Business

Five Commercial Banks Lose N312m To CBN’s Contraventions In 2014

Published

11 years ago

May 13, 2015

The shareholders funds of five commercial banks dipped by N312 million in 2014, following fines they paid to Central Bank of Nigeria (CBN) for contravening the Banks and Other Financial Institutions Act.
Investigations by our correspondent showed that they are GT Bank, Zenith Bank, First City Monument Bank (FCMB), Access Bank and Sterling Bank.
A breakdown of the figure as contained in the banks’ annual reports showed that Access Bank paid the highest fine of N184 million for various contraventions in the period under review.
The bank was fined N184 million for not obtaining approval from CBN for the additions to investment in properties of N5.15 billion, non-compliance to implementation of the recommendations of a financial services provider, PricewaterhouseCoopers.
It was also fined for contravening the CBN’s foreign exchange manual and weaknesses noted in internal control and know your customer procedures.
A further breakdown of the fine indicated that Access Bank contravened the minimum documentation in the credit file and reporting of public sector deposit in line with CBN guidelines.
Sterling Bank followed by paying N50 million for under reporting of public sector deposits as at Aug. 29, 2014.
Zenith Bank came third in the list of corporate offenders with a fine of N48 million for non disclosure of date of last lodgment on credit print out, appointment of a deputy general manager and incomplete reporting of all transactions of politically exposed persons.
The bank was also fined for incomplete reporting of international funds transfer, incomplete reporting of some currency transactions and misclassification of some public sector deposit among others.
GT Bank during the review period paid N24 million as fine for the appointment of top management without CBN’s approval and infraction arising from anti-money laundering/combating the financing of terrorism spot checks among others.
Similarly, FCMB Group was penalised N6 million for not implementing prior year’s external auditors recommendations, incorrect returns to CBN and failure to comply with ATM operation standards.
Speaking on contravention, National Coordinator, Independent Shareholders Association,Mr Sunny Nwosu, expressed concern about the various amount paid by banks for contraventions in 2014.
Nwosu said the amount would have translated to higher dividend for shareholders, noting that banks should be very careful and avoid wastage of shareholders’ funds.
“If we have a very punitive regulator, we should learn how to manage them,’’ he told newsmen in Lagos.
Nwosu said that the board and management of the banks should bear the cost because of their negligence and not the shareholders.
President, Progressive Shareholders Association of Nigeria (PSAN),Mr Boniface Okezie, said that the apex bank was killing the banks with fines and various regulatory headwinds.
Okezie said that some of the contraventions would have been resolved administratively as against the depletion of shareholders and banks operational funds.
He urged the CBN to temper justice with mercy and allow banks to survive and give investors’ value for their investments.

Pastor Felix Okoroafor (right) winner of Mimi’s Bakery Promo receiving the symbolic car key from the CEO of Mimi’s Bakery Ibierembo Lawrence-Nemi(left) during the Mimi’s Bakery Promo, at Amadi-Ama, Port Harcourt, yesterday

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

5 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

5 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.