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Unity Bank predicts negative performance for Q1 2024

Ehime ALEX
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Unity Bank predicts negative performance for Q1 2024

UNITY Bank Plc has forecast a negative performance for the first quarter (Q1) of 2024 amid plans to shake off and completely reverse opposing financial positions.

The bank proposed this in its earnings forecast statement for Q1 2024, released to the investing public on Tuesday, December 12.

According to the statement, the bank proposed a loss after tax of N8.49 billion, a pre-tax loss of N7.83 billion, and negative operating expenses of N7.404 billion as it anticipated positive gross earnings of N21.56 billion.

The bank also projected a negative net cash flow from operating and investing activities at N271.19 billion.

It put the net cash to be used in financing activities at N262.69 billion while anticipating N6.84 billion in cash and cash equivalents at the end of the period (Q1 2024).

Negative cash flow from investing activities can be challenging for any company, as it could be a warning sign that the company’s management is not efficiently using its assets to generate revenue or a positive sign that the management is positioning the company for future growth, according to Investopedia, a research platform.

Similarly, posting harmful operating activities on its cash flow will mean the company’s receivables are less than its payables, while financing activities indicate that the company is indeed servicing debts.

In September, The ICIR reported that Unity Bank showed signs of financial distress as its total liabilities were higher than its total assets, a concern financial analysts said could not only mean the bank would default on its obligations to creditors but could also mean it was headed for bankruptcy.

In its nine-month financial statements, Unity Bank posted a loss after tax of N47.92 billion, a pre-tax loss of N47.73 billion, and a growth of N38.18 billion gross profit.

This shows that while its gross profit will rise, loss after tax and pre-tax loss will decline as the bank is expected to be more prudent in managing its debt obligations.

According to Unity Bank’s Managing Director/Chief Executive Officer, Tomi Somefun, the plan to reverse the record negative is focused on the efforts to recapitalise the bank, innovate with products to compete in new markets, drive asset creation, and pursue digital banking innovation.

“This also means that the bank enjoys market confidence, which will enable the institution to thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

While Unity Bank had anticipated posting a profit after tax of N135.34 million and pre-tax profit of N147.91 million in Q4 2023, the bank’s Q1 2024 earnings forecast indicates that it will fall back to negative performance, which will continue to raise concern about its financial health.

Court affirms Ehie as authentic Rivers Assembly speaker

Bankole ABE
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Court affirms Ehie as authentic Rivers Assembly speaker

A HIGH Court sitting in Port Harcourt, Rivers state, has confirmed Edison Ehie as the authentic speaker of the state’s House of Assembly.

Edison Ehie is among the five lawmakers loyal to the Governor of Rivers state, Siminalayi Fubara.

Ehie was suspended and removed as leader of the House by his colleagues in the wake of the crisis at the House of Assembly.

The presiding judge, M.W Danagogo, on Tuesday, December 12, ordered Martin Amaewhule and Dumle Maol to refrain from parading themselves or meddling with Ehie’s duties as speaker of the state House of Assembly.

The court warned against forceful entry into the Assembly Complex using thugs or Police.

Ehie, a former majority leader, was impeached in October during the political crisis that engulfed the state.

According to the House speaker, Martins Amaehwule, Ehie was ousted because he failed to attend an Assembly sitting.

Ehie was elected speaker in October by a faction of the House after an attempt to impeach Fubara.

The ICIR reported that 27 lawmakers in the Rivers State House of Assembly defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) on Monday, December 11.

Under Amaewhule’s leadership, the defectors comprise members loyal to the state’s former governor and current minister of the Federal Capital Territory, Nyesom Wike.

Moments after the defection on Monday, the lawmakers were seen waving the APC flag in viral videos on social media.

The 27 lawmakers are among the 32 state House of Assembly members.

The ICIR reports that the defection came on the heels of the political tension rocking the state party politics.

There have been fears in the state following news of a rift between Fubara and his predecessor, Wike.

Wike handed over to Fubara on May 29, 2023, after concluding his two terms of four years apiece. Fubara is widely believed to be Wike’s political godson.

Anxiety among people in the state was heightened in October when the state House of Assembly moved to impeach the governor, a day after fire gutted the state House of Assembly.

