Indications emerged on Sunday that a significant number of the 19 commercial banks operating in the country had yet to fully adhere to the Treasury Single Account policy of the Federal Government.

It was gathered that as a result, the bank are in a panic mode over possible sanctions by the Central Bank of Nigeria which was gathered was discussing with the Presidency to come up with appropriate punishment for the affected banks.

A media report (not The PUNCH) had emerged on Sunday that two prominent banks would face severe sanctions this week for violating the TSA policy.

One of the banks was reportedly withholding N37bn belonging to the Nigerian National Petroleum Corporation, while the other was said to have failed to remit N100bn NNPC fund to the TSA.

But a top official of a tier-1 bank close to the development said, “More banks are involved; a number of banks have yet to fully adhere to the TSA policy. Most of them are claiming ignorance, saying they are not clear about the government directive on the TSA policy.”

The official, who spoke under condition of anonymity because he was not authorised to speak on the matter, added, “Times without number, the CBN had appealed to the banks to comply and remit the funds. So, the banks don’t really have an excuse. It appears that President Muhammadu Buhari’s government, through the CBN, may come heavily on these banks any moment from now.”

Banking sources said the affected banks were trying to hold on to a purported circular from the Office of the Accountant-General of the Federation, which was said to have exempted the NNPC and 12 other government agencies from the TSA policy.

It was reported that of the several applications submitted by federal agencies for exemption, the OAGF only acceded to the requests of 13 agencies.

The agencies include the NNPC, Bank of Industry, Power Holding Company of Nigeria, Bank of Agriculture, Transcorp Hilton Hotel, Niger Delta Power Holding Company, Urban Development Bank, Nigerian Import-Export Bank, Ajaokuta Steel Company, Federal Mortgage Bank of Nigeria, Nigerian Railways Limited, National Integrated Power Project, and Galaxy Backbone.

Consequently, it was reported that the OAGF, through a circular dated September 14, 2015, to the Director, Banking and Payment Systems Department, CBN, Mr. Dipo Fatokun, requested that the affected agencies be exempted from making remittances to the TSA.

However, the Deputy Director, Media Unit, OAGF, Mrs. Nene Offie, had since refuted suggestions that any agency had been given exemption from the TSA, stating that the information was false.

“There are no exemptions,” she claimed.

The Director, Corporate Communications, CBN, Mr. Ibrahim Mu’zu, could not be reached for immediate comments as of press time on Sunday.

Telephone calls made to his line were not picked and text message sent were not also responded to.

Independent findings by our correspondent showed that some of the affected banks might have deliberately violated the TSA policy for fear of losing their liquidity positions.

http://www.punchng.com/business/business-economy/banks-panic-over-tsa-violation-sanctions/ lalasticlala

Rules are meant to be obeyed. Just use one bank as scape goat.

This is the change era.

FTC. Glo una do me well ooo.

Sai baba!
Sai baba!!
Sai baba!!!
See the total compliance to an order from above !!!!
This man is installing discipline, honesty and
commitment, you could tell by the way Banks are panicking!!!!!
Once again sai baba!!!!!

Patiently waiting.. .

Bt come 2 think of it.. Who wants 2 let go of his/her life support in such hard times? Dis will lead 2 some banks having 2 merge because dey can't stand alone. Something must be done 2 assist dem oo

I know Ecobank is among those banks .. That bank ehn

Buhari sef...

Na wa for dis govt oooo

Biafran Era....

Good.

*SIGH*

Adesiji77:

It was reported that of the several applications submitted by federal agencies for exemption, the OAGF only acceded to the requests of 13 agencies.

The agencies include the NNPC, Bank of Industry, Power Holding Company of Nigeria, Bank of Agriculture, Transcorp Hilton Hotel, Niger Delta Power Holding Company, Urban Development Bank, Nigerian Import-Export Bank, Ajaokuta Steel Company, Federal Mortgage Bank of Nigeria, Nigerian Railways Limited, National Integrated Power Project, and Galaxy Backbone

Imagine these 13 agencies moving there funds out ...

They don't want to adhere to it because it will tell on them.

I foresee more hard times ahead for some banks .
The earlier they diversify, the better....

Ewoh! Banks !!!!!!!!!!!

One of the major problems of this country is panic.
We panic over everything
Bomb blasted in Ikeja and because of panic, people were jumping inside water at Ejigbo
Ikeja (the scene of the bomb) is 15 km from Ejigbo (where plenty people jumped inside water)
The news itself is still speculation, as no word has been heard from the CBN
If you take time to read this post very well, every thing was based on speculations
And everybody is in panic mode already

DiegoNakel:
Jk

Jideofor Kanayo?

