The Central Bank of Nigeria (CBN) has disclosed that it is working with the Nigeria Police Force (NPF), Federal Inland Revenue Service (FIRS), Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to bring to justice individuals who abuse the naira. The CBN warned those involved in such actions to desist as it was working closely with the NPF and others to enforce a provision of its activities, which prohibits “spraying of, dancing or matching on the naira”. Section 21(3) of the CBN Act 2007 (as amended) stipulates that “spraying of, dancing or matching on the…
Author: Temitope N.
The Regional Chief Operating Officer of the African Export-Import Bank (Afreximbank), Eric Monchu Intong, has reiterated the bank’s commitment to the full implementation of the African Continental Free Trade Area [AfCFTA] as it remains the guaranteed strategy for the continent to propel economic recovery. Intong, who is also the bank’s Chief Operating Officer, Anglophone West Africa, disclosed that given the commitment, Afreximbank recently launched a $1 billion adjustment facility as mandated by the African Union to enable States and the private sector to adapt to new trading environment established under the AfCFTA. He stated this yesterday, in his remarks at…
New Zealanders must brace for additional Covid-19 cases from an outbreak that has plunged the previously virus-free country into a snap lockdown, Prime Minister Jacinda Ardern warned Wednesday after nine more positive tests. Ardern confirmed New Zealand was dealing with the highly transmissible Delta variant linked to the outbreak in Australia that authorities have so far been unable to contain. Ardern said the rapid rise, taking the total number of cases to 10, justified her decision to issue nationwide stay-at-home orders Tuesday when just one case had been identified. “It demonstrates, at this stage, Level 4 (hard lockdown) is the…
Britain’s annual inflation rate slowed sharply last month as clothing retailers slashed prices in the pandemic-hit sector, official data showed Wednesday, but economists warned it will likely rise again. The Consumer Prices Index stood at 2.0 percent in July, the Office for National Statistics said in a statement. The rate had soared in June to a near three-year peak of 2.5 percent as prices had accelerated on easing coronavirus restrictions. “Inflation fell back in July across a broad range of goods and services, including clothing, which decreased with summer sales returning after the pandemic hit the sector last year,” said…
The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the Risk Management Association of Nigeria (RIMAN) in its quest to make more products available in the capital market as well as deepen the market. Mr Lamido Yuguda, the Director-General of the SEC, stated this in a goodwill message on RIMAN 20th International Conference held virtually. Yuguda disclosed that from the outbreak of the pandemic to the subsequent lockdown, the Commission had worked with Capital Market Operators and other industry stakeholders to ensure that the market experiences minimal destruction. “We have supported and acquired the emergence of…
The prices of crude oil plummeted more than 1 per cent on Monday for a third session, after official data revealed refining and economic activity slowed in China. Brent crude was down 90 cents, or 1.3 per cent, at $69.69 a barrel by 0649 GMT. U.S. oil dropped by 97 cents, or 1.4 per cent, to $67.47 a barrel, Reuters reported. In July, factory output and retail sales development slowed sharply in China, losing prospects as fresh outbreaks of COVID-19 and flooding disrupted business activity. Reuters quoted Commerzbank as saying “Concerns about the spread of the Delta variant in China…
The federal government says the Nigerian National Petroleum Corporation (NNPC) will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA). Speaking with Arise TV on Monday, Mele Kyari, group managing director of NNPC, said the national oil company would be transformed into a private company that would pay taxes and dividends to its shareholders. He said the new company would be incorporated under the Company Allied Matters Act (CAMA). On Monday, President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) into law . Kyari explained that all liabilities and assets of the NNPC…
The Federal Government is set to begin the fourth round of the Micro, Small and Medium Scale Enterprises (MSMEs) survey. The disclosure was made on Thursday in Abuja at a news conference jointly addressed by the office of the Statistician-General of the Federation and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Mr Adeyemi Adeniran, Director, Real Sector and Household Statistics Department at the Nigerian Bureau of Statistics, represented Mr Yemi Kale, Statistician-General of the Federation, at the news conference. Adeniran said that the survey would begin on Monday with a train-the-trainers workshop, while field work would start…
The Ogun State Government has called on prospective investors to open their businesses in the state, assuring them of a flawless collaboration which would enhance their investments. A statement issued at the weekend quoted the state Governor, Prince Dapo Abiodun, to have given the assurance during the unveiling of a new plant at Eat and Go Limited in the Magboro area of the state. Represented by the state Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, the governor noted that the state was in the front line for investment with conducive environment. “We welcome prospective investors to come on…
The bears upstaged the bulls at the reopening of transactions on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as sell-off in most blue-chip stocks, especially ABC Transport and Lasaco insurance dragged market capitalisation by N9 billion. Specifically, at the close of transactions yesterday, market capitalisation of listed equities declined by N9 billion or 0.04 per cent to N20.582 trillion from N20.591 trillion reported on Friday. The NGX All-Share Index also depreciated by 16.94 basis points to 39505.40 points from 39522.34 points traded previously. Investors traded 141.282 million shares valued at N1.635 billion in 3393 deals against 188.838…
