Sunday, November 17

Finance

CAF Disburses CFA120 million to Member States Amid COVID-19 Pandemic
8Jun By Obiajulu Joel NwoluNo Comments
Africa, Covid-19, Economy, Finance, Sports

CAF Disburses CFA120 million to Member States Amid COVID-19 Pandemic

African football governing body has followed the footsteps of FIFA in disbursing funds to member states to assist in the fight against Corona virus. CAF issued out cheques to representatives of member associations. The continental football governing body will also release an additional 6,393 million CFA francs that will see each federation receiving up to 120 million as subsidy amid the COVID-19 pandemic. Football in Africa had been halted in March to curb the growing spread of COVID-19. While some leagues have been nullified, others are trailed by uncertainty and will be hoping on CAF and their federations to decide their fate. (Source:Africa news.com)
Read More
Nigeria Secures $288.5m African Development Bank Loan
8Jun By Obiajulu Joel NwoluNo Comments
Africa, Agriculture, Covid-19, Economy, Finance, News, Nigeria

Nigeria Secures $288.5m African Development Bank Loan

Nigerian has gotten approval for $288.5m loan from African Development Bank (AfDB) to cushion the impact of coronavirus and the drop in the price of crude oil. Africa’s largest economy – Nigeria, has been battling with growing cases of COVID-19 with an infection rate of 12,233 cases and 342 deaths. Coupled with the dwindling price of oil, the country has seen her finances stretched. The minister of finance, Zainab Shamsuna Ahmed had warned that Nigeria’s economy could take a hit from the pandemic. The country has been battling with the adverse effect of the pandemic, low oil price and effect of lockdown which held sway till recent relaxation. Read also: FG lost N557bn to MDAs in five years —Report The loan will reinforce government’s capacity to upscale surveillance and react t...
Read More
Nigeria’s Impending Debt Default: A looming African Disaster
15Aug By adminNo Comments
Economy, Finance, News, Nigeria

Nigeria’s Impending Debt Default: A looming African Disaster

In 2018, a BusinessDay editorial sounded the alarm about the prodigious growth of Nigeria’s debt profile at a time when government revenues were either flat or shrinking. In a response very typical of the present administration, the Debt Management Office fired off a dismissive rejoinder questioning BusinessDay’s financial knowledge and insisting that all is well because Nigeria’s 19 percent debt-to-GDP ratio is significantly lower than that of countries like the USA, which owes 104 percent of its GDP. What the shallow window dressing attempt failed to account for was that in a country like Nigeria whose economy is largely divorced from government revenues courtesy of oil receipts, it makes little sense to base any borrowing decision on the debt-to-GDP ratio. According to data from Heri...
Read More
Nigeria: EFCC Arraigns Atiku’s Son-in-law, Lawyer for $2. 14Million Fraud
15Aug By Debo OmilaniNo Comments
Corruption, Crime, Finance, News, Nigeria

Nigeria: EFCC Arraigns Atiku’s Son-in-law, Lawyer for $2. 14Million Fraud

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office on Wednesday arraigned one Abdullahi Babalele before Justice Iniekenimi Nicholas Oweibo of the Federal High Court, sitting in Ikoyi, Lagos on a two-count charge, bordering on money laundering to the tune of $140, 000. In a similar development, the EFCC, Lagos Zonal Office, same day, arraigned one Uyiekpen Giwa-Osagie, a lawyer to Atiku, before Justice Oweibo on a three-count charge, bordering on money laundering to the tune of $2,000,000 (Two Million United State Dollars). Babalele, who is son-in-law to Atiku Abubakar, former vice president and the People’s Democratic Party (PDP) Presidential candidate in the 2019 election, allegedly persuaded one Bashir Mohammed to make a cash payment of $140,000 without going th...
Read More
No Account of Mine Has 9.9BN, I Served with Integrity – Ambode
9Aug By Debo OmilaniNo Comments
Corruption, Crime, Finance, Lagos News, News, Nigeria

