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CBN Cautions Public on Use of SWIFT Messages, to Prosecute Offenders

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has cautioned members of the public on the use of fake SWIFT messages by fraudulent individuals and organizations, claiming that foreign currencies had been sent to them from abroad but held by either their banks or the CBN itself.

The Apex Bank warned in a statement by Acting Director of Corporate Communication, Hakam Sidi-Ali on Tuesday that such claimants might be sent to law enforcement agents for prosecution.

A SWIFT message is a secure, encrypted message that’s sent over the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to transfer funds internationally.

The CBN said it had been inundated with such claims by various categories of members of the society, including law firms and even government agencies.

The statement explained that such claimants usually accompanied their claims with face SWIFT documents.

It said, “Recently, the Central Bank of Nigeria (CBN) has been inundated with claims by private entities, individuals, law firms and government agencies that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.

“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested the assistance of the Bank towards releasing the funds to them.

“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.

“It has become imperative to state that the SWIFT back copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.

“The SWIFT messages are always not traceable on the SWIFT platform, and the funds have not been received to enable their application to the beneficiary’s account.

“In a situation where a fund transfer beneficiary’s receiving bank claims non-receipt of funds remitted by the foreign entity (sending customer), instead of escalating such issue to CBN or Law

Enforcement Agencies, the standard practice is for the sending customer to contact the sending bank to send a tracer to trace where the fund is hanging and recall it.

“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.

“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.

“The general public is therefore advised to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.

 “The CBN will not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution. Please be guided accordingly.”

NEWS

Two Abducted Revd Sisters Regain Freedom in Anambra

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Two Catholic Reverend Sisters, Vincentia Nwankwo and Grace Okoli abducted in Anambra have regained their freedom after six days in captivity.

The Sister of the Immaculate Heart of Mary, Onitsha confirmed their release in a Statement signed by Sr Sabina Mary Ikeotuonye, the Secretary of the congregation.

Sr.

Vincentia Maria is the Principal of Archbishop Charles Heerey Memorial Model Secondary School Ufuma while Sr.
Grace Mariette is a teacher at the Immaculata Girls Model Secondary School, Nnewi.

They were abducted along Ufuma road on their way back from their Vocational Association’s meeting at Ogboji on Jan.7.

Ikeotuonye, the secretary of the congregation, said they were freed unconditionally and in good health.

“We thank God and thank you all for your prayers and support all through these rough and uncertain days.

‘May God forever be blessed through Mary our Mother,” she said.

Meanwhile, Police in Anambra Command has expressed willingness to work with the victims of abduction/kidnap for necessary action.

SP Toochukwu Ikenga, Police Public Relations Officer (PPRO) in the state, said this in a statement while reacting to the release of the sisters.

He said the Command would continue to deny criminals the space to operate and to create a safer environment for citizens.

“The Command awaits the victims to recuperate for possible debriefing by the investigating officers and we want to assure the public of improved security dominance and surveillance operations,” he said. (NAN)

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Akpabio Urges Completion of Electoral Reforms

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President of Senate, Godswill Akpabio says the critical task before the National Assembly on resumption is the completion of electoral reforms, given the preparations for next electoral cycle.

Akpabio said this in his welcome back speech at plenary on Tuesday.

Akpabio in the speech titled” Rising to the Greatness of Our Calling” said lawmakers had a unique opportunity to strengthen the nation’s democracy.

He said: “Another critical task before us is the completion of electoral reforms, as the nation begins preparations for the next electoral cycle,

“We have a unique opportunity to strengthen our democracy.

“Electoral reform is not just a legislative duty, it is a moral imperative, t is our chance to gift the Nigerian people a system that is transparent, credible, and reflective of their will.

“Let us not waver in this responsibility, for the foundation of every thriving democracy is trust in its electoral processes.

“Distinguished colleagues, as leaders and representatives of the people, we must remain steadfast in our prayers for the peace and unity of Nigeria.

“Our country faces numerous challenges, but we must never underestimate the power of collective intercession, pray for wisdom, peace, and divine intervention to guide our leaders and unite our people.

“This moment is significant,we are at the end of first quarter of the 21st century, a time that demands bold action and visionary leadership.

“History is calling on us to make a difference to write a new narrative for our nation, one of progress, justice, and boundless possibilities.

“Distinguished senators, let us rise to this challenge, let us be relentless in our pursuit of excellence, fearless in the face of obstacles, and unwavering in our love for Nigeria.

“Our work here is not just about legislation, it is about shaping the future of a nation and leaving a legacy for generations to come.

“As we forge ahead, let these words resonate in our hearts, Nigeria is counting on us., the time to act is now. Let us unite in purpose, strive for the common good, and dedicate ourselves wholly to the task of nation building.”

Akpabio urged lawmakers to approach consideration of the 2025 national budget with usual patriotism and diligence.

According to him, the budget is not just a financial document but a blueprint of aspirations and hopes of millions of Nigerians.

” We must ensure that every item within it reflects the collective dreams of our people and serves as a catalyst for development, equity, and justice,” the president of senate said.(NAN)

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NERC Transfers Full Regulatory Oversight to 4 States

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The Nigerian Electricity Regulatory Commission (NERC) says it has transferred full regulatory oversight function to four states in the country.

The commission, which made this known via its official X handle on Tuesday, listed  the four  states as Enugu, Ekiti, Ondo, and Imo .

It said the states were now fully responsible for overseeing their electricity markets.

Report says that currently, the country has 12 Electricity Distribution Companies (DisCos ).

They are Abuja, Benin, Enugu, Eko, Ibadan, Ikeja, Kaduna, Kano, Jos, Port Harcourt, and Yola and  Aba Power Electric.

With the transfer of oversight to the four states, adjustments have been made to the market structures of Enugu, Benin, and Ibadan distribution companies.

The commission pointed out that it began the transfer of regulatory oversights to 10 states on January 10.

”NERC has commenced the transfer of regulatory oversight to 10 states.

“The remaining six states of Oyo, Edo, Kogi, Lagos, Ogun, and Niger are in the process of completing the transition.

“Once it is finalised, the states will begin to regulate their respective electricity markets,” it said.

The commission said that the enactment of the 2023 Electricity Act significantly restructured the operations of the Nigerian Electricity Supply Industry, which had been in place since 2013.

”Within the year,  the remaining six states are expected to incorporate their sub-companies, further reshaping the electricity market structure,” it said. (NAN)

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