EXIM BANK LAUNCHES FIXED DEPOSIT CAMPAIGN

Exim Bank Tanzania has launched a fixed deposit campaign to enhance the culture of saving in the country.

Speaking during the launch of the campaign in Dar es Salaam, Exim Bank’s Product Manager, Mr Aloyse Maro, said the main objective of the campaign is to enhance savings culture in Tanzania.

“The campaign is aimed at fostering a savings culture in Tanzania. With the competitive rates that we are offering during the campaign, customers will be able to get good returns on their deposits,” said Mr Maro.

In an effort to show case the bank’s commitment towards the campaign, he also said that there will be monthly give-aways to its esteemed Fixed Deposit account holders throughout the campaign.

“The monthly prizes include iPhones and a car, which will be the grand prize,” said the manager.

ECOBANK TRANSNATIONAL INCORPORATED ANNUAL GENERAL MEETING

EXIM BANK TANZANIA NOTICE TO CUSTOMERS

DIAMOND TRUST BANK TANZANIA REQUIRES BRANCH & ATM PREMISES

AIR TANZANIA INCREASES FLIGHTS TO COMOROS

Air Tanzania Company Limited (ATCL) has announced it will increase the number of flights to the Comoros, following increased demand for services of the national carrier, especially during the forthcoming holy month of Ramadhan.

ATCL is now set effective Monday, to operate eight flights weekly from the current five that includes two on Thursdays. Speaking to journalists in Dar es Salaam.

The ATCL Acting Managing Director, Mr Johnson Mfinanga, said the move emerged as the company noticed considerable increase in demand.

He said the firm also wants to exploit opportunities that come along during the holy season and various business ventures. “We have been ensuring that we adapt to our customers’ needs.

NMB SET TO PUSH NATION TO CASH-LESS SOCIETY

New National Microfinance (NMB) Managing Director, Ineke Bussemaker gestures when she met reporters (not in the picture) in Dar es Salaam recently. On the right is Chief Finance Officer, Waziri Barnabas and on the left is Chief Risk Officer, Tom Borghols.

The National Microfinance Bank (NMB) said recently it plans to enhance financial inclusion using mobile phone technology blended with internet services.

Though, some quarters see mobile transaction as cash in-cash out, the bank wants to reverse the phenomenal and create a cashless society where almost all payments are done through mobile handsets.

The NMB Managing Director, Ms Ineke Bussemaker, said the bank envisages to use the platform to enable people to save thus do away the cash in-cash out trend.

“If a farmer can pay all of his bills-buying fertiliser, seeds, school fees - using mobile phone...you don’t need cash to live,” Ms Bussemaker, an IT expert, said. Ms Bussemaker, who has an arm-length of bank experience spanning 30 years, added “(but) they must believe and trust the (mobile phone) platform.”

VODACOM TANZANIA LAUNCHES NEW CREDIT FACILITY

Vodacom Tanzania has launched new airtime credit advance facility as competition between rival operators intensifies.

Vodacom said in a statement recently that it launched a bundle that allows customers to borrow more credit with an easier repayments schedule.

Under the new service, known as ‘Nipige Tafu’, a Swahili colloquial for help me, the old airtime credit facility has been revised where subscribers are now allowed to borrow up to four times and up to 2,000/- at once, according to the statement.

“We are very excited to launch this service that allows our customers more freedom and ease when borrowing through the 'Nipige Tafu' service.

This new bundle is innovative in allowing people to borrow multiple times without topping up and gives them access to airtime when they most need it.” said Vodacom’s Head of Brand and Communication, Mr Kelvin Twissa.

Currently, Vodacom subscribers can borrow 500/- shillings and are required to pay back 600/- but the structure has been seen to cripple potential borrowing because borrowers are only remained with 400/- which is not enough to buy a bundle when they top with 1000/-.

US$ 7.6BN STANDARD GAUGE RAILWAY FOR TANZANIA

Tanzania in conjunction with a Chinese company is set to construct a 2,561 km standard gauge railway at a cost of US$ 7.6bn. The railway line will connect the Dar es Salaam port to land-locked countries and hence enhance the economy of the country.

A Chinese consortium led by China Railway Materials (CRM) has been selected to undertake the construction of the project; this was confirmed by the Tanzanian Minister for Transport, Samuel Sitta.

10 per cent of the funds will be generated from the Chinese group and the rest will come from banks in the region.

