Xtaceeey:
This guy again... How has all these salaries u have been finding lately raised your own salary?

A tip-off by a whistle blower on Tuesday, 11 April has led to the discovery by the Economic and Financial Crimes Commission, EFCC, of N4 billion kept in two separate accounts at the GTB Plc.

The money was suspected to be proceeds of crime.

Investigations as to the owner of the funds revealed that the money belongs to a former deputy governorship candidate in Niger State.

The suspect uses the names of two companies– Katah Property & Investment Limited and Sadiq Air Travel Agency- in laundering the funds.
Each of the company has N2 billion fixed in its deposit account domiciled in the bank.

The suspected owner of the account and the account officer are currently on the run.

Whistleblowers have become very active in recent days, exposing slush funds and accounts to the authorities, especially the EFCC.

VickyRotex:


I'm telling you! "Entrepreneurs see opportunities, where others see problems".

VickyRotex:
Watch Sunlight sign her up soon as an Ambassador!

amicable09:
Let me hang around here for a bit.

Keeping my thoughts to myself.

The Financial Stability Report released by the Central Bank of Nigeria for December 2016 revealed that three banks in the country failed a Capital Adequacy Ratio (CAR) test in the event of a default in inter-bank lending. Inter-bank lending is borrowing between two banks. Two of the banks were Systemically Important Banks (SIBs). However, none of the banks involved were mentioned in the report.

SIBs are those classified as too big to fail by the CBN. They include First Bank, Zenith Bank, GTBank, Access Bank, UBA, Skye Bank and Diamond Bank. Of the SIBs, Skye Bank, Diamond and First Bank are yet to release financial statements for the year ended December 2016.

CAR is the ratio of a banks capital to loan exposure. It is also known as Capital to Risk Assets Ratio (CRAR). A fall in the adequacy ratio means that the affected banks may have difficulty in meeting short term needs. The CAR for commercial banks in the country is set at 10% for national banks, 15% for banks with international subsidiaries and 16% for SIBs. The deficient banks will thus be required to raise extra capital.

The report also revealed that smaller banks in the country were more exposed to a risk of default in the oil and gas sector, and that the banking industry as a whole would fall below CAR requirements if there was a 200% spike in non performing loans (NPLs).

Though the CBN stated in the report that the banking industry was safe and sound, the industry had a very challenging year 2016. The economic recession, drop in crude oil prices as well as the looming power sector crisis left banks in the country exposed on several fronts. Some analysts are of the opinion that a newer version of AMCON (or AMCON 2) should be set up to take off bad loans from the banks. Similar stress tests conducted by erstwhile CBN governor Sanusi Lamido Sanusi led to the takeover of five banks by the CBN and creation of AMCON. Other banks were asked to shore up their capital base.

azimibraun:
speak for yourself. Mr currency wants to be known outside his circle. I don't know him either but I do knw Obesere, Kwam 1, Pasuma and the dark guy who is pasuma's biggest rival. Currency I don't know. Every artiste wants to be known. Their job is a public service job.

sod09:
ok... movie was somehow to me

Ishilove:

KWAM 1, I know, Obesere and Pasuma, I know, but Taye Currency, I know not.

MNJournal:


Lol.

Nairametrics| Tier 2 lender, Union Bank intends to raise the sum of N50 billion Naira in the second quarter of 2017. The new funds will enable the firm to expand business, reposition their operations and meet regulatory requirements.

Banks in the country have had a challenging year. A slow down in economic activities meant banks made less money lending to customers. Sectors such as petroleum and power have been hard hit of recent with impairments.

For a small Bank like Union, the odds against it are more. The bank does not have enough capital to take part in big-ticket deals. It has been unable to define its niche market. A fall out of the Asset Management Company of Nigeria (AMCON) involvement with the bank has left the public wary of doing business with it. The bank’s push towards mobile technology has also not delivered as much as the bank would like.

Raising capital only solves half of the problem. The bank needs to draw a circle of competence and stick to it. Its mobile banking solutions need to be unique, as there are several banks with mobile solutions.

The Central Bank of Nigeria (CBN) took over five banks including Union Bank in 2009. Union Bank is majorly owned by a consortium of various investors including African Capital Alliance and Atlas Mara.

sod09:
u Guys Over rate the film jo