The Economic and Financial Crimes Commission (EFCC) has raised concerns over the role of Nigerian banks in facilitating financial crimes, urging them to avoid becoming tools for fraud. EFCC Chairman, Ola Olukoyede, issued this caution on Friday during a courtesy visit by the management of Moniepoint, led by its Founder and Group CEO, Tosin Eniolorunda, … Read more
The Nigeria Deposit Insurance Corporation (NDIC) has initiated the auction process for the landed properties and chattels of Heritage Bank, as part of efforts to ensure the timely distribution of liquidation dividends to uninsured depositors of the failed bank. This action, as stated by NDIC spokesperson Bashir Nubu, is in line with the Corporation’s legal … Read more
The Senate passed a bill on Tuesday aimed at bolstering the Nigeria Deposit Insurance Corporation (NDIC)’s capacity to protect depositors’ funds and reinforce the stability of Nigerian financial institutions. The bill, titled “Nigeria Deposit Insurance Corporation Act 2023,” was adopted following a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions and … Read more
The Central Bank of Nigeria (CBN) has announced plans to reintroduce and enforce the payment of the Cybersecurity Levy on electronic transactions across the country. This was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released on Tuesday. According to the document, the levy, which was initially … 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 The original circular issued on May 6, 2024, has been retracted as per the new announcement. EKO HOT BLOG reports the Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial institutions … Read more
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
Reps instructs CBN to halt cybercrime levy implementation. Minority Leader, Kingsley Chinda, moves urgent motion; House demands CBN withdraw circular. Circular causes confusion; Nigerians apprehensive; levy intended for specific entities as per Act. EKO HOT BLOG reports that the House of Representatives has instructed the Central Bank of Nigeria (CBN) to promptly cease the implementation of … 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
Zenith Bank Plc has been named the Best Bank in Nigeria for the fourth consecutive year in the Global Finance Best Banks Awards 2024. The selection process for the awards involved extensive consultations with financial executives, analysts, and consultants worldwide, considering factors like asset growth and innovation. Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive … Read more
The recent directive by the Central Bank of Nigeria (CBN) to include customers’ social media handles as part of the customer identification process has sparked both praise and concerns. While the CBN aims to strengthen Customer Due Diligence (CDD) regulations and combat fraudulent activities, there are valid apprehensions regarding privacy infringement and its potential impact … Read more
The CBN mandates financial institutions to collect customers’ social media handles, email addresses, phone numbers, and residential addresses for enhanced identification. This complies with anti-money laundering and counter-terrorism financing laws. The regulations apply to individuals and legal entities, requiring additional information like identification documents and account details. EKO HOT BLOG reports that the Central Bank … Read more
Lagos State Governor, Mr. Babajide Sanwo-Olu on Wednesday said his administration will continue to ensure a mutually beneficial relationship with financial institutions in the state. Eko Hot Blog reports that Governor Sanwo-Olu made the statement when the new management of Heritage Bank led by its Managing Director, Mr. Akinola George-Taylor, paid him a courtesy visit … Read more
Following the unveiling of E-Naira by President Buhari on Monday, EKOHOTBLOG has uncovered a few things to know about the digital currency. President Muhammadu Buhari, on Monday, unveiled Nigeria’s digital currency, e-Naira. The digital currency was launched by President Buhari at the Presidential Villa in Abuja. EKOHOTBLOG had earlier reported that the event had in attendance the Vice … Read more
All countries need to prepare to combat the deadly coronavirus, the World Health Organization said on Thursday, as authorities raced to contain the epidemic’s rapid global spread. With new infections reported around the world now surpassing those in mainland China, the World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said even rich nations should prepare. … Read more