Category: Finance - Page 20 - African News Today

FCMB Appoints Yemisi Edun As Managing Director

13Jul

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

FCMB Appoints Yemisi Edun As Managing Director

The board of directors of FCMB Group Plc has appointed Yemisi Edun as the managing director of First City Monument Bank Limited. A statement on Tuesday said the announcement was subsequent to the end of service of the bank’s former Managing Director, Adam Nuru. The bank said the board had earlier reviewed media allegations made in late 2020 against the former managing director and did not establish any contravention of its policies. “The board of directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavour,” the statement said. FCMB stated that prior to her appointment, Edun was the executive director/chief financial officer of the bank and previously served as the acting managing director. It stated, “With a work ex...

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

12Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

The Trade union Congress, TUC, has faulted the Federal Government over the spike in the cost of goods and services across the country, saying it has negated the benefits of the National Minimum Wage, which some states have yet to implement. The union also condemned the spate of external borrowings, advising the government to harness the country’s natural endowments, advising the government to avoid mortgaging the future of Nigeria. Mohammad Yunusa, National Treasurer of TUC, and President-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies, disclosed this in an interview with journalists in Abuja, shortly after the Central Working Committee meeting on Saturday. Yunusa also noted that members of the association condemned in strong terms ...

Diesel Price Increases to N290 Per Litre

10Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Diesel Price Increases to N290 Per Litre

The price of automotive gas oil, popularly known as diesel, has increased to N290 per lire. The spike comes on the heels of the rise in the price of crude oil which sold at $75.55 per barrel at the international market at 11:11 PM (GMT) on Friday. The price of crude oil has been on the rise as major economies reopen economic activities. But the prolonged appreciation in crude prices will ultimately feed into a climb in fuel landing cost for users in Nigeria — meaning an increase in the price of diesel which is not subsided like petrol. The development has prompted the Organised Private Sector (OPS) to alarm that the new diesel price may trigger an increase in prices of goods and services. Most businesses in Nigeria rely on diesel-powered generators as an alternative to the unre...

BREAKING: Court Ruling has Vindicated Me – Ex-Finance Minister Adeosun

7Jul

By Chinedu IbeakanmaNo Comments

Finance, Judiciary, News, Nigeria, Press Statement

BREAKING: Court Ruling has Vindicated Me – Ex-Finance Minister Adeosun

A former Minister of Finance Mrs. Kemi Adeosun said she has been vindicated by a Federal High Court in Abuja. She however admitted that she had traumatic spell on the certificate forgery allegation against her. She said the judgement of Justice Taiwo Taiwo was not only a personal victory for her but for all Nigerians in the Diaspora. She said she will take further steps at the appropriate time to protect her reputation. Following allegation of presenting a forged National Youth Service Corps (NYSC) certificate to the Department of State Services (DSS) and the National Assembly for clearance, the ex-Minister on September 14, 2018 resigned her appointment But she engaged lawyers to fight her battle in a Federal High Court, Abuja. The court on Wednesday said the ex-Minister ...

Petrol Should Cost More Than N280/litre, NNPC GMD, Kyari Says

30Jun

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Petrol Should Cost More Than N280/litre, NNPC GMD, Kyari Says

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, has advocated for an increase in the price of petrol to about N280/litre at which Automotive Gas Oil, widely known as diesel, is being sold. Kyari said that Nigeria remains the only country in the world where the price of diesel outweighs that of petrol. He stated this on Tuesday when he appeared on Channels Television. The NNPC GMD faulted the smuggling of petrol from the country as an impediment on the country’s oil sector but added that it would not prompt another closure of the borders. He disclosed that government had intensified efforts at curbing smuggling. The NNPC boss said although petrol evacuation by NNPC in Nigeria was currently about 60 million litres daily, the...

