The Nation Newspaper

Tag: cash

  • MarketMoni beneficiaries get cash

    The Federal Government has commenced disbursement of interest-free loans to the latest accredited beneficiaries of MarketMoni, the Government Enterprise and Empowerment Programme (GEEP), targeting market women and traders, artisans, youths and farmers.

    MarketMoni is one of four schemes under the Social Intervention Programme of the Government, and is being executed by the Bank of Industry (BoI).

    As part of the efforts of the President Muhammadu Buhari administration to stimulate the economy and deepen financial inclusion for the under-banked and unbanked, over 24,000 Nigerians, including market women and traders, artisans, and youths – have so far benefited from the scheme since its roll-out last December.

    The Office of the Vice-President said the Federal Government has commenced disbursements in 13 states and the Federal Capital Territory, through the BoI, saying it would be expanded cover all the states over the next two months. The areas of current disbursement include Abuja, Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Ogun, Ondo, Osun, Oyo and Rivers.

    At an Abuja stakeholder discussion on the scheme, BoI Acting Managing Director, Waheed Olagunju, reiterated that MarketMoni was a demonstration of the government’s resolve to accelerate development of Nigeria’s microenterprises. He urged beneficiaries to be judicious in the use of the funds and to pay back, as it enables the programme to remain sustainable and expand its reach to millions of Nigerians and stimulate economic activity at the base of the pyramid.

    BoI’s Executive Director, Microenterprises, Ms. Toyin Adeniji said: “Not only does access to affordable finance enable people grow their economic opportunity; it also breaks poverty barriers and pushes the frontiers of inclusive growth and financial advancement. The target N140-billion programme seeks to deliver this. We are working round the clock to scale the programme, and we are happy with the progress we have made so far.”

  • ‘One-chance’ suspect caught with phones, N61,000 cash

    ‘One-chance’ suspect caught with phones, N61,000 cash

    A member of a gang which robs passengers inside commercial buses has been arrested by Rapid Response Squad (RRS) operatives after dispossessing a victim of his phones and N61,000 cash.

    Ajibola Alao, 29, was caught after the victim, Benedict Asotie, shouted for help on being pushed out of a Vokswagen bus marked APP 820 XE.

    The “one-chance” gang  picked Asotie at Ladipo bus stop and was to drop him at Oshodi Under Bridge. But the gang did not and on sighting Lagos State Traffic Management Authority (LASTMA) officials there, it ascended the bridge towards Oshodi Oke, where it dispossessed Asotie of his valuables and pushed him out of the bus.

    A statement by RRS yesterday quoted Asotie, 24, as saying:  “After throwing me out in motion, they threw my N100 fare beside me on the road, perhaps, for me to find my way back home. But, I didn’t give up, I chased the danfo bus.

    “Fortunately, I sighted a RRS vehicle marked Response 091 and I quickly alerted them and they chased the vehicle. They arrested Alao, who took all I had on me but the driver and the conductor abandoned their vehicle and escaped. All they took from me were found on him and some additional phones, which he disclosed to the police they took from previous victims of their one-chance operations”.

    Alao, according to RRS, said: “I have been in the business of one-chance since 2015. At a point, I stopped and began to pick-pocket, joining buses to Sango, Agege, Oshodi, Apapa and disembarking whenever I have fleeced commuters of their phones and money.

    “At a time, I was arrested in Mushin by officers from Olosa Police Station. My mum, who was very ill and on admission in an hospital at that time was brought to see me in detention.  She pleaded with the officers and secured my bail. She warned me repeatedly never to steal again.

    “She told me that if I have been using other peoples’ sweat to foot her hospital bills, I should stop it forthwith. She insisted that if I wanted to live long, I should stop stealing from people. She added that the consequences would be too severe for me if I go back again. Few weeks after the incident, she died.

    “I did it then because I needed N140, 000 to pay my house rent. This time, I got more than that from a week operation but I didn’t stop then. Now, I went back into it to help raise funds for my siblings so that they won’t follow the same path.”

    Police spokesperson Dolapo Badmos, a Superintendent (SP), said the suspect had been transferred to the State Criminal Investigation Department (SCID) at Panti, Yaba, Lagos Mainland.

  • Fidelity rewards promo winners with cash, gifts

    Fidelity rewards promo winners with cash, gifts

    Fidelity Bank Plc yesterday rewarded its savings customers across the country who won different cash and consolation prizes in the third draw of its ongoing Get Alert in Millions promo draw.

