Connect with us

Business

Naira Depreciation: CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country – Minister

Published

on

Mohammed Idris
Spread the love

The Minister of Information and National Orientation, Mohammed Idris, has said that the Central Bank of Nigeria’s efforts to reform the foreign exchange (FX) market have been met with ferocious resistance from speculators and other unscrupulous players.

 

Addressing a press conference today, February 23, Idris said the bold moves being implemented are in full alignment with what is required. He also said that relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book.

 

He said;

 

“We understand that these are foundational fiscal and monetary policy moves, upon which we must now build the superstructure of true economic growth and prosperity.

“As respected economists and experts have acknowledged, these foundational reforms will be difficult and painful for Nigerians in the short-term. At the same time, there is the consensus that they are inevitable, given just how much they have held back robust and lasting economic growth.

“The problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions.

“The CBN has been proactive, initiating a comprehensive strategy to enhance liquidity in the forex market. In addition to unifying the rates, the bank has also cleared a significant amount of outstanding Forex obligations, and outlined new operational mechanisms for commercial banks, Bureau De Change (BDC) operators and International Money Transfer Operators (IMTOs).

“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge of inflows.

“The latest NBS figures show that capital importation into Nigeria rose by over 66 percent in Q4 2023, compared with the preceding quarter. The CBN Governor has also highlighted the fact that $1.8 billion flowed into the forex market last week, on the back of the new reforms.

“Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.

“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised.

“Nigerians should rest assured that the government will continue to take further steps to stabilize the naira and safeguard our economy.

“We will continue to seek the patience and understanding of Nigerians as we push through these difficult times, into a season of abundant benefits and truly renewed Hope.”

Business

N40 billion stolen at First Bank was done by its manager of electronic products team, Tijani Muiz Adeyinka, the person responsible for handling transfer reversals. – Deji-Dare Akinmejiwa

Published

on

Spread the love

 

The final decision on reversals laid with him alone, instead of a team. Instead of ensuring reversals were done properly, he started diverting funds to a Zenith account owned by his wife. Over 2 years, he managed to steal N40 billion, which he later scattered to 1,190 accounts & used some to buy crypto. As I type this, Mr Adeyinka & his sweet baby boo have vanished. The scam was burst when a customer insisted on resolving non-reversal of funds.

DETAILS:
A First Bank employee identified as Tijani Muiz Adeyinka is now on the run after diverting N40 billion at the bank’s head office team in Iganmu, Lagos.

He allegedly diverted those funds to 98 bank accounts classified as first beneficiaries, including his wife’s.

The bank, with a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024, and obtained multiple court orders to freeze accounts connected to the stolen funds.

As reported by Tech Cabal, Tijani Muiz Adeyinka, the employee implicated in the scandal, held a managerial position in the electronic products team at First Bank’s headquarters in Iganmu, Lagos. Adeyinka, now a fugitive, allegedly diverted approximately ₦40 billion (around $29 million) over two years.

He purportedly exploited his role to misappropriate funds by directing customer reversal requests to a merchant account under his control. His ability to finalize transactions without additional approvals allowed the scheme to go unnoticed.

The fraud came to light following a customer complaint, prompting an internal review by the bank’s control unit, which uncovered numerous suspicious transactions. In response, First Bank alerted the police and pursued legal measures to mitigate the financial loss.

First Bank took proactive steps by obtaining three court orders between April 4 and April 8, 2024, to freeze hundreds of accounts suspected of receiving the diverted funds. Among the affected accounts were 98 classified as first beneficiaries, including one belonging to Adeyinka’s wife, as well as numerous second-tier accounts.

Court documents revealed that Adeyinka routed funds to his wife’s account at Zenith Bank, which then dispersed the money across 34 additional accounts. These accounts subsequently channeled the funds to 1,190 other accounts, creating a complex network of transactions to obscure the origin of the stolen funds.

In a statement to the Lagos State Commissioner of Police dated May 10, 2024, the bank affirmed its collaboration with law enforcement agencies to uncover the circumstances surrounding the fraud and apprehend all individuals involved.

“We hereby bring to your notice the discovery of fraudulent transactions into various transactions within and outside the bank and request your good offices to set up the machinery of investigation in place with a view to unravel the circumstances surrounding the said fraud and get the culprits apprehending to face the wrath of the law,” read a letter dated May 10, 2024, from First bank to the Lagos State Commissioner of Police.

 

Continue Reading

Business

FG Eyes $4.4Billion New Loans As Debt Hits N101Trillion

Published

on

Spread the love

 

The Federal Government of Nigeria is seeking to acquire new loans worth $4.4 billion from the World Bank and the African Development Bank

This move comes as the country’s total debt stock has risen to N101 trillion

Here are some key points about Nigeria’s debt crisis:

Rising Debt Stock:

Nigeria’s total debt stock has risen to N101 trillion, with a significant portion of it being external debt

New Loans:  The Federal Government is seeking to acquire new loans worth $4.4 billion from the World Bank and the African Development Bank

Debt Servicing: The cost of debt servicing has been rising, with a significant portion of the country’s revenue being spent on debt servicing

Concerns: There are concerns about the sustainability of Nigeria’s debt, with some experts warning that the country may be heading towards a debt crisis

-Economic Implications: The rising debt stock and debt servicing costs could have significant implications for Nigeria’s economy, including reduced spending on essential services and infrastructure

Key Statistics

– Total debt stock: N101 trillion
– External debt: $41.59 billion
– Domestic debt: N55.93 trillion
– Debt servicing cost: 75.92% of aggregate revenue (January-July 2023)

Continue Reading

Business

TCN commissions new 300mva power transformer in Benin to boost electricity supply

Published

on

Spread the love

 

The Transmission Company of Nigeria (TCN) has commissioned a new 300MVA power transformer at its Benin Transmission Substation to boost electricity supply

Here are some key points about the commissioning:

Capacity Increase: The new transformer is one of two 300MVA capacity power transformers delivered to the substation, with the installation of the second transformer set to commence immediately

World Bank Projects: The transformers are part of the ongoing TCN and World Bank projects aimed at increasing transmission capacity nationwide

Improved Power Reliability:  The addition of the new transformers is expected to improve power reliability and availability in the region

Transmission Infrastructure: TCN is committed to continuously investing in transmission infrastructure to meet the growing demand for electricity in Nigeria

Continue Reading

Trending