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CBN moves to sanction 19 persons connected to Guinea Bissau crisis

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Begins monthly verification of credit exposures
The Central Bank of Nigeria (CBN) has ordered all deposit money banks in the country to disclose all existing accounts, including related interests, operated by 19 persons linked with political crisis in Guinea Bissau.

Also, the banks are to ensure that their subsidiaries, as well as their associated companies, conduct similar checks and render the details and any suspicious transaction to the Nigerian Financial Intelligence Unit within five working days from now.

The move was part of the regional crackdown spearheaded by the ECOWAS Authority of Heads of State and Government, in an adopted resolution on February 4, 2018.These individuals are identified as leading the obstruction of the implementation of “Conakry Agreement” aimed at resolving the political crisis currently ravaging Guinea Bissau.

The resolution, which was subsequently ratified by the Peace and Security Council of the African Union and endorsed by the United Nations Security Council as Resolution 2402 of 2018, has now listed the support of CBN in its enforcement.

In the circular to all banks in the country, signed by the Director of Financial Policy and Regulations Department, Kelvin Amugo, names of the alleged war-mongers are Braima Camara, Rui Dia De Sousa, Soares Sambu, Abel Da Silva Gomes, Manuel Nascimento Lopes, Eduardo Mamadu Balde, Maria Aurora Abissa Sano, Florentino Mendes Viegas and Orlando Mendes Viegas.

Others are Certorio Biote, Domingos Quade, Carlitos Barai, Domingos Malu, Antonio Sedja Man, Bacari Biai, Botche Cande, Herson Goudjabi Vaz, Victor Madinga and Fernando Vaz.In another development, the apex bank said it would soon commence a monthly status checks on all banks’ Credit Risk Management System (CRMS) renditions to ascertain compliance with extant rules.

This is coming amid unresolved industry loans exposures, which had remained far above the regulatory limits in more than two years, as non-performing loans continue to impact the sector’s operations.The development, according to CBN, has become necessary to ensure that banks’ total loans/advances/credits reported on any regulatory platform match with the actuals in their CRMS, including the distribution of the exposures.CBN had on February 27, 2017, released regulatory guidelines for the Redesigned Credit Risk Management System for Commercial, Merchant and Non-Interest Banks in Nigeria, but now seeks to enforce the directives.


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