Police arrest three more suspects in Edo bank robbery

Three additional suspects have been arrested over the Tuesday’s deadly armed robbery attacks at a police station and two commercial banks, which led to the death of six persons, in Igarra, Edo State.

Police Inspector General, Solomon Arase

Our correspondent gathered that two of the suspects were nabbed by the vigilance groups in a forest near Makeke‎ on Wednesday‎, in Akoko-Edo Local Government Area of the state.

It was, however, said that the local security group lost one of its members, who was killed during the incident.

NAIJA CENTER had on Thursday reported that the robbers, who came in two vehicles, had stormed the police station and killed two policemen.

Some members of the gang ‎later raided the Igarra branches of Keystone and Unity banks on Momodu Ajayi road about 5:30pm and carted away an undisclosed amount of money from the latter, after destroying the bank’s entry with improvised explosive devices.

The robbers also shot a private security man‎ and two bank customers as they tried to make their way into the bank.

They were, however, said to have been confronted by some vigilantes in the area, who engaged the gang in a gun battle, killed one and arrested another, while the rest fled into the bush.

The police had also said that a total sum N4,452,500, 11 AK47 rifles, ‎39 IEDs and other arms and ammunition were recovered from the robbers.

A leader of the vigilance group, who did not want his name mentioned, explained that members of local security outfit were mobilised from the Ojirami-Ojah axis when it was learnt that the robbers had stormed Igarra, which was the administrative headquarters of Akoko-Edo Local Government Area.

One of the suspects was said to have sustained a bullet wound in the head.

The vigilante chief also said other vigilante groups in Ososo, Makeke, Lampese and environs were contacted and directed to barricade the Ekpedo-Ekpe axis of the road with tyres, stones, logs and other obstacles, which slowed down the movement of the robbery gang.

The Police Public Relations Officer, Mr. Osifo Abiodun, however, said on Thursday that the command arrested three persons, adding that police officers had been deployed to Igarra to fortify the banks and border communities in the area.

He also noted that efforts had been intensified to arrest more suspects.

Police arrest three more suspects in Edo bank robbery

Banks reduce withdrawal limits on ATMs

LAGOS — The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).

ATM

In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.

The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad. Hitherto, a single ATM card serves for transactions for both domestic and abroad.

Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.

In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad. Hitherto, such customers could transact with any of the cards that is funded.

However, banks are putting in place alternatives in these adjustments to address the concern of customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.

For instance, Standard Chartered Bank has asked its customers to request a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.

The bank also required their customers to apply for a foreign currency denominated ATM linked to domiciliary account which would be enabled with no daily or annual international transaction limits.

Earlier, Guaranty Trust Bank Plc had informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300 with effect from yesterday.

In a communication to the customers, the bank explained: “In view of the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards, we have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.

“You will, however, continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”

These developments were coming on the heels of Central Bank of Nigeria’s (CBN) statement on Sunday that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.

A statement from the CBN added that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.

The statement stated: “The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.

“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.

“Furthermore, holders of Naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.”

 

Banks reduce withdrawal limits on ATMs

Revealed: Who is who on lists of big bank debtors

Banks are exposing the businesses and people behind the mountain of debts threatening to kill the sector  – courtesy of a Central Bank of Nigeria (CBN) directive that expired at the weekend.

Barring unforeseen developments, some of the banks will begin the publication of their debtors’ list today.

The publications are coming on the heels of the July 31, 2015 deadline set by the apex bank for the debtors to pay up.

The lists, an official of one of the banks said, is just a part of the whole.  “Some debtors have entered into various payment schemes  to avoid being shamed by this exercise,” the bank official, who pleaded not to be identified because of “the sensitivity of the action”, said.

The debtors are to be blacklisted and banned from participating in the foreign exchange market as well as trading in the Nigerian Government Securities market. The publication of the debtors’ lists is to be a continuous exercise.

Union Bank is owed  huge sums by 176 debtors. Six customers collectively owe the bank N27.91 billion. They are Dec Oil & Gas, owing N15.7 billion following a 1999 contract finance loan that expired in 2000. The directors of the company are Patrick Ugboma and Pius U. Malaka.

Other debtors include Alliance Energy, which is owing the bank N4.92 billion. The term loan approved in 2004 expired 2006. The directors are Akinwale Omoboriowo, Kojo Anan and Timi Austen-Peters.

Hajaig Construction is owing the bank N2.99 billion on a loan approved in 2012 and which expired in 2014. The directors are Abdul Nasser Hajaig, Rud Wan Hajaig and Mohammed Hajaig.

Sapta International Industries Limited is owing the bank  N1.87 billion over a 1987 term loan that expired in 1988. The directors are Alex Aloy Nwokodikwa and Clement Nwokodikwa.

Petroleum Project International has a debt of N1.25 billion over a term loan obtained in 2004 that expired in 2007. The directors are Akinwale Omoboriowo, Kojo Anan and Timi Austen-Peters.

Best Aluminum owes N1.11 billion for import and lease facilities obtained between 2010 and 2012. The directors are Chief Godwin Nweke and Chief Pius Nweke.