 

Adeleke summons cook after 18 pupils hospitalised from free school meal

Ijeoma OPARA
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Adeleke summons cook after 18 pupils hospitalised from free school meal

THE Osun State government has commenced an investigation into an incident involving about 18 pupils from James Primary School B, Osogbo, who took ill after consuming a mid-day meal provided under the state’s free school feeding programme.

This was contained in a statement by the state  Commissioner for Information and Public Enlightenment, Kolapo Alimi, on Tuesday, December 12.

The incident, which occurred on Monday, prompted widespread concern, particularly among parents who shared videos of their children on hospital beds on social media.

In one of the videos seen by The ICIR, three victims were seen receiving intravenous treatment.

One affected student narrated that they were served rice with egg, after which they experienced digestive issues.

Mothers of the victims expressed concerns about the food quality, noting a foul smell from the eggs when their children returned home from school on Monday.

Alimi said the state Governor, Ademola Adeleke, had also directed that further food cooking be stopped at the affected school pending the outcome of the investigations.

“Osun state Government has ordered full investigations into the reported cases of food poisoning at St James primary School B, Owoope Osogbo.

“The state Governor, Senator Ademola Adeleke, directed immediate action when the matter was reported to him by the special adviser on O-Meal, Mrs Grace Ayodele. The Governor has subsequently directed the stoppage of further food cooking at the affected school pending the outcome of the investigations,” the statement read in part.

The Commissioner further said Adeleke had summoned the affected cooks and the planning officer for the O-Meal programme to a meeting while also calling for the enforcement of food standards and control and an audit of the O-Meal structure to prevent future occurrences.

“Meanwhile, the government is settling the medical bills of the affected students as narrated by the chairman of the Local Government Education Authority, Mr Nathaniel Ojetola. The LGEA Chairman, who was at the forefront of the intervention efforts disclosed that a total number of 18 students were treated and discharged.

“The total student population of the school is 200, while 103 are within the population receiving food from the O-Meal Programme. A government delegation is also visiting families of the affected students,” Alimi said.

Peter Obi visits Kaduna airstrike victims, calls for investigation

Bankole ABE
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Peter Obi visits Kaduna airstrike victims, calls for investigation

THE Labour Party’s presidential candidate in the 2023 general election, Peter Obi, has urged the Federal Government to investigate the military bombing at Tudun Biri village in the Igabi Local Government Area of Kaduna state that claimed scores of lives on Sunday, December 3.

Obi also advised the government to provide the military and other security agencies enough funding to improve their operations. 

The former Anambra state governor said this when he visited the attack victims on Tuesday, December 12, at Barau Dikko Teaching Hospital, in Kaduna.

He claimed that over 500 people had died from 16 accidental military bombs in the country.

He further alleged that the Federal Government had done nothing to prevent similar tragedies from occurring.

Obi asked the government to support the nation’s armed forces in order to prevent the tragedy from recurring.

He said the armed forces needed enough funding to handle the security risks the nation faces now and in the future.

He supported calls for an investigation into the military airstrike as well as the creation of a foundation to care for the victims of the Tudun Biri drone attack, particularly the orphans left behind.

In addition, he donated N5 million to help injured victims get treatment.

The ICIR reported that the leadership of the Nigeria Senate donated its December salary amounting to 109 million naira to  attack victims..

The Deputy Senate President, Barau Jibrin, disclosed this during a condolence visit to the Kaduna state Governor Uba Sani at the state Government House on Sunday, December 9, 2023.

 Barau, who represented the Senate President, Godswill Akpabio, said the National Assembly would collaborate with the presidency to unravel the circumstances surrounding the accidental bombing of the victims in order to avert a recurrence.

On his part, the governor, while thanking the senators for their empathy for the victims, called on the National Assembly to support the Federal Government in probing the attack.

He also appealed to the federal legislators to review the agitation for the creation of state Police to strengthen security at all levels.

The ICIR reported that no fewer than 85 unarmed civilians were killed in an attack by the military on Tundun Biri village, Kaduna state.

The villagers were celebrating the Maulud Nabiyy (the birth of Prophet Muhammad) in the late hours of Sunday, December 3, when they were bombed.

The Nigerian Army took responsibility for the bombing and described it as accidental.

According to the National Emergency Management Agency (NEMA), 85 corpses were recovered from the attack scene.

