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Reps Accuse Banks of Hiding $996m in Secret TSA Accounts

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The House of Representatives this week alleged that the sum of $995.71 million was yet to be remitted to the treasury single account (TSA) by deposit money banks (DMBs) in defiance of the Federal Government’s directive.

 

Adopting report of the Danburam Nuhu Abubakar-led ad hoc committee probing the implementation of the policy, the chamber, presided over by Speaker Yakubu Dogara, said the sum included the principal deposits and their accrued interests.

 

Besides, it claimed that N1.207 billion and € 23,704.01 were still to be credited the TSA by the financial institutions.

 

The lower chamber of the National Assembly also accused the Nigerian National Petroleum Corporation (NNPC) of engaging in extra budgetary expenses on the funding of the Brass LNG project to the tune of $331.72 million between 2012 and 2017.

 

The lawmakers bemoaned that whereas the gas project got an appropriation of $511.60 million, $461.54 million was actually released during the period under review.

 

“This shows the NNPC has received funds for above what was appropriated by the National Assembly for the Brass LNG project. This is justified by the fact that the outstanding amount not released ($708.29 million) held in the DMBs in Brass LNG investment account is higher than the total appropriation ($511.60 million) made so far for the Brass LNG project during the year under review,” they noted.

 

The House further indicted the corporation and the Federal Ministry of Environment of “hiding under the cover of presidential waivers to operate illegal accounts comprising joint venture (JV), escrow accounts, securitised and guarantee funds, NNPV operation accounts and NNPC pension funds with DMBs.”

 

The chamber claimed that NNPC’s operations account of $188,900,383.49 were currently domiciled in various banks.

 

It further alleged TSA infractions in three accounts held by the NNPC in a savings and loans firm and a new generation bank, adding that they comprise two accounts called NNPC PFL placement deposit with the third called NNPC pension fund account totalling N1,079,444,746.49.

 

The House also “discovered how the Federal Ministry of Environment, Hydrocarbon Pollution Remediation Programme ((HYPREP) breached the TSA policy by operating an account called FMR HYPREP Account amounting to N1.1 billion and $4.9 million” in another new generation financial institution.

 

It, however, recommended the payment of N10 billion to Systemspecs – the payment software to many corporate organisations and the TSA.

 

The legislators submitted that based on interaction with the Office of the Accountant General of the Federation (OAGF), the Director of TSA acknowledged the total receipts of TSA as at April 2018 stood to include N9,782,682,923,739.17 and a consolidated balance of N547,493,970.50 while ministries, departments and agencies’ (MDAs) enrolment was 1,678.

 

The plenary therefore advised the Ministry of Finance and the OAGF as well as the CBN to intensify efforts at full implementation of the TSA, just as it called for the sanctioning of erring MDAs and strengthening of the initiative among others.


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Unity Bank Unveils 2020 OMG Competition For Children

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In line with the efforts to drive the financial literacy initiatives of the Central Bank of Nigeria (CBN), Unity Bank Plc has unveiled its 2020 One Minute Genius (OMG) competition for children.

OMG is an educational gameshow to engage students as part of activities to commemorate Children’s Day.

According to a statement from the bank, over 120 winners are expected to emerge at the end of the 5-day contest that kicked off yesterday June 1, 2020, and run till Friday, June 5th, 2020.

The statement also said that  the competition can be monitored on Beat FM 99.9 Lagos, Beat FM Abuja, 94.1, and online on the Bank’s Website.

“The One Minute Genius is an initiative that underscores Unity Bank’s belief in children, it connects with the Nigerian children’s aspirations and reinforces the importance of education as a vehicle to empower the child to succeed beyond their wildest dreams.” The statement read.

Every Child and student between the ages of 6 –12 years are legible to participate in the game.

The idea is to enable the participant to improve their intelligent quotient and unleash the genius in them. The game will be played as a blend of quizzes containing spelling Bee and Arithmetic questions.

The children that answer the questions correctly within the one-minute stipulated timeframe will be rewarded with cash prizes.

Commenting on the initiative, Funwa Akinmade, Head, Retail and SME Banking, Unity Bank, said the One Minute Genius gameshow is a participatory learning and reward contest aimed at motivating students towards subject mastery using a branch of reinforcement model.

Akinmade urged parents and guardians to avail their wards the opportunity to participate in the competition.

In previous editions of Children’s Day engagement, the Bank hosted students of Kings College Lagos and held Spelling BEE competition to promote financial literacy, leadership, and advocacy against anti-social behaviour among youths.


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CBN Says Claims of N2,000, N5,000 Banknotes in Circulation Fake

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Central Bank of Nigeria (CBN) on Sunday, denied videos and pictures of the purported circulation of N2, 000 and N5,000 banknotes in the country.

CBN Says Claims of N2,000, N5,000 Banknotes in Circulation Fake

The apex bank in a tweet via the official Twitter handle are warned false and fake.

CBN called on Nigerians to disregard claims of such banknotes and urged members of the public to report anyone found in possession of such to law enforcement agencies.

Recall that in 2013, the CBN under the leadership of Sanusi Lamido Sanusi had said it was going to introduce a N5,000 banknote into the country.

Recently, the social media was abuzz after aman reportedly visited a bank and deposited the sum of N17m with yet to be designed or released N5000 and N2000 naira notes.

In accompany video, a lady could be heard in the clip, revealing how the man stormed the bank with the bundle of new 5000 and 2000 naira notes to deposit it.

 

 

 


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CBN Revises Timelines for ATM Dispense Errors, Refund Complaints

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Central Bank of Nigeria (CBN) has revised timelines for reversals and/or the resolution of refund complaints on electronic channels, with effect from June 8, 2020.

CBN Revises Timelines for ATM Dispense Errors, Refund Complaints

Mr. Godwin Emefiele, CBN governor

This is to further enhance service quality, particularly quick refunds when customers experience failed transactions, ATM dispense errors or disputes.

Isaac Okorafor, director, Corporate Communications of the apex bank said on Sunday that failed ‘On-Us’ ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three days.

“Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.

“Refunds for failed ‘Not-on-Us’ ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current three to five days.

“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.”

He added that all banks had been directed to resolve the backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.

Meanwhile, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.

Okorafor requested bank customers to refer to the updated Guidelines for the Operation of Electronic Payment Channels on the Bank’s website (www.cbn.gov.ng) for further details.

 

 

 


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