Category: Finance - Page 25 - African News Today

Northerners the Poorest in Nigeria Despite Being in Power More – Yakasai

17Jan

By Obiajulu Joel NwoluNo Comments

Cost of Living, Finance, Infrastructure, News, Nigeria

Northerners the Poorest in Nigeria Despite Being in Power More – Yakasai

Alhaji Tanko Yakasai, a founding member of the Arewa Consultative Forum has said other regions in the country have formed the habit of blaming the north for their challenges when the North has the most number of poor people. The elder statesman said that the North had varied challenges despite producing more leaders compared to the South. This was contained in his speech at an online conference monitored by The Punch, themed, ‘The 2nd Never Again Conference: 51 years after the Nigerian-Biafran civil war’, hosted by Nzuko Umunna, an Igbo Think Tank, in partnership with Ovation International and Njenje Media. Some southern leaders have alleged that the North plans to dominate leadership positions and accord other regions second-class citizens status. The North on the other hand t...

Enugu State Govt Explains Exemption of Teachers, Other from Payment of Minimum Wage

15Jan

By Obiajulu Joel NwoluNo Comments

Finance, Labour, News, Nigeria

Enugu State Govt Explains Exemption of Teachers, Other from Payment of Minimum Wage

The government of Enugu State has explained that the reason why some civil servants, including primary school teachers were yet to be paid the new minimum wage was that it was working to fully capture every worker in their payroll. This was disclosed by the Commissioner for Finance, Mrs Adaona Uyawune during the press briefing on the 2021 Appropriation Law of Enugu State. According to Uyawune, departments and agencies of the state relied on subventions to pay their workers, who were basically ad hoc staff. The state government had begun the payment of the new minimum wage in February 2020, though some workers in departments and agencies of the state government, including primary school teachers, have yet to start enjoying such benefit. Reacting to the development, the commissio...

Naira Suffers Further Slump, Exchanges for 473/$

13Jan

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Suffers Further Slump, Exchanges for 473/$

On Tuesday, 12 January 2020, the naira suffered depreciation at the parallel market and Investors and Exports window. Figures obtained from Bureau De Change operators showed that the naira exchanged to the dollar for 473/$ at the parallel market. Nigeria’s currency had enjoyed a reasonable growth rate in recent times after it closed last year at 467/$. According to figures obtained from the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. At the close of 2020, it reached a low of 401 at the I&E window. The country’s apex bank, The Central Bank of Nigeria has maintained the official exchange rate at N379/$ on its website. Recall that the Association of Bureaux De Change Operators of Nigeria, ABCON, had recently asked the CBN to make BDCs pa...

7Jan

By Chinedu IbeakanmaNo Comments

Breaking News, Finance, News, Nigeria

FCMB Appoints Edun as Acting MD

First City Monument Bank Limited (FCMB) has appointed Yemisi Edun as its Acting Managing Director. Her appointment yesterday followed the decision of the Managing Director, Adam Nuhu, on Tuesday “to proceed on leave” to allow the Board investigate alleged unethical conduct accusation against him. The bank is probing allegations of unethical conduct against Nuru. The bank chief has been at the centre of a marriage scandal involving Moyo Thomas, a former employee of the bank, and his late husband, Tunde Thomas. A petition initiated by friends of the deceased had alleged that Tunde died of depression after discovering that his supposed two children with Moyo belong to the FCMB MD. Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s deg...

Court Sentences Ex-Finbank MD Over N10.9bn Fraud

6Jan

By Obiajulu Joel NwoluNo Comments

Crime, Finance, Judiciary, News, Nigeria

Court Sentences Ex-Finbank MD Over N10.9bn Fraud

A judge of the Lagos State High Court Sitting in Ikeja, Lateefa Okunnu, on Tuesday, sentenced Okey Nwosu, a former managing director, Finbank Pls, to three years imprisonment on charges bordering on N10 billion fraud. Nwosu was arraigned alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi by the Economic and Financial Crimes Commission (EFCC) on a 26-count amended charge involving stealing and illegal conversion amounting to N10.9 billion, The Cable reports. The prosecution counsel, Rotimi Jacobs, SAN, called several witnessed and presented documents that were admitted as evidence against the defendants, who pleaded not guilty to the charged brought against them, hence leading to their full trial. The judge while delivering her judgement, found the defendants guilty and sentence...

