29 C
Lagos
Saturday, January 16, 2021
- Advertisement -

CPC orders FCMB to Refund N1.5 billion in Excess Charges to Bauchi

Opinion

2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

The Consumer Protection Council (CPC) has ordered First City Monument Bank (FCMB) to refund N1.54 billion to Bauchi state. The funds were deducted from the state’s loan account as interest.

The CPC says that FCMB illegally deducted the funds from state’s bank account after it hiked interest rates on an existing loan facility without communicating the decision to the state’s officials.

The bank was said to have given the loan at an interest rate of thirteen per cent but later raised it to a rate higher than twenty per cent. Nigerian banks usually include a clause in their loan agreements stating that loan interest rates are based on market conditions and can be altered without notice.

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...