BREAKING: Buhari Seeks Approval for N894bn Supplementary Budget

29Jun

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

BREAKING: Buhari Seeks Approval for N894bn Supplementary Budget

President Muhammadu Buhari has written the House of Representatives to seek approval of N894.842bn supplementary budget to fund the purchase of COVID-19 drugs and weapons for the Armed Forces. In a letter addressed to Speaker Femi Gbajabiamila read at Tuesday plenary, the President said the supplementary budget is limited to some critical needs, stressing other needs will be contained in the 2022 budget. The President indicated the 2022 Appropriation Bill will be presented to the National Assembly in September. The President said COVID-19 drugs will be procured from the supplementary budget as the Federal Government intends to vaccinate about 70 percent of eligible Nigerians before the end of 2022. Details shortly…

Dielsel Price Rises to N280, LCCI Predicts Inflation Will Rise

29Jun

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Dielsel Price Rises to N280, LCCI Predicts Inflation Will Rise

The price per litre of Automotive Gas Oil, popularly known as diesel, has jumped to N280, occasioned by the recent hike in global oil prices and naira devaluation. The price of diesel on Monday ranged from N270 to N280 per litre in several filling stations in Lagos. Reports say the price of the product which is not under government regulation was sold for N280, N279.9 and N275 per litre at Mobil, Capital Oil and Gas as well as Oando filling stations, all along the Lagos-Ibadan Expressway. Diesel often readily serve businesses to power their generators amid a lack of reliable power supply from the national grid. “The high diesel cost is taking a huge toll on operating and production costs across sectors. It is a case of multiple jeopardy for businesses,” the Director-General, Lagos Cham...

Nigerians Call for Arrest of Davido, Rema, Others

26Jun

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Nigerians Call for Arrest of Davido, Rema, Others

Some Nigerians have asked security agencies to go after some celebrities, among whom are David Adeleke, popularly known as Davido, Divine Ikubor, better known as Rema, and Williams Uchemba for endorsing and promoting a Ponzi scheme company, RackSterli, which has allegedly defrauded many unsuspecting Nigerians. There were viral videos of the celebrities adverting the platform, making people to invest in it. Davido in one of the videos said, “I wanna introduce you guys to one of the biggest investment platforms in Nigeria. There are a lot of opportunities over there… It has been very, very reliable for the past six months. We’ve had great recommendations.” Read Also: Bayelsa Governor, Diri Swears In Wife As High Court Judge The Ponzi-like initiative, owned by one Chidi, popularly...

JAMB Faults NIN For Dip in Registration as Revenue Drops to N5.8bn

21Jun

By Obiajulu Joel NwoluNo Comments

Education, Finance, News, Nigeria

JAMB Faults NIN For Dip in Registration as Revenue Drops to N5.8bn

The Joint Admissions and Matriculation Board, JAMB, has identified the introduction of the National Identification Number, NIN, into the registration process as a causative factor to the dip in revenue it generated from the sale of forms for the 2021 Unified Tertiary and Matriculation Examinations and the Direct Entry Examinations. The body said the NIN requirement hindered some prospective candidates to register, leading to the shortfall in the number of registered candidates and the accrued revenue generated from form sales. Dr Fabian Benjamin, JAMB’s Director of Press and Public Relations, disclosed this in an interview with Punch on Sunday. Earlier reports said the examination body generated N5,887,628,900 from the sale of forms for the 2021 UTME/DE. It accounted for a drop...

21Jun

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

Borrowing Is Good For Nigeria– Fashola

The Minister of Works and Housing, Babatunde Fashola, has defended the Nigerian Government’s resort to loans to expand infrastructure in the country. Fashola, who spoke to the News Agency of Nigeria, said that the country would not make meaningful progress without taking loans to boost infrastructure. He explained that borrowing is not a sin and it is part of the essence of keeping the economy growing. ”It is in our own interest that the government does some borrowing and spends it on investment because that sector contributes to the Gross Domestic Products (GDP) and contributes to employment. “I do not support irresponsible borrowing so let us be clear; there has to be some sense to this. “So long as you are borrowing to invest and you are investing in assets, then we can hav...