ECOBANK GROUP CEO NAMED AFRICAN BANKER OF THE YEAR

Albert Essien, Group CEO of Ecobank, has won the African Banker of the Year Award at the ninth edition of the African Banker Awards, hosted by African Banker magazine under the patronage of the African Development Bank.

He received the award during a prestigious gala dinner in Abidjan, Côte d'Ivoire, on Wednesday, May 27 at the 40^th Annual Meetings of African Development Bank.

Veteran banker Albert Essien from Ghana was awarded the African Banker of the Year Award for his hard work in inheriting a bank in a precarious position last year. Essien managed to steady the ship and bring in some important shareholders to strengthen Ecobank's capital base.

Upon receiving the award, Essien called on fellow Africans to work hard, get enough education, so as to build the African continent .

TIGO YAZINDUA DUKA JIPYA MOSHI

Mkuu wa Mkoa wa Kilimanjaro Mhe. Leonidas T. Gama akiongea na waandishi wa habari na wageni waalikwa(hawapo pichani) wakati wa uzinduzi wa Tawi la Tigo Moshi Mjini, wengine kulia Mkuu wa Wilaya ya Moshi Mhe. Novatus Makunga na kushoto Meneja wa Ubora huduma kwa Wateja Tigo, Mwangaza Matotola.

Mkuu wa Mkoa wa Kilimanjaro Mhe. Leonidas T. Gama aikata utepe kuzindua rasmi Tawi la Tigo Moshi Mjini, wanaoshuhudia kulia ni Gwamaka Mwakilembe, Meneja huduma kwa wateja Kanda ya Kaskazini na kushoto ni Meneja wa ubora huduma kwa wateja Tigo, Mwangaza Matotola.

Meneja huduma kwa wateja Kanda ya Kaskazini, Gwamaka Mwakilembe akitoa maelezo kwa Mkuu wa Mkoa wa Kilimanjaro Mhe. Leonidas Gama juu ya bidhaa zilizopo ndani ya Duka la Tigo lililozinduliwa Moshi Mjini hivi karibuni.

DC ILALA, ORIJINO KOMEDI WASHIRIKI WIKI YA MAZINGIRA KATA YA KIVUKONI

Mkuu wa Wilaya ya Ilala, Raymond Mushi (kushoto) akishiriki zoezi la usafi katika fukwe ya Bahari ya Hindi eneo la Aga Khan kata ya Kivukoni ikiwa ni maadhimisho ya wiki ya Mazingira huku akishirikiana na viongozi wa kampuni iliyopewa zabuni ya kusafisha manispaa ya Ilala Green Waste Pro Ltd pamoja na wafanyakazi wa manispaa ya Ilala jana asubuhi. Wa pili kushoto ni Meneja wa mwendeshaji wa kampuni ya Green Waste Pro Ltd, Abdallah Mbena.

Mkurugenzi wa Green WastePro Ltd Ndg. Mark Anthony Shayo (kushoto) akifanya usafi kwenye fukwe ya Bahari ya Hindi kata ya Kivukoni karibu na maeneo ya Aga Khan sambamba na wafanyakazi wenzake pamoja na Muandaaji wa vipindi vya Orijino Komedi, Sekioni David 'Seki' (wa kwanza kulia) katika kuadhimisha wiki ya Mazingira.

Wafanyakazi wa Manispaa ya Ilala wakiendelea kufanya usafi katika fukwe ya Bahari ya Hindi kata ya Kivukoni eneo la Aga Khan jijini Dar ikiwa ni wiki ya Mazingira. Katikati ni Meneja wa mwendeshaji wa kampuni ya Green Waste Pro Ltd, Abdallah Mbena.

AFRICAN DEVELOPMENT BANK UNVEILS FIRST-EVER STUDY OF FEMALE BOARD MEMBERSHIP IN AFRICA

Africa may stack up pretty well compared with the world’s regions on having companies with female board members, but the continent has a distance to go to make sure its strong economic growth includes its most talented women at the top, according to the first-ever study of female board membership in Africa, unveiled during the World Economic Forum Africa, by the African Development Bank, commissioner of the study.

“To break the glass ceiling in Africa, we urgently need to bring women on corporate boards, which we can do by fast-tracking them through middle and senior management in the private sector,” said Geraldine Fraser-Moleketi, the Special Envoy on Gender of the African Development Bank (AfDB). “We need to think and act differently and invest markedly in women’s leadership.”

