Frauds & Scandals

MTN seeks bigger reduction after Nigeria cuts $5.2 bln fine by a third -source

Thu Dec 3, 2015/Reuters * NCC gives MTN until Dec. 31 to pay * Fine still big enough to cripple MTN -source * MTN says to talk to NCC before responding * Shares fall more than 4 percent * MTN shakes up management structure to boost governance (Recasts to start […]

CBN Threatens To Sanction Banks Involved In Money Laundering

December 2, 2015/The Will The Central Bank of Nigeria, CBN, Wednesday threatened to blacklist commercial banks used for money laundering, even as it warned that the management and directors of such banks are in for trouble. The bank’s Deputy Governor in charge of Financial System Surveillance, FSS, Mr. Okechukwu Joseph […]

CBN Says N220 Billion MSMEDF Loan Forms not for Sale

By InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has said that forms for processing the N220 billion Micro, Small and Medium Enterprises (MSMEDF) Development Fund are not for sale. “It has come to the notice of the Central Bank of Nigeria again that some unscrupulous persons are defrauding unsuspecting […]