Opinedecandid:
Na court go resolve that one.

First Bank and UBA head to Court, asap.

Lol,which kain court,banks and other blue chip companies abroad are being fined billions of dollars daily for illegalities like this.Let them pay the fine 'sharperly sharperly' joh ,afterall they must have profited from the accounts.Like someone said they will focus more on the ordinary customer now.I even have accounts with both banks and through out yesterday they refused to service their ATMs with cash in my area.Now they will focus more on the 'kobo kobo' from people like me while there will also be transparency in Govt Agencies with the introduction of the TSA.

[quote author=Demmocrats post=39364632] my sai Baba


I told you guys he will change this nation for good it has begun.

In summary bankers are part of the corruption killing this great nation, if one of them is jailed for life then they will all sit up and know my new "sheriff" in town ain't playing.


God bless my sai baba


Sai Buhari.

Obviously you are unemployed and have no idea of the economy and the financial implication of withdrawing huge cheap liquid from the commercial financial institutions. It's also obvious that you have no idea of the recent term deposit rate and what lead to that. It's understandable that certain measures needs to be put in place but should it be started from here. Judicial proceedings are still being hijacked by bubu and his in laws amongst other corrupt practices being perpetrated by the APC group and this is of paramount importance to bubu who hasn't implemented a policy since May. Long live Nigerians and the myopic APC sympathisers so that they'll live to see the shange they allow to be rigged....

First bank and UBA officials should be given the same treatment as Boko Haram because they are Financial Terrorists maiming our economy. CBN should go beyond debiting them and make them serve as deterrent to others by handing their files to EFCC for onward prosecution because they persecute our well being economically.

i pity these banks and its staff, in a few months from now , we all will start hearing the 'downsizing' story.

# I DON'T ENVY BANKERS @ ALL

calliking:
Obviously you are unemployed and have no idea of the economy and the financial implication of withdrawing huge cheap liquid from the commercial financial institutions. It's also obvious that you have no idea of the recent term deposit rate and what lead to that. It's understandable that certain measures needs to be put in place but should it be started from here. Judicial proceedings are still being hijacked by bubu and his in laws amongst other corrupt practices being perpetrated by the APC group and this is of paramount importance to bubu who hasn't implemented a policy since May. Long live Nigerians and the myopic APC sympathisers so that they'll live to see the shange they allow to be rigged....

Well,

1.TSA was a PDP initiative.

2.The problem is that we are already suffering from reduced liqudity....oil price per barrel fell from $130 in July 2014 to $50 and below now. That's a lot of money gone. And that means that government has to be savings savvy.....or else there won't be money to spend at all.

3.The real problem is that we are an oil dependent economy. As a result....we overimport, and we do not have enough industries.....which is why we do not have enough jobs in the first place. The fall in oil price means we either have to a)Diversify the economy or b)Keep on the old track and hope that the oil price shoots up again (not going to happen).

4.I agree the govt does not have a coherent policy. But then again, the problem is that there isn't enough money.....so the government is trying to make sure they have some money saved....especially as you know...oil prcies have fallen and we do not have the cash....by enfrcing TSA, bringing in import restrictions, and tightening up everything. That is why FIRS's new head is the guy who tripled Lagos IGR....and why the new Customs boss' first word is that ''I am here to make more money for the treasury''.

5.In my opinion, if I was Buhari's head economic showrunner.....I would 1) end subsides 2) enforce TSA 3) Spend more on public transport 4)Cut excess in the Civil service 5)Run an austerity government 6) Diversify....diversify. 7) Punish corruption seriously. No buts.

ransomed:
First bank and UBA officials should be given the same treatment as Boko Haram because they are Financial Terrorists maiming our economy. CBN should go beyond debiting them and make them serve as deterrent to others by handing their files to EFCC for onward prosecution because they persecute our well being economically.

They are not financial terrorists....they are banks operating in an uncertain environment.

Which has gotten even more uncertain with the fall in oil price...meaning less money to play around with.

