Twitter has announced that its tipping feature is now available to its Nigerian users. As an added bonus, along side Bitcoin and Ethereum wallet address support, Twitter has added pan-African payment solutions Paga and Flutterwave as payment providers for its new feature. Twitter started its tipping feature in September of 2021, supporting Bitcoin via the lightning network, as a way for people to send money through cryptocurrency and other means on its social media platform. Although criticized, the feature is used by a large number of the people in the country the feature is supported. The inclusion of additional African-focused…
Author: Temitope N.
The National Drug Law Enforcement Agency (NDLEA) has established that it has no reason to shield anyone who may be indicted in the course of the ongoing investigation of a 25kg cocaine deal involving a gang led by the suspended Deputy Commissioner of Police, Abba Kyari. This is as the drug agency has revealed details of how the drug mules contacted Abba Kyari’s team in the drug deal. The detail of the deal was made known in a statement issued by NDLEA’s Director of Media and Advocacy, Femi Babafemi, on Wednesday, February 16, 2022, days after the 25kg cocaine deal…
CEC Africa Investment Limited and KANN utility company have agreed to settle the matter regarding the takeover of AEDC outside the court. They had both instituted a suit against the Attorney General of the Federation (AGF) and Central Bank of Nigeria (CBN) over a directive for the companies takeover. They sought an order of the court restraining the AGF and others from interfering with the operations of AEDC. However, at the resumed hearing on Wednesday, the plaintiffs informed the court that the parties have agreed to settle between themselves out of court. When the matter was called up, counsel to…
The Lagos authorities has proclaimed the introduction of a replacement resident card with utile functions for residents. The new card that is substitution the previous card, has additional embedded options and functions which will alter the cardholders get pleasure from and have access to quicker and higher services. This was created well-known by the final Manager of the Lagos State Residents Registration Agency (LASRRA), Engr. (Mrs.) Ibilola Kasunmu, well-known throughout a 2-day workshop unionized for media personnel at its workplace in Ikeja, Lagos.
The Lagos State Governor, Babajide Sanwo-Olu, has established the state’s interest in collaborating with the Nigerian Exchange Limited (NGX) as it will explore capital raising through the exchange to fund infrastructure projects through equities, Green, Sukuk and Blue Bonds. The remark was made by Sanwo-Olu, when the board and management of NGX led by its Chief Executive Officer, Mr Temi Popoola, paid him a courtesy visit at Governor’s office, on Thursday, February 10, 2022. Other board members of NGX present at the meeting with the Lagos State Governor include Mr. Kamarudeen Oladosu, Mr. Seyi Osunkeye, and Mr. Yomi Adeyemi. According…
The Central Bank of Nigeria (CBN) has revealed that interest rates on its various intervention facilities had been extended till March 1, 2023. This was made known by the Governor of the Central Bank of Nigeria, Godwin Emefiele at the Bankers’ Committee press briefing, on Thursday, February 10, 2021. According to Emefiele, the top bank would assess these intervention programs in the future to ensure that they continue to produce the desired results. He stated that the promising trajectory the CBN has established in economic growth and job creation would be aided by the extension of the Interest rate for…
The Bureau of Public Enterprises (BPE) has disclosed it earmarked 42 transactions in different sectors for the year. This was made known in a statement in Abuja on Friday by Mr Ibeh Chidi, Head, Public Communications, according to the News Agency of Nigeria. He stated that the transactions are part of the 2022 work plan of the bureau, while also adding that the Senate Committee on Public Accounts has cleared the BPE of allegations of financial impropriety brought against the agency by the Office of the Auditor General of the Federation. On projects for 2022 approved by the National Council…
The recent e-invoicing policy that was launched by the Central Bank of Nigeria will worsen Nigeria’s already bad international trade transactions process, increase transaction cost, entrench red tape, increase uncertainty, escalate business disruption, weaken investors’ confidence and heighten corruption risk. This was made known in a statement sent to Nairametrics by Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise and former President of the LCCI. He warned that there is no compelling justification for their introduction in the first place and urged the CBN to collaborate with the Nigeria Customs to address any gaps in…
Okomu Oil Plc has confirmed incidence of a gunmen attack on the company’s rubber plantation on the 1st of February 2022. The notice which was signed by the Company’s secretary, Chukwuebuka Omerole, and filed with the Nigerian Exchange Limited, was addressed to shareholders and the investing public. The company specializes in the cultivation of oil palm and in the extraction, refining, and processing of fresh fruit bunches into crude palm oil for resale. According to the notice, the incidence occurred in the early hours of Tuesday, 1st February 2022, in which a number of gunmen armed with rifles stormed the…
Africa needs $484 billion over the next three years to address the socio-economic impacts of the Covid-19 pandemic and support economic recovery. This was made known by Dr Akinwumi Adesina, African Development Bank Group President at the opening of the 35th African Union Assembly in the Ethiopian capital. He stated that investing in health is investing in national security, citing that the most important lesson of the Covid-19 pandemic for Africa is the need to build a defense mechanism against external shocks, especially in healthcare and financial security. Adesina warned that Africa cannot afford to outsource the healthcare security of…
