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CBN fines 9 banks N150m each over scarcity of cash in ATMs

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The Central Bank of Nigeria, CBN, has imposed fines on at least nine Deposit Money Banks for failing to ensure cash availability via automated teller machines, ATMs, during the festive season.

The fines total N1.35bn, with each of the banks fined N150m.

The banks were found culpable after spot checks revealed non-compliance with the Central Bank’s cash distribution guidelines.

A statement released by CBN acting Director of Corporate Communications, Mrs Hakama Sidi Ali, on Tuesday, read: “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season.

“Each bank was fined N150m 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.”

The fine will be debited directly from the banks’ accounts with CBN.

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MTN apologises to customers over 200% data price hike

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Nigeria’s largest telecom operator, MTN, has issued a public apology to its customers following widespread complaints about a sudden 200% increase in the price of its popular 15GB data bundle.

The price hike where internet subscribers will have to pay N6,000 for a 15GB weekly data plan which is a 200% increase from the previous N2,000, took many customers by surprise, and led to an outrage from customers on social media on Wednesday.

In message shared on social media on Thursday, MTN in an informal, conversational tone acknowledged the frustration of its customers, and sought to address the growing discontent among users who had grown accustomed to the affordable rates previously offered.

The message read, “To our 15G digital bundle lovers. You dey vex. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favourite digital bundle.

“We could share several reasons, and provide explanations, but omo, all that one na story. We don cast. We get it and admit it. Let’s just say na mistake.”

MTN continued the apology by urging customers not to stay angry saying, “In this love season, don’t stay angry with us. Please forgive and forget. You matter die and we will never stop showing you how much. Let’s continue our relationship. Thank you for your understanding.”

For now, only MTN has increased prices, but Airtel and Globacom are expected to follow after the Nigerian Communications Commission approved a 50 percent tariff increase in January.

The Nigeria Labour Congress has, however, condemned the implementation of a 50 per cent tariff hike by telecommunication companies, demanding an immediate reversal.

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Pi network sets date for open Mainnet launch

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Pi Network is set to officially transition to its Open Network period of Mainnet at 8:00 AM UTC on February 20, 2025.

The launch is coming after years of anticipation and delays even as participants kept hope alive and continued with mining activities on the network.

The launch marks a significant milestone in the platform’s development, a testament to the dedication of the entire Pi community. After six years of hard work, the Pi community is now one step closer to realizing its vision of creating the world’s most inclusive peer-to-peer ecosystem.

The platform’s native token, Pi, is now ready to power a real-world utility-driven ecosystem where millions of identity-verified Pioneers can engage with the cryptocurrency in meaningful ways.

Pi Network has exceeded expectations, reaching 10.14 million Mainnet migrations, surpassing the original goal of 10 million. This milestone demonstrates the commitment of the community and sets the stage for the next phase of the network, with over 19 million verified Pioneers. As Pi prepares to open its utilities-driven ecosystem, the network will allow these Pioneers to utilize Pi in real-world applications, enhancing the platform’s utility and global reach.

On the launch day, the Pi Network team will provide further details about the Open Network. For now, the community is encouraged to reflect on the progress Pi has made over the years. The journey to the Open Network has been marked by important phases, with each one building on the previous to ensure the network’s growth and sustainability.

The Mainnet Phase 3, which began in December 2021, started with the launch of the Enclosed Network period. During this time, Pi was live, but a firewall prevented external connectivity. This phase provided essential time for Pioneers to complete their Know Your Customer (KYC) process, developers to build apps, and the Core Team to release updates and improve network features.

A crucial milestone came in March 2022, when a new mining rewards issuance formula was introduced. This formula employed a declining exponential model designed to ensure a balance between network growth, scarcity, and rewarding Pioneers for their contributions. In July 2024, the Grace Period was enacted, offering more time for Pioneers to complete their KYC while maintaining urgency for migration. During this period, verified Pioneers who obtained Pi on Mainnet were able to engage in transactions within the network, which was further showcased during PiFest 2024. The event saw more than 27,000 sellers and 28,000 test merchants from 160 countries, with over 950,000 Pioneers participating.

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The Open Network launch will introduce external connectivity, enabling Pi to interact with other compliant systems and networks. This will open up new opportunities for Pioneers and businesses. As part of this transition, Pioneers will be able to engage in transactions beyond the Pi ecosystem, further increasing Pi’s reach. Initially, only select Pioneers with strong historical contributions and high reliability scores will be invited to migrate their nodes from Testnet to Mainnet. Node rank data will be made public in due course.

To maintain a secure ecosystem, participation in the Mainnet blockchain will require KYC verification for individuals and KYB (Know Your Business) verification for businesses. Pi Network aims to be a safe Web3 space where verified individuals and businesses can interact seamlessly. Businesses will be able to apply for KYB verification, and once the Open Network launches, Pioneers can view a list of verified businesses on the Pi website.

As Pi Network enters the Open Network period, several conditions must be met. These include the completion of all necessary tech, product, business, and legal work. The network has successfully met all the required conditions, including surpassing the goal of 15 million identity-verified Pioneers, with 19 million Pioneers now verified. Additionally, over 10.14 million Pioneers have already migrated to Mainnet, and more than 100 Mainnet-ready apps are now available, exceeding the 100-app goal set for the launch.

Pi Network has officially reached all the conditions needed for the Open Network launch, and there will be no further delays due to external factors. Pioneers are encouraged to complete the KYC and Mainnet migration processes and to engage with Pi apps through the Pi Browser to help foster the development and utility of the ecosystem. Community developers are also urged to create new apps and refine existing ones to meet the network’s standards and contribute to Pi’s long-term success.

