banks Archives - Freedom Online

Court unfreezes Petralon accounts over material facts suppression by Eurafic Energy

Wahab Abdulah — Tue, 18 Oct 2022 06:32:26 +0000

A Federal High Court sitting in Lagos has vacated an order it granted interalia frozen different accounts belonging to an oil company; Petralon Energy and Petralon 54 domiciled in 18 banks across the country. Delivering a ruling in a motion filed by the company praying the Court to unfreeze the accounts, the presiding judge, Hon. […]

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Shareholders threaten to sue banks, CBN over dividend payment stoppage

Robby Akeju — Mon, 26 Feb 2018 18:31:56 +0000

The Pragmatic Shareholders Association has said the Central Bank of Nigeria’s (CBN) recent policy directive, barring challenged deposit money banks from paying dividends was the worst blueprint toward internal economic growth. The Association in a communiqué after its emergency meeting on Sunday in Abeokuta, Ogun State, said the policy showcased the apex bank high level […]

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CBN directs banks to settle customers’ complaints within two weeks

Robby Akeju — Thu, 22 Feb 2018 15:05:17 +0000

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within two weeks. Mr Tajudeen Ahmed, the CBN Head of Complaints Management Division, said this on Thursday in Abuja. He said the CBN would ensure that bank customers received […]

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CBN warns banks on illicit money transfer flows

Robby Akeju — Fri, 26 Aug 2016 22:20:58 +0000

The Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the banking industry. The CBN gave the directive to authourised dealers, mainly banks, on Friday in a circular signed by the Acting Director of Trade And Exchange […]

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BDCs decry poor compliance of banks to forex sales

Ola Simeon — Tue, 23 Aug 2016 13:42:24 +0000

President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has decried the poor compliance of banks to the sale of foreign exchange to its members. Gwadabe said on Tuesday that only about nine per cent of BDCs currently had access to forex sales from banks, a situation he described as “worrisome’’. […]

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Ngige orders banks to comply with labour laws

Robby Akeju — Thu, 11 Aug 2016 19:37:20 +0000

The Federal Government on Thursday in Abuja directed the management of banks to compile with all labour laws regulating industrial relations in the country. Sen. Chris Ngige, Minister of Labour and Employment, gave the directive at an interactive meeting with Chief Executives of Banks and Financial Institutions in the country. Ngige said that the […]

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Bank customers in Abia besiege ATMs as public holiday continues

Chidi Roberts — Wed, 06 Jul 2016 17:16:58 +0000

Bank customers in Umuahia, the Abia State capital, have continued to besiege Automatic Teller Machines (ATM) in large numbers since Friday due to the extended public holidays in the state. The Abia Government had declared July 1and July 4 as public holiday in honour of the former Secretary of the Board of Trustees of […]

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CBN, banks brainstorm on solution to mass sack

Roland Edwards — Thu, 09 Jun 2016 21:52:42 +0000

The Bankers’ Committee of the Central Bank of Nigeria (CBN) on Thursday gave assurance that the rate of mass sacking in banks would be reduced within the shortest time possible. The committee stated this at the end of its 327th meeting at the headquarters of the CBN in Abuja The Managing Director, Standard Chartered […]

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Retrenchment: Ngige threatens banks, says ‘FG may be forced to withdraw your licences’; warns telecoms firms against compiling ‘lists of workers to be sacked’

Freedom Reporter — Tue, 07 Jun 2016 20:52:18 +0000

The Federal Government on Tuesday warned managements of financial institutions in the country to stop further retrenchment of workers or risked being sanctioned. Senator Chris Ngige, Minister of Labour and Employment, gave the warning in Geneva while addressing newsmen on the sideline of the on-going 105th session of the International Labour Conference (ILC). “The Federal […]

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Ngige directs banks to suspend retrenchment

Ibrahim Ahmadu — Fri, 03 Jun 2016 19:32:14 +0000

Minister of Labour and Productivity, Dr. Chris Ngige, on Friday, directed banks, insurance and financial institutions to suspend the on-going retrenchment in the sector. A statement by Ngige reads: “Following spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the on-going retrenchment pending […]

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Casualisation: NLC to commence picketing banks, companies, others, says Wabba

Robby Akeju — Thu, 19 Nov 2015 21:42:50 +0000

The Nigeria Labour Congress (NLC) will soon commence picketing of companies and establishments that indulge in outsourcing and casualisation of workers across the country, NLC President, Mr Ayuba Wabba, has said. Wabba made the announcement on Thursday in Abuja in his address at the 2015 Africa Industrialisation Day Policy Roundtable Conference with the theme: “Eradicating […]

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