<< 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	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 […] Capital and Climate Action: The Sustainability Positioning of Nigeria’s Development Finance Institutions   SOStainabilityWeekly Edited by Oke Epia, E-mail: sostainability01@gmail.com  | WhatsApp: +234 8034000706 Washing and Hushing Nigeria stands at a pivotal moment in its development trajectory. The nation’s ambitions for economic growth, NDIC pays depositors of defunct banks within 72 hours via BVN —Executive Director By Bashir Bello KANO — The Nigeria Deposit Insurance Corporation, NDIC, said it has settled or reimbursed depositors of defunct banks within 72 hours of their closure. The affected banks include, Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc. Speaking during a one day stakeholders meeting held in Kano, the NDIC Executive […] 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: […] Ghana government unveils domestic bond financing scheme for cocoa purchases  The Ghana government has unveiled a new domestic bond financing scheme to replace the syndicated loan and buyer-financed arrangements for cocoa purchases. UAC records 74% revenue surge, amid one-off acquisition related costs By Peter Egwuatu UAC of Nigeria Plc, has announced its unaudited financial results for the fourth quarter and year ended 31 December 2025, recording a 74% increase in revenue to N343.4 billion from    N196.9 billion in the corresponding period 2024 following the successful completion of its transformational acquisition of C.H.I. Limited alongside continued contributions from […]