By Barbara Bako, Abuja In fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN) has recently disbursed approximately US $61.64 million to foreign airlines through various banks. This initiative is part of the CBN’s efforts to decrease its remaining liability…
The Commonwealth Society of Nigeria (CSN) has named the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, as its anti-corruption hero and ambassador. The group said Betta was selected owing to her zero tolerance for sharp practice as well as her uncompromising and resolute approach to governance as demonstrated in the last six months. According…
In a dramatic bust, Kano State’s Shariah Police also known as Hisbah said it has successfully apprehended a truck driver carrying over 24,000 bottles of beer. The board said the owner of the goods fled in the process and after attempting to bribe its personnel but was resisted. The Acting Assistant Commander General, Intelligent Crimes…
While the Labour Party casts doubt on reports of progress on the Port Harcourt refinery rehabilitation, the All Progressives Congress asserts that the project is on track and that the Labour Party’s claims are unfounded. The All Progressives Congress (APC) has defended the progress being made on the Port Harcourt refinery rehabilitation, dismissing the Labour…
Commercial banks have been permitted to open accounts and other services for Virtual Assets Providers, VAPs, otherwise known as cryptocurrency exchanges and dealers. The Central Bank of Nigeria, CBN, in a circular lifting the ban on transaction in cryptocurrencies, said banks cannot hold or transacting in cryptocurrencies such as bank accounts opened for VAPs cannot…
Senate President Godswill Akpabio on Wednesday declared the seats of two senators elected on the platform of the All Progressives Congress (APC), David Umahi and Ibrahim Geidam as vacant. This followed their appointments as ministers of Works and Police Affairs, respectively. Umahi represented Ebonyi South, Geidam represented Yobe East. Akpabio said the declaration of vacancies…
The Nigeria Labour Congress, NLC, yesterday expressed concern over the unending scarcity of cash across the country ahead of the festive period, advising the government to urgently address the crunch to avoid social unrest. NLC in a statement by its President, Joe Ajaero, said: “This economic challenge has far-reaching implications for the citizens of our…
The Federation Account Allocation Committee (FAAC) has shared the sum of N1,088.783 trillion naira to the three tiers of government as Federation Allocation for the month of November.The amount was derived from a gross total of N1.62 trillion naira. The breakdown of the allocation shows that the Federal Government received N402.867 billion, the States received N351.697…
The Federal Executive Council (FEC) has decided to exempt universities, polytechnics, colleges of education, and other tertiary institutions from the Integrated Personnel Payroll Information System (IPPIS) payment platform. The exemption approval was granted by the FEC during its Wednesday meeting held at the Presidential Villa in Abuja on Wednesday. Prof. Tahir Mamman, the Minister of…
The Central Bank of Nigeria has suspended the processing fees on large cash deposits, a release by the Acting Director of Supervision, Dr Adetona Adedeji, on Monday revealed. The new development under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042), affects…
