Category: Finance - Page 24 - African News Today

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

8Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Nigeria, Safety, Youths

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

Following the ban placed on cryptocurrencies, the Central Bank of Nigeria, CBN, has defended its decision saying they promote illegal activities and raise risks, among other reasons. The apex bank disclosed this in a statement issued on Sunday concerning various comments and reactions following its recent reminder to Deposit Money Banks to desist from transacting in/and with entities dealing in cryptocurrencies. It said, “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability. “Due to the fact that cryptocurrenci...

CBN Orders Closure of Cryptocurrency Accounts

5Feb

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Orders Closure of Cryptocurrency Accounts

The Central Bank of Nigeria on Friday ordered banks and other financial institutions to close accounts of persons and groups operating cryptocurrency exchanges. The apex bank said that dealing with cryptocurrencies and facilitating payments through them are illegal in the country. This was contained in a circular signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department to all Deposit Money Banks, non-bank financial institutions and other financial institutions. It was titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ It read, “The Central Bank of Nigeria circular of January 12, 2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned the Deposit Money Banks, non-bank ...

Nigerian Politicians, Other West African Leaders Responsible for Over £30m Annual Funding to UK Education Sector – Report

30Jan

By Obiajulu Joel NwoluNo Comments

Corruption, Education, Finance, News, Nigeria

Nigerian Politicians, Other West African Leaders Responsible for Over £30m Annual Funding to UK Education Sector – Report

A report published by the Carnegie Endowment for International Peace, CEIP, has disclosed that politicians in West Africa, majorly Nigeria, contribute over £30m annually to the United Kingdom’s education sector. According to the report released by CEIP, at least 40 per cent of Nigerian governors, past and present, have had their children study in UK universities from 1999 till date. It showed that only ten state governors, past and present, have not sent their children to study in the UK. The publication looked at how studying abroad for the political elites are potential sources of illicit financial flows from prominent politically exposed persons, PEPs, and politicians, some of who have been accused of corruption. The publication which was written by a former US intelligence ...

EFCC Recovered N75m From Ex-minister’s Wife, Says Operative

28Jan

By Obiajulu Joel NwoluNo Comments

Crime, Finance, Judiciary, News, Nigeria

EFCC Recovered N75m From Ex-minister’s Wife, Says Operative

The Economic and Financial Crimes Commission, EFCC, recovered N75m from Halima Turaki, wife of former Minister of Special Duties and Inter-Governmental Affairs, an operative of the commission identified as Bello Hamma-Adama told Justice Inyang Ekwo, of a Federal High Court in Abuja. During the Dr Goodluck Jonathan era, Taminu Turaki was a Minister for Special Duties and Inter-Governmental Affairs between 2013 and 2015. Turaki also served as the Minister for the Federal Ministry of Labour between 2014 and 2015. Testifying before Justice Ekwo, Hamma-Adama, the fifth prosecution witness in the trial made the revelations. Turaki had been arraigned by the anti-graft agency alongside his former Special Assistant, Sampson Okpetu, and two firms, Samtee Essentials Ltd and Pasco Investme...

Slash on Imported Vehicles’ Duties Commences Next Week – Customs

27Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Trade, Transportation

Slash on Imported Vehicles’ Duties Commences Next Week – Customs

The Nigeria Customs Service, NCS, has said the reduction in the duties on vehicles and tractors from 35 to about 10 per cent might begin next week. This was disclosed by the Comptroller-General of Customs, Hameed Ali, in a chat with reporters in Abuja, noting that service was anticipating an official communication from the finance ministry on the issue any moment from now. Ali said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria. He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria. “Now, it has become a law. We are now waiting for the finance minister...

CBN to Shut Accounts of Diaspora Remittance Violators

23Jan

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

CBN to Shut Accounts of Diaspora Remittance Violators

The Central Bank of Nigeria has threatened to suspend the operating licences of operators who continue to violate rules guiding diaspora remittances into the country. The apex bank said it would not tolerate the explicit flouting of its directive that all remittances be paid to beneficiaries in dollars. This was contained in its circular signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji to all authorised dealers and International Money Transfer Operators on Friday. The circular was titled ‘Modalities for payout of diaspora remittances’. It said that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’. The circular partly read, “These measures are intended to promote transpa...

