Monday, November 18

Tag: Finance

Cryptocurrencies Ban will Boost Anti-Money Laundering Compliance – ABCON
8Feb By Obiajulu Joel NwoluNo Comments
Economy, Finance, Information Technology, News, Nigeria

Cryptocurrencies Ban will Boost Anti-Money Laundering Compliance – ABCON

The Association of Bureaux De Change Operators of Nigeria, ABCON, has backed the Central Bank of Nigeria’s order directing banks to close all accounts belonging to cryptocurrency traders. This was contained in a statement issued on Sunday titled,  ‘ABCON backs CBN’s cryptocurrency trading ban for stronger anti-money laundering compliance’. According to Alhaji Aminu Gwadabe, ABCON President, the regulator acted fast to curtail an emerging dangerous trend capable of eroding Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing gains. He said that before placing a ban on financial dealings that did not conform with the norm, the regulator must have got a financial intelligence on such operations, as seen in kidnappers now collecting bitcoin for ransom. Gwadabe stated tha...
Read More
Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action
8Feb By Obiajulu Joel NwoluNo Comments
Economy, Finance, Nigeria, Safety, Youths

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

Following the ban placed on cryptocurrencies, the Central Bank of Nigeria, CBN, has defended its decision saying they promote illegal activities and raise risks, among other reasons. The apex bank disclosed this in a statement issued on Sunday concerning various comments and reactions following its recent reminder to Deposit Money Banks to desist from transacting in/and with entities dealing in cryptocurrencies. It said, “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability. “Due to the fact that cryptocurrenci...
Read More
CBN Orders Closure of Cryptocurrency Accounts
5Feb By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

CBN Orders Closure of Cryptocurrency Accounts

The Central Bank of Nigeria on Friday ordered banks and other financial institutions to close accounts of persons and groups operating cryptocurrency exchanges. The apex bank said that dealing with cryptocurrencies and facilitating payments through them are illegal in the country. This was contained in a circular signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department to all Deposit Money Banks, non-bank financial institutions and other financial institutions. It was titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ It read, “The Central Bank of Nigeria circular of January 12, 2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned the Deposit Money Banks, non-bank ...
Read More
EFCC Recovered N75m From Ex-minister’s Wife, Says Operative
28Jan By Obiajulu Joel NwoluNo Comments
Crime, Finance, Judiciary, News, Nigeria

EFCC Recovered N75m From Ex-minister’s Wife, Says Operative

The Economic and Financial Crimes Commission, EFCC, recovered N75m from Halima Turaki, wife of former Minister of Special Duties and Inter-Governmental Affairs, an operative of the commission identified as Bello Hamma-Adama told Justice Inyang Ekwo, of a Federal High Court in Abuja. During the Dr Goodluck Jonathan era, Taminu Turaki was a Minister for Special Duties and Inter-Governmental Affairs between 2013 and 2015. Turaki also served as the Minister for the Federal Ministry of Labour between 2014 and 2015. Testifying before Justice Ekwo, Hamma-Adama, the fifth prosecution witness in the trial made the revelations. Turaki had been arraigned by the anti-graft agency alongside his former Special Assistant, Sampson Okpetu, and two firms, Samtee Essentials Ltd and Pasco Investme...
Read More
Slash on Imported Vehicles’ Duties Commences Next Week – Customs
27Jan By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria, Trade, Transportation

Slash on Imported Vehicles’ Duties Commences Next Week – Customs

The Nigeria Customs Service, NCS, has said the reduction in the duties on vehicles and tractors from 35 to about 10 per cent might begin next week. This was disclosed by the Comptroller-General of Customs, Hameed Ali, in a chat with reporters in Abuja, noting that service was anticipating an official communication from the finance ministry on the issue any moment from now. Ali said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria. He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria. “Now, it has become a law. We are now waiting for the finance minister...
Read More
CBN to Shut Accounts of Diaspora Remittance Violators
23Jan By Obiajulu Joel NwoluNo Comments
Economy, Finance, News, Nigeria

