Standard Chartered Bank pays $657m to settle OFAC violations

By Harry Cassin |  Standard Chartered Bank agreed Tuesday to pay $657 million to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to resolve sanctions violations primarily related to Iran, with other violations involving current or former sanctions on Cuba, Sudan, Burma, Syria, and Zimbabwe. StanChart paid $639 million for the Iran sanction violations, together with violations involving Cuba, Sudan, Burma, and Syria. OFAC called that the “global settlement.” London-based StanChart settled the Zimbabwe sanction offenses separately, paying OFAC about $18 million. In the global settlement, OFAC said…

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Fidelity Bank Realigns for Next Growth Phase, Appoints New Executive Directors

Lagos Nigeria:  As part of corporate realignment and repositioning for the next growth phase, the Board of Directors of Fidelity Bank Plc has announced the appointment of three new Executive Directors. The Board which met in Lagos recently, approved the appointment of Gbolahan Joshua as Executive Director/Chief Operations and Information Officer; Obaro Odeghe, Executive Director, Corporate Bank and Hassan Imman, Executive Director, Northern Directorate, subject to the approval of the Central Bank of Nigeria (CBN). Gbolahan will have executive responsibilities for Operations, Technology, Digital Banking, Investor Relations, Strategy and Business…

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N42bn Fraud Rocks Ministry of Trade & Industry…Minister in hot mess!

A very strange event on Monday last week, April 1, and it was no April Fool prank. Minister of Industry, Trade and Investment Dr Okechukwu Enelamah appeared before the Senate Committee on Industry, Trade and Investment to defend his ministry’s 2019 budget proposal. The committee, chaired by Senator Sabo Mohammed [APC Jigawa], accused the minister of trying to appropriate N42 billion in federal funds to a private company. Enelamah presented a booklet containing 2019 budget proposals for his ministry’s 17 agencies. When he finished, committee chairman Sabo Mohammed referred him…

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