Sunday, September 8

Tag: Finance

Nigerian Farmers to Get $1.1 Billion Loan Intervention from CBN
19Jun By Obiajulu Joel NwoluNo Comments
Agriculture, Covid-19, Economy, Finance, Nigeria

Nigerian Farmers to Get $1.1 Billion Loan Intervention from CBN

The Central Bank of Nigeria (CBN) has said it plans to empower farmers with N432 billion ($1.1 billion) intervention loan to upscale food production during the planting season. The apex bank said through its Twitter handle on Thursday that about one million farmers will be given loan to cultivate more than one million hectares of land to ensure adequate food supply as the economic effects of covid-19 unravels. The West African nation has been pushing for more investment in the agricultural sector as a drift from reliance on crude, which accounts for estimated 90% of the countries revenues. The CBN projects increased production of cash crops such as cotton, rice, tomato, cassava, cocoa and maize for self-reliance cum revenue generation through export.  
Read More
Nigeria Secures $288.5m African Development Bank Loan
8Jun By Obiajulu Joel NwoluNo Comments
Africa, Agriculture, Covid-19, Economy, Finance, News, Nigeria

Nigeria Secures $288.5m African Development Bank Loan

Nigerian has gotten approval for $288.5m loan from African Development Bank (AfDB) to cushion the impact of coronavirus and the drop in the price of crude oil. Africa’s largest economy – Nigeria, has been battling with growing cases of COVID-19 with an infection rate of 12,233 cases and 342 deaths. Coupled with the dwindling price of oil, the country has seen her finances stretched. The minister of finance, Zainab Shamsuna Ahmed had warned that Nigeria’s economy could take a hit from the pandemic. The country has been battling with the adverse effect of the pandemic, low oil price and effect of lockdown which held sway till recent relaxation. Read also: FG lost N557bn to MDAs in five years —Report The loan will reinforce government’s capacity to upscale surveillance and react t...
Read More
Nigeria’s Impending Debt Default: A looming African Disaster
15Aug By adminNo Comments
Economy, Finance, News, Nigeria

Nigeria’s Impending Debt Default: A looming African Disaster

In 2018, a BusinessDay editorial sounded the alarm about the prodigious growth of Nigeria’s debt profile at a time when government revenues were either flat or shrinking. In a response very typical of the present administration, the Debt Management Office fired off a dismissive rejoinder questioning BusinessDay’s financial knowledge and insisting that all is well because Nigeria’s 19 percent debt-to-GDP ratio is significantly lower than that of countries like the USA, which owes 104 percent of its GDP. What the shallow window dressing attempt failed to account for was that in a country like Nigeria whose economy is largely divorced from government revenues courtesy of oil receipts, it makes little sense to base any borrowing decision on the debt-to-GDP ratio. According to data from Heri...
Read More
Nigeria: EFCC Arrests Youth Corps member, NAU Graduate for Internet Fraud
7Aug By Debo OmilaniNo Comments
Crime, Finance, News, Nigeria, Security

Nigeria: EFCC Arrests Youth Corps member, NAU Graduate for Internet Fraud

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, has arrested the duo of Ademola Babajide Adeniyi, a serving youth corps member, and Onabuke Adedokun Kenny, a graduate of the North American University, for alleged Internet fraud. The suspects were arrested on July 30, 2019 at Novojo Estate, Sangotedo Ajah, Lagos, during a raid by operatives of the EFCC. In his statement to the EFCC, the first suspect, Adeniyi, stated that he collected six iphone 8 and 4 Apple laptops from his unsuspecting victims, which he sold for over N1m (One Million Naira). Items found on the suspects at the point of arrest include laptops, scam emails, pictures of some female victims, phones and a 2015 Honda Accord car. In a related development, operatives of EFCC, Lagos Zonal office...
Read More
Nigeria: EFCC Arrests Man for Alleged N150m Money Laundering
7Aug By Debo OmilaniNo Comments
Crime, Finance, News, Nigeria, Security

