E-Financial
FXTM Marks Year of Landmark Achievements

Global broker Forex Time Ltd (FXTM) has much to celebrate this festive season, ending a year of hugely successful operations which have elevated the company’s status to that of a truly leading player in the forex world.
Having grown from strength to strength ever since the start of its operations in February 2013, the fresh and dynamic company has carved a unique niche for itself as a distinguished forex broker that is now challenging market leading brokers worldwide, with a host of notable achievements under its belt.
This past year of success has seen FXTM expanding to new and exciting territories as part of the company’s strong growth and ambitious development plans, which are set to continue in 2014.
Providing customers with trading services of the highest standard, FXTM has designed a range of tailored products that are geared towards putting the trader first and maximizing the time they spend trading.
A vast range of account options is offered by the company, specifically tailored to individual trading needs; from the Swap-free and Cent accounts, to Fixed Spread and ECN Zero accounts, clients are given the chance to trade forex in the most transparent environment.
In line with the company ethos of respecting its clients worldwide and catering to their individual needs, the company offers the interest-free Amanah account, which is the first Shariah compliant account to be certified by leading Islamic scholars.
An array of bespoke payment options for different markets gives international clients the chance to choose what suits them best.
Options include Western Quick Union Pay, FasaPay, Forex Online Changer, NETELLER, as well as credit/debit cards.
FXTM’s growing number of dedicated clients can rest assured in the knowledge that they are trading with a reliable EU regulated forex broker and in addition they can enjoy the very best level of customer service every step of the way with FXTM’s multilingual customer support team and personal account managers.
Olga Rybalkina, CEO of Forex Time said: “We are extremely proud of how far the company has come in one year. Having put ourselves at the forefront of the forex market, we remain dedicated to providing our clients with nothing less than the very best. Our services, products and experience place us at the top of our league, with professional help always on hand.”
This past year has seen Forex Time awarded and honoured with a number of important accolades that showcase its unwavering commitment to excellence and its dedication to providing clients with an outstanding trading experience.
These include the award for ‘Best Newcomer 2013’ at the prestigious World Finance Foreign Exchange Awards and ‘Fastest Growing Forex Broker’ & ‘Most Innovative Product’ at the Mena 11th Forex Show.
This year also marked the launch of FXTM’s highly successful first forex demo competition, The Forex Factor, which proved to be equally popular with both new and professional traders who improved their skills and put their strategies to the test in a risk free environment. Competition winners were awarded credit prizes in live trading accounts.
FXTM has been acknowledged at premiere industry events around the world, participating in Expos like the 11th MENA Forex Show, the iFX Expo and the Shanghai International Money Fair.
With a global expansion plan in place, FXTM embarks on 2014 with confidence and optimism for another year of achievements and success.
E-Financial
Moniepoint: More Customers Lament after Police Exposed Scammers Who Stole over N400m

Nigerian customers of Moniepoint, a fintech bank, have expressed widespread frustration and discontent with the company’s operations, citing numerous difficulties and challenges, according to PM News.
These complaints are coming on the heels of a recent revelation by the Nigerian Police Force, which exposed a scam involving two Nigerians who stole over N400 million using Moniepoint profiles
One such customer, Suleiman Abubakar Audu, shared his ordeal with the medium, revealing that his account, containing N522,000, had been inexplicably closed for over ten weeks.
Audu noted that despite providing all necessary documentation and repeatedly reaching out to the bank, his account remains inaccessible.
He further lamented that the situation has left him under significant financial stress.
Audu said: “Moniepoint blocked my account for over 10 weeks. I have provided all the necessary information but till now they didn’t release my account.”
He claimed that the bank also failed to provide any meaningful update.
Audu further lamented, saying: “I messaged them via all the handle begging for their reply and they keep telling me issues have been prioritised. I call them via phone call almost each and every day. They are just promising that it will be resolved and update will be provided via mail and till now no any update in the mail. They are just playing me around and I don’t even know the dimension of the issue.”
However, Audu’s experience is not an isolated incident as further investigations by PM News uncovered multiple customers facing similar challenges with Moniepoint.
Busayo Busayo, another disgruntled customer, reported that N50,000 had been deducted from her account since October 2024, with no refund forthcoming.
“Moniepoint na ole (are thieves). Since Oct, my 50k still dey with no refunds. Every time I chat them, different story,” she exclaimed.
Kelvin Doris, a student, also shared her frustrating experience, stating that a refund from Moniepoint to his UBA account had been delayed, leaving him without funds for his school fees.
“I did a refund on Monday from my Moniepoint to UBA, but I have not seen the money,” Doris stated.
Adeboye, another customer, alleged that Moniepoint had allowed someone to use his phone number to open an account in his name, raising concerns about the bank’s security measures.
He said: “Someone is using my number and account for moniepoint, OTP was sent to me twice when I didn’t request for it. I just ignored because I know it’s a work of scammers. next I see is congratulations your password was reset, and I was told that the account has been upgraded to merchant level.”
Orimisan Olakolegan, a Facebook user, also shared his experience, stating that his money had been stuck in Moniepoint since February 4, 2025, without any resolution.
“My money have stuck in moniepoint and their client since 4th February 2025 without any review,” Orimisan alleged.
In light of these allegations, customers urged the Federal Government of Nigeria and the Central Bank of Nigeria to investigate Moniepoint’s operations and address the numerous challenges faced by its customers.
The affected individuals also called for prompt action to rectify the situation and prevent further hardship.
E-Financial
CBN Orders Bank Directors with Insider Bad Loans to Resign

Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately, as part of efforts to strengthen corporate governance and enhance risk management in the banking sector.

Olayemi Cardoso, Governor, Central Bank of Nigeria
The directive was issued in a circular signed by Adetona Adedeji, acting director of Banking Supervision.
Insider loans are the credit facilities granted by the bank to its executives, directors, employees, major shareholders, or other related parties.
The apex bank also directed banks to recover outstanding debts by enforcing collateral recovery and seizing shareholdings of affected directors.
Furthermore, banks must regularise all insider-related facilities within 180 days, particularly those that exceed limits prescribed in Section 19 (5) of the Banking and Other Financial Institutions Act (BOFIA), 2020, and were previously approved without specific timelines.
The CBN stated: “Directors with non-performing insider-related facilities are required to step down immediately from the board, while the bank should commence immediate remediation of the loans through the recovery of the collaterals, including the shareholdings of the affected directors.”
It also stressed the importance of compliance with Section 19 of BOFIA 2020, which limits insider-related loans:
“Banks are required to regularise within 180 days, all insider-related facilities above the limits prescribed in Section 19 (5) of BOFIA, 2020.
“Individual director-related facilities must be brought within the 5 per cent paid-up capital limit, while the aggregate insider facilities for the bank must not exceed 10 per cent of its paid-up capital.”
The CBN emphasized that compliance with these directives is effective immediately to uphold regulatory standards and corporate governance best practices.
E-Financial
CBN Orders Banks to Publish Details of Dormant Accounts, Unclaimed Balances

Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to publish the name of the account, the type of account, the name of the bank, and the branch where the dormant account is domiciled on their official websites.
According to CBN, a dormant account refers to a bank account that has remained inactive for at least one year.
This is disclosed in a circular entitled, ‘Guidelines On Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions in Nigeria’ and signed by MichaeL C. Akuka, for: director, financial policy and regulation department, CBN.
As part of the new regulations, financial institutions are required to display key details such as the names of individuals authorized to operate the accounts, the type of account, and the branch where it is domiciled.
This information must be made available on their official websites.
For other financial institutions (OFIs) that do not have dedicated websites, CBN has mandated that the information be published on the website of their respective industry associations.
“In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following,” CBN stated.
“1. Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, Section 72.
“ (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue Guidelines on the administration of unclaimed funds in banks and other financial institutions.
“2. Information to be published on banks’ websites as well as the association’s website (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.
“Information to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks, shall also convey the details as listed in (2) above.”
This directive follows an earlier order issued by CBN on July 19, 2024, requiring banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
- E-Financial3 days ago
SERAP Gives CBN 48-Hour Ultimatum to Withdraw ATM Fee Hike
- Telecom2 days ago
Toriola, MTN Nigeria CEO again Defends Tariff Hikes amidst Backlash
- E-Financial3 days ago
FG Seeks Fresh $300m Loan from World Bank for Health Security
- General News3 days ago
FG Drops Merger of NCAA, NAMA
- E-Business2 days ago
South Korea Joins List of Countries Banning DeepSeek over Security Concerns
- News3 days ago
Binance Chief Insists Some FG Officials, Reps Demand $150m Bribe
- News3 days ago
inDrive Unveils Cashless Bank Transfer Feature in Nigeria
- E-Financial2 days ago
UBA Announces Successful Completion of System Upgrade