It appears the Attorney General of the federation, Abubakar Malami, has an ulterior motive over pursuing the actions that led to the N5.87 billion fines slammed on four Nigerian banks by the Central Bank of Nigeria (CBN). Sources yesterday said that Malami sent a letter instructing the banks to pay the fine into a so called ‘ASSET RECOVERY ACCOUNT’ different from CBN’s, despite this act being outside its regulatory purview. “There is a conflict between the Attorney General and the Central Bank as to where the fine imposed on the four banks by the latter will be paid,” one source with knowledge of the matter said.

Sources say that in the past when Banks paid fines imposed by the CBN it never went into any strange bank account. It would also be codified and explained clearly to the affected financial institution. “It appears that they are making this up as they go and it is very embarrassing for the nation, in addition to being quite dangerous for the stability of the financial system,” the source said. Sources tell BusinessDay that the letters sent out by the attorney general’s office to the banks had numerous errors and wrong details. Some had wrong figures, wrong bank addresses, confused the titles of those it was addressed to in some cases, and in one case mixed up Stanbic IBTC, with Standard Chartered Bank. BusinessDay has learnt this is all happening to protect the fees the lawyers used to ‘investigate’ the new MTN CCI allegations will ultimately earn.

“There is complete shock and consternation in the financial services industry,” the CEO of a major securities firm says. The CBN yesterday debited the accounts of the banks for the sum of N5.87 billion as payment for the imposed fines. Stanbic IBTC said in a statement published on the Nigerian Stock Exchange (NSE) website that the CBN deducted the sum of N1.886 billion from the account of its bank subsidiary, stating “that the bank has done nothing illegal and accordingly the bank will continue to provide CBN with documents and details in support of contention that our actions in relation to these transactions were not illegal.” BusinessDay also confirmed that the CBN has debited Standard Chartered N2.4 billion ($7.86 million), and CitiBank N1.2 billion, after it fined the lenders for what it claims were illegal movement of a total of $8.1 billion abroad with improper certificates for telecoms giant MTN. Daniel Okezie, the Vice Chairman, Lagos Chamber of Commerce & Industry (LCCI SME group) said CBN is the regulatory agency for the banks and in this case it should not involve the AG of the federation as the problem arose due to lack of agreement (between the CBN and the Banks).

“The CBN regulates the deposit money banks and has nothing to do with the AG as the duty of the AG is to advice the executive arm of government on any legal issues if the CBN needs clarification on any legal matters, it will definitely send it to the office to interpret. It is not the duty of the AG or the ministry of justice at the Federal levels to give such instructions to counter what the CBN has done,” Okezie said by phone. The Vice Chairman, Okezie concluded by saying “we are carrying on with our advocacy work to protect the interest of the organized private sector and Nigerians, and at our next council meeting, the committee that is in charge of this matter would have given us a report which we would look into and make recommendations to the presidency and all the stakeholders involved.” Responding to the banks’ being debited by the apex bank, Bismarck Rewane, MD of economics consulting firm Financial Derivatives said “it is just a sign by the CBN to show that they are serious, although penalties can always be refunded after the case has been resolved.”

He however said he has doubts that this is the proper way to go about such an issue. Meanwhile the total amount of N3.65 trillion ($10.1 billion; tax of $2billion and $8.1billion refund) CBN is asking MTN to pay in refunds and tax is abou

http://rapidnewsnigeria.com/featured/buharis-attorney-general-orders-cbn-fines-paid-into-suspicious-acccount/

https://www.businessdayonline.com/exclusives/article/attorney-general-cbn-duel-custody-bank-fines/

The looting going on in this useless government will wake a dead man

By d tym dis people are thru with us ehn, We would b looking for both our National cake, d baker and d bakery... Which section of dis govt isn't brazenly insulting d intelligence of Nigerians...

"..Sources yesterday said that Malami sent a letter instructing the banks to pay the fine into a so called ‘ASSET RECOVERY ACCOUNT’ different from CBN’s, despite this act being outside its regulatory purview. “There is a conflict between the Attorney General and the Central Bank as to where the fine imposed on the four banks by the latter will be paid,” one source with knowledge of the matter said.

