• Fayose-Zenith Bank crisis: Ex-lawmaker wants banks to stop transactions with Ekiti government

    Fayose-Zenith Bank crisis: Ex-lawmaker wants banks to stop transactions with Ekiti government

    Sequel to the crisis of confidence brewing between Ekiti State Governor, Mr Ayodele Fayose, and the Zenith Bank, a member of the seventh House of Representatives, Hon. Bamidele Faparusi, has called on Nigerian Bankers’ Committee to order banks operating in the state to withdraw their services with the state government.

    Faparusi expressed worries over Fayose’s alleged directive to the Ministry, Department and Agencies (MDAs) of government to withdraw salary accounts of workers from the bank over seizure of the governor’s personal […]

  • CBN to punish banks for illegal forex transactions

    CBN to punish banks for illegal forex transactions

    Banks were yesterday hit with allegations of round tripping.

    Acting Director, Trade & Exchange, W.D. Gotring, in a circular to authorised dealers titled: Re: Transactions in ‘Free Funds’ by Authorised Dealers’,  accused banks of buying and selling forex without following stipulated guidelines.

    “The CBN has noticed that some Authorised Dealers have continued to buy and sell foreign exchange referred to as ‘free funds’ despite the provision of the circular of March 4, 2004 on the subject,” he said.

    He cautioned the lenders that […]