E-Financial
N750m Polymer Note Bribery: Okoyomon, Ex-Mint boss to Be Extradited to UK
Emmanuel Ehidiamhen Okoyomon, former managing director of the Nigerian Security Printing and Minting Company (NSPMC), is to be extradited to face trial in the United Kingdom.
It was learnt that already the extradition process has been initiated through the office of the Attorney General of the Federation under a mutual legal assistance request by the British Government.
Okoyomon, who holds dual Nigerian and British citizenship was the chief executive of the NSMPC until November 2013 when he was suspended by the board of the Central Bank of Nigeria in the wake of the N1000 notes disappearance scandal.
He has however been under investigation since 2012 by Nigeria’s anti-graft police, the EFCC following a request for that by the British National Crime Agency.
To facilitate his extradition process, a top official of the agency told iReports-ng.com in Abuja yesterday that Okomoyon may have been taken into custody preparatory to his appearance in court where a judge needs to approve of his extradition before he can be flown to face trial in the UK.
The request followed the discovery by the Australian authorities that some Nigerian officials at the Central Bank of Nigeria and the Mint, received bribes from Securency Pty Limited, a polymer substrate producing company for the contract to produce N20 polymer notes for the Central Bank of Nigeria between 2006 and 2008.
The bribes were routed through offshore accounts in the UK and other jurisdictions.
The EFCC investigation was said to have uncovered a web of forgery, identity fraud and money laundering running into millions of naira.
The erstwhile Mint boss allegedly used the names of his driver and clerk to open different bank accounts in which he diverted several alleged bribery funds without their knowledge.
He allegedly forged a driver’s license with the photograph of his driver but bearing a different name belonging to his official clerk, to open the account, in which N368million proceeds of laundered bribery funds were traced, with Okoyomon as the sole beneficiary.
Over N750million is alleged to have exchanged hands between officials of the CBN, the NSPMC and Securency International Pty of Australia, (now Innovia Security Pty Limited).
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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