CBN Moves Against Illegal International Fund Transfer Naira falls to N412/$ on parallel market
Obinna Chima The Central Bank of Nigeria yesterday said it observed that some banks are operating accounts either as companies or companies masking themselves as individuals for the
purpose of illegally receiving money transfer flows into those accounts for onward disbursements to recipients in Nigeria. This came on the day the naira sustained its downswing on the parallel market as it
fell to a record low of N412 to the dollar, as against the N408 to the dollar it closed the previous day. To curb this international fund transfer, the CBN in a circular titled: "Illegal International Money Remittances
Through the Banking System," dated August 25, 2016, and signed by its Acting Director, Trade and Exchange Department, Mr. W.D. Gotring, directed banks to identify and freeze such accounts receiving illicit flows with immediate
effects. The banks were also directed to submit the mandate and account details of these accounts held in naira or foreign currency to it for onward reporting to the security agencies.
"The CBN therefore reiterates that deposit money banks have the absolute responsibility to conduct Know Your Customers' Business (KYCB) checks on all their customers to ensure Continued on page 6
Mahmoud: NBA to Join Fight against Corruption, seeks Reform of EFCC, Judiciary ... Page 10 Saturday 27 August, 2016 Vol 21. No 7792 Price: N250
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Ohanaeze Youths Call for Self Defence against Herdsmen Police arrest one suspect, as lawmaker tasks FG on protection of kinsmen
Emmanuel Ugwu in Umuahia and Christopher Isiguzo in Enugu The Ohanaeze Youth council
(OYC) yesterday called on Nigerians in communities being targeted by the marauding herdsmen to adopt the strategy of self-defence, saying that it has become “clear now that
Mr. President has no control of events in the country.” OYC, which is the youth wing of the apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, made
the call following the latest attack in Ndiagu AttakwuAkagbeugwu community of Enugu State, where a Catholic seminarian, Lazarus Nwafor and injured four others, includ-
ing a pregnant woman. In a related development, Enugu State Police Command has arrested one of the suspected herdsmen that attacked and killed the Catholic
Seminarian. In a statement signed by the state chairmen of OYC, Mazi Alex Okemiri, the group said Continued on page 6
Kachikwu: $40bn Spent on Niger Delta in 12 Years without Result President not thinking of military force to resolve militant crisis
Sylvester Idowu in Warri The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu yesterday said there was nothing on ground to justify the over $40 billion that has accrued to the Niger Delta region in the past 12 years through various intervention agencies. The minister, who spoke at a meeting held at PTI Conference Centre in Warri, Delta State involving prominent leaders from the coastal states, including representatives of the various ethnic groups, Isoko, Ijaw, Urhobo, Itsekiri, Ibiobio and others, said the $40 billion came mainly from oil companies, Niger Delta Development Commission, NDDC, 13% derivation and other intervention funds. He declared in the presence of monarchs, youth leaders, politicians and Secretary of MEND: "I’ve been to the creeks myself and discovered that there was no meaningful development of the riverine communities as expected by the federal government despite Continued on page 6
NKEM ADENIRANADEDOKUN
I Groom Pregnant Women, New Moms to be Fashionable
SuperSaturday pg. 8-9
OBA FREDERICK OBATERU AKINRUNTAN
I Am the Owner of Ile Ife; I Can Rule Ife from My Palace if Allowed
Plus pg. 17
ECONOMY ON THEIR MINDS
L-R: Chairman, Zenith Bank, Jim Ovia; Deputy Governor of Delta State, Barrister Kingsley Otuaro; Governor Ifeanyi Okowa, and wife welcoming the Vice President, Yemi Osinbajo to the venue of the Delta State Economic and Investment Summit Asaba, Delta State …yesterday
Buhari Gives Nod for NPA, NIMASA Governing Board ... Page 6