Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN laws too outdated to tackle money laundering

21 April 2016, 20:24

Abuja - The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) are set to collaborate to review laws of the Banking and Other Financial Institutions Act 2004 to effectively tackle the emerging money laundering trends and other corrupt practices in the country.

The plans have been announced in Kano following a meeting between officials from the two orgaisations.

Kano branch controller of the CBN, Ameena Abubakar stressed the need to review the outdated laws towards meeting the current global challenge of anti-corruption war.

Also read: EFCC turns down new Money Laundering Bill

“The CBN is consistently working round the clock to ensure that financial institutions like the banks and Bureau de Change, BDC, adhere strictly to the laws of the CBN,” said Abubakar.

She reiterated that the CBN is ready to partner with the EFCC towards ensuring that all stakeholders play within the rules of the agency and the law.

David Illoyanomon, EFCC Head of North West Zonal Office, the country was facing challenges in areas of fraudulent practices.

“The CBN remains a pivotal in stabilizing the economy through reviewing of some of its laws which due to emerging fraudulent practices have made them archaic,” said Illoyanomon.




- CAJ News


Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...