CBN to Shut Accounts of Diaspora Remittance Violators

The Central Bank of Nigeria has threatened to suspend the operating licences of operators who continue to violate rules guiding diaspora remittances into the country. The apex bank said it would not tolerate the explicit flouting of its directive that all remittances be paid to beneficiaries in dollars. This was contained in its circular signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji to all authorised dealers and International Money Transfer Operators on Friday. The circular was titled ‘Modalities for payout of diaspora remittances’. It said that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’. The circular partly read, “These measures are intended to promote transpa...
Read More
2021 Forbes List: Dangote, Adenugu, Rabiu Among Africa’s Top 10 Billionaires
23Jan By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

2021 Forbes List: Dangote, Adenugu, Rabiu Among Africa’s Top 10 Billionaires

Nigeria’s Aliko Dangote has made the 2021 Forbes’ Africa Billionaires List released on Friday as the richest person in Africa, a position he has held for the past 10 years. Also, Nigeria had prominent businessmen, Mike Adenuga of Globacom, and Abdulsamad Rabiu of BUA Group listed as the 5th and 6th richest persons in Africa respectively. According to Forbes, as in elsewhere in the world, the wealthiest person in Africa was not so much affected by the pandemic. It said that Africa’s 18 billionaires were worth an average $4.1bn, 12 per cent more than a year ago, driven in part by Nigeria’s surging stock market. Forbes report said, “For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1bn, up by $2bn from last year’s list, thanks to a ...
Read More
Algeria Crude Oil Output Slumped in 2020
18Jan By Obiajulu Joel NwoluNo Comments
Algeria, Economy, Finance, News, Petroleum

Algeria Crude Oil Output Slumped in 2020

Algeria’s oil revenue tumbled in 2020, worsening an economic crisis in the North African country which is highly dependent on crude income, according to data released by the Energy ministry on Sunday. The COVID-19 pandemic had taken a toll on oil prices, ravaging the economies of producer nations. “The overall volume of hydrocarbon exports reached 82.2 million tonnes of oil equivalent in 2020, for a value of $20 billion, a decrease of 11 percent and 40 percent respectively compared to 2019,” the ministry said in a statement cited by state news agency APS. The energy ministry said oil income to Algeria’s treasury was down 31 percent year-on-year. The International Monetary Fund forecasts that Algeria, Africa’s fourth-largest economy, will see a 5.2 percent recession in 2020, alo...
Read More
Naira Suffers Further Slump, Exchanges for 473/$
13Jan By Obiajulu Joel NwoluNo Comments
Economy, Finance, News, Nigeria

Naira Suffers Further Slump, Exchanges for 473/$

On Tuesday, 12 January 2020, the naira suffered depreciation at the parallel market and Investors and Exports window. Figures obtained from Bureau De Change operators showed that the naira exchanged to the dollar for 473/$ at the parallel market. Nigeria’s currency had enjoyed a reasonable growth rate in recent times after it closed last year at 467/$. According to figures obtained from the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. At the close of 2020, it reached a low of 401 at the I&E window. The country’s apex bank, The Central Bank of Nigeria has maintained the official exchange rate at N379/$ on its website. Recall that the Association of Bureaux De Change Operators of Nigeria, ABCON, had recently asked the CBN to make BDCs pa...
Read More
Court Sentences Ex-Finbank MD Over N10.9bn Fraud
6Jan By Obiajulu Joel NwoluNo Comments
Crime, Finance, Judiciary, News, Nigeria

Court Sentences Ex-Finbank MD Over N10.9bn Fraud

A judge of the Lagos State High Court Sitting in Ikeja, Lateefa Okunnu, on Tuesday, sentenced Okey Nwosu, a former managing director, Finbank Pls, to three years imprisonment on charges bordering on N10 billion fraud. Nwosu was arraigned alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi by the Economic and Financial Crimes Commission (EFCC) on a 26-count amended charge involving stealing and illegal conversion amounting to N10.9 billion, The Cable reports. The prosecution counsel, Rotimi Jacobs, SAN, called several witnessed and presented documents that were admitted as evidence against the defendants, who pleaded not guilty to the charged brought against them, hence leading to their full trial. The judge while delivering her judgement, found the defendants guilty and sentence...
Read More