Major findings in the report, entitled Where are the Women ? Inclusive Boardrooms in Africa’s top-listed companies, which measured 2013 data for 307 companies in 12 countries, include the following:

HEINEKEN TANZANIA ALL SET TO THROW MASSIVE UEFA CHAMPIONS LEAGUE FINALE

NEW STANCHART BOSS FACES CASH CALL, DIVIDEND SQUEEZE

A man walks past the head office of Standard Chartered bank in the City of London February 27, 2015.

Standard Chartered's incoming Chief Executive Bill Winters is expected to raise capital and cut the bank's dividend later this year, potentially forced to act by a tough stress test of its Asian loans, investors and analysts said.

Few believe the ex-JPMorgan rainmaker will miss the chance to bolster the balance sheet during his honeymoon at the Asian-focused lender, especially as Britain's Prudential Regulation Authority plans a fresh assessment on how shock-proof banks have become since the financial crisis.

The bank has already outlined ambitions to raise a key measure of its capital strength by the end of this year and Winters is expected to sound out investors on further capital raising plans after he takes the reins on June 10.

HSBC EXPANDS BOARDROOM AHEAD OF EXPECTED 20,000 JOB CUTS

HSBC is overhauling its boardroom as it deals with the twin challenges of a Swiss tax scandal and considering leaving the UK.

A week before a strategic review expected to lead to up to 20,000 job cuts, the bank named Irene Lee and Pauline van der Meer Mohr as non-executive directors.

They do not directly replace any individuals on the board, which will now have 19 members. But Rona Fairhead, the former Pearson executive who chairs the BBC Trust, is to leave before next May. Her role has been in focus following revelations that HSBC’s Swiss arm helped customers evade tax because shechaired the bank’s audit and risk committee at the time the scandal took place.

Other longstanding non-executives on the HSBC board include Sir Simon Robertson, the former Goldman Sachs banker, and Sam Laidlaw, the former boss of Centrica.

BENKI YA EXIM TANZANIA YASHIRIKI MAONYESHO YA 18 YA WIKI YA MAZIWA KWA MAFANIKIO MAKUBWA

Waziri wa Maendeleo ya Mifugo na Uvuvi, Dr, Titus Kamani, (kulia) akisalimiana na Meneja Uendeshaji na Huduma kwa wateja wa benki ya Exim Tanzania tawi la Babati mkoani Manyara Bw. John Ndyebonera, alipotembelea kwenye banda la maonyesho la benki hiyo ambayo ilishiriki kwenye maadhimisho ya 18 ya wiki ya maziwa yaliyofanyika kitaifa wilayani Babati hivi karibuni. Wengine ni wafanyakazi pia wa benki hiyo.

Waziri wa Maendeleo ya Mifugo na Uvuvi, Dr, Titus Kamani, (kulia) akisaini kitabu cha wageni alipotembelea kwenye banda la maonyesho ya benki ya Exim Tanzania tawi la Babati mkoani Manyara ambayo ilishiriki kwenye maadhimisho ya 18 ya wiki ya maziwa yaliyofanyika kitaifa wilayani Babati. Anayeshuhudia kwa karibu zaidi ni Meneja Uendeshaji na Huduma kwa wateja wa benki hiyo tawi la Babati Bw. John Ndyebonera. Wengine pia ni wafanyakazi wa benki hiyo.

Baadhi ya wafanyakazi wa Benki ya Exim Tanzania tawi la Babati mkoani Manyara wakiongozwa na Meneja Uendeshaji na Huduma kwa wateja wa benki hiyo tawi la Babati Bw. John Ndyebonera (Wa pili kulia), kwa pamoja wakishuhudia mmoja wa washiriki wa maonyesho ya 18 ya wiki ya maziwa yaliyofanyika kitaifa wilayani Babati (wa kwanza kulia) akisaini kitabu cha wageni waliotembelea banda la maonyesho ya benki hiyo ambayo pia ilishiriki maonyesho hayo kwa mafanikio makubwa.

