Monday, November 18

Finance

Strike: Drop Your Ego, Accept UTAS, COEASU Tells FG
14Apr By Obiajulu Joel NwoluNo Comments
Education, Finance, News, Nigeria

Strike: Drop Your Ego, Accept UTAS, COEASU Tells FG

The Colleges of Education Academic Staff Union, COEASU, has advised the federal government to drop its ego and rather embrace the deployment of the University Transparency and Accountability Solution, UTAS, as a payment system in the country. The union, in a statement, Wednesday, said, “The intractable challenge created by the Integrated Payroll and Personnel Information System, IPPIS, has been a great source of worry and constituted one of the major issues prone to the industrial crisis in the College of Education, COE system.” “IPPIS breaches the establishment integrity of the tertiary institution’s system, undermines the statutory functions of the Governing Councils, and opens the payroll up to unilateral manipulations”, it claimed in the statement, signed by its president, D...
Read More
Buhari Writes Reps, Seeks Increase In Subsidy To N4 Trillion
8Apr By Obiajulu Joel NwoluNo Comments
Finance, Legislature, News, Nigeria

Buhari Writes Reps, Seeks Increase In Subsidy To N4 Trillion

House of Representatives President Muhammadu Buhari has asked the House of Representatives to adjust the Medium Term Expenditure Framework (MTEF) to accommodate the projected N4 trillion for petroleum subsidy in 2022. The president, in a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila, on Thursday, is seeking an increment of $11 to the oil benchmark to accommodate subsidy consumption and other expenses. According to Mr Buhari, N442.72 billion was earmarked for fuel subsidy in the 2022 budget (January-June), but because of the hike in the price of crude oil, Nigeria is paying more for PMS subsidy, therefore, the country will require an additional N3.557 trillion for subsidy. The current MTEF contains $62 BPD. If this is approved, the benchmark...
Read More
Peter Obi Warns That Nigerians Now Spend 100% Of Salary On Food
7Apr By Chinedu IbeakanmaNo Comments
Finance, News, Nigeria

Peter Obi Warns That Nigerians Now Spend 100% Of Salary On Food

Market Peter Obi, a former Governor of Anambra State and a presidential aspirant under the Peoples Democratic Party (PDP) stated that Nigerians now spend 100 per cent of their salary to feed themselves. He said that Nigeria is in a crises situation and that the Nigerian government needs to focus on creating wealth. Mr Obi disclosed this on Wednesday at the National Working Committee (NWC) of the Peoples Democratic Party (PDP) on his 2023 presidential ambition in Abuja, according to NAN. He also revealed his displeasure with the rising rate of insecurity and poverty in Nigeria, citing that the Buhari administration has been too focused on wealth sharing through its various welfare schemes. Obi warned that Nigerians now spend 100% of their salary to feed themselves, urging that...
Read More
CBN Fines Three Banks N800m Over Crypto Transactions
7Apr By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

CBN Fines Three Banks N800m Over Crypto Transactions

CBN The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system. The directive was contained in a circular issued by the CBN in February 2021. In addition, the CBN had in November directed banks to close the accounts of two individuals and a company for allegedly trading in cryptocurrencies. Despite these...
Read More
A’Ibom Govt Sues ExxonMobil Over Attempt To Sell Assets Without Consent
28Mar By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria, Petroleum

A’Ibom Govt Sues ExxonMobil Over Attempt To Sell Assets Without Consent

ExxonMobil Akwa Ibom State government has dragged ExxonMobil to court over an attempt to sell off some of its assets without informing it as a critical partner about the intention to carry out such a major activity. ExxonMobil had recently informed the general public that it had reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, through its wholly-owned subsidiary, Seplat Energy Offshore Limited. However, Akwa Ibom State Attorney-General and Commissioner for Justice, Mr. Essien Udom, SAN, said, weekend, that the state government had filed a suit in court to prevent Mobil from proceeding with the sales of the assets. Udom said: “Mobil has not formerly informed the state government that they are selling off and leaving. Ever...
Read More
I met only N300m in Anambra treasury, inherited hundreds of billions in debt from Obiano – Soludo
23Mar By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

