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Submit financial returns monthly or risk sanctions, CBN tells microfinance, mortgage banks

Published

2 months ago

March 7, 2024

CBN Governor, Olayemi Cardoso

Submit financial returns monthly or risk sanctions, CBN tells microfinance, mortgage banks

The Central Bank of Nigeria has directed my icrofinance banks, Primary Mortgage Banks (PMBs) and Development Financial Institutions (DFIs) to submit their financial returns monthly through the FinA application or risk sanctions.

The apex bank disclosed this in three separate letters signed by its Director of Financial Policy and Regulatory department, Valentine Ururuka, to the financial institutions under the categories listed.

According to the letters, the CBN stated that all financial institutions under the categories listed should submit the monthly FinA on or before the 5th of the next month.

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It stated, “The Central bank of Nigeria has observed with dismay the late and non-rendition of periodic returns on FinA by Microfinance banks. All MFBs are therefore reminded on the provisions of section 24 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and other extant regulation on timely rendition of regulatory returns.

“Consequently, all MFBs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end. Where the 5th day falls on the weekend or public holiday, returns shall be submitted the previous work day.

“You are strongly advised to ensure timely rendition of all regulatory returns as future breaches shall be sanctioned.”

The same warning on failure to render the regulatory returns at the stipulated time was also issued to both PMBs and DFIs.

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New minimum wage coming, to take effect May 1, 2024 – FG

Published

3 hours ago

May 1, 2024

Trends Admin

Minister of State for Labour and Employment, Nkeiruka Onyejeocha

New minimum wage coming, to take effect May 1, 2024 – FG

The federal government has announced that the new minimum wage will take effect from May 1, 2024.

Nkeiruka Onyejeocha, minister of state for labour and employment, announced on Wednesday while addressing Nigerian workers at the celebration in Abuja.

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The decision was made despite the Tripartite Committee On national minimum wage is yet to conclude its negotiations.

She said it is regrettable that the new national minimum wage is not ready before today, but that a wide consultation is ongoing to ensure that the document is out together as soon as possible.

New minimum wage coming, to take effect May 1, 2024 – FG

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Coastal highway: FG begins N2.75bn compensation payments to affected building owners

Published

3 hours ago

May 1, 2024

Trends Admin

Works Minister David Umahi

Coastal highway: FG begins N2.75bn compensation payments to affected building owners

The Minister of Works, David Umahi, has announced that the federal government plans to pay N2.75 billion as compensation to property owners affected by the demolition required for the construction of the Lagos-Calabar Coastal Highway today, Wednesday, May 1.

Umahi said that the highway is projected to stretch from channel 0 to channel 3.

He announced this during a stakeholders meeting held in Lagos today.

According to him, more compensation is expected to be paid in the coming days.

Meanwhile, Umahi, has alleged that Peter Obi, former presidential candidate of the Labour Party, LP, is inciting people of the southeast, especially those who are not well informed, against the government.

Umahi claimed that Obi would not fight for the people even after getting them into trouble.

The former Ebonyi State Governor alleged that Obi goes around to condemn people, thereby bringing judgment upon himself.

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He said: “It brings to some of the comments made by my brother, his Excellency Mr Peter Obi, I am not supposed to comment about it because some people have already done the work. And I know what Arise Television brought courtesy of Channels Television, they were bringing similar scenarios when His Excellency Peter Obi was the governor. He made a statement saying ”Any infrastructure that stands in the way of the road must go. And there would be no compensation paid.” That’s what he said.

“But look at me, by the human face of the renewed hope agenda administration, we are even paying for people who are illegally staying on the coastal line, and don’t have valid infrastructure and valid documents. That is mercy, that’s mercy… You know some people darken counsel without knowledge. You know there’s the devil in the details.

“When you condemn people, you bring judgment upon yourself. And that is what he (Obi) has done. And I think he’s inciting some of the south east people that are not well informed. He is inciting them. And gets them into trouble. And he doesn’t go to fight for them. Wisdom is a defence. And I want our people to have wisdom because I am involved.

“There’s is no inhumanity meted to Landmark, that matters should be buried because I was there. And so we fought everything possible. Even some people donated property to save his two big infrastructures. That’s appreciation. But some people have taken sides along with him to play politics.

Coastal highway: FG begins N2.75bn compensation payments to affected building owners

News

JAMB, NCC in talks to produce special SIM for students

Published

4 hours ago

May 1, 2024

Trends Admin

JAMB, NCC in talks to produce special SIM for students

The Nigerian Communications Commission, NCC, and the Registrar of the Joint Admissions and Matriculation Board JAMB are in talk over the provision of a specialised SIM card for students which would feature limited services.

Professor Ishaq Oloyede, the Registrar of the Joint Admissions and Matriculation Board (JAMB), disclosed this on Monday.

Professor Oloyede, accentuating the mounting importance of candidates’ registered telephone numbers, underscored that these SIM cards have become indispensable for executing sensitive operations.

Addressing the media in Lagos on Monday, the Registrar revealed the novel procedure for admission acceptance.

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He stated, “A candidate may either transmit ACCEPT or REJECT via their dedicated telephone line to 55019/66019, or personally endorse or decline any offer of admission (inclusive of programme alterations) using their fingerprint at an authorised CBT centre or any JAMB office.

“These freshly devised methods for admission decisions are designed to safeguard the candidates’ information and maintain the integrity of the admission process.

“With the introduction of this method, the significance of the candidates’ registered telephone (SIM) has escalated, as it is now pivotal for conducting increasingly sensitive operations. We are currently in negotiations with the NCC to establish dedicated SIMs for students with restricted functionalities.”

Out of the 1,842,464 candidates whose results from the 2024 Unified Tertiary Matriculation Examination were released by JAMB on Monday, seventy-seven percent scored below 200.