CBN sets new deposit limit for account holders

The Central Bank of Nigeria (CBN) yesterday set new deposit limits for all categories of account holders and introduced three-tier Know Your Customer (KYC) requirements for banks. The policy pegs a maximum single deposit amount of N20,000 and maximum cumulative balance of N200,000 at any point in time on the Low Value Account. It also places a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000 on the Medium Value Account. However for the High Value Account, no limit is placed on cumulative balance. The policy also categorised bank customers into Low Value Accounts (Level One); Medium Value Accounts (Level two) and High Value Accounts (Level three). A circular to all banks and other financial institutions (OFIs) signed by CBN Director, Financial Policy and Regulation, Chris Chukwu, explained that the policy became exigent after the CBN recognised that access to basic banking facilities and other financial services is necessary in achieving the policy on financial inclusion. He advised banks to adopt the new KYC requirement adding that the proposed deposit limits is meant to reduce the risk of money laundering and financing of terrorism. He said the Low Value Accounts are subject to close monitoring by the financial institutions and less scrutiny by bank examiners. The CBN director said the accounts could be opened at branches of banks by a prospective customer or through banking agents and no amount is required for its opening. However, such accounts prohibit international funds transfer. According to him, the Medium Value Accounts can be opened face to face at any branch of a bank by agents for enterprises or by the account holder but, the accounts are strictly savings with no amount required for its opening. Also, where cross-checking of client’s identity cards information is not completed at the point of account opening, withdrawal would be denied. Chukwu added that for the High-Value Accounts, banks are required to obtain, verify and maintain copies of all the required documents for accounts opening. Account is to be opened at the bank branches by physical presence of the prospective customer and the accounts could be both savings and current. However, for mobile banking products, the account attracts a maximum transaction limit of N100, 000 and daily limit of N1 million however, such products are subject to the CBN Regulatory Framework for Mobile Payments Services in Nigeria. He said that banks are required to have robust, effective and efficient anti-money laundering /combating the financial terrorism (AML/CFT) solutions with screening tools in place that will monitor the various thresholds. “All accounts, no matter how low the transaction or the risks, must be subjected to continuous suspicious transactions monitoring by financial institutions which will determine when incremental KYC requirements need to be provided by the customers,” he said. He said the CBN will ensure the establishment of appropriate processes and procedures for the purpose of monitoring compliance with the regulatory framework. He added that non-compliant financial institutions would be sanctioned in line with the provisions of extant laws and regulations. He said 64.1 per cent representing 56.3 million adult Nigerians do not have access to financial services, hence the policy is also meant to bridge the gap.

Exxon Passes Apple as Most Valuable Company

By BARBARA ORTUTAY AP Technology Writer NEW YORK January 25, 2013 (AP)

Exxon has once again surpassed Apple as the world's most valuable company after the iPhone and iPad maker saw its stock price falter. Apple Inc.'s stock has been on the decline since the company's quarterly earnings report Wednesday suggested that its fast growth phase, rare for a company of its size, may be coming to an end. Apple's stock dropped 2.4 percent to $439.51 in midday trading Friday for a market capitalization of $412.7 billion. That followed a 12 percent drop on Thursday, the biggest one-day percentage drop for the company since 2008. Exxon Mobil Corp. gained 22 cents Friday to $91.57 for a market capitalization of $417.5 billion. Apple first surpassed Exxon in the summer of 2011, displacing the oil company from a perch it had held since 2005. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012 — at least until Friday. Apple's stock price peaked in September at $705.07 on the day the iPhone 5 was released. Exxon, in the meantime, has been trading steady. Its business — oil — seems less prone to stock market ups and downs than the Cupertino, Calif.-based tech darling. Exxon, which is based in Irving, Texas, set a record in 2008 for the highest quarterly earnings by any company. In the first nine months of 2012, Exxon earned nearly $35 billion, or 10 percent more than the same period in 2011, on revenue of $367 billion. Results for the fourth quarter are due Feb. 1. Exxon, the biggest investor-owned energy company in the world, predicted in December that oil will continue to be the most important source of energy. That's because cars, trucks, airplanes, trains and ships will still depend heavily on oil-derived fuels such as gasoline and diesel. This year, investors seem unforgiving with Apple, looking for perfection and punishing the stock for anything less. The company's stock price slipped below $500 for the first time last week, as investors saw signs that the iPhone 5 was falling behind competition from phones running Google's Android software, especially those from Samsung Electronics Co. The latest quarterly report added to the concerns. Apple warned that its revenue growth, which had been running at a speed more reminiscent of promising startups than multi-national corporations, is slowing down considerably. A big reason: It has been nearly three years since a new product has come from a company still seen as the embodiment of innovation. That last product, the iPad, came in 2010, when its CEO Steve Jobs was still alive. Some analysts question whether Apple can keep growing by just releasing new versions of its old products. The long-rumored Apple TV, is still just that, a rumor.

