Connect with us

Business

Banks announce plans to discontinue use of old cheques by December 31

Published

on

Deposit Money Banks (DMB) in Nigeria have confirmed they will be complying with CBN’s instruction to stop the issuance and acceptance of old cheques by December 31, 2023.

According to some messages sent out by the DMBs, customers were informed that the bank would discontinue the use of the old standard cheque in accordance with the CBN directive on the discontinuation of old cheques for transactions.

According to the CBN circular issued in 2019, DMBs were urged to stop accepting the old chequebooks and an initial deadline for the parallel run where the old and new chequebooks were accepted was fixed on August 31, 2020.

However, due to the COVID-19 outbreak, the deadline was moved to December 31, 2020, while the Full enforcement of the second edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 was billed to commence by Åpril 1, 2021.

The CBN in a recent circular signed by Sam C. Okojere, Director, Banking Services Department (BSD), however, noted that most banks did not adhere to the earlier announced deadline.

The statement read, “The cut-off date for the parallel run was March 31, 2021, and from April 1, 2021, only new cheques are admissible in the clearing system.

However, it has come to our notice that some Deposit Money Banks (DMBs) are still using old cheques for in-house purposes. in view of this, it has become imperative for the Bank to direct all DMBs to ensure that the use of old cheques for any form of transactions, will cease to be acceptable on or before December 31, 2023,

Consequently, any DMBs who use the old cheques for in-house purposes at the expiration of December 31, 2023, or transmit any instrument that is not in conformity with NCS/NICPAS 2.0. would be penalised in accordance with the Sanctions Grid.”

Recent checks revealed that some DMBs have started intimating their customers about the update by asking them to check at their branches for the new chequebooks.

Customers were further warned that from January 1, 2024, the old standard cheques will not be accepted and will not be cleared.

Business

Julius Berger hands over Second Niger Bridge to FG

Published

on

By

The federal government has taken delivery of the second Niger bridge from Julius Berger, seven months after it was commissioned by former President Muhammadu Buhari.

David Umahi, minister of works, while addressing journalists on Sunday after inspecting the project, said he is satisfied with the level of work done.

Umahi described the project as “impeccable, very beautiful and well completed”.

He said efforts are ongoing to mount street lights on the bridge.

“What we have agreed is to deploy solar solution in the coming weeks so that every night we don’t have to run diesel,” NAN quoted Umahi as saying.

“The roads are going to be completed when we have completed the two inter changes, one is taking us off from Asaba town to cut off the traffic and the other one is going to be done by Reynolds Construction Company (RCC) Ltd.

“President Bola Ahmed Tinubu is very committed to the project and we are going to acquire more, so that we can build service stations, filling stations, restaurants and super markets and other facilities as we see in the western world.

“We are determined to do that; the need to do this with the inter changes is going to be a very smart one, so that over the years we can have a beautiful and maintained road.”

The minister further assured of security on the bridge, noting that CCTV cameras would be installed and some security personnel deployed, so that travellers could get security assistance within five minutes.

Continue Reading

Business

UBA wins ‘African Bank of the Year’ award in eight countries

Published

on

By

United Bank for Africa (UBA) has been named the ‘African Bank of the Year’ at the 2023 Bankers Awards organised by The Banker Magazine — a publication of the Financial Times of London.

UBA Group won nine awards at the event, according to a statement on Sunday.

Dominating the African continent, UBA not only clinched the title of African Bank of the Year at the event, but also propelled its subsidiaries to victory in eight additional African nations.

The bank’s subsidiaries in Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Congo, Sierra Leone, and Tanzania all emerged as the Bank of the Year in their respective countries.

According to the statement, it would be the second time in the past three years that the bank has won the regional award as the best bank in Africa, after winning the title in 2021.

Oliver Alawuba, UBA’s group managing director, said the recognitions come as a reassurance that the bank is on track in its goal of consolidating its leadership position in Africa, and creating superior value for its stakeholders.

“UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa,” he said.

“This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team.

“We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.

“We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning and receiving these accolades.”

Joy Macknight, editor of the Banker Magazine, said UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years,” she said.

“The award recognises the bank’s strength across Africa, including many of its most competitive markets.”

Continue Reading

Business

Ogun state government shuts three industries over environmental infractions

Published

on

By

The Ogun State Government has shut down three industries in the state for flouting various environmental infractions that go against the environmental best practices in the state.

The affected companies are Ruili Recycling Limited, Mowe, Robust International PTE Limited also in Mowe, and Star Pipe Limited, Sagamu.

The Ogun State Commissioner for Environment, Ola Oresanya gave the order for the closure of these companies, according to a press release published on the official X (formerly Twitter) handle of the Ogun State Government.

Oresanya revealed that the infraction of Ruili Recycling Company was discharging its wastes and stormwater into their immediate environment, especially on the premises of Christopher University which exposed the students to avoidable danger.

Furthermore, the commissioner noted that the pet bottle recycling company was guilty of refusing to obtain drainage approval to properly channel the unwanted water to the appropriate place, as well as burning all its solid wastes within its premises contrary to the state’s Environmental Laws.

For Robust International PTE, the commissioner cited the illegal demolition of a fence bounding the company and Christopher University to reclaim some portion of land and subsequently divert stormwater into the premises as part of the infractions levelled against them.

Furthermore, Oresanya said Robust International PTE also failed to heed the government’s directives for proper remediation.

Star Pipe Limited located in Sagamu, Oresanya said the company failed to install effluent treatment plants in their facilities as they discharge raw and hydraulic acid into their immediate environment. This, according to the commissioner, has led to contamination of the groundwater of these communities which has made the water unsafe and unhygienic.

Oresanya declared that the three companies will remain shut until they correct all the lapses detected and adhere to the best global environmental standards that the state government has adopted.

Continue Reading

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

Most Read...