Hence their refusal to let the NNPC accounts go.....it might mean them taking a huge loss...which they would pass on to their longsuffering customers (like one of my relatives, a very very faithful First Bank customer).

But unfortunately for them.....the government needs all the money it can get for the treasury....because....oil prices have fallen. Which is why we must stop depending on oil.....and go industrial.Like Malaysia did in the 1970's

They thought Buhari doesn't mean business. It is not business as usual, they need to know.

First bank should ve got 5billion fine.

http://businessdayonline.com/2015/10/cbn-freezes-jv-accounts-in-banks/

The Central Bank of Nigeria (CBN) has frozen the accounts of the Nigerian National Petroleum Corporation (NNPC) and its joint venture partners in deposit money banks, creating panic among some companies in the Oil and Gas industry.

This follows on the heels of the Federal Government’s decision that all moneys accruing to its agencies .....
http://businessdayonline.com/2015/10/cbn-freezes-jv-accounts-in-banks/

Jaideyone:
Good!!! now this is a Government that works.
a certain clueless fisherman gave a directive on TSA but no one complied

Change is here!!!

What a default fool are you?

GEJ's govt were still working on modalities for TSA so that job losses will be minimal.

How many people have lost their job since PMB hurriedly implemented it?

jonuel1:


What a default fool are you?

GEJ's govt were still working on modalities for TSA so that job losses will be minimal.

How many people have lost their job since PMB hurriedly implemented it?

Well....the hurried implementation has more to do with our dwindling revenue from oil...thanks to the fall in oil prices.

Simple fact is that our banks do well when oil price is high...meaning lots of money flowing in. Now that money is not flowing in, the government suddenly needs to know how much money it is making so that it can have cash for the ''dividends of democracy'' Nigerians love so much.

If you want to blame someone for the job losses...blame the Saudis for overproducing oil...leading to a glut in oil on the market, and thus the current fall in oil price. Blame the governments past too for not industrialising at all too.

And yes...if GEJ had won, he would have still done the same. Because the oil price is falling well well.

bushdoc9919:


They are not financial terrorists....they are banks operating in an uncertain environment.

Which has gotten even more uncertain with the fall in oil price...meaning less money to play around with.

Hence their refusal to let the NNPC accounts go.....it might mean them taking a huge loss...which they would pass on to their longsuffering customers (like one of my relatives, a very very faithful First Bank customer).

But unfortunately for them.....the government needs all the money it can get for the treasury....because....oil prices have fallen. Which is why we must stop depending on oil.....and go industrial.Like Malaysia did in the 1970's

::-- You might see them as Angels, i see them as economic saboteurs akin to Boko haram. They bleed the economy for their selfish interest and i am entitled to my opinion. State yours and stop trying to "play" an economist here. They are financial terrorists. Are you? If NO, hold youq peace if otherwise, advocate more for them. Bunch of Financial Robbers...

Union Bank any time any day

ODUBEZE:
How I wish the CBN can also do the same to Nigerian stolen loot abroad!

And how do you want the CBN to do that

jonuel1:


What a default fool are you?

GEJ's govt were still working on modalities for TSA so that job losses will be minimal.

How many people have lost their job since PMB hurriedly implemented it?

and it took 5yrs to work on modalities. what modalities if I may ask? did you say Job loss? is it the duty of the government to make sure the banks have plenty of its money so they won't fire workers? quit reasoning like there's rust in your brain. next time you think before yapping like a deranged parrot

Dismiss ke?
Na managment dey fit conceal dat kind thing.
Ogas are aware so no.dismissal is happening

sunkoye:
This is high level integrity issue. Heads should roll joor...they too wont fink twice to dismiss employee that does such.

ransomed:
::-- You might see them as Angels, i see them as economic saboteurs akin to Boko haram. They bleed the economy for their selfish interest and i am entitled to my opinion. State yours and stop trying to "play" an economist here. They are financial terrorists. Are you? If NO, hold youq peace if otherwise, advocate more for them. Bunch of Financial Robbers...