No Account of Mine Has 9.9BN, I Served with Integrity – Ambode

The former governor of Lagos State, Mr. Akinwunmi Ambode, on Friday cleared the air over a statement attributed to the Economic and Financial Crimes Commission (EFCC) alleging that it had frozen certain accounts linked to him. Saying he deserved rest with his family and loved ones without the unwarranted attacks on his well-earned reputation. Ambode said no account of his contained N9.9bn let alone being frozen by the EFCC. He said in the spirit of Sallah and having served Lagos State well with utmost dedication and integrity, his record is very clear and his mind joyful for the opportunity to have served the State diligently. In a statement released on his behalf on Friday by his media aide, Habib Aruna, Ambode said while he did not intend to join issues with the anti-corruption age...
Read More
Nigeria: EFCC Arrests Youth Corps member, NAU Graduate for Internet Fraud
7Aug By Debo OmilaniNo Comments
Crime, Finance, News, Nigeria, Security

Nigeria: EFCC Arrests Youth Corps member, NAU Graduate for Internet Fraud

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, has arrested the duo of Ademola Babajide Adeniyi, a serving youth corps member, and Onabuke Adedokun Kenny, a graduate of the North American University, for alleged Internet fraud. The suspects were arrested on July 30, 2019 at Novojo Estate, Sangotedo Ajah, Lagos, during a raid by operatives of the EFCC. In his statement to the EFCC, the first suspect, Adeniyi, stated that he collected six iphone 8 and 4 Apple laptops from his unsuspecting victims, which he sold for over N1m (One Million Naira). Items found on the suspects at the point of arrest include laptops, scam emails, pictures of some female victims, phones and a 2015 Honda Accord car. In a related development, operatives of EFCC, Lagos Zonal office...
Read More
Nigeria: EFCC Arrests Man for Alleged N150m Money Laundering
7Aug By Debo OmilaniNo Comments
Crime, Finance, News, Nigeria, Security

Nigeria: EFCC Arrests Man for Alleged N150m Money Laundering

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, has arrested one Nelson Emuobosa Omo-Ode, for alleged money laundering. Omo-Ode, a 32, Business Administration graduate of the Kuala Lumpur Metropolitan College, Malaysia, was arrested on July 18, 2019 at his residence at The Address Homes, Onikani Foreshore Banana Island, Ikoyi, Lagos, following a petition received by the Commission about his suspicious lifestyle. Investigations showed that over N150, 000,000 (One Hundred and Fifty Million Naira) had passed through his account in recent time, which he could not account for. The Commission recovered a Mercedes SUV from him at the point of arrest. The suspect will be charged to court soon.
Read More
Development: Reps Member Harps on Payment of Tax
7Aug By Debo OmilaniNo Comments
Economy, Finance, Lagos News, News, Nigeria

Development: Reps Member Harps on Payment of Tax

A member, House of Representatives, Hon. Jide Jimoh on Wednesday called on the corporate organizations, business groups and Nigerians to pay tax for the development of the Local governments in the country. Jimoh, representing Lagos Mainland Federal Constituency made the call in Lagos during Yaba LCDA 2019 Business Summit tagged: "Inter-Personal Relationship Between Local Government and The Corporate Bodies". He said that funds generated from the payment of taxes would be channeled to the development of the local government. According to him, without funding, there cannot be establishment of structures and capital projects. People must pay taxes, rates and levies to the local government which will help in developing the local council. He commended the initiatives of the council ...
Read More
We are Looking at the Possibility of Starting the Kwara Version of Trader-Moni – AbdulRazaq
2Aug By Debo OmilaniNo Comments
Economy, Employment, Finance, News, Nigeria

We are Looking at the Possibility of Starting the Kwara Version of Trader-Moni – AbdulRazaq

The Kwara State Governor AbdulRahman AbdulRazaq has affirmed his position to understudy the TraderMoni programme of the Federal Government to extend soft loans to traders in Kwara version to reduce mass poverty. This contained in a statement by his spokesman, Rafiu Ajakaye while the governor visited the Abuja headquarters of the Government Enterprise and Empowerment Programme (GEEP), the implementers of the TraderMoni initiative, with the aim to replicate same in Kwara State. GEEP, which is supervised by the Bank of Industry, is one of the four sub-programmes of the National Social Investment Office (NSIO). The statement said the visit was for AbdulRazaq to discuss partnership with GEEP handlers on how Kwarans can further access the micro loans and lift thousands of people out of ...
Read More