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Wed, 10 Mar 2010 11:28:29 -0600   MARKET NEWS  |
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ATUCHE WANTS COURT TO QUASH CHARGES AGAINST HIM
MONDAY 14, December 2009
Citing gross irregularities in the charges brought against him by the Economic and Financial Crimes Commission (EFCC), the former chief executive officer of Bank PHB, Francis Atuche, has asked the court to discharge and acquit him of all the charges. In a court process filed on his behalf by his lawyers led by Nnamdi Dimgba, last Friday in Lagos, Atuche said that by virtue of the evidence and facts made available to the court, there is no prima facie case against him. The case will come up for hearing on Monday, December 14, 2009.
HEARING IN SEBASTINE ADIGWE’S CASE ADJOURNED
MONDAY 14, December 2009
Hearing in the case instituted against Sebastian Adigwe, former managing director of Afribank was adjourned on Thursday on account of absence of the trial judge, Justice Dan Abutu at the Federal High Court, Oyinkan Abayomi Drive, Ikoyi, Lagos. Adigwe looked disappointed that the case could not go on. It would be recalled that Adigwe’s lawyer, Anthony Idigbe (SAN), had earlier filed two applications, one against the freezing of his account by the Economic and Financial Crimes Commission (EFCC) and the other for Afribank and the CBN to produce the relevant documents connected with the case.
CBN, BANKS COLLABORATE TO ENERGISE REAL SECTOR THROUGH LENDING
MONDAY 14, December 2009
Funding for power, agriculture and transportation are to get priority attention from banks through lending in a new initiative supported by the Central Bank of Nigeria (CBN) as executives of the 24 deposit money banks have expressed their commitment to the real sector of the economy. After the Bankers’ Committee meeting yesterday in Enugu, Sanusi Lamido Sanusi, CBN governor, who read the communiqué said that both parties recognized that the three areas are critical to the development of the economy, hence banks including those under its management have agreed to move the economy forward based on their capability. Sanusi also revealed that the tenure of the interim management executives appointed for the bailed out banks would be a minimum of two years, ending speculations over their tenure.
OIL PRICES RECORD EIGHTH-DAY FALL AS DOLLAR FIRMS UP
MONDAY 14, December 2009
CRUDE oil tumbled for an eighth day, the longest stretch in six years, as the dollar gained against the euro, curbing investor appetite for commodities. Oil fell to a two-month low after the greenback advanced on speculation the Federal Reserve will increase borrowing costs next year because of an improving economy. Crude oil for January delivery fell 67 cents, or 0.9 per cent, to $69.87 a barrel on the New York Mercantile Exchange, the lowest settlement since October 7. Prices dropped 7.4 per cent last week, the biggest decline since September.
CBN CONVERTS ASSETS OF TROUBLED BANKS TO BONDS
MONDAY 14, December 2009
The Central Bank of Nigeria (CBN), is to convert the toxic assets of the nine troubled banks into government guaranteed bonds to ensure growth. The apex bank said in a statement that this would be achieved by fast -tracking the establishment of the Assets Management Company (AMC). Through this, investors would buy into the bonds to ensure liquidity for the affected banks, it added. CBN, in a statement signed by its Head, Corporate Affairs, Mohammed Abdullahi, said its intention is to transfer the affected banks into the hands of institutions and people that will safeguard the interests of depositors. He, however, said that CBN would place a great deal of emphasis on the technical capabilities of the interested parties.
BANKS TO REJECT CHEQUES ABOVE N10m
MONDAY 14, December 2009
In a new rule that could generate strong reactions from customers, the Central Bank of Nigeria (CBN) has said any cheque payment above N10 million will not be accepted at the clearing house by the apex bank with effect from January 1, 2010. The apex bank directed that all payments outside the set limit of N10 million should be routed through Central Bank Inter-Bank Funds Transfer System (CIFTS) and Nigerian Inter-Bank System Electronic Transfer Fund (NEFT). Deputy Director, Banking Operations Department of the CBN, Mr. C.R. Okafor, dropped the hint at the Annual Dinner/ Awards of Abuja Clearing.  |
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