Wooooo...hold up...trying to peg me as a banker?

On a more serious note....the whole TSA show has shown how banks are sooo dependent on government commissions here in Nigeria. That is not how banks operate in serious countries. There, banks are powered by investor cash. In Nigeria....where starting a business is like running a 500km obstacle course....of course it is risky for banks to give money to some SME chap....who probably won't be able to pay back (And ,yes it is wrong....by the way).

The real problem is that Nigeria is dependent too much on oil. Thus, when oil prices fall, government does not have enough money to play with...and govt has to start saving like there is no tomorrow. Subsequently banks have less money because govt no longer gives them the cash. I expect lots of banks to close down, or to merge in the next five years......unless oil goes up again.

Honestly, we need to get off oil.

Don't know why UBA tends to be in the news for the wrong reasons.

Initially, it was non-confirmation of transfer request (all the more involving a high profile PEP). Now it's blatant disregard of a CBN directive which even originated from the President himself.

So other banks which complied with transfer closure of the MDA accounts are mumus abi?

People are taking note o. Shows the strength of Corporate Governance practised in these institutions.

bushdoc9919:


Well,

1.TSA was a PDP initiative.

2.The problem is that we are already suffering from reduced liqudity....oil price per barrel fell from $130 in July 2014 to $50 and below now. That's a lot of money gone. And that means that government has to be savings savvy.....or else there won't be money to spend at all.

3.The real problem is that we are an oil dependent economy. As a result....we overimport, and we do not have enough industries.....which is why we do not have enough jobs in the first place. The fall in oil price means we either have to a)Diversify the economy or b)Keep on the old track and hope that the oil price shoots up again (not going to happen).

4.I agree the govt does not have a coherent policy. But then again, the problem is that there isn't enough money.....so the government is trying to make sure they have some money saved....especially as you know...oil prcies have fallen and we do not have the cash....by enfrcing TSA, bringing in import restrictions, and tightening up everything. That is why FIRS's new head is the guy who tripled Lagos IGR....and why the new Customs boss' first word is that ''I am here to make more money for the treasury''.

5.In my opinion, if I was Buhari's head economic showrunner.....I would 1) end subsides 2) enforce TSA 3) Spend more on public transport 4)Cut excess in the Civil service 5)Run an austerity government 6) Diversify....diversify. 7) Punish corruption seriously. No buts.

Your 5th point: Laudable and commendable but unfortunately, smart economists do not do well in poltics, neither do smart politicians do well in macro-economics. Just a few exceptions exist.

bushdoc9919:


Wooooo...hold up...trying to peg me as a banker?

On a more serious note....the whole TSA show has shown how banks are sooo dependent on government commissions here in Nigeria. That is not how banks operate in serious countries. There, banks are powered by investor cash. In Nigeria....where starting a business is like running a 500km obstacle course....of course it is risky for banks to give money to some SME chap....who probably won't be able to pay back (And ,yes it is wrong....by the way).

The real problem is that Nigeria is dependent too much on oil. Thus, when oil prices fall, government does not have enough money to play with...and govt has to start saving like there is no tomorrow. Subsequently banks have less money because govt no longer gives them the cash. I expect lots of banks to close down, or to merge in the next five years......unless oil goes up again.

Honestly, we need to get off oil.

::-- Advocate of financial terrorists carry on defending their acts of sabotage.

citizenisb:

The source explained that the penalty was the equivalent of five per cent of the funds they failed to remit respectively.
“The accounts of both banks with the CBN have been debited for the unremitted amounts and the penalties,” she added.

He he. When you hold the yam and the knife. First Bank used to be above board until cowboy bankers took over.

But the accountant-general also needs to be sanctioned for authoring funny letters and causing confusion.

Na their customers go suffer am

http://www.reuters.com/article/2015/10/26/us-markets-oil-idUSKCN0SK02O20151026

Crude oil prices remained weak on Monday as a slowing demand outlook implied oversupply will remain in place for months, prompting speculators to cut their bets on rising prices.