TSA with plenty exemptions of the "juicy" accounts/MDAs is nothing but a SHAM like everything about APCheat and its Dullard from Daura, not so

nnamdibig:
Buhari Softens Stance On TSA, Grants NNPC, PHCN, 11 Others Exemption


President Muhammadu Buhari has re-considered his earlier position on the Treasury Single Account, TSA, where he had ordered all Ministries, Departments and Agencies to comply by September, 15th 2015.
DAILY POST gathered on Monday that the Office of the Accountant-General of the Federal Republic of Nigeria has granted an exemption to thirteen MDAs in line with the e-collection and mop up exercise by the federal government.
Entities exempted are profit oriented government business entities that pay dividends to the Federal Government of Nigeria.
They are Nigeria National Petroleum Corporation, Power Holding Company of Nigeria, Bank of Industry, Nigeria Railway Corporation, Federal Mortgage Bank of Nigeria, Bank of Agriculture and Niger Delta Power Holding Company/National Integrated Power Project.
Others are National Communication Satellite Limited, Galaxy Backbone Ltd, Ajaokuta Steel Company Ltd, Urban Development Bank, Nigerian Export – Import Bank and Transcorp Hilton Hotel.
The exemption from the AGF’s office to the The Director, Central Bank of Nigeria, Banking & Payments System Department, referenced FD/LP2015/C/ADC/20/1/ /DF and signed by M K Dikwa, mni, further reads:
“Approval is hereby granted to your bank to exempt the Accounts of thirteen (13) MDAs (Category 6) as listed below the mop-up in line with the e-Collection Circular No. HCFSF/428/S.1/120 dated 7th August 2015 as these are Profit Oriented Government Business entities that are to pay their dividends into the Treasury Single Accounts Whenever there are declared.
“Please note that in line with the Presidential approval, the following as it relates to Nigeria National Petroleum Corporation NNPC as listed above (S/No.9) under Category 4 should also apply:
i. That NAPIMS remains classified as an MDA that is funded from the Federation Account under Category 4 of the Circular, being the NNPC Business Unit responsible for the management of the Federation’s investment in the upstream activities and funded from direct proceeds of oil and gas revenue.
ii. That NNPC will continue to preserve the status with respect to NAPIMS Operations Account as well as Escrow Account for Third Party Financing in view of the Joint Venture (JV) Cash funding currently being experienced.
iii. That all other NNPC’s commercial/Business Entities as re-classified as ‘Profit-Oriented Public Corporations/Business Enterprises’ under Category 6 of the Circular which requires that only dividends from these entities be paid into the TSA.”

http://dailypost.ng/2015/09/21/buhari-softens-stance-on-tsa-grants-nnpc-phcn-11-others-exemption?wt=3

Who is in charge of petroleum ministry if not the very CORRUPT megida who knows how to pretend by doing proper chop & clean mouth



www.nairaland.com/attachments/2974584_2477300tmp298072466266cocjpeg3742f55160e93a727df68aa1afc6de08479033456jpegjpeg3382d9096d80c9e55f41fab454074256_jpeg23023fd003f485fc90290369567240f5




www.nairaland.com/attachments/2974606_cow_jpeg00fd26475738e4a64f99ca879a807c70

It's understandable the banks want to still trade on those funds!

Hmm! Banking terms. Me no understand all these English.

They should face the music.

Ok

I like this policy. Firstly, banks are potential tools used by 'corrupt politifcians' to siphon money from our treasuries: many accounts are existing, but with different photo of personality involved.

All top executives in banks should get ready to meet their targets through hardworking and not by being a friend to politicians: it is not the time to separate the boys from the men in banking sector.

can't wait for that hammer.

Fear not Naija police dey ground

This a story of lazy person feeding fat on another mans yam and not wanting to let go !!

BULALA LOADING



16:07:42
Mon, Oct 19, 2015

anonimi:
TSA with plenty exemptions of the "juicy" accounts/MDAs is nothing but a SHAM like everything about APCheat and its Dullard from Daura, not so

read the statement of the deputy director media again.

Adesiji77:

http://www.punchng.com/business/business-economy/banks-panic-over-tsa-violation-sanctions/ lalasticlala

TSA not realistic, this will seriously affect the economy of the country, if the banks go down so will other sectors that rely on them.

PMB should review his policy in the light of present economic reality, most of these banks have loaned out the funds and are yet to collect them from their debtors , recalling these funds in a hurry will lead to economic meltdown o.

His inexperienced advisers should be careful.

Na wa o