CBN Approves Merger Of Unity, Providus Banks
The Central Bank of Nigeria (CBN) has approved a pivotal financial accommodation to support the proposed merger between Unity Bank and Providus Bank. CBN’s acting Director of Corporate Communications, Hakama Sidi Ali, disclosed this in a statement on Tuesday. According to the apex bank, the action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007. It...
CBN Bars BVN Violators From Opening New Bank Accounts
The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule. The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular. According to the...
Fubara Approves N100,000 Christmas Bonus For Rivers Civil Servants
Rivers State Governor, Siminalayi Fubara, has approved the sum of N100,000 for each civil servant in the State. The bonus will go to the thousands of workers in the different Ministries, Departments, And Agencies. The State Commissioner for Information and Communication, Mr. Joe Johnson said the approval was given on Tuesday for “immediate implementation to enable the civil servants to have...
Trade Ministry, SMEDAN Plan MSMEs Academy
The Federal Government, through the Federal Ministry of Industry, Trade and Investment has begun talks with the United Nations Industrial Development Organisation to set up a formal academy to train and equip small business operators with the requisite knowledge to help their day-to-day activities and deepen their contributions to the country’s economic growth. The Ministry, the Small and Medium Enterprises...
Abuja Black Marketers Shuts Down Operation
In a surprising move, foreign exchange black market operators in Abuja, including those at the bustling Wuse Zone 4 market, abruptly stopped trading on Thursday morning. They attributed their decision to instructions from their union and a significant depreciation of the Naira against the US dollar at the official market. None of the traders approached was willing to exchange foreign currency. Initially, they...
Buhari Approves Naira Notes Redesign
President Muhammadu Buhari on Sunday voiced his support for the decision of the Central Bank of Nigeria, CBN to launch new designs and replace high-value Naira notes. This was as he noted that the nation would gain a lot by the new initiative, especially its impact on illicit monies. According to a statement signed by his Senior Special Assistant on Media...
Zamfara Moves Away From N7,000 Minimum Wage, Now Pays N30,000
The Zamfara State Government has commenced the payment of N30,000 minimum wage to workers in the North-Western state. This followed a meeting the state governor, Dauda Lawal, held with the leadership of labour unions where he pledged to commence the payment of the minimum wage in June. Disclosing this in a statement on Friday, the governor’s spokesperson, Sulaiman Bala Idris, said...
Gov. Mbah Lists Gains Expected As He Signs N521.5bn 2024 Budget Into Law
Governor of Enugu state, Peter Mbah has signed a N521.5billion Enugu State 2024 Budget into law, saying it would engender disruptive economic growth, radical infrastructural development and efficient service delivery. Mbah, who said that the Enugu State 2024 Appropriation Law, consisting N414.3billion Capital Expenditure, representing 79 per cent of the budget and N107.2 billion, representing 21 per cent of the...
President Buhari Signs 2022 Appropriations Bill Of N17.127trn Into Law
President Muhammadu Buhari is currently signing the 2023 Appropriations Bill of N17.126 trillion into law. The signing ceremony is taking place at the Council Chambers, Presidential Villa, Abuja. Present at Council Chamber to witness the ceremony are the President of Senate, Dr Ahmad Lawan, the Speaker, Rt. Hon. Femi Gbajabiamila, and the Minister of Finance, Budget and National Planning, Mrs. Zainab...
President Buhari Reportedly Set To Extend Validity Of Old Naira Notes Till April 10
President Muhammadu Buhari is reportedly considering extending the validity of old 200, 500 and 1000 naira notes by 60 days. TheCable reports that this is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old notes remain valid until it delivers judgment in the case filed by some states against the federal government. The CBN...
