An FCT High Court sitting at Apo has discharged the former Director-General of the Securities and Exchange Commission (SEC), Dr Mounir Gwarzo, from the offence of conferring unfair and corrupt advantage on himself. Delivering the ruling, which came by an application for a no-case submission, Justice Olukayode Adeniyi, held that the law placed a duty on the prosecution to prove the essential elements of the offence in order to make out a prima facie case. The judge in addition said that, however, in the instant case, the prosecution failed to discharge the said duty. The court further held…
Author: Temitope N.
A construction industry expert, Mr Temitope Runsewe, has applauded the Central Bank of Nigeria (CBN) for its proposed N15 trillion Infrastructure Fund, saying it was key to job creation and economic growth. Speaking with newsmen in Abuja on Tuesday, Runsewe said that the opportunity to utilise private sector funds to support infrastructure investment in critical sectors of the economy had enormous benefits. He recalled that in July, the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, had alluded that the nation’s infrastructure deficit would require billions of dollars annually to fix. He also pointed to a report…
The Federal, States and Local Governments distributed amongst each other the sum of N739.965 billion as Federation Accounts Allocation Committee (FAAC) for September. This was made known in a statement by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Thursday, according to the News Agency of Nigeria. The Ministry also revealed that the Gross Revenue available from VAT for September was N170.850 billion distributed in the preceding month, resulting in a decrease of N7.659 billion. According to the statement, “From the N739.965 billion, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal…
The Central Bank of Nigeria (CBN) has established that it is collaborating with security agencies to prosecute Ponzi scheme operators. This was earlier mentioned by the Director of the CBN’s Corporate Communications Department, Mr Osita Nwanisobi, at the Central Bank of Nigeria Fair which took place at Akanu Ibiam International Conference Centre, Abakaliki, the capital of Ebonyi State. Nwanisobi stated that the apex bank has also embarked on the sensitisation of members of the public on how best to identify and avoid such fraudulent schemes. He said, “When Central bank sensitise the public on such Ponzi schemes and they…
As the year is gradually running to a close, the year has witnessed a record-breaking $10.5 billion investment in the insurance technology start-ups, surpassing the $10 billion mark for the first time in any one year during the first three quarters. This is in Report to the new Quarterly Insurtech Briefing from Willis Towers Watson PLC on Wednesday. For many InsurTechs, 2021 has been a great improvement from 2020 which was plagued by the challenges of the COVID-19 pandemic, among other things, which presented the industry and most mature markets with some real uncertainty. As the region dominating the…
The African Development Bank (AfDB) disclosed that the bank has set a goal of creating 25 million new jobs by 2025. This is as the financial institution is set to invest in Nigeria’s Digital technology and creative spaces in collaboration with other partners to help create sustainable jobs and make Nigeria global powerhouse in these industries. According to a Report from the bank on Friday, this disclosure was made by AfDB’s President, Dr Akinwunmi Adesina, when he delivered a lecture on “Social Media, National Security and Social Change: Bridging the Gap for Development in Africa’’ in Lagos, according to NAN.…
The Lagos State Government announced the launch of a mass vaccination campaign to cover 4 million residents in a bid to battle the spread of the coronavirus. The scheme was launched by Lagos State Governor, Mr Babajide Sanwo-Olu on Wednesday with the aim of vaccinating four million residents in Lagos before the end of 2021. The programme is also titled ”Operation Count Me in 4 Million Lagosians Vaccinated Against COVID-19” and would be overseen by the Lagos State Government in collaboration with the National Primary Health Care Development Agency (NPHCDA). Sanwo-Olu revealed there is a possibility of the fourth…
An Abuja division of the Federal High Court has made an interim order freezing bank accounts belonging to Benue state government domiciled in some Nigerian banks as a result of its defaulting to pay back a N333 million loan secured in 2008. The presiding judge, justice Iyang Ekwo made the order on Wednesday following an ex-parte motion marked FHC/ABJ/AMC/74/2021 filed on September 30 and moved by Darlington Ozurumba, Counsel to the Asset Management Corporation of Nigeria (AMCON). According to the report, the judge also directed that the bank accounts of HPPS Multilinks Services Ltd be frozen pending the hearing…
The Nigerian House of Reps has established that it is entirely driven to boost Nigeria’s manufacturing sector. This disclosure was made by the Speaker, House of Representatives, Mr Femi Gbajabiamila, at a dinner organised by the Manufacturers Association of Nigeria (MAN) to mark the association’s 50th anniversary on Wednesday in Abuja. The speaker, represented by Rep. Aliyu Magaji said that manufacturing is important for the development and economic growth of any nation and is a foundation that developing countries could transform into modern economies He stated that the manufacturing association has played a crucial part in developing Nigeria’s manufacturing capacity.…
The Federal Government appears to have bowed to pressure as reports say they reached an agreement with the state governments to suspend the deduction of $418 million Paris Club refunds from the states and local governments’ accounts pending the determination of court cases on the issue. According to a report from Punch, with the agreement reached between the Federal Ministry of Finance and officials from the states, the monthly Federal Account Allocation Committee (FAAC) meeting which was deadlocked last Friday, will likely hold today (Thursday), although it is still unclear if the new development will affect October revenue allocation.
