NDLEA Parades Suspect With Fake 9.8 Million Naira Notes

NDLEA, fake currencyThe Kwara State command of the National Drug Law Enforcement Agency (NDLEA) has arrested and paraded one Muhammad Adamu for possession of 9.8 million Naira believed to be fake currency.

Parading the suspect, the State Commander of the NDLEA, Apeh Reuben said the confiscated money, in 1000 notes, was concealed in cartons of noodles.

He noted that the fake currency trafficker was arrested by Jebba command of the agency while he was on transit to Kano.

Mr Reuben added that a yet to be identified accomplice in Ilorin will soon be arrested.

On the need to alert the public on the fake money in circulation he said it is necessary as people nowadays withdraw fake money from Automated Teller Machines (ATM).

First Bank Reacts To Latest Fitch Ratings

Fitch Ratings, First BankThe Managing Director of First Bank of Nigeria, Mr Adesola Adeduntan, on Tuesday in Lagos, said that the lender’s business activities are integrated with the Nigerian economy in a way that the bank’s position could be impacted by Nigeria’s overall performance and ratings.

Mr Adeduntan was reacting to the latest Fitch ratings report that shaved First Bank’s issuer default rating to ‘B’ from B+, and FBN Holdings rating cut to BBB+ from ‘A’.

The new head of Nigeria’s largest lender says First Bank is proud to be associated with the Nigerian economy, but currently working to strengthen risk management processes and launch new digital channels, targeted at two million customers of the bank, in the first instance.

First Bank has an estimated ten million customers, which the lender plans to migrate onto new technology platforms, including off-site automated teller machines as well as agency banking.

Fitch ratings affirmed the issuer default ratings of eight Nigerian commercial banks and affirmed the viability ratings of all the banks.

However, the long-term foreign currency issuer default ratings of First Bank and UBA Group was downgraded to ‘B’ from ‘B+’ with a stable outlook.

The global rating agency downgraded the national long-term rating of FBN Holdings Plc to ‘BBB+.

Fitch ratings also cut the bank of industry’s long-term issuer default rating to ‘B+’ from ‘BB-‘ and support rating to ‘4’ from ‘3’.

The latest Fitch report expects Nigerian banks to remain profitable in 2016 despite slower asset growth and higher loan impairment charges.

CBN Launches Biometric Customer Registration

The Central Bank of Nigeria and the bankers committee have launched the second phase of the Bank Verification Number (BVN) project.

The scheme will improve and strengthen the ‘Know Your Customer’ process of the banking industry.

The BVN is a biometric authentication of bank customers using Point of Sale and Automated Teller Machines. It is designed to ensure the safety of customers’ funds and avoid losses through compromise of Personal Identification Numbers (PIN).

At the launch in Lagos, the CBN Governor, Sanusi Lamido Sanusi, said that all commercial banks were expected to have captured biometric details of their customers nationwide in the next 18 months.

He noted that the CBN would start to issue circulars to banks to inform their customers to come in and register for the biometric authentication within one week as it would allow banks to enrol and verify the identity of each customer from any point of transaction device.

The CBN Governor also assured Nigerians that the new system, which was also expected to address the issue of customers forgetting their Personal Identity Number, would attract no charges to the customers.

Two banks have been selected to run the pilot of this project which will start from February 17 to March 31.