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Group urges Buhari to probe 13% Derivation Fund

Group urges Buhari to probe 13% Derivation Fund

Host Communities of Nigeria, HOSCON, an oil and gas body, has asked President Muhammadu Buhari to probe the management of13% Derivation Fund so far released for the development of the oil producing Niger Delta. Last week, the president ordered a probe of all funds given the Niger Delta Development Commission, NDDC, since inception, following revelations of alleged huge financial fraud ... Read More »

CBN to sanction banks over loan to deposit ratio

CBN to sanction banks over loan to deposit ratio

The Central Bank of Nigeria said it would sanction banks and their customers over fraudulent deals intended to circumvent the loan to deposit ratio policy. The apex bank had initially set the LDR at 60 per cent before raising it to 65 per cent with a December 2019 deadline. While this has led to lower lending rates, some banks are now ... Read More »

Deep Blue project: IMB reports 30% piracy drop in Nigeria

Deep Blue project: IMB reports 30% piracy drop in Nigeria

*Pottengal Mukundan* The International Maritime Bureau (IMB) has reported a drop in piracy attacks in Nigeria in the third quarter of 2019. IMB said in its latest report, “Nigeria has reduced Q3 piracy attacks from 41 in 2018 to 29 in 2019,” which represents nearly 30 per cent year-on-year reduction. This is as the Deep Blue Project, a comprehensive maritime security architecture ... Read More »

Seven banks fail CBN’s stress test

Seven banks fail CBN’s stress test

The result of Central Bank of Nigeria (CBN) stress test released on yesterday has shown that the funding positions of seven commercial banks are inadequate, The Nation reports. The financial stability report signed by CBN Director, Financial Policy and Regulation Department, Kelvin Amugo, showed that in the less than 30-day period analysis, seven banks were not adequately funded, while in ... Read More »

Economic transformation: We’ll take hard decisions in Oyo – Makinde

Economic transformation: We’ll take hard decisions in Oyo – Makinde

…receives reports of committees on contract review, wrongful dismissal of civil servants, others …Says Govs shouldn’t be caged by crave for second term Oyo State Governor, Engineer Seyi Makinde, on today, said that his administration will not shy away from taking hard decisions in order to set the State on a trajectory of sustainable development. The Governor who also advised ... Read More »

FG places indefinite ban on imports, exports through land borders

FG places indefinite ban on imports, exports through land borders

The Federal Government  on Monday announced an indefinite ban on importation and exportation of goods through the land borders. Comptroller-Generalof the Nigeria Customs Service (NCS), Col. Hameed Ali (retd), made the announcement at a press conference in Abuja. He said, “For now, all goods, whether illicit or non-illicit, are banned from going and coming into Nigeria. Let me add that ... Read More »

FG lists N15billion green bond on Stock Exchange

FG lists N15billion green bond on Stock Exchange

The Federal Government on Monday listed its N15 billion green bond on the daily official list of the Nigerian Stock Exchange, reports the News Agency of Nigeria. The seven-year bond issued at coupon rate of 14.50 per cent on June 13, 2019 would mature on June 13, 2026. The Series II Green Bond was issued to finance renewable energy, afforestation, ... Read More »

Recession: Northern youths hail Hameed Ali, Fowler

Recession: Northern youths hail Hameed Ali, Fowler

  *Ali* Northern youths under the auspices of Arewa Youth Assembly (AYA) rose from an extraordinary meeting in Kaduna at the weekend, with a vote of confidence on Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler and Controller General of Customs, Col Hameed Ali (Rtd.). *Fowler* The Northern youths said, duo of Ali and Fowler displayed ingenuity and ... Read More »

NNPC Hits Oil &Gas Deposits In North East

NNPC Hits Oil &Gas Deposits In North East

The Nigerian National Petroleum Corporation (NNPC) has announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country. It would be recalled that drilling of the Kolmani River II Well was flagged-off in a colourful ceremony by President Muhammadu Buhari on the 2nd of February, ... Read More »

Ogun Kicks Off Town Hall Meetings on 2020 Budget

Ogun Kicks Off Town Hall Meetings on 2020 Budget

Beginning from today, Thursday, Ogun State government will kick-start stakeholders’ meetings across the three Senatorial Districts of the State in preparation for the year 2020 budget. The government said this was in furtherance of its avowed commitment to inclusive governance. A release signed by Kunle Somorin, Chief Press Secretary (CPS) to Governor Dapo Abiodun stated that the first in the ... Read More »

Delegates At GMSC Want Maritime Crime Proceeds Treated Like Blood Diamond

Delegates At GMSC Want Maritime Crime Proceeds Treated Like Blood Diamond

  Mr Dakuku* Delegates at the Global Maritime Security Conference (GMSC) rose Wednesday from the three days engagement from Monday 7th to Wednesday 9th October, at the International Conference Centre in Abuja, with a firm declaration to globally criminalise acts of insecurity and proceeds from illegal maritime activities from the zone as was with the case of the “Blood Diamonds” In a ... Read More »

