Business
Customers Rush to Reactivate Dormant Accounts Amid New CBN Guidelines
In response to recent guidelines from the Central Bank of Nigeria (CBN) regarding dormant accounts, many bank customers flocked to their banks on Tuesday to reactivate their accounts and safeguard their savings.
Key Points
– **Customer Actions**: A significant number of customers visited their banks to reactivate accounts affected by the new CBN guidelines. Some were also seen at courtrooms, swearing affidavits to manage accounts of deceased relatives.
– **Motivations**: Customers expressed concerns about losing their savings due to the CBN’s measures aimed at consolidating dormant accounts. They moved quickly to ensure their accounts remained active.
Customer Experiences
– **Mrs. Ugonne Akputa**: A businesswoman, Akputa reactivated her six-year-old Access Bank account by depositing money into it. She emphasized the importance of keeping the account active to maintain her savings.
> “I went to my bank to make enquiries about my account, which I had left for some time now. They told me that I should just put money into the account to activate it, and I did.”
– **Mr. Cyprian Yusuf**: Yusuf visited First Bank to inquire about his late brother’s account. Although he was unsure of the account balance, he sought to retrieve the funds for his brother’s family.
> “When I heard of this dormant account thing, I decided to quickly come to my late brother’s bank to ask them how I could retrieve the money. He died three years ago and I don’t think the account has been in operation.”
– **Mrs. Chinny Olaedo**: Olaedo urged banks and the CBN to ensure the security of customers’ funds, especially for those living abroad.
#### Bank and Official Responses
– **Bank Observations**: Bank officials reported a noticeable increase in customers reactivating accounts, including applications from relatives of deceased individuals seeking to access funds.
> “Yes, we have seen customers coming to the bank to reactivate their accounts. Even relatives and next of kin to deceased persons have submitted applications to withdraw amounts left in the account of their loved ones.”
The recent rush highlights the impact of the CBN’s guidelines on account management and the urgent need for customers to stay informed and proactive about their financial assets.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
-
Business14 hours ago
Okpella Monarch: Obaseki Ratified Kingmakers Decision, End 5years leadership Vacuum
-
Banking10 hours ago
Free Food Saga: Akpabio quoted out of context-CSO
-
Foreign15 hours ago
Sci-tech innovation fuels China’s high-quality development
-
Entertainment7 hours ago
Davido Declares ‘Timeless’ His Best Album
-
Entertainment7 hours ago
‘Adire’ Secures Four Nominations at the Best of Nollywood Awards
-
Business7 hours ago
Wike Urges Nigerians to Pay Taxes for Improved Social Services
-
Foreign9 hours ago
Qinling Mountains better safeguarded with comprehensive digital platform
-
Foreign9 hours ago
Expressway service station in Shandong achieves carbon neutrality