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UBA Publishes Names Of PTA Defaulters With Fake Tickets, Visas

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UBA Redeems USD500 Million 5-year Eurobond

In compliance with the mandate of the Central Bank of Nigeria (CBN), the United Bank of Africa (UBA) has published the names of some individuals who applied for Personal Travel Allowance and bought cheap dollars at the bank but did not use it for the purpose they applied for.

The account numbers and Bank Verification Numbers of the defaulters were included in the publication.

According to the bank, the beneficiaries committed the offence after applying with fake tickets or visas.

The UBA disclosed this in a publication on its website titled ‘CBN FX defaulters’ on Friday.

READ ALSO: How Bureaux De Change Finance Terrorism – CBN

It stated that, “In compliance with the directive of Central Bank of Nigeria mandating banks to publish the names of defaulters of the forex exchange regulation.

“Based on regulatory directives, the following customers cancelled their trip and failed to return the PTA availed to them despite several mails, text messages and follow-up phone calls.”

The bank added that, “The customer(s) below presented fake visa to apply for PTA.”

Banks had earlier sent messages to their customers to notify them that travellers who bought foreign exchange from banks for travel purposes but failed to embark on the trip two weeks after their scheduled travel date must return the forex to the banks.

According to the banks, this was a directive from the CBN.

Defaulting customers who presented fraudulent travel credentials or cancelled their tickets and failed to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, would have their identities and bank verification numbers published, the banks had said.

 

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Debt Profile Under Buhari Worrisome – CBN

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Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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Nigeria’s Inflation Rises Over 18 Per Cent

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Nigeria's Inflation Rises Over 18 Per Cent

The National Bureau of Statistics (NBC) has said that Nigeria’s inflation rate in the month of June 2022 increased to 18.60 percent on a year-on-year basis.

The recorded increase in June is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (June 2021).

Increases were recorded in all COICOP divisions that yielded the Headline index.

READ ALSO: Ghana Workers Get 15 Per Cent Pay Rise To Cushion Inflation

On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.

 

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