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Emirates Airline Suspends Flights To Nigeria

4Nov

By Mary UgwuanyiNo Comments

Emirates Airline Suspends Flights To Nigeria

Emirates Arline has suspended flight operations to Nigeria due to its inability to send home funds stuck in the country. This was contained in a statement the airline issued on Thursday. The statement added that the suspension became effective on October 29, 2022. This marks the second time the airline will stop flights to Nigeria over its $85 million revenue, with the first coming in August 2022. It follows the inability of foreign airlines to send home their revenue of over $500 million. Despite Nigeria’s foreign exchange crisis which has made it hard for revenue to be repatriated, the federal government released $265 million to foreign airlines operating in the country to offset outstanding ticket sales. The Central Bank of Nigeria, CBN, released a further $120 milli...

CBN’s Naira Redesign Political – Obaseki

3Nov

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

CBN’s Naira Redesign Political – Obaseki

Governor Godwin Obaseki of Edo State has dismissed the proposed plot by the Central Bank of Nigeria, CBN, to redesign naira notes as political. Obaseki described the move as a plan by the ruling All Progressives Congress, APC, to woo voters ahead of the 2023 general elections in Nigeria. This was contained in a statement issued by Crusoe Osagie, the governor’s media aide, while commissioning the Edo State Peoples Democratic Party, PDP, Women Campaign Council at the Presidential Campaign Secretariat in Benin City. Obaseki lampooned the Federal Government for the plan, noting that the redesign of the naira should not be the focus at this point as Nigerians are suffering from hunger, poverty, and economic hardship. See Also: FG Set To Create 21 Million Jobs By 2025 He said...

EFCC Arrests Kogi House Of Assembly Candidate With N326m, $140,500 Cash

2Nov

By Mary UgwuanyiNo Comments

Crime, Finance, News, Nigeria

EFCC Arrests Kogi House Of Assembly Candidate With N326m, $140,500 Cash

The Economic and Financial Crimes Commission, EFCC, has nabbed a Kogi State House of Assembly candidate of the New Nigeria Peoples Party, NNPP, identified as Ismaila Yusuf Atumeyi with about N326million and $140,500 in cash. This was contained in a statement issued by Wilson Uwajaren, the Head, Media and Publicity of the commission, on Tuesday. See Also: EFCC Recovers 1.4 Billion Naira Meant for The NHIS The antigraft agency said the NNPP candidate who is vying for the Ankpa II Constituency in the Kogi State House of Assembly, was arrested on Sunday. Atumeyi was arrested alongside an alleged serial scammer identified as Joshua Dominic, in an operation carried out at Macedonia Street, Queens Estate, Karsana, Gwarinpa area of Abuja. According to the commission, the arre...

How Airfares Rose By 96.87% In One Year – NBS

24Oct

By Mary UgwuanyiNo Comments

Finance, News, Nigeria, Transportation

How Airfares Rose By 96.87% In One Year – NBS

The National Bureau of Statistics, NBS, has said that the price of air transportation rose by 96.87 per cent in one year. In its report titled ‘transport fare watch’ (September 2022), the Bureau stated that the average ticket for specified routes single journey rose by 96.87% from N36,922.97 in September 2021 on a year-on-year basis. NBS said that on a month-on-month basis, it rose by 11.76% from N65,041.89 in August 2022 to N72,690.54 in September 2022. The statistics body also revealed that the average fare paid by commuters for bus journeys within the city per drop rose by 2.19% monthly to N615.69 in September 2022 compared to N602.48 in September August 2022. See Also: DisCos Generates N398.16bn in Six months – NBS Reveals Also, the average Okada transportation ...

Irate Workers Close Plateau LG Secretariat Over Unpaid Wages

21Oct

By Mary UgwuanyiNo Comments

Finance, Labour, News, Nigeria

Irate Workers Close Plateau LG Secretariat Over Unpaid Wages

Lantang North Local Government Area of Plateau State was on Thursday closed by irate workers who were protesting non-payment of salaries. The workers said their decision to shut down the secretariate was informed by the non-payment of their salaries for more than four months. Simon Lalong One of the workers who spoke to Punch on the condition of anonymity said, ”Early morning today (Thursday), Local Government staff of Langtang North LGA in large numbers embarked on a peaceful demonstration to register their grievances over non-payment of six months salary by the Local Government Management team. “The council secretariat was closed under the instruction of the National Union of Local Government Employees. All offices were closed, both local and federal, including the judiciary...

