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Banks lose N40b to Internet fraud in 2013

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THE assessed continuous growth in Internet fraud may have cost the Nigerian banking sector about N40 billion losses in 2013 alone.

The Chief Information Security Officer, Central Bank of Nigeria (CBN), Taiwo Longe, disclosed this unsavoury development in a presentation during a two-day National Cyber security Forum organised by the Office of the National Security Adviser, in Lagos, yesterday.

Citing a 2013 CBN yearly report of the industry, Longe said cyber security has become an issue that the apex bank is taking with all seriousness and thoroughness in the ongoing cashless economy scheme.

CBN bares fangs on bad debtors

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THE Central Bank of Nigeria (CBN) has commenced a zero tolerance regime against bad debtors in the nation’s financial system, with fresh tightening of rules that would bring defaulters to book and stem the tide of serial defaults

Indeed, banking supervision, both off and on site would be enhanced by the apex bank under the new dispensation.

Under the plan, even borrowers of less than N5 million who have defaulted in repayment would be barred from further enjoying fresh credit. Continue Reading

Banks violate CBN’s directive, charge customers 2013 COT

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Indications have emerged that most Deposit Money Banks (DMBs) still charge their customers N3 per N1,000 Commission on Turnover (COT), despite a Central Bank of Nigeria (CBN’s) directive which stipulated N2 COT for 2014.

To this effect, the apex regulator has ordered the affected DMBs to refund such illegal fees charged customers over a period of one year.

The order, contained in a circular dated June 11, but posted on June 12, and signed by the Director, Financial Policy and Regulation Department, CBN, Mr Franklin Ahonkhai.

Specifically, the central bank said some banks had been overcharging customers on the Commission on Turnover in the last few months, while some lenders had also imposed illegal maintenance fees on the CoT-free accounts. Continue Reading