UBA

By Sabiu Abdullahi

A police officer serving in the Borno State Police Command has returned N2.6 million that was accidentally credited to his bank account.

Mohammad Alhaji Muhammad was praised for his honesty and integrity after voluntarily returning the funds. Nahum Daso, the state police spokesperson, shared a post by Bello Jafar on Facebook commending the officer.

“I would like to formally express my appreciation for Mohammad Alhaji Muhammad, a loyal customer of United Bank for Africa (UBA) and a police officer of exceptional integrity,” Daso wrote.

Jafar also highlighted the significance of Mohammad’s action, stating: “His conduct reflects the true values expected of a police officer and serves as an example worthy of recognition and commendation. Acts like this strengthen public trust and highlight the importance of integrity in both professional and personal life.”

Daso told TheCable that the accidental transfer occurred around 6 p.m. on Thursday. “The officer saw the money and was surprised because he was not expecting that money. So he reached out to his account manager who asked him to go to the bank. When he got to the bank he was asked to fill a form for the reversal,” he said.

“The bank officials expressed surprise because what they usually experience in such cases is that the recipients will use the money for their own personal gain. What the officer did shows integrity.”

Mohammad’s action has been widely lauded as a rare display of honesty and responsibility, reinforcing public confidence in the police and in the values of ethical conduct.

By Farid Suleiman

Bloomberg reports that the Central Bank of Nigeria (CBN) has penalized three banks over non-compliance with its cryptocurrency directive. The affected banks are Stanbic IBTC Bank, Access Bank Plc and United Bank for Africa.

In a circular dated January 5, 2021, the apex bank had issued a directive to Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and other financial institutions (OFIs) to identify and suspend all accounts of individuals and entities used for cryptocurrency transaction on their system.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited,” the circular reads.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The affected banks were fined a combined sum of ₦800million. Stanbic IBTC Bank, United Bank of Africa and Access Bank were fined 200million, 100million, and N500million, respectively.