Category: Finance - Page 15 - African News Today

Obi Cubana Spends Second Day With EFCC, Passport Seized

3Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Obi Cubana Spends Second Day With EFCC, Passport Seized

The Economic and Financial Crimes Commission has reportedly confiscated the passport of a popular socialite and businessman, Obinna Iyiegbu, aka Obi Cubana, who was arrested on Monday for alleged money laundering and tax fraud. It was gathered that the seizure of his travel document was to prevent him from leaving the country while under investigation. Checks revealed that the anti-graft agency quizzed the Anambra-born social media influencer for the second day on Tuesday at its Abuja, Jabi headquarters. A source stated, “Obi Cubana has not been released, he is still having quality sessions with investigators over alleged money laundering running into millions of naira and tax fraud. “He will be released when he has satisfactorily responded to all questions relating to his invo...

International Airfares Rise As Naira Crashes On IATA Platform

2Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Transportation

International Airfares Rise As Naira Crashes On IATA Platform

The lingering shortage of foreign exchange in Nigeria has forced the naira to crash against the United States dollar on the air ticket pricing template of the International Air Transport Association, the Switzerland-based trade body representing over 290 global airlines. As a result, airfares on Nigeria routes that are priced in naira have increased considerably, forcing Nigerian travel companies to express fear the development may further dampen the recovery of international travel from the effects of the COVID-19 pandemic. The development came amid struggles by foreign airlines to access forex from the Central Bank of Nigeria to repatriate ticket sale proceeds running to over $208m. Investigations by The PUNCH revealed that the naira fell against the US dollar last week on the I...

Banks Begin Deduction Of Loans From Chronic Debtors’ Accounts

1Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Banks Begin Deduction Of Loans From Chronic Debtors’ Accounts

The Deposit Money Banks are recovering debts owed by chronic debtors from their accounts in other banks to curb the growth of non-performing loans in the industry, findings have revealed. Figures obtained from the Central Bank of Nigeria and the National Bureau of Statistics showed that the NPLs in the banks recorded a slight decline from N1.2tn at the end of second quarter of 2020 to N1.1tn at the end of July 2021. This is despite an increase in the gross loans in the industry in the period. The CBN said the measures it introduced such as the Global Standing Instruction to reduce banking sector risks was helping to reduce the NPLs in the sector. According to the CBN, the GSI, which commenced on August 1, 2020, allows banks to recover the outstanding principal and interest upon de...

Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina

30Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina

The Special Adviser to the President on Media and Publicity, Femi Adesina, says the going of Nigerian economy into recession in 2016 was “inevitable” and past governments, not the Muhammadu Buhari-led government, should be blamed for it. Adesina stated this on Friday in a post, adding that the former governments did not have a will to save the country’s resources. He said, “At the economic front, of course, it came in 2015 when things were on a downward spiral. Nobody could have stopped that downward spiral because it was already set in motion. The recession that came in 2016 was inevitable. Nobody could have stopped it due to some actions and inactions of the government that left. The coordinating minister of the economy then even said that the government didn’t have the will to sav...

Beware Of Fake eNaira Social Media Accounts, CBN Warns Nigerians

29Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Beware Of Fake eNaira Social Media Accounts, CBN Warns Nigerians

The Central Bank of Nigeria has warned Nigerians to beware of fake social media handles of eNaira. The President, Muhammadu Buhari, launched the central bank digital currency, called eNaira, on Monday. To access the eNaira, users have to download the ‘speed wallet’, which allows users to conduct transactions with speed and ease. It is the digital storage that holds the eNaira and is held and managed on a distributed ledger. In a statement on Wednesday, the apex bank said impostors are already defrauding people. “Following the formal launch of the eNaira on Monday, October 25, 2021, the attention of the Central Bank of Nigeria (CBN) has been drawn to criminal and illegal activities of some individuals and a fraudulent Twitter handle, @enaira_cbdc purported to belong to the Bank....

Fuel Subsidy: Why Buhari Should Be Impeached – Sanusi Lamido

27Oct

By Obiajulu Joel NwoluNo Comments

Finance, Judiciary, News, Nigeria

Fuel Subsidy: Why Buhari Should Be Impeached – Sanusi Lamido

The dethroned emir of Kano and former Central Bank of Nigeria’s Governor, Muhammadu Sanusi, has stated that the constitution allows President Muhammadu Buhari to be impeached for paying millions of dollars on fuel subsidies without appropriation. Sanusi stated this while speaking virtually as a panelist on Sustainable Development Goals (SDGs) at the just concluded Nigerian Economic Summit held in Abuja. “Every year, the government spends millions upon millions of dollars on fuel subsidies without appropriation. Under the constitution, this is enough ground to impeach the President. “But nobody is holding them to account. The National Assembly is not holding them to account,” he said. The former CBN governor said the federal government’s populist approach was hurting the nation....

Buhari Unveils Enaira, MDAs May Collect Revenues, Pay In E-Currency

26Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Buhari Unveils Enaira, MDAs May Collect Revenues, Pay In E-Currency

President Muhammadu Buhari, on Monday, unveiled the Central Bank of Nigeria’s digital currency, also known eNaira, in a keynote event attended by top government functionaries at the State House, Abuja. He said Nigeria’s Central Bank Digital Currency and its underlying blockchain technology could increase the nation’s Gross Domestic Product by $29bn over the next 10 years. In his address, the President said the e-currency would help increase remittances, foster cross-border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes. Read Also: Rivers Not Fighting FG on VAT –Wike According to him, the digital currency will help move many more people and businesses ...

EFCC Detains Anyim Over N780m Aviation Ministry Fund

25Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

EFCC Detains Anyim Over N780m Aviation Ministry Fund

The Economic and Financial Crimes Commission has detained a former Secretary to the Government of the Federation, Anyim Pius Anyim, in connection with the ongoing probe of a former Minister of Aviation, Senator Stella Oduah. Anyim, it was learnt, was grilled on Sunday for several hours in connection with the fund which was traced to a company in which he was a director. He reportedly arrived at the EFCC office in the afternoon on Sunday and was quizzed for over six hours. Sources said Anyim, who is still in custody late on Sunday night, may be detained till Monday. Read Also: Pandora Papers: EFCC Opens Probe Of Obi, Oduah, NPA Boss, Others The detention of the former SGF is coming days after Oduah was named in the Pandora Papers as one of 10 Nigerians hiding their wealth in ...

25Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Rivers Not Fighting FG on VAT –Wike

Against the backdrop of the legal tussle over Value Added Tax collection, the Governor of Rivers State, Nyesom Wike, has said the state has no intention to fight the Federal Government. Wike said this during a public lecture on ‘Taxing powers in a federal system’, held on Saturday to mark the 60th birthday of a lawyer, Ahmed Raji (SAN). The governor, who was represented by Rivers State Attorney-General and Commissioner for Justice, Prof. Zacchaeus Adangor (SAN), said, “I have heard a lot of comments been made that we are fighting Federal Government; there is no desire or any intention of the Rivers state government to fight the Federal Government. But you must remember that in a federal system, the states are not house boys of the Federal Government. Read Also: FG Considers Taking...

CBN Introduces N500m Grant For Undergraduates, Graduates

21Oct

By Obiajulu Joel NwoluNo Comments

Education, Finance, News, Nigeria

CBN Introduces N500m Grant For Undergraduates, Graduates

The Central Bank of Nigeria has said it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment. The CBN disclosed this on Wednesday in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’. “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,” it said. It added that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agribusiness, information technology, creative industry, as well ...