Tag: Finance - Page 13 - African News Today

EFCC Grills New MD of First Bank Holdings, Nnamdi Okonkwo

15Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

EFCC Grills New MD of First Bank Holdings, Nnamdi Okonkwo

The newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc, Nnamdi Okonkwo has been grilled by the Economic and Financial Crimes Commission (EFCC). Okonkwo’s grilling is said to be connected with his alleged role in the transfer of $153 million linked with Nigeria’s former petroleum minister, Diezani Alison-Madueke from the Nigerian National Petroleum Commission (NNPC). Though there were reports that he was also detained by the anti-corruption agency, details are still sketchy as of the time of filing this report, Punch reports. The EFCC had claimed that Diezani siphoned $153 million out of the NNPC and stashed it in three banks in the country. Read Also: EFCC Detains Ex-Edo Gov, Igbinedion, Over N1.6bn Fraud The EFCC had on April 28, 2016 detained Mr ...

VAT Row: FG Eyes Out-Of-Court Settlement

13Nov

By Obiajulu Joel NwoluNo Comments

Finance, Judiciary, News, Nigeria

VAT Row: FG Eyes Out-Of-Court Settlement

The Federal Government has hinted that it may explore an out-of-court solution to the lingering legal battle between its agency, Federal Inland Revenue Service, and Rivers and Lagos states over the collection of Value Added Tax. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, noted that efforts were ongoing on the issue but she did not give details as the matter was subjudice. Speaking in an interview on Channels Television’s Politics Today on Thursday night, Ahmed said she hoped there would be a political solution to the issue rather than a protracted court case.× The Federal High Court sitting in Port Harcourt, the Rivers State capital, had on August 9 ruled that Rivers State and not the FIRS should be the authority collecting VAT and Personal Income Tax...

Court Fines Kanu Nwankwo, Hotel For Stalling Trial In Alleged Debt Of N924million

13Nov

By Obiajulu Joel NwoluNo Comments

Finance, Judiciary, News, Nigeria

Court Fines Kanu Nwankwo, Hotel For Stalling Trial In Alleged Debt Of N924million

former Super Eagles captain, Kanu Nwankwo and his hotel, Hardley Apartment, have been fined N30,000 by the Federal High Court in Lagos State. According to Daily Post, the Justice Chukwujekwu Aneke-led Federal High Court on Friday, ordered Kanu and his hotel, Hardley Apartment, to pay the sum. They were fined for stalling the scheduled hearing of debt recovery suit brought against them by the Asset Management Corporation of Nigeria, AMCON. Recall that AMCON had dragged the former Arsenal star, his hotel and its directors, Ayoola Gam-Ikon before the court over alleged debt of N924.7 million. But at the hearing on Friday, T. A Idelegbagbon, lawyer to Kanu and Hardley Apartment told the court that she is withdrawing all motions earlier filed in response to the suit in 2017. Read...

EFCC Detains Ex-Edo Gov, Igbinedion, Over N1.6bn Fraud

12Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

EFCC Detains Ex-Edo Gov, Igbinedion, Over N1.6bn Fraud

A former governor of Edo State, Lucky Igbinedion has been detained by the Economic and Financial Crimes Commission. Premium Times reports that Igbinedion who finished his tenure as governor in 2007 is being grilled at the Abuja headquarters of the EFCC for allegedly diverting public funds to the tune of N1.6 billion. A loan obtained by the Edo State government is said to have been diverted to a company which he has an interest in. Read Also: Arik Airlines Staff Arrested For Seeking Bribe From Passenger At Lagos Airport Mr Igbinedion was prosecuted in 2008 by the EFCC and convicted of embezzling N2.9 billion belonging to Edo State. He was sentenced to six months’ imprisonment after he pleaded guilty to one count which was pruned from 191 charges. The latest invitation ...

Aviation Fuel Price Rises By 70%, International Airlines May Raise Fares

10Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Transportation

Aviation Fuel Price Rises By 70%, International Airlines May Raise Fares

The International Air Transport Association has said the price of jet fuel has continued to increase in recent weeks, with its price increasing by 70 per cent since the start of 2021. According to IATA, the Switzerland-based trade organisation representing over 290 international airlines, the increase in Jet A1 price is putting pressure on airlines’ operating costs and threatening the industry’s profitability. IATA said jet fuel price continued to trend upwards in recent weeks as economic activity restarted around the world and supply remained tight. The association disclosed this in its ‘Airlines Financial Monitor’ which was released on Tuesday. It added that as of early November, jet fuel price was 70 per cent higher compared to the start of the year. The association said,...