CBN Governor, Mr. Godwin Emefiele

Fidelity Bank’s debtors include the telephone firm Starcomms Limited, which owes N3.08 billion cumulatively in the three accounts it runs with the lender under the same name and directors. The first account, which got in 2009 an overdraft which expired in 2014, is owing the bank N1.68 billion; the second account, a term loan approved in 2011 and which expired in 2014, is indebted to the tune of N1.16 billion. The third account, also an overdraft approved in 2007 and expired 2014, is indebted up to N239.65 million. The directors are Chief Maan Lababidi, Paul Edwards, Tajudeen Dantata, Omar Lababidi, Dr. Chris Ogbechie and Olusola Oladokun.

Fidelity released a list of 28 customers with “delinquent” loans. Other customers include Kesio Associates, which is owing the bank N328.1 million and Diesel Solutions (N324.28 million). Patemglobal Limited is owing the bank N268.5 million.

Kasolute Nigeria Limited owes Sterling Bank Plc N475.3 million over an overdraft loan approved in 1999, which expired in 2000. Just Jays Limited owes the bank N254.7 million; Alcun Industries Limited owes N192.1 million. G.Cyrus Global Resources  is owing the bank N187 million.

One bank executive  told The Nation that  many of the banks offered some debtors who made moves to settle  “their  long-outstanding  loans the option of rescheduling, or  making part-payment of the loans.

“Those that have reached this understanding with their banks have their names removed from the published debtors list, “ he said, adding that the other category whose names are missing from the list, are those that are contesting their indebtedness in the courts.

“The CBN has directed that all cases that are in the purview of the courts should be reserved for judicial determination and resolution,” the official said.

He said the Loan Recovery unit of the banks were still working hard,  compiling the list of other debtors. “This publish and shame strategy would continue,  as the next category of NPLs falls due, except otherwise directed by the regulator, he stressed,” the source said.

A CBN official, who spoke in confidence, said the resolve of the apex bank to adopt “the publish and shame” strategy was as a result of the failure of persuasion which many of the banks  have adopted over the years. He warned that this would be the beginning of a long-battle  aimed at recovering all outstanding loans due the lenders.

Some of the facilities in the bank books are classified as overdrafts, project  financing, term loans and others which are said to be unauthorised credit advances. The NPLs range from one to over five years in many instances.

However, there are strong indications that much pressure is being mounted by some prominent debtors against the publication of the debtors’ list. The Nation learnt that about two to three banks have withdrawn the list they sent to some media houses for publication, saying they required more time to clean them up.

A banker, who craved anonymity, said he was concerned that the strategy that these debtors applied in the past to evade settlement of their debts might come to play again. He said many of the debtors were strong enough to offset their indebtedness, but regretted that lack of determination to apply the rules always favoured them.

A Lagos lawyer, Chief Ajibola Aribisala (SAN), told The Nation earlier that it would be an uphill task to get the true debtors’ list published, pointing out that even if a list is published, it would never be the authentic one.

Revealed: Who is who on lists of big bank debtors

Police arrest four suspected Ikorodu bank robbery

The Police have made a breakthrough in their investigation of the June 24 Ikorodu bank robbery. They have arrested four of the perpetrators.

Police Inspector General, Solomon Arase

The arrest of one of them in Ondo was said to have led to the arrest of others in Ikorodu on Saturday.

The suspects are Promise, who was arrested in Ondo, Baba Ibeji, Bright and Monday.

Soldiers were said to have arrested Promise, who sources described as  “prime suspect”, while on his way to his okitipupa home town in Ondo State, during a stop-and-search.

The soldiers reportedly found bundles of new N1000 notes with bank seals in his bag.

The soldiers transferred him to the Lagos Command following the request of former state Commissioner of Police Kayode Aderanti.

Initially, the lone suspect denied knowledge of the robbery, but he later confessed.

He told the Special Anti Robbery Squad (SARS) how they carried out the operation.

His confession led to the arrest of his accomplices by a crack team of SARS operatives.

Former officer-in-charge (O-I-C) of SARS, Abba Kyari, a Superintendent of Police (SP), who has been transferred to Abuja, is coordinating the investigation. He is being assisted by James Okeke, a Deputy Superintendent of Police (DSP), who until his transfer to Area F Division, was a SARS operative.

Okeke led the team, which arrested the three other suspects in Ikorodu.

The suspects have confessed, saying they spent their loot on exotic cars and landed properties. The three vehicles-two Lexus SUV and a Nissan SUV have since been recovered by the police.

The command spokesman, Kenneth Nwosu, a Deputy Superintendent of Police (DSP), said details of the arrest would soon be made public.ax

Police arrest four suspected Ikorodu bank robbery

Power sector collapse: Banks cry out over fate of investments

LAGOS—Nigerian banks have expressed concern over the possibility of losing about N1 trillion they invested in the acquisition of the privatized assets of the Power Holding Company of Nigeria, PHCN.

transformer

The banks are expressing fears that they may be unable to recoup their investment following the myriad of problems facing the sector.

Group Managing Director/Chief Executive Officer, Diamond Bank Plc, Dr. Alex Otti, had at a power investors’ forum in Abuja, said that as at 2013, the banking industry has invested well over N750 billion in the power sector and are ready to do more.

To this end, the banks are calling for an increase in electricity tariff and in the price of gas, saying this will help boost the revenue profile of the power companies and their ability to repay their debts.

Some of the chief executives of banks, who spoke at the just concluded Seventh Lagos Economic Summit, tagged Ehingbeti 2014, complained of the revenue profile of the recently privatised power companies, saying  it is not meeting the expectation of investors.

 

Power sector collapse: Banks cry out over fate of investments