Category: Economy - Page 2 - African News Today

Emefiele Pleads Not Guilty to Allegations of Unlawful Naira Printing

15May

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Corruption, Economy, Judiciary, News, Nigeria

Emefiele Pleads Not Guilty to Allegations of Unlawful Naira Printing

The former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, found himself at the center of controversy as he appeared in court on Wednesday to face allegations of unlawfully printing Naira notes during his tenure. The Economic and Financial Crimes Commission (EFCC) accused Emefiele of printing N684 million Naira notes without authorization from former President Muhammadu Buhari, amounting to a total sum of N18.96 billion. Additionally, the EFCC alleged that Emefiele unlawfully approved the withdrawal of approximately N124.8 billion from the consolidated revenue fund. Emefiele, however, vehemently denied these accusations when the four-count charge was read to him before trial Justice Maryann Anenih of the High Court of the Federal Capital Territory (FCT). His lega...

Wike Left Huge Debts for Rivers State – Fubara

15May

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Economy, Finance, News, Niger Delta, Nigeria

Wike Left Huge Debts for Rivers State – Fubara

Rivers State Governor, Siminalayi Fubara, revealed that his administration inherited substantial debt from the previous government led by Nyesom Wike. The disclosure, made on Tuesday, highlighted the challenges faced by Fubara’s administration in settling outstanding payments to contractors who executed projects under Wike’s tenure. According to Governor Fubara, numerous contractors engaged by the previous administration have been demanding their balance payments, amounting to billions of naira. This revelation has intensified the ongoing feud between Fubara and his predecessor, Nyesom Wike, adding another layer to their already strained relationship. During his tenure, Nyesom Wike, often referred to as "Mr. Projects," undertook a plethora of developmental initiatives, including the...

Cybersecurity Levy not Targeted at Individuals – Senate Buba

12May

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Economy, Finance, Legislature, Nigeria, Security

Cybersecurity Levy not Targeted at Individuals – Senate Buba

In response to recent concerns surrounding the Central Bank of Nigeria's (CBN) announcement of a cybersecurity levy, Senator Shehu Umar Buba, Chairman of the Senate Committee on National Security and Intelligence, representing the APC Bauchi South constituency, clarified that the levy is not targeted at individuals or ordinary bank customers. Rather, it is aimed explicitly at financial institutions and telecom companies, identified as the most vulnerable sectors to financial crimes and cyber fraud, with the goal of enhancing cybersecurity measures and national security in the country. Speaking from Abuja in a statement released on Sunday, Senator Buba, who sponsored the amendment bill, highlighted the specificity of the Cybercrime Act regarding the entities required to pay the levy, em...

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

11May

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African Development, Economy, Nigeria

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

Nigeria's President, Bola Tinubu, unveiled ambitious plans for the local production of solar panels and electric vehicle (EV) batteries, positioning the nation as a manufacturing powerhouse within Africa. The declaration, made during the inauguration of Nigeria's largest lithium processing plant in Lafia, Nasarawa State, marked a significant milestone in the country's quest for energy independence and economic growth. Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity), underscored the importance of this development, citing it as a testament to Nigeria's attractiveness for foreign investment. "This inauguration signifies Nigeria's appeal for foreign investment and its commitment to becoming a key player in the renewable energy sector," Ngelale stated. Presi...

10May

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Economy, Employment, Kenya, Labour

Kenyan Doctors End Two-Month Strike

Nairobi, Kenya – After a nearly two-month nationwide strike, Kenyan public hospital doctors have agreed to return to work. The decision brings much-needed relief to millions of Kenyans who rely on public healthcare services that have been severely disrupted by the strike. The strike was sparked by a long-standing dispute regarding inadequate pay and poor working conditions for doctors. Davji Atellah, the union secretary-general, confirmed on May 8th that doctors will resume work, placing their trust in the government to finally address the core issues of the strike. The agreement to end the strike came after a labor court issued a 48-hour deadline for the doctors and the government to reach a resolution, or else the court would intervene. See Also: Nationwide Strike: Some State C...

