Category: Finance - Page 10 - African News Today

Man Allegedly Cheats Konga For Eight Years, Steals Goods Worth N22m

17Mar

By Obiajulu Joel NwoluNo Comments

Finance, Judiciary, News, Nigeria

Man Allegedly Cheats Konga For Eight Years, Steals Goods Worth N22m

A 39-year-old man, Chijioke Okoro, has been arraigned before a Chief Magistrate’s Court sitting at Ikeja, Lagos State, for allegedly stealing N22,046,695 worth of goods from an online store, Konga. Reports say that Okoro tricked the online company between October 2013 and August 2021 in Akilo, in the Ogba area of the state. He was arraigned on two counts bordering on stealing and cheating by tricks. The charges read, “That you, Chijioke Okoro, from October 2013 to August 20, 2021, at No 3b, Cocoa Road, Akilo area of Ogba, Lagos, in the Ikeja Magisterial District, did unlawfully steal goods worth N22,046,695, property of Konga Online Shopping Limited. Read Also: Abba Kyari’s Wife Slumps In Court, NDLEA Remands Husband, Six Others “That you, Chijioke Okoro, on the sa...

Airlines To Increase Flight Tickets To N120,000: Allen Onyema

16Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Transportation

Airlines To Increase Flight Tickets To N120,000: Allen Onyema

Allen Onyema, CEO of Air Peace, on Monday, warned that airfare might rise to about N120,000 if urgent actions are not taken to reduce the price of aviation fuel. Mr Onyema who spoke on behalf of the Airline Operators Association of Nigeria (AOAN) at a parliamentary briefing on Monday called on President Muhammadu Buhari’s regime to grant operators permission to import the product to end the hike. He argued that if airline companies can buy planes worth millions of dollars, they would have no trouble importing aviation fuel. Lamenting that the cheapest flight ticket costs N70,000, Mr Onyema warned there would be further increase if efforts were not made to address the fuel crisis. Responding to the airline operators’ request, the Group Managing Director of the Nigerian Nati...

FG Orders Google, Apple To Deactivate ‘Illegal’ Online Banks, Loan Apps

15Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

FG Orders Google, Apple To Deactivate ‘Illegal’ Online Banks, Loan Apps

The Federal Competition and Consumer Protection Commission has ordered Google LLC (Play Store) and Apple Inc. (Apple Store) to deactivate unauthorized online banks and loan applications. The Federal Government agency asked Google and Apple to delete the applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers. The agency also banned the acceptance and presentation of new online banking and loan applications without regulatory assessment and approval. President Muhammadu Buhari This is coming two days after FCCPC, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force shut down ...

Subsidy: It’s Impossible For Nigeria To Consume Up To 70 Million Litres A Day – Saraki

14Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Subsidy: It’s Impossible For Nigeria To Consume Up To 70 Million Litres A Day – Saraki

Former Senate President, Bukola Saraki has challenged the Federal Government’s plans to spend on Petrol subsidy based on 70 million litres a day consumption, stating that Nigeria’s fuel consumption cannot be more than 35 million litres a day, and hinted that Nigeria could be subsidizing fuel for neighboring West African states. The former Senate President disclosed this in an interview with Channels TV on Sunday evening. This comes as President Muhammadu Buhari transmitted the 2022 Appropriation Act (Amendment) bill to the National Assembly last month, where the FG earmarked the sum of N2.557 trillion for fuel subsidy following the suspension of the implementation of the policy by the federal government. He stated that he has seen the fuel queues situation in Nigeria and...

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

6Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Petroleum, Uncategorized

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022. Industry figures showed that Brent, the crude against which Nigeria’s oil is priced, leapt to a high of $118.11/barrel at 3pm on Saturday, moving up by $7.65 or 6.23 per cent when compared to its value the previous day. Oil sector operators stated that the rise in crude prices might raise the amount currently spent on petrol subsidy by the Federal Government by about 100 per cent when benchmarked against the projected price in the budget. In December 2021, the House of Representatives passed the 2022 budget of N17.126tn...

