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Fraud Alert: CBN Declares Zuldal Microfinance Bank Illegal, Operations in Lagos, Abuja, Kaduna, Kano.
The Central Bank of Nigeria (CBN) has issued a stern warning to Nigerians against engaging in any financial transactions with Zuldal Microfinance Bank Limited, describing the institution as unlicensed and unauthorised to operate in the country.....KINDLY READ THE FULL STORY HERE▶
The apex bank stated that the entity, which reportedly operates branches in Lagos, Abuja, Kaduna, and Kano, falsely claims to be licensed by the CBN to conduct microfinance banking.
“The attention of the Central Bank of Nigeria has been drawn to the activities of an entity operating under the name Zuldal Microfinance Bank Limited, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, and claims to be licensed by the CBN,” the statement read.
The CBN clarified that Zuldal Microfinance Bank Limited is not a licensed microfinance institution and has no regulatory approval to carry out any banking or microfinance activities. The bank noted that this claim contravenes the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, which mandates that no person may conduct banking business in Nigeria without incorporation and a valid licence issued by the CBN.
Members of the public are advised to disregard any claims of regulatory approval by the firm and avoid financial dealings with the institution, as such transactions are undertaken at personal risk. The CBN reaffirmed its commitment to protecting the Nigerian financial system from unlicensed operators and reminded the public that a complete list of licensed financial institutions is accessible on its official website.
The warning follows growing concerns over the proliferation of unregistered financial schemes across the country.
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Nigeria Cleric Egbaji Regains Freedom After Two Years in Detention, FG Commended.
Bamidele Kehinde, Director of Dynamic Ambassadors for Social Orientation Initiatives and the City Transformation Project, has expressed appreciation to the Federal Government of Nigeria for its efforts in securing the release of Pastor Benjamin Egbaji, who was reportedly held in detention in the Republic of Benin for over two years under difficult conditions.....KINDLY READ THE FULL STORY HERE▶
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Recruitment Drama: 360,923 Candidates Fail Paramilitary Selection Process.
The Civil Defence, Correctional, Fire, and Immigration Services Board (CDCFIB) has provided an update on its ongoing nationwide recruitment exercise.....KINDLY READ THE FULL STORY HERE▶
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NAF Addresses Sambisa Strike, Insists Mission Was Carefully Targeted.
The Nigerian Air Force (NAF) has confirmed that its Air Component of Operation HADIN KAI conducted precise airstrikes in the Yuwe axis of the Sambisa Forest, resulting in the elimination of several terrorist elements on Monday.....KINDLY READ THE FULL STORY HERE▶
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