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Tag: CBN

  • CBN Orders Banks To Obtain Customer’s Social Media Handles

    CBN Orders Banks To Obtain Customer’s Social Media Handles

    CBN Orders Banks To Obtain Customer’s Social Media Handles

    CBN Orders Banks To Obtain Customer’s Social Media Handles

    The Central Bank of Nigeria (CBN) has mandated commercial banks to obtain the social media handle(s), e-mail addresses, telephone numbers, residential addresses, and other personal details of their customers.

    This was contained in its newly published ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document, which aims to further deepen the identification process in the banking system.

    According to the apex bank, the regulations shall apply to all financial institutions under its purview.

    CBN said; “To provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT and CPF Regulations) and international best practices.

    “And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”

    Under its customer identification column, the banking regulator stated that financial institutions must identify their customer (whether permanent or occasional, and whether natural or legal persons or legal arrangements) and obtain the following information:

    “For Individuals — legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address, and social media handle; date and place of birth, Bank Verification Number, Tax Identification Number, nationality, occupation, public position held, and name of employer.”

    It further noted that an individual must have any of an unexpired passport, national identification card, residence permit, social security records, or driver’s license.

    What forms part of the requirement are; “Type of account and nature of the banking relationship, and signature, and politically exposed person status.”

    The document also had separate requirements for legal persons and legal arrangements.

  • CBN Orders Banks To Obtain Customer’s Social Media Handles

    CBN Orders Banks To Obtain Customer’s Social Media Handles

    CBN Orders Banks To Obtain Customer’s Social Media Handles

    The Central Bank of Nigeria (CBN) has mandated commercial banks to obtain the social media handle(s), e-mail addresses, telephone numbers, residential addresses, and other personal details of their customers.

    This was contained in its newly published ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document, which aims to further deepen the identification process in the banking system.

    According to the apex bank, the regulations shall apply to all financial institutions under its purview.

    CBN said; “To provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT and CPF Regulations) and international best practices.

    “And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”

    Under its customer identification column, the banking regulator stated that financial institutions must identify their customer (whether permanent or occasional, and whether natural or legal persons or legal arrangements) and obtain the following information:

    “For Individuals — legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address, and social media handle; date and place of birth, Bank Verification Number, Tax Identification Number, nationality, occupation, public position held, and name of employer.”

    It further noted that an individual must have any of an unexpired passport, national identification card, residence permit, social security records, or driver’s license.

    What forms part of the requirement are; “Type of account and nature of the banking relationship, and signature, and politically exposed person status.”

    The document also had separate requirements for legal persons and legal arrangements.

  • DSS Arrests CBN Governor, Godwin Emefiele After Suspension

    DSS Arrests CBN Governor Godwin Emefiele After Suspension

    DSS Arrests CBN Governor Godwin Emefiele After Suspension.

    Emerging reports indicate that the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has allegedly been arrested by the Operatives of the Department of the State Services (DSS).

    Reports by TVC and PM News stated that the CBN chief was arrested following his suspension.

    It was reported that Emefiele was suspended by President Bola Tinubu from office on Friday, June 9, with immediate effect to pave the way for the continuation and conclusion of the official investigation into his activities as governor of the nation’s apex bank.

  • President Tinubu Sacks Emefiele the CBN Governor

    President Tinubu Sacks Emefiele the CBN Governor

    Federal Republic Of Nigeria, President Bola Ahmed Tinubu has suspended Godwin Emefiele, the governor of Central Bank of Nigeria (CBN).

    The suspension was announced in a statement from the Office of the Secretary to the Government of the Federation (SGF) on Friday.

    Emefiele had earlier notified Nigerians that ge would be proceeding on study leave which was granted by former President Muhammadu Buhari, but the suspension has hasten his exit as the Governor of CBN.

    Godwin Emefiele was accused of playing politics with the Naira Crunch Nigerians went through during the 2023 presidential election. He was heavily accused of working against presidential ambition of President Tinubu.

    Besides, Emefiele has been criticized by many citizens for mismanaging Nigerian economy as Naira continued to depreciate against the dollars.

    Mr Emefiele visited President Tinubu on the first day the president resumed office.

    Below is the full statement:

    PRESIDENT TINUBU SUSPENDS EMEFIELE FROM OFFICE AS CENTRAL BANK GOVERNOR

    “President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

    This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

    Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

    Willie Bassey
    Director, Information
    For: Secretary to the Government of the Federation.”