Nigeria: EFCC Arrests Man for Alleged N150m Money Laundering

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, has arrested one Nelson Emuobosa Omo-Ode, for alleged money laundering. Omo-Ode, a 32, Business Administration graduate of the Kuala Lumpur Metropolitan College, Malaysia, was arrested on July 18, 2019 at his residence at The Address Homes, Onikani Foreshore Banana Island, Ikoyi, Lagos, following a petition received by the Commission about his suspicious lifestyle. Investigations showed that over N150, 000,000 (One Hundred and Fifty Million Naira) had passed through his account in recent time, which he could not account for. The Commission recovered a Mercedes SUV from him at the point of arrest. The suspect will be charged to court soon.
Read More
Development: Reps Member Harps on Payment of Tax
7Aug By Debo OmilaniNo Comments
Economy, Finance, Lagos News, News, Nigeria

Development: Reps Member Harps on Payment of Tax

A member, House of Representatives, Hon. Jide Jimoh on Wednesday called on the corporate organizations, business groups and Nigerians to pay tax for the development of the Local governments in the country. Jimoh, representing Lagos Mainland Federal Constituency made the call in Lagos during Yaba LCDA 2019 Business Summit tagged: "Inter-Personal Relationship Between Local Government and The Corporate Bodies". He said that funds generated from the payment of taxes would be channeled to the development of the local government. According to him, without funding, there cannot be establishment of structures and capital projects. People must pay taxes, rates and levies to the local government which will help in developing the local council. He commended the initiatives of the council ...
Read More
We are Looking at the Possibility of Starting the Kwara Version of Trader-Moni – AbdulRazaq
2Aug By Debo OmilaniNo Comments
Economy, Employment, Finance, News, Nigeria

We are Looking at the Possibility of Starting the Kwara Version of Trader-Moni – AbdulRazaq

The Kwara State Governor AbdulRahman AbdulRazaq has affirmed his position to understudy the TraderMoni programme of the Federal Government to extend soft loans to traders in Kwara version to reduce mass poverty. This contained in a statement by his spokesman, Rafiu Ajakaye while the governor visited the Abuja headquarters of the Government Enterprise and Empowerment Programme (GEEP), the implementers of the TraderMoni initiative, with the aim to replicate same in Kwara State. GEEP, which is supervised by the Bank of Industry, is one of the four sub-programmes of the National Social Investment Office (NSIO). The statement said the visit was for AbdulRazaq to discuss partnership with GEEP handlers on how Kwarans can further access the micro loans and lift thousands of people out of ...
Read More
Nigeria: Pension Fund Administrators Exploiting Pensioners
15Jul By adminNo Comments
Corruption, Economy, Finance, News, Nigeria

Nigeria: Pension Fund Administrators Exploiting Pensioners

Nigerian workers have been faced with different challenges over the years. All of these challenges hinge around government's insensitivity to their plight. We have heard stories of pensioners not receiving their pensions and we have even heard of those that collapse and even die while waiting to be paid. Given all of these, Nigerian workers thought their woes were over with the introduction of PFAs which allowed their funds to be managed by independent organizations. This appears not to be the case. While we've learnt that the Federal Government for about the past two years has not been remitting to the PFAs the deductions they make from the salaries of their employees not to mention the contributions they are supposed to make, we've also learnt that the PFA's themselves have been se...
Read More
Nigeria: Return Our Stolen Asset, Not Give Doomsday Prophecy On 2019 – Presidency to HSBC
16Sep By admin1 Comment
Corruption, Economy, News, Nigeria

Nigeria: Return Our Stolen Asset, Not Give Doomsday Prophecy On 2019 – Presidency to HSBC

PRESIDENCY WANTS HSBC TO RETURN OUR STOLEN ASSETS, NOT GIVE US DOOMSDAY PROPHECY ON 2019 The Presidency wishes to make clear to all Nigerians, and particularly the global banking giant HSBC which said the second term of President Muhammadu Buhari would stunt the economy, that what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC. A bank that soiled its hand with ‘‘millions of US dollars yet-to-be-recovered Abacha loot’’, and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate has no moral right whatsoever to project that a “second term for Mr. Buhari raises the risk of limited economic progress and further fiscal deterioration.” Rather, ...
Read More