Sources say that in the past when Banks paid fines imposed by the CBN it never went into any strange bank account. It would also be codified and explained clearly to the affected financial institution.

“It appears that they are making this up as they go and it is very embarrassing for the nation, in addition to being quite dangerous for the stability of the financial system,” the source said. Sources tell BusinessDay that the letters sent out by the attorney general’s office to the banks had numerous errors and wrong details.

Some had wrong figures, wrong bank addresses, confused the titles of those it was addressed to in some cases, and in one case mixed up Stanbic IBTC, with Standard Chartered Bank.

BusinessDay has learnt this is all happening to protect the fees the lawyers used to ‘investigate’ the new MTN CCI allegations will ultimately earn.“There is complete shock and consternation in the financial services industry,” the CEO of a major securities firm says.

Abubakar Malami, Abba Kyari, Buhari, Babagana Mungonu, Ibrahim Magu, Lawal Babachir, Maina.Name them the corruption list is endless.Executive corruption!
Malami did this same corruption during the repatriation of Abacha loots from Swiss and now again this particular incident.
Abeg where them zombies them There is a serious defending to do.Ndi ara!

The saint administration continues to "phit kwaraption".

Look at the desperation shown by key elements of this administration to loot money. Obviously GEJ dey learn work for where this people dey. Corruption has indeed become official in this administration
Oya zombies, come and see intergrity at work,and disgrace your generations yet unborn.

Ok

Under this government, officials are just stealing right, left, front and back

Ok, thank God the truth is beginning to unfold little by little, while some persons are in Sambisa forest fighting Boko boys. Some are stealing mindlessly.left for me everybody should be made to defend themselves.both rich and poor.

I never knew that Malami is also a banker.Fighting corruption indeed.

lifeless and clueless leader.... i hail oooo

This topic eh! So this man is no longer Nigeria's Attorney General but Buhari's Attorney General.

Buhari is the most corrupt charlatan in the world

Everyone in this administration is trying to outdo each other on how corrupt they can get.

Nbote:
By d gym dis people will finish with us ... We would b looking for both our National cake, d baker and d bakery

I don't know why I laughed so hard at this

If this is true, then it negates every tenet of good governance. Buhari and Osinbajo should immediately wade in.

I'm an experienced chartered accountant. Check my signature.

Hmmm

This is just one of the many corrupt saints that took the lifeless one 6 months to appoint. And some people think buhari is for fighting corruption
Right from 1970s to 80s, buhari's associates have been known to be utterly corrupt and zombies think buhari is not corrupt? Is it Abdurasheed Maina? Is it Abba Kyari? Lawal Daura, Danbazau, Babachir-Grass cutter now Buhari's campaign coodinator in Adamawa, Mammam Daura? What about SANI ABACHA? All these people are buhari's closed and trusted associates with corruption written all over their faces.
Anyone who think this utterly corrupt govt of APC is fighting corruption is totally BRAIN DEAD.

If you want to see Real Corruption with impunity, go and see what is happening in Osun state under the leadership of the saint (CORRUPT) govt of buhari.

its good.. t

I won't be surprised if some members of the cabal have told him to divert those monies to special accounts to process Buhari's campaign expenses.

Take it back brothers and Sisters, Uncles and Aunties, Daddies and Mummies. thank you.

Corruption everywhere, more revelation coming out daily

Forgey is no corruption. Now, is diversion of funds is not corruption.
I doze off for this hypocritical government

This must be PDP lies..

Pmb and his men are not Qworrupt!!!

Shame on all those shouting Integrity in this Government!!


The Embezzlement in this Government will be a RECORD... Mark my Words

See eh,

You can't read all these and still support a continuation of this government!

No way you can't. If you don't even have sense, you still cant support this government.

Change everywhere you go

Either money to loot or money for election... and as usual, the presidency would claim they know nothing about it.

Righteous looters, heros of zombies.

govt of thieves !

by thieves !

for moorons!
nig is beyond redemption.

Looters are still looting.