    The winners, who emerged from different regions of the country got different cash prizes ranging from N1 million to N5 million.

    During the electronic draw, the quarterly star prize of N5 million was won by Salman Umar Musa of University of Maiduguri branch, while three lucky customers from South/ East, Lagos and Northern regions of the bank won N1 million each.

    Likewise, two customers from Abuja and South/ West regions got N2 million each and a customer from South/South region won N3 million.

    Also aside the cash prizes, other customers also won consolations prizes ranging from refrigerators and generating sets.

    The winners emerged from a transparent randomization process which was vented by the bank’s control team and witnessed by officials from Consumer Protection Council (CPC) and other regulators.

    Six customers that emerged star winners for the third promo across the country were Rahama Yenusa Tahir from Maiduguri Branch Borno State, who won N1 million; Emelie Emmanuel, Iriakari, Lagos, N1 million; Olaide Oladejo, Nsugbe Branch, South/East, won N1 million; Peace Chinenye, Ado- Ekiti Branch, South/ West, won N2 million; Ise Iboro, Nakatos Branch, Abuja, won N2 million and Sunday Uzo, Benin Branch, South/ South, won N3 million.

    According to the Fidelity Bank’s Managing Director Nnamdi Okonkwo, the promo was part of efforts to support and encourage culture of savings among Nigerians and promote the Central Bank of Nigeria’s (CBN’s) financial inclusion policy.

    He explained that the promo which was the sixth in series the bank has conducted in the last nine years is structured to make savings accounts holders millionaires.

    Okonkwo, who was represented by the bank’s Executive Director, Shared Services and Products, Chijioke Ugochukwu noted that the draw was unique because it was the first quarterly draw in the get alert promo and it coincides with Christmas season.

    The bank’s Head, Savings Group, Mrs. Janet Nnabuko explained that to qualify for the monthly and quarterly draw an existing customers are to pay in N10,000 into his or her account for the monthly draw while N50.000 qualifies one for the quarterly.

    She stated further that new customers are required to open an account for with N20.000 to be qualified for monthly draw.

    Head Retail Banking, Mr. Richard Madiebo noted that the promo was introduced to help penetrate and advance financial inclusion in the country.

    He said the bank launched the scheme in a bid to encourage savings culture and also to reward customers for their loyalty.

  • Lack of cash threatens Taraba’s fortune

    Lack of cash threatens Taraba’s fortune

    Well, the potentials are there but without money, what can I do with our tourism potentials?

    That may well have captured how Taraba State Governor Darius Ishaku felt when the reporter caught up with him.

    He told The Nation, “I see the potentials, I know what to do, but I don’t have the resources to do it. If I have money, what I’d do in my state within the next four years would be unimaginable. I can tell you that if that is done, you won’t meet me here for an interview.

    “You will meet me either in Gembu or Mambilla. That is where the Presidential resort should be, that is where the Camp David of the President should be because if he takes people there, he does not need any air conditioning even when there is no light. These are the potentials we have in this country but are not exploited. There are some Germans that come to the Gamshaka Gumti Park every year for studies with their students for the last ten years. We have a lot of things there. But what we lack is the resources to do the right thing. I wish the money they use to get is coming now.”

    The governor said the state could  explore other natural resources available in the state.

    He said, “We have the rarest minerals in Taraba State. We have bauxite which is aluminum used for making airplane and one mineral sourced for all over the world. Saphire is being mined there illegally and it is next to diamond. Gold is available in the state. Without barrette, you can’t drill oil and it is available in the state.

    “During Abacha, the importation was banned and people where rushing to Taraba to mine it and take to Port Harcourt to drill oil. After Abacha, the ban was lifted and people went back to importation because by doing that, they are able to take our foreign exchange. We have over 50 mineral deposits in Taraba State. There is coal there which can be turned to power. There are many rivers which can be turned to hydro which can be turned to power. I have wind potential which can also be turned to power. There are so many natural resources in the state.”

    The state, he said, is blessed in all areas and the government is taking advantage of this to develop its tea and coffee potentials. At the moment, the Highland tea which has been moribund has started production, while the sugar potentials are being explored.

    He said, “One of the areas where we have made some level of impact is revitalisation of the tea and the tea factory is running 24 hours right now because we had a small mini dam which was constructed with the help of the United Nations in collaboration with the state government. That dam is working, providing 24 hours services. We refurbished the old tea factory, removed the obsolete machines and replaced them with brand new ones and right now, it is working very well.

