The Central Bank of Nigeria (CBN) said that as the economy recovers from COVID-19, FinTech will play a more important role towards resilient and sustainable recovery. The governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Wednesday at a conference for financial correspondents and business editors in Enugu state. The Central Bank of Nigeria (CBN), in partnership with the Nigeria Deposit Insurance Corporation (NDIC), is responsible for overseeing the payments system’s efficiency and effectiveness. Emefiele noted that year 2007 marked a turning point in the country’s payments system terrain with the launch of the CBN’s Payment Systems…
Author: Temitope N.
The Imo State Government has commenced “Exercise Golden Dawn,” an initiative of the Nigerian Armed Forces, in order to curb the rising state of insurgency in the South-East state. This was launched by State Governor Hope Uzodimma, in joint work with the 34 Artillery Brigade Forward Operation Base in Orlu Local Government Area of the state on Wednesday, according to the News Agency of Nigeria. The Governor disclosed that the exercise would be carried out for three months to restore peace to the area for the Christmas season. Governor Uzodimma said, “This is a special period and season in the…
In the space of 2015 and 2020, Nigeria’s payment system accumulated around $500 million in investments due to increased level of confidence. This made known by Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele while speaking at the bank’s 31st seminar for financial correspondents and business editors in Enugu State, themed, ‘Trends in Nigeria payments system: regulating the fintech digital playing field’ Emefiele established that in the past few years, the sector has experienced incredible growth which the apex bank hopes to continue to support in terms of regulation and customer protection. He said, “The high level of…
The Federal Government has declared its readiness to borrow from both local and foreign sources to finance the N6.258 trillion deficit in the proposed 2022 budget. This is just as the Federal Executive Council (FEC) has approved the 2022 Appropriation Bill with an aggregate expenditure of N16.39 trillion. This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, during a press conference after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari in Abuja, saying that this will aid the funding of the Federal Government’s infrastructure projects. She said, “Government has been borrowing…
The price of a big bag of brown beans has unfortunately grown to N100,000 as traders lament low inventory and a significant increase in transportation cost as reasons for the sudden increase. A big bag of brown beans, which sold within the range of N85,000 and N88,000 last week has now increased by over 17% to sell as high as N100,000 in major markets and stores around the city of Lagos. According to Nairametrics databank, the price of beans has increased by 140.96% year-to-date from N41,500 recorded as of December 2020 to sell for an average of N100,000 in Lagos.…
Development Partners International (DPI), a premier investment firm focused on Africa, has disclosed that African Development Partners III Fund (ADP III), has exceeded its $800 million set target, and is set to hold a final close at $900 million, with an additional $250 million of dedicated co-investment capital. This was made known by DPI via a statement issued on Monday. The development brings a total of $1.15 billion for investments in the continent. According to the statement, which was seen by Nairametrics, the fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.…
A former Deputy Governor of the Central Bank of Nigeria, Tunde Lemo, has stated why foreign investors would rather go for Ghana as an investment destination over Nigeria. Lemo, who is also the Chairman of the Federal Roads Maintenance Agency (FERMA), established that infrastructure decay, insecurity, poor ease of doing business, amongst other factors are the reasons foreign investors opt for Ghana and not Nigeria. This was disclosed by Lemo, while featuring on a Channel’s Television programme, Business Morning, on Monday. Lemo said, “Our infrastructure is in decay, it is very seriously impacted negatively. Look at the textile industry for…
The Lagos State Governor, Babajide Sanwo-Olu has issued for a 42% revenue share to states from the Federation Account. This was made known by the Governor on Monday at the two-day South-West Zonal public hearing on the Review of Allocation formula by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC). The Governor also established that the increased formula would drive states to handle their finances, as the present model only gives states 26.72%, while the FG takes 52.68%, citing that the model needs to be reviewed. Governor Sanwo-Olu said, “Nigerian fiscal federalism should be adjusted to develop more expenditure…
The leadership of the National Association of Resident Doctors (NARD) has put an end to its 2-month old nationwide industrial action. The recent movement by the striking resident doctors is coming after several negotiations with relevant stakeholders due to the strike action embarked upon over irregular payment of salaries, unfavourable condition of service, among other issues. This was made known by the President of NARD, Godiya Ishaya, who acknowledged that the resident doctors have officially called off the strike with effect from 8am on Wednesday. Ishaya said that the decision to call off the strike was made in an emergency…
It was disclosed by the officials in Niger state that Boko Haram terrorists are rapidly expanding operations in the state, which will give the terrorist group even more access to the nation’s capital, as Niger State shares boundaries with the Federal Capital Territory. This was disclosed in a report by Reuters on Sunday, after interviews with Suleiman Chukuba, Chairman of Shiroro local government area in Niger state, which borders Abuja. Chukwuba warned that the local government is currently being overrun by Boko Haram fighters, stating that they are now in 8 of its 25 wards. Shiroro local government has an…