Front-month U.S. crude futures were trading at $44.62 per barrel at 2.59 a.m. ET, a mere 2 cents above their last close but more than 12 percent below their October peak.

[b]International benchmark Brent was down 1 cent at $47.98 a barrel, and over 11 percent below this month's high.

Goldman Sachs said that oil prices could drop "sharply lower" as refined product storage sites come close to filling, stoking a glut that has already seen crude prices fall by more than half since June 2014.

ANZ said it expected prices to remain low for the rest of this year, due to slowing demand and as speculators were cutting bets on higher prices.

On the demand side, Energy Aspects said that it "forecast a sharp slowdown in global oil demand across Q4 15 at 0.8 million barrels per day, which marks the slowest pace of growth in five quarters."

Energy Aspects said ongoing oversupply in crude oil was starting to spill into the market for refined products, with a product stock-build of 0.6 million barrels per day seen in the third quarter.

Rising inventories as well as a mild winter expected for Europe and North America as a result of an El Nino weather event would likely lead to reduced refinery production and lower use of crude oil by refiners, it said.

Global oil markets were "still some way from rebalancing", the research agency added.

Due to the low oil prices, investment in the sector in 2016 will likely decline further after sliding this year by more than a fifth,[/b] Fatih Birol, the executive director of the International Energy Agency (IEA), said on Monday.

Cvesta:
And how do you want the CBN to do that

Do U know the meaning of wish?

LONDON Oct 23 (Reuters) - West African crude oil differentials stayed weak on Friday, as cargoes for December export competed with a large overhang of supply from November that had failed to attract buyers.

There were still more than 20 million barrels of Nigerian and Angolan crude due for export in November available, with nearly all of the December cargoes already on the market, traders said.

Traders said activity was particularly quiet as traders were waiting for the results of a number of tenders due next week before committing to selling certain vessels.

Freight rates have fallen this week, which could make West African cargoes more competitive for Asian buyers.

However a rising premium of Brent crude, against which West African oil is benchmarked, to both Dubai and U.S. crudes is acting as a deterrent from buyers from both East and West DUB-EFS-1M CL-LCO1=R.

Weak refining margins in Europe, particularly for diesel, were seen as limiting demand for crude oil in the run-up to the Christmas break in the region.

Adding to the bearish tone, China, one of West Africa's biggest buyers of crude oil, cut its interest rate in a bid to jump start its stuttering economy, underlining its fragile demand situation.

Now that CBN has collected free money from Banks, what will they do with it? Create more jobs? I doubt it!

WoodcrestMayor:
Dismiss ke?
Na managment dey fit conceal dat kind thing.
Ogas are aware so no.dismissal is happening

oh ..u are not getting this..are u?

The board/shareholders and CBN should deal with the executives/management decisively.

citizenisb:
Thereafter, the source said the CBN Director, Banking Supervision, Mrs. Tokunbo Martins, then wrote to the banks asking that they furnish it with information on any unremitted funds, after which it was established that FirstBank and UBA had failed to remit N58.8 billion and N37.5 billion respectively, leading to the imposition of the penalty of N4.819 billion on both banks.


The source explained that FirstBank and UBA were being recalcitrant by refusing to comply with the directive despite repeated efforts by the CBN to get them to transfer the concealed funds.


She however clarified that the concealment was not a reflection on their liquidity, as both banks are very liquid.



Please be careful on how much you have in these banks before they fold up suddenly on us!!

Adesiji77:


Your last sentence is not necessary though

Very unnecessary

ransomed:
::-- Advocate of financial terrorists carry on defending their acts of sabotage.

You are not reading me properly.

Good afternoon.

Warlord3000:
Lol...

Remove those government accounts and money you will see that the banks are just a bunch of buildings and nothing more...

Maybe now they will care for us more instead of doing yanga on top we genuine customers...

Time for real banking

Your post makes a world of sense.

ODUBEZE:

Do U know the meaning of wish?

Stop daydreaming

Nice 1,