Tag: Finance - Page 23 - African News Today

FCMB MD Proceeds on Leave as Paternity Scandal Probe Begins

6Jan

By Obiajulu Joel NwoluNo Comments

Finance, Fitness and Wellbeing, News, Nigeria

FCMB MD Proceeds on Leave as Paternity Scandal Probe Begins

Adam Nuru, the Managing Director of First City Monument Bank Limited, has been embarked on leave to enable the bank duly investigate his indictment in the paternity scandal involving a former employee of the bank, Mrs Moyo Thomas. This was contained in a statement the bank issued on Tuesday. The statement partly read, “We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru; a former employee, Mrs Moyo Thomas, and her deceased husband, Mr Tunde Thomas. “While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of this code of ethics. “Thi...

Diri Signs N329bn 2021 Appropriation Bill into Law

31Dec

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria

Diri Signs N329bn 2021 Appropriation Bill into Law

Bayelsa State Governor Douye Diri has signed the 2021 bill of N329.29 billion into law. The governor had on November 26 presented an estimate of N290.295 billion tagged, ‘Budget of Growth’ to the state House of Assembly. While assenting to the bill in Government House, Yenagoa, Diri said the increase in the figure would address areas of deficit identified in the appropriation bill as well as assist in the infrastructure development of the state. A statement by the Chief Press Secretary, Mr Daniel Alabrah, quoted the governor as noting that the increase in the 2021 budget was intended to tackle the completion of the three senatorial roads, the AIT/Igbogene ring road project and construction of the Gloryland Drive in addition to rehabilitation of the internal roads within the Yenago...

Governor Ikpeazu Signs 2021 Appropriation Bill

30Dec

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria

Governor Ikpeazu Signs 2021 Appropriation Bill

Abia State Governor, Dr Okezie Ikpeazu, has signed the 2021 Appropriation Bill into law. The Bill which was passed by Abia State House of Assembly during the Tuesday plenary session of the House was presented to the Governor by the Clerk of the House, Sir John Pedro Irokansi in his Aba residence on Tuesday night where he endorsed the N131,852,752,000.00 (One Hundred and Thirty One Billion, Eight Hundred and Fifty Two Million, Seven Hundred and Fifty Two Thousand Naira Only) Budget made up of N69bn for capital expenditure and N62.8bn for recurrent expenditure. Earlier, Governor Ikpeazu presented the budget which he christened Budget of Local Contents and Sustainable Development to the state House of Assembly on the 7th of December, 2020. The budget, which is 21.12 per cent higher t...

UK Speaks on Gowon’s Alleged CBN Looting

27Dec

By Obiajulu Joel Nwolu1 Comment

Corruption, Crime, Finance, News, Nigeria

UK Speaks on Gowon’s Alleged CBN Looting

The United Kingdom has distanced itself from the indictment of former Nigerian Head of State, Yakubu Gowon, by a member of its parliament, Tom Tugendhat. The UK lawmaker had on November 23, accused Gowon of looting half the Central Bank of Nigeria while he was the head of state. Tugendhat disclosed this during a debate by the parliament on Nigerian government officials embroiled in human rights abuses during the #EndSARS protests in Nigeria. Commenting on the allegation, the UK in a letter signed by a member of the Foreign, Commonwealth and Development Office, Nigeria Unit, identified as Angela stated that Tugendhat spoke in his own personal capacity, and his statement does not reflect the views of the British Parliament or the United Kingdom. The clarification followed a petition...

CBN Predicts Further Depreciation of the Naira in January 2021

27Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Predicts Further Depreciation of the Naira in January 2021

The Central Bank of Nigeria has said that a survey conducted by its Statistics Department showed that the naira is projected to further depreciate in January next year. According to the report titled, ‘December 2020 Business Expectations Survey Report’, there might also be a steady rise in the interest rate from December till the next six months, Punch reports. Nigeria’s currency fell to its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been lingering between N460 and N470. As of Friday, however, one dollar exchanged for N465 in the parallel market. Recall that the Nigerian economy fell into its second recession in five years on November 21, 2020. Reports say the recession is the worst in 36 years, according to the data obtained from the Wo...

FG Approves an NGO to Monitor Spending of $311m Abacaha Loot

25Dec

By Obiajulu Joel NwoluNo Comments

Finance, Infrastructure, News, Nigeria

FG Approves an NGO to Monitor Spending of $311m Abacaha Loot

The Federal Government has selected a civil society organisation, CLEEN Foundation, to monitor the spending of the last tranche of $311m returned funds looted by the late Head of State, Gen. Sani Abacha. This was disclosed on Thursday by the Office of the Attorney-General of the Federation. The fund which was returned in February 2020, was reported to have been appropriated for three notable projects - the 2nd Niger Bridge, the Abuja-Kano Expressway and the Lagos-Ibadan Expressway. According to a statement by the Special Assistant to the AGF, Dr Umar Gwandu, the purpose of the involvement of the CSO was to increase transparency in the management of recovered funds. Gwandu said CLEEN Foundation was selected after a presentation made by the Attorney-General of the Federation and ...

CBN Withdraws 42 Microfinance Bank’s Operating Licences

21Dec

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Withdraws 42 Microfinance Bank’s Operating Licences

Nigeria’s apex bank, the Central Bank of Nigeria has withdrawn the operating licences of 42 microfinance banks operating in the country. This was contained in an announcement issued by the Nigeria Deposit Insurance Corporation (NDIC) on its website titled, ‘Notice of closure of 42 microfinance banks’. It read, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors. “We, therefore, request that all depositors o...

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

17Dec

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Trade

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

The Central Bank of Nigeria has cautioned operators against paying recipients of diaspora remittances in the local currency rather than foreign currency. The apex bank threatened to strip violators of their operational licences if they failed to comply with its remittance guidelines. It disclosed this in a circular to International Money Transfer Operators and Payment Services on Wednesday signed by the director, trade and exchange department, and the director, payments system management department. According to the circular, all licensed institutions are required to comply with the guidelines on remittances as contraventions will attract stiff regulatory sanction including revocation of licence. The circular was titled, ‘Receipt of diaspora remittances: Additional operational ...

Poor Nigerians Expected to Reach 100 Million By 2022 – World Bank

11Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Poor Nigerians Expected to Reach 100 Million By 2022 – World Bank

The World Bank has estimated that the number of poor Nigerians would rise from the current 90 million to about 100 million by 2022 due to the economic impact of the COVID-19 pandemic. The bank projects that about 11 million more Nigerians would plunge into poverty by 2022 due to the COVID-19 crisis. It equally pegged the financial portfolio approved by its board for Nigeria at about $11.5bn. This was disclosed during the bank’s Nigeria Development Update virtual event, themed, 'Rising to the challenge: Nigeria's COVID-19 response'. According to Punch, an economist with the bank, Marco Hernandez, during his presentation said that before the COVID-19 pandemic, about two million Nigerians were expected to fall into poverty in 2020 as population growth outpaced economic growth. ...

5Nov

By Chinedu IbeakanmaNo Comments

Economy, Finance, Interview, Nigeria

No Plan to Increase VAT – FG

The Federal Government has debunked claims on social media that it plans to increase the Value Added Tax (VAT) and other taxes in its proposed Finance Bill. Minister of Finance, Zainab Ahmed, who issued the disclaimer while defending the Ministry’s budget before the Senate Committee on Finance in Abuja, said the report of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly was false. Ahmed said: “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.” Earlier, the Account General of the Federation, Ahmed Idris, who was present at the session, complained about poor budgetary allocation to his office. Idris said: “We have 37 offi...