Search

 

Cablegate: Nigeria: Requested Information On Bank of The

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS ABUJA 002977

SIPDIS


DEPARTMENT PLEASE PASS TO EXIM BANK


E.O. 12958: N/A
TAGS: BEXP ETRD NI EXIM
SUBJECT: NIGERIA: REQUESTED INFORMATION ON BANK OF THE
NORTH LIMITED

REF: SECSTATE 193723


1. Summary. EconOff met with Central Bank of Nigeria (CBN)
Deputy Governor for International Operations, Mr. Ernest Ebi
on October 8. Mr. Ebi confirmed that Bank of the North (BON)
Ltd. is recognized as a commercial bank, and all the
regulations that apply to other commercial banks in Nigeria
are applied with equal force by the CBN in its supervision of
the activities of BON Ltd. End Summary.


2. Ebi confirmed that, although the ownership of the BON Ltd.
is spread across the northern state governments and private
individuals, the CBN treats it like any other commercial bank
in the country. The bank gets no preferential treatment by
regulators or the GON.


3. Ebi informed EconOff that he personally cannot relay the
financial position of BON Ltd., but referred us to public
documents such as the BON's Financial Statement, which is
certified by the CBN.


4. Ebi confirmed that the BON Ltd. was not one of the banks
recently sanctioned for illicit arbitrage or round tripping
of foreign exchange. He did not believe the bank was under
any investigation, but referred us to the Department of
Banking Supervision. The Department of Banking Supervision
has not responded to our request for written confirmation
that the BON Ltd. has not been sanctioned and is not
presently under investigation. Instead, they refer us to
other public records of the bank's standing, and remind us
their policy is to not make public comment on sanctions and
investigations.


5. The names of the key bank officials noted in reftel were
passed through the Consular and other Mission databases.
There were no findings of negative information.
JETER


JETER

© Scoop Media

 
 
 
World Headlines

 

Syria: Economic Decline, Rising Hunger And Surging Humanitarian Needs

Syria’s fragile economy has “suffered multiple shocks” over the past 18 months, with its currency plummeting and joblessness swelling as people struggle to cover their basic needs, the UN Emergency Relief Coordinator told the Security Council ... More>>

OECD: Final Quarter Of 2020 Shows Continued Recovery In G20 International Merchandise Trade

G20 international merchandise trade continued to rebound in the fourth quarter of 2020 ( exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020, as lockdown measures affected trade globally. Although growth ... More>>

UN Report: Civilian Casualties Surged After Peace Talks Began In Afghanistan

Monitoring by the UN Assistance Mission in Afghanistan, UNAMA, and the UN Human Rights Office has revealed that despite a drop in civilians killed and injured overall in 2020 there was a rise in civilian casualties following the start of peace negotiations ... More>>

Focus On: UN SDGs


2021: Critical Year To ‘reset Our Relationship With Nature’ – UN Chief

During this time of “crisis and fragility”, the UN chief told the United Nations Environment Assembly on Monday that human well-being and prosperity can be vastly improved by prioritizing nature-based solutions. Painting a picture of the turmoil ... More>>


Paris Agreement: UN Secretary-General António Guterres To Mark U.S. Reentry With Envoy For Climate John Kerry

Watch live at webtv.un.org UN Secretary-General António Guterres will join U.S. Special Presidential Envoy for Climate John F. Kerry at an event marking the United States’ reentry into the Paris Agreement this Friday. The discussion with the Secretary-General ... More>>

WeBeliev: Scoop In Conversation With Abhishek Sinha, Founder Of WeBeliev, An NZ Crowdfunding Platform

WeBeliev supports 17 SDGs, launching sector specific campaigns every month Q. What is WeBeliev and why did you start it? A. WeBeliev is a Singapore-registered crowdfunding platform aimed at fundraising for all the 17 Sustainable Development Goals (SDGs) ... More>>