Fines fines everywhere..

Seems this is our new method of revenue generation.. Taxing all business owners into submission and scaring the rest away from Nigeria

It's funny how CBN was always the first to trot out the line of Nigeria being the biggest and fastest growing economy.. In truth part of that is down to the lack of regulations within the country lol.

Now the customers would suffer it...

Most or rather all banks in Nigeria are not offering banking operations/solutions in the real sense of it.

They are basically using government to do business: buying of stocks, treasury bills, bonds etc and even borrowing govt their very own money neglecting the real sectors of the economy.

Time to sit up. Curiously most bankers in Nigeria are just 'teller', 'addition and subtraction' bankers. Investment banking is alien to them.

N“ce

I

Why does dis banks keep disregarding CBN order ? All I see is more bankers losing their jobs then unemployment go full everywhere.I'm so so afraid oooo even in my offix we are anticipating a lot next year . May God save us

Mass sacking to follow in skye bank

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fizzy4luv:
That fine is far too small, 10% of such an hefty amount won't discourage other banks from doing such next time. I'm sure skye bank treasury would have make good use of the money for the duration of illegal concealment. I'm sure the float on such hefty amount itself will pay the fine not minding short term ROI the fund would have yielded.

Paying 10% for 1 month default is very good. it amount to 120% for 1 year. The 10% will only make sense to the bank if they keep the 40B Naira for one year.

MTN #1.04tn

Skye #4bn


It seems reducing business owners profit/equity is one of the ways this administration intends to increase revenue

We are in the era of paying fine.

By when will government agencies, commissions, ministries etc not meeting up to public expectations start paying their own fines?

Most of us know that many of them are way behind in terms of effectiveness, efficiency, good tim management, good leadership skills, training and development, recruitment process, etc.

erekoshe:
Soon they'll roll back the TSA, where's the substitute?? You wanna kill the banks because you're fighting corruption?? Give them an alternative to sustain their business.. In the long run, the low level staff get fired not the top management and the banks start crumbling again. The CBN is even more corrupt than the commercial banks, when last did CBN recruit openly? Only via kits and kin...no transparency in anything they do and you wanna clean up a corrupt banking sector.

Let the CBN clean up her corrupt mess fully and then clean up the commercial banks, then TSA will make sense. For now, the repercussion will be enormous on the economy... Time shall tell

So you are supporting bank fraud?

[size=20pt]Apart from the political class that rip us off of our petro-dollar earning. Another sector that contribute to the downfall of our economy is the banking sectors. Most of our senior bankers often engage in corrupt practices by helping politician to store their loots, launder their loots and so on.
The federal government has ruled that TSA should be the rules as far as government banking is concern but Nigerian banking official are thwarting government rules.

They should now know that it is a new era now. It was MTN of South Africa, First bank of Nigeria, UBA, now it is Skye bank.

More will fall a prey. You can not be bigger than the government.

I pray that state governors and local government chairmen should see the light and start practising the TSA.[/size]

GOOD!

This hammer is bad

Young03:
Mtcheew nonsense

d one wey first bank pay wetin them use d moni do

c as i de suffer like say i de prison

even garri to drink, no see

may God punish all Niaja political leaders, useless people's

These banks are idiots.

There's this sad prospect that no matter what the CBN do, some banks will still manage to hide some monies from the Federal government.

Osyxcel:
MTN #1.04tn

Skye #4bn


It seems reducing business owners profit/equity is one of the ways this administration intends to increase revenue

Are the establishments innocent of the charges?? Yes or No??

fizzy4luv:
That fine is far too small, 10% of such an hefty amount won't discourage other banks from doing such next time. I'm sure skye bank treasury would have make good use of the money for the duration of illegal concealment. I'm sure the float on such hefty amount itself will pay the fine not minding short term ROI the fund would have yielded.

It is not true, they are most likely cursing their luck because the most that fund would have yielded is 30% for one year, but here they are paying 10% within a few months. Some heads will surely roll for this poor mgt advise.

season of fining


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godwin120alex:
Why does dis banks keep disregarding CBN order ? All I see is more bankers losing their jobs then unemployment go full everywhere.I'm so so afraid oooo even in my offix we are anticipating a lot next year . May God save us

Bros don't be afraid.

All ds money CBN,NCC, n FG is fining ds offenders will be used to create other jobs or properly manage existing jobs.


DISCIPLINE must be attained in all Sectors.

lol,Skye bank?? Hope they don't bankrupt after paying the fine coz that bamk doesn't seem like a very boyant bank to me......excluding the deposit at cbn ooo

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We should all cooperate to make the TSA work and shall be to our advantage. Corruption is an ill-wind that blow nothing good to anybody. Iam in support of the fine and stiff sanction.

I am so loving this. MDAs and their CEOs are thieves. Pls CBN examiners come and examine federal ministry of health o and tertiary health institutions

Young03:
Mtcheew nonsense

d one wey first bank pay wetin them use d moni do

c as i de suffer like say i de prison

even garri to drink, no see

and U'll continue to ssuffer as u have refused being reasonable...

They should all go and pay including MTN.

Laws should be obeyed!

Osyxcel:
MTN #1.04tn

Skye #4bn


It seems reducing business owners profit/equity is one of the ways this administration intends to increase revenue

Posts like this amaze me so much. Do you guys post just to antagonize a government? So you are rather happy with an era where everyone flouts corporate regulations with impunity? Na wa oooo

Now, this is what we call "action". FG threatened to sanction those who flout the rule, and it's living up to it. One of the reasons the US is so rich today, is because of the fines (in billions of dollars) it gets from erring companies.

Guy u dey mad abi...so u wan mak den dey send u free airtime abi...thunder fire yuh n ur cheap scam

Since the tsa took effects civil servants and govt retirees have not being receiving their salaries at the end of the month.They receive bank alerts on payment of their salaries on 10th to 15th of the following month.Businesses have been slowing down like baba go-slow.No exchange of goods and services because of non availability of cash.This change is having negative impact on every household.Baba go-slow do something!