Again, Akeredolu proceeds on medical leave, transmits power to deputy

Mustapha USMAN
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Again, Akeredolu proceeds on medical leave, transmits power to deputy

AMID prevailing leadership turbulence in Ondo State, Governor Rotimi Akeredolu, has announced his plan to embark on a fresh medical vacation in Germany on Wednesday, December 13.

Akeredolu in a statement by his chief press secretary, Richard Olatunde, on Tuesday, December 12, said he would return to the Europe as a follow-up to his medical treatment.

He also disclosed that he had written a letter to the state House of Assembly in this egard and that the  deputy governor Lucky Aiyedatiwa would assume office as the acting governor.

The latest development is coming barely four months after the governor returned to the country and continued to govern the state from his private residence in Ibadan, Oyo state.

Both Akeredolu and Aiyedatiwa have been involved in a months-long feud over the governor’s insistence on retaining power despite being unable to function optimally due to ill health.

On Friday, November 24, The ICIR reported that Akeredolu had been out of Ondo state for 171 days, nearly six months since he was flown out of Nigeria to receive care for an undisclosed ailment.

Although he returned to Nigeria in September, the governor remained in Ibadan, the Oyo state capital, where he leads his state from.

Meanwhile, since the governor arrived in Ibadan, he has made botched moves to impeach his deputy, which has continued to generate public reactions, including the intervention of President Bola Tinubu.

The ICIR reported that during the meeting with Tinubu, Aiyedatiwa accepted to remain in his position as deputy governor, describing the crisis between him and his principal as part of politics.

Announcing Akeredolu’s fresh medical leave in a statement, the chief of staff said the Governor would prioritise his health and ensure a full recovery before resuming his official duties. 

“A formal letter regarding the medical leave and a notice formally transferring power in line with the Nigerian Constitution will be transmitted to the House of Assembly.

“In the absence of Governor Akeredolu, the Deputy Governor, Hon. Lucky Orimisan Aiyedatiwa, will assume the responsibilities of the Governor in an acting capacity.

“Governor Akeredolu expresses his gratitude for the unwavering support and affection of the people of Ondo State. He assures them that his administration remained committed to the path of progress and prosperity for the people.”

The statement also noted that Akeredolu, being a Senior Advocate, had consistently delegated power to his deputy during his annual vacations, adding that the “practice was observed on April 1, 2021, April 1, 2022, April 3, 2023, and July 10, 2023, when he embarked on previous vacations.”

However, this latest request for medical leave by Akeredolu has generated controversies among Nigerians on social media, with some calling the Governor to resign and hand over power to his deputy.

In 2009, when the late President Umaru Musa Yar’ Adua battled with a prolonged illness that later killed him, Yar’Adua refused to hand over power to his deputy, Goodluck Jonathan, after he was flown out of Nigeria.

Akeredolu, then president of the Nigerian Bar Association (NBA), urged Yar’Adua to hand over power to his deputy, arguing it was a constitutional requirement.

“It is not your party or your wife that will decide whether you are capable of handling state matters; it is only your doctors that can decide that. The bar is not asking the President not to come back and take his seat, but the right thing must be done,” Akeredolu had said.

Customs reacts to viral video of officer caught demanding N5,000 from airport passenger

Bankole ABE
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Customs reacts to viral video of officer caught demanding N5,000 from airport passenger

THE Nigeria Customs Service (NCS) has reacted to a viral video of one of its officers caught demanding N5,000 from an airport passenger.

An online video emerged on Tuesday, December 12, where a woman in a Customs uniform was seen brazenly demanding N5,000 from a passenger at the Murtala Mohammed International Airport in Lagos.

The Customs officer tells a male passenger in the video that the passenger must pay a N5,000 bribe before she allows him to pass with his luggage, which looks like foodstuffs.

The passenger, willing to offer only N1,000, said the Customs officer did nothing for him to deserve the bribe she demanded.

The officer who didn’t hide her face insists on N5,000 or nothing, while she pushes the luggage away in a trolley.

As the passenger keeps saying she won’t pay more than N1,000, the officer reduces the demand to N3,000 and rejects the N1,000 the passenger offers her.

Reacting to the video, an X user, @ urged the NCS o to take immediate action on the matter.

