Enugu banker gets N200m bail in fraud allegation
An Enugu State High Court, Friday, granted bail worth N200 Million to Oliver Anidiobi, a banker who was accused of fraud. Anidiobi is facing trial before the court on 32 count charges of forgery and stealing, slammed against him by the Economic and Financial Crimes Commission (EFCC). He was earlier arraigned by EFCC on May 7 this year and was remanded...
Yahaya Bello Lauds Buhari For Recognising Kogi As Oil Producing State
Gov. Yahaya Bello of Kogi has expressed the state government’s appreciation to President Muhammadu Buhari recognizing it as one of the Oil-producing states. This is contained in a statement by Mr Onogwu Muhammed, Chief Press Secretary to Bello on Wednesday. ”Gov. Bello conveyed his thank you message to Mr President during his visit to the Presidential Villa, Abuja, on Tuesday. ”Kogi was...
I Won’t Sign 2021 Budget If Provision For Victims Of Police Brutality Is Excluded – Gbajabiamila
The Speaker of the House of Representatives, Femi Gbajabiamila, has disclosed that he will not sign the 2021 budget if provision for compensation to victims of police brutality is excluded. Mr. Gbajabiamila also disclosed that he will be visiting families of victims of police brutality across the country. He also appealed to the protesters to suspend the ongoing protests. Gbajabiamila stated these...
Shell Sells Stake In Nigerian Oil Block For $533m
The Shell Petroleum Development Company of Nigeria Limited has announced the completion of the sale of its 30 percent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for a consideration of $533m. The oil major said in a statement on Friday that the completion followed the receipt of...
Finance Bill: “Implementation date will be announced soon” – FG
The Ministry of Finance on Tuesday said that the take-off date for the implementation of the newly signed Finance Law would be announced in due course. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in a statement issued by her Media Adviser, Yunusa Abdullahi. Abdullahi in the statement said that a large sum of money realised...
CBN Places N1Million Limit On eNaira Single Transaction
Merchants are barred from exceeding N1 million a deal on eNaira transactions, the Central Bank guideline on the usage of the digital currency indicates. This is part of the operating model and prototype design of the payment platform due to take off on Friday. While the N1 million ceiling is placed on sending and receiving money per transaction on the eNaira,...
President Buhari Appoints Araraume, Okadigbo, Kyari Into NNPC Board [LIST]
Nigeria’s President, Muhammadu Buhari has appointed 9 people into the board of the Nigerian National Petroleum Company Ltd. It can be recalled that the President ordered on Sunday, that the NNPC should be fully incorporated in line with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited...
Those Running Nigeria’s Economy Are Not Professionals – NES
NIGERIA Economic Society, NES, Tuesday took a swipe at President Muhammadu Buhari on his appointment, saying that those in his economic team are not professionals. According to Professional Economists, the engagement of novice in managing the economy explained why the Nation’s economy was nose-diving, adding that it was very wrong in the first place to exclude qualified and knowledgeable...
Banks borrow N19.6tn from CBN amid rising liquidity problems
Commercial banks borrowed a total of N19.64tn from the Central Bank of Nigeria in 2019, an increase of 73 per cent from the N11.36tn borrowed in 2018. This has raised concerns among analysts following the rising liquidity problems in the financial services sector. This happened barely one month after the World Bank warned the CBN against supporting undercapitalised banks indefinitely. According to...
Nigeria At Risk Of Debt Distress — Report
Nigeria is at a very high risk of debt distress, a report released by an Abuja-based policy think tank, Agora Policy, has said. The report noted that “despite official statements about the sustainability of Nigeria’s growing debts, the public debt is not only understated but has also become a major drag on public finance”. According to the report, “the proportion of...
