CBN suspends other banks, approves only First Bank for Forex sale to BDCs.

The Central Bank of Nigeria (CBN) has suspended commercial banks in Nigeria except First Bank from selling foreign exchange directly to Bureaux De Change operators following their failure to comply with the July 22, 2016, directive to sell inflows from International Money Transfer Operators (IMTO) to BDC.

The CBN Wednesday also suspended 195 BDCs from the market following their failure to renew their operating licenses.

Banking sources told THEWILL that a circular on the development was sent to the banks on Wednesday.

The CBN has instead directed the agent banks to sell forex proceeds from diaspora remittances to Travelex, who will then sell directly to the BDC.

Banking sources told THEWILL that the CBN acted following the banks’ lackaidaisical stance on the directive to deal directly with the BDCs. Instead the banks have been sitting on the forex and doing deals with the funds.

The naira has maintained a steady rise at parallel market closing at N467 from over N500 high in the last week in the parallel market since Travelex commenced the distribution of $15, 000 weekly to BDCs from diaspora remittances as directed by the CBN. Travelex has also commenced the limited sale of forex directly to travelers who qualify.

The naira closed at N304.50 against the US Dollars at the interbank market.

Foreign exchange remittances by the diaspora is believed to be around $22 billion annually.

Nigeria has witnessed shortages in foreign exchange because of the crash in the price of crude, its main forex earner.

Students disrupt business at First Bank over missing fees

The National Association of Nigerian Students on Tuesday disrupted business transactions at the First Bank of Nigeria, Zaria main branch, Kaduna State, over alleged missing registration fees paid by some students.

Over 1,000 students of Federal College of Education, Zaria stormed the premises and claimed that they paid their registration fees at the bank in Sabongari area of the town.

Addressing newsmen shortly after a meeting with the bank’s branch management and the police, the National President of the National Association of Nigerian Students, Aruna Kadiri, said: “Over a period of time, students of FCE have been paying their registration fees at First Bank.

“I don’t know what happened, but according them, over 1,128 students paid their school fees in the bank, but it didn’t reflect in TSA account.

“The students said ‘this is our teller and this is the remittance; let’s resolve this issue but the bank refused’; that’s why I’ve come down here to ask the bank.”

Kadiri lamented that the bank had claimed in a publication that the students did not pay the money and “that’s why we come with the tellers to ask the bank where these tellers were generated”.

He said that the meeting with the management and the police resolved that business should continue.

He said: “However, they have finally accepted.

“We are here since morning and the bank has been shut down since morning.

“Now we have all agreed.

“We have finally agreed that the students should come with their tellers to the bank and the bank should rectify them.”

However, sources at the bank said a principal suspect in the matter, who worked with the bank, resigned his appointment before the alarm blew.

The management of the college, through its Registrar, Dr Jibril Lawal, and the Bursar, Alhaji Mohammed Sani-Uwais, said it had established an investigation committee.

However, the case was reported to the Police Area Command in Zaria.

When contacted, the Head of Corporate Affairs of the bank in Lagos, Babatunde Lasaki, stated that the headquarters was informed of what was going on in its Zaria branch.

He said since the matter was already with the police, the students should have allowed the police to carry out their responsibilities.

Lasaki said: “Remember, everybody has the right to demonstrate but we have asked the branch to be calm and let the police know about it so that they can restore law and order.”

He said the bank sympathised with the affected students and appealed for calm so that the matter could be resolved amicably.

He said: “Both students and the bank branch should cooperate with the police for smooth and amicable resolution of the matter.”

Bullet Proof Cars: Court Orders First Bank To Disclose Loan Details To NCAA

Justice Mohammed Yunusa of a Federal High Court, Lagos on Tuesday ordered First Bank of Nigeria Plc., to disclose details of a loan facility it granted to the Nigerian Civil Aviation Authority, NCAA, over alleged purchase of some bullet proof cars.

The court also gave an order of mandamus compelling First Bank to grant access to or make available to Enough Is Enough, EIE, Nigeria, the information it requested, in a letter dated October 30, 2013.

The judge issued the order while delivering judgment in a suit instituted by EIE Nigeria against the bank over its refusal to disclose the information to the organisation.

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As Promised, FirstBank Rewards Over 1500 Customers With Cars and Other Gifts | Pictures

It was a remarkable close to the FirstBank Savings Bonanza Draws on March 12, 2015 at the All Seasons Plaza, Agindigbi Ikeja. The ultimate giveaway of prizes spanning over 7 months saw more than 1,500 customers rewarded through the bonanza initiative. The event was mixed with laughter, fun challenges, popping of champagne for the winner, handing out of amazing prizes, and some “shoki and sekem” dance moves.

The exciting event was attended by the Group Head of Lagos Mainland, First Bank of Nigeria, Olufunke Smith; Group Head Products and Marketing Support, Biodun Famuyiwa; Manager of KPMG, Mr. Martins Olajide, pressmen, past beneficiaries from the quarterly and monthly draws as well as well-wishers.

According to the Group Head of Lagos Mainland FirstBank of Nigeria, Mrs. Olufunke Smith, “the FirstBank Savings Bonanza was a way of thanking the customers for their 120 Years of patronage and loyalty”. Past winners of the last draws, amongst who was a cash prize winner of N50, 000, Jonathan Okeleke and one of the grand car prize winners, Banji Ajuwon were also recognized.

Using this as an avenue to jumpstart the quarterly draws for the grand finale, past car prize winner; Banji Ajuwon was invited to extend his blessing by picking the first draw for the winners of the brand new Toyota Corolla cars, with 6 customers emerging as car winners. Other draws were made to select the winners for the 50,000 cash prize, home theatres, LCD televisions and Samsung Galaxy Phones.

To ensure winners from the draws knew the status of the prizes, winners were reached via phone calls. When one of the winners of the Toyota Corolla cars, Mrs Ebisan Onyema was called, she did not believe it was for real as she thought it was a scam. A vehicle was sent to her place of residence to convey her to the event venue and was welcomed with cheers from the crowd upon her arrival. She was very emotional and totally lost for words and when asked when she wanted her car, she said “Monday, 16 March 2015”.

As promised, one of the six cars won at the draws was presented on Monday 16 of March 2015 at the First Bank Nigeria Head Office at Marina, Lagos. The GMD, Bisi Onasanya who was on hand to deliver the car to the winner, Mrs Ebisan Onyema stated that “FirstBank enjoys rewarding its customers and will always keep to words and promises made”.

For the winner, Mrs Onyema who has been a FirstBank customer for 25 years, she couldn’t believe it when she was told she had won a car and her bankers didn’t believe it either. According to her, “People can now see and understand why I am running to FirstBank, FirstBank is truly the best and everybody should have an account with them” she added joyfully.

Amongst those who attended the car presentation event were senior executives of FirstBank and the cast of soon to be launched TV series, “Before 30” which included actress Damilola Adegbite-Attoh and Anee Icha. Also on ground were Noble Igwe and other notable media personalities.

 bonanza day Cross Section of Former Winners and Guests Juwon Draw Process (2) Mrs Ebisan Onyema Onyema 2 Onyema 3 Onyema and the GMD FirstBank