Category: Finance - Page 23 - African News Today

10Mar

By Chinedu IbeakanmaNo Comments

Communication, Finance, Nigeria

Buhari approves N5b for NIMC

President Muhammadu Buhari yesterday approved N5billion for the National Identity Managment Commission (NIMC) to enable it deliver the national digital economy project with appropriate infrastructures and attractive conditions of service in agencies saddled with the responsibility to do so. The Minister of Communications and Digital Economy, Dr Isa Pantami said there was an upward review of the capital budget of NIMC from between N500million and N700 million in the previous years to about N5 billion this year as part of the commitments of the president to digitalise the economy. He commended the President for his support and approval of proposals on the development of the Information Communications Technology (ICT) sector, saying the contributions of the sector to the nation’s Gross ...

NLC Mulls Nationwide Protest Over Removal of Minimum Wage from Exclusive List

4Mar

By Obiajulu Joel NwoluNo Comments

Finance, Labour, Legislature, News, Nigeria

NLC Mulls Nationwide Protest Over Removal of Minimum Wage from Exclusive List

The Nigeria Labour Congress, NLC, plans to embark on a nationwide protest to protest a move by the National Assembly to remove the minimum wage from the Exclusive List to the Concurrent List. The NLC in a statement signed by its President, Comrade Ayuba Wabba, and Acting General Secretary, Ismail Bello, said its National Administrative Council could embark on a nationwide strike, should the national assembly fail to reverse their decision. Their reaction followed a plot by the House of Representatives to change the current wage structure which gives the Nigerian government the power to negotiate the minimum wage for workers across the country. According to the statement, the NLC warned that workers would not tolerate the undermining of their rights by those it tagged opportunistic...

NYSC Responds to Rumours on Expending Corps Member’s February Salary on Bandits

28Feb

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

NYSC Responds to Rumours on Expending Corps Member’s February Salary on Bandits

The National Youth Service Corps Management has discredited the speculation that the February stipend for corps members has been expended on the settlement of bandits. The management of the NYSC described the rumour as fake news masterminded my mischief-makers, adding that reports that the February stipend for corps members will be paid at the end of March was false. It disclosed this in a statement titled, ‘To all Corps Members and the General Public’. The NYSC urged corps members to only rely on the NYSC platforms for information regarding the Service. The statement read, “The Management of the National Youth Service Corps wishes to alert members of the public, especially Corps Members on the fake news currently trending, which states that Corps Members will be paid the February...

Naira Dips to 410/$ at Official Market – Emefiele

27Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Naira Dips to 410/$ at Official Market – Emefiele

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria has said that the naira has suffered a dip in value to 410 against the dollar at the official market. The apex bank boss disclosed this while speaking at a summit on the economy by Bank CEOs on Friday. He said the depreciation was occasioned by the drop in crude oil revenue and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. Emefiele said, “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.” Reports suggest the naira exchanged for 478/$ at the parallel market on Friday. Speaking on the state of the economy, the Vice President, Prof. Yemi Os...

Senate Ratifies N11.35bn Police Trust Fund Budget

24Feb

By Obiajulu Joel NwoluNo Comments

Finance, Legislature, News, Nigeria

Senate Ratifies N11.35bn Police Trust Fund Budget

The Senate has approved N11,352,457.70 as the budget for the Nigeria Police Trust Fund in the 2020 fiscal year. The approval followed the consideration of the harmonized report of the Senate and House of Representatives Committee on Police Affairs. The implementation of the approved NPTP 2020 budget is set to elapse on the 30th of April, 2021. Senator Halliru Jika, Chairman of the Senate Committee on Police Affairs on Wednesday presented the report of hid committee at the plenary. According to Jika, it was the first budget of the NPTF since the establishment Act came into being in 2019. He said, “Only 0.5 per cent of the total revenue accrued to the federation account and 0.5 per cent of the total VAT were remitted to the NPTF Account. “Other sources of revenue as prescri...