    “That has made the people in Kakara village and the surrounding villages busy, proving the tea which hitherto was not in use before now, sell it to the factory and go there every week to collect. In October, I was in India and went to virtually all the tea farms in India to see what they are doing correctly that we are not doing. Right now, four of our boys are in India, being trained . We want to pursue aggressive nursery for the tea. For coffee, we want to learn the model and from what I have read and heard, the Kenyan and Ethiopian models seem to be best suitable for our climate.”

  • Detectives uncover huge cash payments to Justices

    Detectives uncover huge cash payments to Justices

    Chief Registrar:  I’ve no role in running account

    Detectives have uncovered huge cash payments to Supreme Court Justices, members of the management and staff of the apex court.

    Some of the payments, which were effected through a secret/ Operation Account, are alleged to be outrageous and outside the allowances approved by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).

    The allowances include cash for justices and management staff during festivities, especially Easter, Christmas, Ramadan and Eid-el Kabir.

    Detectives are probing why the apex court paid cash instead of remittance of such payments to the accounts of the beneficiaries.

    The Presidency is said to be  in dilemma on what to do because all the former Chief Justices of Nigeria (CJN) and Justices of the Supreme Court were paid the jumbo allowances in cash from the unauthorised secret/ Operation Account.

    Some documents attached to the charge sheets of some of the suspects on trial by the Department of State Service (DSS) provide insights into the cash payments.

    The breakdown of  what the past and present CJN and Justices have been receiving since 2009 is as follows: Salary—N750,000 (paid into account of each Justice); N750,000 monthly subsidy—(payment in cash); N950,000 quarterly subsidy (payment in cash); £10,000 (estacode) for trips (payment in cash); $25,000 (medical fees yearly (payment in cash); Unspecified payment for Business Class to them and spouses in cash depending on airline; $750 per night for number of days abroad in cash;  N350,000  cash as welfare for each of the festivities (Easter, Christmas, Ramadan, Eid-el-Kabir); Chief Registrar—N700,000 as robe allowance; N200,000 for each of the festivities (in cash); and other lawyers—N500,000 as yearly dress allowance (In cash).

    A top security source, who spoke in confidence, said: “Detectives have unearthed all manner of allowances which were paid and still being paid to Supreme Court Justices since 2009 from a Secret/Illegal/ Operation Account.

    Some of these allowances are outside those ones approved by RMAFC. Our investigation confirmed the RMAFC approvals for CJN and the Justices as including regular salary and allowances: Monthly Basic Salary; Vehicle Maintenance/Fuelling; Personal Assistant; Domestic Staff; Entertainment; Utilities; Outfit; and Newspapers/Periodicals.

    “Their Non-Regular Salary and allowances include: Accommodation (once annually); furniture (once in four years); annual leave bonus; severance/gratuity (after successful tenure); vehicle loan (optional); Duty Tour Allowance per night (where applicable) and Estacode per night (where applicable).

    “In fact, one of the arrested Justices was in December 2014 paid N2million as a mark of welfare from the court to support him for his daughter’s wedding.

    “So, we discovered a lot of discrepancies in the allowances being paid to the past Chief Justices of Nigeria and Justices of the Supreme Court since 2009. Even four of the Justices who are beneficiaries of the monetisation policy still earned double allowances.

    “Technically, everyone was paid all these unauthorised allowances from the operation account based on the computation of the management. Nobody knows how the allowances were arrived at.

    “And the situation has not changed. We have documents showing that all the Justices were paid N910, 000 in April and N710, 000 in May as allowances.”

    On the status of the Operation Account, a document confirmed that one of the officials of the Supreme Court told DSS interrogators: “All these payments, except the salary, are paid in cash to the Justices which they signed for collection. I am aware that has been the tradition but I am not sure of any written authority backing the payment.

    “None of the Justices has ever, to my knowledge, refused payment of medical fees given to them.”

    But another source said the Operation Account was legally opened in 2009 after the e-payment policy was introduced.

    The source cited a memo, dated March 3, 2009 by a former Deputy Director (Finance and Accounts).

    The memo has also been tendered in the court by the DSS as part of its evidence against some suspects.

    He said the memo was explicit that the Justices be paid in cash.

