Tag: Finance - Page 8 - African News Today

CBN Fines Three Banks N800m Over Crypto Transactions

7Apr

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Fines Three Banks N800m Over Crypto Transactions

CBN The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system. The directive was contained in a circular issued by the CBN in February 2021. In addition, the CBN had in November directed banks to close the accounts of two individuals and a company for allegedly trading in cryptocurrencies. Despite these...

A’Ibom Govt Sues ExxonMobil Over Attempt To Sell Assets Without Consent

28Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

A’Ibom Govt Sues ExxonMobil Over Attempt To Sell Assets Without Consent

ExxonMobil Akwa Ibom State government has dragged ExxonMobil to court over an attempt to sell off some of its assets without informing it as a critical partner about the intention to carry out such a major activity. ExxonMobil had recently informed the general public that it had reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, through its wholly-owned subsidiary, Seplat Energy Offshore Limited. However, Akwa Ibom State Attorney-General and Commissioner for Justice, Mr. Essien Udom, SAN, said, weekend, that the state government had filed a suit in court to prevent Mobil from proceeding with the sales of the assets. Udom said: “Mobil has not formerly informed the state government that they are selling off and leaving. Ever...

I met only N300m in Anambra treasury, inherited hundreds of billions in debt from Obiano – Soludo

23Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

I met only N300m in Anambra treasury, inherited hundreds of billions in debt from Obiano – Soludo

Charles Soludo The new Governor of Anambra State, Charles Chukwuma Soludo, has claimed he met only N300 million in the state’s treasury when he assumed office. Soludo revealed this while answering questions on Arise TV on Tuesday. According to the former Central Bank Governor, he has inherited debts running into “hundreds of billions of naira” from his predecessor, Willie Obiano, according to audited accounts. Soludo said: “In terms of debt I inherited, it runs into hundreds of billions of Naira. In that of cash, we met about 300 million Naira only. In fact, let’s not talk about it. Our treasury is funny. “I hope we shall make money henceforth to help us fulfill our promises for infrastructure and development of the state. “But in terms of what I met in our coffers,...

Massive Job Cut Looms As Dollar Hits N590, Forex Scarcity Bites Harder

23Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Massive Job Cut Looms As Dollar Hits N590, Forex Scarcity Bites Harder

Naira notes The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1. The development may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria. The development comes over eight months after the Central Bank of Nigeria stopped the sale of forex to Bureau de Change operators and promised to boost liquidity in commercial banks. Checks on Tuesday showed that the exchange rate stood at N585/$1 and N785/£1 on the black market as against the N582/$1 last Friday. This is just as banks have also limited customers’ access to forex, placing a cap of $20 per month for online transactions. Insiders said&nbs...

IGP Working On New Police Salary Structure – AIG

22Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

IGP Working On New Police Salary Structure – AIG

The Assistant Inspector-General of Police, Zone 2 Command, Adeyinka Adeleke, has said the Inspector General of Police, Usman Baba, is working on the implementation of the increment in the salaries and allowances of the police in line with the approval of the Federal Government. Reports say that a group recently threatened that police personnel would embark on a two-week strike starting from March 26, because the approved salary increment had not been implemented. Nigeria Police Reacting to the development, Adeleke, while delivering a lecture to police officers and men of the Ogun and Lagos commands, described the strike threat as fake. He appealed to the police personnel to be calm, law-abiding, steer clear of mutinous action, be focused on their duties and maintain the integ...

Oyetola Didn’t Access Any Loan Since 2018 — Govt

21Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Oyetola Didn’t Access Any Loan Since 2018 — Govt

Adegboyega Oyetola Osun State government, Sunday, disclosed that the administration of Governor Adegboyega Oyetola has not accessed any credit facility, since assumption of office in 2018. Former commissioner for Finance under Ogbeni Rauf Aregbesola’s administration, Mr. Wale Bolorunduro, had said that the state’s negative Federal allocation for February was due to a fresh loan facility the Oyetola-led administration accessed. The state government received as Federal allocation the sum of N379,914,981.09 for the month of February, which raised concern over its debt status among residents. But faulting the claim, the Commissioner for Finance, Mr. Bola Oyebamiji, in a statement, stated that the negative figure was accrued to the state after the statutory debt deduction to t...

Man Allegedly Cheats Konga For Eight Years, Steals Goods Worth N22m

17Mar

By Obiajulu Joel NwoluNo Comments

Finance, Judiciary, News, Nigeria

Man Allegedly Cheats Konga For Eight Years, Steals Goods Worth N22m

A 39-year-old man, Chijioke Okoro, has been arraigned before a Chief Magistrate’s Court sitting at Ikeja, Lagos State, for allegedly stealing N22,046,695 worth of goods from an online store, Konga. Reports say that Okoro tricked the online company between October 2013 and August 2021 in Akilo, in the Ogba area of the state. He was arraigned on two counts bordering on stealing and cheating by tricks. The charges read, “That you, Chijioke Okoro, from October 2013 to August 20, 2021, at No 3b, Cocoa Road, Akilo area of Ogba, Lagos, in the Ikeja Magisterial District, did unlawfully steal goods worth N22,046,695, property of Konga Online Shopping Limited. Read Also: Abba Kyari’s Wife Slumps In Court, NDLEA Remands Husband, Six Others “That you, Chijioke Okoro, on the sa...

Airlines To Increase Flight Tickets To N120,000: Allen Onyema

16Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Transportation

Airlines To Increase Flight Tickets To N120,000: Allen Onyema

Allen Onyema, CEO of Air Peace, on Monday, warned that airfare might rise to about N120,000 if urgent actions are not taken to reduce the price of aviation fuel. Mr Onyema who spoke on behalf of the Airline Operators Association of Nigeria (AOAN) at a parliamentary briefing on Monday called on President Muhammadu Buhari’s regime to grant operators permission to import the product to end the hike. He argued that if airline companies can buy planes worth millions of dollars, they would have no trouble importing aviation fuel. Lamenting that the cheapest flight ticket costs N70,000, Mr Onyema warned there would be further increase if efforts were not made to address the fuel crisis. Responding to the airline operators’ request, the Group Managing Director of the Nigerian Nati...

FG Orders Google, Apple To Deactivate ‘Illegal’ Online Banks, Loan Apps

15Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

FG Orders Google, Apple To Deactivate ‘Illegal’ Online Banks, Loan Apps

The Federal Competition and Consumer Protection Commission has ordered Google LLC (Play Store) and Apple Inc. (Apple Store) to deactivate unauthorized online banks and loan applications. The Federal Government agency asked Google and Apple to delete the applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers. The agency also banned the acceptance and presentation of new online banking and loan applications without regulatory assessment and approval. President Muhammadu Buhari This is coming two days after FCCPC, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force shut down ...

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

6Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Petroleum, Uncategorized

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022. Industry figures showed that Brent, the crude against which Nigeria’s oil is priced, leapt to a high of $118.11/barrel at 3pm on Saturday, moving up by $7.65 or 6.23 per cent when compared to its value the previous day. Oil sector operators stated that the rise in crude prices might raise the amount currently spent on petrol subsidy by the Federal Government by about 100 per cent when benchmarked against the projected price in the budget. In December 2021, the House of Representatives passed the 2022 budget of N17.126tn...