Tag: Finance - Page 18 - African News Today

Again, ASUU Threatens Strike Over Payment Platforms, MoU implementation, Others

28Jul

By Obiajulu Joel NwoluNo Comments

Education, Finance, News, Nigeria

Again, ASUU Threatens Strike Over Payment Platforms, MoU implementation, Others

The Federal Government has debunked allegations that it had reneged on its agreements with the Academic Staff Union of Universities, ASUU. This was disclosed by the Spokesperson for the Ministry of Education, Ben Gong, in an interview with Punch in Abuja on Tuesday. Gong explained why the Federal Government could not adopt the University Transparency and Accountability Solution, a payment platform developed by ASUU. According to him, UTAS does not make provision for tax deductions from salaries. He added that ASUU members cannot collect salaries without paying taxes. Recall that the President of ASUU, Prof Emmanuel Osodeke, in an interview with The PUNCH on Monday, accused the Federal Government of violating agreements it reached with the lecturers before they called off their ...

25Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Comments On Nigerian Banks Safety

The Central Bank of Nigeria, CBN, has allayed the fears in some quarters over the safety of Nigerian banks assuring the safety and soundness of Deposit Money Banks and other financial institutions under its watch. A statement on Saturday said that the Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi, said this in Abuja ahead of the Monetary Policy Committee meeting on Monday and Tuesday. It stated that he said the Nigerian banking system had proved to be very sturdy in spite of the global challenges posed by the coronavirus pandemic, in response to certain false and unfounded stories circulating in the social media attacking the soundness and safety of some Nigerian banks. According to him, routine bank examination and stress test for financial ins...

Loans: FG Increases Borrowing Limit to N61tn

16Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Loans: FG Increases Borrowing Limit to N61tn

The Federal Government has expanded the country’s borrowing limit to N61tn paving the way for the increment of the current N33.11tn debt portfolio. The new limit as contained in a document, Medium Term Debt Strategy shows that Nigeria has hiked its borrowing limit from 25 per cent of the Gross Domestic Product to 40 per cent of the GDP. This development follows on the heels of Senate approval of new $8.33bn and €490m loans from external sources. As of December 31, 2020, the National Bureau of Statistics put the country’s GDP at N152.32tn. Thus, forty per cent of the current GDP is N60.93tn. Twenty-five per cent of the current GDP is N38.08tn, an amount which the nation may have surpassed in debt given that there are loans which the nation has already secured but are not include...

FEC Awards N309.9bn Road Contracts to Dangote

15Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

FEC Awards N309.9bn Road Contracts to Dangote

The Federal Executive Council, FEC, has ratified the award of construction of five roads amounting to 274.9 km at the cost of N309.9bn to Dangote Industries as part of a tax credit. Babatunde Fashola, Minister of Works and Housing, said this in a chat with State House correspondents after the FEC meeting presided over by President Muhammadu Buhari on Wednesday. According to the minister, the road contract would be the largest implemented on concrete in the country. He said, “The second memorandum presented by the Ministry of Works and Housing was for the construction or the reconstruction, as the case may be, of five road projects in favour of Messrs. Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Cred...

FCMB Appoints Yemisi Edun As Managing Director

13Jul

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

FCMB Appoints Yemisi Edun As Managing Director

The board of directors of FCMB Group Plc has appointed Yemisi Edun as the managing director of First City Monument Bank Limited. A statement on Tuesday said the announcement was subsequent to the end of service of the bank’s former Managing Director, Adam Nuru. The bank said the board had earlier reviewed media allegations made in late 2020 against the former managing director and did not establish any contravention of its policies. “The board of directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavour,” the statement said. FCMB stated that prior to her appointment, Edun was the executive director/chief financial officer of the bank and previously served as the acting managing director. It stated, “With a work ex...