“CustomsNG an action must be made before people started (sic) sharing her videos to where it’s not necessary.” 

In a tweet, @I_AM_MAC4  said he spent around N30,000 sorting people at the airport before he could go with foodstuffs.

“Spent around 30k sorting because I carried foodstuffs. From the entrance, they beg till you sit in the plane. Just manipulating people because they know you will not want to delay and miss your flight.”

Reacting to the video in a statement signed by its national public relations officer, Abdullahi Maiwada, on Tuesday, December 12, the NCS said the Service was investigating the incident.

The Customs noted that it will ensure full accountability on the matter.

“The recording reveals an inappropriate request for ₦5,000 in exchange for expeditious processing of customs procedures.

“We wish to confirm that the officer implicated is indeed a member of the Nigeria Customs Service, properly assigned to the Murtala Mohammed International Airport Area Command.

“A comprehensive investigation is underway to scrutinize the incident thoroughly, and appropriate actions will be taken,” the NCS stated.

According to the statement, such behaviour is entirely inconsistent with the core values of the Service.

The Customs urged passengers and the public to report any misconduct or corruption promptly. 

The statement added that reports from the public on the conducts of its officials were crucial in upholding the integrity of the Service and ensuring that officers adhere to the highest ethical standards. 

“The outcome of the investigation will be communicated to the public at the earliest opportunity,” the statement added.

 

WHO, NICRAT, others push for improved PHCs, health security in Nigeria

Marcus FATUNMOLE
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WHO, NICRAT, others push for improved PHCs, health security in Nigeria

STAKEHOLDERS in Nigeria’s  health sector have advocated improved primary health care services, health funding and security to bolster the nation’s development agenda.

They made the call at the 7th Conference of the Association of Nigeria Health Journalists (ANHEJ) held at the weekend in Akwanga, Nasarawa state.

The World Health Organisation (WHO) and other partners sponsored the conference, which had the theme, “Health Security: Nigeria’s Efforts to Achieve Universal Health Coverage.”,

The Special Adviser on Health to the President, Salma Anas-Kolo, said Tinubu was committed to health security, universal coverage and general healthcare upgrades in Nigeria.

Speaking on the importance of PHCs in achieving the goal, she said, “The PHC is the fulcrum for a resilient health system and should be structured to deliver services that will support the attainment of UHC and guarantee health security. The PHC is the entry point into the health care service delivery system where 80 per cent of the health issues should be sorted out and essential with basic care needs provided.

“As a gateway to accessing health services, it should be designed to fit the purpose for proper functioning and operations to be prepared for the needs of the community where it is located. It should be a hub of positive interaction that gives hope and relieves anxieties and distress to whoever is there, whether as caregiver or client/patient.”

 Kolo maintained that PHCs should be community-owned and led for optimal utilisation and sustainability and should be linked to secondary care facilities for ease of referrals of cases requiring more expert attention.

She decried that the PHC level of care received the least attention and continues to add to the burden of morbidity and mortality especially due to pregnancy-related conditions, making it the weakest link of the health service delivery system. 

“In the integrated system that we are promoting, our aspiration is to ensure that as soon as a pregnant woman visits a healthcare facility, the quality and level of care she requires to deliver a healthy child is assured, including the payment for the services she would receive, ensuring that she is covered under one form of health insurance or the other.” 

In his presentation, the Technical Officer, Vaccine Preventable Diseases Cluster (VPD) at the WHO, Olayiwola Olanike, a doctor, highlighted the importance of multi-sectoral policies, epidemic prevention, and inclusive programmes to achieving universal health coverage.

Olayinka, who has a background in public health and environmental leadership, called for a shift toward low-carbon solutions and a better attention to disease prevention and control.

He called for.sustainable health practices in Nigeria  while sharing insights into the ongoing Federal Government  initiatives, such as “unlocking the economy” among others, aimed at fostering sustainable development and improving healthcare delivery.

In his remark, Country Director BudgIT, Gabriel Okeowo, highlighted the significance of improving access to healthcare through primary healthcare centres (PHCs).

He said PHCs were critical in a nation where access to quality healthcare remained a paramount concern.

He said community-based healthcare centres served as the cornerstone of any nation’s healthcare system, acting as the first line of defence and support for individuals and families, which makes it imperative for the government to give them the support they need.

