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N20M Bailout Fund: Yaya Bello Gives EFCC 48-Hour Ultimatum To Apologise

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The Kogi State Government has given a 48-hour ultimatum to the Economic and Financial Crimes Commission (EFCC) to apologise over comments that the state hide N20 billion bailout fund meant to pay salaries in a commercial bank.

In a briefing on Sunday in Lagos, the Commissioner for Information, Kingsley Fanwo, said the state government did not open or create the said account.

“I want to assure you that after 48 hours from today, if they refuse to retract their ill-fated, false, politically motivated, irresponsible press statement, we will drag them to court,” the commissioner said.

The commissioner equally challenged the anti-graft agency to produce the account mandate and details of those who operated the account.

This is even as the Kogi State Government said it has gotten the bank’s response which exonerated them from running the account.

According to the state, the government has enough evidence against the EFCC to have a field day in court.

“The Kogi State government does not currently operate or maintain a fixed-deposit account with Sterling Bank.

“There is no mandate letter from the Kogi State Government to open account number 0073572696 with Sterling Bank. Sterling Bank account 0073572696 is an internal mirror account operated by the bank for purposes of managing the Kogi State Salary Bailout facility,” Fanwo added.

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“I And My Team Are Not Responsible For The Woes That We Have Today ” – Current CBN Governor

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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has said that he’s not responsible for the economic challenges facing the country.

Cardoso said this at the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, February 27. He also said that the CBN is taking necessary steps to get the country’s fiscal and monetary health back to normal.

He said;

”I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor; I and my team, are not responsible for the woes that we have today; we are part of the solution.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”

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Court Sentences Actress To Six Months In Prison For Spraying, Stepping On New Naira Notes

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Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos state, On Thursday, February 1, convicted and sentenced one Oluwadarasimi Omoseyin an actress to six months imprisonment for spraying and stepping on the new Naira notes at a social event in Lagos.

The Economic and Financial Crimes Commission (EFCC), made this known in a statement issued on its X handle.

Part of the statement reads: “Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, February 1, 2024, convicted and sentenced one Oluwadarasimi Omoseyin, an actress, to six months imprisonment for spraying and stepping on the new Naira notes at a social event in Lagos.

“She was first arraigned on February 13, 2023, by the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on two-count charges, to which she pleaded “not guilty”.She was subsequently granted bail on February 15, 2023.

“One of the court reads: “That you, Oluwadarasimi Omoseyin, on the 28th day of January 2023, at Monarch Event Centre, Lekki, Lagos, within the jurisdiction of this Honourable Court, whilst dancing during a social occasion tampered with the sum of N100,000.00 (One Hundred Thousand Naira) issued by the Central Bank of Nigeria by spraying same in the said occasion and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank Act, 2007.”

“At the resumed hearing on Thursday, Omoseyin, however, changed her “not guilty” plea to “guilty”, in view of the overwhelming evidence against her.”

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Payments Forum Nigeria 1.0: Experts to Discuss Trust, Security and Privacy in AI Era

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PAFON - Payments Forum Nigeria

Financial industry experts are warming up for the first edition of Payments Forum Nigeria (PAFON), scheduled for the first quarter of this year.

The Payments Forum Nigeria is a cross-industry platform focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.

Payments Forum Nigeria which will take place at Oriental Hotel, Lekki Road, Lagos on Thursday March 21, 2024, by 9am, aims at providing an inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

Throughout the years, the finance world has shifted into something much more than just banking and big corporations.

Blockchain and the FinTech society have managed to create a new world that is much more inclusive, and full of opportunities.

Based on a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and financial services industry is not exempted.

For instance, effective April 2024, Nigerian financial institutions will be mandated to implement stricter Know Your Customer (KYC) measures, requiring all customers to provide their Bank Verification Number or a national identification number (NIN) for account or wallet opening, following a circular by the Central Bank of Nigeria.

“Our goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses”, said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organisers of Payment Forum Nigeria (PAFON).

He said that the Forum is driven by the reasons to; “educate and inform financial service players and other stakeholders on various issues and trends (both locally and globally); proactively share data/information amongst banks, Fintechs and other service providers, to enable prompt responses to prevent and/or limit (customer-related) losses; and discuss key Payments security trends”.

“Speakers will be drawn among industry players such as banks, Fintechs, mobile money operators, blockchain experts, Cybersecurity, etc., as we expect attendees from the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc”, he added.

For participation and sponsorship, please contact: Mr. Chike Onwuegbuchi via: 08123355522 or Peter Oluka: 08184346261 or email: [email protected].

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