Top News Every Hour

Business News: Buhari sanctions banks, MTN


President Buhari already briefed of nine (9) banks who hide $2.1bn of NNPC fund diverted from being passed through TSA

…..and sanctions already imposed on the 9 banks –

Putting this in perspective, $2.1bn @ N320/$ = N672bn.

This is approx. 37.0% of the total N1.8tn earmarked for capital expenditure in 2016 budget and almost at par with the N691bn Federal Allocation shared by the FAAC in July 2016.

9 Banks hiding this huge amount of money that belongs to FG and some people are saying Buhari should slow down on corruption.

This is as;

President Muhammadu Buhari has directed the suspension of 9 Banks from all FX markets for hiding and failure to remit NNPC $2.12 billion which is equivalent to N672 billions @320 exchange rate into Government Coffer.
The banks are;

1. Keystone Bank

2. Diamond Bank

3. Fidelity Bank

4. Skye Bank

5. Sterling Bank

6. UBA

7. FBN


9. Heritage Bank.

They will all be allowed to return to NGR FX market operations once they pay-up NNPC $ 2.12 billion into Treasury Single Account (TSA)

Comments are closed.