2021 Forbes List: Dangote, Adenugu, Rabiu Among Africa’s Top 10 Billionaires

23Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

2021 Forbes List: Dangote, Adenugu, Rabiu Among Africa’s Top 10 Billionaires

Nigeria’s Aliko Dangote has made the 2021 Forbes’ Africa Billionaires List released on Friday as the richest person in Africa, a position he has held for the past 10 years. Also, Nigeria had prominent businessmen, Mike Adenuga of Globacom, and Abdulsamad Rabiu of BUA Group listed as the 5th and 6th richest persons in Africa respectively. According to Forbes, as in elsewhere in the world, the wealthiest person in Africa was not so much affected by the pandemic. It said that Africa’s 18 billionaires were worth an average $4.1bn, 12 per cent more than a year ago, driven in part by Nigeria’s surging stock market. Forbes report said, “For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1bn, up by $2bn from last year’s list, thanks to a ...

Supreme Court Rejects Request to Unfreeze Abacha’s Accounts in UK, others

22Jan

By Chinedu IbeakanmaNo Comments

Corruption, Finance, Judiciary, News, Nigeria

Supreme Court Rejects Request to Unfreeze Abacha’s Accounts in UK, others

The Supreme Court, on Friday, declined the request by a brother to the late Gen. Sani Abacha, Alhaji Ali Abacha, to unfreeze the accounts traced to him and relatives of the late Head of State in the United Kingdom, Switzerland, Jersey, Liechtenstein, and Luxembourg. The apex court in a unanimous judgment of a five-man panel led by Justice Sylvester Ngwuta held that Ali Abacha’s case was statute-barred as at when it was commenced in April 2004 at the Federal High Court in Kaduna State. The judgment was in the appeal marked: SC/359/2010, filed by Alhaji Ali Abacha, said to be a brother of the late Gen. Sani Abacha. In the lead judgment prepared by Justice Kudirat Kekere-Ekun, but read on Friday by Justice Ejembi Eko, the court held that having dismissed a similar appeal in an earlie...

Ekiti Govt. Includes N550m Budget For drones Used To Fight Kidnapping, Banditry

18Jan

By Chinedu IbeakanmaNo Comments

Communication, Crime, Economy, Finance, Information Technology, News, Nigeria, Terrorism, Violence

Ekiti Govt. Includes N550m Budget For drones Used To Fight Kidnapping, Banditry

Ekiti State Government has said efforts are on to procure sophisticated drones as part of efforts to boost surveillance, expose criminal hideouts and combat insecurity. Commissioner for Budget and Economic Planning Mr. Femi Ajayi disclosed this at the weekend during the breakdown of the 2021 Appropriation Law with a budgetary provision of N109.666 billion. He said the government projected N550 million to purchase the drones as part of plans to tackle armed robbery, banditry and kidnapping. Ajayi added that N1.4 billion has been set aside to fund the Ekiti State Security Network code-named ‘Amotekun Corps’ for the security outfit to live up to its responsibility. He said the government budgeted N8billion for social services, covering education, health, gender empowerment, social...

Algeria Crude Oil Output Slumped in 2020

18Jan

By Obiajulu Joel NwoluNo Comments

Algeria, Economy, Finance, News, Petroleum

Algeria Crude Oil Output Slumped in 2020

Algeria’s oil revenue tumbled in 2020, worsening an economic crisis in the North African country which is highly dependent on crude income, according to data released by the Energy ministry on Sunday. The COVID-19 pandemic had taken a toll on oil prices, ravaging the economies of producer nations. “The overall volume of hydrocarbon exports reached 82.2 million tonnes of oil equivalent in 2020, for a value of $20 billion, a decrease of 11 percent and 40 percent respectively compared to 2019,” the ministry said in a statement cited by state news agency APS. The energy ministry said oil income to Algeria’s treasury was down 31 percent year-on-year. The International Monetary Fund forecasts that Algeria, Africa’s fourth-largest economy, will see a 5.2 percent recession in 2020, alo...