    The memo, signed by M. B. Tambawal and sent to the then Chief Registrar of the Supreme Court, said: “You may recall that we had a management meeting last week where we discussed the way forward on e-payment. We had various suggestions on how to have an Operation Account that would ease the operations of this Honourable Court.

    “In view of this, I humbly wish to suggest that a non-COT Operation Account be opened for the cashier (Ahmed Fagbenro).

    “The account would accommodate payment for their Lordships and staff. The cashier will be responsible in cashing these payments and pay to the beneficiaries. He would keep a Petty Cash Book in order to record the payment plus a register that would be signed by the payees.”

    The source added: “You can see that all the former CJN, present CJN and Justices of the Supreme Court were made to collect the allowances in cash by the management. This is not their making at all; they have committed no infractions.

    “I think it is a system problem which the present Chief Registrar, Ahmed Gambo Saleh is trying to reform since 2014.”

    The Presidency is weighing options because everyone has collected unauthorised allowances unknowingly. They are also unexpected to collect payment in cash  – in line with financial regulations. I think they are victims of bureaucratic trap, but ignorance is no excuse in law.

    “What the government is doing is to address the issue of corruption first before looking into other accountability problems besetting the Supreme Court.

    “Certainly, the management of the Supreme Court needs to be overhauled. This is part of the agenda for the incoming CJN in collaboration with the Presidency.”

    The Chief Registrar of the Supreme Court,  Ahmed Gambo Saleh has denied involvement in any fraud or sharp practices in the apex court.

    He also said he was never involved in any bribe deal or in the management of Operation Account.

    Saleh, who made the clarifications in his testimony to the DSS, said he has introduced reforms, including stoppage of cash payment, since he took over in 2014.

    He said: “I have never directed anyone to pay the sum of either N12million or N18million to any Justice of the Supreme Court.

    “”I am aware the practice of cash payment is not in line with financial regulations but that has been the tradition I met in the court.

    “But on assuming office, I stopped cash payments to staff; all payments are now paid into their accounts.

    “The Operation Account is in Ahmed Fagbenro’s name (the Cashier); I don’t know how much is the balance in the account.”

  • Police quiz ACP over N2.7m bribe cash

    Police quiz ACP over N2.7m bribe cash

    There will be no cover-up in the case of the Assistant Commissioner of Police arrested with N2.7 million bribe cash, the Police said yesterday.

    The Head, Compliant Response Unit (CRU), Acting Assistant Commissioner of Police (ACP)

    Abayomi Shogunle, said the police had taken all necessary actions provided in the Police Act and Regulations on the case.

    He said: “I don’t see anybody covering up this particular case because the necessary actions needed to be taken, the normal disciplinary procedure as provided under the Police Act and Regulations are being followed.”

    Shogunle said the indicted officer had been issued a query and a criminal investigation had been conducted by the X-squad.

    The officer, he added, had responded to the query and had faced the Force Disciplinary Committee (FDC), which had made its recommendations to Inspector-General of Police Ibrahim Idris.

    He explained that the  I-G had been forwarded his recommendation to the Police Service Commission ( PSC) for ratification.

    “The processes needed have been done and all we are just waiting for is the recommendations of the PSC,” he said.

    He said it was when the Commission informed the I-G on the matter that the CRU would in turn inform the public on the matter.

    Shogunle said that I-G had directed the unit to ensure that it discharged its responsibilities without impunity in line with its motto.

    “One of the things the I-G has tasked the CRU, which is no to impunity, is that the unit should ensure that it upholds that motto,” he added.

    The report on the bribery scandal is in the third quarter report of the CRU The report said the recovery of the bribe cash followed a complaint made to the CRU through a telephone call.

    On alleged preferential treatment for senior officers, Shogunle said the unit had taken up all cases against all police officers irrespective of their ranks.

    “Probably, we get more complaints against the junior ranks because they interact more with members of the public.

    “They are the ones that are always out on the streets. So it is possible you will get more complaints against them than the senior officers.”

    Shogunle assured that all complaints irrespective of the ranks of the persons would be treated based on merit, adding that the rule of law would always prevail.

    The CRU head said that the inclusion of the X-squad unit of the police was yielding result.

    “One of the breakthroughs we have had as contained in the CRU third quarter report was actually done by the x-squad.

    “This is the kind of things the public should expect with the inclusion of the squad by the I-G in the fight against corruption,” he said.

    He said there was cordial working relationship between the Nigeria Police Force through the CRU and human rights groups in the country.