Nigeria: Some statistics from IMF, World Bank, are wild estimates, says Buhari as he inaugurates Economic Advisory Council

Nigeria: Some statistics from IMF, World Bank, are wild estimates, says Buhari as he inaugurates Economic Advisory Council

  President Muhammadu Buhari Wednesday in Abuja administered oaths of office on members of the newly constituted Presidential Economic Advisory Council (PEAC), and also set an agenda of what they should accomplish in the shortest possible time. Speaking at a meeting with the 8-man Council chaired by Prof. Doyin Salami, President Buhari charged them to focus on developing reliable data ... Read More »

Buhari presents N10.33 trillion budget to NASS for 2020 (see highlights and full speech)

Buhari presents N10.33 trillion budget to NASS for 2020 (see highlights and full speech)

  President Muhammadu Buhari on Tuesday presented a budget of N10.33 trillion to the joint session of the National Assembly for approval for the 2020 fiscal year. Some of the key capital spending allocations in the Budget include: a. Works and Housing: N262 billion; b. Power: N127 billion; c. Transportation: N123 billion; d. Universal Basic Education Commission: N112 billion; e. ... Read More »

AfDB Presidency :Buhari nominates Adesina for  re-election

AfDB Presidency :Buhari nominates Adesina for re-election

President Muhammadu Buhari has nominated Dr Akinwunmi Adesina for re-election as the President of African Development Bank (AfDB). Akinwunmi disclosed this on Sunday in Lagos after his conferment with the Emeka Anyaoku Lifetime Achievement Award for outstanding performance by the Hallmarks of Labour Foundation. The former Nigeria’s Minister of Agriculture and Rural Development thanked the Buhari for the opportunity. Akinwunmi ... Read More »

$62 bn arrears: Malami under pressure to overlook crude oil production sharing revenue payment due to FG

$62 bn arrears: Malami under pressure to overlook crude oil production sharing revenue payment due to FG

The Minister of Justice and Attorney General of the Federation, Abubakar Malami SAN is reportedly resisting a powerful pressure from vested interests to overlook the payment of monies due to the Federal Government in arrears of profit from production sharing contracts on crude oil exploration. Like the Comptroller-General of Customs and the Chairman of FIRS, Malami is also said to ... Read More »

2020 Budget: Gov Abiodun pledges to prioritize capital projects

2020 Budget: Gov Abiodun pledges to prioritize capital projects

Ogun State Governor, Prince Dapo Abiodun plans to prioritize capital projects that would be implemented under the state’s 2020 budget. The prioritized capital projects will have positive impact on the lives of the people. The State is also poised to achieve zero-based estimate in its budget preparation. Speaking through his Consultant on Budget and Planning, Mr Olaolu Olabimtan, in Abeokuta ... Read More »

States IGR leap to N1.16 trillion as 10 million join tax database – Fowler

The Chairman, Joint Tax Board,  JTB and Executive Chairman,  Federal Inland Revenue Service (FIRS) Tunde Fowler has said that the  states have recorded a leap in their Internally Generated Revenue (IGR) from N800 billion in  in 2016 to  N1.16 trillion in 2018  some  46.11 per cent  under four years. Also Nigeria’s tax database has increased from 10 million to 20 ... Read More »

Ex-Customs staff dragged to court over debt of N176million

Ex-Customs staff dragged to court over debt of N176million

A Federal High Court in Lagos has adjourned till 5th of November 2019 for hearing of debt recovery suit of N176,586 487.86 instituted against former staff of Nigeria Custom Service, Dr. Kamoru Bolaji Yusuff, by Asset Management Corporation of Nigeria, AMCON. In a statement of claim filed before the court by a Lagos lawyer, Fola Alade, on behalf of the ... Read More »

Breach of contract: court orders Keystone Bank to pay Chinese firm $778,118.72

Breach of contract: court orders Keystone Bank to pay Chinese firm $778,118.72

A Federal high court sitting in Lagos has ordered Keystone Bank Limited to pay a Chinese firm, Hexing Electrical Company, damages in the sum of $778,118.72 over a breach of contract. The judgment of the court was sequel to a suit filed before the court against Keystone Bank Limited, Chris International Agencies Company and Central Bank of Nigeria as defendants, ... Read More »

Rich Nigerians will suffer if economic woes persist – Soludo

Rich Nigerians will suffer if economic woes persist – Soludo

A former Governor, Central Bank of Nigeria, Prof. Charles Soludo, has said the rich in the country will also suffer if high poverty and unemployment rates are not tackled. Soludo said this on Tuesday in Lagos while delivering a presentation on economic restructuring at a programme, tagged ‘The Platform’, organised by Covenant Christian Centre. He lamented that the country had ... Read More »