Category: Finance - Page 31 - African News Today

Rwanda Launches Economic Recovery Program for Creative Industry

25Jul

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, Fashion, Finance, Movies and Films, Music, News, Rwanda, Youths

Rwanda Launches Economic Recovery Program for Creative Industry

Rwanda on Friday launched a multi-party COVID-19 recovery program known as Cultural and Creative Industry Recovery Plan to uphold enterprises in the cultural and creative industry, as well as artists. According to a press release, the recovery plan aims to support seven Rwandan federations in the sectors of music, film, plastic arts, writing, beauty and fashion, traditional dance and performing arts It targets to provide 300 million Rwandan francs (about 313,000 U.S. dollars) in grants to uphold initiatives from art enterprises and artists, promote access to resources, facilities and training opportunities free for artists, and engage Rwandans to learn about, love and buy made-in-Rwanda art. The press release said that the outbreak of COVID-19 has prompted measures which resulted ...

Banks in Nigeria to Restrict Debit Card Spending Abroad to Reduce FX Risk

20Jul

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Banks in Nigeria to Restrict Debit Card Spending Abroad to Reduce FX Risk

Banks in Nigeria are set to reduce the amount of money which customers abroad can spend using debit cards starting on Monday, as banks attempt to reduce foreign currency settlement risk. This was revealed by lenders. The quick fall in the price of crude oil which forms bulk of Nigeria’s export has caused dollar scarcity in the country forcing banks to make effort to evade transactions with hard currency. The local unit of South Africa’s Standard Bank in Nigeria, Standard IBTC Bank has revealed that from Monday, it will reduce to half the original spending limit for offshore card transactions to $500 per month, while withdrawals will be reduced to $100. Zenith Bank equally said the use of debit cards abroad for cash withdrawals will be temporarily be p...

Reps Accuse Akpabio of Distorted Testimony During NDDC Misappropriation Hearing

20Jul

By Obiajulu Joel NwoluNo Comments

Corruption, Finance, News, Niger Delta, Nigeria

Reps Accuse Akpabio of Distorted Testimony During NDDC Misappropriation Hearing

Members of Nigeria’s lower legislative chamber, House of Representative Committee panel probing mismanagement of fund in the Niger Delta Development Commission have faulted Godswill Akpabio, Minister of the Niger Delta Affairs of giving disparaging testimony during hearing. The presiding lawmaker, Honourable Thomas Ereyi-Tobi equally alleged that Akpabio lied under oath during his testimony. The lawmaker said, "I have listened attentively through all your submissions but I just want to tell you one thing, you came here to mislead the parliament and you are under oath. That is what you have done deliberately. "You decided to just come here and mislead the parliament. I want to put it to you that your submission and all the annexures, 8,9,10 and 11 are misleading. "Before then, y...

Namibia’s Central Bank Governor, Gawaxab, Asks Country to Prepare for Impending Digital Revolution

18Jul

By Obiajulu Joel NwoluNo Comments

African Development, Economy, Finance, Namibia

Namibia’s Central Bank Governor, Gawaxab, Asks Country to Prepare for Impending Digital Revolution

Bank of Namibia (BoN) governor, Johannes Gawaxab has asked the country to get ready to deal with an impending digital revolution and utilize the technological innovation for greater good. Gawaxab made the statement on Thursday at the bank’s 30th anniversary celebration event, reflecting on its progress over the past years while anticipating continuous growth in the next 30 years and beyond. Gawaxab said BoN has been influential in ensuring long-term macroeconomic stability in the country over the past 30 years and has been able to deliver on its core mandate of implementing monetary policy, safeguarding stability, and promoting economic development in Namibia. According to Gawaxab, “On the monetary policy function, the role of the bank has been to set an interest rate path that en...

Magu Makes A Laughing Stock Of Buhari’s Anti Corruption War, Vindicates The 8th Assembly

10Jul

By Obiajulu Joel NwoluNo Comments

Corruption, Finance, News, Nigeria

Magu Makes A Laughing Stock Of Buhari’s Anti Corruption War, Vindicates The 8th Assembly

By being accused of the same crimes he was saddled with the responsibility of fighting against, Magu has dented, soiled and in the process, ridiculed President Muhammadu Buhari's anti-corruption war. There is a proverbial saying that he who comes to equity must come with clean hands. This is almost obviously not the case with the embattled and now ousted chairman of Nigeria's number one anti-corruption agency, the Economic and Financial Crimes Commission (EFCC). The term 'almost' was used because Ibrahim Magu despite being widely accused of financial misappropriation is yet to be found guilty by a court of competent jurisdiction. While we wait for the whole process to be initiated and concluded, we cannot but believe that by being accused of the same crimes he was saddled wit...