The Federal Government has unveiled the Plant Variety Protection Act (PVP) so that farmers can have access to quality seeds to boost food production in the country. The government also tasked the Nigerian Agricultural Seed Council (NASC) to ensure full implementation of the law. The Minister of Agriculture and Rural Development, Sabo Nanono at the unveiling of the Act stressed that although the country is good at making laws but implementation has been a huge challenge, adding that it is important that the PVP Act is fully implemented and stakeholders are engaged in reviewing its implementation. The minister who maintained…
Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe and Director, Monetary Policy Department of the Central Bank of Nigeria (CBN), Dr. Hassan Mahmud, said the prospect of the country’s economy is getting better but warned the speed of growth could be stalled by persisting headwinds. The economists spoke at the Mid-year Economic Review and Outlook 2021, organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates. They noted that the pessimists take figures out of context. Adedipe noted that the demand for hydrocarbon would continue to improve as…
The Securities and Exchange Commission (SEC) has once again, bemoaned the proliferation of fraudulent investment outfits in the capital market, urging investors to desist from patronising of such illegal operators. he Director-General of SEC, Lamido Yuguda, while speaking at the second post-Capital Market Committee (CMC) virtual media briefing held at the weekend, urged Nigerians to stay away from fake financial experts who promise to double their money within a short time. He said the commission would intensify efforts to clamp down on promoters of these illegal investment outfits in the capital market, in addition to its commitment to zero tolerance…
The Federal Government, yesterday, opened bids for the concession of four international airport terminals in Lagos, Abuja, Port Harcourt and Kano. The request for qualification (RFQ), as part of efforts to run the facilities efficiently and profitably, is open to firms or consortia with track record in airport terminal management and net worth of N30 billion per bidding firm or consortium. The Federal Government earlier proposed 20 to 30 years concession tenure for the facilities, which will enable private investors to own, operate and recoup investments. The Federal Executive Council (FEC) in 2016 approved the concession of the four major…
The National Identity Management Commission has shut down its Lagos headquarters after one of its staff members tested positive for COVID-19. It was learnt that the worker, who is in the customer care unit, tested positive for the virus last Monday. An official, who spoke to our correspondent on condition of anonymity, said several workers of the agency had also been ill. The source said, “The woman, a nursing mother working in the customer care unit, tested positive on Monday. “Other staff have been reporting one form of illness or the other. I am not feeling well as well and…
Pension Operators Association of Nigeria has said it will help companies and personnel in the pension industry to navigate the new and changing nature of work. The association said this was at its knowledge sharing session held recently, according to a statement. According to the statement, PenOp’s knowledge sharing session is a curated monthly session for C-level executives, human resources and other personnel in the pension industry where various subject matter experts are invited to dig deeper into topical issues that add value to the audience and the industry in general. At the session, the Chief Executive Officer, Learning Impact…
THE equities listed on the Nigerian Exchange Limited saw its their market capitalisation rise by N370.75bn last week amid bullish sentiment. The NGX All-Share Index appreciated by 1.83 per cent to close at 39,522.34 per cent on Friday from 38,810.75bps the previous week while the market capitalisation rose to N20.59tn from N20.22tn. A total turnover of 1.61 billion shares valued at N12.59bn were traded in 18,622 deals last week, compared to 989.59 million shares worth N8.18bn in 19,617 deals in the previous week. As measured by volume, the financial services industry led the activity chart with 584.79 million shares worth…
The House of Representatives’ Committee on Finance will on Monday (today) begin an eight-day public hearing on the 2022-2024 Medium Time Expenditure Framework and Fiscal Strategy Paper. To appear before the committee are heads and officials of Federal Government ministries, departments and agencies totalling 83, according to a notice obtained by our correspondent. On Monday, the committee is to host Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State for Finance, Budget and National Planning, Clement Ike; Director-General, Budget Office of the Federation, Ben Akabueze; Accountant General of the Federation, Ahmed Idris; and Director-General, Debt Management Office,…
A new report by Global Financial Integrity, an American think-tank focused on illicit financial flows, corruption, illicit trade and money laundering, has ranked Nigeria fifth among countries with the most politically exposed persons involved in real estate money laundering schemes in the US. The report titled ‘Acres of money laundering: Why U.S. real estate is a kleptocrat’s dream’, delved into the murky world of global money laundering and demonstrated the ease with which kleptocrats, criminals, sanctions evaders, and corrupt government officials chose the US real estate market as their preferred destination to hide and launder proceeds from illicit activities. A…
The Federal Inland Revenue Service confirmed that companies with untraceable addresses evaded taxes to the tune of N17.69bn, according to a report by the Office of the Auditor General of the Federation for 2015. The Senate has consequently ordered the Executive Chairman of the FIRS, Muhammad Nami, to go after the defaulters, recover and remit the revenue to the Consolidated Revenue Fund within 90 days. The Senate issued the order based on the recommendations by the Committee on Public Accounts in its report on the audit queries issued by the auditor-general for the year under review. Following the consideration and…