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

12Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

The Trade union Congress, TUC, has faulted the Federal Government over the spike in the cost of goods and services across the country, saying it has negated the benefits of the National Minimum Wage, which some states have yet to implement. The union also condemned the spate of external borrowings, advising the government to harness the country’s natural endowments, advising the government to avoid mortgaging the future of Nigeria. Mohammad Yunusa, National Treasurer of TUC, and President-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies, disclosed this in an interview with journalists in Abuja, shortly after the Central Working Committee meeting on Saturday. Yunusa also noted that members of the association condemned in strong terms ...

BREAKING: Court Ruling has Vindicated Me – Ex-Finance Minister Adeosun

7Jul

By Chinedu IbeakanmaNo Comments

Finance, Judiciary, News, Nigeria, Press Statement

BREAKING: Court Ruling has Vindicated Me – Ex-Finance Minister Adeosun

A former Minister of Finance Mrs. Kemi Adeosun said she has been vindicated by a Federal High Court in Abuja. She however admitted that she had traumatic spell on the certificate forgery allegation against her. She said the judgement of Justice Taiwo Taiwo was not only a personal victory for her but for all Nigerians in the Diaspora. She said she will take further steps at the appropriate time to protect her reputation. Following allegation of presenting a forged National Youth Service Corps (NYSC) certificate to the Department of State Services (DSS) and the National Assembly for clearance, the ex-Minister on September 14, 2018 resigned her appointment But she engaged lawyers to fight her battle in a Federal High Court, Abuja. The court on Wednesday said the ex-Minister ...

Petrol Should Cost More Than N280/litre, NNPC GMD, Kyari Says

30Jun

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Petrol Should Cost More Than N280/litre, NNPC GMD, Kyari Says

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, has advocated for an increase in the price of petrol to about N280/litre at which Automotive Gas Oil, widely known as diesel, is being sold. Kyari said that Nigeria remains the only country in the world where the price of diesel outweighs that of petrol. He stated this on Tuesday when he appeared on Channels Television. The NNPC GMD faulted the smuggling of petrol from the country as an impediment on the country’s oil sector but added that it would not prompt another closure of the borders. He disclosed that government had intensified efforts at curbing smuggling. The NNPC boss said although petrol evacuation by NNPC in Nigeria was currently about 60 million litres daily, the...

Dielsel Price Rises to N280, LCCI Predicts Inflation Will Rise

29Jun

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Dielsel Price Rises to N280, LCCI Predicts Inflation Will Rise

The price per litre of Automotive Gas Oil, popularly known as diesel, has jumped to N280, occasioned by the recent hike in global oil prices and naira devaluation. The price of diesel on Monday ranged from N270 to N280 per litre in several filling stations in Lagos. Reports say the price of the product which is not under government regulation was sold for N280, N279.9 and N275 per litre at Mobil, Capital Oil and Gas as well as Oando filling stations, all along the Lagos-Ibadan Expressway. Diesel often readily serve businesses to power their generators amid a lack of reliable power supply from the national grid. “The high diesel cost is taking a huge toll on operating and production costs across sectors. It is a case of multiple jeopardy for businesses,” the Director-General, Lagos Cham...

Nigerians Call for Arrest of Davido, Rema, Others

26Jun

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Nigerians Call for Arrest of Davido, Rema, Others

Some Nigerians have asked security agencies to go after some celebrities, among whom are David Adeleke, popularly known as Davido, Divine Ikubor, better known as Rema, and Williams Uchemba for endorsing and promoting a Ponzi scheme company, RackSterli, which has allegedly defrauded many unsuspecting Nigerians. There were viral videos of the celebrities adverting the platform, making people to invest in it. Davido in one of the videos said, “I wanna introduce you guys to one of the biggest investment platforms in Nigeria. There are a lot of opportunities over there… It has been very, very reliable for the past six months. We’ve had great recommendations.” Read Also: Bayelsa Governor, Diri Swears In Wife As High Court Judge The Ponzi-like initiative, owned by one Chidi, popularly...