Tag: Finance - Page 27 - African News Today

Ogun plans August 14 Worship Centres Reopening, Schools to Resume August 4

30Jul

By Obiajulu Joel NwoluNo Comments

African Development, Covid-19, Economy, Education, Employment, Finance, Interview, News, Nigeria, Press Statement, Religion, Safety, Youths

Ogun plans August 14 Worship Centres Reopening, Schools to Resume August 4

The Ogun state Government plans a conditional approval for reopening of places of worship across the state from August 14, 2020 in absolute compliance to COVID-19 safety guidelines. The state government also disclosed that schools will resume August 4, for students preparing for the recently approved senior school certificate examination organised by West African Examination Council (WAEC). In a chat with journalists on Wednesday in Abeokuta, the state capital, the Ogun State Governor, Mr. Dapo Abiodun said his administration took the decision to reopen schools and worship centres after diligent consultation with relevant stakeholders. He acknowledged the effort of League of Imams and Alfas as well as the leadership of the Christian Association of Nigeria (CAN) for standing on t...

FAAN Speaks on Readiness for Eid-El-Kabir Celebration

29Jul

By Obiajulu Joel NwoluNo Comments

Aviation, Covid-19, Economy, Finance, News, Nigeria, Press Statement, Safety, Security, Transportation

FAAN Speaks on Readiness for Eid-El-Kabir Celebration

The Federal Airports Authority of Nigeria (FAAN) has assured air travelers of its readiness to serve Nigerians during the Sallah celebrations. A statement released through its Twitter handled signed by Henrietta Yakubu General Manager, Corporate Affairs expressed its commitment to ensure safety of its airports and travelers. The Federal Government is ensuring gradual reopening of airports after closure due to COVID-19 pandemic. The statement read, “The Federal Airports Authority of Nigeria (FAAN) assures all airport users that Nigerian airports under its management are fully ready to play host to air travelers during this Sallah celebrations. As part of our commitment to ensure safe, healthy and seamless facilitation of our highly esteemed passengers during the Sallah celebrations...

NDDC Contract: Lawmakers Debunk Akpabio’s Allegation

28Jul

By Obiajulu Joel NwoluNo Comments

Corruption, Crime, Economy, Finance, Interview, Justice, Legislature, News, Niger Delta, Nigeria

NDDC Contract: Lawmakers Debunk Akpabio’s Allegation

Senators mentioned as beneficiaries of Niger Delta Development Commission (NDDC) contracts by Senator Godswill Akpabio, Minister of Niger Delta Affairs, have denied the allegation and asked the minister to give account of N81.5 billion spent by the commission instead. Speaking with reporters yesterday, Senator Peter Nwaoboshi, Chairman of Senate Committee on Niger Delta Affairs and his forerunner Senator James Manager, said that they were not awarded any contract by NDDC between 2017 and 2019 as alleged by Akpabio. In his reaction, Nwaoboshi dared the minister to submit the list to anti-corruption and law enforcement agencies if he can prove that he was awarded 53 NDDC projects as alleged. Nwaoboshi said, “The unsubstantiated allegation is in line with Mr. Akpabio’s well-known age...

AfDB Corruption Probe: Independent Panel Exonerates Adesina

28Jul

By Obiajulu Joel NwoluNo Comments

African Development, Corruption, Economy, Justice, News, Nigeria

AfDB Corruption Probe: Independent Panel Exonerates Adesina

The independent committee inaugurated to examine the report of the Ethics Committee of the Board of Directors on the accusations made by the whistle blowers against the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has cleared the bank’s president of any wrongdoing. The top-class independent review committee headed by Mrs. Mary Robinson, former President of Ireland, turned in its report on Monday. The panel was inaugurated in July 2 by the Bureau of Governors of the Bank, following a complaint by the United States, to crosscheck the process by which two organs of the Bank – the Ethics Committee of the Board, and the Bureau of the Board of Governors had hitherto cleared Adesina. In the top-class Revie Panel were- Mary Robinson, who is a former President of...

Banks in Nigeria to Restrict Debit Card Spending Abroad to Reduce FX Risk

20Jul

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Banks in Nigeria to Restrict Debit Card Spending Abroad to Reduce FX Risk

Banks in Nigeria are set to reduce the amount of money which customers abroad can spend using debit cards starting on Monday, as banks attempt to reduce foreign currency settlement risk. This was revealed by lenders. The quick fall in the price of crude oil which forms bulk of Nigeria’s export has caused dollar scarcity in the country forcing banks to make effort to evade transactions with hard currency. The local unit of South Africa’s Standard Bank in Nigeria, Standard IBTC Bank has revealed that from Monday, it will reduce to half the original spending limit for offshore card transactions to $500 per month, while withdrawals will be reduced to $100. Zenith Bank equally said the use of debit cards abroad for cash withdrawals will be temporarily be p...

