Business
CBN warns banks on transactions related to Benin Republic
The Central Bank of Nigeria (CBN) has directed banks to implement enhanced measures on existing accounts and transactions related to the Benin Republic.
The apex bank said this in a circular dated April 11 and signed by Asuquo Evelyn, director of banking supervision department.
It said the directive was based on intelligence reports from competent sources that the Benin Republic is becoming a hub for illicit drug trade in West Africa.
To prevent Nigerian banks from being used as conduits for the movement of dirty money, CBN instructed the banks to strengthen their know-your-customer (KYC) and customer due diligence (CDD) policies.
“We write to bring to your attention an intelligence report availed to the Central Bank of Nigeria (CBN) which indicated that the Benin Republic is increasingly becoming a drug trafficking transit and consumption hub in West Africa,” the circular reads.
“In order to ensure that Nigerian banks are not used as conduits for laundering such illicit funds, it has become imperative to intensify the know-your-customer (KYC) and customer due diligence (CDD) measures in your bank as required by regulation.
“Consequently, you are required to implement additional measures on customers and business relationships linked to the Benin Republic. You are also required to re-classify related customers and transactions as high risk and conduct enhanced due diligence (ED) procedures accordingly.”
Speaking with newsmen today, Osita Nwanisobi, director of corporate communications, CBN, said the measures are aimed at strengthening Nigeria’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework.
“Yes, the circular was issued by the banking supervision department of the CBN. This was based on intelligence reports from competent sources that the Benin Republic is becoming a hub for illicit drug trafficking,” Nwanisobi said.
“Hence, the advisory to banks to intensify their KYC/ CDD measures in order to ensure that our financial system is not used as a conduit for money laundering and terrorism financing. All of these are aimed at strengthening our AML/CFT.”
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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