Nigeria Doesn’t Accept All Basel Requirements: Sanusi

Nigeria doesn’t accept all requirements of the Basel II and Basel III accords for banking regulation, Central Bank of Nigeria Governor Lamido Sanusi said.

While “they both have strong points” for regulating bank reserves, “some of the quantitative elements where you effectively allow banks to run any kind of models and to calculate their own risk and capital,” fall short of

Government Probes Banks Over Federation Revenue

MONEY deposit banks in the country may now face investigation by the Federal Government over their activities concerning the receipt and remittances to the Federation Account of taxes and duties from the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).

The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Thursday said its committee on non-oil revenue on monitoring of banks’ compliance recently discovered a wide range of irregularities by some of the banks engaged in the collection of non-oil revenue for the Federation Account from diversion of revenue collected to high Commission on Turnover (COT) charges by the banks involved.