The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) has alarmed the government that the annual subsidy on Premium Motor Spirit (petrol) could rise to N3 trillion if the current market realities continues. The Managing Director, PPMC, Mr Isiyaku Abdullahi, said this at a panel session during the 15th OTL Africa Downstream Week 2021 in Lagos, according to NAN. The sharp rise in global oil prices to record highs had pushed the subsidy cost being incurred by the Federal Government to N8.28 billion daily. Abdullahi added that with the rehabilitation of the country’s refineries…
Nigerian Exchange Limited (NGX) plans to host the Vice President, Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, SAN, GCON, at the inaugural Nigerian Capital Market Conference on Tuesday, 30 November 2021. Themed “The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery”, the flagship Conference will bring together policymakers, government, financial experts, business leaders, investors, international development partners, regulators and other market stakeholders, to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing. The conference, which is a hybrid event, will be hosted by the Chairman, NGX, Mr. Abubakar Balarabe Mahmoud,…
The Kano Electricity Distribution Company (KEDCO) has urged hoodlums to stop vandalising and stealing its equipment and installations to avoid power outages. KEDCO A statement issued to newsmen by KEDCO’s Head of Corporate Communications, Mr Ibrahim Shawai, said on Thursday in Kano that such heinous crimes also pose grave dangers to their safety. “The caution is coming following the incident that happened in one of our installations where a man was electrocuted while trying to vandalise KEDCO cables. “The victim was unlucky when power was restored while he was trying to steal the cables and his gang members left the…
The Economic and Financial Crimes Commission (EFCC) has issued a budget of N31, 350, 512, 836 to the National Assembly for its operations in 2022. The figure represents a slight improvement over the N29, 575,694,747.46 appropriated for the Commission in 2021. This was disclosed by the anti-graft agency in a statement issued on Tuesday, October 26, 2021. He said, “Funding is a major challenge of the Commission, as it has affected the activities of the Commission in the areas of training, technical equipment, procurement of operational vehicles, upgrading of ICT infrastructures, among others.” Credit :- Nairametrics
The Nigerian National Petroleum Corporation (NNPC) has disclosed the existence of almost $3.097 billion investment opportunities in Nigeria’s condensate refineries’ space. This is as the corporation has pointed out that it requires between $1.6 billion and $2.7 billion to improve the supply and distribution of petroleum products, revamp Liquefied Petroleum Gas (LPG) infrastructure and build Compressed Natural Gas (CNG) plants in the country. This disclosure was made by the Group Managing Director of NNPC, Mallam Mele Kyari, while delivering his keynote address at the 15th Oil Trading and Logistics (OTL) Africa Downstream Week themed, “Downstream in Transition: Getting Set”,…
Former Emir of Kano, Alhaji Muhammad Sanusi II, has disclosed that the federal government is indulging in illegality by paying petroleum subsidy from the federation account. The former Central Bank of Nigeria (CBN) governor spoke virtually as a panellist on Sustainable Development Goals (SDGs) at the just concluded Nigerian Economic Summit held in Abuja. He also said the Nigerian daily oil consumption data is suspect thus there is endemic corruption in fuel subsidy payments. “This money coming from petrol belongs to the federation account, and the federal government doesn’t have the constitutional right to pay subsidy on behalf of the…
President of the African Development Bank Group (AfDB), Dr Akinwumi Adesina, yesterday emphasized that the severe lack of energy was negatively affecting the growth of Nigerian industries. Adesina mentioned while speaking at a meeting organised by the Manufacturers Association of Nigeria (MAN) in Abuja. He said: “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal. “Unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain uncompetitive.” Also speaking at the meeting, the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, noted that trade was a key…
An Abuja division of the Federal High Court has officially granted Ms Grace Taiga, former Director of Legal Services, Ministry of Petroleum Resources a N30 million bail in the multiple fraud case involving Process and Industrial Development Limited (P&ID). The presiding judge, Justice Obiora Egwuatu on Wednesday held that Taiga should meet her bail conditions. He then adjourned the matter to January 17, 2022, for commencement of trial. According to the News Agency of Nigeria, The Economic and Financial Crimes Commission (EFCC) re-arraigned Taiga on October 7 on a seven-count charge bordering on money laundering offences. Taiga was arraigned on…
FBN Holdings Plc, owner of First Bank Nig. Ltd has disclosed in a statement to the Nigerian Exchange Group (NGX), providing an update of the substantial shareholders of FBN Holdings Plc as well as answers to questions earlier asked by the NGX. The statement is contained in a letter from FBNH to the NGX dated October 26, 2021, and is a response to a preceding letter from the Nigerian Exchange requesting the bank to provide additional information and update its list of substantial shareholders and their shareholding in the company. FBNH was requested by the NGX to provide clarification…
The Director-General, Nasarawa Bureau for Information Communications and Technology (BITC), Shehu Ibrahim, established that the state is on schedule towards achieving digital transformation of its economy. Ibrahim mentioned this at a press briefing on Friday in Lafia, as part of activities to mark the 2021 Digital Nigeria Day which is celebrated on October 24 every year. The director-general said that the state government is developing a master plan to migrate from analogue to e-governance to deliver digital services that would drive the state’s economy for sustainable development. He said the master plan is geared towards creating a digital…