BUSINESS
How CBN Spent N74bn In Naira Redesign, Others In 2022 — Report
It cost the Central Bank of Nigeria and its subsidiary about N74.84bn to produce and roll out currencies, including new naira notes, in 2022. Despite the scarcity of naira that plagued the country in the latter months of 2022, the CBN spent 40.42 per cent more than the N53.29bn it spent in the preceding year, to rollout currencies. According to the...
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...
Minister Summons Stakeholders Over Nationwide Epileptic Power Supply, Vows To Improve Situation
The Minister of Power Engr. Abubakar D. Aliyu is holding an emergency meeting with all the stakeholders in the power sector to address the current low power generation which has caused epileptic power supply across the country. The minister warns that stakeholders must work together to make electricity more stable. The meeting held at the Conference Hall of the ministry...
Speed Wallet Disappears From Google Play Store 48 Hours After Launch Of e-Naira
The e-Naira speed wallet has disappeared from the Google Play Store barely 48 hours after its launch, ABN TV has observed. However, our correspondent learnt that the eNaira merchant wallet, which is designed for businesses, is still running and has over 10,000 downloads on the Google Play Store made available to Android users. Checks on the Apple App Store showed that...
MTN, Havenhill Synergy, Others Get Permits To Generate Electricity
The Nigerian Electricity Regulatory Commission has issued permits to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and others for mini-grid electricity generation. The NERC said it issued nine new off-grid generation licences in the first quarter of 2024 with a gross capacity of 109.69 megawatts and three new trading licences. According to a report by the commission, Golden...
PenCom Outlines Conditions For Early Access To Pension Savings Under Contributory Scheme
The National Pension Commission (PenCom) has clarified that Nigerian workers enrolled in the Contributory Pension Scheme (CPS) can access part of their retirement savings before retirement, but only under specific circumstances. Under the CPS, both employers and employees make monthly contributions into a Retirement Savings Account (RSA), which is primarily intended to provide a steady income after retirement. However, PenCom’s...
We’ve No Hand In Nigeria’s Fuel Subsidy Removal, Says IMF
The International Monetary Fund (IMF) clarified that it was not behind Nigeria’s recent removal of fuel subsidies, a decision made independently by the Nigerian government. The IMF has faced criticism for Nigeria’s recent fiscal reforms, which have led to rising inflation and increased hardship for many citizens. Speaking at a press conference during the IMF and World Bank Annual Meetings in...
FG Commences Disbursement Of N50b Grants To Small Business Owners
Beneficiaries of the Federal Government’s N50,000 grant for nano business owners have started receiving credit alerts. Minister for Industry, Trade and Investment Dr Doris Uzoka-Anite, who confirmed this at the weekend, said no fewer than 200,000 small business owners have received the payment. According to her, 800,000 others will get their grants before the close of the programme by May 31. This...
Nigeria, Equatorial Guinea Sign Gas Pipeline Deal
Nigeria and the neighbouring Equatorial Guinea have sealed a deal on the Gulf of Guinea Pipeline Project, further affirming the partnership for mutual development, Nigeria's presidency announced on Thursday. Nigerian leader, Bola Tinubu and his Equatorial Guinean counterpart, Teodoro Mbasogo signed the agreement on Wednesday evening in Malabo, spokesman of Tinubu, Mr. Ajuri Ngelale said in a statement on Thursday. The...
