BUSINESS
CBN Postpones e-Naira Launch
The Central Bank of Nigeria (CBN) has announced the postponement of the proposed launch of its digital currency, e-Naira. A statement by apex bank’s Director of Communications, Mr Osita Nwanisobi, said that the launch, which was earlier scheduled for Oct. 1, was postponed due to other activities lined up to commemorate the country’s 61st independence anniversary. Nwanisobi said that the CBN...
Appeal Court Dismisses Ex-NHIS Boss, Olufemi Thomas’s No-case Submission
A three-man panel of the Court of Appeal, Lagos Division, on Thursday, September 30, 2021, dismissed the application filed by Dr. Olufemi Martins Thomas, a former Executive Secretary, National Health Insurance Scheme, NHIS, seeking to stop the alleged $2,198,900 fraud charges leveled against him by the Economic and Financial Crimes Commission, EFCC. Thomas was re-arraigned alongside one Kabiru Sidi, a...
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,...
FG Set To Increase Trade Relations With Iran
The Federal Government has called for deepening of trade relations between Nigeria and the Islamic Republic of Iran as Iran considers direct shipping and flight to Nigeria. The Minister of Foreign Affairs, Chief Geoffrey Onyeama, made the appeal on Thursday during a bilateral meeting with the Iranian Minister of Foreign Affairs, Hossein Amir-Abdollahian. This was disclosed in a statement made available...
FG To Promote Digital Economy, Inclusive Development
Minister of finance, budget and national planning, Zainab Ahmed has stated that the federal government would promote industrial digital economy, inclusive and economic development. This was announced on Tuesday by Zainab Ahmed at the West Africa Business Forum, themed; “Empowering women and youths to spur Africa’s transformation agenda” in Lagos. She noted that inclusive economic development is a core element of...
“It’s Foolishness To Keep Borrowing” – Obasanjo Blasts Buhari
Former President, Olusegun Obasanjo has fired the Muhammadu Buhari administration over its continuous borrowing to fund recurrent expenditure. Obasanjo, in a recent interview with Channels TV, said that it was ‘foolishness’ to keep borrowing and creating debt for the future generation. “If you want to build a commercial house and you go and borrow money, and you have 50 per cent...
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...
Buhari Orders Incorporation Of NNPC, Appoints Board [FULL LIST]
President Muhammadu Buhari in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited. This is in consonance 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 within six months of commencement of the Act in...
FG Commences Skill Acquisition Training In South-East Zone
The Federal Government has commenced the training of youths and unemployed in the South-East zone, in various Skills as an alternative to white collar jobs. Dr Chris Ngige, the Minister for Labour and Employment, while flagging off the training in Owerri, Imo State capital, noted that Skills education would equip them with self-employment and self-reliant skills that would serve them...
Power Supply In Ekiti Worsening, Gov. Fayemi Decries
Ekiti State Governor, Kayode Fayemi, has decried worsening electricity supply in the state, calling for urgent action. Speaking during a groundbreaking programme of transmission infrastructure by the Niger Delta Power Holding Company (NDPHC), Fayemi said power supply to the state was grossly inadequate, stating that the infrastructure upgrade would bridge the supply gap in the state. He said there was need...