Kwankwaso donates N3 million, 3 houses to families of slain palace guards of Emir of Kano

The Kano State Government has announced that the families of guards and driver to the Emir of Kano, Alhaji Ado Bayero who were killed during an attack on the traditional ruler will be compensated with the sum of N1 million and a three bed-room house to each of the families of the aides. This was contained in a statement signed by the Special Assistant on Media and Public Relations to the Kano State Governor, Jaafar Jaafar on Friday. Presenting the cash and allocation forms to the next of kins of the slain palace guards, Governor Kwankwaso said the gesture was aimed at alleviating the sufferings of the bereaved families, saying his administration has always been compassionate to the families of those who lost their lives in the line of duty. Governor Kwankwaso noted that the gesture of the state government would also be extended to the four other people who sustained injuries during the attack. "Apart from donating N1 million and a house to each of the three families of the slain guards, government has decided to give four people who suffered injuries the sum of N250,000 each," said the governor. On bringing succor all indigenes of the state who were killed or suffered injuries, the governor said since January last year, government has been helping the families of those who lost their lives through a committee headed by respected elder statesman Malam Magaji Dambatta. He said the government has also directed the Kumbotso Local Government council to arrange a similar gesture for the families of the late Interim Management Officer (IMO) of the council and his aide, who were also killed during the attack.

Keshi’s Eagles fails to stop Zambia.

The Super Eagles dream to conquer the reigning African Champions, Zambia, ended in a deadlocked draw with Emmanuel Emenike scoring for the Super Eagles 57th minute into while K. Mweene of Zambia equalized at the 85th minute of play through a penalty some minutes into the game Nigeria’s John Mikel Obi lost a penalty 26 minutes into the game when Mweene sent his spot-kick into the top corner after Ogenyi Onanzi was harshly ruled to have fouled Emmanuel Mayuka. The Chipolopolo team dominated dominated play and made several changes to withstand the Eagles who were more or less playing without inspiration. With a draw in their both two games, Nigeria needs to win their last match with Ethiopia to qualify for the quarter finals. The match recorded five yellow cards to Zambia's Mbola and Sinkala while Nigeria's Obobona, Musa and Emenike were also booked.

Ezekwesili to Jonathan, Yar' Adua: How did you spend $45Billion?

Former Vice President (Africa), World Bank, Dr. Oby Ezekwesili, has said the Umaru Yar’Adua and President Goodluck Jonathan administrations need to tell Nigerians how they spent the $45bn left in the foreign reserves account and $22bn in the Excess Crude Account by the former President Olusegun Obasanjo administration. Ezekwesili, said at the convocation lecture of the University of Nigeria, Nsukka, on Thursday, that Nigerians had lost dignity because of ravaging poverty arising from poor choices of the elite, corruption and lack of investment in education. Noting that the country had enjoyed five cycles of oil boom, she decried the failure to convert oil income to renewable assets through training of human capital, development of other sectors and investment in foreign assets as other resource-rich countries did with their oil income. Ezekwesili, who was a former Minister of Solid Minerals and Education under Obasanjo and a founding director of Transparency International, said, “The present cycle of boom of the 2010s is, however, much more vexing than the other four that happened in the 1970s, 1980s, 1990s and 2000s. “This is because we are still caught up in it and it is more egregious than the other periods in revealing that we learned absolutely nothing from the previous massive failures.” The former minister lamented the “squandering of the significant sum of $45bn in the foreign reserves account and another $22bn in the Excess Crude Account being direct savings from increased earnings from oil that the Obasanjo administration handed over to the successor government in 2007.” She said, “Six years after the administration I served handed over such humongous national wealth to another one, most Nigerians, especially the poor, continue to suffer the effects of failing public health and education systems as well as decrepit infrastructure and battered institutions. “One cannot but ask what exactly does symbolise with this level of brazen misappropriation of public resources? Where did all that money go? “Where is the accountability for the use of both these resources and the additional several hundred dollars realised from oil sale by the two administrations that have governed our nation in the last five years? How were these resources applied, or more appropriately misapplied? Tragic choices.” Ezekwesili asked the graduating students of UNN and other young people to become the turning point generation of young and educated Nigerians willing to make the right choices by serving or having a say in political affairs of the country. She said sorting out the “Nigerian political mess” was critical as there was a strong correlation between politics and economic development. According to her, university graduates account for 4.3 per cent of Nigeria’s youthful population in 2012, a slight increase from the three per cent when she graduated in 1985. “This compares unfavourably with opportunity for university education in other countries put at 37.5 per cent in Chile; 33.7 per cent for Singapore; 28.2 per cent for Malaysia; and 16.5 per cent for Brazil,” she said.

Ex-C.I.A. Officer Given 30-Month Sentence for Leaking Classified Information

The first Central Intelligence Agency officer to face prison for disclosing classified information was sentenced on Friday to 30 months in prison by a judge at the federal courthouse here.

The judge, Leonie M. Brinkema, said that in approving the sentence, she would respect the terms of a plea agreement between the former C.I.A. agent, John C. Kiriakou, and prosecutors, but “I think 30 months is way too light.” The judge said “this is not a case of a whistle-blower.” She went on to describe the damage that Mr. Kiriakou had created for the intelligence agency and an agent whose cover was disclosed by Mr. Kiriakou.

Kano State Govt deploys security in city ahead of protest by commercial motorcyclists.

For fear of breakdown of law and order,the Kano State Government has deployed security officials to the city ahead of the planned protest by commercial motorcyclists popularly known as ‘Achaba Riders’ after Friday prayers.

The Achaba Riders are protesting against the temporary ban on motorcycles for commercial purposes in Kano.

The state government announced the ban on Tuesday following an attack on the Emir of Kano on Saturday by bandits riding on motorcycles.

The government said it imposed the ban to enable it register an estimated one million motorcycles riding the city’s roads.

But the residents, and Achaba Riders alike, are aggrieved over this decision, as they say it is their source of livelihood and a veritable means of transportation in the city.

They say they will descend heavily on the streets to protest the ban.

On Friday, however, the city woke to a large number of assault weapon wielding security officers. They had mounted several checkpoints within the city.