Business

FG bans cash withdrawals from public accounts

Published

2 years ago

December 20, 2022 6:43 pm

BodexNG

The Federal Government is to activate the stoppage of cash withdrawal from all public accounts with immediate effect.

In place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which follows on the heels of the new Naira withdrawal policy introduced by the Central Bank of Nigeria.

A statement made available to newsmen on Tuesday, said the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, gave the new directive at a parley with the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja.

The statement, which was signed by the NFIU’s Chief Media Analyst, Ahmed Dikko, said that the introduction of the new policy became necessary following the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.

The action is also said to have been activated following the observation that most cash withdrawals from government accounts including payments for estacode for public officials, are often in excess of the cash withdrawal limit provided by the Money Laundering Act.

The development, according to the NFIU boss, exposes innocent public officials to being liable to imprisonment.

Tukur also said the NFIU is already developing an advisory to the Secretary to the Government of the Federation, state governors and local government chairmen across the country to direct all public servants in their employ to open domiciliary and Naira accounts ahead of the commencement of the policy which becomes compulsory by law.

Tukur said governors and LG chairmen will also need to organize training for market men and women on how to use ATM and POS Services.

Tukur also dismissed as false claims being made by uninformed persons that the NFIU would block all federal government accounts from January 1, 2023.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

23 hours ago

November 25, 2024 1:29 pm

BodexNG

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.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

1 day ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

1 day ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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