The executive director of the International Society of Media in Public Health (ISMPH) Moji Makanjuola, said President Bola Tinubu did not fulfil his promise to earmark 10 per cent of the country’s annual budget to health in the 2024 budget proposal he submitted to the National Assembly in November.

The ICIR reports that the President promised 10 per cent of the budget to health, according to his Special Adviser on Health, Salma Annas-Kolo, a doctor.

“Do we have a double-digit for health in the budget? We are the voices, we are the hope for the health care delivery service in Nigeria,” Makanjuola said, as she challenged health journalists not to relent in reporting on issues in the sector.

She commended the health journalists for their commitment to reporting health issues, especially women and children

Meanwhile, the Director-General of the National Institute for Cancer Research and Treatment (NICRAT), Usman Aliyu, a professor, said cancer remained a major challenge in the country. He promised his organisation would do its best to disrupt the killer disease in 2023.

Aliyu said statistics indicated that in 2020, an estimated 78,000 people died as a result of cancer-related complications. 

Out of the number, 44,699 were females, while 34,200 were males. It is estimated that there are over 120,000 new cancer cases every year in Nigeria, he noted.

He said that his organisation was determined to work with all relevant stakeholders to disrupt cancer in Nigeria through intense awareness creation and improved access to treatment and research.

“We have mapped out strategies to geometrically increase the number of cancer experts in the country through training and retraining all categories of health professionals.

“In our commitment and preparedness to disrupt all forms of cancers and ensure those with the illness have access to the best care and support in the country, we recently launched three strategic documents.

“The three documents include National Strategic Cancer Control Plan 2023-2027; National Cancer Research Agenda 2024-2027, and National Strategic Plan for Prevention of Cancer of Uterine Cervix 2023-2027,” he said.

He explained that the documents had priority areas of action that address governance, prevention, supply chain management, data and research, as well as surveillance, which he said were in tandem with the aim of the current leadership of the Ministry of Health to improve the health of all Nigerians.

He challenged Nigerians to pay close attention to their health by visiting the nearest health facility for regular checks.

In his welcome remark, ANHEJ president Joseph Kadiri said the conference brought together stakeholders from both the public and private space in the health sector to examine the Federal Government’s efforts to tackle the country’s poor health indices such as the maternal mortality rate, which is still among the highest in the world, with an estimated 512 deaths per 100,000 live births, a high under-five mortality rate of 117 per 1, 000 live births, and the rate of women that deliver outside health facilities at over 65 per cent, among other statistics. 

According to him, the conference examined several disease outbreaks and ways of preventing future occurrences. 

He listed diphtheria as one of the major disease outbreaks in the country.

“All these ugly statistics can change for the better with adequate funding for the health sector. The allocation of N1.33 trillion representing five per cent of the entire 2024 proposed budget is abysmally low with reference to the ‘Abuja Declaration’ which stipulates the allocation of 15 per cent of the country’s annual budget to the health sector.”

While urging the Federal Government to deploy more funds to the health sector and to implement the Basic Healthcare Provision Fund (BHCPF) fully, he said tiers of government should make healthcare services available, accessible and affordable to Nigerians irrespective of social status.

Reps, Customs agree on N6trn revenue in 2024

Harrison EDEH
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Reps, Customs agree on N6trn revenue in 2024

The House of Representatives Committee on Appropriation and the Nigeria Customs Service (NCS) have agreed to work out modalities to increase the service’s 2024 revenue target to N6 trillion.

The decision to jerk up the initial N5 trillion proposed by the NCS as its targeted revenue for 2024 was reached at the resumed interaction of the Appropriation Committees with agencies on Monday, December 11.

The revenue target for the service in 2023 is N3.6 trillion. This shows an increase of 66.6 per cent from the current N6 trillion revenue projections.

Chairman of the committee, Abubakar Bitchi, had, at the budget defence requested the Comptroller General of NCS, Adewale Adeniyi, to come out with strategies for increasing the targeted N5 trillion to N6 trillion, a demand which was accepted.

Bitchi said, “Is there a possibility to increase your revenue? We will be glad if you can make it N6 trillion for the 2024 revenue.

The Customs Boss responded that: “I share the optimism of increasing the revenue to N6 trillion in 2024. So N6 trillion in revenue in 2024 is possible.