FCMB MD Proceeds on Leave as Paternity Scandal Probe Begins

6Jan

By Obiajulu Joel NwoluNo Comments

Finance, Fitness and Wellbeing, News, Nigeria

FCMB MD Proceeds on Leave as Paternity Scandal Probe Begins

Adam Nuru, the Managing Director of First City Monument Bank Limited, has been embarked on leave to enable the bank duly investigate his indictment in the paternity scandal involving a former employee of the bank, Mrs Moyo Thomas. This was contained in a statement the bank issued on Tuesday. The statement partly read, “We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru; a former employee, Mrs Moyo Thomas, and her deceased husband, Mr Tunde Thomas. “While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of this code of ethics. “Thi...

1Jan

By Obiajulu Joel Nwolu1 Comment

Finance, Labour, News, Nigeria

NLC Threatens Strike Over Minimum Wage

The Nigeria Labour Congress, NLC, has urged states yet to implement the new minimum wage and those owing workers salaries to comply or face mass strike and protests this New Year. President of the NCL, Ayuba Wabba, in his new year message titled, ‘Beyond survival: Nigerian workers and people deserve better in 2021,’ regretted that till now, some states are yet to commence payment of the new national minimum wage. The NCL said that some states which were signatories to the collective bargaining agreements with state councils of the labour movement on the payment of the new minimum wage have taken it for granted. The union said, “Accordingly, we call on all our state councils still struggling with their state governments on the payment of the national minimum wage and consequential ...

Diri Signs N329bn 2021 Appropriation Bill into Law

31Dec

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria

Diri Signs N329bn 2021 Appropriation Bill into Law

Bayelsa State Governor Douye Diri has signed the 2021 bill of N329.29 billion into law. The governor had on November 26 presented an estimate of N290.295 billion tagged, ‘Budget of Growth’ to the state House of Assembly. While assenting to the bill in Government House, Yenagoa, Diri said the increase in the figure would address areas of deficit identified in the appropriation bill as well as assist in the infrastructure development of the state. A statement by the Chief Press Secretary, Mr Daniel Alabrah, quoted the governor as noting that the increase in the 2021 budget was intended to tackle the completion of the three senatorial roads, the AIT/Igbogene ring road project and construction of the Gloryland Drive in addition to rehabilitation of the internal roads within the Yenago...

Governor Ikpeazu Signs 2021 Appropriation Bill

30Dec

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria

Governor Ikpeazu Signs 2021 Appropriation Bill

Abia State Governor, Dr Okezie Ikpeazu, has signed the 2021 Appropriation Bill into law. The Bill which was passed by Abia State House of Assembly during the Tuesday plenary session of the House was presented to the Governor by the Clerk of the House, Sir John Pedro Irokansi in his Aba residence on Tuesday night where he endorsed the N131,852,752,000.00 (One Hundred and Thirty One Billion, Eight Hundred and Fifty Two Million, Seven Hundred and Fifty Two Thousand Naira Only) Budget made up of N69bn for capital expenditure and N62.8bn for recurrent expenditure. Earlier, Governor Ikpeazu presented the budget which he christened Budget of Local Contents and Sustainable Development to the state House of Assembly on the 7th of December, 2020. The budget, which is 21.12 per cent higher t...

UK Speaks on Gowon’s Alleged CBN Looting

27Dec

By Obiajulu Joel Nwolu1 Comment

Corruption, Crime, Finance, News, Nigeria

UK Speaks on Gowon’s Alleged CBN Looting

The United Kingdom has distanced itself from the indictment of former Nigerian Head of State, Yakubu Gowon, by a member of its parliament, Tom Tugendhat. The UK lawmaker had on November 23, accused Gowon of looting half the Central Bank of Nigeria while he was the head of state. Tugendhat disclosed this during a debate by the parliament on Nigerian government officials embroiled in human rights abuses during the #EndSARS protests in Nigeria. Commenting on the allegation, the UK in a letter signed by a member of the Foreign, Commonwealth and Development Office, Nigeria Unit, identified as Angela stated that Tugendhat spoke in his own personal capacity, and his statement does not reflect the views of the British Parliament or the United Kingdom. The clarification followed a petition...