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Banks

Insider loans: CBN issues sweeping directive to banks

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Insider loans: CBN issues sweeping directive to banks

The Central Bank of Nigeria (CBN), Nigeria’s banking regulator has issued a sweeping directive asking many banks to comply with stricter insider lending limits or risk regulatory sanctions. This was contained in a letter to banks, where the Central Bank of Nigeria (CBN) set a 180-day deadline for financial institutions to regularize all insider-related credit … Read more

24 banks in hot soup as Court gives EFCC go ahead to freeze their

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24 banks in hot soup as Court gives EFCC go ahead to freeze their

Justice Emeka Nwite of the Federal High Court in Abuja has permitted the Economic and Financial Crimes Commission (EFCC)’s application to freeze 24 bank accounts domiciled in different banks over allegations bordering on terrorism financing. Justice Nwite granted the application after EFCC’s lawyer, Martha Babatunde, moved an ex-parte motion to the effect. He … Read more