Oduah, Soludo still under probe –EFCC

The Economic and Financial Crimes Commission has said that it is still investigating a former Minister of Aviation, Stella Oduah, and a former Governor of the Central Bank of Nigeria, Prof. Charles Soludo.

The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, said during a press conference in Abuja on Monday that the commission was still investigating a case of bribery against Soludo.

Last year, President Goodluck Jonathan was forced to sack Oduah after a public outcry against her alleged involvement in the purchase of two BMW bulletproof cars for her use by the Nigerian Civil Aviation Authority.

CBN orders banks to refund excess CoT charges

The Central Bank of Nigeria, CBN, has ordered banks to refund Commission on Turnover, CoT, charges above the regulatory maximum to customers.
It also banned banks from imposing account maintenance fees on customers.
The order was given in a circular by the Director, Financial Policy and Regulation department, Mr. Frankline Ahonkhai, to all deposit money banks.
The CBN said that based on the Revised Guide to Bank Charges issued last year, maximum CoT charge for 2014 is N2 per mile (N1,000) but some banks are charging customers above this rate.

Court declines to reinstate Sanusi as CBN governor

ABUJA— The suspended Governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, yesterday, lost his bid to return to office as the Federal High Court sitting in Abuja declined to set aside his suspension by President Goodluck Jonathan.
The court, in its 84-page judgment, said it was bereft of the jurisdiction to reinstate the ousted CBN Governor, stressing that the nature of his suit bothered on a dispute between an employer and his employee, which it said only the National Industrial Court, NIC, has the statutory powers to adjudicate on.

However, before referring the case to the NIC, presiding Justice Gabriel Kolawole described as baseless Sanusi’s claim that he was not an employee of the Federal Government but that of the CBN.
He ruled: “When I read through the arguments of the plaintiff, I then asked myself, so whose employee is he?
“It is not in dispute that the CBN is an agency of the Federal Government and a statutory body created by the National Assembly.

CBN orders banks to destroy cards trapped in ATMs

The Central Bank of Nigeria has directed Deposit Money Banks to henceforth destroy Automated Teller Machine cards trapped in their ATM terminals.
The CBN also gave banks 24 hours to reverse debit entries arising from failed transaction attributable to system-related issues.

 The directives were contained in a 14-page ‘Guidelines for card issuance and usage in Nigeria’ released by the Banking and Payment System Department of the CBN on Tuesday.

CBN laments rising cases of money laundering

Dr. Mrs. Sarah Alade CBN Governor

The Central Bank of Nigeria on Monday lamented the rising cases of financial crimes in the country, noting that the trend was raising serious concerns about the integrity of the financial system.

The Acting Governor, CBN, Dr. Sarah Alade, stated this in Abuja at the opening session of the regional course on combating money laundering and other financial crimes.

The workshop was organised by the West African Institute for Financial and Economic Management.

Alade said the increase in money laundering needed to be addressed, adding that the dimension, nature and level of sophistication of the crime were becoming a major source of worry for the monetary authorities.

Why Jonathan suspended Sanusi – Abati

The presidency has reiterated that it suspended the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, because he was indicted in a probe carried out by the Financial Reporting Council of Nigeria since May last year.

Presidential spokesman, Reuben Abati, told State House correspondents at the Presidential Villa, while dismissing speculations that Sanusi was removed because of the alleged billions of dollars that had not been remitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

FG Is Not Aware Of Directive To Arrest Sanusi – Abati

Dr Reuben Abati, the Special Adviser to President Goodluck Jonathan on Media and Publicity, on Thursday said he was not aware of any directive to arrest the suspended CBN governor.

Abati, who stated this in Abuja while fielding questions from State House correspondents, denied any knowledge on the purported arrest order by the Federal Government.

He, however, maintained that any person or organisation indicted under the enabling act of the Financial Reporting Council of Nigeria must face prosecution.

‘‘I’ m not aware of any directive that he (Sanusi Lamido Sanusi) should be arrested as of this moment, I’m not aware of that.

PRESIDENT JONATHAN SUSPENDS LAMIDO SANUSI AS CBN GOVERNOR, APPOINTS ACTING GOVERNOR

Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido  Sanusi’s tenure has been characterized by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;

Being also deeply concerned about far-reaching irregularities  under Mallam Sanusi’s watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and

Being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria.

Sanusi’s successor: President considers S’West candidates

Amid intense lobbying by candidates hoping to succeed the incumbent Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, indications have emerged that President Goodluck Jonathan is looking towards the South-West for the plum job.
Sanusi's five-year single term tenure expires in June and he has consistently said he will not seek a second term in office.
Among those reportedly vying for the position of the CBN governor are the Managing Director, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede; Managing Director, First Bank of Nigeria Limited, Mr. Bisi Onasanya; and Managing Director, Asset Management Corporation of Nigeria, Mr. Mustapha Chike-Obi.