unveiling the truth...


By Benjamin Umuteme

First City monument Bank Plc (FCMB) has warned its customers that from January 2, 2013, it would no longer honour cheques from Oceanic Bank, Bank PHB.

Cheques, it said it would no longer honour, also include those from Afribank Plc, FinBank Plc, ETB and Spring Bank Plc.

Legacy cheques are used at interbank clearing houses, as they are usually honoured by all banks in the country.

The move by FCMB might not be unconnected to the recent Nigeria Deposit Insurance Corporation (NDIC) 2011 annual report which listed only five banks as "sound" in the country.

Oceanic Bank, Afribank, Bank PHB have been nationalised by government after the Asset Management Company of Nigeria (AMCON) bought over their toxic loans.

According to a statement posted on its website, FCMB said the new policy is as result of an advise from the Central Bank of Nigeria (CBN).

The statement reads: "Please note that as from January 2, 2013, all legacy bank cheques (that is, those of Afribank Plc, Bank PHB Plc, FinBank Plc, ETB Bank Limited, Oceanic Bank Plc and Spring Bank Plc) will no longer be accepted as advised by the Central Bank of Nigeria."

FCMB added "that means that such cheques when presented for transactions and clearing will no longer be honoured."

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