emefiele Accuses Senate President of patronizing executive, seeking favors Defends Emefiele’s handling of naira, calls out Akpabio’s alleged corruption Eko Hot Blog reports that the Middle Belt Youths Forum (MBYF) has come out swinging against Senate President Godswill Akpabio for his recent comments demonizing former CBN Governor … Read more
Harassment of customers by loan apps to be addressed Inter-agency collaboration to block offending platforms Strict measures to protect consumer rights Eko Hot Blog reports that the Federal Competition and Consumer Protection Commission (FCCPC) is taking decisive action against loan apps notorious for harassing customers. Moreover, the commission’s acting chairman, Adamu Abdullahi, revealed the agency’s … Read more
Fintechs, including Opay and PalmPay, are discouraging crypto trading on their platforms. Their actions follow a CBN directive to the digital banks to stop onboarding new customers. There are concerns that the fintechs are being used for money laundering and terrorism financing. Eko Hot Blog reports that Nigerian fintech companies have cautioned their customers against … Read more