    “As a matter of fact, we have a committee made up of these organisations to review policing operations nationwide.

    “We hear from them issues of policing and also give them feedback on their cases that were handled by the CRU,” he said.

  • Ekiti ASUSS splashes cash, gifts on retirees

    Ekiti State branch of Academic Staff Union of Secondary Schools (ASUSS) has splashed cash and gifts worth N4 million on 64 retired teachers to appreciate their services to humanity.

    The beneficiaries, some of who  retired as Tutors-General, were honoured by the ASUSS on Monday, last week, as part of activities marking this year’s World Teachers’ Day held at the union’s permanent site, Ajebamidele in Ado Ekiti.

    The occasion was the sixth of the awards and send-off; many of the beneficiaries expressed delight that their efforts were at last being appreciated.

    The gifts include N500,000, industrial sewing machines, water dispensers, mattresses, gas cookers, and electric stoves.

    Dignitaries who witnessed the occasion include the Head of Service, Dr. Gbenga Faseluka; wife of the governor’s representative, Cecilia Dada, lawmaker and former Minister of Aviation, Mr. Babatunde Omotoba.

    ASUSS Chairman in Ekiti, Comrade Olusola Adigun, said the gesture was made because of the retirees’ contribution and commitment to the profession and to encourage those still in service to put in their best.

    He said: “It is to appreciate your over three decades of commitment to raising generations of professionals with ideals of peace, mutual respect and understanding of the society.

    “It is also to remind other professionals in service that someday, they would be so accorded this honour.”

    Adigun praised Ekiti State Governor Ayo Fayose for promoting industrial harmony among unions in the education sector by midwifing truce between ASUSS and her mother union, the Nigerian Union of Teachers (NUT).

    Adigun also thanked Fayose for lifting the suspension on some teachers at Elo High School, Ayetoro-Ekiti, the cash gifts and compensatory employment for the husband of a teacher who returned her overpaid allowances.

    He nonetheless canvassed the payment of salaries’ arrears, clearing backlog of promotion of teachers, through the conversion of qualified teachers at the primary level to the secondary level considering the lack of resources to recruit new teachers.

    Faseluka, who promised to pass the requests of the teachers to the governor, urged the union to show understanding with the authorithy.

    The chairman of the occasion, Mr. Omotoba, who donated N250,000 to  the union, sought love and unity among members of the association.

     

  • Local govt. provides items, cash for traders

    Local govt. provides items, cash for traders

    Bothered about the level of poverty among some residents of Surulere Local Government Area, Lagos State, the council instituted a monthly empowerment programme through which relief materials are distributed to some of the needy.

    In line with the policy, the council recently empowered no fewer than 12 businessmen and women in its July edition of the programme to enable them to enhance their businesses and improve their economic well-being.

    Items including foodstuff, packs of table water and other drinks, freezers, grinding machines, vulcanising machines, rice cookers, screw drivers and sockets, among others were distributed to the beneficiaries. In addition to the items, each beneficiary received a cash gift of N10, 000, strictly for the purpose of doing business and making profit.

    The Sole Administrator of the local government, Sheriff Balogun said: “I inherited the monthly empowerment programme from my predecessor, Mrs Hussain Bamidele. The purpose was to identify those who are in need and avail them a sustainable source of income.

    He said: “At the maiden edition of the programme in my administration, it is pertinent to note that 12 people who are in need of these items are benefiting today.”

    He advised the beneficiaries to make good use of the items, as the local government would monitor them to ensure that the items are used for the purpose for which they were provided. Also speaking, former Deputy Speaker of the Lagos State House of Assembly, Shakirudeen Ajao advised the recipients not to engage in credit-selling to avoid accumulating losses.

    One of the beneficiaries, Mrs Ganiyat Kuku, who received 10 crates of soft drinks, 10 cartons of water and a deep freezer, with N10, 000 cash, expressed her gratitude to the local government, saying she had been hoping to benefit from the scheme for a long time.

    “I will add the drinks to the ones in my shop and make some gains. The profit made from the sale of these items would enable me to send my children to school and live comfortably. I am very happy and I pray the government continues to do more. I am sure I will still benefit in more of the great programmes organised by the local government. I have been hoping to partake of this for so long. I am so happy it is now my turn,” she said.

    Another beneficiary, Mrs Taiwo Adedeji, who got similar gifts, was also full of gratitude to the council, saying she would complement her husband’s income.

