<< Back             Poser >> Banks to pay N10m fine for using unaccredited cheque printer By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, has slammed a N10 million fine and withdrawal of cheques on commercial banks using unaccredited cheque printers/personaliser. The apex bank disclosed this in its revised sanctions regime on defaulters of the Nigeria Cheque Standard and Nigeria Cheque Printers’ Accreditation Scheme (NICPAS). Among other things, CBN said: “Offence of engagement of unaccredited commercial cheque printer/personaliser by  commercial banks as reported by accredited cheque personalisers/printers or via CBN/MTIC audit will attract withdrawal of cheques from circulation and N10 million fine; withdrawal of cheques from circulation and N20 million fine for a repeat offence. “Failure/ refusal to submit personalized cheque samples for testing and analysis (where applicable) will attract a N5 million fine. “Failure to encode cheques properly or meet the mandatory security and quality standards will attract a fine of N10,000 per instrument.” In a circular announcing the sanction, which was signed by Director, Banking Services Department, Mr.   Hamisu Abdullahi, CBN recalled  that it issued a circular on sanctions on defaulters of the Nigerian Cheque Standards (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) in 2019. “In furtherance of the bank’s commitment to increase the efficiency and safety of the Nigeria Clearing System, it has become imperative to review the aforementioned Sanction Grid to reflect the current realities in the banking industry “In view of this, the bank hereby stipulates the attached, as revised sanctions to erring banks and Accredited Cheque Printer/Cheque Personalizers for infringements of NCS/NIPAS 2.0. Please be guided accordingly,” CBN added. Vanguard Business News	NIMASA commits to shipyard evelopment, capital flight cuts By Godwin Oritse The Nigerian Maritime Administration and Safety Agency, NIMASA, has reiterated its commitment to strengthening Nigeria’s shipbuilding and shipyard development as part of efforts to deepen the blue economy and curb capital flight. Speaking at a stakeholders’ breakfast meeting organised by the Agency themed: “Dissecting the Issues, Challenges, and Prospects in the Shipbuilding Segment […] NDIC strengthens agents to recover N1.5tr from failed bank debtors By Cynthia Alo The Nigeria Deposit Insurance Corporation (NDIC) has strengthened and repositioned its debt recovery agents in a renewed push to recover about N1.5 trillion owed to liquidated Deposit Money Banks (DMBs) and Microfinance Banks (MfBs). The move, the Corporation said, is aimed at accelerating reimbursement to depositors, many of whom are market women, small business […] NNPC’s revenue hits N60.5trn, profit up to N5.7trn Pays N14.7trn to govt By Obas Esiedesa The Nigerian National Petroleum Company Limited (NNPC), on Thursday, disclosed that it generated N60.5 trillion in revenue in 2025. In its monthly report published on its website, the company also announced a profit after tax of N5.76 trillion and remitted N14.706 trillion to statutory government agencies. The report stated that […] Banks to pay N10m fine for using unaccredited cheque printer By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, has slammed a N10 million fine and withdrawal of cheques on commercial banks using unaccredited cheque printers/personaliser. The apex bank disclosed this in its revised sanctions regime on defaulters of the Nigeria Cheque Standard and Nigeria Cheque Printers’ Accreditation Scheme (NICPAS). Among other things, CBN said: […] Dangote signs $400m equipment deal to fast-track refinery expansion By Bashiru Ayuba Dangote Group has signed a $400 million construction equipment agreement with XCMG Construction Machinery Co., Ltd., one of China’s leading manufacturers of construction machinery, in a move set to accelerate the expansion of the Dangote Petroleum Refinery & Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, positioning it to […] 54% of Nigerian businesses still unregistered despite uptick —SURVEY By Yinka Kolawole A recent survey has revealed that 54 percent of businesses in Nigeria remained unregistered in 2025 indicating a modest rebound in business formalization after years of decline. The report on the 2025 State of Entrepreneurship Survey conducted by FATE Foundation shows that 46 per cent of Nigerian entrepreneurs operated formally registered businesses in 2025, […]