Binance CEO Faults Arrest of its Execs in Nigeria

8May

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Economy, Finance, News, Nigeria

Binance CEO Faults Arrest of its Execs in Nigeria

The CEO of Binance, one of the world's largest cryptocurrency exchanges, has condemned Nigeria's recent arrest of its executives, labeling them as a dangerous precedent. This outcry comes after two of Binance's executives who were invited by the government ended up being detained. The Nigerian took this action as part of a crackdown on crypto-related activities. Richard Teng, the CEO, expressed his dismay at the detention of Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen. He also highlighted the case of Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, who fled Nigeria in March. According to Teng, the ordeal began with meetings between Binance representatives and Nigerian authorities in January. However, matters escalated during a su...

Nigeria CBN Introduces Cybersecurity Levy on Transactions

7May

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Economy, Finance, Nigeria, Security

Nigeria CBN Introduces Cybersecurity Levy on Transactions

The Central Bank of Nigeria has issued a directive requiring banks to impose a 0.5% cybersecurity levy on transactions. This directive, conveyed through a circular released on Monday, is set to take effect within two weeks from its announcement. The circular, directed to all categories of banks including commercial, merchant, non-interest, and payment service banks, underscores the intention to combat cybercrimes in line with existing legislative frameworks like the Cybercrimes Act of 2015. This directive follows up on previous communications dated June 25, 2018, and October 5, 2018, signaling the CBN's sustained efforts to enhance cybersecurity measures within the financial sector. The decision to implement this levy is reportedly rooted in the Cybercrime Act of 2024, which mand...

Shettima Attributes Economic Calamity to Buhari, Calls it “Death Sentence” Crisis

3May

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Economy, News, Nigeria

Shettima Attributes Economic Calamity to Buhari, Calls it “Death Sentence” Crisis

Vice-President Kashim Shettima has once again pointed fingers at former President Muhammadu Buhari, his party colleague, for the unprecedented economic catastrophe plaguing Nigeria. This dire situation is attributed to the removal of petrol subsidies and the floating of the naira, coupled with years of unsustainable borrowing during Mr. Buhari's tenure. Despite opposition from prominent figures and warnings about the repercussions of Buhari's economic policies, he remained steadfast, leading the nation towards economic turmoil. Former President Olusegun Obasanjo's attempts to change course fell on deaf ears, and now, Mr. Shettima admits that Buhari's legacy left President Bola Tinubu with an "economic death sentence." See Also: Be Prepared for the Worst, Buhari Tells Intending Leade...

3May

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Economy, Finance, News, Nigeria

Naira Declines in May Trading Session

In the opening trading session of May at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the US dollar. This marks a decrease of 0.83% from the previous close of N1,390.96 in April, according to market data from the Financial Markets Dealers Quotations (FMDQ). Throughout the trading day, the Naira witnessed fluctuations, reaching a peak of N1,445 and a low of N1,299.42 against the dollar. This significant spread of N145.58 reflects the volatility observed in the forex market. Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, totaling $232.84 million, up from $225.36 million on the preceding Tuesday. In contrast, the parallel market saw the Naira weakening further, drop...

It’s Tariff Hike or Total Blackout – Minister of Power

30Apr

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Economy, News, Nigeria, Power

It’s Tariff Hike or Total Blackout – Minister of Power

Nigerians appear to be facing a choice between complete power blackout or tariff hike. This is the conclusion going by the statement issued by the Minister of Power, Adebayo Adelabu. According to him, Nigeria faces a looming threat of nationwide power cuts within three months if the government doesn't proceed with the electricity tariff hike. The Minister delivered this warning during a meeting with the Senate Committee on Power. Adelabu explained that Nigeria's power sector is in trouble due to a huge debt of N3 trillion. To avoid a blackout, the government needs to raise electricity tariffs. Adelabu said they need N2.8 trillion to subsidize electricity for the rest of the year. See Also: Power Tariff Hike: FG Discontinues Electricity Subsidy He also shared that Nigeria needs $1...