Massive anxiety and confusion in Lagos as fuel scarcity appears to have hit some parts of the state, especially the island axis. There were unusual long queues of vehicle at various filling stations in Ikoyi, Victoria Island and Lekki, over the weekend trying to buy the Premium Motor Spirit (PMS), otherwise known as petrol, which was thought to have been caused by increased demand of the product due to power blackout. The long queues at the filling stations which has been causing traffic in those locations seem to have persisted on Monday morning despite improved power supply. However, the situation…
The Ad Hoc Committee on Unclaimed Funds in Nigerian Commercial Banks and Infractions by the Central Bank of Nigeria of the House of Representatives has commenced an investigation into funds stuck in commercial banks due to the alleged failure to link the account holding the funds to a Bank Verification Number and the Federal Government’s Treasury Single Account policy. The committee is looking into the over 45 million accounts that are reported to be holding funds worth over N1.2 billion. On January 26, 2022, the House passed a resolution establishing a committee to investigate suspicious and unclaimed funds held in…
The Lagos State Governor, Babajide Sanwo-Olu, has assured residents that train rides will be affordable and accessible ahead of the completion of the red line rail project of the government, as the regular fare would be between N200-N300 per trip. This is as he has disclosed that the 2 new high-speed trains recently purchased by his administration will be on track latest by the fourth quarter of this year. The assurance was given by Sanwo-Olu on Friday during an interview on a Channels Television programme, Sunrise Daily, as he was highlighting his administration’s efforts at tackling the gridlock on roads…
The Federal Inland Revenue Service (FIRS) issued tax credit to the tune of N147.8 billion in 2021, to some private investors and the NNPC. This was disclosed by Tolu Ogunlesi, the special assistant to President Muhammadu Buhari on Digital and New media on his verified Twitter handle. Mr Ogunlesi said in 2021, FIRS issued N147.8 billion in tax credit to private investors and NNPC under Executive Order 007. Ogunlesi tweeted, “I’ve written a lot here about Exec Order 7, under which @NigeriaGov issues tax credits to companies pre-approved to invest in building/fixing federal roads. “In 2021 @firsNigeria issued a total…
Currency outside banks (COB) reached an all-time high ((ATH) of N2.95 trillion in December, money and credit data released by the Central Bank of Nigeria (CBN) has revealed. Last year, the size of COB rose by 18 per cent, from N2.5 trillion recorded in December 2020. From the end of 2019 to December 2020, currency outside banks increased by a similar magnitude, from N2 trillion to N2.5 trillion, translating to 23 per cent expansion in the fund. Similarly, the money supply increased 13.8 per cent year-on-year (YoY), from N38.6 trillion recorded in December 2020 to approximately N44 trillion in December…
The Nigerian House of Representatives has requested that the Central Bank of Nigeria (CBN) to pauses its implementation of e-evaluator and e-invoicing for imports and exports businesses. This was prompted following the adoption of a motion moved by Leke Abejide (APC, Kogi) on Tuesday. According to the House, the CBN has increasingly shifted away from its basic role as a banker to the government, focusing more on fiscal policy measures, which are the responsibility of the Federal Ministry of Finance. The Central Bank of Nigeria implementation of e-evaluator and e-invoicing for imports and exports businesses was meant to commence…
The National Economic Council has established that investing in adolescent girls in Nigeria can deliver massive economic growth, poverty reduction and human development. This was made known in a presentation by Hon. Nasir Isa Kwarra, Chairman, National Population Commission on Thursday, the meeting of the Council in Abuja. The report went on to suggest ways by which adolescent girls in Nigeria can be empowered The NEC was called to note that a “demographic dividend” can deliver massive economic growth, poverty reduction and human development. The demographic dividend arises when there is a favourable age structure with larger shares of workers…
In a bid to improve the Nigerian economy, the Federal Government of Nigeria launched the NG-CARES programme implementation with the World Bank’s $750 million loan. This was made known by Vice President Yemi Osinbajo, SAN, on Thursday in Abuja at the National Launch of the NG-CARES programme. NG-CARES is a multi-sectoral program that, together with the ongoing execution of the Economic Sustainability Plan (ESP), includes programs such as State Cash Transfer Units, Agriculture Development Agencies, and Job Creation Units/MSE Support Units funded by the Administration’s Government Enterprise and Empowerment Programme (GEEP). Prof. Osinbajo stated that the initiative would focus on…
The Nigerian Labour Congress has warned that the planned removal of fuel subsidy and subsequent increase in fuel price will affect every facet of life, including transportation, cost of food items, clothing, housing and others. This was made known by Mr Ikechukwu Nwafor, NLC chairman in Ebonyi, in an interview with the News Agency of Nigeria (NAN) on Friday in Abakaliki. This comes after the Senate President, Ahmed Lawan had claimed that the removal of fuel subsidy was not a directive from President Muhammadu Buhari. Nwafor stated that It is high time Nigeria fixes its own refineries, adding that Nigeria…
The Federal Inland Revenue Service, FIRS, has established that it has signed a memorandum of understanding with the InterPol to combat illegal tax evasion, stop leakages and boost government revenue. This was made known in a statement by the FIRS as the Executive Chairman of the agency, Mr Mohammad Nami signed the agreement on behalf of the FG. Also at the agreement-signing ceremony was the Vice President (Africa) of INTERPOL, Assistant Inspector General of Police, AIG Garba Baba Umar, who signed the MoU on behalf of the Interpol. Nami said, “We signed an MOU with the INTERPOL. This marks an…