It was earlier disclosed that the Board of Directors of The World Bank has confirmed a $400 million credit for Nigeria as additional financing from the International Development Association (IDA) to provide financing for safe and effective COVID-19 vaccine acquisition and deployment in the country. This was made known by The World Bank via a statement issued and signed by its Senior External Affairs Officer, Mansir Nasir on Friday. Shubham Chaudhuri, World Bank Country Director for Nigeria, said, “As the Nigerian Government continues to tackle the effect of a third wave of the global pandemic, it is crucial it continues…
President Muhammadu Buhari has again spoken loudly that the Federal Government remains ready to met out punishments against secessionist agitators and their sponsors who threaten national security and life of the citizens. It was also disclosed that the Federal Government has already fished out high-profile financiers of these agitators, of which a serving member of the National Assembly is a part of. President Buhari vowed that his administration will arrest and prosecute those who he said incite violence with their words and action and insisted that the unity of the country is non-negotiable. President Buhari in his words said, “The…
President Muhammadu Buhari has disclosed that food prices hike is due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for selfish reasons. This was disclosed by the President during his nationwide broadcast to mark Nigeria’s 61st Independence Anniversary on Friday, 1st of October 2021 in Abuja. Buhari stated obviously that the Federal Government had made plans to stop disruptive and unpatriotic hoarding activities, as well as ensure that food prices are affordable for Nigerians. President Buhari expressed regrets that despite significant private sector investments in almost all areas of the agriculture value-chain, food…
This is according to data provided from various FAAC reports, released by the National Bureau of Statistics (NBS) and compiled by Nairametrics Research. Lagos, Kano, and Oyo States were the highest recipients during the period under review, jointly accounting for 25.6% of the total gross VAT allocations to the entire states. According to data from the NBS, the Federal Inland Revenue Service (FIRS) on behalf of the federal government generated a sum of N3.82 trillion as VAT between 2018 and 2020. Nigeria’s VAT revenue has continued to record significant increases in recent times since the federal government increased the rate…
LAN which stands for the Lagos Angel Network has appointed a new Board of Governors to oversee the organization’s operations, which will kick start October 1, 2021. The new board, led by Kola Aina, General Partner at Ventures Platform, has been saddled with repositioning the organization with a drive on recruiting and educating local angel investors, as well as championing early-stage investing advocacy in Nigeria. Other members of the Board of Governors are Biola Alabi, founder, Biola Alabi Media, who will sit as Deputy Chair of the BoG; Yemi Keri, co-founder, Rising Tide Africa; Olumide Soyombo, co-founder, Voltron Capital; Iyin…
It was explained that the repairs will be done in phases for minimal inconvenience to motorists, adding that the Ijora-bound lane will be closed to vehicles during the first phase, while the Apapa-bound lane would be subsequently shut for the second phase. Analysing the traffic diversion plan, the Commissioner disclosed that motorists heading towards the Ijora axis will be diverted into a counter-flow on the Apapa-bound lane and vice versa when the Apapa-bound lane is closed for repairs, to reduce traffic gridlock during the course of the project. Oladeinde further stated that the officers of the State’s Traffic Management Agency, LASTMA,…
In a written communication, president buhari asked the Senate to replace the nomination of Sarki Auwalu as the Chief Executive Officer of the newly formed Nigerian Midstream and Downstream Petroleum Regulatory Authority Board with that of Farouk Ahmed. Auwalu, who is the current Director/Chief Executive Officer of the soon be scrapped Department of Petroleum Resources (DPR), was nominated alongside 3 other members as board members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority on September 28, 2021, and awaiting Senate’s confirmation. The request is contained in a letter dated September 28, 2021, sent by President Buhari and read during…
The Court of Appeal in Abuja has just approved the request of the Lagos State Government to be added in the suit challenging the collection of Value Added Tax (VAT) of states. In the resumed hearing of the case on Thursday, the court also ordered all processes filed, to be served on the Attorney General of Lagos State after which the case was then adjourned to October 7 and will be heard at the Appellate Court in Port Harcourt. Remember that on September 10, a 3-man panel of Justices of the Court of Appeal in Abuja approved Lagos to seek…
It was disclosed in the early hours of the day that the Nigeria Extractive Industries Transparency Initiative (NEITI) has signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission, and the Nigerian Financial Intelligence Unit (NFIU) to recover the N2.66 trillion from 77 oil and gas companies. This was made known formally by NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, on Tuesday, in Abuja. The NEITI chief established that the agency was strengthening and equipping the powers and functions of NEITI through an amendment of the NEITI Law enacted since…
The Kaduna State government has established that is has plans to shut down telecommunication services in some parts of the state as part of the security measures to tackle the security challenges going on in the state. This was made known shortly after the government shut down all telecommunication activities in Zamfara state to fight banditry and other forms of insecurity in the state, according to ChannelsTV. This was disclosed by the Governor of Kaduna State, Nasir El-Rufai,’ during a media chat with some local radio stations in the state on Wednesday. El-Rufai said that the planned shutdown of telecommunication…