Bitchi said President Bola Tinubu’s agenda would not be achieved unless the revenue-generating agencies increased their targeted revenue to fund the N27.5 trillion proposal for 2024.

The Comptroller-General, Adewale Adeniyi, told lawmakers that if the Federal Government was able to review the issue around concession grants in 2024, the NCS might realise the N6 trillion in revenue.

He disclosed that the service had lost N1.8 trillion in 2023 to import duty exemption certificate (IDEC), saying the figure in addition to what NCS generated from January to date, would have enabled it to achieve its revenue target.

“I have seen this well executed in some developing countries, where their customs administration implemented import duty exemption certificate (IDEC) successfully and the benefits are so many in terms of regenerating the economy,  creating employment and  tax development as well as ensuring that we keep our companies in production.”

Adeniyi also said addressing issues around opaque waivers would help achieve the N6 trillion revenue targets.

“It is one of those areas where this kind of revenue for 2024 is achievable. If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable.

Addressing the lawmakers, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the resolve to step up government revenue to finance the 2024 appropriation.

He stressed that the proposed budget made provisions for equity and privatisation to shore up revenue.

“So we would be looking at getting more revenue from across the board of government business, which means the government enterprises, the parastatals as well as looking to private sector investment,” he added.

 

P&G: More firms may leave Nigeria – MAN

Harrison EDEH
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P&G: More firms may leave Nigeria – MAN

THE director-general of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has expressed concerns over the exit of Procter & Gamble from Nigeria, saying more manufacturers could follow suit.

He said until the Federal Government takes decisive measures to address challenges facing manufacturers in the country, more firms would exit the nation’s shores.

Nigeria has been battling currency problems, with many multinationals struggling to repatriate their foreign currency exchange due to dollar scarcity.

The MAN director-general further said the exit of P&G was not totally unexpected, adding that more could happen because businesses operate in a difficult environment in Nigeria.

“Manufacturing in any economy is a strategic choice. The government has to make up its mind whether it wants its country to be an industrialised one. Once that decision is taken, you have to do all that is needed to remove the binding constraints that limit the performance of that sector. Nigeria has not done so, and that is why you can see there are closures,” Ajayi-Kadir said in a monitored programme on Channels Television’s Sunrise Daily on Monday, December 11.

“I think it is news because it is Procter and Gamble, it is news because it is GlaxoSmithKline, it is news because they have been in the country for a very long time, but there are several others that have died quietly and for reasons that are clearly avoidable.”

He said that the exit of multinationals from the country should serve as a lesson to the government, adding that it provided the opportunity to promote local manufacturers more than foreign investors.

“I think there is a strong lesson to be learnt there, which is the fact that the big ones that are exiting are those multinationals, and I think this will send a clear signal to the government that regrettable as it is, it should guide future actions. We need to be strategic in what we promote.

“So, what this means is that if you have a challenged local manufacturer, he is not likely to go anywhere. That is why we are saying that foreign direct investment is excellent. It has led to phenomenal improvement in the performance of the manufacturing sector for so many economies, but it should come secondary to empowering the local investor, the existing manufacturers because that is what is enduring.

He suggested that the government needed to take clear and transparent policy directions on foreign exchange to forestall the probable exit of remaining firms.

“So, it is regrettable, it is not totally unexpected, and I think except we take clear redefined measures, many more will happen,” he said.

P&G recently announced its decision to shut down production lines in Nigeria and commence the exportation of its products to the country a few months after another manufacturer, GlaxoSmithKline, left the nation.

CBN suspends processing fees on huge cash deposits

Harrison EDEH
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CBN suspends processing fees on huge cash deposits

THE Central Bank of Nigeria (CBN) has suspended charging processing fees of two and three per cent on all cash deposits above N500,000 and N3,000,000 by individuals and corporate bodies, respectively, with immediate effect.

This was disclosed in a statement on Monday, December 11, by the Acting Director, Banking Supervision, Adetona Adedeji.

According to the statement, the suspension shall remain in effect until April 30, 2024.

On December 20, 2019, the CBN imposed processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ under reference FPR/DIR/GEN/CIR//07/042.

The CBN statement on Monday noted that all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges.

“Please be guided accordingly,” added the statement

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