3rd TANZANIA OIL & GAS SUPPLIERS CONFERENCE, JUNE 11 - 12, 2015

SERIKALI YAMALIZA MGOGORO NA WAFANYABIASHARA JUU YA MATUMIZI YA EFDs

Waziri wa Fedha Mh. Saada Mkuya Salum akiwa katika picha ya pamoja na wafanyabiashara alipotoa taarifa ya muafaka uliofikiwa kati ya wafanyabiashara na serikali juu ya matumizi ya mashine za kielektroniki (EFDs) jana Jijini Dar es Salaam. Kushoto kwake ni Mwenyekiti wa Jumuiya ya wafanyabishara Bw. Johnson Minja na kulia kwake ni Mwenyekiti wa Bodi ya Mamlaka ya Mapato Tanzania (TRA) Mzee Benard Mchovu.

Na Anitha Jonas – MAELEZO.

Serikali yafikia muafaka katika mgogoro wake na wafanyabiashara juu ya matumizi ya mashine za kieletroniniki EFD’s. Hayo ameyasema jana Waziri wa Fedha Mhe. Saada Mkuya alipokuwa akitoa taarifa hiyo kwa vyombo vya habari juu ya Serikali kufikia muafaka wa makubaliano yaliyofanyika kwa ushirikiano wa Kamati kuu ya Taifa iliyoshirikisha wajumbe kutoka Wizara ya Viwanda na Biashara pamoja na Viongozi wa Jumuiya ya wafanyabiashara katika ngazi ya Taifa.

“Matumizi ya mashine za EFD yalipoanza yalileta changamoto kwa wafanyabiashara, hivyo niliunda kamati ya kitaifa pamoja na kamati katika ngazi za Mikoa na Wilaya pamoja na wenyeviti wakuu wa mikoa kutafuta suluhu la suala hili” alisema Mhe. Mkuya.

RAIS JAKAYA KIKWETE ZIARANI NCHINI FINLAND

Rais Jakaya Mrisho Kikwete akilakiwa na Balozi wa Tanzania nchini Finland, Balozi Dorah Msechu katika uwanja wa ndege wa Helsinki, wakati alipowasili tayari kwa ziara ya siku tatu nchini humo.

Rais Jakaya Mrisho Kikwete akisalimiana na baadhi maafisa wa Serikali ya Finland katika uwanja wa ndege wa Helsinki, wakati alipowasili tayari kwa ziara ya siku tatu nchini humo.

Rais Jakaya Mrisho Kikwete akitembelea maabara ya majaribio ya kampuni ya kutengeza lifti ya KONE jijini Helsinki, Finland.

Rais Jakaya Mrisho Kikwete akipokea zawadi ya jezi ya timu ya taifa ya Finland ya basketball.

Rais Jakaya Mrisho Kikwete akitoa zawadi ya mchoro wa Tingatinga kwa viongozi wa kampuni ya KONE.

Rais Jakaya Mrisho Kikwete akitembelea bandari ya Helsinki.

Rais Jakaya Mrisho Kikwete akipata mapokezi Rasmi kutoka kwa mwenyeji wake, Rais wa Finland Mhe. Sauli Niinisto.

NYAMA CHOMA FESTIVAL A HUGE SUCCESS STORY

The Nyama Choma Festival ended in style last Saturday with thousands of consumers being treated to a variety of sumptuous flame grilled meats. Held at the Leaders Grounds in Dar es Salaam the event, organised by Carol Ndosi, brought together meat lovers for an afternoon of fun, music and relaxation.

Revellars started flowing in their hundreds from around 3pm while the event lasted till late. There two different stages set up, one for FM Academia music fans, on the opposite side people got to enjoy live performance from V Money or Vanessa Mdee plus music from the multi- talented Grace Matata and her Band. But at the center of attention was the Heineken green marquee which fans turned up for the exclusive Heineken experience.

Heineken, proud partner of the event, gave its consumers another unique, premium VIP experience at the Heineken lounge. The who-is-who of Tanzania and beyond got to enjoy the worlds’ most international premium beer while they mingled and had fun at the supreme event. Consumers got treated to electric live VJ entertainment from a line-up of talented entertainers, including [Dj White and K3) with a blend of kwaito, bongo fleva and hip hop music.