Rwanda Seals $150 Million Skills Development Agreement with World Bank

9Jul

By Obiajulu Joel NwoluNo Comments

African Development, Finance, News, Rwanda

Rwanda Seals $150 Million Skills Development Agreement with World Bank

Rwanda and World Bank have agreed a $150 million financing agreement to assist the country accomplish skills development in chosen economic sectors. In a statement on Wednesday, Rwanda’s Ministry of Finance and Economic Planning disclosed that half of the fund is a grant while the other half is a concessional loan which is payable within 38 years, with a six-year grace period at 0.75 percent interest rate. The ministry said that the project is planned to improve access to technical and vocational education as well as higher education programs required by labour market and the social and economic growth of Rwanda. Minister of finance and economic planning, Uzziel Ndagijimana in a communique said, “Skills development and employment promotion are central to Rwanda’s National Strategy...

Hushpuppi Responsible for £2 million SS Lazio Scam- FBI

5Jul

By Obiajulu Joel Nwolu1 Comment

Corruption, Crime, Finance, Justice, News, Nigeria

Hushpuppi Responsible for £2 million SS Lazio Scam- FBI

The Federal Bureau of Investigation (FBI) has accused scam kingpin Hushpuppi and his crew of perpetrating a £2 million scam of Italian Serie A team Lazio. Lazio was reported to have paid the last installment of defender Stefan de Vrij’s transfer fee to scammers instead of the Dutch club Feyenoord in 2018. Italian newspaper Il Tempo alleged that Lazio was defrauded after paying £1.75 million into an account in Holland operated by fraudsters who had knowledge of the transaction. The fraudulent transaction took place through mail after the Serie A side received a mail believed to be from Feyenoord requesting, they pay the balance into an account provided. United States Department of Justice equally revealed that Hushpuppi and his gang nearly scammed a premier league club prior to ...

Kenya Plans Reintroduction of Betting Tax

3Jul

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Kenya, Lifestyle, News, Sports

Kenya Plans Reintroduction of Betting Tax

The government of Kenya has concluded plans to reintroduce taxation of betting companies within six months following a public outburst over cancellation of the 20 percent duty in the Finance Bill 2020. Ukur Yatani, Treasury Cabinet Secretary heaped blame on the Parliament, referencing lobbying of government for the removal of the taxes. Mr. Yarani said, “The players in the industry have been petitioning the government to reduce taxation in the industry,” “The removal of this tax happened during the committee stage of the bill…The National Treasury will be proposing to the National Assembly the re-introduction of the excise duty on betting within the next six months.” Kenya ceased taxing betting firms after a proposal on May15 by an unclear stakeholder group, identified only by ...

CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?

22Jun

By adminNo Comments

Corruption, Covid-19, Economy, Features, Finance, News, Nigeria

CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?

When the CBN (Central Bank of Nigeria) announced that it was going to be making about N50 billion available as loans to businesses in what it called the "Targeted Credit Facility for Covid-19", a lot of business owners saw it as a lifeline with which to revive their failed or failing businesses. It's no longer news that most businesses were hard hit by the lock down instituted by different governments as a result of the global pandemic. When the program was rolled out, it was introduced by Nirsal Micro Finance Bank, the bank that handles most of CBN's public loan programs, as "a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the Covid-19 pandemic." Month's after this program supposedly kicked off, we are wondering how many Niger...

Nigerian Farmers to Get $1.1 Billion Loan Intervention from CBN

19Jun

By Obiajulu Joel NwoluNo Comments

Agriculture, Covid-19, Economy, Finance, Nigeria

Nigerian Farmers to Get $1.1 Billion Loan Intervention from CBN

The Central Bank of Nigeria (CBN) has said it plans to empower farmers with N432 billion ($1.1 billion) intervention loan to upscale food production during the planting season. The apex bank said through its Twitter handle on Thursday that about one million farmers will be given loan to cultivate more than one million hectares of land to ensure adequate food supply as the economic effects of covid-19 unravels. The West African nation has been pushing for more investment in the agricultural sector as a drift from reliance on crude, which accounts for estimated 90% of the countries revenues. The CBN projects increased production of cash crops such as cotton, rice, tomato, cassava, cocoa and maize for self-reliance cum revenue generation through export.