ASUU Strike: 2009 Pact Renegotiation Panel’s Report To Be Ready April

6Mar

By Obiajulu Joel NwoluNo Comments

Education, Finance, News, Nigeria

ASUU Strike: 2009 Pact Renegotiation Panel’s Report To Be Ready April

The Minister of Education, Adamu Adamu, is set to inaugurate a committee to renegotiate the 2009 agreement between the Federal Government and the Academic Staff Union of Universities tomorrow (Monday). The committee is expected to turn in its report in six weeks from the time of inauguration. It was reported that the 2009 agreement has become a bone of contention between the two parties. ASUU had on several occasions accused the Federal Government of failing to implement some of the agreements reached. In 2009, the government agreed with ASUU that the condition of service of university lecturers would be reviewed every five years. Read Also: Strike: ASUU’s Demand Mustn’t Violate Wages Commission Procedure –Ngige The condition of service includes the issue of sa...

Strike: ASUU’s Demand Mustn’t Violate Wages Commission Procedure –Ngige

2Mar

By Obiajulu Joel NwoluNo Comments

Education, Finance, Labour, News, Nigeria

Strike: ASUU’s Demand Mustn’t Violate Wages Commission Procedure –Ngige

The Minister of Labour and Employment, Dr Chris Ngige, on Tuesday in Abuja said that the Federal Government was committed to enhancing the remuneration package of university lecturers. Ngige spoke to State House correspondents at the Presidential Villa, Abuja after briefing the President, Major General Muhammadu Buhari (retd.), on the status of FG’s current engagement with the Academic Staff Union of Universities. Read Also: ASUU To FG: You Are Slave Merchants to IMF The minister said, “Yes, our university lecturers deserve good pay. A worker deserves his wages. So, if we compare with what obtains in other climes, and they are not adequately remunerated, there is nothing that stops the government within the lean resources we have to do some compensation raise and make them happy...

FG Loses Out As NASS Ratifies States’ Power To Collect VAT

2Mar

By Obiajulu Joel NwoluNo Comments

Finance, Legislature, News, Nigeria

FG Loses Out As NASS Ratifies States’ Power To Collect VAT

The Federal Government’s plan to retain the collection of Value Added Tax despite a Federal High Court ruling, hit a brick wall on Tuesday as the National Assembly rejected a proposal seeking to shift the collection of VAT from the concurrent to the exclusive legislative list, effectively leaving the decision to the Supreme Court which is hearing the matter. A Federal High Court had last year ruled that states had the powers to collect VAT. However, the Federal Government opposed the ruling and continued to collect VAT while it projected that it will collect N2.2tn in 2022 through the Federal Inland Revenue Service. Read Also: VAT Row: FG Eyes Out-Of-Court Settlement The regime of the President, Major General Muhammadu Buhari (retd.), also incorporated VAT collection in its Finan...

ASUU To FG: You Are Slave Merchants to IMF

21Feb

By Chinedu IbeakanmaNo Comments

Economy, Education, Finance, News, Nigeria

ASUU To FG: You Are Slave Merchants to IMF

Academic Staff Union of Universities (ASUU) has described the federal government of Nigeria and the President Muhammadu Buhari-led administration as slave merchants. The union said the federal government led by Buhari only listens and implements destructive policy recommendations of the International Monetary Fund (IMF) and World Bank against the interest of the citizens. The union maintained that the government treats lecturers like slaves because of poor policies formulated and implemented in the education sector. ASUU Chairman at the University of Ibadan, Professor Ayo Akinwole made these disclosures in a statement made available to DAILY POST in Ibadan on Sunday. The Academic Staff Union of Universities (ASUU) had last week commenced a one-month warning strike. ...

How to Report Your Bank When Displeased – CBN

31Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

How to Report Your Bank When Displeased – CBN

The Central Bank of Nigeria has released a guide for bank customers and others on how and where they can lodge complaints against financial institutions regulated by it. The financial institutions include commercial banks, microfinance banks, primary mortgage institutions, and discount houses. The CBN noted that it had earlier issued a circular directing all banks to expand their existing ATM help desks to handle all types of consumer complaints. Read Also: Beware Of Fake eNaira Social Media Accounts, CBN Warns Nigerians “Therefore, if you have a complaint against your bank, you must first report the complaint at the bank/branch where the issue originated and then allow two weeks (it might be less or more in some cases) for the issues to be resolved,” it said. According ...