TANZANIA MORTGAGE UPDATE AS AT 31 DECEMBER 2014

 The market share of the top 8 mortgage lenders in the period under review is as follows;

1. Equity Bank Tanzania Limited - 20%
2. Azania Bank Limited - 19%
3. Stanbic Bank Tanzania Limited - 16%
4. Commercial Bank of Africa Tanzania Limited - 12%
5. EFC Tanzania M.F.C. Limited - 5%
6. CRDB Bank PLC - 5%
7. Barclays Bank Tanzania Limited - 3%
8. KCB Bank Tanzania Limited - 3%

FASTJET, THE LOW-COST AFRICAN AIRLINE, ANNOUNCES ITS RESULTS FOR THE YEAR TO 31 DECEMBER 2014

2 June 2015

Summary highlights

·         Significant improvement in operational and financial KPIs

·         Material corporate structure changes and improvements

·         35% first time fliers on fastjet in 2014 - African growth potential evident

·         95% customer satisfaction level

2014 Operational highlights

fastjet Tanzania

·         85% increase in aircraft utilisation (from 5.5 to 10.2 block hours per aircraft per day)

·         62% increase in total seats flown

·         92% punctuality - SAA 84%  easyJet 85% (average arrival within 15 minutes)

·         Additional ancillary revenue streams introduced (including seat selection, 'Smartclass', and 'Freighty').

Fastjet Zambia

·         Zambia Air Service Permit granted - this is a significant step on the path to gaining an Air Operator Certificate and launching flights within and from Zambia.  First aircraft expected to be deployed in Q3 2015.

Fly 540

·         Loss-making services of Fly 540 businesses in Ghana and Angola remain suspended, now treated as discontinued - minimal cash cost in the year.

·         Disposal of investment in Fly540 Kenya - legal and financial indemnity received.

Subsequently (post 31 December 2014)

·         Zimbabwe Air Service Permit granted marking a significant step on the path to gaining an Air Operator Certificate and launching flights within and from Zimbabwe. First aircraft targeted to be deployed in Q3 2015.

·         Fourth aircraft lease - a letter of intent (LOI) signed for the lease of an Airbus A319 as part of planned fleet expansion.

SOUTH AFRICA: WITH SMARTPHONES, VODACOM LEAVES MTN IN THE DUST

Everyone reading this has a smartphone. The trick now for operators is to add lower-end users.

In May, Vodacom announced that it had 9.3 million smartphones on its network in South Africa (as at end March, the end of its financial year). That is massive, especially considering that a year ago, the number was 7.3 million. Total smart devices on its network – which includes tablets and dongles – is 11.6 million.

By comparison, MTN had 5.9 million smartphones on its South African network as at December 31, 2014. That’s the most recently published number (it doesn’t disclose this data in its quarterly group subscriber updates). MTN is adding around 300 000 smart devices a quarter, so by March 31, likely had around 6.2 million active.

But, this still leaves Vodacom around 50% ahead.

THE JOINT MEETING OF THE COMESA-EAC-SADC TRIPARTITE SECTORAL MINISTERIAL COMMITTEE

The Joint Meeting of the COMESA-EAC-SADC Tripartite Sectoral Ministerial Committee took place on 29th-30th May 2015 in Dar es Salaam. The purpose of the meeting was to consider progress made in preparation for the Third COMESA-EAC-SADC Tripartite Summit to be held on 10th June 2015.

The Tripartite Summit launched the Free Trade Area in 2011 when SADC took over the chairpersonship and will be handing over the chairpersonship to COMESA at the third Summit scheduled to take place in June, 2015. Negotiations are at advanced stages and the COMESA-EAC-SADC Tripartite Free Trade Area is expected to be launched at Sharm El Sheikh on 10th June, 2015.

When concluded, the Tripartite FTA will encompass 26 Member States, that is, half of the African Continent with a GDP of over US$1.2 trillion that represents over 50% of the Continent’s GDP, and a population of 625 million. When operational, it will become a means for enhancing economic inter-linkages and enabling business environment to unlock regional potentials, scale up productive capacities and competitiveness, stimulating beneficiations and value chains, enhancing technological set-ups. More importantly, the TFTA will also address the issue of overlapping membership that has resulted in a number of challenges for the region’s business and trading community. It is foreseen that the TFTA will constitute an important foundation for the continental free trade area negotiations that will be launched by the African Union Summit in June 2015 towards the realisation of Agenda 2063 of the African Union.

MABALOZI WA TANZANIA WA NCHI ZA NJE WAFANYA ZIARA MAALUM CHUO KIKUU DODOMA

Mkuu wa Kitengo cha Mawasiliano ya Serikali katika Wizara ya Mambo ya Nje na Ushirikiano wa Kimataifa, Bi. Mindi Kasiga ambaye pia alikuwa Mkuu wa Msafara wa ziara ya Mabalozi wa Tanzania walipotembelea Chuo Kikuu cha Dodoma akisalimiana na Kaimu Mkuu wa Chuo Kikuu cha Dodoma Prof. Shaaban Mlacha mara baada ya kuwasili chuoni hapo.

