project change9ja

The Central Bank of Nigeria is cautioning Nigerians against patronizing wonder banks. The head, Consumer Protection Department of the CBN, Mrs Kadija Kassim gave the warning at a forum in Niger state to mark the World Savings Day.   According to her, the activities of these wonder banks are not regulated by the CBN. The regulator’s warning follows the campaign of an online investment scheme asking the investing public to participate in what it calls mutual aid financial network, with a monthly investment return of 30%. She said, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated. “Desist from their activities because they are fraudulent.”

About four months after it disengaged about 200 of its workers, Skye Bank Plc has retrenched about 50 members of staff, including those in outsourced and auxiliary functions.  Although the number of the affected non-core employees could not be ascertained since they were not direct workers of the bank, it was gathered that the reasons for their exit ranged from non-performance, disciplinary issues as well as rightsizing by the lender. It was further gathered that most of the affected personnel were in outsourced functions like tellers, drivers and internal security guards.   When contacted on the development, the Head, Corporate and Brand Communication, Skye Bank, Mr. Nduneche Ezurike, confirmed the exit of the affected workers, adding that the management of the bank approved the payment of generous entitlements and severance packages to them as contained in their engagement letters and as agreed with the workers’ union. The Central Bank of Nigeria had on July 4 ...

The Central Bank of Nigeria(CBN) has disclosed that it plans to reintroduce coins currency into circulation to reduce high cost of goods and services in the country. The Head, External Communications, Corporate Communication Department, CBN, Mr Isaac A. Okorafor who stated this in Ilorin on Tuesday during the interactive session with farmer associations, businessmen and women said the apex bank had done that in the past but many Nigerians did not use the currency. Okorafor, who was responding to the participants’ questions, noted that since the currency was not utilised by citizens, it lost its value. He observed that the usage of coins currency in advanced countries reduce inflation and make farms and manufactured goods cost less. Okorafor said coins currency lost value because Nigerians were not producing stressing that most commodities were jerked up. “In future, CBN may reintroduce coins. If you go abroad, it is very easy to buy with coins and sometimes, you co...