Obi Cubana Spends Second Day With EFCC, Passport Seized

3Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Obi Cubana Spends Second Day With EFCC, Passport Seized

The Economic and Financial Crimes Commission has reportedly confiscated the passport of a popular socialite and businessman, Obinna Iyiegbu, aka Obi Cubana, who was arrested on Monday for alleged money laundering and tax fraud. It was gathered that the seizure of his travel document was to prevent him from leaving the country while under investigation. Checks revealed that the anti-graft agency quizzed the Anambra-born social media influencer for the second day on Tuesday at its Abuja, Jabi headquarters. A source stated, “Obi Cubana has not been released, he is still having quality sessions with investigators over alleged money laundering running into millions of naira and tax fraud. “He will be released when he has satisfactorily responded to all questions relating to his invo...

International Airfares Rise As Naira Crashes On IATA Platform

2Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Transportation

International Airfares Rise As Naira Crashes On IATA Platform

The lingering shortage of foreign exchange in Nigeria has forced the naira to crash against the United States dollar on the air ticket pricing template of the International Air Transport Association, the Switzerland-based trade body representing over 290 global airlines. As a result, airfares on Nigeria routes that are priced in naira have increased considerably, forcing Nigerian travel companies to express fear the development may further dampen the recovery of international travel from the effects of the COVID-19 pandemic. The development came amid struggles by foreign airlines to access forex from the Central Bank of Nigeria to repatriate ticket sale proceeds running to over $208m. Investigations by The PUNCH revealed that the naira fell against the US dollar last week on the I...

Banks Begin Deduction Of Loans From Chronic Debtors’ Accounts

1Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Banks Begin Deduction Of Loans From Chronic Debtors’ Accounts

The Deposit Money Banks are recovering debts owed by chronic debtors from their accounts in other banks to curb the growth of non-performing loans in the industry, findings have revealed. Figures obtained from the Central Bank of Nigeria and the National Bureau of Statistics showed that the NPLs in the banks recorded a slight decline from N1.2tn at the end of second quarter of 2020 to N1.1tn at the end of July 2021. This is despite an increase in the gross loans in the industry in the period. The CBN said the measures it introduced such as the Global Standing Instruction to reduce banking sector risks was helping to reduce the NPLs in the sector. According to the CBN, the GSI, which commenced on August 1, 2020, allows banks to recover the outstanding principal and interest upon de...

Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina

30Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina

The Special Adviser to the President on Media and Publicity, Femi Adesina, says the going of Nigerian economy into recession in 2016 was “inevitable” and past governments, not the Muhammadu Buhari-led government, should be blamed for it. Adesina stated this on Friday in a post, adding that the former governments did not have a will to save the country’s resources. He said, “At the economic front, of course, it came in 2015 when things were on a downward spiral. Nobody could have stopped that downward spiral because it was already set in motion. The recession that came in 2016 was inevitable. Nobody could have stopped it due to some actions and inactions of the government that left. The coordinating minister of the economy then even said that the government didn’t have the will to sav...

Beware Of Fake eNaira Social Media Accounts, CBN Warns Nigerians

29Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Beware Of Fake eNaira Social Media Accounts, CBN Warns Nigerians

The Central Bank of Nigeria has warned Nigerians to beware of fake social media handles of eNaira. The President, Muhammadu Buhari, launched the central bank digital currency, called eNaira, on Monday. To access the eNaira, users have to download the ‘speed wallet’, which allows users to conduct transactions with speed and ease. It is the digital storage that holds the eNaira and is held and managed on a distributed ledger. In a statement on Wednesday, the apex bank said impostors are already defrauding people. “Following the formal launch of the eNaira on Monday, October 25, 2021, the attention of the Central Bank of Nigeria (CBN) has been drawn to criminal and illegal activities of some individuals and a fraudulent Twitter handle, @enaira_cbdc purported to belong to the Bank....