I met only N300m in Anambra treasury, inherited hundreds of billions in debt from Obiano – Soludo

Charles Soludo The new Governor of Anambra State, Charles Chukwuma Soludo, has claimed he met only N300 million in the state’s treasury when he assumed office. Soludo revealed this while answering questions on Arise TV on Tuesday. According to the former Central Bank Governor, he has inherited debts running into “hundreds of billions of naira” from his predecessor, Willie Obiano, according to audited accounts. Soludo said: “In terms of debt I inherited, it runs into hundreds of billions of Naira. In that of cash, we met about 300 million Naira only. In fact, let’s not talk about it. Our treasury is funny. “I hope we shall make money henceforth to help us fulfill our promises for infrastructure and development of the state. “But in terms of what I met in our coffers,...
Read More
Massive Job Cut Looms As Dollar Hits N590, Forex Scarcity Bites Harder
23Mar By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

Massive Job Cut Looms As Dollar Hits N590, Forex Scarcity Bites Harder

Naira notes The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1. The development may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria. The development comes over eight months after the Central Bank of Nigeria stopped the sale of forex to Bureau de Change operators and promised to boost liquidity in commercial banks. Checks on Tuesday showed that the exchange rate stood at N585/$1 and N785/£1 on the black market as against the N582/$1 last Friday. This is just as banks have also limited customers’ access to forex, placing a cap of $20 per month for online transactions. Insiders said&nbs...
Read More
IGP Working On New Police Salary Structure – AIG
22Mar By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

IGP Working On New Police Salary Structure – AIG

The Assistant Inspector-General of Police, Zone 2 Command, Adeyinka Adeleke, has said the Inspector General of Police, Usman Baba, is working on the implementation of the increment in the salaries and allowances of the police in line with the approval of the Federal Government. Reports say that a group recently threatened that police personnel would embark on a two-week strike starting from March 26, because the approved salary increment had not been implemented. Nigeria Police Reacting to the development, Adeleke, while delivering a lecture to police officers and men of the Ogun and Lagos commands, described the strike threat as fake. He appealed to the police personnel to be calm, law-abiding, steer clear of mutinous action, be focused on their duties and maintain the integ...
Read More
Police To Enforce Soludo’s Ban On Touting, Illegal Revenue Collection
21Mar By Obiajulu Joel NwoluNo Comments
Cameroon, Finance, News, Nigeria

Police To Enforce Soludo’s Ban On Touting, Illegal Revenue Collection

Charles Soludo The Commissioner of Police, Anambra State, Echeng Echeng, has given the marching orders to heads of tactical units, divisional police officers and heads of departments across the Command to strictly enforce the state government’s ban on touting and illegal revenue collection. The governor, Prof Chukwuma Soludo, had, in his inaugural address on Thursday, announced the ban on touting and illegal revenue collection. Read Also: Soludo’s Inauguration Slap: Bianca Did What Ojukwu Taught Her In 1995 – Reno Omokri In a statement in Awka on Sunday, Echeng tasked officers and men of the Command to ensure full compliance with the order, especially at motor parks and other designated places. The CP also warned those engaged in touting and other unlawful acts to desist f...
Read More
Oyetola Didn’t Access Any Loan Since 2018 — Govt
21Mar By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

Oyetola Didn’t Access Any Loan Since 2018 — Govt

Adegboyega Oyetola Osun State government, Sunday, disclosed that the administration of Governor Adegboyega Oyetola has not accessed any credit facility, since assumption of office in 2018. Former commissioner for Finance under Ogbeni Rauf Aregbesola’s administration, Mr. Wale Bolorunduro, had said that the state’s negative Federal allocation for February was due to a fresh loan facility the Oyetola-led administration accessed. The state government received as Federal allocation the sum of N379,914,981.09 for the month of February, which raised concern over its debt status among residents. But faulting the claim, the Commissioner for Finance, Mr. Bola Oyebamiji, in a statement, stated that the negative figure was accrued to the state after the statutory debt deduction to t...
Read More