  • $2.3b NNPC cash: CBN re-admits eight banks into forex market

    $2.3b NNPC cash: CBN re-admits eight banks into forex market

    •Lenders present repayment plans

    The Central Bank of Nigeria (CBN) has cleared the remaining eight commercial banks previously banned from trading in the interbank foreign exchange (forex) market. The lenders were accused of withholding $2.3 billion belonging to the Nigeria National Petroleum Corporation/Nigeria LNG.

    The banks, the CBN announced yesterday, can now commence dealings in the forex market.

    The affected lenders are First Bank of Nigeria (FBN) $469 million; Diamond Bank Plc ($287 million); Sterling Bank Plc ($269 million); Skye Bank Plc ($221 million); Fidelity Bank ($209 million); Keystone Bank ($139 million); First City Monument Bank (FCMB) $125 million and Heritage Bank ($85 million). The United Bank for Africa (UBA) earlier returned $530 million to the Treasury Single Account (TSA) and was cleared by the CBN.

    Announcing the reinstatement of the banks, the CBN Director, Banking Supervision Department, Mrs. Tokunbo Martins, said the body of banks’ Chief Executive Officers (CEOs), under the auspices of the Chartered Institute of Bankers of Nigeria (CIBN), met with the Committee of Governors of the CBN and presented a payment plan for all outstanding dollar deposits from the Nigeria National Petroleum Corporation /Nigeria LNG in their possession to the Treasury Single Account (TSA).

    Speaking during the briefing, the CIBN President-in-Council,  Segun Ajibola stated that the Body of Bank CEOs in partnership with the CIBN decided to resolve the issue in the interest of the Nigerian economy.

  • N2.3b NNPC cash: CBN may fine banks

    N2.3b NNPC cash: CBN may fine banks

    The nine commercial banks barred by the Central Bank of Nigeria (CBN) from the interbank foreign-exchange market may be fined, analysts at Lagos-based CSL Stockbrokers Limited said at the weekend.

    Other financial experts also estimated that although there was no precedence of the case, the apex bank may impose a fine not less than N450 million on all the nine lenders, representing N50 million each to the affected lenders.

    Former Executive Director, Keystone Bank, Richard Obire said: “The CBN may want to demonstrate to the banks that it took their offences very seriously and make it painful to them. The regulator may want to make the fines painful to them, as a deterrent to others. I see not less than N50 million fine on each of the affected banks, and that’s N450 million in all,” he predicted.

    Obire said although the banks are already facing hard times, but letting them go without a fine, could provide a wrong precedence for the industry.

    The CBN suspended nine lenders for not transferring around $2.3 billion of deposits for two state oil and gas companies, Nigerian National Petroleum Corporation (NNPC)  and Nigeria LNG Ltd., to a government account. The banks, whose suspension would remain in force until they remit all the funds to the TSA, are United Bank for Africa (UBA) $530million; First Bank of Nigeria (FBN) $469million; Diamond Bank Plc ($287million); Sterling Bank Plc ($269million); Skye Bank Plc ($221million); Fidelity Bank ($209m); Keystone Bank ($139million); First City Monument Bank (FCMB) $125million; and Heritage Bank ($85million). UBA has refunded its own portion of the fund and was cleared by the CBN.

    UBA has “completely remitted all NNPC and NLNG dollar deposits,” Charles Aigbe, a spokesman in Lagos, said in a statement. The banks probably won’t be able to issue letters of credit and will lose revenue from trading foreign-exchange until their suspensions are lifted, CSL said.

    “The CBN may impose various fines,” analysts at CSL said in an e-mailed note to Reuters. “Of greater concern to us is the ability of these banks to remit these funds given the illiquidity in the market. Inability to remit these funds will mean staying away from all forex transactions for an extended period.”

    Banks have suffered a shortage of hard currency for the last two years as oil prices crashed and investors fled when the country imposed capital controls to try and protect the naira. Oil accounts for around 90 percent of exports and the bulk of government revenue. The naira has weakened 42 percent against the dollar since it was devalued on June 20.

    “While most of the banks we spoke to agree that they have these NNPC funds, they do not agree that these were concealed from the CBN,” the CSL analysts said. “A few of the banks blamed their inability to comply on the tight dollar liquidity in the system brought about by the ongoing restructuring of oil and gas loans and the general scarcity of” of foreign exchange.