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Tag: First Bank Plc

  • CBN fines nine banks N150m each for failing to disburse ATM cash

    CBN fines nine banks N150m each for failing to disburse ATM cash

    The Central Bank of Nigeria (CBN) has imposed fines of N150 million each on nine Deposit Money Banks (DMBs) for failing to dispense cash via Automated Teller Machines (ATMs) during the festive season.

    This enforcement action follows spot checks on branches, revealing non-compliance with CBN’s cash distribution guidelines.

    The sanctioned banks are Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. The fines, totalling N1.35 billion, will be debited from the banks’ accounts with the apex bank.

    This is according to a press statement on Tuesday by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.

    The statement read “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. 

    “Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

    “The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.” 

    Sidi Ali confirmed the sanctions, stressing the importance of seamless cash availability.

    “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability. 

    “The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she stated.

    The CBN’s actions highlight its zero-tolerance stance on cash flow disruptions, particularly during high-demand periods. The regulator had previously warned banks about adhering to cash distribution policies.

    The CBN has announced intensified monitoring of cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators. It is collaborating with security agencies to curb illegal cash sales and enforce the N1.2 million daily withdrawal limit for POS operators.

  • Government, Private Sector, and other stakeholders should collaborate more to make agribusiness sustainable – Experts

    Government, Private Sector, and other stakeholders should collaborate more to make agribusiness sustainable – Experts

    IITA and partners have advised stakeholders in the agro-industry to collaborate, invest and empower youths to make the sector economically viable and productive.

    This was the primary submission at the Agribusiness Investors Network organized by the Innovative Youth in Agriculture (I-Youth) held at the Ecobank Headquarters, Victoria Island, Lagos, on Saturday, June 17, 2023.

    The event, organized by the International Institute of Tropical Agriculture (IITA) in partnership with Mastercard Foundation and Ecobank, had in attendance the former President of the Federal Republic of Nigeria, Chief Olusegun Obasanjo, representatives of African Development Bank, Lagos State Government, Sterling Bank, First City Monument Bank, First Bank Plc, Nigerian Agribusiness Group and Fintech Association of Nigeria.

    In his welcome remarks, Deputy Director, General Partnership for Partnership and Delivery, International Institute of Tropical Agriculture (IITA), Ken Dashiell, noted that it has become imperative for stakeholders to work together to empower the youth in transforming Nigeria’s Food system. Dashiell said government and other developmental partners must begin to put the right policies and programs in place to attract the youth into agriculture.

    In his keynote address, the former President of the Federal Republic of Nigeria, Chief Olusegun Obasanjo, who is also an ambassador of IITA, said that a concerted effort must be made to ensure that the funding gap in agribusiness is bridged, adding that financial institutions, investors  and entrepreneurs must collaborate.

    Obasanjo noted that the sector must be attractive for the youth, saying no serious entrepreneur would be interested in seeking a double-digit loan.

    He explained that the agricultural sector had suffered too long due to lack of commitment in industry development and inadequate funding from the government as well as uncertainty from potential investors and other key stakeholders. He stressed the need for government to invest heavily in the agricultural sector, noting that no nation has witnessed reasonable industrial development without paying adequate attention to agriculture.

    Also speaking, the Managing Director and Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, explained that the bank is committed to supporting any investment that will stimulate the growth of Nigeria’s economy and transform the opportunities in Nigeria into business and empowerment for the youth. Lawal noted that the bank is ready and determined to tap into the energy of the vibrant young population in Nigeria by providing incentives that would make agriculture attractive to them.

    A beneficiary of the I-Youth project, Areo Evelyn, the Chief Executive Officer of Farm2Fill Enterprises, stated that participating in IITA’s training program greatly impacted her entrepreneurial journey as she now offers a variety of agriculture produce to local and international markets.

    Executive Manager, I-Youth Project, Aline Mugisho, who spoke on ‘De-Risking Agro-Industry Investment,’ emphasized the need for stakeholders to work together to demystify the agricultural sector’s myth around profitability, sustainability, and growth. Mugisho noted that youths are catalysts in agriculture technology and innovation scaling, and when empowered with skills and expertise, they become invaluable assets to companies. She urged stakeholders to begin to look at investment opportunities in the sector and intentionally work toward a sector transformation in order to reposition agriculture within Nigeria’s economy.