Balozi wa Tanzania nchini Ufaransa, Mhe. Begum Taj akisalimiana na Kaimu Mkuu wa Chuo Kikuu cha Dodoma Prof. Mlacha mara baada ya kuwasili chuoni hapo kwa ziara maalum.

Balozi wa Tanzania nchini Uswisi, Mhe. Modest Mero akisalimiana na Kaimu Mkuu wa Chuo Kikuu cha Dodoma Prof. Mlacha mara baada ya kuwasili chuoni hapo kwa ziara maalum.

Kaimu Mkuu wa Chuo Kikuu cha Dodoma akiwaongoza Mabalozi wa Tanzania na Maofisa wa Wizara ya Mambo ya Nje na Ushirikiano wa Kimataifa mara baada ya kuwasili chuoni hapo kwa ziara maalum.

Mabalozi wa Tanzania wakisikiliza kwa makini historia fupi ya Chuo hicho kutoka kwa Kaimu Mkuu wa Chuo Prof. Mlacha muda mfupi baada ya kuwasili chuoni hapo.

Mkuu wa Kitengo cha Mawasiliano ya Serikali wa Wizara ya Mambo ya Nje na Ushirikiano wa Kimataifa ambaye pia alikuwa Mkuu wa Msafara wa ziara ya Mabalozi, Bi. Mindi Kasiga akizungumza machache kuwakaribisha Waheshimiwa Mabalozi kuanza kikao na uongozi wa chuo hicho.

Balozi wa Tanzania kwenye Umoja wa Mataifa, Mhe.Tuvako Manongi akichangia jambo katika mkutano huo.

Balozi wa Tanzania nchini Uingereza Mhe. Peter Kallaghe naye akitoa mchango wake wakati wa mkutano huo.

BALOZI MULAMULA AKABIDHIWA RASMI OFISI

Katibu Mkuu Mpya wa Wizara ya Mambo ya Nje na Ushirikiano wa Kimataifa, Balozi Liberata Mulamula akikabidhiwa rasmi Ofisi na aliyekuwa Katibu Mkuu wa Wizara hiyo Balozi John Haule. Kabla ya uteuzi huo Balozi Mulamula alikuwa Balozi wa Tanzania nchini Marekani na Mhe. Haule kwa sasa ni Balozi wa Tanzania nchini Kenya. Makabidhiano hayo yalifanyika Wizarani jana tarehe 01 Juni, 2015.

Balozi Mulamula akizungumza huku Naibu Katibu Mkuu wa Mambo ya Nje na Ushirikiano wa Kimataifa, Balozi Simba Yahya, (kulia kwa Balozi Mulamula), Mhasibu Mkuu Bw. Paul Kabale (wa tatu kutoka kushoto), Mkaguzi Mkuu wa Ndani wa Mambo ya Nje, Bw. Mathias Abisai na Afisa Habari wa Mambo ya Nje Bw. Ally Kondo.

Mkurugenzi wa Idara ya Utawala na Usimamizi wa Rasilimali Watu, Bw. Nigel Msangi (wa kwanza kulia), Mkuu wa Kitengo cha Mawasiliano ya Serikali, Bi. Mindi Kasiga (wa pili kutoka kulia), Mkurugenzi Idara ya Sera na Mipango Bw. James Lugaganya na Balozi Haule wakimsikiliza Balozi Mulamula (hayupo pichani).

NIGERIA'S EFCC ARRESTS TOP BANKERS OVER 'MEGA SCAM'

Boxes were allegedly filled with newspaper cut into the
shape of banknotes

Nigeria's anti-corruption agency has arrested six senior central bank officials over an alleged $33m (£21m) currency fraud.

The Economic and Financial Crimes Commission (EFCC) also held 16 private bank workers for the "mega scam".

The suspects stole "tonnes of defaced naira notes", which were meant to be destroyed, it said on its website.

Newly-installed Nigerian President Muhammudu Buhari has pledged to make tackling corruption a priority.

The arrests were made last week, before the president's official swearing-in ceremony, and so should not be seen as part of Mr Buhari's promised clampdown on corruption, reports the BBC's Will Ross from Lagos.

The move is more likely to be a show of strength from the EFCC, in an attempt to prove its relevance, our correspondent adds.