Strategic Capital Investment Limited Buys Polaris Bank For N50 Billion

21Oct

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Strategic Capital Investment Limited Buys Polaris Bank For N50 Billion

The Central Bank of Nigeria, CBN, and the Asset Management Company of Nigeria, AMCON, have announced the sale of Polaris Bank to Strategic Capital Investment Limited, SCIL. SCIL acquired 100 percent of the equity in the bank. CBN The House of Representatives ratified the acquisition on Wednesday, stating that the purchase was in accordance with stipulated procedure and the needed presidential approval. Osita Nwanisobi, the Director of Corporate Communications Department at the CBN, in a statement issued on behalf of the apex bank and AMCON stated that “SCIL had paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and had also accepted the terms of the agreement which includes the full repayment of the sum of N1.305 trillion, ...

Why Food Prices Will Increase In Nigeria – IMF

11Oct

By Mary UgwuanyiNo Comments

Finance, News

Why Food Prices Will Increase In Nigeria – IMF

The International Monetary Fund, IMF, has warned that climate change and floods in the country may lead to an increase in food prices. This indication was given by the IMF African Department official, Mai Farid, on Monday during a session on ‘Climate Change and Food Insecurity in Sub-Saharan Africa’. Farid said the IMF was abreast of the impact of the floods on communities in Nigeria and other neighbouring countries. She said, “We recognise Chad and Cameroon have also been hit. The supply of agricultural production is going to drop which will put even further pressure on prices. “The floods have affected some of the transportation networks which makes it even harder for food to transfer into the country or even out.” The IMF chief called on governments in Sub-Saharan Af...

Federal Government Proposes to Spend N19.76 trillion in 2023

30Aug

By Osaretin BalogbanNo Comments

Finance, News, Nigeria

Federal Government Proposes to Spend N19.76 trillion in 2023

The Federal Government has revealed its plan for a budget of 19.76 trillion to be spent from 2023 as disclosed by the Minister of Finance. Zainab Ahmed, the Minister of Finance, Budget, and National Planning, made the revelation in Abuja on Monday. See Also: 2023: INEC Budgets N239bn For Poll Materials, Presidential Run-Off The Minister briefed the House of Representatives Committee on Finance concerning the 2023-2025 Medium Term Expenditure Framework. She said the government was protruding revenue of N8.46 trillion for 2023 as N1.9 trillion is expected from oil-related sources while 6.56 trillion would be generated from non-oil sources. Ahmed noted the budget was based on the exchange rate of N435.57 per dollar and 70 dollars per barrel of crude oil. The oil product...

Naira Pegged at N680/$1 as Currency’s Depreciation Continues

11Aug

By Osaretin BalogbanNo Comments

Economy, Finance, News, Nigeria

Naira Pegged at N680/$1 as Currency’s Depreciation Continues

The Naira further devalues as it hits N680 per $1 at the parallel section of the foreign exchange market. According to the Bureaux De Change operators also known as ‘abokis’, the naira has depreciated by N15 or 2.3 percent trading at N680 per dollar in the parallel market. As of last week, the naira was devalued to N665 per dollar as the buying price and N680 per dollar as the selling price at the street market. See Also: Bakers on The Verge of a Nationwide Strike “Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market told The Cable. However, On the official marke...

30Jul

By Kosi UchennaNo Comments

Finance, News, Nigeria

How To Save Naira – CBN

The Central Bank of Nigeria, CBN, has urged Nigerians to avoid rumours in the foreign exchange market to ensure the naira does not dip further. This was said by the CBN corporate communications director, Osita Nwanisobi, in a statement issued on Friday. The statement follows the raiding of Wuse Zone 4, Abuja by operatives of the Economic and FInancia Crimes Commission, EFCC, over alleged mopping up of foreign currencies by some Bereaux De Change, BDC, operators. Reports say the raid was in an attempt to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.” The naira recently dipped to around N7070 per dollar from about N580 at the parallel market. According to Nwanisobi, the dip was occasioned by “speculative tendencies...