Atiku Supports Privatisation of Refineries, Other Govt Assets

21Feb

By Obiajulu Joel NwoluNo Comments

Finance, Infrastructure, News, Nigeria, Petroleum, Power

Atiku Supports Privatisation of Refineries, Other Govt Assets

Atiku Abubakar, former Vice President of Nigeria has lent his voice to the Federal Government’s plan to privatise some of its assets. Among the assets to be privatised are the country’s refineries, the International Conference Centre in Abuja, Yola Electricity Distribution Company, Zungeru Hydro Power, Tafawa Belewa Square, among others. It is expected that around N493.4bn will be generated from the sale of the assets which were classified under energy assets, industries and communication department, as well as development institutions and natural resources. The presidential candidate of the Peoples Democratic Party (PDP) in the 2015 presidential election disclosed this in a statement ‘Privatisation of Refineries and Other Assets: Better Late Than Never.’ He urged the Federal G...

I Was Surprised Trump Opposed My Candidacy – Okonjo-Iweala

16Feb

By Chinedu IbeakanmaNo Comments

Economy, Finance, Interview, News, Nigeria, Trade, Women Empowerment

I Was Surprised Trump Opposed My Candidacy – Okonjo-Iweala

Ngozi Okonjo-Iweala, Nigeria's former Finance Minister, says she was surprised that President Donald Trump's administration could stand in her way of leading the World Trade Organisation (WTO). At a press briefing, the new Director-General of WTO said she did not see it coming. She said she felt she had a good understanding with the US government, which interviewed her about the job twice. "I think I was quite surprised when that came (opposition from Trump) because there was no indication that there was any problem with the US. "I had two good interviews with the authorities and with the administration, so it was a surprise. But that's the way life works. When things happen, you take them in your stride and you move on. "It was wonderful when the Biden/Harris administration b...

SEC Gives Reasons for Crypto Assets Regulation

12Feb

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Safety, Trade

SEC Gives Reasons for Crypto Assets Regulation

The Securities and Exchange Commission, SEC, has defended its decision to regulate crypto assets saying it was informed by the growing volume of reported flows within the digital asset space. The chief regulator of the country’s capital market, had in September, 2020 designated digital assets, including crypto assets, as securities, noting it would regulate them. It was followed by the order of the Centra Bank of Nigeria, CBN, to banks and other financial institutions in the country last Friday to shut down all cryptocurrency accounts. SEC in a communique issued on Thursday said it had received several comments and inquiries from the public on a perceived policy conflict between its September 11, 2020 statement on digital assets and classification and treatment and the CBN circula...

Court Unfreezes #EndSARS Campaigners’ Bank Accounts

11Feb

By Obiajulu Joel NwoluNo Comments

Finance, Human Rights, Judiciary, Justice, News, Nigeria

Court Unfreezes #EndSARS Campaigners’ Bank Accounts

Following the freezing of the bank account of some promoters of the #EndSARS protesters, a Federal High Court in Abuja has ordered the Central Bank of Nigeria to unfreeze 20 bank accounts linked to protesters and promoters of #EndSARS with immediate effect. The order was given by Justice Ahmed Mohammed following the sudden withdrawal of a suit filed against them by the CBN through its counsel, Michael Aondoakaa (SAN). The apex bank had asked for 180 days to probe the alleged crime against the defendants. It opted to withdraw its earlier application for an extension of time and the defendants through their lawyer, Femi Falana (SAN), subsequently decided to withdraw all processes filed against the suit. During hearing on Wednesday, Aondoakaa told the court that he had discussed w...

Cryptocurrencies Ban will Boost Anti-Money Laundering Compliance – ABCON

8Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Information Technology, News, Nigeria

Cryptocurrencies Ban will Boost Anti-Money Laundering Compliance – ABCON

The Association of Bureaux De Change Operators of Nigeria, ABCON, has backed the Central Bank of Nigeria’s order directing banks to close all accounts belonging to cryptocurrency traders. This was contained in a statement issued on Sunday titled, ‘ABCON backs CBN’s cryptocurrency trading ban for stronger anti-money laundering compliance’. According to Alhaji Aminu Gwadabe, ABCON President, the regulator acted fast to curtail an emerging dangerous trend capable of eroding Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing gains. He said that before placing a ban on financial dealings that did not conform with the norm, the regulator must have got a financial intelligence on such operations, as seen in kidnappers now collecting bitcoin for ransom. Gwadabe stated tha...