Tag Archives: accounts

Banks have been directed by the Central Bank of Nigeria to vacate a post-no-debit restriction placed on the bank accounts of 440 individuals and companies.   This is coming two years after the apex bank instructed banks to freeze accounts of 18 companies, ranging from bureaux de change (BDCs), construction …

The Central Bank of Nigeria (CBN) has announced that cash deposits into domiciliary accounts will no longer be restricted.   The statement by the apex bank came after a meeting with the bankers’ committee on Sunday, June 18 as regards guidance to Deposit Money Banks (DMBs).  The guidance includes allowing …

Banks and other financial institutions have been given a 30-day ultimatum by the Central Bank of Nigeria to close accounts without Bank Verification (BVN). Financial institutions have been directed to link customer’s BVN to related accounts/wallets (except Tier 1). This requires using the customer’s BVN generated after his/her enrollment to …

Twitter will remove accounts that have been inactive for several years, CEO of the social media platform, Elon Musk said in a tweet on Monday May 8. Twitter’s policy states that users should log in to their account at least once every 30 days to avoid permanent removal due to …

The Central Bank of Nigeria (CBN) says it will mop up all dormant account balances and unclaimed balances in banks into a Trust Fund account which will ultimately be invested in Treasury Bills.   This is contained in the just released exposure draft of guidelines on the Management of Dormant …

Uncle Joe seemed quite proud of himself after he signed his first veto. This is a big moment for the old man since he’s been drooling over the chance to be President for decades. These days he’s just plain drooling due to old age. So what did President Biden opt …

A 39-year-old Nigerian, Olaniyi Nasiru Ojikutu, has been sentenced to nearly seven and a half years in a United States prison for his role in a multi-year romance scheme.   The US prosecutors said Ojikutu, a permanent legal resident of the United States, opened about 25 bank accounts in his own …

The Nigeria Financial Intelligence Unit (NFIU) has banned all banks from executing demands for cash withdrawals from all public accounts.   Addressing newsmen on Thursday, December 5, NFIU CEO, Moddibo Haman Tukur, said the decision became necessary to stop the rate at which cash was being taken out of public accounts.   Tukur also …

  Former US president, Donald Trump had foreign bank accounts in China, the UK, Ireland and St Maarten during his presidency, and in his first year in the White House, paid more foreign tax than US tax, his tax returns have shown. According to the tax returns released by the …

The Federal Government has set in motion a new policy banning the withdrawal of cash from all public accounts.   In place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which follows on the heels …