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Name and Shame: FCMB, MRS Fight over N6.2Bn Debt

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Central Bank of Nigeria (CBN)-initiated name and shame campaign of banks’ delinquent debtors gained further momentum on Wednesday as First City Monument Bank Limited and Ecobank Nigeria published their lists, according to the Punch.

MRS Oil & Gas, a major player in the downstream sector of the oil and gas industry, topped FCMB’s list of delinquent debtors with N6.2bn non-performing loan

Punch also reported that the lists have the names of popular companies, whose directors prominent Nigerians are appearing among the high non-performing loan defaulters.

. The list has 86 names with a combined bad debt of N17.11bn.

White Diamond Property Development Limited, a firm owned by a business mogul, Rabiu Isiyaku Rabiu, is the second on the list with a debt of N616m.

Two companies belonging to an ex-Minister of Sports, Saidu Samaila Sambawa, occupied the fourth and sixth numbers on the FCMB list.

The firms, Sigma Engineering & Construction Limited and Sambawa Farms have a combined delinquent facility of N1.04bn.

Niger Global Engineering & Technology Company Limited, a firm belonging to Senator Hope Uzodinma, a former Chairman of the Senate Committee on Aviation, was number eight on the FCMB debtors’ list, with N338.85m

The name of the same company appears on the Ecobank Nigeria’s delinquent debtors’ list, with a bad loan of N94.3m recorded against it.

Global Energy Resources, which according to FCMB, belongs to Mr. Olatunde Ayeni, who is the Chairman of Skye Bank Plc, owes N175m.

Suzzatej Nigeria Limited, whose directors are listed as Prince Olanrewaju Adeyemi Tejuosho, Princess Mojisola Tejuosho, children of the Osile Oke Ona, Egba, Oba Adedapo Tejuosho, and two others, is said to owe the bank N84m

In total, the 86 names on the list owe FCMB a combined sum of N17.1bn.

Ecobank Nigeria, which has 73 names on its list, is being owed a total sum of N5.4bn by the delinquent debtors.

This means that the debtors are owing FCMB and Ecobank a total sum of N22.5bn.

Plasto Crown Nigeria Limited, a firm belonging to a former Minister of Environment and Housing, Lady Helen Esuene, and other people, is said to owe Ecobank N11.1m.

Banks, which are expected to publish the lists of their delinquent debtors later this week or before the end of the month are Standard Chartered Bank, Keystone Bank, Citibank, Wema Bank Plc and United Bank for Africa Plc.

The banks, which had published the lists of their delinquent debtors on Monday were Zenith Bank Plc, Guaranty Trust Bank Plc, Union Bank Plc, Sterling Bank Plc, Skye Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, Heritage Bank Limited, Enterprise Bank Limited, First Bank of Nigeria Limited, Access Bank Plc, Diamond Bank Plc and Unity Bank Plc.

The Central Bank of Nigeria had on April 22, 2015 directed the banks, discount houses and the Asset Management Corporation of Nigeria to publish the list of their delinquent debtors from August 1.

They are to publish the names in at least three national newspapers on a quarterly basis.

In line with the directive, the banks gave the chronic debtors a three-month grace period, which expired on July 31.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“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.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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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.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

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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