The Open Network period will bring new opportunities for both Pioneers and developers. Pioneers are urged to continue mining and making contributions to the network. They should also engage with Pi apps and support local commerce by using Pi for peer-to-peer transactions. Developers are encouraged to improve their existing Mainnet apps and develop new solutions that address the needs of the Pi community. As Pi Network enters this exciting new phase, all members are invited to collaborate to drive innovation and ensure the platform’s sustainability and growth.

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Amakaezes’ Property Feud, Cubana Lounge Ltd and Unfounded Allegations

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Cubana Lounge in Abuja
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By Chidiebere Nwobodo

Recently, the children of late Michael Nwobi Amakaeze, former 2nd vice president to Baba Aladura of Cherubim and Seraphim Church, were in the news for not-good-reasons. It was a feud over one of the properties that belonged to the late patriarch situated at Plot 81 Adetokunbo Ademola Crescent, Wuse 11, Abuja. Incidentally this property houses Cubana Lounge Ltd, one of the companies under Cubana Group, ably chaired by Obinna Iyiegbu, famed as Obi Cubana.

In 2009, Cubana Lounge Ltd, in respect to the property went into a ten-year lease contract with Amakaeze Estate, an estate management company run by children of the late Michael Nwobi Amakaeze, as co-administrators and beneficiaries. Upon expiration in 2019, the lease was subsequently renewed by Cubana Lounge Ltd for another ten years, with the proper payment made to Amakaeze Estate as certified by Letters of Administration dated January 16, 2018.

The validity of the lease was further upheld by the High Court of the FCT in a judgment delivered on July 16, 2021, in suit number FCT/HC/CV/1325/20— Cubana Lounge Ltd vs. Rev. Chidi Amakaeze and 5 others. As it stands today, the lease is still running and Cubana Lounge Ltd, has every legal rights to occupy Plot 81 Adetokunbo Ademola Crescent, Wuse 11, Abuja, as supported by all binding documents.

Rev. Chidi Amakaeze, Eldest son of late Michael Nwobi Amakaeze

However, it was shocking to read in the news recently that “Obi Cubana was issued a 7-day notice to quit” by Rev. Chidi Amakaeze, one of the co-administrators and beneficiaries of the Estate, who happens to be first son of late Michael Nwobi Amakaeze. Ironically, Obi Cubana was not Rev. Chidiebere Amakaeze’s tenant at the time the purported notice to quit was issued in the media. The tenancy agreement was between Cubana Lounge Ltd and Amakaeze Estate, comprising all the co-administrators and beneficiaries.

In furtherance, the lease agreement signed earlier and later renewed after expiration is still valid and running. The so-called notice made on January 14, 2025, was issued without the consent of majority co-administrators as highlighted in a statement debunking the alleged eviction notice: “We, the estate’s administrators, have not issued any notice to the company, as its lease remains valid, and it is not owing the estate,” the administrators affirmed.

Rev. Chidi Amakaeze has been having a running battle with his younger siblings who are averse to his attitude, especially in the management of their father’s properties where there were insinuations that the former is claiming sole ownership to what belonged to the entire children of late Michael Nwobi Amakaeze.

Having failed to arm-twist his siblings albeit allegedly over ownership of the property, Rev. Chidi Amakaeze decided to drag Obinna Iyiegbu, Obi Cubana, into his family feud by issuing phantom eviction notice and escalating it to the media, because he erroneously thought that bringing the chairman of Cubana Group into the midst would give him enough blackmailing power and publicity against his siblings in their battle of supremacy; unfortunately it is dead on arrival.

How do you exercise powers that you don’t exclusively possess without consulting other interesting parties, co-administrators and beneficiaries? Why issue a personalized pseudo ultimatum to someone who was not your tenant as at the time it was served, but Cubana Lounge Ltd, the occupant of the property under lease? How did the warped narrative of “unpaid debt” emerge in the first instance when lease agreement duly paid for had not elapsed?

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Any discerning mind will begin to question the intention of Rev. Chidi Amakaeze to railroad Obi Cubana’s name into their family fight if not for the purpose of extortion as alleged. Why continuous demand of a separate payment from Cubana Lounge Ltd as was alleged in some quarters, when the lease payment made to the family’s property management, Amakaeze Estate, is yet to expire as affirmed in the statement released by rest of his siblings who are co-administrators and beneficiaries?

At this point, vile propaganda not backed by facts cannot fly because life time of propaganda is shorter than falsehood. No matter how fast lies run; truth will surely catch up and overtake. Rev. Chidi Amakaeze and his siblings should call a family meeting, resolve their differences. Neither Obi Cubana nor Cubana Lounge Ltd, has nothing to do with their grievances, disagreement and should not be dragged into it.

In good conscience and fairness to Rev. Chidi Amakaeze’s siblings, who are majority co-administrators and beneficiaries in the Estate, had vehemently affirmed in the statement earlier issued that Obi Cubana was not their tenant but Cubana Lounge Ltd as read: “the administrators of the Amakaeze Estate clarified that Mr Cubana is not their tenant and that the alleged eviction notice was issued without their “consent.”

So the accusation of unpaid debt is figment of imagination of those peddling it. There is no basis for such innuendos and conjectures because you cannot build something on nothing. Someone has to be your tenant within the stipulated time frame as alleged for such debt to exist. The authentic tenant—Cubana Lounge Ltd, was not owing a dime because of the validity of the lease as at the date the purported eviction notice was made. Opinions are free but facts are sacred.

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