Namibia’s Central Bank Governor, Gawaxab, Asks Country to Prepare for Impending Digital Revolution

18Jul

By Obiajulu Joel NwoluNo Comments

African Development, Economy, Finance, Namibia

Namibia’s Central Bank Governor, Gawaxab, Asks Country to Prepare for Impending Digital Revolution

Bank of Namibia (BoN) governor, Johannes Gawaxab has asked the country to get ready to deal with an impending digital revolution and utilize the technological innovation for greater good. Gawaxab made the statement on Thursday at the bank’s 30th anniversary celebration event, reflecting on its progress over the past years while anticipating continuous growth in the next 30 years and beyond. Gawaxab said BoN has been influential in ensuring long-term macroeconomic stability in the country over the past 30 years and has been able to deliver on its core mandate of implementing monetary policy, safeguarding stability, and promoting economic development in Namibia. According to Gawaxab, “On the monetary policy function, the role of the bank has been to set an interest rate path that en...

EFCC Saga: IG of Nigerian Police Force Withdraws Officers Attached to EFCC, Magu’s Security Details

11Jul

By Obiajulu Joel NwoluNo Comments

Corruption, Crime, Judiciary, News, Nigeria, Security

EFCC Saga: IG of Nigerian Police Force Withdraws Officers Attached to EFCC, Magu’s Security Details

Mobile Police officers attached to the Economic and Financial Crimes Commission (EFCC) have been withdrawn on the order of the Inspector-General of Police, Mohammed Adamu. The order was communicated through a communique to the Inspector General, Police Mobile Force, PMF Squadrons one to 79, Force Secretary and Commissioners of Police of all state commands and the Federal Capital Territory (EFCC), also instructed that the equal number of personnel withdrawn be replaced. The IGP in the order said, “Only staff of EFCC should be allowed access into the premises while withdrawn police personnel from PMF 21, 44, 45, 46 and 50 must report to the Force Headquarters by 8am on Monday.” It was also reported that personnel of the police force manning the residence of the ousted Acting EFCC bo...

Rwanda Seals $150 Million Skills Development Agreement with World Bank

9Jul

By Obiajulu Joel NwoluNo Comments

African Development, Finance, News, Rwanda

Rwanda Seals $150 Million Skills Development Agreement with World Bank

Rwanda and World Bank have agreed a $150 million financing agreement to assist the country accomplish skills development in chosen economic sectors. In a statement on Wednesday, Rwanda’s Ministry of Finance and Economic Planning disclosed that half of the fund is a grant while the other half is a concessional loan which is payable within 38 years, with a six-year grace period at 0.75 percent interest rate. The ministry said that the project is planned to improve access to technical and vocational education as well as higher education programs required by labour market and the social and economic growth of Rwanda. Minister of finance and economic planning, Uzziel Ndagijimana in a communique said, “Skills development and employment promotion are central to Rwanda’s National Strategy...

Kenya Plans Reintroduction of Betting Tax

3Jul

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Kenya, Lifestyle, News, Sports

Kenya Plans Reintroduction of Betting Tax

The government of Kenya has concluded plans to reintroduce taxation of betting companies within six months following a public outburst over cancellation of the 20 percent duty in the Finance Bill 2020. Ukur Yatani, Treasury Cabinet Secretary heaped blame on the Parliament, referencing lobbying of government for the removal of the taxes. Mr. Yarani said, “The players in the industry have been petitioning the government to reduce taxation in the industry,” “The removal of this tax happened during the committee stage of the bill…The National Treasury will be proposing to the National Assembly the re-introduction of the excise duty on betting within the next six months.” Kenya ceased taxing betting firms after a proposal on May15 by an unclear stakeholder group, identified only by ...

CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?

22Jun

By adminNo Comments

Corruption, Covid-19, Economy, Features, Finance, News, Nigeria

CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?

When the CBN (Central Bank of Nigeria) announced that it was going to be making about N50 billion available as loans to businesses in what it called the "Targeted Credit Facility for Covid-19", a lot of business owners saw it as a lifeline with which to revive their failed or failing businesses. It's no longer news that most businesses were hard hit by the lock down instituted by different governments as a result of the global pandemic. When the program was rolled out, it was introduced by Nirsal Micro Finance Bank, the bank that handles most of CBN's public loan programs, as "a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the Covid-19 pandemic." Month's after this program supposedly kicked off, we are wondering how many Niger...